Document:

Credit Agreement

 Exhibit 10.2 
  
 Published CUSIP Number:
                     
  

  
 $550,000,000 
  
 AMENDED AND RESTATED CREDIT AGREEMENT 
  
 Dated as of March 24, 2004 
  
 Among 
  
 CAREMARK RX, INC., 
 as Borrower, 
  
 and 
  
 THE INITIAL LENDERS, THE SWING LINE BANK AND 
 THE INITIAL ISSUING BANK NAMED HEREIN, 
 as Initial Lender Parties, 
  
 and 
  
 UBS SECURITIES LLC AND 
 WACHOVIA BANK, NATIONAL ASSOCIATION 
 as Co-Syndication Agents, 
  
 and

  
 JPMORGAN CHASE BANK 
 as Documentation Agent, 
  
 and 
  
 BANC OF AMERICA SECURITIES LLC 
 and 
 WACHOVIA CAPITAL MARKETS, LLC D/B/A 
 WACHOVIA SECURITIES 
 as Lead Arrangers, 
  
 and 
  
 BANK OF AMERICA, N.A. 
 as
Administrative Agent 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	ARTICLE I	  	 
		
	DEFINITIONS AND ACCOUNTING TERMS	  	 
		
	 SECTION 1.01 Certain Defined Terms.
	  	1
	 SECTION 1.02 Computation of Time Periods; Other Constructional Provisions
	  	31
	 SECTION 1.03 Accounting Terms
	  	31
		
	ARTICLE II	  	 
		
	AMOUNTS AND TERMS OF THE ADVANCES	  	 
	AND THE LETTERS OF CREDIT	  	 
		
	 SECTION 2.01 The Advances and the Letters of Credit.
	  	31
	 SECTION 2.02 Making the Advances.
	  	33
	 SECTION 2.03 Issuance of and Drawings and Reimbursement Under Letters of Credit.
	  	36
	 SECTION 2.04 Repayment of Advances.
	  	38
	 SECTION 2.05 Termination or Reduction of the Commitments.
	  	39
	 SECTION 2.06 Prepayments.
	  	40
	 SECTION 2.07 Interest.
	  	40
	 SECTION 2.08 Fees.
	  	41
	 SECTION 2.09 Conversion of Advances.
	  	42
	 SECTION 2.10 Increased Costs, Etc.
	  	43
	 SECTION 2.11 Evidence of Debt.
	  	46
	 SECTION 2.12 Payments and Computations.
	  	46
	 SECTION 2.13 Taxes.
	  	49
	 SECTION 2.14 Sharing of Payments, Etc.
	  	50
	 SECTION 2.15 Defaulting Lenders.
	  	51
	 SECTION 2.16 Use of Proceeds
	  	53
		
	ARTICLE III	  	 
		
	CONDITIONS OF EFFECTIVENESS AND LENDING	  	 
		
	 SECTION 3.01 Conditions Precedent to Extensions of Credit and Issuance of Letters of Credit
	  	53
	 SECTION 3.02 Conditions Precedent to Each Borrowing and Issuance and Renewal
	  	56
	 SECTION 3.03 Determinations Under Section 3.01
	  	56
		
	ARTICLE IV	  	 
		
	REPRESENTATIONS AND WARRANTIES	  	 
		
	 SECTION 4.01 Representations and Warranties
	  	56

  

 i 

			
	ARTICLE V	  	 
		
	COVENANTS OF THE BORROWER	  	 
		
	 SECTION 5.01 Affirmative Covenants
	  	59
	 SECTION 5.02 Negative Covenants
	  	61
	 SECTION 5.03 Reporting Requirements
	  	65
	 SECTION 5.04 Financial Covenants
	  	67
		
	ARTICLE VI	  	 
		
	EVENTS OF DEFAULT	  	 
		
	 SECTION 6.01 Events of Default
	  	67
	 SECTION 6.02 Actions in Respect of the Letters of Credit upon Default
	  	70
		
	ARTICLE VII	  	 
		
	THE AGENTS	  	 
		
	 SECTION 7.01 Appointment and Authorization of Agents
	  	70
	 SECTION 7.02 Delegation of Duties
	  	71
	 SECTION 7.03 Reliance by Agents
	  	71
	 SECTION 7.04 Notice of Default
	  	72
	 SECTION 7.05 Credit Decision; Disclosure of Information by Agents
	  	72
	 SECTION 7.06 Indemnification of Agents
	  	72
	 SECTION 7.07 Agents in their Individual Capacities
	  	73
	 SECTION 7.08 Successor Agents
	  	73
	 SECTION 7.09 Administrative Agent May File Proofs of Claim
	  	74
	 SECTION 7.10 Guaranty Matters
	  	74
	 SECTION 7.11 Other Agents; Arrangers
	  	75
		
	ARTICLE VIII	  	 
		
	MISCELLANEOUS	  	 
		
	 SECTION 8.01 Amendments, Etc
	  	75
	 SECTION 8.02 Notices, Etc.
	  	76
	 SECTION 8.03 No Waiver; Remedies
	  	77
	 SECTION 8.04 Attorney Costs, Expenses and Taxes
	  	77
	 SECTION 8.05 Indemnification by the Borrower
	  	77
	 SECTION 8.06 Right of Set-off
	  	79
	 SECTION 8.07 Successors and Assigns.
	  	79
	 SECTION 8.08 Tax Forms
	  	82
	 SECTION 8.09 No Liability of the Issuing Bank
	  	83
	 SECTION 8.10 Confidentiality
	  	84
	 SECTION 8.11 Agent’s Notice
	  	84
	 SECTION 8.12 Execution in Counterparts
	  	84
	 SECTION 8.13 Governing Law; Jurisdiction, Etc.
	  	85
	 SECTION 8.14 WAIVER OF JURY TRIAL
	  	86

  

 ii 

 SCHEDULES 
  

					
	 Schedule I
	 	-	 	         Commitments and Applicable Lending Offices

			
	 Schedule II
	 	-	 	         Existing Letters of Credit

			
	 Schedule 4.01(b)
	 	 -
	 	         Subsidiaries

			
	 Schedule 4.01(d)
	 	 -
	 	         Required Authorizations, Approvals, Etc.

			
	 Schedule 5.02(a)
	 	 -
	 	         Liens

			
	 Schedule 5.02(e)
	 	 -
	 	         Investments

	
	EXHIBITS
			
	 Exhibit A-1
	 	 -
	 	         Form of Term Loan Note

			
	 Exhibit A-2
	 	 -
	 	         Form of Revolving Credit Note

			
	 Exhibit B-1
	 	 -
	 	         Form of Notice of Borrowing

			
	 Exhibit B-2
	 	 -
	 	         Form of Notice of Swing Line Borrowing

			
	 Exhibit B-3
	 	 -
	 	         Form of Notice of Conversion

			
	 Exhibit B-4
	 	 -
	 	         Form of Notice of Issuance

			
	 Exhibit C
	 	 -
	 	         Form of Assignment and Assumption

			
	 Exhibit D
	 	 -
	 	         Form of Opinion of King & Spalding

			
	 Exhibit E
	 	 -
	 	         Form of Subsidiaries Guarantee

  

 iii 

 EXECUTION COPY 
  
 CREDIT AGREEMENT 
  
 CREDIT AGREEMENT dated as of March 24, 2004 among CAREMARK RX, INC., a Delaware corporation (the “Borrower”), the banks, financial
institutions and other institutional lenders listed on the signature pages hereof under the caption “Initial Lenders” (the “Initial Lenders”), BANK OF AMERICA, N.A. (“BofA”), as the initial
issuer of Letters of Credit (as hereinafter defined) (the “Initial Issuing Bank”) and as the provider of the Swing Line Facility (as hereinafter defined) (the “Swing Line Bank”), WACHOVIA BANK,
NATIONAL ASSOCIATION (“Wachovia”) and UBS SECURITIES LLC (“UBS”) as co-syndication agents (the “Co-Syndication Agents”) for the Facilities (as hereinafter defined), and JPMORGAN
CHASE BANK (“JPMorgan”) as documentation agent (the “Documentation Agent”), BANC OF AMERICA SECURITIES LLC (“BAS”) and WACHOVIA CAPITAL MARKETS, LLC d/b/a/ WACHOVIA SECURITIES
(“WS”) as joint lead arrangers and joint book managers (the “Lead Arrangers”) for the Facilities, and BofA, as the administrative agent (together with any successor thereto appointed pursuant to
Article VII, the “Administrative Agent”) for the Lender Parties (as hereinafter defined). 
  
 PRELIMINARY STATEMENTS 
  
 (1) The Borrower entered into a Credit Agreement dated as of March 15, 2001 (the “Original Credit Agreement”) as amended by the First Amended and Restated Credit Agreement dated as of April 11,
2002 (the “Existing Credit Agreement”) with the banks, financial institutions and other institutional lenders party thereto as lenders and Bank of America, N.A. as the administrative agent for the lenders thereunder.

  
 (2) In connection with the Borrower’s proposed
acquisition of AdvancePCS (the “Acquisition”), the Borrower has requested that the Lenders provide a credit facility for the purposes of refinancing all obligations of the Borrower under the Existing Credit Agreement and
certain liabilities of AdvancePCS and for working capital and other general corporate purposes and the Lenders are willing to do so on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the
parties hereto hereby agree as follows: 
  
 ARTICLE I

  
 DEFINITIONS AND ACCOUNTING TERMS 
  
 SECTION 1.01 Certain Defined Terms. 
  
 As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and the plural forms of the terms defined): 
  
 “Acquisition” has the meaning specified in Preliminary Statement (2) to this Agreement. 
  
 “Administrative Agent” has the
meaning specified in the recital of parties to this Agreement. 

 “Administrative Agent’s Account” means the account of the
Administrative Agent maintained by the Administrative Agent with BofA at its office at 101 North Tryon Street, 15th
Floor, Charlotte, North Carolina 28255, ABA No. 053-000-196, Account No. 1366212250600, Reference: Caremark Rx, Attention: Corporate Credit Services, or such other account maintained by the Administrative Agent and designated by the Administrative
Agent from time to time as such in a written notice to the Borrower and each of the Lender Parties. 
  
 “Administrative Questionnaire” means a questionnaire, in form and substance satisfactory to the Administrative
Agent, delivered by an Eligible Assignee pursuant to Section 8.07(a)(iv) which provides the administrative information relating to such Eligible Assignee. 
  
 “Advance” means a Term Loan Advance, a Revolving Credit Advance, a Swing Line Advance or a Letter of Credit
Advance, as the context may require. 
  
 “AdvancePCS” means AdvancePCS, a Delaware corporation. 
  
 “AdvancePCS Receivables Purchase and Servicing Agreement” means the Receivables Purchase and Servicing Agreement
dated as of December 10, 2001, among Advance Funding Corporation, as seller, Redwood Receivables Corporation, as conduit purchaser, ADVP Management L.P., as servicer and General Electric Capital Corporation, as committed purchases and as
administrative agent. 
  
 “AdvancePCS
Receivables Sale and Contribution Agreement” means the Receivables Sale and Contribution Agreement dated as of December 10, 2001, among AFC Receivables Holding Corporation, as receivables seller, Advance Funding Corporation, as
receivables purchaser, ADVP Management L.P., as servicer and AdvancePCS, as Parent. 
  
 “AdvancePCS Receivables Securitization” means limited recourse sales and assignments from time to time by AFC
Receivables Holding Corporation of its accounts receivable to Advance Funding Corporation and by Advance Funding Corporation of such accounts receivable or interests therein to one or more financial institutions; provided, however, that (a)
the aggregate net investment made by such financial institutions in respect of all such accounts receivable or interests therein shall not exceed at any one time outstanding $300,000,000, (b) the maximum aggregate amount which may be recovered by
such financial institutions may not exceed the amount of the net investment made by them in respect of such accounts receivable or interests therein together with the yield thereon as set forth in the AdvancePCS Receivables Securitization Documents
from time to time, and (c) each such sale and assignment of such accounts receivable or interests therein shall otherwise be effected on the terms and conditions set forth in the AdvancePCS Receivables Securitization Documents.. 
  
 “AdvancePCS Receivables Securitization
Documents” means collectively, the AdvancePCS Receivables Sale and Contribution Agreement, the AdvancePCS Receivables Purchase and Servicing Agreement and all of the other agreements, instruments and other documents evidencing or
otherwise setting forth the terms of the AdvancePCS Receivables Securitization, in each case as such agreement, instrument or other document may be amended, supplemented or otherwise modified hereafter from time to time in accordance with the terms
thereof, but solely to the extent permitted under the terms of the Loan Documents.. 
  
 “AdvancePCS Senior Notes” means the 8 1/2% senior notes of AdvancePCS due 2008 in an aggregate principal amount of $200,000,000. 
  

 2 

 “Affiliate” means, with respect to any Person, any other Person
that, directly or indirectly, controls, is controlled by or is under common control with such Person or is a director, or officer of such Person. For purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to vote 5% or more of the Voting Interests in such Person or to
direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. 
  
 “Agent-Related Persons” means the Administrative Agent, together with its Affiliates (including, in the case of
Bank of America in its capacity as Administrative Agent, as one of the Lead Arrangers), and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 
  
 “Agents” means, collectively, the
Administrative Agent, the Co-Syndication Agents, the Documentation Agent, the Lead Arrangers and each co-agent or subagent appointed by the Administrative Agent from time to time pursuant to Section 7.01(b). 
  
 “Agreement” means this Credit
Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
  
 “Agreement Value” means, for each Hedge Agreement, on any date of determination, an amount reasonably determined
by the Administrative Agent equal to: (a) in the case of a Hedge Agreement documented pursuant to the Master Agreement (Multicurrency-Cross Border) published by the International Swap and Derivatives Association, Inc. (the “Master
Agreement”), the amount, if any, that would be payable by any Loan Party or any of its Subsidiaries to its counterparty in respect of such Hedge Agreement, as if (i) such Hedge Agreement was being terminated early on such date of
determination, (ii) such Loan Party or Subsidiary was the sole “Affected Party”, and (iii) the Administrative Agent was the sole party determining such payment amount (with the Administrative Agent making such determination pursuant to the
provisions of that specific form of Master Agreement); or (b) in the case of a Hedge Agreement traded on an exchange, the mark-to-market value of such Hedge Agreement, which will be the unrealized gain or loss on such Hedge Agreement to the Loan
Party or Subsidiary of a Loan Party to such Hedge Agreement reasonably determined by the Administrative Agent based on the settlement price of such Hedge Agreement on such date of determination, or (c) in all other cases, the mark-to-market value of
such Hedge Agreement, which will be the unrealized gain or loss on such Hedge Agreement to the Loan Party or Subsidiary of a Loan Party to such Hedge Agreement reasonably determined by the Administrative Agent as the amount, if any, by which (i) the
present value of the future cash flows to be paid by such Loan Party or Subsidiary exceeds (ii) the present value of the future cash flows to be received by such Loan Party or Subsidiary pursuant to such Hedge Agreement; capitalized terms used and
not otherwise defined in this definition shall have the respective meanings set forth in the above described Master Agreement. 
  
 “Applicable Lending Office” means (a) with respect to each of the Lenders, the Base Rate Lending Office of such
Lender in the case of a Base Rate Advance and the Eurodollar Lending Office of such Lender in the case of a Eurodollar Rate Advance and (b) with respect to the Issuing Bank and the Swing Line Bank, the Base Rate Lending Office of the Issuing Bank
and the Swing Line Bank, respectively, for all purposes of this Agreement. 
  
 “Applicable Margin” means, (i) at any time during the period from the date of this Agreement through the date of receipt by the Administrative Agent of a Compliance Certificate pursuant to
Section 5.03(d), 0.25% per annum for Base Rate Advances and 1.25% per annum for 
  

 3 

 Eurodollar Rate Advances and (ii) at any time and from time to time thereafter, on any date of
determination, a percentage per annum equal to the applicable percentage for the Performance Level set forth below as determined by reference to the S&P Rating and the Moody’s Rating for the most recently completed Measurement Period:

  

							
	 Performance Level

	  	Base Rate Advances

	 	 	Eurodollar Rate
Advances

	 
	 Performance Level I
 BBB+/Baa1 or above
	  	0	%	 	0.75	%
			
	 Performance Level II
 Less than BBB+/Baa1 but greater than or equal to BBB/Baa2
	  	0	%	 	1.00	%
			
	 Performance Level III
 Less than BBB/Baa2 but greater than or equal to BBB-/Baa3
	  	0.25	%	 	1.25	%
			
	 Performance Level IV
 Less than BBB-/Baa3 but greater than or equal to BB+/Ba1
	  	0.50	%	 	1.50	%
			
	 Performance Level V
 Less than BB+/Ba1
	  	0.75	%	 	1.75	%

  
 For
the purposes of: 
  
 (A) clause (ii) of the
immediately preceding sentence, the Applicable Margin for each Base Rate Advance shall be determined by reference to the Performance Level in effect from time to time and the Applicable Margin for each Eurodollar Rate Advance shall be determined by
reference to the Performance Level in effect on the first day of each Interest Period for such Eurodollar Rate Advance; and 
  
 (B) in the event that the S&P Rating and the Moody’s Rating are in different Performance Levels, the higher Performance Level
shall apply for the purpose of determining the Applicable Margin; provided, that if (i) either of the S&P Rating or the Moody’s Rating shall be lowered at any time from the respective Debt Rating then in effect and (ii) the
difference between the S&P Rating and the Moody’s Rating shall be of more than one Performance Level, the Performance Level that is one Performance Level above the lower of the two applicable Performance Levels shall be the applicable
Performance Level for the purpose of determining the Applicable Margin. 
  

 4 

 “Applicable Percentage” means, with respect to the Commitment
Fee, (a) at any time during the period from the date of this Agreement through the date of receipt by the Administrative Agent of a Compliance Certificate pursuant to Section 5.03(d), 0.200% per annum and (b) at any time and from time to time
thereafter, a rate per annum equal to the percentage set forth below opposite the applicable Performance Level as determined by reference to the S&P Rating and the Moody’s Rating for the most recently completed Measurement Period:

  

				
	 Performance Level

	  	Commitment Fee

	 
	 Performance Level I
 BBB+/Baa1 or above
	  	0.125	%
		
	 Performance Level II
 Less than BBB+/Baa1 but greater than or equal to BBB/Baa2
	  	0.150	%
		
	 Performance Level III
 Less than BBB/Baa2 but greater than or equal to BBB-/Baa3
	  	0.200	%
		
	 Performance Level IV
 Less than BBB-/Baa3 but greater than or equal to BB+/Ba1
	  	0.375	%
		
	 Performance Level V
 Less than BB+/Ba1
	  	0.500	%

  
 For
the purposes of: 
  
 (A) clause (b) of the
immediately preceding sentence, the Applicable Percentage for the Commitment Fee shall be determined by reference to the Performance Level in effect from time to time; and 
  
 (B) in the event that the S&P Rating and the Moody’s Rating are in different Performance Levels the
higher Performance Level shall apply for the purpose of determining the Applicable Percentage; provided, that if (i) either of the S&P Rating or the Moody’s Rating shall be lowered at any time from the respective Debt Rating then in effect
and (ii) the difference between the S&P Rating and the Moody’s Rating shall be of more than one Performance Level, the Performance Level that is one Performance Level above the lower of the two applicable Performance Levels shall be the
applicable Performance Level for the purpose of determining the Applicable Percentage. 
  
 “Appropriate Lender” means, at any time, (a) with respect to the Term Loan Facility or the Revolving Credit
Facility, a Lender that has a Commitment with respect to such Facility at such time, (b) with respect to the Letter of Credit Facility, (i) the Issuing Bank and (ii) if the Revolving Credit Lenders have made Letter of Credit Advances pursuant to
Section 2.03(c)(i) that are outstanding at such time, each such Revolving Credit Lender, and (c) with respect to the Swing Line Facility, (i) the Swing Line Bank and (ii) if the Revolving Credit Lenders have made Swing Line Advances pursuant to
Section 2.02(b)(ii) that are outstanding at such time, each such Revolving Credit Lender. 
  
 “Assignment and Assumption” means an Assignment and Assumption entered into by a Lender Party and an Eligible
Assignee, and accepted by the Administrative Agent and, if applicable, the Borrower, in accordance with Section 8.07 and in substantially the form of Exhibit C hereto. 
  
 “Attorney Costs” means and includes all fees, expenses and disbursements of any law
firm or other external counsel. 
  

 5 

 “Available Amount” means, with respect to any Letter of Credit at
any time, the maximum amount available to be drawn under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing). For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

 
 “BAS” has the meaning specified
in the recital of parties to this Agreement. 
  
 “Base Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the higher of: 
  
 (a) the rate of interest established by BofA from time to time as its prime rate (which rate of interest may
not be the lowest rate of interest charged by BofA to its customers); and 
  
 (b) the Federal Funds Rate plus 0.50%. 
  
 “Base Rate Advance” means an Advance that bears interest as provided in Section 2.07(a)(i). 
  
 “Base Rate Lending Office” means, with respect to each of the Lender Parties, the office of such Lender Party
specified as its “Base Rate Lending Office” opposite its name on Part B of Schedule I hereto or in the Assignment and Assumption pursuant to which it became a Lender Party, as the case may be, or such other office of such Lender
Party as such Lender Party may from time to time specify to the Borrower and the Administrative Agent for such purpose. 
  
 “BofA” has the meaning specified in the recital of parties to this Agreement. 
  
 “Borrower” has the meaning specified
in the recital of parties to this Agreement. 
  
 “Borrower Common Stock” means shares of common stock of the Borrower, par value $0.001 per share. 
  
 “Borrower Restricted Payments” has the meaning set forth in Section 5.02(f). 
  
 “Borrower’s Account” means such
account of the Borrower as is agreed from time to time in writing between the Borrower and the Administrative Agent. 
  
 “Borrowing” means a Term Loan Borrowing, a Revolving Credit Borrowing or a Swing Line Borrowing, as the context
may require. 
  
 “Business
Day” means a day of the year on which banks are not required or authorized by law to close in New York, New York or Charlotte, North Carolina and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings
are carried on in U.S. dollar deposits in the London interbank market. 
  
 “Capital Assets” means, with respect to any Person, all equipment, fixed assets and real property or improvements of such Person, or replacements or substitutions therefor or additions thereto,
that, in accordance with GAAP, have been or should be reflected as additions to property, plant or equipment on the balance sheet of such Person. 
  

 6 

 “Capital Expenditures” means, with respect to any Person for any
period, all expenditures made directly or indirectly by such Person during such period for Capital Assets. For purposes of this definition, the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment or
with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller of such equipment for the equipment being traded in at such time or the
amount of such insurance proceeds, as the case may be. 
  
 “Capitalized Lease” means any lease with respect to which the lessee is required to recognize concurrently the acquisition of property or an asset and the incurrence of a liability in accordance with GAAP.

  
 “Caremark” means
Caremark International, Inc., a Delaware corporation and a wholly owned Subsidiary of the Borrower on the date of this Agreement. 
  
 “Caremark Receivables Purchase Agreement” means the Receivables Purchase Agreement dated as of January 31, 2001
between Caremark Inc., as seller, and MP Receivables, as buyer, as such agreement may be amended, supplemented or otherwise modified hereafter from time to time in accordance with the terms thereof, but solely to the extent permitted under the terms
of the Loan Documents. 
  
 “Caremark
Receivables Securitization” means limited recourse sales and assignments from time to time by Caremark Inc. of its accounts receivable to MP Receivables and by MP Receivables of such accounts receivable or interests therein to one or
more financial institutions; provided, however, that (a) the aggregate net investment made by such financial institutions in respect of all such accounts receivable or interests therein shall not exceed at any one time outstanding
$125,000,000, (b) the maximum aggregate amount which may be recovered by such financial institutions may not exceed the amount of the net investment made by them in respect of such accounts receivable or interests therein together with the yield
thereon as set forth in the Caremark Receivables Securitization Documents from time to time, and (c) each such sale and assignment of such accounts receivable or interests therein shall otherwise be effected on the terms and conditions set forth in
the Caremark Receivables Securitization Documents. 
  
 “Caremark Receivables Securitization Documents” means, collectively, the Caremark Receivables Purchase Agreement, the Caremark Receivables Transfer Agreement and all of the other agreements, instruments and other
documents evidencing or otherwise setting forth the terms of the Caremark Receivables Securitization, in each case as such agreement, instrument or other document may be amended, supplemented or otherwise modified hereafter from time to time in
accordance with the terms thereof, but solely to the extent permitted under the terms of the Loan Documents. 
  
 “Caremark Receivables Transfer Agreement” means the Amended and Restated Receivables Transfer Agreement dated as
of January 31, 2001 among MP Receivables, as transferor, Caremark Inc., as originator and collection agent, Redwood Receivables Corporation, Park Avenue Receivables Corporation, The Chase Manhattan Bank, as agent for Park Avenue Receivables
Corporation and the PARCO APA Banks (as defined therein), and General Electric Capital Corporation, as agent for Redwood Receivables Corporation and Redwood Liquidity Providers (as defined therein) and as funding agent, as such agreement may be
amended, supplemented or otherwise modified hereafter from time to time in accordance with the terms thereof, but solely to the extent permitted under the terms of the Loan Documents. 
  

 7 

 “Cash Equivalents” means any of the following types of
Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens: 
  
 (a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or
instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; 
  
 (b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender
Party or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia, or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any
state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described below in clause (c) of this definition and (iii) has combined capital and
surplus of at least $1,000,000,000, in each case with a maturity of not more than one year from the date of acquisition thereof; 
  
 (c) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least
“Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P; 
  
 (d) Investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market
investment programs registered under the Investment Company Act of 1940, as amended consisting of securities that are Rated Tier 1 (as defined by 2(a)-7 of the Investment Company Act of 1940; 
  
 (e) repurchase agreements entered into with any financial
institution organized under the laws of any state of the United States of America (i) the long term non-credit enhanced debt obligations of which are rated at least “A2” (or the then equivalent grade) by Moody’s or at least
“A” (or the then equivalent grade) by S&P and (ii) the commercial paper of which is rated as described above in clause (c) of this definition, in each case with a maturity of not more than 92 days from the date of acquisition thereof;

  
 (f) general obligations issued or directly
and fully guaranteed or otherwise supported by the full taxation authority of any state of the United States of America or any municipal corporation or other agency or instrumentality thereof and rated at the highest rating obtainable therefor from
either Moody’s or S&P, in each case with a maturity of not more than one year from the date of acquisition thereof; 
  
 (g) general obligations of any state of the United States of America or any municipal corporation or other agency or instrumentality
thereof which, based on the escrow therefor, are rated as described above in clause (f) of this definition and which have been irrevocably called for redemption and advance refunded through the deposit in escrow of (i) readily marketable obligations
solely of the type described above in clause (a) of this definition or (ii) other debt securities which are (A) not callable at the option of the issuer thereof prior to their stated maturity, (B) irrevocably pledged solely in support of the payment
of all principal of and interest on such general obligations and (C) in an aggregate principal amount and with such stated rates of interest as shall be sufficient to pay in full all principal of and interest and premiums, if any, on such general
obligations as the same become due and payable (as verified by independent public accountants of recognized standing), in each case with a maturity of not more than one year from the date of acquisition thereof; 
  

 8 

 (h) tax-exempt or tax adjustable rate preferred stock issued by a Person organized under
the laws of any state of the United States of America whose long term non-credit enhanced debt obligations are rated at least “A2” (or the then equivalent grade) by Moody’s or at least “A” (or the then equivalent grade) by
S&P, in each case with a maturity of not more than 120 days from the date of acquisition thereof; 
  
 (i) asset backed securities rated “AAA” by S&P or the Moody’s equivalent; 
  
 (j) corporate bonds and medium term notes with long term
debt ratings of at least A2 by Moody’s or the S&P equivalent; and 
  
 (k) other Investments with the consent of the Administrative Agent. 
  
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from
time to time. 
  
 “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the United States Environmental Protection Agency. 
  
 “Change of Control” means, at any
time: 
  
 (a) any “person” or
“group” (each as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) (i) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of Voting Interests in the
Borrower (including through securities convertible into or exchangeable for such Voting Interests) representing 30% or more of the combined voting power of all of the Voting Interests in the Borrower (on a fully diluted basis) or (ii) otherwise has
the ability, directly or indirectly, to elect a majority of the board of directors of the Borrower; and 
  
 (b) during any period of 12 consecutive months, whether commencing before or after the date of this Agreement, individuals who at the
beginning of such 12-month period were Continuing Directors shall cease for any reason to constitute a majority of the board of directors of the Borrower. 
  
 “Code” means the Internal Revenue Code of 1986. 
  
 “Commitment” means a Term Loan Commitment, a Revolving Credit Commitment, a Swing
Line Commitment or a Letter of Credit Commitment, as the context may require. 
  
 “Commitment Fee” has the meaning specified in Section 2.08(a). 
  
 “Confidential Information” means information that is furnished to the Administrative Agent or any of the Lender
Parties by or on behalf of the Borrower or any of its Subsidiaries in a writing that is conspicuously marked as confidential or otherwise on an expressly confidential basis, but does not include any such information that (a) is or becomes generally
available to the public (other than as a result of a breach by the Administrative Agent or such Lender Party of its confidentiality obligations under this Agreement) or (b) is or becomes available to the Administrative Agent or such Lender Party
from a source other than the Borrower or any of its Subsidiaries that is not, to the knowledge of the Administrative Agent or such Lender Party, acting in violation of a confidentiality agreement with the Borrower or any such Subsidiary. 

 

 9 

 “Consolidated” refers to the consolidation of accounts in
accordance with GAAP. 
  
 “Consolidated EBITDA” means (x) for any period, the sum of (a) the Consolidated Net Income for such period plus (b) the sum of each of the following expenses that have been deducted from the determination of
the Consolidated Net Income for such period: (i) the Consolidated Interest Expense for such period, (ii) all income tax expense (whether federal, state, local, foreign or otherwise) for such period, (iii) all depreciation expense for such period,
(iv) all amortization expense for such period, (v) all extraordinary noncash losses deducted in determining the Consolidated Net Income for such period less all extraordinary noncash gains added in determining the Consolidated Net Income for
such period; provided for any period, the amount of extraordinary noncash losses (net of extraordinary noncash gains) that may be included in this subclause (v) shall not exceed 10% of the Consolidated EBITDA (before giving effect to any
adjustments contemplated by this subclause (v)) for such period), (vi) all costs and expenses incurred in connection with the Acquisition and the transactions contemplated thereby (including any expenses, whether interest or non-interest and whether
cash or non-cash, incurred in connection with or as premiums paid for redemption of and amendment to the AdvancePCS Senior Notes and indenture related thereto, the termination of the AdvancePCS Receivables Securitization and the refinancing of any
other Indebtedness of the Borrower or AdvancePCS or any of their Subsidiaries) and (vii) all fees, costs and expenses, stamp, registration and similar taxes incurred in connection with the performance of this Agreement and the Existing Credit
Agreement, in each case determined on a Consolidated basis for the Borrower and its Subsidiaries and in accordance with GAAP for such period, including, without limitation any expenses, whether interest or non-interest and whether cash or non-cash,
incurred as a result of the refinancing of the Existing Credit Agreement and the Caremark Receivables Securitization, (y) for each such period ending during the twelve-month period immediately following the Acquisition, an amount equal to the
Consolidated EBITDA of AdvancePCS and its Subsidiaries for the 12-month period prior to the date of determination, and (z) for each such period ending during the twelve-month period immediately following the closing of any acquisition permitted
under Section 5.02(e), an amount equal to the Consolidated EBITDA (calculated on the basis as provided herein) for the Person (or assets) acquired pursuant to each such acquisition for the period from such closing to the date of determination,
annualized for the 12-month period then ended. 
  
 “Consolidated Interest Expense” means, with respect to any Person for any period, the gross cash interest expense paid or payable on all Indebtedness of such Person and its Subsidiaries during such period, determined
on a Consolidated basis and in accordance with GAAP for such period, excluding the fees paid on the Effective Date to the Initial Lenders in respect of this Agreement but including, without limitation, (a) in the case of the Borrower, (i) cash
interest expense paid or payable in respect of Indebtedness resulting from Advances and (ii) all fees paid or payable pursuant to Section 2.08(a), (b) the cash interest component, paid or payable, of all Obligations in respect of Capitalized Leases,
(c) commissions, discounts and other fees and charges paid or payable in cash in connection with letters of credit (including, without limitation, pursuant to Section 2.08(b) in respect of the Letters of Credit), (d) all amortization of original
issue discount in respect of all Indebtedness of such Person and its Subsidiaries, (e) the net payment, if any, paid or payable in connection with Hedge Agreements less the net credit, if any, received in connection with Hedge Agreements, (f)
the aggregate discount accrued on all interests purchased under Qualified Securitization Transactions on or prior to such date, and (g) all placement agent fees and all other program fees, facility fees, commitment fees and other similar fees paid
or payable under or in respect of Qualified Securitization Transactions. 
  

 10 

 “Consolidated Net Income” means, for any period, the net income
(or net loss) of any Person and its Subsidiaries for such period, determined on a Consolidated basis and in accordance with GAAP, but excluding for each such period (without duplication): 
  
 (a) the income (or loss) of any other Person accrued prior
to the date on which it became a Subsidiary of such Person or was merged into or consolidated with such Person or any of its Subsidiaries or all or substantially all of the property and assets of such other Person were acquired by such Person or any
of its Subsidiaries; 
  
 (b) the income (or loss)
of any other Person (other than a Subsidiary of such Person) in which a Person other than such Person or any of its Subsidiaries owns or otherwise holds an Equity Interest, except to the extent such income (or loss) shall have been received in the
form of cash dividends or other distributions actually paid to such Person or any of its Subsidiaries by such other Person during such period; 
  
 (c) the income of any Subsidiary of such Person to the extent that the declaration or payment of any dividends or other distributions by
such Subsidiary of such income is not permitted to be made or paid on the last day of such period; 
  
 (d) any gains or losses (on an after-tax basis) attributable to the sale, lease, transfer or other disposition of any property or assets
of such Person or any of its Subsidiaries; 
  
 (e) any earnings or charges resulting from the write-up or write-down of any property or assets of such Person or any of its Subsidiaries other than in the ordinary course of business; and 
  
 (f) any gains attributable to the collection of proceeds of
insurance policies. 
  
 “Consolidated
Total Assets” means, at any date of determination, the net book value of all property and assets of any Person and its Subsidiaries (including, without limitation, all items that are treated as intangibles in accordance with GAAP) that,
in accordance with GAAP, would be classified as such on the Consolidated balance sheet of such Person and its Subsidiaries at such date. 
  
 “Constitutive Documents” means, with respect to any Person, the certificate of incorporation or registration
(including, if applicable, certificate of change of name), articles of incorporation or association, memorandum of association, charter, bylaws, certificate of limited partnership, partnership agreement, trust agreement, joint venture agreement,
certificate of formation, articles of organization, limited liability company operating or members agreement, joint venture agreement or one or more similar agreements, instruments or documents constituting the organization or formation of such
Person. 
  
 “Contingent
Obligation” means, with respect to any Person, any obligation of such Person to guarantee or intended to guarantee any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with

  

 11 

 recourse by such Person of any primary obligation of a primary obligor, (b) the obligation to make
take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital, equity capital, net worth or other balance sheet condition or any
income statement condition of the primary obligor or otherwise to maintain the solvency of the primary obligor, (iii) to purchase, lease or otherwise acquire property, assets, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof. The amount of any
Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which
such Person may be liable pursuant to the terms of the agreement, instrument or other document evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such
Person is required to perform thereunder), as determined by such Person in good faith. 
  
 “Continuing Director” means, for any period, an individual who is a member of the board of directors of the
Borrower on the first day of such period or who has been nominated to the board of directors of the Borrower by a majority of the other Continuing Directors who were members of the board of directors of the Borrower at the time of such nomination.

  
 “Conversion”,
“Convert” and “Converted” each refers to a conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.09 or 2.10. 
  
 “Debt Rating” means the long term
senior unsecured non-credit enhanced debt rating of the Borrower. 
  
 “Default” means any Event of Default or any event or condition that would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 
  
 “Defaulted Advance” means, with
respect to any of the Lender Parties at any time, the portion of any Advance required to be made by such Lender Party to the Borrower pursuant to Section 2.01 at or prior to such time that has not been made by such Lender Party or by the
Administrative Agent for the account of such Lender Party pursuant to Section 2.02(e) as of such time. If a portion of a Defaulted Advance shall be deemed made pursuant to Section 2.15(a), the remaining portion of such Defaulted Advance shall be
considered a Defaulted Advance originally required to be made pursuant to Section 2.01 on the same date as the Defaulted Advance so deemed made in part. 
  
 “Defaulted Amount” means, with respect to any of the Lender Parties at any time, any amount required to be paid by
such Lender Party to the Administrative Agent or any of the other Lender Parties under this Agreement or any of the other Loan Documents at or prior to such time that has not been so paid as of such time, including, without limitation, any amount
required to be paid by such Lender Party to (a) the Swing Line Bank pursuant to Section 2.02(b)(ii) to purchase a portion of a Swing Line Advance made by the Swing Line Bank, (b) the Issuing Bank pursuant to Section 2.03(c)(i) to purchase a portion
of a Letter of Credit Advance made by the Issuing Bank, (c) the Administrative Agent pursuant to Section 2.02(e) to reimburse the Administrative Agent for the amount of any Advance made by the Administrative Agent for the account of such 

 

 12 

 Lender Party, (d) any of the other Lender Parties pursuant to Section 2.14 to purchase any participation
in Advances owing to such other Lender Party and (e) the Administrative Agent or the Issuing Bank pursuant to Section 7.05 to reimburse the Administrative Agent or the Issuing Bank, as the case may be, for such Lender Party’s ratable share of
any amount required to be paid by the Lender Parties to the Administrative Agent or the Issuing Bank as provided therein. If a portion of a Defaulted Amount shall be deemed paid pursuant to Section 2.15(b), the remaining portion of such Defaulted
Amount shall be considered a Defaulted Amount originally required to be paid under this Agreement or any of the other applicable Loan Documents on the same date as the Defaulted Amount so deemed paid in part. 
  
 “Defaulting Lender” means, at any
time, any of the Lender Parties that, at such time, (a) owes a Defaulted Advance or a Defaulted Amount or (b) shall take any action or be the subject of any action or proceeding of a type described in Section 6.01(f). 
  
 “Documentation Agent” has the
meaning specified in the recital of parties to this Agreement. 
  
 “Domestic Subsidiary” means, at any time, any of the direct or indirect Subsidiaries of the Borrower that is incorporated or organized under the laws of any state of the United States of
America or the District of Columbia. 
  
 “Effective Date” means the first date on which the conditions set forth in Section 3.01 shall have been satisfied. 
  
 “Eligible Assignee” means (a) with respect to any Facility (other than the Letter of Credit Facility), (i) a
Lender; (ii) an Affiliate of a Lender; (iii) a commercial bank organized under the laws of the United States, or any State thereof having a combined capital and surplus of at least $100,000,000; (iv) a commercial bank organized under the laws of any
other country which is a member of the OECD, or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000, provided that such bank is acting through a branch, agency or Affiliate located
in the United States or managed and controlled by a branch, agency or affiliate located in the United States; (v) the central bank of any country that is a member of the OECD; and (vi) any other Person approved by the Administrative Agent and,
provided no Event of Default is continuing, the Borrower, provided that the approval of the Administrative Agent and the Borrower, when required, shall not be unreasonably withheld or delayed, and (b) with respect to the Letter of Credit Facility, a
Person that is an Eligible Assignee under subclause (iii) or (iv) of clause (a) of this definition and is approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed); provided, however, that neither any
Loan Party nor any Affiliate of a Loan Party shall qualify as an Eligible Assignee under this definition. 
  
 “Environmental Action” means any action, suit, demand, demand letter, claim, notice of noncompliance or violation,
notice of liability or potential liability, investigation, proceeding, consent order or consent agreement, abatement order or other order or directive (conditional or otherwise) relating in any way to any Environmental Law, any Environmental Permit
or any Hazardous Materials or arising from alleged injury or threat to health, safety, natural resources or the environment, including, without limitation, (a) by any Governmental Authority for enforcement, cleanup, removal, response, remedial or
other actions or damages and (b) by any applicable Governmental Authority or other third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
  

 13 

 “Environmental Law” means any Requirement of Law, or any judicial
or agency interpretation, policy, guideline or other requirement of any Governmental Authority, relating to (a) the generation, use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials, (b) pollution
or the protection of the environment, health, safety or natural resources or (c) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal health or welfare, including, without limitation, CERCLA, in
each case as amended from time to time, and including the regulations promulgated and the rulings issued from time to time thereunder. 
  
 “Environmental Permit” means any permit, approval, license, identification number or other authorization required
under any Environmental Law. 
  
 “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or
other acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests
in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including, without limitation,
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are authorized or otherwise existing on any date of determination. 
  
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued from time to time thereunder. 
  
 “ERISA Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the controlled group of
any of the Loan Parties, or under common control with any of the Loan Parties, within the meaning of Section 414 of the Internal Revenue Code. 
  
 “ERISA Event” means: 
  
 (a) (i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless the 30-day
notice requirement with respect to such event has been waived by the PBGC or (ii) the requirements of Section 4043(b) of ERISA are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event
described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; 
  
 (b) the application for a minimum funding waiver with respect to a Plan; 
  
 (c) the provision by the administrator of any Plan of a
notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); 
  
 (d) the cessation of operations at a facility of any of the Loan Parties or any of the ERISA Affiliates
under the circumstances described in Section 4062(e) of ERISA; 
  

 14 

 (e) the withdrawal by any of the Loan Parties or any of the ERISA Affiliates from a Plan
or a Multiemployer Plan; 
  
 (f) the conditions
for the imposition of a lien under Section 302(f) of ERISA shall have been met with respect to any Plan; 
  
 (g) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or

  
 (h) the institution by the PBGC of
proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA, that constitutes grounds for the termination of, or the appointment of a trustee to administer, a
Plan. 
  
 “Eurocurrency
Liabilities” has the meaning specified in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
  
 “Eurodollar Lending Office” means, with respect to each of the Lenders, the office of such Lender specified as its
“Eurodollar Lending Office” opposite its name on Part B of Schedule I hereto or in the Assignment and Assumption pursuant to which it became a Lender, as the case may be (or, if no such office is specified, its Base Rate Lending
Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent for such purpose. 
  
 “Eurodollar Rate” means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same
Borrowing, an interest rate per annum equal to the rate per annum obtained by dividing (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. dollars appear on page 3750 (or any successor page
thereto) of the Dow Jones Telerate Screen two Business Days before the first day of such Interest Period and for a term comparable to such Interest Period or, if such rate does not so appear on the Dow Jones Telerate Screen on any date of
determination, on the Reuters Screen LIBO Page two Business Days before the first day of such Interest Period and for a term comparable to such Interest Period by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for
such Interest Period; provided, however, that if the Reuters Screen LIBO Page is being used to determine the Eurodollar Rate at any date of determination and more than one rate is specified thereon as the London interbank offered rate for
deposits in U.S. dollars, the applicable rate shall be the arithmetic mean (rounded upward, if necessary, to the nearest whole multiple of 1/100 of 1% per annum) of all such rates. 
  
 “Eurodollar Rate Advance” means an Advance that bears interest as provided in
Section 2.07(a)(ii). 
  
 “Eurodollar
Rate Reserve Percentage” means, for any Interest Period for all of the Eurodollar Rate Advances comprising part of the same Borrowing, the reserve percentage applicable two Business Days before the first day of such Interest Period
under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor thereto) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other
marginal reserve requirement) for a member bank of the Federal Reserve System in New York, New York with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that
includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest Period. 
  

 15 

 “Events of Default” has the meaning specified in Section 6.01.

  
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
  
 “Existing Credit Agreement” has the meaning specified in Preliminary Statement (1) to this Agreement. 

 
 “Existing Letters of Credit”
means the irrevocable standby letters of credit issued under the terms of the Existing Credit Agreement and that certain credit agreement dated as of October 2, 2000 among AdvancePCS, as borrower, the banks and other financial institutions party
thereto, as lenders and Bank of America, N.A. as administrative agent, in each case outstanding on the Effective Date, and in each case as more fully described on Schedule II hereto. 
  
 “Existing Issuing Bank” means each bank which issued Existing Letters of Credit
issued under the Existing Credit Agreement. 
  
 “Facility” means the Term Loan Facility, the Revolving Credit Facility, the Swing Line Facility or the Letter of Credit Facility, as the context may require. 
  
 “Federal Funds Rate” means, for any
period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the immediately preceding 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 rate charged to
the Administrative Agent (in its individual capacity) on such day on such transactions as determined by the Administrative Agent. 
  
 “Fee Letters” means that certain fee letter dated February 12, 2004 among BofA, BAS and the Borrower and that
certain fee letter dated February 12, 2004 among Wachovia, WS and the Borrower. 
  
 “Finance Parties” means, collectively, the Agents and the Lender Parties. 
  
 “Fiscal Quarter” means, with respect
to the Borrower or any of its Subsidiaries, the period commencing January 1 in any Fiscal Year and ending on the next succeeding March 31, the period commencing April 1 in any Fiscal Year and ending on the next succeeding June 30, the period
commencing July 1 in any Fiscal Year and ending on the next succeeding September 30 or the period commencing October 1 in any Fiscal Year and ending on the next succeeding December 31, as the context may require, or, if any such Subsidiary was not
in existence on the first day of any such period, the period commencing on the date on which such Subsidiary is incorporated, organized, formed or otherwise created and ending on the last day of such period. 
  
 “Fiscal Year” means, with respect to
the Borrower or any of its Subsidiaries, the period commencing on January 1 in any calendar year and ending on the next succeeding December 31 or, if any such Subsidiary was not in existence on January 1 in any calendar year, the period commencing
on the date on which such Subsidiary is incorporated, organized, formed or otherwise created and ending on the next succeeding December 31. 
  

 16 

 “GAAP” has the meaning specified in Section 1.03. 
  
 “Governmental Authority” means any
nation or government, any state, province, city, municipal entity or other political subdivision thereof, and any governmental, executive, legislative, judicial, administrative or regulatory agency, department, authority, instrumentality,
commission, board or similar body, whether federal, state, territorial, local or foreign. 
  
 “Governmental Authorization” means any authorization, approval, consent, franchise, license, covenant, order,
ruling, permit, certification, exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration with, any Governmental Authority. 
  
 “Granting Lender” has the meaning
specified in Section 8.07(g). 
  
 “Guarantee Supplement” has the meaning specified in Section 8(b) of the Subsidiaries Guarantee. 
  
 “Guarantor” means each Material Subsidiary of the Borrower party to the Subsidiaries Guarantee or, as the case may
be, a Guarantee Supplement. 
  
 “Hazardous Materials” means (a) petroleum or petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other
chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law. 
  
 “Hedge Agreements” means, collectively, interest rate swap, cap or collar agreements, interest rate future or
option contracts, commodity future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements. 
  
 “Hedge Bank” means any Person which has entered into interest rate Hedge Agreements with the Borrower to the
extent that such Person is a Lender Party at the time such interest rate Hedge Agreements are entered into; provided that such interest rate Hedge Agreements shall be non-speculative in nature (including, without limitation, with respect to
the term and purpose thereof). 
  
 “Immaterial Subsidiary” means, at any time, any of the Subsidiaries of the Borrower that does not constitute a Material Subsidiary at such time. 
  
 “Indebtedness” of any Person means, without duplication, (a) all indebtedness of
such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person
evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the
rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under leases that have been or should be, in accordance with
GAAP, recorded as capital leases, (f) all Off Balance Sheet Liabilities of such Person, (g) all obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit or similar extensions of credit, (h) all obligations of
such Person in respect of Hedge Agreements, (i) all Indebtedness of others referred 
  

 17 

 to in clauses (a) through (h) above or clause (j) below and other payment obligations (collectively,
“Guaranteed Indebtedness”) guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (1) to pay or purchase such Guaranteed Indebtedness or to advance
or supply funds for the payment or purchase of such Guaranteed Indebtedness, (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such
Guaranteed Indebtedness or to assure the holder of such Guaranteed Indebtedness against loss, (3) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such
property is received or such services are rendered) or (4) otherwise to assure a creditor against loss, and (j) all Indebtedness referred to in clauses (a) through (i) above (including Guaranteed Indebtedness) secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for
the payment of such Indebtedness. 
  
 “Indemnified Liabilities” has the meaning set forth in Section 8.05. 
  
 “Indemnified Party” has the meaning specified in Section 8.04(b). 
  
 “Information Memorandum” means the
information memorandum dated February, 2004 used by the Lead Arrangers in connection with this Agreement. 
  
 “Initial Extensions of Credit” means, collectively, the initial Borrowings under one or more of the Facilities
and/or the initial issuances of one or more Letters of Credit made (or deemed to have been made) on the Effective Date. 
  
 “Initial Issuing Bank” has the meaning specified in the recital of parties to this Agreement. 
  
 “Initial Lenders” has the meaning
specified in the recital of parties to this Agreement. 
  
 “Interest Coverage Ratio” means, with respect to the Borrower and its Subsidiaries for any period, the ratio of (a) Consolidated EBITDA of the Borrower and its Subsidiaries for such period to (b) Consolidated
Interest Expense of the Borrower and its Subsidiaries for such period provided that for the purposes of determining the Interest Coverage Ratio, the “Borrower and its Subsidiaries” shall be deemed not to include any of their discontinued
operations (as determined in accordance with GAAP). 
  
 “Interest Period” means, for each of the Eurodollar Rate Advances comprising part of the same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base
Rate Advance into such Eurodollar Rate Advance, as the case may be, and ending on the last day of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the
immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions set forth below. The duration of each such Interest Period shall be one, two, three or six months as the Borrower may,
upon notice received by the Administrative Agent not later than 12:00 P.M. (Charlotte, North Carolina time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that: 
  
 (a) the Borrower may not select any Interest Period with
respect to any Eurodollar Rate Advance under a Facility at any time that ends (i) in the case of the Term Loan Facility, after the scheduled Termination Date, and (ii) in the case of the Revolving Credit Facility, after the scheduled Termination
Date for such Facility; 
  

 18 

 (b) Interest Periods commencing on the same date for Eurodollar Rate Advances comprising
part of the same Borrowing shall be of the same duration; 
  
 (c) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day;
provided, however, that if such extension would cause the last day of such Interest Period to occur in the next succeeding calendar month, the last day of such Interest Period shall occur on the immediately preceding Business Day; and

  
 (d) whenever the first day of any Interest
Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period,
such Interest Period shall end on the last Business Day of such succeeding calendar month. 
  
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
  
 “Investment” means, with respect to any Person, (a) any direct or indirect purchase or other acquisition (whether for cash, securities, property, services or otherwise) by such Person of, or of a beneficial interest
in, any Equity Interests or Indebtedness of any other Person, (b) any direct or indirect purchase or other acquisition (whether for cash, securities, property, services or otherwise) by such Person of all or substantially all of the property and
assets of any other Person or of any division, branch or other unit of operation of any other Person, (c) any direct or indirect redemption, retirement, purchase or other acquisition for value by such Person from any other Person of any Equity
Interests in such other Person, (d) the making of a deposit by such Person with, or any direct or indirect loan, advance, other extension of credit or capital contribution by such Person to, or any other investment by such Person in, any other
Person (including, without limitation, any indebtedness or accounts receivable from such other Person that are not current assets or did not arise from sales to such other Person in the ordinary course of business and any arrangement pursuant to
which the investor incurs Indebtedness of the types referred to in clause (i) of the definition of “Indebtedness” set forth above in this Section 1.01 in respect of such other Person) and (e) any agreement to make any Investment
(including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale). The amount of any Investment shall be the original cost of such Investment plus
the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. 
  
 “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law and Practice (or such later version thereof as may be in effect at the time of issuance). 
  
 “Issuing Bank” means the Initial Issuing Bank and each other Person to which the
Letter of Credit Commitment has been assigned pursuant to Section 8.07, in each case for so long as the Initial Issuing Bank or such other Person, as the case may be, shall be a party to this Agreement in such capacity, and solely with respect to
Existing Letters of Credit, means an Existing Issuing Bank. 
  

 19 

 “Laws” means, collectively, all international, foreign, Federal,
state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law. 
  
 “L/C Cash
Collateral Account” means a deposit account to be designated by the Administrative Agent from time to time. 
  
 “L/C Related Documents” has the meaning specified in Section 2.03(c)(ii)(A). 
  
 “Lead Arrangers” has the
meaning specified in the recital of parties to this Agreement. 
  
 “Lender Party” means any Lender, the Issuing Bank or the Swing Line Bank, as the context may require. 
  

“Lenders” means, collectively, the Initial Lenders and each Person that becomes a Lender pursuant to Section
8.07, in each case for so long as such Initial Lender or such other Person, as the case may be, shall a party to this Agreement in such capacity. 
  
 “Letter of Credit” has the meaning specified in Section 2.01(d). 
  
 “Letter of Credit Advance” means an
advance made by the Issuing Bank or any of the Revolving Credit Lenders pursuant to Section 2.03(c)(i). 
  
 “Letter of Credit Agreement” has the meaning specified in Section 2.03(a). 
  
 “Letter of Credit Commitment” means,
with respect to the Issuing Bank at any time, the amount set forth opposite the Issuing Bank’s name on Part B of Schedule I hereto under the caption “Letter of Credit Commitment” or, if the Issuing Bank has entered into one or more
Assignment and Assumptions, the amount set forth for the Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 8.07(e) as the Issuing Bank’s “Letter of Credit Commitment”, as such amount may be
reduced at or prior to such time pursuant to Section 2.05. 
  
 “Letter of Credit Facility” means, at any time, an amount equal to the lesser of (a) the amount of the Letter of Credit Commitment at such time and (b) $50,000,000, as such amount may be
reduced at or prior to such time pursuant to Section 2.05. 
  
 “Leverage Ratio” means, with respect to the Borrower and its Subsidiaries at any date of determination, the ratio of (a) (i) all Indebtedness of the Borrower and its Subsidiaries outstanding on
such date plus (ii) to the extent not otherwise included in subclause (a)(i) of this definition, (A) the face amount of all letters of credit (including, without limitation, all Letters of Credit) issued for the account of the Borrower or any
of its Subsidiaries, and without duplication, and (B) the aggregate net investment of lenders to and purchasers from a Securitization Entity in all accounts receivable subject to any Qualified Securitization Transaction on or prior to such date

  

 20 

 to (b) Consolidated EBITDA of the Borrower and the Material Subsidiaries for the most recently completed
Measurement Period prior to such date provided that for the purposes of determining the Leverage Ratio, the “Borrower and its Subsidiaries” shall be deemed not to include any of their discontinued operations (as determined in accordance
with GAAP). 
  
 “Lien”
means, with respect to any Person, (a) any mortgage, lien (statutory or other), pledge, hypothecation, security interest, charge or encumbrance of any kind, (b) any assignment, deposit arrangement or lease intended as, or having the effect of,
security, (c) any easement, right of way or other encumbrance on title to real property or (d) any interest or title of any vendor, lender or other secured party under any conditional sale or other title retention agreement. 
  
 “Loan Documents” means,
collectively, for all purposes of this Agreement and the Notes and any amendment, supplement or other modification hereof or thereof and for all other purposes, (i) this Agreement, (ii) the Notes, (iii) the Subsidiaries Guarantee, (iv) each Letter
of Credit Agreement and (v) each of the other agreements evidencing any of the Obligations of any of the Loan Parties, or supporting any of the other Obligations of any of the Loan Parties, owing to the Finance Parties, as amended, supplemented or
otherwise modified hereafter from time to time in accordance with the terms thereof and Section 8.01. 
  
 “Loan Parties” means, collectively, the Borrower and each of the Guarantors. 
  
 “Material Adverse Change” means any
material adverse change in the business, financial condition, operations, liabilities (actual or contingent) or properties of the Borrower, individually, or the Borrower and its Subsidiaries, taken as a whole; provided that the occurrence or
subsistence of any such material adverse change which has been disclosed by the Borrower or any of its Subsidiaries (including AdvancePCS) or in any filing made with the Securities and Exchange Commission prior to the date of this Agreement shall
not constitute a Material Adverse Change. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, financial condition, operations, liabilities (actual or contingent), properties or prospects of the Borrower and its Subsidiaries, taken
as a whole, (b) the rights and remedies of the Administrative Agent or any of the Lender Parties under any of the Loan Documents or (c) the ability of any of the Loan Parties to perform their respective Obligations under any of the Loan Documents to
which it is or is to be a party (including for purposes of clauses (a) and (b) of this definition the imposition of materially burdensome conditions thereon); provided that the occurrence or subsistence of any such material adverse effect
which has been disclosed by the Borrower or any of its Subsidiaries (including AdvancePCS) in any filing made with the Securities and Exchange Commission prior to the date of this Agreement shall not constitute a Material Adverse Effect. 

 
 “Material Subsidiary” means, at
any date of determination, any Subsidiary of the Borrower (x) other than any Securitization Entity, that either individually or, together with its Subsidiaries, taken as a whole, (a) owned more than 10% of the Consolidated Total Assets of the
Borrower and its Subsidiaries as of the last day of the most recently completed Fiscal Quarter on or prior to such date or (b) accounted for more than 10% of the Consolidated Net Income of the Borrower and its Subsidiaries for the most recently
completed Fiscal Quarter on or prior to such date, in each case as reflected in the Required Financial Information most recently delivered to the Administrative Agent and the Lender Parties on or prior to such date and determined in accordance with
GAAP for such period; provided, however, that solely for purposes of determining whether a Subsidiary of the Borrower that was not a Subsidiary thereof on the first day of the most recently completed Fiscal Quarter on or prior to any such
date constitutes a 
  

 21 

 “Material Subsidiary” at such date, the organization, creation, purchase or other acquisition
of such Subsidiary shall be given pro forma effect as though it had occurred on the first day of such Fiscal Quarter; and provided further that in the event at any time the aggregate Total Assets or the Net Income, as the case may be, of the
Immaterial Subsidiaries is in excess of 20% of the aggregate Consolidated Total Assets or Consolidated Net Income of the Borrower and its Subsidiaries, respectively, then the percentages set forth in respect of Material Subsidiaries above shall be
reduced so that the aggregate Consolidated Total Assets or Consolidated Net Income of the remaining Immaterial Subsidiaries (after giving effect to such reduction and the resulting increase in number of Material Subsidiaries) is less than 20% of the
aggregate Consolidated Total Assets or Consolidated Net Income of the Borrower and its Subsidiaries, or (y) which is designated in writing by the Borrower to the Administrative Agent as a “Material Subsidiary” under this Agreement.

  
 “Measurement Period”
means, at any date of determination, the most recently completed four consecutive Fiscal Quarters on or immediately prior to such date. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Moody’s Rating” means the Debt
Rating given to the Borrower by Moody’s from time to time. 
  
 “MP Receivables” means MP Receivables Company, a Delaware corporation and a wholly-owned indirect Subsidiary of the Borrower, or any other Person organized under the laws of the United States
or any State thereof and a wholly-owned direct or indirect Subsidiary of the Borrower, in each case formed by the Borrower in connection with the Caremark Receivables Securitization. 
  
 “Multiemployer Plan” means a multiemployer plan (as defined in Section 4001(a)(3) of
ERISA) to which any of the Loan Parties or any of the ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 
  
 “Multiple Employer Plan” means a
single employer plan (as defined in Section 4001(a)(15) of ERISA) that (a) is maintained for employees of any of the Loan Parties or any of the ERISA Affiliates and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was
so maintained and in respect of which any of the Loan Parties or any of the ERISA Affiliates is reasonably expected to have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
  
 “Net Worth” means the sum of the
capital stock and additional paid in capital plus retained earnings (or minus accumulated deficits) of the Borrower and its Subsidiaries determined on a consolidated basis in conformity with GAAP as of any date of determination. 
  
 “Note” means a Term Loan Note or a
Revolving Credit Note, as the context may require. 
  
 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 
  
 “Notice of Conversion” has the meaning specified in Section 2.09(a). 
  
 “Notice of Issuance” has the meaning
specified in Section 2.03(a). 
  

 22 

 “Notice of Renewal” has the meaning specified in Section 2.01(d).

  
 “Notice of Swing Line
Borrowing” has the meaning specified in Section 2.02(b). 
  
 “Notice of Termination” has the meaning specified in Section 2.01(d). 
  
 “Obligation” means, with respect to any Person, any payment, performance or other obligation of such Person of any
kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed,
undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f). Without limiting the generality of the immediately preceding sentence,
the Obligations of the Loan Parties under or in respect of the Loan Documents include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, attorneys’ fees and disbursements, indemnity payments
and other amounts payable by any of the Loan Parties under or in respect of any of the Loan Documents and (b) the obligation of any of the Loan Parties to reimburse any amount in respect of any of the items described above in clause (a) of this
definition that the Administrative Agent or any of the Lender Parties, in its sole discretion, may elect to pay or advance on behalf of such Loan Party. 
  
 “Off Balance Sheet Liabilities” means, with respect to any Person, (a) any repurchase obligation or liability,
contingent or otherwise, of such Person with respect to any accounts or notes receivable sold, transferred or otherwise disposed of by such Person, (b) any repurchase obligation or liability, contingent or otherwise, of such Person with respect to
property or assets leased by such Person as lessee and (c) all Obligations, contingent or otherwise, of such Person under any synthetic lease, tax retention operating lease, off balance sheet loan or similar off balance sheet financing if the
transaction giving rise to such Obligation (i) is considered indebtedness for borrowed money for tax purposes but is classified as an Operating Lease or (ii) does not (and is not required to) appear as a liability on the Consolidated balance sheet
of such Person and its Subsidiaries, but excluding from the foregoing provisions of this definition any obligations or liabilities of any such Person as lessee under any Operating Lease so long as the terms of such Operating Lease do not require any
payment by or on behalf of such Person at the scheduled termination date of such Operating Lease, pursuant to a required purchase by or on behalf of such Person of the property or assets subject to such Operating Lease, or under any arrangements
pursuant to which such Person guarantees or otherwise assures any other Person of the value of the property or assets subject to such Operating Lease. 
  
 “Operating Lease” means, with respect to any Person, any lease (including, without limitation, leases that may be
terminated by the lessee at any time) of any property (whether real, personal or mixed) that is not a Capitalized Lease or a lease under which such Person is the lessor. 
  
 “Other Taxes” has the meaning specified in Section 2.13(b). 
  
 “Participant” has the meaning
assigned to such term in clause (d) of Section 8.07. 
  
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56. 
  
 “PBGC” means the Pension Benefit
Guaranty Corporation or any successor thereto. 
  

 23 

 “Performance Level” means Performance Level I, Performance Level
II, Performance Level III, Performance Level IV and Performance Level V as identified in the definition of “Applicable Margin” and “Applicable Percentage” specified above, in each case as the context may require. 
  
 “Permitted Liens” means the
following types of Liens (excluding any such Lien imposed pursuant to Section 401(a)(29) or 412(n) of the Internal Revenue Code or by ERISA or any such Lien relating to or imposed in connection with any Environmental Action), in each case as to
which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: 
  
 (a) Liens for taxes, assessments and governmental charges or levies to the extent not otherwise required to be paid under Section 5.01(b);

  
 (b) Liens imposed by law, such as
materialmen’s, mechanics’, carriers’, workmen’s, storage and repairmen’s Liens and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) (i) that
are not overdue for a period of more than 90 days or (ii) the amount, applicability or validity of which are being contested in good faith and by appropriate proceedings diligently conducted and with respect to which the Borrower or its applicable
Subsidiary, as the case may be, has established reserves in accordance with GAAP; 
  
 (c) pledges or deposits to secure obligations incurred in the ordinary course of business under workers’ compensation laws,
unemployment insurance or other similar social security legislation (other than in respect of employee benefit plans subject to ERISA) or to secure public or statutory obligations; 
  
 (d) Liens securing the performance of, or payment in respect of, bids, tenders, government contracts (other
than for the repayment of borrowed money), surety and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business; 
  
 (e) any interest or title of a lessor or sublessor and any restriction or encumbrance to which the interest or title of such lessor or
sublessor may be subject that is incurred in the ordinary course of business and, either individually or when aggregated with all other Permitted Liens in effect on any date of determination, is not reasonably expected to have a Material Adverse
Effect; 
  
 (f) Liens arising out of judgments or
awards that do not constitute an Event of Default under Section 6.01(g) or 6.01(h) and in respect of which the Borrower or any of its Subsidiaries subject thereto shall be prosecuting an appeal or proceedings for review in good faith and, pending
such appeal or proceedings, shall have secured within ten Business Days after the entry thereof a subsisting stay of execution and shall be maintaining reserves, in accordance with GAAP, with respect to any such judgment or award; and 
  
 (g) easements, rights of way, zoning restrictions and other
encumbrances and survey exceptions, title irregularities and other similar restrictions on title to, or the use of, real property that do not, either individually or in the aggregate, (i) materially detract from the value of such real property or
(ii) materially and adversely affect the use of such real property for its intended purposes or the conduct of the business of the Borrower and its Subsidiaries in the ordinary course and, in any case, that were not incurred in connection with and
do not secure Indebtedness or other extensions of credit. 
  

 24 

 “Permitted Receivables Securitizations” means the Caremark
Receivables Securitization and the AdvancePCS Receivables Securitization, with the maximum face amount of accounts receivable which may be sold and the minimum price which may be paid for such accounts receivables pursuant to the Caremark
Receivables Securitization and the AdvancePCS Receivables Securitization, as the case may be, being such face amount as may be sold from time to time and such price as may be paid from time to time pursuant to the Caremark Receivables Securitization
Documents and the AdvancePCS Receivables Securitization Documents, as the case may be. 
  
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company,
unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
  
 “Plan” means a Single Employer Plan or a Multiple Employer Plan, as the context may
require. 
  
 “Preferred
Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s
property and assets, whether by dividend or upon liquidation. 
  
 “primary obligations” has the meaning specified in the definition of “Contingent Obligation” set forth above in this Section 1.01. 
  
 “primary obligor” has the meaning
specified in the definition of “Contingent Obligation” set forth above in this Section 1.01. 
  
 “Pro Rata Share” of any amount means, with respect to any of the Lenders at any time, the product of (a) a
fraction the numerator of which is the amount of such Lender’s Commitment(s) under the applicable Facility or Facilities at such time (or, if the Commitments shall have been terminated pursuant to Section 2.05 or 6.01 at or prior to such time,
such Lender’s Commitment(s) under the applicable Facility or Facilities as in effect immediately prior to such termination) and the denominator of which is the aggregate amount of such Facility or Facilities at such time (or, if the Commitments
shall have been terminated pursuant to Section 2.05 or 6.01 at or prior to such time, the applicable Facility or Facilities as in effect immediately prior to such termination) multiplied by (b) such amount. 
  
 “Qualified Securitization
Transaction” means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries (including the Permitted Receivables Securitizations) pursuant to which the Borrower or any of its
Subsidiaries may sell, convey or otherwise transfer to (i) a Securitization Entity (in the case of a transfer by the Borrower or any of its Subsidiaries) and (ii) any other Person (in the case of a transfer by a Securitization Entity), or may grant
a security interest in, any accounts receivable (whether now existing or arising or acquired in the future) of the Borrower or any of its Subsidiaries, and any assets related thereto including all collateral securing such accounts receivable, all
contracts and contract rights and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets (including contract rights) which are customarily transferred or in respect of which
security interests are customarily granted in connection with asset securitization transactions involving accounts receivable. 
  

 25 

 “Redeemable” means, with respect to any Equity Interest
(including, without limitation, Preferred Interests), any Indebtedness or any other right or Obligation, any such Equity Interest, Indebtedness, right or Obligation that (a) the issuer has undertaken to redeem at a fixed or determinable date or
dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is redeemable at the option of the holder. 
  
 “Register” has the meaning specified
in Section 8.07(c). 
  
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  
 “Required Financial Information”
means, at any date of determination, the Consolidated financial statements of the Borrower and its Subsidiaries most recently delivered to the Administrative Agent and the Lender Parties on or prior to such date pursuant to, and satisfying all of
the requirements of, Section 5.03(b) or 5.03(c) and accompanied by the certificates and other information required to be delivered together therewith pursuant to Section 5.03(d). 
  
 “Required Lenders” means, at any time, Lenders owed or holding at least a majority
in interest of the sum of (a) the aggregate principal amount of all Advances outstanding at such time, (b) the aggregate obligations of the Lenders in respect of all Letters of Credit outstanding at such time and (c) the aggregate Unused Revolving
Credit Commitments at such time; provided, however, that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of Required Lenders at such time (i) the aggregate principal amount of all
Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time, (ii) such Lender’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit outstanding at such time and (iii) the Unused Revolving
Credit Commitment of such Lender at such time. For purposes of this definition, the aggregate principal amount of Swing Line Advances owing to the Swing Line Bank and outstanding at such time and Letter of Credit Advances owing to the Issuing Bank
and outstanding at such time and the Available Amount of all Letters of Credit outstanding at such time shall be deemed to be owed to the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments at such time.

  
 “Requirements of Law”
means, with respect to any Person, all laws, constitutions, statutes, treaties, ordinances, rules and regulations, all orders, writs, decrees, injunctions, judgments, determinations and awards of an arbitrator, a court or any other Governmental
Authority, and all Governmental Authorizations, binding upon or applicable to such Person or to any of its property, assets or businesses. 
  
 “Responsible Officer” means the chief executive officer, the president, the chief financial officer, the principal
accounting officer or the treasurer (or the equivalent of any of the foregoing) of the Borrower or any of its Subsidiaries or any other officer, partner or member (or person performing similar functions) of the Borrower or any of its Subsidiaries
responsible for overseeing the administration of, or reviewing compliance with, all or any portion of this Agreement or any of the other Loan Documents. 
  

 26 

 “Revolving Credit Advance” means, with respect to each of the
Revolving Credit Lenders, any advance made by such Revolving Credit Lender to the Borrower pursuant to Section 2.01(b). 
  
 “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Advances of the same
Type made by the Revolving Credit Lenders. 
  
 “Revolving Credit Commitment” means, with respect to any of the Revolving Credit Lenders at any time, the amount set forth opposite such Revolving Credit Lender’s name on Schedule I hereto under the caption
“Revolving Credit Commitment” or, if such Revolving Credit Lender has entered into one or more Assignment and Assumptions, the amount set forth for such Revolving Credit Lender in the Register maintained by the Administrative Agent
pursuant to Section 8.07(e) as such Revolving Credit Lender’s “Revolving Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 
  
 “Revolving Credit Facility” means,
at any time, the aggregate Revolving Credit Commitments of all of the Revolving Credit Lenders at such time. 
  
 “Revolving Credit Lender” means, at any time, any of the Lenders that has a Revolving Credit Commitment at such
time. 
  
 “Revolving Credit
Note” means a promissory note of the Borrower payable to the order of any of the Revolving Credit Lenders, in substantially the form of Exhibit A-2 hereto, evidencing the aggregate indebtedness of the Borrower to such Revolving Credit
Lender resulting from the Revolving Credit Advances made by such Revolving Credit Lender. 
  
 “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
  
 “S&P Rating” means the Debt
Rating given to the Borrower by S&P from time to time. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the regulations promulgated and the rulings issued thereunder. 
  
 “Securitization Entity” means a wholly-owned Subsidiary of the Borrower (or another
Person in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers accounts receivable and related assets) which engages in no activities other than in connection
with the financing of accounts receivable and which is designated by the Borrower (as provided below) as a Securitization Entity (i) no portion of the Indebtedness or any other obligation (contingent or otherwise) of which (a) is guaranteed by the
Borrower or any Subsidiary of the Borrower (other than the Securitization Entity) (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings, (b) is recourse to
or obligates the Borrower or any Subsidiary of the Borrower (other than the Securitization Entity) in any way other than pursuant to Standard Securitization Undertakings or (c) subjects any property or asset of the Borrower or any Subsidiary of the
Borrower (other than the Securitization Entity), directly or indirectly, contingent or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (ii) with which neither the Borrower nor any Subsidiary of
the Borrower (other than the Securitization Entity) has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from
Persons that are not Affiliates of the Borrower, other than fees payable in the ordinary course of business in connection with servicing 
  

 27 

 receivables of such entity, and (iii) to which neither the Borrower nor any Subsidiary of the Borrower
(other than the Securitization Entity) has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Borrower shall be evidenced to
each Lender by filing with the Administrative Agent a Certificate of a Responsible Officer of the Borrower certifying that such designation complied with the foregoing conditions. 
  
 “Senior Financial Officer” means the chief executive officer, the chief financial
officer, the principal accounting officer or the treasurer of the Borrower. 
  
 “Senior Notes” means the 7 3/8% senior notes of the
Borrower due 2006 in an aggregate principal amount of $450,000,000 issued pursuant to the terms of the Senior Notes Indenture. 
  
 “Senior Notes Indenture” means the Indenture dated as of October 8, 1996 between the Borrower and U.S. Bank Trust
National Association (as successor to The First National Bank of Chicago), as Trustee, as such agreement may be amended, supplemented or otherwise modified hereafter from time to time in accordance with the terms thereof, but solely to the extent
permitted under the terms of the Loan Documents. 
  
 “Single Employer Plan” means a single employer plan (as defined in Section 4001(a)(15) of ERISA) that (a) is maintained for employees of any of the Loan Parties or any of the ERISA Affiliates and no Person other than
the Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect of which any of the Loan Parties or any of the ERISA Affiliates is reasonably expected to have liability under Section 4069 of ERISA in the event such plan has been or
were to be terminated. 
  
 “Solvent” means, with respect to any Person on any date of determination, that, on such date: 
  
 (a) the fair value of the property and assets of such Person is greater than the total amount of liabilities (including, without
limitation, contingent liabilities) of such Person; 
  
 (b) the present fair salable value of the property and assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; 
  
 (c) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature; and 
  
 (d) such Person is not engaged in business or in a transaction, and is not about to engage in business or in a transaction, for which such
Person’s property and assets would constitute an unreasonably small capital. 
  
 The amount of contingent liabilities of any such Person at any time shall be computed as the amount that, in the light of all of the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability. 
  
 “SPC” has the meaning specified in Section 8.07(g). 
  

 28 

 “Standard Securitization Undertakings” means representations,
warranties, covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower which are reasonably customary in an accounts receivable or equipment securitization transaction. 
  
 “Subsidiaries Guarantee” means the
Subsidiaries Guarantee dated as of the date hereof and referred to in Section 3.01(g)(v) hereof. 
  
 “Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited liability
company, unlimited liability company, trust or estate of which (or in which) more than 50% of: 
  
 (a) the issued and outstanding shares of capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time shares of capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency); 
  
 (b) the interest in the capital or profits of such
partnership, joint venture, limited liability company or unlimited liability company; or 
  
 (c) the beneficial interest in such trust or estate, 
  
 is at the time, directly or indirectly, owned or controlled by such Person, by such Person and one or more of its other
Subsidiaries or by one or more of such Person’s other Subsidiaries. 
  
 “Swing Line Advance” means an advance made by (a) the Swing Line Bank pursuant to Section 2.01(c) or (b) any of the Revolving Credit Lenders pursuant to Section 2.02(b)(ii). 
  
 “Swing Line Bank” has the meaning
specified in the recital of parties to this Agreement. 
  
 “Swing Line Borrowing” means a borrowing consisting of (a) a Swing Line Advance made by the Swing Line Bank pursuant to Section 2.01(c) or (b) simultaneous Swing Line Advances made by the Revolving Credit Lenders
pursuant to Section 2.02(b)(ii). 
  
 “Swing Line Commitment” means, with respect to the Swing Line Bank at any time, the amount set forth opposite the Swing Line Bank’s name on Part B of Schedule I hereto under the caption “Swing Line
Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 
  
 “Swing Line Facility” means, at any time, an amount equal to the lesser of (a) the amount of the Swing Line
Commitment at such time and (b) $50,000,000, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 
  
 “Taxes” has the meaning specified in Section 2.13(a). 
  
 “Term Loan Advance” means, with
respect to each of the Term Loan Lenders, the single advance to be made on the Effective Date by such Term Loan Lender to the Borrower pursuant to Section 2.01(a). 
  
 “Term Loan Borrowing” means a borrowing consisting of simultaneous Term Loan
Advances of the same Type made by the Term Loan Lenders. 
  

 29 

 “Term Loan Commitment” means, with respect to any of the Term
Loan Lenders at any time, the amount set forth opposite such Term Loan Lender’s name on Part B of Schedule I hereto under the caption “Term Loan Commitment” or, if such Term Loan Lender has entered into one or more Assignment and
Assumptions, the amount set forth for such Term Loan Lender in the Register maintained by the Administrative Agent pursuant to Section 8.07(e) as such Term Loan Lender’s “Term Commitment”, as such amount may be reduced at or prior to
such time pursuant to Section 2.05. 
  
 “Term Loan Facility” means, at any time, the aggregate Term Loan Commitments of all of the Term Loan Lenders at such time. 
  
 “Term Loan Lender” means, at any time, any of the Lenders that has a Term Loan Commitment at such time.

  
 “Term Loan Note”
means a promissory note of the Borrower payable to the order of any of the Term Loan Lenders, in substantially the form of Exhibit A-1 hereto, evidencing the indebtedness of the Borrower to such Term Loan Lender resulting from the Term Loan Advance
made by such Term Loan Lender. 
  
 “Termination Date” means the earlier of (a) the date of termination in whole of all of the Commitments of the Lender Parties pursuant to Section 2.05 or 6.01 and (b) March 23, 2009. 
  
 “Type” refers to the distinction
between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurodollar Rate. 
  
 “Unused Revolving Credit Commitment” means, with respect to any of the Revolving Credit Lenders at any time, (a)
the Revolving Credit Commitment of such Revolving Credit Lender at such time less (b) the sum of: 
  
 (i) the aggregate principal amount of all Revolving Credit Advances, Swing Line Advances and Letter of Credit Advances made by such
Revolving Credit Lender (in its capacity as a Lender) and outstanding at such time; and 
  
 (ii) such Revolving Credit Lender’s Pro Rata Share of (A) the aggregate Available Amount of all Letters of Credit outstanding at such
time, (B) the aggregate principal amount of all Letter of Credit Advances made by the Issuing Bank (in its capacity as the Issuing Bank) pursuant to Section 2.03(c)(i) and outstanding at such time, and (C) the aggregate principal amount of all Swing
Line Advances made by the Swing Line Bank (in its capacity as the Swing Line Bank) pursuant to Section 2.01(c) and outstanding at such time. 
  
 “Voting Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any
other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the
happening of such a contingency. 
  
 “Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA. 
  

 30 

 SECTION 1.02 Computation of Time Periods; Other Constructional Provisions. In this Agreement and
the other Loan Documents, in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”, the word “through” means “through and
including” and the words “to” and “until” each means “to but excluding”. References in this Agreement or any of the other Loan Documents to any agreement, instrument or other document “as
amended” shall mean and be a reference to such agreement, instrument or other document as amended, amended and restated, supplemented or otherwise modified hereafter from time to time in accordance with its terms, but solely to the extent
permitted hereunder. In this Agreement, the words “herein”, “hereof” and words of similar import refer to the entirety of this Agreement and not to any particular Section, subsection, or Article of this
Agreement. 
  
 SECTION 1.03 Accounting Terms. All
accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles consistent with those applied in the preparation of the Consolidated financial statements of the Borrower and its
Subsidiaries referred to in Section 4.01(f) (“GAAP”). 
  
 ARTICLE II 
  
 AMOUNTS
AND TERMS OF THE ADVANCES 
 AND THE LETTERS OF CREDIT 
  
 SECTION 2.01 The Advances and the Letters of Credit. 
  
 (a) The Term Loan Advances. Each Term Loan Lender severally agrees, on the terms and conditions hereinafter set
forth, to make a single Term Loan Advance in U.S. dollars to the Borrower on the Effective Date in an amount not to exceed the Term Loan Commitment of such Term Loan Lender at such time. The Term Loan Borrowing shall consist of Term Loan Advances
made simultaneously by the Term Loan Lenders in accordance with their respective Pro Rata Shares of the Term Loan Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. 
  
 (b) The Revolving Credit Advances. Each Revolving Credit Lender
severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances in U.S. dollars to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date for the
Revolving Credit Facility, in each case in an amount not to exceed the Unused Revolving Credit Commitment of such Revolving Credit Lender at such time. Each Revolving Credit Borrowing shall be in an aggregate amount of $5,000,000 or an integral
multiple of $500,000 in excess thereof (other than a Borrowing the proceeds of which shall be used solely to repay or prepay in full outstanding Swing Line Advances or the outstanding Letter of Credit Advances) or, if less, the amount of the
aggregate Unused Revolving Credit Commitments at such time. Each Revolving Credit Borrowing shall consist of Revolving Credit Advances made simultaneously by the Revolving Credit Lenders in accordance with their respective Pro Rata Shares of the
Revolving Credit Facility. Within the limits of each Revolving Credit Lender’s Unused Revolving Credit Commitment in effect from time to time, the Borrower may borrow under this Section 2.01(b), prepay pursuant to Section 2.06(a) and reborrow
under this Section 2.01(b). 
  
 (c) The Swing Line
Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall make, unless it promptly notifies the Borrower of its reasonable objection to doing so, on the terms and conditions hereinafter set forth, Swing Line
Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date for the Swing Line Facility in an amount (i) for all outstanding Swing Line Advances 
  

 31 

 not to exceed the Swing Line Facility on such Business Day and (ii) for each such Swing Line Advance not to exceed the
aggregate Unused Revolving Credit Commitments of the Revolving Credit Lenders on such Business Day. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Advance
shall be in an amount of $1,000,000 or an integral multiple of $500,000 in excess thereof and shall be comprised of a Base Rate Advance. Within the limits of the first sentence of this Section 2.01(c), so long as the Swing Line Bank has not notified
the Borrower of its reasonable objection to making Swing Line Advances, the Borrower may borrow under this Section 2.01(c), repay pursuant to Section 2.04(c) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(c). 

 
 (d) Letters of Credit. The Borrower, the Existing Issuing Bank, the
Initial Issuing Bank and each of the Revolving Credit Lenders hereby agree that each of the Existing Letters of Credit shall, on and after the Effective Date, be deemed for all purposes of this Agreement to be a Letter of Credit issued and
outstanding under the terms of this Agreement. The Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue standby letters of credit (each a “Letter of Credit”) in U.S. dollars for the account of the
Borrower in favor of any Person (other than the Borrower or any of its Subsidiaries) from time to time on any Business Day during the period from the Effective Date to ten Business Days before the scheduled Termination Date for the Revolving Credit
Facility (i) in an aggregate Available Amount for all outstanding Letters of Credit not to exceed the Letter of Credit Facility on such Business Day and (ii) in an Available Amount for each such Letter of Credit not to exceed the aggregate Unused
Revolving Credit Commitment of the Revolving Credit Lenders on such Business Day. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary of such Letter of Credit to require renewal) later than the
earlier of (A) ten Business Days prior to the scheduled Termination Date for the Revolving Credit Facility and (B) one year after the date of issuance thereof, but any such Letter of Credit may by its terms be renewable annually upon notice (a
“Notice of Renewal”) given to the Issuing Bank and the Administrative Agent on or prior to any date for notice of renewal set forth in such Letter of Credit but in any event at least three Business Days prior to the date of
the proposed renewal of such Letter of Credit and upon fulfillment of the applicable conditions set forth in Article III, unless such Issuing Bank has notified the Borrower (with a copy to the Administrative Agent) on or prior to the date for notice
of termination set forth in such Letter of Credit but in any event at least ten Business Days prior to the date of automatic renewal of its election not to renew such Letter of Credit (a “Notice of Termination”);
provided that the terms of each of the Letters of Credit that is automatically renewable annually (1) shall require the Issuing Bank to give the beneficiary of such Letter of Credit notice of any Notice of Termination, (2) shall permit such
beneficiary, upon receipt of such notice, to draw under such Letter of Credit prior to the date on which such Letter of Credit otherwise would have been automatically renewed and (3) shall not permit the expiration date (after giving effect to any
renewal) of such Letter of Credit in any event to be extended to a date that is later than ten Business Days prior to the scheduled Termination Date for the Revolving Credit Facility. If either a Notice of Renewal is not given by the Borrower or a
Notice of Termination is given by the Issuing Bank pursuant to the immediately preceding sentence, the related Letter of Credit shall expire on the date on which it otherwise would have been automatically renewed; provided, however, that in
the absence of receipt of a Notice of Renewal the Issuing Bank may in its discretion, unless instructed to the contrary by the Administrative Agent or the Borrower, deem that a Notice of Renewal had been timely delivered and, in such case, a Notice
of Renewal shall be deemed to have been so delivered for all purposes under this Agreement. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above in this Section 2.01(d), the Borrower may request the
issuance of Letters of Credit under this Section 2.01(d), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.03(b) and request the issuance of additional Letters of Credit under this Section 2.01(d).

  

 32 

 SECTION 2.02 Making the Advances. 
  
 (a) Except as otherwise provided in Section 2.02(b) or 2.03 or in respect of any Borrowing requested to be made on the
Effective Date (in which case notice shall be given not later than one Business Day prior to the Effective Date and which Borrowing shall be comprised of Base Rate Advances), each Borrowing (other than a Swing Line Borrowing) shall be made on
notice, given not later than 12:00 P.M. (Charlotte, North Carolina time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing comprised of Eurodollar Rate Advances, or on the same Business Day as the date
of the proposed Borrowing in the case of a Borrowing comprised of Base Rate Advances, by the Borrower to the Administrative Agent, which shall give prompt notice thereof to each of the Appropriate Lenders by telecopier. Each notice of a Borrowing (a
“Notice of Borrowing”) shall be by telephone, confirmed promptly (and, in any event, on the same Business Day) in writing, or by telecopier, shall be in substantially the form of Exhibit B-1 hereto and duly executed by a
Responsible Officer of the Borrower, and shall specify therein: (i) the requested date of such Borrowing (which shall be a Business Day); (ii) the Facility under which such Borrowing is requested to be made; (iii) the Type of Advances requested to
comprise such Borrowing; (iv) the requested aggregate principal amount of such Borrowing; and (v) in the case of a Borrowing comprised of Eurodollar Rate Advances, the requested duration of the initial Interest Period for each such Advance. Each
Appropriate Lender shall, before 3:00 P.M. (Charlotte, North Carolina time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in
same day funds, such Lender’s Pro Rata Share of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such
funds available to the Borrower by crediting the Borrower’s Account; provided, however, that, in the case of any Revolving Credit Borrowing, the Administrative Agent shall first make a portion of such funds equal to the aggregate
principal amount of any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank and the Issuing Bank, respectively, and by any Revolving Credit Lender and outstanding on the date of such Revolving Credit Borrowing, together
with all accrued and unpaid interest thereon to and as of such date, available to the Swing Line Bank or the Issuing Bank and to each such Revolving Credit Lender for repayment of such outstanding Swing Line Advances and Letter of Credit Advances.

  
 (b) (i) Each Swing Line Borrowing shall be made initially by
the Swing Line Bank on notice, given not later than 3:00 P.M. (Charlotte, North Carolina time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Bank and the Administrative Agent. Each notice of a Swing Line
Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed promptly (and, in any event, on the same Business Day) in writing, or by telecopier, shall be in substantially the form of Exhibit B-2 hereto and
duly executed by a Responsible Officer of the Borrower, and shall specify therein: (A) the requested date of such Swing Line Borrowing (which shall be a Business Day); (B) the requested amount of such Swing Line Borrowing; and (C) the requested
maturity of such Swing Line Borrowing (which maturity shall be no later than 30 days after the requested date of such Swing Line Borrowing). Unless the Swing Line Bank promptly notifies the Borrower of its reasonable objection to making such Swing
Line Borrowing, the Swing Line Bank will make the amount thereof available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds. After the Administrative
Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account. 
  
 (ii) Upon demand by the Swing Line Bank, with a copy of such
demand to the Administrative Agent (which shall give prompt notice thereof to each of the Revolving Credit Lenders), each of the Revolving Credit Lenders shall purchase from the Swing Line Bank, and the Swing Line Bank shall sell and assign to each
of the Revolving Credit Lenders, such Revolving Credit Lender’s Pro Rata Share of each of the outstanding Swing Line Advances owing to the Swing Line Bank as of the date of such 

  

 33 

 
demand, by making available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account for the
account of the Swing Line Bank, in same day funds, an amount equal to its Pro Rata Share of each such outstanding Swing Line Advance. Promptly after receipt of such funds, the Administrative Agent shall transfer such funds to the Swing Line Bank at
its Applicable Lending Office. Each of the Revolving Credit Lenders hereby agrees to purchase its Pro Rata Share of each outstanding Swing Line Advance owing to the Swing Line Bank for which a demand for the purchase thereof has been made on (A) the
Business Day on which demand therefor is made by the Swing Line Bank so long as notice of such demand is given not later than 2:00 P.M. (Charlotte, North Carolina time) on such Business Day or (B) the first Business Day next succeeding such demand
if notice of such demand is given after such time. The Borrower hereby agrees to each such sale and assignment. Upon any such assignment by the Swing Line Bank to any of the Revolving Credit Lenders of a portion of a Swing Line Advance owing to the
Swing Line Bank, the Swing Line Bank represents and warrants to such Revolving Credit Lender that the Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, free and clear of any adverse claim, but makes no other
representation or warranty and assumes no responsibility with respect to such Swing Line Advance, any of the Loan Documents or any of the Loan Parties. If and to the extent that any of the Revolving Credit Lenders shall not have so made its Pro Rata
Share of any applicable Swing Line Advance available to the Administrative Agent in accordance with the foregoing provisions of this subsection (b)(ii), such Revolving Credit Lender hereby agrees to pay to the Administrative Agent forthwith on
demand the amount of its Pro Rata Share of such Swing Line Advance, together with all accrued and unpaid interest thereon, for each day from the date of demand therefor by the Swing Line Bank therefor until the date on which such amount is paid to
the Administrative Agent, at the Federal Funds Rate. If any of the Revolving Credit Lenders shall pay to the Administrative Agent the amount of its Pro Rata Share of any applicable Swing Line Advance for the account of the Swing Line Bank on any
Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Revolving Credit Lender on such Business Day for all purposes of this Agreement, and the outstanding principal amount of the applicable
Swing Line Advance made by the Swing Line Bank shall be reduced by such amount on such Business Day. 
  
 (iii) The Obligation of each of the Revolving Credit Lenders to purchase their respective Pro Rata Shares of each outstanding Swing Line
Advance owing to the Swing Line Bank upon demand for the purchase thereof pursuant to clause (ii) of this Section 2.02(b) shall be absolute, unconditional and irrevocable, and shall be made strictly in accordance with the terms thereof under all
circumstances, including, without limitation, the following circumstances: 
  
 (A) any lack of validity or enforceability of any of the Loan Documents or any of the other agreements or instruments relating thereto; 
  
 (B) the existence of any claim, setoff, defense or other right that such Revolving Credit Lender may have at
any time against the Swing Line Bank, the Borrower or any other Person, whether in connection with the transactions contemplated by the Loan Documents or any unrelated transaction; 
  
 (C) the occurrence and continuance of any Default; or 
  

 34 

 (D) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing. 
  
 (iv) The failure of any of the
Revolving Credit Lenders to purchase its Pro Rata Share of any outstanding Swing Line Advance owing to the Swing Line Bank for which a demand for the purchase thereof has been made pursuant to clause (ii) of this Section 2.02(b) shall not relieve
any of the other Revolving Credit Lenders of its obligation to purchase its Pro Rata Share of such outstanding Swing Line Advance on the date of demand therefor, but none of the Revolving Credit Lenders shall be responsible for the failure of any of
the other Revolving Credit Lenders to purchase its Pro Rata Share of such outstanding Swing Line Advance on the date of demand therefor. 
  
 (c) Anything in subsection (a) of this Section 2.02 to the contrary notwithstanding, the Borrower may not select Eurodollar Rate Advances for any
Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.09(b) or 2.10. In addition, the Term Loan
Advances may not be outstanding as part of more than four separate Borrowings comprised of Eurodollar Rate Advances and the Revolving Credit Advances may not be outstanding as part of more than eight separate Borrowings comprised of Eurodollar Rate
Advances. 
  
 (d) Each Notice of Borrowing and Notice of Swing
Line Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each of the Appropriate Lenders
against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without
limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as
part of such Borrowing when such Eurodollar Rate Advance, as a result of such failure, is not made on such date. A certificate of the Lender requesting compensation pursuant to this subsection (d), submitted to the Borrower by such Lender (with a
copy to the Administrative Agent) and specifying therein the amount of such additional compensation (including the basis of calculation thereof), shall be conclusive and binding for all purposes, absent manifest error. 
  
 (e) Unless the Administrative Agent shall have received notice from an
Appropriate Lender prior to the date of any Borrowing under a Facility under which such Lender has a Commitment that such Lender will not make available to the Administrative Agent such Lender’s Pro Rata Share of such Borrowing, the
Administrative Agent may assume that such Lender has made the amount of such Pro Rata Share available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may,
in reliance upon such assumption, make a corresponding amount available to the Borrower on such date. If and to the extent that such Lender shall not have so made the amount of such Pro Rata Share available to the Administrative Agent, such Lender
and the Borrower severally agree to repay or to pay to the Administrative Agent forthwith on demand such corresponding amount, together with all accrued and unpaid interest thereon, for each day from the date on which such corresponding amount is
made available to the Borrower until the date on which such corresponding amount is repaid or paid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable under Section 2.07 at such time to Advances comprising
part of such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such corresponding amount, such corresponding amount so paid shall constitute such Lender’s Advance as part
of such Borrowing for all purposes under this Agreement. 
  

 35 

 (f) The failure of any of the Lenders to make the Advance to be made by it as part of any Borrowing shall
not relieve any of the other Lenders of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but none of the Lenders shall be responsible for the failure of any of the other Lenders to make the Advance to be made by
such other Lender on the date of any Borrowing. 
  
 SECTION 2.03
Issuance of and Drawings and Reimbursement Under Letters of Credit. 
  
 (a) Request for Issuance. Each Letter of Credit shall be issued upon notice, given not later than 12:00 noon (Charlotte, North Carolina time) on the second Business Day prior to the date of the proposed
issuance of such Letter of Credit or, in respect of any Letter of Credit being requested in respect of a foreign beneficiary, on the fifth Business Day prior to the date of such proposed issuance of such Letter of Credit (or, in each case, such
later day as the Issuing Bank in its sole discretion shall agree), by the Borrower to the Issuing Bank, which shall give the Administrative Agent and each of the Revolving Credit Lenders prompt notice thereof by telecopier. Each notice of issuance
of a Letter of Credit (a “Notice of Issuance”) shall be substantially in the form of Exhibit B-4 hereto and shall be by telephone, confirmed promptly (and, in any event, on the same Business Day) in writing, or by telecopier,
shall be duly executed by a Responsible Officer of the Borrower, and shall specify therein: (i) the requested date of such issuance (which shall be a Business Day); (ii) the requested Available Amount of such Letter of Credit; (iii) the requested
expiration date of such Letter of Credit (which shall comply with the requirements of Section 2.01(d)); (iv) the name and address of the proposed beneficiary of such Letter of Credit; and (v) the proposed form of such Letter of Credit, and shall be
accompanied by such application and agreement for letter of credit as the Issuing Bank may specify to the Borrower for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”). If the requested
form of such Letter of Credit is acceptable to the Issuing Bank in its reasonable discretion, the Issuing Bank will, upon fulfillment of the applicable conditions set forth in Article III, make such Letter of Credit available to the Borrower at its
office referred to in Section 8.02 or as otherwise agreed with the Borrower in connection with such issuance. If and to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this
Agreement shall govern. 
  
 (b) Letter of Credit Reports.
The Issuing Bank shall furnish to the Administrative Agent (which shall promptly copy such report to each of the Revolving Credit Lenders) on the first Business Day of each calendar quarter a written report setting forth (i) the issuance and
expiration dates of all Letters of Credit issued during the immediately preceding calendar quarter and the drawings under all Letters of Credit outstanding during such immediately preceding calendar quarter and (ii) the average daily aggregate
Available Amount of all Letters of Credit outstanding during the immediately preceding calendar quarter. 
  
 (c) Drawing and Reimbursement. (i) The payment by the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of
this Agreement the making by the Issuing Bank of a Letter of Credit Advance, which shall be a Base Rate Advance, in the amount of such draft. Upon demand by the Issuing Bank, with a copy of such demand to the Administrative Agent, each of the
Revolving Credit Lenders shall purchase from the Issuing Bank, and the Issuing Bank shall sell and assign to each of the Revolving Credit Lenders, such Revolving Credit Lender’s Pro Rata Share of each of the outstanding Letter of Credit
Advances owing to the Issuing Bank as of the date of such demand, by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Issuing Bank, at the Administrative Agent’s Account, in
same day funds, an amount equal to its Pro Rata Share of each such outstanding Letter of Credit Advance. Promptly after receipt of such funds, the Administrative Agent shall transfer such funds to the Issuing Bank at its Applicable Lending Office.
Each of the Revolving Credit Lenders hereby agrees to purchase its Pro Rata Share of each outstanding Letter of Credit Advance owing to the Issuing Bank for which a demand for the purchase 
  

 36 

 thereof has been made on (A) the Business Day on which demand therefor is made by the Issuing Bank so long as notice of
such demand is given not later than 2:00 P.M. (Charlotte, North Carolina time) on such Business Day or (B) the first Business Day next succeeding such demand if notice of such demand is given after such time. The Borrower hereby agrees to each such
sale and assignment. Upon any such assignment by the Issuing Bank to any of the Revolving Credit Lenders of a portion of a Letter of Credit Advance owing to the Issuing Bank, the Issuing Bank represents and warrants to such Revolving Credit Lender
that the Issuing Bank is the legal and beneficial owner of such interest being assigned by it, free and clear of any adverse claim, but makes no other representation or warranty and assumes no responsibility with respect to such Letter of Credit
Advance, any of the Loan Documents or any of the Loan Parties. If and to the extent that any of the Revolving Credit Lenders shall not have so made its Pro Rata Share of any applicable Letter of Credit Advance available to the Administrative Agent
in accordance with the foregoing provisions of this subsection (c)(i), such Revolving Credit Lender hereby agrees to pay to the Administrative Agent forthwith on demand the amount of its Pro Rata Share of such Letter of Credit Advance, together with
all accrued and unpaid interest thereon, for each day from the date of demand therefor by the Issuing Bank until the date on which such amount is paid to the Administrative Agent, at the Federal Funds Rate. If any of the Revolving Credit Lenders
shall pay to the Administrative Agent the amount of its Pro Rata Share of any applicable Letter of Credit Advance for the account of the Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of
Credit Advance made by such Revolving Credit Lender on such Business Day for all purposes of this Agreement, and the outstanding principal amount of the applicable Letter of Credit Advance made by the Issuing Bank shall be reduced by such amount on
such Business Day. 
  
 (ii) The Obligation of
each of the Revolving Credit Lenders to purchase their respective Pro Rata Shares of each outstanding Letter of Credit Advance owing to the Issuing Bank upon demand for the purchase thereof pursuant to clause (i) of this Section 2.03(c) shall be
absolute, unconditional and irrevocable, and shall be made strictly in accordance with the terms thereof under all circumstances, including, without limitation, the following circumstances: 
  
 (A) any lack of validity or enforceability of any of the
Loan Documents, any of the Letter of Credit Agreements, any of the Letters of Credit or any of the other agreements or instruments relating thereto (collectively, the “L/C Related Documents”); 
  
 (B) the existence of any claim, setoff, defense or other
right that such Revolving Credit Lender may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Issuing Bank, the Borrower or any
other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction; 
  
 (C) the occurrence and continuance of any Default; or 
  
 (D) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

  
 (d) Failure to Make Letter of Credit Advances. The
failure of any of the Revolving Credit Lenders to purchase its Pro Rata Share of any outstanding Letter of Credit Advance owing to the Issuing Bank for which a demand for the purchase thereof has been made pursuant to Section 2.03(c)(i) shall not
relieve any of the other Revolving Credit Lenders of its obligation to purchase its Pro Rata Share of such outstanding Letter of Credit Advance on the date of demand therefor, but none of the Revolving Credit Lenders shall be responsible for the
failure of any of the other Revolving Credit Lenders to purchase its Pro Rata Share of such outstanding Letter of Credit Advance on the date of demand therefor. 
  

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 (e) Cash Collateral. Upon the request of the Administrative Agent, if as of the Termination Date,
any Letter of Credit shall for any reason remain outstanding and partially or wholly undrawn, the Borrower shall immediately pay to the Administrative Agent, in same day funds at the Administrative Agent’s office designated in such request for
deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding, as security for the reimbursement of drawings thereunder which shall be used to reimburse the respective Issuing
Bank promptly upon a drawing under its respective Letter of Credit, with the respective portion thereof to be returned to the Borrower when the respective Letter of Credit expires or is returned to the respective Issuing Bank, and in connection
herewith the Borrower shall execute all documents as reasonably requested by the Administrative Agent. 
  
 SECTION 2.04 Repayment of Advances. 
  
 (a) Term Loan Facility. The Borrower shall repay to the Administrative Agent for the ratable account of the Term Loan Lenders on the last day of
each fiscal quarter, commencing June 30, 2004, the Term Loan Advances outstanding on each such date, in the aggregate amount of $1,000,000, and the final principal repayment installment of the Term Loan Advances to be made on the Termination Date in
an amount equal to the aggregate principal amount of the Term Loan Advances outstanding on such date. 
  
 (b) Revolving Credit Facility. The Borrower shall repay to the Administrative Agent for the ratable account of the Revolving Credit Lenders on the
Termination Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Credit Advances outstanding on such date. 
  
 (c) Swing Line Advances. The Borrower shall repay to the Administrative Agent for the account of the Swing Line Bank and, if applicable, each of
the Revolving Credit Lenders on the earlier of (i) the maturity date for each Swing Line Advance as specified in the related Notice of Swing Line Borrowing (which maturity shall be no later than the 30th day after the date on which such Swing Line Borrowing was initially made by the Swing Line Bank) and (ii) the Termination Date for the Revolving Credit
Facility, the principal amount of each such Swing Line Advance made by each of them and outstanding on such date. 
  
 (d) Letter of Credit Advances. 
  
 (i) The Borrower shall repay to the Administrative Agent for the account of the Issuing Bank and, if applicable, each of the Revolving
Credit Lenders on the earlier of (A) the date of demand therefor and (B) the Termination Date for the Revolving Credit Facility, the principal amount of each such Letter of Credit Advance made by each of them and outstanding on such date.

  
 (ii) The Obligations of the Borrower under
this Agreement, any of the Letter of Credit Agreements and any of the other agreements or instruments relating to any Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances (subject to the rights afforded to the Borrower under Section 8.08), including, without limitation, the following circumstances: 
  
 (A) any lack of validity or enforceability of any of the L/C
Related Documents; 
  

 38 

 (B) any change in the time, manner or place of payment of, or in any of the other terms
of, all or any of the Obligations of the Borrower in respect of any of the L/C Related Documents or any other amendment or waiver of or any consent to departure from all or any of the L/C Related Documents; 
  
 (C) the existence of any claim, setoff, defense or other
right that the Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Issuing Bank or any other Person, whether in
connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction; 
  
 (D) any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect; 
  
 (E) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Letter of Credit; 
  
 (F) any
exchange, release or nonperfection of any collateral, or any release or amendment or waiver of or consent to departure from the Subsidiaries Guarantee or any other guarantee, for all or any of the Obligations of the Borrower in respect of the L/C
Related Documents; or 
  
 (G) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including, without limitation, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor.

  
 SECTION 2.05 Termination or Reduction of the
Commitments. 
  
 (a) Optional. The Borrower, upon at
least three Business Days’ notice to the Administrative Agent (but in any event no more frequently than three times during each Fiscal Quarter), may terminate in whole or reduce in part the Unused Revolving Credit Commitments; provided,
however, that each partial reduction of the Revolving Credit Facility shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of the Revolving Credit Facility.

  
 (b) Mandatory. 
  
 (i) On the Effective Date, after giving effect to the Term
Loan Borrowing to be made on such date, and from time to time thereafter upon each repayment or prepayment of the Term Loan Advances, the Term Loan Facility shall be automatically and permanently reduced by an amount equal to the amount by which the
Term Loan Facility immediately prior to such reduction exceeds the aggregate principal amount of the Term Loan Advances outstanding at such time. 
  

 39 

 (ii) The Swing Line Facility shall be automatically and permanently reduced on the date
of each reduction in the Revolving Credit Facility by the amount, if any, by which the amount of the Swing Line Facility on such date exceeds the amount of the Revolving Credit Facility on such date (after giving effect to such reduction of
the Revolving Credit Facility on such date). 
  
 (iii) The Letter of Credit Facility shall be automatically and permanently reduced on the date of each reduction in the Revolving Credit Facility by the amount, if any, by which the amount of the Letter of Credit Facility on such date
exceeds the amount of the Revolving Credit Facility on such date (after giving effect to such reduction of the Revolving Credit Facility on such date). 
  

(c) Application of Commitment Reductions. Upon each reduction of any of the Facilities pursuant to this Section 2.05, the Commitment of each of
the Appropriate Lenders under such Facility shall be reduced by such Lender’s Pro Rata Share of the amount by which such Facility is reduced. 
  
 SECTION 2.06 Prepayments. 
  
 (a) Optional. The Borrower may, upon at least three Business Days’ notice to the Administrative Agent stating the Facility under which
Advances are proposed to be prepaid and the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the aggregate principal amount of the Advances comprising part of the same Borrowing
and outstanding on such date, in whole or ratably in part; provided, however, that each partial prepayment of the Term Loan Advances or Revolving Credit Advances shall be in an aggregate principal amount of $1,000,000 or an integral multiple
of $500,000 in excess thereof. Each prepayment of the Term Loan Advances pursuant to this subsection (a) shall be applied ratably to the principal repayment installments thereof in inverse order of maturity. 
  
 (b) Prepayments to Include Accrued Interest, Etc. All prepayments
under this Section 2.06 shall be made together with (A) accrued and unpaid interest to the date of such prepayment on the principal amount so prepaid and (B) in the case of any such prepayment of a Eurodollar Rate Advance on a date other than the
last day of an Interest Period therefor, any amounts owing in respect of such Eurodollar Rate Advance pursuant to Section 8.05(b). 
  
 SECTION 2.07 Interest. 
  
 (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender Party from the date of
such Advance until such principal amount shall be paid in full, at the following rates per annum: 
  
 (i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum
of (A) the Base Rate in effect from time to time and (B) the Applicable Margin for such Base Rate Advance in effect from time to time, payable in arrears quarterly on the last day of each June, September, December and March during such periods and
on the date such Base Rate Advance shall be Converted or paid in full. 
  
 (ii) Eurodollar Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurodollar
Rate for such Advance 
  

 40 

 for such Interest Period and (B) the Applicable Margin for such Advance in effect on the first day of
such Interest Period, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such
Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 
  
 (b) Default Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance that is not paid when due (whether at stated
maturity, by acceleration or otherwise) and on the unpaid amount of all interest, fees and other amounts payable hereunder that is not paid when due, payable on demand, at a rate per annum equal at all times to (i) in the case of any amount of
principal, the greater of (x) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due and (y) 2% per annum above the Base Rate in effect from time to time and (ii) to
the fullest extent permitted by law, in the case of all other amounts, 2% per annum above the Base Rate in effect from time to time. 
  
 (c) Notice of Interest Rate. Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a Notice of Conversion pursuant to
Section 2.09(a) or a notice of selection of an Interest Period pursuant to the definition of “Interest Period” set forth in Section 1.01, the Administrative Agent shall give notice to the Borrower and each of the Appropriate Lenders
of the applicable interest rate determined by the Administrative Agent for purposes of clause (i) or (ii) of Section 2.07(a), as applicable. 
  
 SECTION 2.08 Fees. 
  
 (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of the Lenders a fee (the “Commitment
Fee”), from the date of this Agreement in the case of each of the Initial Lenders and from the effective date specified in the Assignment and Assumption pursuant to which it became a Lender in the case of each of the other Lenders until
the Termination Date, payable in arrears quarterly on the last day of each June, September, December and March, commencing March 31, 2004, and on the Termination Date, at the rate per annum equal to the Applicable Percentage in effect from time to
time on the sum of (i) the average daily Unused Revolving Credit Commitment of each of the Revolving Credit Lenders and (ii) such Revolving Credit Lender’s Pro Rata Share of the average daily outstanding Swing Line Advances during such quarter;
provided, however, that no commitment fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 
  
 (b) Letter of Credit Fees, Etc. 
  
 (i) The Borrower shall pay to the Administrative Agent for the account of each of the Revolving Credit
Lenders a commission, payable in arrears quarterly on the last day of each June, September, December and March, commencing March 31, 2004, on the earliest to occur of the full drawing, expiration, termination or cancellation of any Letter of Credit
and on the Termination Date, on such Revolving Credit Lender’s Pro Rata Share of the average daily aggregate Available Amount of all Letters of Credit outstanding from time to time during such quarter at the rate per annum equal to the
Applicable Margin in effect at such time for Eurodollar Rate Advances under the Revolving Credit Facility. 
  
 (ii) The Borrower shall pay to the Issuing Bank, for its own account, such commissions, issuance fees, fronting fees, transfer fees and
other fees and charges in connection with the issuance or administration of each Letter of Credit as the Borrower and the Issuing Bank shall from time to time agree. 
  

 41 

 (c) Agent’s Fees. The Borrower shall pay to the Administrative Agent for the account of the
Administrative Agent such fees as may from time to time be agreed between the Borrower and the Administrative Agent. 
  
 SECTION 2.09 Conversion of Advances. 
  
 (a) Optional. The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 1:00 P.M. (Charlotte, North
Carolina time) on the third Business Day prior to the date of the proposed Conversion in the case of a Conversion of Base Rate Advances into Eurodollar Rate Advances or of Eurodollar Rate Advances of one Interest Period into Eurodollar Rate Advances
of another Interest Period, or 1:00 P.M. (Charlotte, North Carolina time) on the Business Day immediately preceding the date of the proposed Conversion in the case of a Conversion of Eurodollar Rate Advances into Base Rate Advances, and subject to
the provisions of Section 2.10, Convert all or any portion of the Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that: 
  
 (i) any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of
an Interest Period for such Eurodollar Rate Advances; 
  
 (ii) any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be made only if no Default under Section 6.01(a) or 6.01(f) or Event of Default shall have occurred and be continuing and shall be in an amount not less than the
minimum amount specified in Section 2.02(c); 
  
 (iii) no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(c); and 
  
 (iv) each Conversion of Advances comprising part of the same Borrowing under any Facility shall be made among the Appropriate Lenders in
accordance with their respective Pro Rata Shares of such Facility. 
  
 Each notice
of a Conversion (a “Notice of Conversion”) shall be delivered by telephone, confirmed promptly (and, in any event, on the same Business Day) in writing, or by telecopier, shall be in substantially the form of Exhibit B-3
hereto and duly executed by a Responsible Officer of the Borrower, and shall, within the restrictions set forth in the immediately preceding sentence, specify therein: 
  
 (A) the requested date of such Conversion (which shall be a Business Day); 
  
 (B) the Advances requested to be Converted; and 

 
 (C) if such Conversion is into Eurodollar Rate Advances,
the requested duration of the Interest Period for such Eurodollar Rate Advances. 
  
 The Administrative Agent shall give each of the Appropriate Lenders prompt notice of each Notice of Conversion received by it, by telecopier. Each Notice of Conversion shall be irrevocable and binding on the Borrower. 
  

 42 

 (b) Mandatory. 
  
 (i) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances comprising part
of any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $5,000,000, such Eurodollar Rate Advances shall be automatically Converted into Base Rate Advances. 
  
 (ii) If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate
Advances in accordance with the provisions contained in the definition of “Interest Period” set forth in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and the Appropriate Lenders, whereupon each such
Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance. 
  
 (iii) Upon the occurrence and during the continuance of any Default under Section 6.01(a) or 6.01(f) or any Event of Default, (A) each
Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (B) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be
suspended. 
  
 SECTION 2.10 Increased Costs, Etc.

  
 (a) If, due to either (i) the introduction of or any change
(other than any change by way of the imposition of or increase in reserve requirements included in the Eurodollar Rate Reserve Percentage) in or in the interpretation or application of any Requirement of Law after the date of this Agreement or (ii)
the compliance with any directive, guideline or request from any central bank or other Governmental Authority or any change therein or in the interpretation, application, implementation, administration or enforcement thereof, that, in any case under
this clause (ii), becomes effective or is issued or made after the date of this Agreement (whether or not having the force of law), there shall be any increase in the cost to any of the Lender Parties of agreeing to make or making, agreeing to
participate in or participating in, agreeing to renew or renewing or funding or maintaining any Advances of either Type, or of agreeing to issue or of issuing, maintaining or participating in Letters of Credit or of agreeing to make or of making or
maintaining Swing Line Advances or Letter of Credit Advances, or any reduction in the amount owing to any of the Lender Parties or their respective Applicable Lending Offices under this Agreement in respect of any Advances of either Type (excluding,
for purposes of this Section 2.10, any such increased costs resulting from (A) Taxes or Other Taxes (as to which Section 2.13 shall govern) and (B) changes in the basis of taxation of overall net income or overall gross income by the United States
of America or the jurisdiction under the laws of which such Lender Party is organized or has either of its Applicable Lending Offices or any political subdivision thereof), then the Borrower hereby agrees to pay, from time to time upon demand by
such Lender Party (with a copy of such demand to the Administrative Agent), to the Administrative Agent for the account of such Lender Party additional amounts sufficient to compensate or to reimburse such Lender Party for all such increased costs
or reduced amounts. Each of the Lender Parties shall, as promptly as practicable after such Lender Party obtains knowledge of such circumstances and the determination of such Lender Party to request additional compensation from the Borrower pursuant
to this subsection (a), provide notice to the Administrative Agent and the Borrower of the circumstances entitling such Lender Party to such additional compensation and the amount of such additional compensation (including the basis of calculation
thereof), which notice shall be conclusive and binding for all purposes, absent manifest error; provided, however, that none of the Lender Parties shall be entitled to additional compensation under this subsection (a) for any such cost
incurred or reduced amount suffered from and after the date that is 180 days prior to the date such Lender Party first delivers such notice to the Borrower. In determining any 
  

 43 

 such additional compensation, such Lender Party may use reasonable averaging and attribution methods. If any of the
Lenders requests additional compensation from the Borrower under this subsection (a) in respect of its making, participating in or renewing Eurodollar Rate Advances, the Borrower may, upon notice to such Lender (with a copy of such notice to the
Administrative Agent), suspend the obligation of such Lender to make, participate in and/or renew Eurodollar Rate Advances until the circumstances giving rise to such request no longer exist and, during such time, all Eurodollar Rate Advances that
would otherwise be made by such Lender as part of any Borrowing shall be made instead as Base Rate Advances and all payments of principal of and interest on such Base Rate Advances shall, notwithstanding the provisions of Section 2.07, be made at
the same time as payments on the Eurodollar Rate Advances otherwise comprising part of such Borrowing. 
  
 (b) If any of the Lender Parties determines that compliance with any Requirement of Law or any directive, guideline or request from any central bank or
other Governmental Authority (whether or not having the force of law), or any change therein or in the interpretation, application, implementation, administration or enforcement thereof, that is enacted or becomes effective, or is implemented or is
first required or expected to be complied with after the date of this Agreement, affects the amount of capital required or expected to be maintained by such Lender Party (or either of the Applicable Lending Offices of such Lender Party) or by any
Person controlling such Lender Party and that the amount of such capital is increased by or is based upon the existence of the commitment of such Lender Party to lend hereunder or to issue or participate in Letters of Credit hereunder and other
commitments of such type or the issuance or maintenance of or participation in the Letters of Credit (or similar contingent obligations), then the Borrower hereby agrees to pay, upon demand by such Lender Party (with a copy of such demand to the
Administrative Agent), to the Administrative Agent for the account of such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to compensate such Lender Party or such Person in light of such
circumstances, to the extent that such Lender Party or such Person reasonably determines such increase in capital to be allocable to the existence of the commitment of such Lender Party to lend or to issue or participate in Letters of Credit
hereunder or to the issuance or maintenance of or participation in any Letters of Credit. Each of the Lender Parties shall, as promptly as practicable after such Lender Party obtains knowledge of such circumstances and the determination of such
Lender Party to request additional compensation from the Borrower pursuant to this subsection (b), provide notice to the Administrative Agent and the Borrower of the circumstances entitling such Lender Party to such additional compensation and the
amount of such additional compensation (including the basis of calculation thereof), which notice shall be conclusive and binding for all purposes, absent manifest error; provided, however, that none of the Lender Parties shall be entitled to
additional compensation under this subsection (b) for any such increases in capital required from and after the date that is 180 days prior to the date such Lender Party first delivers such notice to the Borrower. In determining any such additional
compensation, such Lender Party may use reasonable averaging and attribution methods. 
  
 (c) If, with respect to any Eurodollar Rate Advances under any of the Facilities, Lenders owed or holding not less than a majority in interest of the aggregate principal amount of all Advances outstanding under such
Facility at any time notify the Administrative Agent that the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, participating in or renewing, or funding or maintaining, their
Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Appropriate Lenders, whereupon (i) each such Eurodollar Rate Advance under such Facility will automatically, on the last day
of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Appropriate Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall
notify the Borrower (promptly following notice thereof from the Appropriate Lenders) that such Lenders have determined that the circumstances causing such suspension no longer exist. 
  

 44 

 (d) Notwithstanding any of the other provisions of this Agreement, if the introduction of or any change
in or in the interpretation of any Requirements of Law shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its obligations hereunder
to make Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances hereunder, then, upon notice thereof and demand therefor by such Lender to the Borrower through the Administrative Agent, (i) each Eurodollar Rate Advance
of such Lender will automatically, on the last day of the then existing Interest Period therefor, if permitted under applicable law, or otherwise upon demand, Convert into a Base Rate Advance and (ii) the obligation of such Lender to make, or to
Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrower (promptly following notice thereof from such Lender) that such Lender has determined that the circumstances causing such
suspension no longer exist. If the obligation of a Lender to make Eurodollar Rate Advances is suspended pursuant to this subsection (d), then until the circumstances that gave rise to such suspension no longer apply to such Lender, all Eurodollar
Rate Advances that would otherwise be made by such Lender as part of any Borrowing shall be made instead as Base Rate Advances and all payments of principal of and interest on such Base Rate Advances shall, notwithstanding the provisions of Section
2.07, be made at the same time as payments on the Eurodollar Rate Advances otherwise comprising part of such Borrowing. 
  
 (e) Each of the Lenders hereby agrees that, upon the occurrence of any circumstances entitling such Lender to additional compensation or to cease making,
participating in or renewing, or funding or maintaining, Eurodollar Rate Advances under any of the foregoing provisions of this Section 2.10, such Lender shall use reasonable efforts (consistent with its internal policy and with legal and regulatory
restrictions) to designate a different Eurodollar Rate Lending Office for any Eurodollar Rate Advances affected by such circumstances if the making of such designation, in the case of subsection (a) or (b) of this Section 2.10, would avoid the need
for, or reduce the amount of, any such additional amounts that may thereafter accrue or, in the case of subsection (c) or (d) of this Section 2.10, would allow such Lender to continue to perform its obligations to make, to participate in or renew,
or to fund or maintain, Eurodollar Rate Advances, and, in any such case, would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. 
  
 (f) If (i) any of the Lenders entitled to additional compensation under any of the foregoing provisions of this Section 2.10
shall fail to designate a different Eurodollar Rate Lending Office as provided in subsection (e) of this Section 2.10 or if the circumstances entitling any of the Lender Parties to additional compensation under subsection (a) or (b) of this Section
2.10 shall continue to be in effect notwithstanding such designation or since subsection (e) of this Section 2.10 is inapplicable or (ii) the inadequacy or illegality contemplated under subsection (c) or (d) of this Section 2.10, respectively, shall
continue with respect to any of the Lenders notwithstanding such designation, then, subject to the terms of Section 8.07(a), the Borrower may cause such Lender Party to (and, if the Borrower so demands, such Lender Party shall) assign all of its
rights and obligations under this Agreement to one or more other Persons in accordance with Section 8.07(a); provided that if, upon such demand by the Borrower, such Lender Party elects to waive its request for additional compensation
pursuant to subsection (a) or (b) of this Section 2.10, the demand by the Borrower for such Lender Party to so assign all of its rights and obligations under the Agreement shall thereupon be deemed withdrawn. Nothing in subsection (e) of this
Section 2.10 or this subsection (f) shall affect or postpone any of the rights of any of the Lender Parties or any of the Obligations of the Borrower under any of the foregoing provisions of this Section 2.10 in any manner. 
  

 45 

 SECTION 2.11 Evidence of Debt. 
  
 (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of
the Borrower to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (b) The Register maintained by the Administrative Agent pursuant to Section
8.07(c) shall include accounts for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Advance made hereunder, (ii) the terms of each Assignment and Assumption delivered to and accepted by it, (iii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender’s share
thereof. 
  
 (c) The entries made as provided in this Section 2.11
shall be conclusive and binding for all purposes, absent manifest error. 
  
 SECTION 2.12 Payments and Computations. 
  
 (a) The Borrower shall make each payment hereunder and under the Notes, irrespective of any right of counterclaim or setoff (except as otherwise provided in Section 2.15), not later than 1:00 P.M. (Charlotte, North
Carolina time) on the day when due in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same day funds, with payments received by the Administrative Agent after 1:00 P.M. (Charlotte, North Carolina time) on any
such day being deemed to have been received on the next succeeding Business Day. The Administrative Agent will promptly thereafter cause like funds to be distributed (i) if such payment by the Borrower is in respect of principal, interest,
Commitment Fees or any of the other Obligations then due and payable hereunder and under the Notes to more than one of the Lender Parties, to such Lender Parties for the accounts of their respective Applicable Lending Offices in accordance with
their respective Pro Rata Shares of the amounts of such Obligations due and payable to such Lender Parties at such time and (ii) if such payment by the Borrower is in respect of any of the Obligations then due and payable hereunder to one Lender
Party, to such Lender Party for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Assumption and recording of the information contained
therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Assumption, the Administrative Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to
the Lender Party assignee thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. 
  
 (b) The Borrower hereby authorizes each of the Lender Parties, if and to the
extent payment owed to such Lender Party is not made when due hereunder or, in the case of any Lender, under the Note held by such Lender, to charge from time to time against any or all of the Borrower’s accounts with such Lender Party any
amount so due. 
  
 (c) All computations of interest based on the
Base Rate shall be made by the Administrative Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of fees and Letter of Credit commissions
shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, fees or commissions are
payable. Each determination by the Administrative Agent of an interest rate, fee or commission hereunder shall be conclusive and binding for all purposes, absent manifest error. 
  

 46 

 (d) Whenever any payment hereunder or under the Notes shall be stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or Commitment Fees, as the case may be; provided, however, that,
if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 
  
 (e) Unless the Borrower or any Lender Party has notified the Administrative
Agent prior to the date any payment is required to be made by it to the Administrative Agent hereunder, that the Borrower or such Lender Party, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower or
such Lender Party, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not
in fact made to the Administrative Agent in immediately available funds, then: 
  
 (i) if the Borrower failed to make such payment, each Lender Party shall forthwith on demand repay to the Administrative Agent the portion
of such assumed payment that was made available to such Lender Party in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such
Lender Party to the date such amount is repaid to the Administrative Agent in immediately available funds, at the Federal Funds Rate from time to time in effect; and 
  
 (ii) if any Lender Party failed to make such payment, such Lender Party shall forthwith on demand pay to the
Administrative Agent the amount thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the Borrower to the date such amount is recovered by
the Administrative Agent (the “Compensation Period”) at a rate per annum equal to the Federal Funds Rate from time to time in effect. If such Lender Party pays such amount to the Administrative Agent, then such amount shall
constitute such Lender Party’s Advance included in the applicable Borrowing. If such Lender Party does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor upon
the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein
shall be deemed to relieve any Lender Party from its obligation to fulfill its applicable Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender Party as a result of any default by such
Lender Party hereunder. 
  
 A notice from the Administrative Agent
to any Lender Party with respect to any amount owing under this subsection (e) shall be conclusive, absent manifest error. 
  
 (f) Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all
amounts due and payable to the Finance Parties under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Finance Parties in the following order of
priority: 
  
 (i) first, to the payment of
all of the fees, indemnification payments, costs and expenses that are due and payable to the Agents (solely in their respective 
  

 47 

 capacities as Agents) under or in respect of this Agreement or any of the other Loan Documents on such
date, ratably in accordance with the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the Agents on such date; 
  
 (ii) second, to the payment of all of the fees, indemnification payments, costs and expenses that are
due and payable to the Issuing Bank and the Swing Line Bank (solely in their respective capacities as Issuing Bank and Swing Line Bank) under or in respect of this Agreement or any of the other Loan Documents on such date, ratably in accordance with
the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the Issuing Bank and the Swing Line Bank on such date; 
  

(iii) third, to the payment of all of the indemnification payments, costs and expenses that are due and payable to the Lender
Parties under Section 8.05 hereof or Section 12 of the Subsidiaries Guarantee on such date, ratably in accordance with the respective aggregate amounts of all such indemnification payments, costs and expenses owing to the Lender Parties on such
date; 
  
 (iv) fourth, to the payment of
all of the amounts that are due and payable to the Administrative Agent and the Lender Parties under Sections 2.10 and 2.13 hereof or Section 5 of the Subsidiaries Guarantee on such date, ratably in accordance with the respective aggregate amounts
thereof owing to the Agents and the Lender Parties on such date; 
  
 (v) fifth, to the payment of all of the fees that are due and payable to the Lenders under Section 2.08 on such date, ratably in accordance with the respective aggregate Commitments of the Lenders under the
applicable Facilities on such date; 
  
 (vi)
sixth, to the payment of all of the accrued and unpaid interest on the Obligations of the Borrower under or in respect of the Loan Documents that is due and payable to the Administrative Agent and the Lender Parties under Section 2.07(b) on
such date, ratably in accordance with the respective aggregate amounts of all such interest owing to the Administrative Agent and the Lender Parties on such date; 
  
 (vii) seventh, to the payment of all of the accrued and unpaid interest on the Advances that is due
and payable to the Administrative Agent and the Lender Parties under Section 2.07(a) on such date, ratably in accordance with the respective aggregate amounts of all such interest owing to the Administrative Agent and the Lender Parties on such
date; 
  
 (viii) eighth, to the payment of
the principal amount of all of the outstanding Advances that is due and payable to the Administrative Agent and the Lender Parties on such date, ratably in accordance with the respective aggregate amounts of all such principal owing to the
Administrative Agent and the Lender Parties on such date; and 
  
 (ix) ninth, to the payment of all other Obligations of the Finance Parties owing under or in respect of the Loan Documents that are due and payable to the Administrative Agent and the other Finance Parties on
such date, ratably in accordance with the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Finance Parties on such date. 
  

 48 

 If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of
the Loan Documents under circumstances for which the Loan Documents do not specify the Advances or the Facility to which, or the manner in which, such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to
distribute such funds to each of the Lender Parties in accordance with such Lender Party’s Pro Rata Share of the sum of (A) the aggregate principal amount of all Advances outstanding at such time and (B) the aggregate Available Amount of all
Letters of Credit outstanding at such time, in repayment or prepayment of such of the outstanding Advances or other Obligations then owing to such Lender Party. 
  

SECTION 2.13 Taxes. 
  
 (a) Any and all payments by the Borrower to or for the account of any Agent or any Lender under any Loan Document shall be made free and clear of and
without deduction for any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, excluding, in the case of each Agent and each
Lender, taxes imposed on or measured by its overall net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such Agent or such Lender, as the
case may be, is organized or maintains either of its Applicable Lending Offices (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as
“Taxes”). If the Borrower shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to any Agent or any Lender, (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section), each of such Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws and (iv) within 30 days after the date of such payment, the
Borrower shall furnish to such Agent or Lender (as the case may be) (which shall forward the same to such Lender) the original or a certified copy of a receipt evidencing payment thereof to the extent such a receipt is issued therefor, or other
written proof of payment thereof that is reasonably satisfactory to the Administrative Agent. 
  
 (b) In addition, the Borrower agrees to pay any and all present or future stamp or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment made under any Loan
Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter referred to as “Other Taxes”). 
  
 (c) The Borrower agrees to indemnify each Agent and each Lender for (i) the
full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by such Agent and such Lender and (ii) any liability (including additions to tax, penalties,
interest and expenses) arising therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this Section 2.13(c) shall be
made within 30 days after the date such Lender or such Agent makes a demand therefor. 
  
 (d) Each of the Lender Parties hereby agrees that, upon the occurrence of any circumstances entitling such Lender Party to additional amounts pursuant to this Section 2.13, such Lender Party shall use reasonable
efforts (consistent with its internal policy and legal and regulatory 
  

 49 

 restrictions) to designate a different Applicable Lending Office if the making of such a change would avoid the need for,
or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender Party, be otherwise disadvantageous to such Lender Party. 
  
 (e) If any of the Lender Parties entitled to additional compensation under
any of the foregoing provisions of this Section 2.13 shall fail to designate a different Applicable Lending Office as provided in subsection (d) of this Section 2.13, then, subject to the terms of Section 8.07(a), the Borrower may cause such Lender
Party to (and, if the Borrower so demands, such Lender Party shall) assign all of its rights and obligations under this Agreement to one or more other Persons in accordance with Section 8.07(a); provided that if, upon such demand by the
Borrower, such Lender Party elects to waive its request for additional compensation pursuant to this Section 2.13, the demand by the Borrower for such Lender Party to so assign all of its rights and obligations under the Agreement shall thereupon be
deemed withdrawn. Nothing in subsection (d) of this Section 2.13 or this subsection (e) shall affect or postpone any of the rights of any of the Lender Parties or any of the Obligations of the Borrower under any of the foregoing provisions of this
Section 2.13 in any manner. 
  
 SECTION 2.14 Sharing of
Payments, Etc. If any of the Lender Parties shall obtain at any time any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) (a) on account of Obligations due and payable to such Lender Party under
or in respect of this Agreement or any of the other Loan Documents at such time (other than pursuant to Section 2.10, 2.13, 8.04 or 8.07) in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and
payable to such Lender Party at such time to (ii) the aggregate amount of the Obligations due and payable to all of the Lender Parties at such time) of payments on account of the Obligations due and payable to all of the Lender Parties under or in
respect of this Agreement and the other Loan Documents at such time obtained by all of the Lender Parties at such time or (b) on account of Obligations owing (but not due and payable) to such Lender Party under or in respect of this Agreement or any
of the other Loan Documents at such time (other than pursuant to Section 2.10, 2.13, 8.04 or 8.07) in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender Party
at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all of the Lender Parties under or in respect of this Agreement and the other Loan Documents at such time) of payments on account of the Obligations
owing (but not due and payable) to all of the Lender Parties under or in respect of this Agreement and the other Loan Documents at such time obtained by all of the Lender Parties at such time, such Lender Party shall forthwith purchase from the
other Lender Parties such interests or participating interests in the Obligations due and payable or owing to them, as the case may be, as shall be necessary to cause such purchasing Lender Party to share the excess payment ratably with each of
them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender Party, such purchase from each of the other Lender Parties shall be rescinded and such other Lender Party shall
repay to the purchasing Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion of (A) the purchase price paid to such Lender Party to (B) the aggregate purchase price paid to all of the
Lender Parties) of such recovery, together with an amount equal to such Lender Party’s ratable share (according to the proportion of (1) the amount of such other Lender Party’s required repayment to (2) the total amount so recovered from
the purchasing Lender Party) of any such interest or participating interest or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Borrower hereby agrees that any of the Lender Parties so
purchasing a participation from another Lender Party pursuant to this Section 2.14 may, to the fullest extent permitted under applicable law, exercise all its rights of payment (including the right of setoff) with respect to such participation as
fully as if such Lender Party were the direct creditor of the Borrower in the amount of such participation. 
  

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 SECTION 2.15 Defaulting Lenders. 
  
 (a) If, at any time, (i) any of the Lender Parties shall be a Defaulting Lender, (ii) such Defaulting Lender shall owe a
Defaulted Advance to the Borrower and (iii) the Borrower shall be required to make any payment hereunder or under any of the other Loan Documents to or for the account of such Defaulting Lender, then the Borrower may, so long as no Default shall
occur or be continuing at such time and to the fullest extent permitted under applicable law, set off and otherwise apply the Obligation of the Borrower to make such payment to or for the account of such Defaulting Lender against the obligation of
such Defaulting Lender to make such Defaulted Advance. If, on any date, the Borrower shall so set off and otherwise apply its obligation to make any such payment against the obligation of such Defaulting Lender to make any such Defaulted Advance on
or prior to such date, the amount so set off and otherwise applied by the Borrower shall constitute for all purposes of this Agreement and the other Loan Documents an Advance by such Defaulting Lender made on the date of such setoff and application
under the Facility pursuant to which such Defaulted Advance was originally required to have been made pursuant to Section 2.01. Such Advance shall be a Base Rate Advance and shall be considered, for all purposes of this Agreement, to comprise part
of the Borrowing in connection with which such Defaulted Advance was originally required to have been made pursuant to Section 2.01, even if the other Advances comprising such Borrowing shall be Eurodollar Rate Advances on the date such Advance is
deemed to be made pursuant to this subsection (a). The Borrower shall notify the Administrative Agent at any time the Borrower exercises its right of setoff pursuant to this subsection (a) and shall set forth in such notice (A) the name of the
Defaulting Lender and the Defaulted Advance required to be made by such Defaulting Lender and (B) the amount set off and otherwise applied in respect of such Defaulted Advance pursuant to this subsection (a). Any portion of such payment otherwise
required to be made by the Borrower to or for the account of such Defaulting Lender which is paid by the Borrower, after giving effect to the amount set off and otherwise applied by the Borrower pursuant to this subsection (a), shall be applied by
the Administrative Agent as specified in subsection (b) or (c) of this Section 2.15. 
  
 (b) If, at any time, (i) any of the Lender Parties shall be a Defaulting Lender, (ii) such Defaulting Lender shall owe a Defaulted Amount to any of the Agents or any of the Lender Parties and (iii) the Borrower shall
make any payment hereunder or under any of the other Loan Documents to the Administrative Agent for the account of such Defaulting Lender, then the Administrative Agent may, on its behalf or on behalf of such other Agents or such other Lender
Parties and to the fullest extent permitted under applicable law, apply at such time the amount so paid by the Borrower to or for the account of such Defaulting Lender to the payment of each such Defaulted Amount to the extent required to pay in
full such Defaulted Amount. If the Administrative Agent shall so apply any such amount to the payment of any such Defaulted Amount on any date, the amount so applied by the Administrative Agent shall constitute for all purposes of this Agreement and
the other Loan Documents payment, to such extent, of such Defaulted Amount on such date. Any such amount so applied by the Administrative Agent shall be retained by the Administrative Agent or distributed by the Administrative Agent to such other
Agents or such other Lender Parties, ratably in accordance with the respective portions of such Defaulted Amounts payable at such time to the Administrative Agent, such other Agents and such other Lender Parties and, if the amount of such payment
made by the Borrower shall at such time be insufficient to pay all Defaulted Amounts owing to the Agents and the other Lender Parties at such time, then in the following order of priority: 
  
 (A) first, to the Agents for any Defaulted Amount
then owing to the Agents (solely in their capacities as Agents), ratably in accordance with the respective Defaulted Amounts owing to the Agents on such date; 
  

(B) second, to the Swing Line Bank and the Issuing Bank for any Defaulted Amounts then owing to them (solely in their respective
capacities as Swing Line Bank and Issuing Bank), ratably in accordance with the respective Defaulted Amounts owing to the Swing Line Bank and the Issuing Bank on such date; and 
  

 51 

 (C) third, to any of the other Lender Parties for any Defaulted Amounts then owing
to such other Lender Parties, ratably in accordance with such respective Defaulted Amounts owing to such other Lender Parties on such date. 
  
 Any portion of such amount paid by the Borrower for the account of such Defaulting Lender remaining, after giving effect to the amount applied by the Administrative Agent
pursuant to this subsection (b), shall be applied by the Administrative Agent as specified in subsection (c) of this Section 2.15. 
  
 (c) If, at any time, (i) any Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall not owe a Defaulted Advance or a Defaulted
Amount and (iii) the Borrower, the Administrative Agent or any of the other Lender Parties shall be required to pay or distribute any amount hereunder or under any of the other Loan Documents to or for the account of such Defaulting Lender, then the
Borrower or such other Lender Party shall pay such amount to the Administrative Agent to be held by the Administrative Agent, to the fullest extent permitted under applicable law, in escrow or the Administrative Agent shall, to the fullest extent
permitted under applicable law, hold in escrow such amount otherwise held by it. Any funds held by the Administrative Agent in escrow under this subsection (c) shall be deposited by the Administrative Agent in an account with BofA, in the name and
under the control of the Administrative Agent, but subject to the provisions of this subsection (c). The terms applicable to such account, including the rate of interest payable with respect to the credit balance of such account from time to time,
shall be BofA standard terms applicable to escrow accounts maintained with it. Any interest credited to such account from time to time shall be held by the Administrative Agent in escrow under, and applied by the Administrative Agent from time to
time in accordance with the terms of, this subsection (c). The Administrative Agent shall, to the fullest extent permitted under applicable law, apply all funds so held in escrow from time to time to the extent necessary to make any Advances
required to be made by such Defaulting Lender and to pay any amount payable by such Defaulting Lender hereunder and under the other Loan Documents to the Administrative Agent, any of the other Agents or any of the other Lender Parties, as and when
such Advances or amounts are required to be made or paid and, if the amount so held in escrow shall at any time be insufficient to make and pay all such Advances and all such amounts required to be made or paid to the Agents and the other Lender
Parties at such time, then in the following order of priority: 
  
 (A) first, to the Agents for any amounts then due and payable by such Defaulting Lender to the Agents (solely in their capacities as Agents) hereunder and under the other Loan Documents, ratably in accordance
with such respective amounts due and payable to the Agents on such date; 
  
 (B) second, to the Swing Line Bank and the Issuing Bank for any amounts then due and payable by such Defaulting Lender to them (solely in their respective capacities as Swing Line Bank and Issuing Bank)
hereunder and under the other Loan Documents, ratably in accordance with such respective amounts due and payable to the Swing Line Bank and the Issuing Bank on such date; 
  
 (C) third, to any of the other Lender Parties for any amount then due and payable by such Defaulting
Lender to such other Lender Parties hereunder and under the other Loan Documents, ratably in accordance with such respective amounts due and payable to such other Lender Parties on such date; and 
  

 52 

 (D) fourth, to the Borrower for any Advance then required to be made by such
Defaulting Lender pursuant to one or more of the Commitments of such Defaulting Lender. 
  
 If any of the Lender Parties that is a Defaulting Lender shall, at any time, cease to be a Defaulting Lender, any funds held by the Administrative Agent in escrow at such time with respect to such Lender Party shall be distributed by the
Administrative Agent to such Lender Party and applied by such Lender Party to the Obligations owing to such Lender Party at such time under or in respect of this Agreement and the other Loan Documents, ratably in accordance with the respective
amounts of such Obligations outstanding at such time. 
  
 (d) The
rights and remedies against a Defaulting Lender under this Section 2.15 are in addition to other rights and remedies that the Borrower may have against such Defaulting Lender with respect to any Defaulted Advance and that the Administrative Agent or
any of the other Lender Parties may have against such Defaulting Lender with respect to any Defaulted Amount. 
  
 SECTION 2.16 Use of Proceeds. The proceeds of the Advances shall be available, and the Borrower hereby agrees that it shall use such proceeds,
solely to repay all principal and accrued interest to the Existing Revolving Credit Lenders and the Existing Term Lenders under the Existing Credit Agreement, to pay certain fees and expenses contemplated by the Loan Documents and for other general
corporate purposes of the Borrower and its Subsidiaries not otherwise prohibited under the terms of the Loan Documents. 
  
 ARTICLE III 
  
 CONDITIONS OF EFFECTIVENESS AND LENDING 
  
 SECTION 3.01 Conditions Precedent to Extensions of Credit and Issuance of Letters of Credit. The obligation of each Lender to make an Advance or
any Issuing Bank to issue a Letter of Credit on the occasion of the Initial Extensions of Credit hereunder is subject to the satisfaction of the following conditions precedent: 
  
 (a) The Lender Parties shall be reasonably satisfied with the organizational and legal structure and capitalization of each
Loan Party and each of its Subsidiaries (including, without limitation, the terms and conditions of the Constitutive Documents and each class of Equity Interests in the Borrower and each such Subsidiary and of each agreement or instrument relating
to such structure or capitalization). 
  
 (b) All of the
Governmental Authorizations, and all of the consents, approvals and authorizations of, notices and filings to or with, and other actions by, any other Person necessary in connection with the execution, delivery or performance of this Agreement, any
of the Loan Documents or any of the other transactions contemplated thereby shall have been obtained (without the imposition of any conditions that are not reasonably acceptable to the Lender Parties) and shall remain in full force and effect; all
applicable waiting periods shall have expired without any action being taken by any competent authority; and no Requirement of Law shall be applicable in the reasonable judgment of the Lender Parties that restrains, prevents or imposes materially
adverse conditions upon the execution, delivery or performance of this Agreement, any of the Loan Documents or any of the other transactions contemplated thereby. 
  
 (c) Before giving effect and immediately after giving pro forma effect to the execution and delivery of this
Agreement, no Material Adverse Change shall have occurred since December 31, 2003. 
  

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 (d) There shall exist no action, suit, investigation, litigation, arbitration or proceeding pending or,
to the best knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries or any of the property or assets thereof in any court or before any arbitrator or by or before any Governmental Authority of any kind (i)
that, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect or (ii) which purports to affect the legality, validity, binding effect or enforceability of this Agreement, any of the Loan Documents or any of
the other transactions contemplated thereby. 
  
 (e) The execution
and delivery of this Agreement shall have been consummated or shall be consummated on the Effective Date in compliance with all applicable Requirements of Law. 
  

(f) All of the fees and expenses of the Agents that are required to be paid by the Borrower pursuant to Section 2.08(c) shall have been or,
concurrently with the Initial Extensions of Credit made on the Effective Date shall be, paid in full. 
  
 (g) The Administrative Agent shall have received on or before the Effective Date the following in form and substance reasonably satisfactory to it (unless
otherwise specified): 
  
 (i) The Term Loan
Notes, payable to the order of the Term Loan Lenders, and the Revolving Credit Notes, payable to the order of the Revolving Credit Lenders. 
  
 (ii) Certified copies of the resolutions of the board of directors (or Persons performing similar functions) of each Loan Party approving
the execution, delivery and performance of this Agreement and each of the Loan Documents to which it is or is to be a party, and of all documents evidencing necessary Governmental Authorizations, or other necessary consents, approvals,
authorizations, notices, filings or actions, with respect to the execution, delivery and performance of this Agreement and any of the Loan Documents to which it is or is to be a party. 
  
 (iii) A copy of a certificate of the Secretary of State (or equivalent Governmental Authority) of the
jurisdiction of organization of each Loan Party listing the certificate or articles of incorporation (or similar Constitutive Document) of each such Loan Party and each amendment thereto on file in the office of such Secretary of State (or such
Governmental Authority) and certifying (A) that such amendments are the only amendments to such Person’s certificate or articles of incorporation (or similar Constitutive Document) on file in its office, (B) if customarily available in such
jurisdiction, that such Person has paid all franchise taxes (or the equivalent thereof) to the date of such certificate and (C) that such Person is duly organized and is in good standing under the laws of the jurisdiction of its organization.

  
 (iv) A certificate of the Secretary or an
Assistant Secretary (or a Person performing similar functions) of each Loan Party certifying as to: 
  
 (A) the absence of any amendments to the certificate or articles of incorporation (or similar Constitutive Document) of such Loan Party
since the date of the Secretary of State’s (or equivalent Governmental Authority’s), or the Secretary’s or Assistant Secretary’s (or equivalent person’s) certificate referred to in clause (iv) of this Section 3.01(g), or any
steps taken by the board of directors (or persons performing similar functions) or the shareholders, partners, members or equivalent persons of such Loan Party to effect or authorize any further amendment, supplement or other modification thereto;

  

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 (B) the accuracy and completeness of the bylaws (or similar Constitutive Documents) of
such Loan Party as in effect on the date on which the resolutions of the board of directors (or persons performing similar functions) of such Loan Party referred to in clause (ii) of this Section 3.01(g) were adopted and on the Effective Date (a
copy of which shall be attached to such certificate); and 
  
 (C) the names and true signatures of the officers of such Loan Party authorized to sign each of the Loan Documents to which it is or is to be a party and the other agreements, instruments and documents to be delivered
hereunder and thereunder. 
  
 (v) A guarantee,
substantially in the form of Exhibit F hereto (the “Subsidiaries Guarantee”), duly executed by each of the Domestic Subsidiaries that are Material Subsidiaries. 
  
 (vi) Copies, certified by a Responsible Officer of the Borrower, of (A) the audited Consolidated financial
statements of the Borrower and its Subsidiaries for the Fiscal Year ended December 31, 2003, accompanied by an unqualified opinion of KPMG, LLP, independent accountants of the Borrower, and (B) forecasts prepared by management of the Borrower, on a
pro forma basis after giving effect to the Acquisition, in form and substance reasonably satisfactory to the Lender Parties, of balance sheets, income statements on an annual basis and cash flow statements for the Fiscal Year in which the
Effective Date occurs and on an annual basis for each Fiscal Year thereafter through the scheduled final Termination Date. 
  
 (vii) A duly completed and executed Notice of Borrowing for each Borrowing to be made on the Effective Date and Notice of Issuance for
each Letter of Credit to be issued on the Effective Date. 
  
 (viii) A favorable opinion of King & Spalding, counsel for the Loan Parties, in substantially the form of Exhibit D hereto, and addressing such other matters as any of the Lender Parties through the Administrative
Agent may reasonably request. 
  
 (h) That all amounts due and
payable under (i) the Existing Credit Agreement and (ii) that certain credit agreement dated as of October 2, 2000, as amended, among AdvancePCS as borrower, the banks and other financial institutions party thereto, as lenders and Bank of America,
N.A. as administrative agent for the lenders, shall have been paid in full, that all commitments thereunder have been terminated and any and all security interests granted in connection therewith have been released or are irrevocably and
unconditionally required to be released. 
  
 (i) That all security
interests granted in connection with the Senior Notes have been released or are irrevocably and unconditionally required to be released. 
  
 (j) That the material terms of the Acquisition and the documents related to the Acquisition are in form and substance satisfactory to the Administrative
Agent. 
  
 (k) On a pro forma basis and after giving effect to the
Acquisition, the Leverage Ratio of the Borrower shall not exceed 1.5:1.00. 
  

 55 

 SECTION 3.02 Conditions Precedent to Each Borrowing and Issuance and Renewal. The obligation of
each Appropriate Lender to make an Advance (other than a Letter of Credit Advance made by the Issuing Bank or a Revolving Credit Lender pursuant to Section 2.03(c) and a Swing Line Advance made by a Revolving Credit Lender pursuant to Section
2.02(b)) on the occasion of each Borrowing (including the initial Borrowing), and the obligation of the Issuing Bank to issue a Letter of Credit (including the initial issuance) or renew a Letter of Credit and the right of the Borrower to request a
Swing Line Borrowing, shall be subject to the further conditions precedent that on the date of such Borrowing or issuance or renewal the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, Notice of
Swing Line Borrowing, Notice of Issuance or Notice of Renewal and the acceptance by the Borrower of the proceeds of such Borrowing or of such Letter of Credit or the renewal of such Letter of Credit shall constitute a representation and warranty by
the Borrower that both on the date of such notice and on the date of such Borrowing or issuance or renewal such statements are true): 
  
 (a) the representations and warranties contained in each Loan Document are correct in all material respects on and as of such date, before and after
giving effect to such Borrowing or issuance or renewal and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representations or warranties that, by their terms, refer to a specific date other
than the date of such Borrowing or issuance or renewal, in which case as of such specific date; and 
  
 (b) no Default has occurred and is continuing, or would result from such Borrowing or issuance or renewal or from the application of the proceeds
therefrom. 
  
 SECTION 3.03 Determinations Under Section
3.01. For purposes of determining compliance with the conditions specified in Section 3.01, each of the Lender Parties shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required
thereunder to be consented to or approved by, or acceptable or satisfactory to, the Lender Parties unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such
Lender Party prior to the Effective Date specifying its objection thereto and, if any such Lender has a Commitment on such date under any of the Facilities under which a Borrowing is to be made (or deemed to have been made) on such date, such Lender
Party shall not have made available to the Administrative Agent such Lender Party’s Pro Rata Share of such Borrowing. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES 
  
 SECTION 4.01 Representations and Warranties. The Borrower hereby represents and warrants as follows: 
  
 (a) Each Loan Party and each of its Subsidiaries (i) is a corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, (ii) is duly qualified and in good standing as a foreign corporation in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed
except where the failure to so qualify or be licensed would not be reasonably likely to have a Material Adverse Effect and (iii) has all requisite power and authority (including, without limitation, all Governmental Authorizations) to own or lease
and operate its properties and to carry on its business as now conducted and as proposed to be conducted. 
  

 56 

 (b) Set forth on Part A of Schedule 4.01(b) hereto is a complete and accurate list of all of the
Subsidiaries of the Borrower as of the date of this Agreement showing, as to each such Subsidiary, whether or not such Subsidiary constitutes a Material Subsidiary. 
  
 (c) The execution, delivery and performance by each Loan Party of each of the Loan Documents to which it is or is to be a
party, and the consummation of the transactions contemplated hereby, are within such Loan Party’s corporate powers, have been duly authorized by all necessary action (including, without limitation, all necessary shareholder, partner, member or
other similar action) and do not: 
  
 (i)
contravene the Constitutive Documents of such Loan Party; 
  
 (ii) violate any Requirement of Law; 
  
 (iii) conflict with or result in the breach of, or constitute a default under, any loan agreement, indenture, mortgage, deed of trust, lease, instrument, contract or other agreement binding on or affecting such Loan
Party, any of its Subsidiaries or any of their respective property or assets; or 
  
 (iv) result in or require the creation or imposition of any Lien upon or with respect to any of the property or assets of such Loan Party
or any of its Subsidiaries. 
  
 No Loan Party nor any of its
Subsidiaries is in violation of any Requirement of Law or in breach of any loan agreement, indenture, mortgage, deed of trust, lease, instrument, contract or other agreement referred to in the immediately preceding sentence, the violation or breach,
the violation of which, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect. 
  
 (d) No Governmental Authorization, and no other authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or any other third party is required for (i) the due execution, delivery, recordation, filing or performance by any Loan Party of any Loan Document to which it is or is to be a party, or for the consummation of the transactions contemplated hereby,
or (ii) the exercise by any Agent or any Lender Party of its rights under the Loan Documents, except for the authorizations, approvals, actions, notices and filings listed on Schedule 4.01(d) hereto, all of which have been duly obtained, taken,
given or made and are in full force and effect. 
  
 (e) This
Agreement has been, and each of the other Loan Documents when delivered hereunder will have been, duly executed and delivered by each of the Loan Parties intended to be a party thereto. This Agreement is, and each of the other Loan Documents when
delivered hereunder will be, the legal, valid and binding obligations of each of the Loan Parties intended to be a party thereto, enforceable against such Loan Party in accordance with their respective terms, except to the extent such enforceability
may be limited by the effect of applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity. 
  
 (f) The Consolidated balance sheets of (i) the Borrower and its Subsidiaries
as of December 31, 2003, and (ii) AdvancePCS and its Subsidiaries as of March 31, 2003, and the related Consolidated statements of operations and cash flow, and changes in stockholders’ equity, of the Borrower and its Subsidiaries, and
AdvancePCS and its Subsidiaries, respectively, for the respective Fiscal Years then ended, in each case including the schedules and notes thereto and accompanied by unqualified opinions of KPMG, LLP and PricewaterhouseCoopers, the independent public
accountants of the Borrower, and AdvancePCS, respectively, copies of all of which have been furnished to the Lender Parties, fairly present the Consolidated financial condition of the Borrower and its Subsidiaries, and 
  

 57 

 AdvancePCS and its Subsidiaries, respectively, as at such dates and the Consolidated results of operations and cash flow
of the Borrower and its Subsidiaries, and AdvancePCS and its Subsidiaries, respectively, for the respective periods ended on such dates. All of the Consolidated financial statements referred to above in this Section 4.01(f), including the schedules
and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the respective periods covered thereby. 
  
 (g) The forecasted Consolidated balance sheets, statements of operations and cash flow statements of the Borrower and its Subsidiaries delivered to the
Lender Parties pursuant to Section 3.01(g)(vi) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by senior management of the Borrower to be reasonable in the light of conditions existing at
the time of delivery of such forecasts, and represented, at the time of delivery thereof to the Lender Parties, the Borrower’s good faith estimate of its future financial performance (although such forecasts constitute forward-looking
statements that are subject to uncertainties and other factors and the actual results during the periods covered by such forecasts may differ from the forecasted results). 
  
 (h) Since December 31, 2003, no fact, event, condition or circumstance has occurred and is continuing that is known to any
of the Loan Parties and constitutes a Material Adverse Change. 
  
 (i) There is no action, suit, investigation, litigation, arbitration or proceeding pending or, to the best knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries or any of the property or assets
thereof in any court or before any arbitrator or by or before any Governmental Authority of any kind (i) that, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect or (ii) which purports to affect the
legality, validity, binding effect or enforceability of any aspect of any Loan Document or any of the transactions contemplated thereby. 
  
 (j) None of the proceeds of any Advance or the drawings under any Letter of Credit will be used to acquire any equity security of a class which is
registered pursuant to Section 12 of the Exchange Act. Neither the Borrower nor any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying any “margin stock” (within the meaning
of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 207)). None of the proceeds of any Advance or the drawings under any Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others
for the purpose of purchasing or carrying margin stock. 
  
 (k)
Neither the Borrower nor any of its Subsidiaries is an “investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment
company” (each as defined in the Investment Company Act of 1940, as amended). None of the making (or deemed making) of any Advance, the issuance (or deemed issuance) of any Letter of Credit or the application of the proceeds therefrom, or
the repayment of any Advance by the Borrower, or the execution, delivery and performance of this Agreement or the consummation of any transactions contemplated hereby, will violate any provision of the Investment Company Act of 1940, as amended, or
any rule, regulation or order of the Securities and Exchange Commission thereunder. Neither the Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company”
or a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
  
 (l) The Borrower is, individually and together with its Subsidiaries taken as a whole, Solvent. 
  
 (m) No ERISA Event has occurred or is reasonably expected to occur with
respect to any Plan, and neither the Borrower nor any ERISA Affiliate has incurred any Withdrawal Liability or liability as a result of the reorganization or termination of any Multiemployer Plan, that, either individually or in the aggregate, is
reasonably expected to have a Material Adverse Effect. 
  

 58 

 (n) The Borrower and each of its Subsidiaries has filed, has caused to be filed or has been included in
all tax returns (federal, state, local and foreign) required to be filed and has paid all taxes, assessments, levies, fees and other charges shown thereon to be due and payable, together with applicable interest and penalties, except for any such
taxes, assessments, levies, fees and other charges the amount, applicability or validity of which is being contested in good faith and by appropriate proceedings diligently conducted and with respect to which the Borrower or such Subsidiary, as the
case may be, has established appropriate and adequate reserves in accordance with GAAP. 
  
 ARTICLE V 
  
 COVENANTS
OF THE BORROWER 
  
 SECTION 5.01 Affirmative Covenants.
So long as any of the Advances or any of the other Obligations of any Loan Party under or in respect of any of the Loan Documents shall remain unpaid, any of the Letters of Credit shall remain outstanding or any of the Lender Parties shall have any
Commitment hereunder, the Borrower will, at all times: 
  
 (a)
Compliance with Laws, Maintenance of Governmental Authorizations, Etc. (i) Comply, and cause each of its Subsidiaries to comply, in all material respects, with all applicable Requirements of Law, including the requirements of the Patriot Act,
and (ii) except as provided in Section 5.01(d), obtain and maintain in effect all Governmental Authorizations that are necessary (A) to own or lease and operate their respective property and assets and to conduct their respective businesses as now
conducted and as proposed to be conducted, except where and to the extent that the failure to so comply, or to obtain or maintain in effect any such Governmental Authorization, either individually or in the aggregate, is not reasonably expected to
have a Material Adverse Effect, or (B) for the due execution, delivery or performance by the Borrower or any of its Subsidiaries of any of the Loan Documents or for the consummation of any transaction contemplated hereby. 
  
 (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its
Subsidiaries to pay and discharge, to the extent due and payable and before the same shall become delinquent, (i) all taxes, assessments, reassessments, levies and other governmental charges imposed upon it or upon its property, assets, income or
franchises and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its property and assets or any part thereof, if in the case of either sub-clause (i) or (ii) non-payment would be reasonably expected to have a Material Adverse
Effect; provided, however, that neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, reassessment, levy, charge or claim which is being contested in good faith and by proper
proceedings diligently conducted and as to which appropriate and adequate reserves are being maintained in accordance with GAAP. 
  
 (c) Maintenance of Insurance. Maintain, and cause each of its Material Subsidiaries to maintain, insurance with responsible and reputable insurance
companies or associations in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or such Material Subsidiary operates.

  
 (d) Preservation of Corporate Existence, Etc. Preserve
and maintain, and cause each of its Material Subsidiaries to preserve and maintain, its existence, legal structure, organization, rights (statutory and pursuant to its Constitutive Documents), permits, licenses, approvals, privileges and 

 

 59 

 franchises; provided, however, that the Borrower and its Subsidiaries (i) may consummate any merger or
consolidation otherwise expressly permitted under Section 5.02(c), (ii) may wind up, liquidate or dissolve any of their respective inactive Subsidiaries to the extent otherwise expressly permitted under Section 5.02(d) and (iii) may amend,
supplement or otherwise modify their rights under their respective Constitutive Documents; and provided further, however, that neither the Borrower nor any of its Subsidiaries shall be required to preserve any permit, license, approval,
privilege or franchise if the board of directors (or persons performing similar functions) of the Borrower or such Subsidiary shall determine in good faith that the preservation thereof is no longer desirable in the conduct of the business of the
Borrower or such Subsidiary, as the case may be, and that the loss thereof is not disadvantageous in any material respect to the Borrower, such Subsidiary or the Lender Parties or, solely in the case of any such permit, license or qualification to
do business as a foreign corporation, limited partnership or limited liability company in any jurisdiction, that the loss thereof, either individually or in the aggregate, is not reasonably expected to have a Material Adverse Effect. 
  
 (e) Visitation Rights. At any reasonable time and from time to time,
upon reasonable notice, permit the Administrative Agent or any of the Lender Parties, or any agents or representatives thereof (so long as such agents or representatives are or agree to be bound by the provisions of Section 8.10), to examine and
make copies of and abstracts from the records and books of account of, and to visit the properties of, the Borrower and its Subsidiaries and to discuss the affairs, finances and accounts of the Borrower and/or any of its Subsidiaries with any of
their officers or directors and with their independent public accountants. 
  
 (f) Keeping of Books. Keep, and cause each of its Material Subsidiaries to keep, proper books of record and account in which full and accurate entries shall be made of all of the financial transactions and the
property, assets and businesses of the Borrower and each of its Material Subsidiaries (including, without limitation, the establishment and maintenance of adequate and appropriate reserves) in accordance with all generally accepted accounting
principles in effect from time to time and with all applicable Requirements of Law. 
  
 (g) Covenant to Guarantee Obligations. Promptly upon the acquisition by the Borrower or one of its Domestic Subsidiaries of Equity Interests in any Domestic Subsidiary that is a Material Subsidiary or, in the
event any Domestic Subsidiary of the Borrower satisfies the standards of a “Material Subsidiary” within 30 days thereafter, the Borrower will cause such Domestic Subsidiary to enter into a Guarantee Supplement. 
  
 (h) Further Assurances. 
  
 (i) Promptly upon request by any Agent or any Lender Party
through the Administrative Agent, correct, and cause each of its Subsidiaries promptly to correct, any material defect or error that may be discovered in any Loan Document or in the execution thereof; and 
  
 (ii) Promptly upon request by any Agent or any Lender Party
through the Administrative Agent, do, execute, acknowledge and deliver any and all such further acts and other instruments as any Agent, or any Lender Party through the Administrative Agent, may reasonably require from time to time in order to (A)
carry out more effectively the purposes of the Loan Documents, and (B) assure, preserve, protect and confirm more effectively unto each of the Finance Parties the rights granted or now or hereafter intended to be granted to them under any Loan
Document or under any other instrument executed in connection with any Loan Document to which any Loan Party is or is to be a party. 
  

 60 

 SECTION 5.02 Negative Covenants. So long as any of the Advances or any of the other Obligations of
any Loan Party under or in respect of any of the Loan Documents shall remain unpaid, any of the Letters of Credit shall remain outstanding or any of the Lender Parties shall have any Commitment hereunder, the Borrower will not, at any time:

  
 (a) Liens, Etc. Create, incur, assume or suffer to
exist, or permit any of its Material Subsidiaries to create, incur, assume or suffer to exist, any Lien on or with respect to any of its property or assets of any character (including, without limitation, accounts), whether now owned or hereafter
acquired, except: 
  
 (i) Permitted Liens;

  
 (ii) Liens existing on the date of this
Agreement and described on Schedule 5.02(a) hereto; 
  
 (iii) Any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such
Person becomes a Subsidiary and additions thereto (but not beyond the scope of the original Lien) and proceeds and replacements thereof; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or
such Person becoming a Subsidiary, as the case may be and (ii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals
and replacements thereof that do not increase the outstanding principal amount thereto; 
  
 (iv) purchase money Liens upon or in real property or equipment acquired or held by the Borrower or any of its Subsidiaries in the
ordinary course of business to secure the purchase price of such real property or equipment or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement of any such real property or equipment to
be subject to such Liens, or Liens existing on any such real property or equipment at the time of its acquisition or the completion of its construction (other than any such Liens created in contemplation of such acquisition that do not secure the
purchase price of such real property or equipment); provided, that when aggregated with the Liens incurred under sub-section 5.02(a)(v), such Liens secure obligations not in excess of $250,000,000 at all times outstanding. 
  
 (v) Liens arising in connection with Capitalized Leases
otherwise permitted under Section 5.02(b)(vi) and not otherwise prohibited under the terms of the Loan Documents; provided, that when aggregated with the Liens incurred under Section 5.02(a)(iv), such Liens secure obligations not in excess of
$250,000,000 at any time outstanding; 
  
 (vi)
deposits and letters of credit to secure the performance of leases of property (whether real, personal or mixed) of the Borrower and its Subsidiaries (excluding Capitalized Leases) in the ordinary course of business; provided that no such
Lien shall extend to or cover any property or assets other than such deposit or such letter of credit and the property and assets subject to such lease, as applicable; and provided further that any such lease is not otherwise prohibited under
the terms of the Loan Documents; 
  

 61 

 (vii) Liens arising solely from precautionary filings of financing statements under the
Uniform Commercial Code of the applicable jurisdictions in respect of Operating Leases of the Borrower or any of its Subsidiaries not otherwise prohibited under the terms of the Loan Documents; 
  
 (viii) Liens on the accounts receivables and related assets
of the Borrower and its Subsidiaries to secure Investments arising solely in connection with Qualified Securitization Transactions in an aggregate outstanding amount not to exceed $550,000,000 at any time (less the amount of outstanding Investments
secured by Liens permitted under Section 5.02(a)(ii) and arising solely in connection with the Permitted Receivables Securitizations); 
  
 (ix) Other Liens securing Indebtedness and other Obligations in an aggregate outstanding amount not to exceed $250,000,000; and

  
 (x) the replacement, extension or renewal of
any Lien permitted by clauses (iii) through (iv) above upon or in the same property and assets theretofore subject thereto; provided that no such extension, renewal or replacement shall extend to or cover any property or assets not
theretofore subject to the Lien being extended, renewed or replaced and shall not secure any additional Indebtedness or other Obligations; and provided further that any Indebtedness secured by such Liens shall otherwise be permitted under the
terms of the Loan Documents. 
  
 (b) Indebtedness. Create,
incur, or assume, or permit any of its Subsidiaries to create, incur, or assume, directly or indirectly, any Indebtedness unless immediately after giving effect to such creation, incurrence or assumption of Indebtedness the Borrower is in compliance
with Section 5.04(a). 
  
 (c) Mergers, Etc. Merge into or
consolidate with any Person or permit any Person to merge into or consolidate with it, or permit any of its Subsidiaries to do so, unless (A) any such merger or consolidation shall be effected in compliance with all applicable Requirements of Law,
(B) all Governmental Authorizations, and all consents, approvals and authorizations of, and notices and filings to or with, and other actions by, any other Person necessary in connection with such merger or consolidation shall have been obtained or
made, (C) to the extent applicable, the relevant Loan Parties shall have complied with Section 5.01(g), and (D) immediately before and immediately after giving pro forma effect to such merger or consolidation, no Default shall have occurred
and be continuing and the Borrower and its Subsidiaries shall be in pro forma compliance with all financial covenants set forth in Section 5.04, such compliance to be determined on the basis of the Required Financial Information most recently
delivered to the Administrative Agent and the Lender Parties as though such merger or consolidation had been consummated as of the first day of the four Fiscal Quarter period most recently ended covered thereby and (E) in the case of any such merger
to which the Borrower is a party, the Borrower is the surviving corporation or the Person into which the Borrower shall be merged or formed by any such consolidation shall be a corporation organized and existing under the laws of the United States
or any State thereof and shall assume the Borrower’s obligations hereunder and under the Notes, if any, in an agreement or instrument reasonably satisfactory in form and substance to the Required Lenders. 
  
 (d) Sales, Etc. of Assets. Sell, lease, transfer or otherwise dispose
of, or permit any of its Material Subsidiaries to sell, lease, transfer or otherwise dispose of, property and assets (including, without limitation, any Equity Interests) of the Borrower and its Subsidiaries if the aggregate consideration for all
such sales, leases, transfers and other dispositions of property and assets during the term of this Agreement shall exceed 25% of an amount equal to (x) the Borrower’s Consolidated Total 
  

 62 

 Assets as of the date of determination, less (y) the aggregate net investment of lenders to or purchasers from
Securitization Entities under Qualified Securitization Transactions (to the extent the accounts receivable that are the subject of such Qualified Securitization Transactions are included in such Consolidated Total Assets). 
  
 (e) Investments in Other Persons. Purchase, acquire, make or hold, or
permit any of its Material Subsidiaries to purchase, acquire, make or hold, any Investment in any Person, unless immediately before and immediately after giving pro forma effect to such Investment, the Borrower shall be in pro forma
compliance with all financial covenants set forth in Section 5.04, such compliance to be determined on the basis of the Required Financial Information delivered to the Administrative Agent and the Lender Parties as though such Investment was made as
of the first day of the four Fiscal Quarter period most recently ended; provided, however, that the Borrower and its Subsidiaries shall be permitted to make the following Investments: 
  
 (i) Investments existing on the date of this Agreement;

  
 (ii) Investments in cash and Cash
Equivalents; 
  
 (iii) Investments by:

  
 (A) the Borrower in any of the Material
Subsidiaries; 
  
 (B) any of the Subsidiaries of
the Borrower in the Borrower or any of the Material Subsidiaries; 
  
 (C) the Borrower or any of the Material Subsidiaries in one or more Immaterial Subsidiaries to the extent the proceeds thereof are used solely to pay costs associated with discontinued operations of such Immaterial
Subsidiary; 
  
 (D) Caremark Inc. and Advance PCS
Health L.P. in one or more Securitization Entities (1) constituting capital contributions of its accounts receivables and related property and assets to one or more Securitization Entities pursuant to, and in accordance with the requirements of, a
Qualified Receivables Securitization or (2) evidenced by subordinated notes; and 
  
 (E) any of the Immaterial Subsidiaries in any of the other Immaterial Subsidiaries; 
  
 (iv) Investments by the Borrower and its Subsidiaries in
account debtors received in connection with the bankruptcy or reorganization, or in settlement of the delinquent obligations of financially troubled suppliers or customers, in the ordinary course of business and in accordance with applicable
collection and credit policies established by the Borrower or such Subsidiary, as the case may be; and 
  
 (v) (A) promissory notes, contingent payment obligations and other noncash consideration received as partial payment of the purchase price
of any property or assets sold, leased, transferred or otherwise disposed of in accordance with Section 5.02(d) and (B) common Equity Interests in Persons that cease to constitute Subsidiaries of the Borrower as a result of the sale, lease, transfer
or other disposition of at least 85% of the common Equity Interests in such Subsidiary pursuant to, and in accordance with the terms of, Section 5.02(d)(vii). 
  

 63 

 (f) Restricted Payments. Declare or pay any dividends on, purchase, redeem, retire, defease or
otherwise acquire for value any of its Equity Interests, now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make any distribution of property, assets, Equity
Interests, obligations or securities to its stockholders, partners or members (or the equivalent persons thereof) as such, or permit any of its Subsidiaries to do any of the foregoing, or permit any of its Subsidiaries to purchase, redeem, retire,
defease or otherwise acquire for value any Equity Interests in the Borrower, or to issue or sell any Equity Interests therein, except that: 
  
 (i) the Borrower may declare and make dividends and other distributions payable solely in additional Borrower Common Stock; 
  
 (ii) any of the Material Subsidiaries of the Borrower may
declare and pay or make dividends and other distributions in cash or in additional common Equity Interests therein, or issue or sell additional Equity Interests therein, to the Borrower or any of the Material Subsidiaries; 
  
 (iii) any of the non-wholly owned Material Subsidiaries of
the Borrower may declare and pay or make dividends and other distributions, and may issue and sell additional common Equity Interests therein, to its shareholders, partners or members (or the equivalent persons thereof) generally so long as the
Borrower and each of the Material Subsidiaries that own any of the Equity Interests therein receive at least their respective proportionate shares of any such dividend, distribution or issuance of common Equity Interests (based upon their relative
holdings of the Equity Interests therein and taking into account the relative preferences, if any, of the various classes of the Equity Interests therein); and 
  

(iv) the Borrower may declare and pay dividends on, and purchase, redeem, retire, defease or otherwise acquire for value, any of its
Equity Interests, return any capital to its stockholders, as such, and make any distribution of property, assets, Equity Interests, obligations or securities to its stockholders, as such (each, a “Borrower Restricted
Payment”), provided that, immediately after giving effect to such Borrower Restricted Payment, (i) no Event of Default shall have occurred and be continuing, and (ii) the Borrower shall be in pro forma compliance
with all financial covenants set forth in Section 5.04, such compliance to be determined on the basis of the Required Financial Information most recently delivered to the Administrative Agent and the Lender Parties as though such Borrower Restricted
Payment was made as of the first day of the Fiscal Quarter covered thereby. 
  
 (g) Capital Expenditures. Make, or permit any of its Material Subsidiaries to make, any Capital Expenditures, provided, that the Borrower and its Material Subsidiaries may make Capital Expenditures if,
immediately after giving effect to such Capital Expenditures, (i) no Event of Default shall have occurred and be continuing, and (ii) the Borrower shall be in pro forma compliance with all financial covenants set forth in Section 5.04, such
compliance to be determined on the basis of the Required Financial Information most recently delivered to the Administrative Agent and the Lender Parties as though such Capital Expenditure was made as of the first day of the Fiscal Quarter covered
thereby. 
  

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 SECTION 5.03 Reporting Requirements. So long as any of the Advances or any of the other
Obligations of any Loan Party under or in respect of any of the Loan Documents shall remain unpaid, any of the Letters of Credit shall remain outstanding or any of the Lender Parties shall have any Commitment hereunder, the Borrower will furnish to
the Administrative Agent and the Lender Parties (other than, in the case of subsection 5.03(e), any Lender that requests in writing not to receive such information): 
  
 (a) Default Notices. As soon as possible and in any event within one Business Day after a Responsible Officer of the
Borrower or any of its Subsidiaries knows or has reason to know of the occurrence of each Default or any event, development or occurrence that, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect
continuing on the date of such statement, a statement of such Responsible Officer or a Responsible Officer of the Borrower setting forth the details of such Default or such event, development or occurrence (including, without limitation, the
anticipated effect thereof), the period of time such Default or such event, development or occurrence has existed and been continuing and the action that the Borrower has taken and/or proposes to take with respect thereto. 
  
 (b) Quarterly Financials. As soon as available and in any event within
50 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, a Consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such Fiscal Quarter and Consolidated statements of operations,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous Fiscal Quarter and ending with the end of such Fiscal Quarter and for the period commencing at the end of the previous
Fiscal Year and ending with the end of such Fiscal Quarter, setting forth in comparative form, in the case of each such Consolidated balance sheet, the corresponding figures as of the last day of the corresponding period in the immediately preceding
Fiscal Year and, in the case of each such Consolidated statement of operations, stockholders’ equity and cash flows, the corresponding figures for the corresponding period in the immediately preceding Fiscal Year, all in reasonable detail.

  
 (c) Annual Financials. As soon as available and in any
event within 95 days after the end of each Fiscal Year in the case of each Fiscal Year after the Fiscal Year ended December 31, 2003, a copy of the annual audit report for such Fiscal Year for the Borrower and its Subsidiaries, including therein the
Consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such Fiscal Year and Consolidated statements of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such Fiscal Year,
accompanied by an unqualified opinion, or an opinion otherwise reasonably acceptable to the Required Lenders, of KPMG, LLP or any other internationally recognized accounting firm, or other independent public accountants of recognized standing
reasonably acceptable to the Administrative Agent, setting forth in comparative form, in the case of each such Consolidated balance sheet, the corresponding figures as of the last day of the immediately preceding Fiscal Year, and, in the case of
each such Consolidated statement of operations, stockholders’ equity and cash flows, the corresponding figures for the corresponding period in the immediately preceding Fiscal Year, together with (i) a schedule in form satisfactory to the
Administrative Agent of the computations used by such accountants in determining, as of the end of such Fiscal Year, compliance with the covenants contained in Section 5.04 (including with respect to each such Section, where applicable, the
calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence), (ii) in the event of any change in the
generally accepted accounting principles used by the Borrower in the preparation of the audited Consolidated financial statements referred to above in this Section 5.03(c) from GAAP, the Borrower shall also provide a reasonably detailed description
of such changes and, if and to the extent necessary for the determination of compliance with Section 5.02(g) or 5.04, a statement of reconciliation conforming such audited Consolidated financial statements to GAAP, and (iii) in the event that the
Borrower receives a letter from KPMG, LLP or other independent public accountants that a Default has occurred and is continuing, a copy of such letter. 
  

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 (d) Compliance Certificate. Together with each delivery or deemed delivery to the Administrative
Agent and Lender Parties of the Consolidated financial statements of the Borrower and its Subsidiaries referred to in Sections 5.03(b) and 5.03(c), a certificate of a Senior Financial Officer, in form and substance reasonably satisfactory to the
Administrative Agent: 
  
 (i) duly certifying
that, subject, in the case of any such financial statements delivered or deemed delivered pursuant to Section 5.03(b), to normal year-end audit adjustments, (A) the Consolidated financial statements of the Borrower and its Subsidiaries delivered
with such certificate fairly present the Consolidated financial condition of the Borrower and its Subsidiaries as of the last day of such Fiscal Quarter or such Fiscal Year, as the case may be, and the Consolidated results of operations and cash
flows of the Borrower and its Subsidiaries for the Fiscal Quarter or the Fiscal Year ended on such date, and (B) the Consolidated financial statements of the Borrower and its Subsidiaries delivered or deemed delivered with such certificate have been
prepared in accordance with GAAP; 
  
 (ii) duly
certifying that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof, the period of time such Default has existed and been continuing and the action that the Borrower has
taken and/or proposes to take with respect thereto; and 
  
 (iii) notifying the Administrative Agent of any filing of documents with the Securities and Exchange Commission that would otherwise be required to be delivered by the Borrower pursuant to Section 5.03(b) or (c);

  
 setting forth a schedule of the computations used by the Borrower in
determining compliance with the covenants contained in Section 5.04 (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the
terms of such Section, and the calculation of the amount, ratio or percentage then in existence). 
  
 (e) Litigation. Promptly and in any event within five Business Days after the earlier of knowledge of a Responsible Officer thereof notice of all
actions, suits, investigations, litigation, arbitrations and proceedings against or affecting the Borrower or any of its Subsidiaries or any of the property or assets thereof in any court or before any arbitrator or by or before any Governmental
Authority of any kind that, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect. 
  
 (f) ERISA Events and ERISA Reports; Plan Terminations; Etc. (i) Promptly after the Borrower or any ERISA Affiliate obtains actual knowledge or has
reason to know of the occurrence of any ERISA Event which is reasonably expected to have a Material Adverse Effect, a statement of a Responsible Officer describing such ERISA Event and the action, if any, which the Borrower has taken and proposes to
take with respect thereto; 
  
 (ii) Promptly after receipt thereof
by the Borrower or any ERISA Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice received by the Borrower or any ERISA Affiliate concerning (A) the imposition of withdrawal liability (as defined in Part I of Subtitle E of Title
IV of ERISA) by a Multiemployer Plan, which withdrawal liability is reasonably expected to have a Material Adverse Effect, (B) the reorganization or termination, within the meaning of Title IV of ERISA, of any Multiemployer Plan, which
reorganization or termination is reasonably expected to have a Material Adverse Effect, or (C) the amount of liability incurred, or which may be incurred, by the Borrower or any ERISA Affiliate in connection with any event described in subclause
(ii)(A) or (ii)(B) above; and 
  

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 (g) Other Information. Such other information respecting the business, condition (financial or
otherwise), operations, liabilities (actual or contingent), performance, properties or prospects of the Borrower or any of its Subsidiaries as any of the Lender Parties, through the Administrative Agent, may from time to time reasonably request.

  
 Documents required to be delivered pursuant to Section 5.03(b)
or (c) (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) shall be deemed to have been delivered to the Administrative Agent and the Lender Parties on the date the Administrative
Agent receives notice (which may be electronic) that such documents are available on EDGAR or a similar online service, provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that
requests it to deliver such paper copies until a written request to cease delivering paper copies of given by the Administrative Agent or such Lender and (ii) the Administrative Agent shall notify (which may be by facsimile or electronic mail) each
Lender of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by
the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
  
 SECTION 5.04 Financial Covenants. So long as any of the Advances or any of the other Obligations of any Loan Party
under or in respect of any of the Loan Documents shall remain unpaid, any of the Letters of Credit shall remain outstanding or any of the Lender Parties shall have any Commitment hereunder, the Borrower will: 
  
 (a) Leverage Ratio. Maintain a Leverage Ratio for each period of four
consecutive Fiscal Quarters, ending on the last day of each Fiscal Quarter, of not greater than 2.5:1.0. 
  
 (b) Interest Coverage Ratio. Maintain an Interest Coverage Ratio for each period of four consecutive Fiscal Quarters, ending on the last day of
each Fiscal Quarter, of not less than 3.5:1.0. 
  
 ARTICLE VI

  
 EVENTS OF DEFAULT 
  
 SECTION 6.01 Events of Default. If any of the following events
(“Events of Default”) shall occur and be continuing: 
  
 (a) the Borrower shall fail to pay (i) any principal of any Advance when the same shall become due and payable, (ii) within five days after the date due and payable any interest on any Advance, or (iii) any other
payment under or in respect of any of the Loan Documents required to have been made by it, within five days after the date due and payable, in each case whether by scheduled maturity or at a date fixed for prepayment or by acceleration, demand or
otherwise; or 
  
 (b) any representation or warranty made by any
of the Loan Parties (or any of their respective officers) under or in connection with any of the Loan Documents (including, without limitation, in any certificate, report, statement or other writing at any time furnished (or deemed to have been
furnished) to the Administrative Agent or any of the Lender Parties by or on behalf of any of the Loan Parties) shall prove to have been incorrect in any material respect on the date as of which it was made or deemed made; or 
  
 (c) (i) the Borrower shall fail to perform or observe any term, covenant or
agreement contained in Section 2.16, 5.01(b), 5.01(e) or 5.01(i) or Section 5.02, 5.03 or 5.04 or (ii) any of the other Loan Parties shall fail to perform or observe any term, covenant or agreement contained in Section 4 or 7 of the Subsidiaries
Guarantee on its part to be performed or observed; or 
  

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 (d) any of the Loan Parties shall fail to perform or observe any term, covenant or agreement contained in
any of the Loan Documents on its part to be performed or observed that is not otherwise referred to in Section 6.01(c) if such failure shall remain unremedied for at least 30 consecutive days after the earlier of the date on which (i) a Responsible
Officer of the Borrower or any of its Subsidiaries first becomes aware of such failure and (ii) written notice thereof shall have been given to the Borrower by the Administrative Agent or any of the Lender Parties; or 
  
 (e) (i) the Borrower or any of the Material Subsidiaries shall fail to pay
any principal of, premium or interest on, or any other amount payable in respect of, one or more items of Indebtedness of the Borrower and its Subsidiaries (excluding Indebtedness outstanding hereunder) that is outstanding (or under which one or
more Persons have a commitment to extend credit) in an aggregate principal amount (or, in the case of any Hedge Agreement, having an Agreement Value) of at least $25,000,000 at the time of such failure, when the same becomes due and payable (whether
by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreements or instruments relating to all such Indebtedness; or (ii) any
other event shall occur or condition shall exist under the agreements or instruments relating to one or more items of Indebtedness of the Borrower and its Subsidiaries (excluding Indebtedness outstanding hereunder) that is outstanding (or under
which one or more Persons have a commitment to extend credit) in an aggregate principal amount (or, in the case of any Hedge Agreement, having an Agreement Value) of at least $25,000,000 at the time of such other event or condition, and shall
continue after the applicable grace period, if any, specified in all such agreements or instruments, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness or otherwise to
cause, or to permit the holder thereof to cause, such Indebtedness to mature; or (iii) one or more items of Indebtedness of the Borrower and its Subsidiaries (excluding Indebtedness outstanding hereunder) that is outstanding (or under which one or
more Persons have a commitment to extend credit) in an aggregate principal amount (or, in the case of any Hedge Agreement, having an Agreement Value) of at least $25,000,000 shall be declared to be due and payable or required to be prepaid or
redeemed (other than by a regularly scheduled or required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity
thereof; or 
  
 (f) the Borrower or any of its Material
Subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or
against the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts 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, administrator or other similar official for it or for any substantial part of its
property and assets and, in the case of any such proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain undismissed or unstayed for a period of at least
60 consecutive days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial
part of its property and assets) shall occur; or any event or action analogous to or having a substantially similar effect to any of the events or actions set forth above in this Section 6.01(f) (other than a solvent reorganization) shall occur
under the Requirements of Law of any jurisdiction applicable to the Borrower or any of its Subsidiaries; or the Borrower or any of its Subsidiaries shall take any corporate, partnership, limited liability company or other similar action to authorize
any of the actions set forth above in this Section 6.01(f); or 
  

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 (g) one or more judgments or orders for the payment of money in excess of $25,000,000 in the aggregate
shall be rendered against one or more of the Borrower and its Material Subsidiaries and shall remain unsatisfied and either (i) enforcement proceedings shall have been commenced by any creditor upon any such judgment or order or (ii) there shall be
any period of at least 30 consecutive days during which a stay of enforcement of any such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any such judgment or order shall not give
rise to an Event of Default under this Section 6.01(g) if and for so long as (A) the amount of such judgment or order which remains unsatisfied is covered by a valid and binding policy of insurance between the defendant and the insurer covering full
payment thereof and (B) such insurer has been notified, and has not disputed the claim made for payment, of the amount of such judgment or order; or 
  
 (h) any provision of any of the Loan Documents after delivery thereof pursuant to Sections 3.01 and 5.01(g) shall for any reason (other than pursuant to
the terms thereof) cease to be valid and binding on or enforceable against any of the Loan Parties intended to be a party to it, or any such Loan Party shall so state in writing; 
  
 (i) any of the following events or conditions shall have occurred and such event or condition, when aggregated with any and
all other such events or conditions set forth in this subsection (j), has resulted or is reasonably expected to result in a Material Adverse Effect: 
  
 (i) any ERISA Event shall have occurred with respect to a Plan; or 
  
 (ii) any of the Loan Parties or any of the ERISA Affiliates shall have been notified by the sponsor of a
Multiemployer Plan that such Multiemployer Plan is in reorganization, is insolvent or is being terminated, within the meaning of Title IV of ERISA, and, as a result of such reorganization, insolvency or termination, the aggregate annual
contributions of the Loan Parties and the ERISA Affiliates to all of the Multiemployer Plans that are in reorganization, are insolvent or being terminated at such time have been or will be increased over the amounts contributed to such Multiemployer
Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization, insolvency or termination occurs; or 
  
 (iii) any Lien shall exist on the property and assets of any of the Loan Parties or any of the ERISA Affiliates in favor of the PBGC or
any Plan; or 
  
 (j) the Borrower and its Material Subsidiaries
shall suspend or discontinue all or substantially all of their businesses and operations, taken as a whole, other than in the ordinary course of business (determined on the basis of past practices) and such suspension or discontinuance, either
individually or in the aggregate, is reasonably expected to have a Material Adverse Effect; or 
  
 (k) a Change of Control shall occur; 
  
 then, and
in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Commitments of each of the Lender Parties and the obligation of each of the Lender Parties
to make Advances (other than Letter of Credit Advances by the Issuing Bank or any of the Revolving Credit Lenders pursuant to Section 2.03(c)(i) and Swing Line Advances by any of the Revolving Credit Lenders pursuant to Section 2.02(b)(ii)) and of
the Issuing Bank to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and 
  

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 (ii) shall at the request, or may with the consent, of the Required Lenders, (A) by notice to the Borrower, declare the
Notes, all interest thereon and all other amounts payable under or in respect of this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Notes, all such interest and all such other 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 Borrower and (B) by notice to each party required under the terms of any agreement in support of which a
Letter of Credit is issued, request that all of the Obligations under such agreement be declared to be due and payable; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party
under the United States Federal Bankruptcy Code or a similar order or action under any other Requirements of Law covering the protection of creditors’ rights or the relief of debtors applicable to any Loan Party, (1) the Commitments of each of
the Lender Parties and the obligation of each of the Lender Parties to make Advances (other than Letter of Credit Advances by the Issuing Bank or any of the Revolving Credit Lenders pursuant to Section 2.03(c)(i) and Swing Line Advances by any of
the Revolving Credit Lenders pursuant to Section 2.02(b)(ii)) and of the Issuing Bank to issue Letters of Credit shall automatically be terminated and (2) the Notes, all such interest and all such amounts 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 Borrower. 
  
 SECTION 6.02 Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the
Administrative Agent may, or shall at the request of the Required Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower
will, pay to the Administrative Agent in same day funds at the Administrative Agent’s office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit
then outstanding; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under the United States Federal Bankruptcy Code or a similar order or action under any other
Requirements of Law covering the protection of creditors’ rights or the relief of debtors applicable to any Loan Party, the Borrower, without requirement of demand by the Administrative Agent or any other Person, will forthwith pay to the
Administrative Agent in same day funds at the Administrative Agent’s office for deposit in the L/C Cash Collateral Account an amount equal to such aggregate Available Amount. If at any time the Administrative Agent determines that any funds
held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Lender Parties or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrower will,
forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the
total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C
Cash Collateral Account, such funds shall be applied to reimburse the Issuing Bank or Revolving Credit Lenders, as applicable, to the extent permitted by applicable law. 
  
 ARTICLE VII 
  
 THE AGENTS 
  
 SECTION 7.01 Appointment and Authorization of Agents. (a) Each Lender hereby irrevocably appoints, designates and authorizes each Agent to take
such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together
with such powers as are reasonably incidental thereto. Notwithstanding any provision to the 
  

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 contrary contained elsewhere herein or in any other Loan Document, no Agent shall have any duties or responsibilities,
except those expressly set forth herein, nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read
into this Agreement or any other Loan Document or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to any Agent
is not intended to connote any fiduciary or other implied (or express) obligations arising under any Requirement of Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. 
  
 (b) The
Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the Issuing Bank shall have all of the benefits and immunities (i) provided to the Agents in this Article
VII with respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of
Credit as fully as if the term “Agent” as used in this Article VII and in the definition of “Agent-Related Person” included the Issuing Bank with respect to such acts or omissions, and (ii) as additionally provided herein with
respect to the Issuing Bank. 
  
 SECTION 7.02 Delegation of
Duties. (a) Any Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all
matters pertaining to such duties. No Agent shall be responsible to any Lender for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 
  
 (b) Liability of Agents. No Agent-Related Person shall (a) be liable
to any Lender for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in
connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by any Loan Party or any officer thereof, contained herein or in any
other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by any Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall
be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Loan Party or any Affiliate thereof. 
  
 SECTION 7.03 Reliance by Agents. (a) Each Agent (solely in its capacity as such) shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice,
consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by such Agent. Each Agent (solely in its capacity as such) shall be fully justified
in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by
the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each Agent 
  

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 (solely in its capacity as such) shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders. 
  
 (b)
For purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.

  
 SECTION 7.04 Notice of Default. No Agent shall be
deemed to have knowledge or notice of the occurrence of any Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless such Agent
shall have received written notice from a Lender or the Borrower referring to this Agreement, describing such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of
any such notice. The Administrative Agent shall take such action with respect to such Default as may be directed by the Required Lenders in accordance with Article VI; provided, however, that unless and until the Administrative Agent has
received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable or in the best interest of the Lenders.

  
 SECTION 7.05 Credit Decision; Disclosure of Information by
Agents. Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any
Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their
possession. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into
the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower and the other Loan Parties hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such
investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the other Loan Parties. Except for notices, reports and other documents
expressly required to be furnished to the Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property,
financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 
  
 SECTION 7.06 Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the
Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless each Agent-Related Person from
and against any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the 
  

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 payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a final,
nonappealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct; provided, however, that no action taken in accordance with the directions of the
Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section 7.06 applies
whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket
expenses (including Attorney Costs) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower.
The undertaking in this Section shall survive termination of the Commitments, the payment of all other Obligations and the resignation of such Agent. 
  
 SECTION 7.07 Agents in their Individual Capacities. Each of the Agents may make loans to, issue letters of credit for the account of, accept
deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with each of the Loan Parties and their respective Affiliates as though such entity were not an Agent
hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, each of the Agents and the Issuing Bank may receive information regarding any Loan Party or its Affiliates (including information
that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that the such Agent or Issuing Bank shall be under no obligation to provide such information to them. With respect to its Advances,
each Agent shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not an Agent or Issuing Bank, as the case may be, and the terms “Lender” and
“Lenders” include each Agent and Issuing Bank in its individual capacity. 
  
 SECTION 7.08 Successor Agents. (a) Any Agent may resign as Agent upon 30 days’ notice to the Lenders; provided that any such resignation by Bank of America shall also constitute its resignation as
Issuing Bank and Swing Line Bank. If any Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be consented to by the Borrower at all times other
than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor agent is appointed prior to the effective date of the resignation of such Agent, such Agent may appoint,
after consulting with the Lenders and the Borrower, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and
duties of the retiring Agent, Issuing Bank and Swing Line Bank and the respective terms “Administrative Agent,” “Issuing Bank”, “Swing Line Bank”, “Co-Documentation Agent”, “Co-Syndication Agent and
“Lead Arranger” shall mean such successor agent, Letter of Credit issuer and swing line bank, and the retiring Agent’s appointment, powers and duties as Agent shall be terminated and the retiring Issuing Bank’s and Swing Line
Bank’s rights, powers and duties as such shall be terminated, without any other or further act or deed on the part of such retiring Issuing Bank or Swing Line Bank or any other Lender, other than the obligation of the successor Issuing Bank to
issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or to make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring
Issuing Bank with respect to such Letters of Credit. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article VII and Sections 8.04 and 8.05 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was an Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is 30 
  

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 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless
thereupon become effective and the Lenders shall perform all of the duties of such Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any appointment as Agent
hereunder by a successor, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and
obligations under the Loan Documents. After any retiring Agent’s resignation hereunder as an Agent, the provisions of this Article VII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while
it was acting as an Agent. 
  
 (b) The Administrative Agent, at
the written request of the Borrower at any time, shall resign, provided, that prior to the effectiveness of any such resignation, (i) a replacement Administrative Agent shall have been appointed in accordance with sub-clause (a) above, (ii)
the Administrative Agent shall have been paid in full for all amounts due to it as Administrative Agent hereunder as of the date of such resignation, and (iii) the rights and obligations held by the Administrative Agent as a Lender hereunder as of
the date of such resignation (including all of its Commitment and the Advances) shall have been assigned in full in accordance with Section 8.07(b) hereof and the Administrative Agent, as a Lender, shall have been paid in full for all amounts due to
it as a Lender as of the date of such resignation. 
  
 SECTION
7.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan
Party, the Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 
  
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances, Letters of Credit and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agents (including amounts due the Lenders and the Agents under Sections 2.08 and 8.04)
allowed in such judicial proceeding; and 
  
 (b) to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
  
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent
and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due the Agents under Sections 2.08 and 8.04. 
  
 Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in
respect of the claim of any Lender in any such proceeding. 
  
 SECTION 7.10 Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Guarantor from its obligations under the Subsidiaries Guarantee if such Person ceases to
be a Material Subsidiary as a result of a transaction permitted hereunder. 
  

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 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s authority to release any Guarantor from its obligations under the Subsidiaries Guarantee pursuant to this Section 7.10. In each case as specified in this Section 7.10, the Administrative Agent will, at the Borrower’s
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such Guarantor from its obligations under the Subsidiaries Guarantee, in accordance with the terms of the
Loan Documents and this Section 7.10. 
  
 SECTION 7.11 Other
Agents; Arrangers. None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “co-syndication agent,” “co-documentation agent,” or “lead arranger” shall have any
right, power, obligation, liability, responsibility or duty to any Lender under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so
identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement
or in taking or not taking action hereunder. 
  
 ARTICLE VIII

  
 MISCELLANEOUS 
  
 SECTION 8.01 Amendments, Etc. No amendment or waiver of any provision
of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as
the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or
consent shall: 
  
 (i) waive any condition set
forth in Section 3.01(a), or, in the case of the Initial Extensions of Credit, Section 3.02, without the written consent of each Lender; 
  
 (ii) extend or increase the Commitment of any Lender (other than as a consequence of any reinstatement of Commitments terminated pursuant
to Section 6.02) without the written consent of such Lender; 
  
 (iii) postpone any date scheduled for any payment of principal or interest under Sections 2.04 or 2.07, or any date fixed by the Administrative Agent for the payment of fees due to the Lenders (or any of them) under
Section 2.08 without the written consent of each Lender directly affected thereby; 
  
 (iv) reduce the principal of, or the rate of interest specified herein on, any Advance, or (subject to clause (iii) of the second proviso
to this Section 8.01) any fees or other amounts payable Section 2.08, without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to waive any
obligation of the Borrower to pay interest at the rate set forth in Section 2.07(b) or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on
any Advance or to reduce any fee payable hereunder; 
  

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 (v) change the order of application of any reduction in the Commitments or any prepayment
of Advances between the Facilities from the application thereof set forth in the applicable provisions of under Section 2.05 or 2.06, respectively, in any manner that materially and adversely affects the Lenders under such Facilities without the
written consent of each such Lender directly affected thereby; 
  
 (vi) change any provision of this Section 8.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise
modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; or 
  
 (vii) release all or substantially all of the value of the Subsidiaries Guarantee, without the written consent of each Lender; 

 
 and, provided further that (i) no amendment, waiver or consent
shall, unless in writing and signed by the Issuing Bank in addition to the Lenders required above, affect the rights or duties of the Issuing Bank under this Agreement or any Letter of Credit application relating to any Letter of Credit issued or to
be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Bank in addition to the Lenders required above, affect the rights or duties of the Swing Line Bank under this Agreement; (iii) no amendment,
waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, such Agent under this Agreement or any other Loan Document; and
(iv) Section 8.07(g) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Advances are being funded by an SPC at the time of such amendment, waiver or other modification; and (v) the
Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or the scheduled termination date of such Commitment may not be extended without the consent of such Lender. 
  
 SECTION 8.02 Notices, Etc. 
  
 (a) All notices and other communications provided for hereunder shall be in
writing and mailed, telecopied or delivered: 
  
 (i) if to the Borrower, at its address at 211 Commerce Street, Suite 800, Nashville, Tennessee 37201, Telecopier No.: (615) 743 6597, Attention: Mr. Peter J. Clemens, IV, with a copy of each notice relating to the occurrence and continuance
(or potential occurrence) of any Default, to the General Counsel of the Borrower at the same address (Telecopier No.: (615) 743 6597); 
  
 (ii) if to any of the Initial Lenders, the Swing Line Bank or the Initial Issuing Bank, at its Base Rate Lending Office specified opposite
its name on Schedule I hereto; 
  

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 (iii) if to any of the other Lender Parties, at its Base Rate Lending Office specified on
Schedule I to the Assignment and Assumption pursuant to which it became a Lender Party; and 
  
 (iv) if to the Administrative Agent, at its address at Independence Center, 101 North Tryon Street, 15th Floor, Charlotte, North Carolina 28255 (Telecopier No. (704) 386-9923), Attention: Corporate Credit Services; or 
  
 (v) as to the Borrower or the Administrative Agent, at such
other address as shall be designated by such party in a written notice to each of the other parties and, as to each other party, or such other address as shall be designated by such party in a written notice to each of the Borrower and the
Administrative Agent. 
  
 All such notices and communications shall, when mailed
or telecopied, be effective when deposited in the mail or transmitted by telecopier, respectively, addressed as aforesaid, except that notices and communications to the Administrative Agent pursuant to Article II, III or VII shall not be effective
until received by the Administrative Agent. Delivery by telecopier of an executed counterpart of a signature page to any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered
hereunder shall be effective as delivery of an original executed counterpart thereof. 
  
 (b) If any notice required under this Agreement is permitted to be made, and is made, by telephone, actions taken or omitted to be taken in reliance thereon by the Administrative Agent or any of the Lender Parties
shall be binding upon the Borrower and the other Loan Parties notwithstanding any inconsistency between the notice provided by telephone and any subsequent writing in confirmation thereof provided to the Administrative Agent or such Lender Party;
provided that any such action taken or omitted to be taken by the Administrative Agent or such Lender Party shall have been in good faith and in accordance with the terms of this Agreement. 
  
 SECTION 8.03 No Waiver; Remedies. No failure on the part of any of the
Lender Parties or the Administrative Agent to exercise, and no delay in exercising, any right, power or privilege hereunder or under any Note or any other Loan Document shall operate as a waiver thereof or consent thereto; nor shall any single or
partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies herein provided are cumulative and not exclusive of any remedies provided
under applicable law. 
  
 SECTION 8.04 Attorney Costs, Expenses
and Taxes. The Borrower agrees (a) to pay or reimburse the Administrative Agent for all costs and expenses incurred in connection with the development, preparation, negotiation, syndication and execution of this Agreement and the other Loan
Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions
contemplated hereby and thereby, including all Attorney Costs, and (b) to pay or reimburse each Agent and each Lender for all costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the other
Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any bankruptcy or similar law), including all Attorney Costs. All amounts due under this Section 8.04 shall be payable within
ten Business Days after demand therefor. The agreements in this Section shall survive the termination of the Commitments and repayment of all other Obligations. 
  

SECTION 8.05 Indemnification by the Borrower. (a) Whether or not the transactions contemplated hereby are consummated, the Borrower shall
indemnify and hold harmless each 
  

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 Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents and
attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including
Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement,
performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment,
Advance or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not
strictly comply with the terms of such Letter of Credit), or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any
investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified
Liabilities”), in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission
systems in connection with this Agreement, nor shall any Indemnitee have any liability for any indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or
therewith (whether before or after the Closing Date). In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 8.05 applies, such indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by any Loan Party, its directors, shareholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated
hereunder or under any of the other Loan Documents is consummated. All amounts due under this Section 8.05 shall be payable within ten Business Days after demand therefor. The agreements in this Section shall survive the resignation of any Agent,
the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations. 
  
 (b) If any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made by the Borrower to or for the account of a Lender Party other
than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.06, 2.09(b)(i) or 2.10(d), acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason, or by
an Eligible Assignee to a Lender Party other than on the last day of the Interest Period for such Advance upon an assignment of rights and obligations under this Agreement pursuant to Section 8.07 as a result of a demand by the Borrower pursuant to
Section 8.07(b), or if the Borrower fails to make any payment or prepayment of an Advance for which a notice of prepayment has been given or that is otherwise required to be made, whether pursuant to Section 2.04, 2.06 or 6.01 or otherwise, the
Borrower shall, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender Party any amounts required to compensate such Lender Party for any additional
losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense
incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender Party to fund or maintain such Advance. 
  

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 (c) Without prejudice to the survival of any other agreement of any of the Loan Parties hereunder or
under or in respect of any other Loan Document, the agreements and obligations of the Borrower contained in Sections 2.10, 2.12 and 2.13 and this Section 8.04 shall survive the payment in full of principal, interest and all other amounts payable
hereunder and under and in respect of any of the other Loan Documents. 
  
 SECTION 8.06 Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative
Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each of the Lender Parties and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted under
applicable law, to set off and otherwise apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender Party or such affiliate to or for the credit or
the account of the Borrower against any and all of the Obligations of the Borrower now or hereafter existing under this Agreement and the Note or Notes, if any, held by such Lender Party, irrespective of whether such Lender Party shall have made any
demand under this Agreement or such Note or Notes and although such obligations may be unmatured. Each of the Lender Parties hereby agrees promptly to notify the Borrower after any such setoff and application; provided, however, that the
failure to give such notice shall not affect the validity of such setoff and application. The rights of each of the Lender Parties and their respective Affiliates under this Section 8.05 are in addition to other rights and remedies (including,
without limitation, other rights of setoff) that such Lender Party and its respective Affiliates may have. 
  
 SECTION 8.07 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 Borrower may not assign or otherwise transfer any of its rights or obligations hereunder (other than in accordance with Section 5.02(c)) without the prior written consent of each Lender and no Lender may assign or
otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section 8.07(b), (ii) by way of participation in accordance with the provisions of Section 8.07(d), (iii) by way of
pledge or assignment of a security interest subject to the restrictions of Section 8.07(f), or (iv) to an SPC in accordance with the provisions of Section 8.07(j) (and any other attempted assignment or transfer by any party hereto 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, Participants to the extent provided in subsection (d) of
this Section and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Advances (including for purposes of this Section 8.07(b), participations in Letters of Credit and in Swing Line Advances) at the time owing to it); provided that (i) except
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Advances at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender, the aggregate amount of the
Commitment (which for this purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Advances 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000, unless the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower 
  

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 otherwise consents; (ii) each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Advances or the Commitment assigned, except that this clause (ii) shall not (x) apply to rights in respect of Swing Line Advances or (y) prohibit any Lender from
assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis; (iii) so long as no Event of Default has occurred and is continuing, and except for any assignment to another Lender or an Affiliate of a
Lender, any assignment of a Revolving Credit Commitment or any Advance must be approved by the Borrower (such approval not to be unreasonably withheld or delayed); (iv) any assignment of an Advance must be approved by the Administrative Agent (such
approval not to be unreasonably withheld or delayed) and any assignment of a Revolving Credit Commitment must be approved by the Administrative Agent, the Issuing Bank and the Swing Line Bank unless the Person that is the proposed assignee is itself
a Revolving Credit Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (v) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 8.07(c), from and after the effective date specified in each Assignment and Assumption, the Eligible
Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 2.13, 8.04 and 8.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon
request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 Section 8.07(d). 
  
 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s office set
forth in Section 8.02, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Advances and Letter of Credit Advances
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Agents 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 Borrower at any reasonable time and from time to
time upon reasonable prior notice. In addition, at any time that a request for a consent for a material or other substantive change to the Loan Documents is pending, any Lender may request and receive from the Administrative Agent a copy of the
Register. 
  
 (d) Any Lender may at any time, without the consent
of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)(each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances (including such Lender’s participations in Letter of Credit Advances and/or Swing Line
Advances) 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 Borrower, the Agents 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 
  

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 provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the
first proviso to Section 8.01 that directly affects such Participant. Subject to Section 8.07(e), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.10 and 2.13 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to Section 8.07(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.06 as though it were a Lender, provided such Participant agrees to be
subject to Section 2.14 as though it were a Lender. 
  
 (e) A
Participant shall not be entitled to receive any greater payment under Section 2.10 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 Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.13 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 8.08 as though it were a Lender. 
  
 (f) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if
any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. 
  
 (g) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by
the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Advance that such Granting Lender would otherwise be obligated to make pursuant to this Agreement;
provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Advance, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Advance, the Granting Lender shall be
obligated to make such Advance pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.10. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the
exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under Section 2.10), (ii) no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan
Document, remain the lender of record hereunder. The making of a Advance by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Advance were made by such Granting Lender. In furtherance of the
foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of
any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof.
Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent, assign all or any portion of its right to receive payment with respect to any Advance
to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Advances to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement
to such SPC. 
  

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 (h) Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all
of its Commitments and Advances pursuant to Section 8.07(b), Bank of America may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as Issuing Bank and/or (ii) upon 30 days’ notice to the Borrower, resign as Swing Line Bank.
In the event of any such resignation as Issuing Bank or Swing Line Bank, the Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank or Swing Line Bank hereunder; provided, however, that no failure by the
Borrower to appoint any such successor shall affect the resignation of Bank of America as Issuing Bank or Swing Line Bank, as the case may be. If Bank of America resigns as Issuing Bank, it shall retain all the rights and obligations of the Issuing
Bank hereunder with respect to all Letter of Credit Advances outstanding as of the effective date of its resignation as Issuing Bank and all Letter of Credit Advances with respect thereto (including the right to require the Lenders to make Base Rate
Advances or fund risk participations in unreimbursed amounts pursuant to Section 2.03). If Bank of America resigns as Swing Line Bank, it shall retain all the rights of the Swing Line Bank provided for hereunder with respect to Swing Line Advances
made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Advances or fund risk participations in outstanding Swing Line Advances pursuant to Section 2.02. 
  
 SECTION 8.08 Tax Forms (i). (a) (i) Each Lender that is not a
“United States person” within the meaning of Section 7701(a)(30) of the Code (a “Foreign Lender”) shall deliver to the Administrative Agent, prior to receipt of any payment subject to withholding under the Code (or
upon accepting an assignment of an interest herein), two duly signed completed copies of either IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to an exemption from, or reduction of, withholding tax on all
payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement) or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement) or such other
evidence satisfactory to the Borrower and the Administrative Agent that such Foreign Lender is entitled to an exemption from, or reduction of, U.S. withholding tax, including any exemption pursuant to Section 881(c) of the Code, and in the case of a
Foreign Lender claiming such an exemption under Section 881(c) of the Code, a certificate that establishes in writing to the Administrative Agent that such Foreign Lender is not (i) a “bank” as defined in Section 881(c)(3)(A) of the Code,
(ii) a 10-percent shareholder within the meaning of Section 871(h)(3)(B) of the Code, and (iii) a controlled foreign corporation related to the Borrower with the meaning of Section 864(d) of the Code. Thereafter and from time to time, each such
Foreign Lender shall (A) promptly submit to the Administrative Agent such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing
authorities) as may then be available under then current United States laws and regulations to avoid, or such evidence as is satisfactory to the Borrower and the Administrative Agent of any available exemption from, or reduction of, United States
withholding taxes in respect of all payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement, (B) promptly notify the Administrative Agent of any change in circumstances which would modify or render invalid any claimed
exemption or reduction, and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any
Requirement of Law that the Borrower make any deduction or withholding for taxes from amounts payable to such Foreign Lender. If the forms referred to above in this subsection (a)(i) that are provided by a Foreign Lender at the time such Foreign
Lender first becomes a party to this Agreement indicate a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from taxes unless and until such Foreign Lender provides the
appropriate form certifying that a lesser rate applies, whereupon withholding tax at such lesser rate shall be considered excluded from Taxes solely for the periods governed by such form. 
  
 (ii) Each Foreign Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of
any sums paid or payable to such Lender under any of 
  

 82 

 the Loan Documents (for example, in the case of a typical participation by such Lender), shall deliver to the
Administrative Agent on the date when such Foreign Lender ceases to act for its own account with respect to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of the Administrative Agent
(in the reasonable exercise of its discretion), (A) two duly signed completed copies of the forms or statements required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to
which such Lender acts for its own account that is not subject to U.S. withholding tax, and (B) two duly signed completed copies of IRS Form W-8IMY (or any successor thereto), together with any information such Lender chooses to transmit with such
form, and any other certificate or statement of exemption required under the Code, to establish that such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender. 
  
 (iii) The Borrower shall not be required to pay any additional amount to any
Foreign Lender under Section 2.13 (A) with respect to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits with an IRS Form W-8IMY pursuant to this Section
8.08(a) or (B) if such Lender shall have failed to satisfy the foregoing provisions of this Section 8.08(a); provided that if such Lender shall have satisfied the requirement of this Section 8.08(a) on the date such Lender became a Lender or ceased
to act for its own account with respect to any payment under any of the Loan Documents, nothing in this Section 8.08(a) shall relieve the Borrower of its obligation to pay any amounts pursuant to Section 2.13 in the event that, as a result of any
change in any applicable Law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence
at a subsequent date establishing the fact that such Lender or other Person for the account of which such Lender receives any sums payable under any of the Loan Documents is not subject to withholding or is subject to withholding at a reduced rate.

  
 (b) The Administrative Agent may, without reduction, withhold
any Taxes required to be deducted and withheld from any payment under any of the Loan Documents with respect to which the Borrower is not required to pay additional amounts under this Section 8.08(a). 
  
 (c) Upon the request of the Administrative Agent, each Lender that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Administrative Agent two duly signed completed copies of IRS Form W-9. If such Lender fails to deliver such forms, then the Administrative
Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable back-up withholding tax imposed by the Code, without reduction. 
  
 If any Governmental Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any
tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the
Administrative Agent under this Section 8.08, and costs and expenses (including Attorney Costs) of the Administrative Agent. The obligation of the Lenders under this Section 8.08 shall survive the termination of the Commitments, repayment of all
other Obligations hereunder and the resignation of the Administrative Agent. 
  
 SECTION 8.09 No Liability of the Issuing Bank. The Borrower assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit.
Neither the Issuing Bank nor any of its officers or directors shall be liable or responsible for: 
  
 (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith; 
  

 83 

 (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such
documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; 
  
 (c) payment by the Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any
documents to bear any reference or adequate reference to the Letter of Credit; or 
  
 (d) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit; 
  
 except that the Borrower shall have a claim against the Issuing Bank, and the Issuing Bank shall be liable to the Borrower, to the extent of any direct, but not
consequential, damages suffered by the Borrower that the Borrower proves were caused by (i) the Issuing Bank’s willful misconduct or gross negligence as determined in a final, nonappealable judgment by a court of competent jurisdiction in
determining whether documents presented under any Letter of Credit comply with the terms of the Letter of Credit or (ii) the Issuing Bank’s willful failure to make lawful payment under a Letter of Credit after the presentation to it of a draft
and certificates strictly complying with the terms and conditions of the Letter of Credit. In furtherance and not in limitation of the foregoing, the Issuing Bank may accept documents that appear on their face to be in order, without responsibility
for further investigation, regardless of any notice or information to the contrary. 
  
 SECTION 8.10 Confidentiality. Neither any Agent nor any Lender Party shall disclose any Confidential Information to any Person without the consent of the Borrower, other than (a) to such Agent’s or such
Lender Party’s Affiliates and their officers, directors, trustees, employees, agents and advisors, to other Lender Parties and to actual or prospective Eligible Assignees and participants, and then in each case only on a confidential basis, (b)
as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, federal or foreign authority or examiner (including the National Association of Insurance Commissioners or any similar organization or
quasi-regulatory authority) regulating such Lender Party, (d) to any rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Confidential
Information relating to the Loan Parties received by it from such Lender Party in accordance with such rating agency’s internal procedures generally applicable to information of the same type, (e) in connection with any litigation or proceeding
to which such Agent or such Lender Party or any of its Affiliates may be a party, provided that such Agent, Lender Party or Affiliate will (unless prohibited by law) use its reasonable best efforts to provide the Borrower with sufficient notice
thereof prior to any such disclosure to permit the Borrower the opportunity to obtain a protective order with respect thereto, or (f) in connection with the exercise of any remedy under this Agreement or any other Loan Document. 
  
 SECTION 8.11 Agent’s Notice. The Administrative Agent hereby
notifies each Loan Party that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes names and addresses and other information that will
allow it to identify each Loan Party in accordance with the Patriot Act. 
  
 SECTION 8.12 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of
this Agreement. 
  

 84 

 SECTION 8.13 Governing Law; Jurisdiction, Etc. 
  
 (a) This Agreement and the Notes shall be governed by, and construed in
accordance with, the laws of the State of New York. 
  
 (b) Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property and assets, to the nonexclusive jurisdiction of any New York State court or any federal court of the United States of America sitting in New York City,
New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party, or for recognition or enforcement of any judgment in respect
thereof, 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 any such New York State court or, to the fullest extent permitted under
applicable law, in any such federal court. Each of the parties hereto hereby irrevocably consents to the service of copies of any summons and complaint and any other process which may be served in any such action or proceeding by certified mail,
return receipt requested, or by delivering a copy of such process to such party, at its address specified in Section 8.02, or by any other method permitted under applicable law. Each of the parties hereto hereby 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 applicable law. Nothing in this Agreement shall affect any right that any of the parties hereto may
otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any jurisdiction. 
  
 (c) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that 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 of the other Loan Documents to which it is a party in any New York State or federal court. 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. 
  

 85 

 SECTION 8.14 WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE AGENTS AND THE LENDER PARTIES
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, THE LETTERS OF CREDIT OR THE ACTIONS OF ANY
AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the
date first above written. 
  

			
	THE BORROWER
	
	 CAREMARK RX, INC.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	THE ADMINISTRATIVE AGENT
	
	 BANK OF AMERICA, N.A.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	THE LEAD ARRANGERS
	
	 BANC OF AMERICA SECURITIES LLC

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 WACHOVIA CAPITAL MARKETS, LLC,
 D/B/A WACHOVIA SECURITIES

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	THE CO-SYNDICATION AGENTS
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	THE CO-DOCUMENTATION AGENTS
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	THE INITIAL LENDERS
	
	 BANK OF AMERICA, N.A., as a Lender,
 the Swing Line Bank and the Issuing Bank

	 	 	 
	 By
	 	  

	 Name:
	 	 
	 Title:Receivables purchase agreement

 Exhibit 10.3 
  

  
 RECEIVABLES PURCHASE AGREEMENT 
  
 DATED AS OF MARCH 24, 2004 
  
 AMONG 
  
 CAREMARK RECEIVABLES LLC, AS SELLER, 
  
 CAREMARK INC. AND 
 ADVANCEPCS HEALTH, L.P., AS
INITIAL SERVICERS, 
  
 CAREMARK RX, INC. AND 
 CAREMARK INTERNATIONAL, INC. AS PERFORMANCE
GUARANTORS, 
  
 BLUE RIDGE ASSET FUNDING
CORPORATION, 
 JUPITER SECURITIZATION CORPORATION AND 
 ATLANTIC ASSET SECURITIZATION CORP., 
 AS
CONDUITS, 
  
 WACHOVIA BANK, NATIONAL
ASSOCIATION, INDIVIDUALLY AS A COMMITTED 
 PURCHASER
AND AS BLUE RIDGE AGENT, 
 BANK ONE, NA,
INDIVIDUALLY AS A COMMITTED PURCHASER AND AS JUPITER AGENT, 
 AND 
 CREDIT LYONNAIS
NEW YORK BRANCH, INDIVIDUALLY AS A COMMITTED 
 PURCHASER
AND AS ATLANTIC AGENT, 
  
 AND 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page

	 ARTICLE I. PURCHASE ARRANGEMENTS
	 	2
	     SECTION 1.1
	 	PURCHASE FACILITY	 	2
	     SECTION 1.2
	 	INCREASES	 	3
	     SECTION 1.3
	 	DECREASES	 	4
	     SECTION 1.4
	 	PAYMENT REQUIREMENTS	 	4
	     SECTION 1.5
	 	COMPUTATIONS	 	4
	     SECTION 1.6
	 	EXTENSION OF LIQUIDITY TERMINATION DATE	 	4
		
	 ARTICLE II. PAYMENTS AND COLLECTIONS
	 	5
	     SECTION 2.1
	 	PAYMENTS	 	5
	     SECTION 2.2
	 	COLLECTIONS AND REINVESTMENTS PRIOR TO AMORTIZATION	 	6
	     SECTION 2.3
	 	COLLECTIONS FOLLOWING AMORTIZATION	 	6
	     SECTION 2.4
	 	PAYMENT RESCISSION	 	7
	     SECTION 2.5
	 	MAXIMUM RECEIVABLE INTERESTS	 	7
	     SECTION 2.6
	 	CLEAN UP CALL	 	7
	     SECTION 2.7
	 	RIGHT OF SETOFF	 	8
		
	 ARTICLE III. CONDUIT FUNDING
	 	8
	     SECTION 3.1
	 	CP COSTS	 	8
	     SECTION 3.2
	 	SELECTION OF CP TRANCHE PERIODS FOR ATLANTIC	 	8
	     SECTION 3.3
	 	CP COSTS PAYMENTS	 	9
	     SECTION 3.4
	 	CALCULATION OF CP COSTS	 	9
		
	 ARTICLE IV. COMMITTED PURCHASER FUNDING
	 	9
	     SECTION 4.1
	 	COMMITTED PURCHASER FUNDING	 	9
	     SECTION 4.2
	 	YIELD PAYMENTS	 	9
	     SECTION 4.3
	 	SELECTION AND CONTINUATION OF INTEREST PERIODS	 	9
	     SECTION 4.4
	 	COMMITTED PURCHASER YIELD RATES	 	10
	     SECTION 4.5
	 	SUSPENSION OF THE LIBO RATE	 	10
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	 	11
	     SECTION 5.1
	 	REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES	 	11
	     SECTION 5.2
	 	REAFFIRMATION OF REPRESENTATIONS AND WARRANTIES BY SELLER	 	14
		
	 ARTICLE VI. CONDITIONS OF PURCHASES
	 	14
	     SECTION 6.1
	 	CONDITIONS PRECEDENT TO INITIAL INCREMENTAL PURCHASE	 	14
	     SECTION 6.2
	 	CONDITIONS PRECEDENT TO ALL INCREMENTAL PURCHASES AND
REINVESTMENTS	 	14
		
	 ARTICLE VII. COVENANTS
	 	16
	     SECTION 7.1
	 	AFFIRMATIVE COVENANTS	 	16
	     SECTION 7.2
	 	NEGATIVE COVENANTS	 	20

  

 i 

					
	 ARTICLE VIII. ADMINISTRATION AND COLLECTION
	 	23
	     SECTION 8.1
	 	DESIGNATION OF SERVICERS	 	23
	     SECTION 8.2
	 	DUTIES OF SERVICERS	 	23
	     SECTION 8.3
	 	RIGHTS AFTER DESIGNATION OF ANY SUCCESSOR SERVICER	 	24
	     SECTION 8.4
	 	SERVICER DEFAULT	 	25
	     SECTION 8.5
	 	INDEMNITIES BY THE SERVICERS	 	25
	     SECTION 8.6
	 	RESPONSIBILITIES OF THE ORIGINATORS	 	26
	     SECTION 8.7
	 	RECEIVABLES REPORTS	 	26
	     SECTION 8.8
	 	SERVICING FEE	 	26
		
	 ARTICLE IX. AMORTIZATION EVENTS
	 	27
	     SECTION 9.1
	 	AMORTIZATION EVENTS	 	27
	     SECTION 9.2
	 	REMEDIES	 	28
		
	 ARTICLE X. INDEMNIFICATION
	 	29
	     SECTION 10.1
	 	INDEMNITIES BY THE SELLER PARTIES	 	29
	     SECTION 10.2
	 	INCREASED COST AND REDUCED RETURN	 	30
	     SECTION 10.3
	 	OTHER COSTS AND EXPENSES	 	31
		
	 ARTICLE XI. THE AGENTS
	 	32
	     SECTION 11.1
	 	AUTHORIZATION AND ACTION	 	32
	     SECTION 11.2
	 	DELEGATION OF DUTIES	 	33
	     SECTION 11.3
	 	EXCULPATORY PROVISIONS	 	33
	     SECTION 11.4
	 	RELIANCE BY AGENTS	 	33
	     SECTION 11.5
	 	NOTICE OF AMORTIZATION EVENTS	 	34
	     SECTION 11.6
	 	NON-RELIANCE ON AGENTS AND OTHER PURCHASERS	 	35
	     SECTION 11.7
	 	INDEMNIFICATION OF AGENTS	 	35
	     SECTION 11.8
	 	AGENTS IN THEIR INDIVIDUAL CAPACITIES	 	36
	     SECTION 11.9
	 	SUCCESSOR ADMINISTRATIVE AGENT	 	36
	     SECTION 11.10
	 	AGENTS’ CONFLICT WAIVERS	 	36
	     SECTION 11.11
	 	UCC FILINGS	 	37
		
	 ARTICLE XII. ASSIGNMENTS AND PARTICIPATIONS
	 	38
	     SECTION 12.1
	 	ASSIGNMENTS AND PARTICIPATIONS BY PURCHASERS	 	38
	     SECTION 12.2
	 	PROHIBITION ON ASSIGNMENTS BY SELLER PARTIES	 	41
		
	 ARTICLE XIII. MISCELLANEOUS
	 	41
	     SECTION 13.1
	 	WAIVERS AND AMENDMENTS; REPLACEMENT OF NON-CONSENTING
GROUPS	 	41
	     SECTION 13.2
	 	NOTICES	 	42
	     SECTION 13.3
	 	PROTECTION OF ADMINISTRATIVE AGENT’S SECURITY INTEREST	 	42
	     SECTION 13.4
	 	CONFIDENTIALITY	 	44
	     SECTION 13.5
	 	BANKRUPTCY PETITION	 	44
	     SECTION 13.6
	 	LIMITATION OF LIABILITY	 	44
	     SECTION 13.7
	 	CHOICE OF LAW	 	45
	     SECTION 13.8
	 	CONSENT TO JURISDICTION	 	45
	     SECTION 13.9
	 	WAIVER OF JURY TRIAL	 	45
	     SECTION 13.10
	 	INTEGRATION; BINDING EFFECT; SURVIVAL OF TERMS	 	46
	     SECTION 13.11
	 	COUNTERPARTS; SEVERABILITY; SECTION REFERENCES	 	46
	     SECTION 13.12
	 	CHARACTERIZATION	 	46
	     SECTION 13.13
	 	NO RECOURSE AGAINST OTHER PARTIES	 	47

  

 ii 

 EXHIBITS AND SCHEDULES 
  

					
	 Exhibit I
	 	-	 	Definitions
	 Exhibit II
	 	-	 	Purchase Notice
	 Exhibit III
	 	-	 	Reduction Notice
	 Exhibit IV
	 	-	 	Actions, Suits, Etc.
	 Exhibit V
	 	-	 	Chief Executive Office; Locations, Etc.
	 Exhibit VI
	 	-	 	Lock-Boxes and Collection Accounts
	 Exhibit VII
	 	-	 	[Reserved]
	 Exhibit VIII
	 	-	 	Business Associate Agreement (Successor Servicer)
	 Exhibit IX
	 	-	 	Credit and Collection Policy
	 Exhibit X
	 	-	 	Lock-Box Agreement
	 Exhibit XI
	 	-	 	Monthly Report
	 Exhibit XII
	 	-	 	Weekly Report
	 Exhibit XIII
	 	-	 	Performance Undertaking
	 Schedule A
	 	-	 	Closing Documents
	 Schedule B
	 	-	 	Lenders and Commitments

  
  

 iii 

 RECEIVABLES PURCHASE AGREEMENT 
  
 THIS RECEIVABLES PURCHASE AGREEMENT, dated as of March 24, 2004 is entered into by and among: 
  
 (a) Caremark Receivables LLC, a Delaware limited liability
company (“Seller”), 
  
 (b) Caremark Inc., a California corporation (“Caremark”), as an initial Servicer, and AdvancePCS Health, L.P., a Delaware limited partnership (“AdvancePCS”), as an initial
Servicer, 
  
 (c) Caremark Rx, Inc., a Delaware
corporation, and Caremark International, Inc., a Delaware corporation, as Performance Guarantors, 
  
 (d) Blue Ridge Asset Funding Corporation, a Delaware corporation (“Blue Ridge” or a
“Conduit”), Jupiter Securitization Corporation, a Delaware corporation (“Jupiter” or a “Conduit”), and Atlantic Asset Securitization Corporation, a Delaware corporation
(“Atlantic” or a “Conduit”), 
  
 (e) Wachovia Bank, National Association, individually (“Wachovia”) as a committed purchaser (in such capacity, a “Blue Ridge Committed Purchaser”), Bank One, NA,
individually (“Bank One”) as a committed purchaser (in such capacity, a “Jupiter Committed Purchaser”), and Credit Lyonnais New York Branch, individually (“CLNY”) as a committed
purchaser (in such capacity, an “Atlantic Committed Purchaser” and each of the Atlantic Committed Purchaser, the Liberty Street Committed Purchase, the Jupiter Committed Purchase, the Blue Ridge Committed Purchaser and their
respective successors and assigns, a “Committed Purchaser”; and together with the Conduits, the “Purchasers” and individually a “Purchaser” ), 
  
 (f) Wachovia Bank, National Association, as agent (in such
capacity, the “Blue Ridge Agent” or a “Co-Agent”) for Blue Ridge and the Blue Ridge Committed Purchaser(s) (collectively, the “Blue Ridge Group”), Bank One, NA, as agent (in
such capacity, the “Jupiter Agent” or a “Co-Agent”) for Jupiter and the Jupiter Committed Purchaser(s) (collectively, the “Jupiter Group”), and Credit Lyonnais New York Branch,
as agent (in such capacity, the “Atlantic Agent” or a “Co-Agent”) for Atlantic and the Atlantic Committed Purchaser(s) (collectively, the “Atlantic Group” and each of the
Atlantic Group, the Liberty Street Group, the Jupiter Group and the Blue Ridge Group, a “Group”), and 
  
 (g) Wachovia Bank, National Association, as administrative agent for the Co-Agents, the Conduits and the Committed Purchasers and their
assigns under the Transaction Documents (together with its successors and assigns in such agency capacity, the “Administrative Agent” and, together with each of the Co-Agents, the “Agents”).

 Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such
terms in Exhibit I. 
  
 PRELIMINARY STATEMENTS

  
 Seller desires to sell and assign
from time to time Receivable Interests to certain of the Purchasers. 
  
 Upon a Co-Agent’s receipt of a notice of proposed sale, its Conduit may, in its absolute and sole discretion, acquire the applicable Receivable Interest from Seller, and in the event that a Conduit declines to
make any such acquisition, the declining Conduit’s Committed Purchaser(s) shall make such acquisition. 
  
 Wachovia has been requested and is willing to act as Blue Ridge Agent on behalf of the Blue Ridge Group in accordance with the terms
hereof. 
  
 Bank One has been requested and is
willing to act as Jupiter Agent on behalf of the Jupiter Group in accordance with the terms hereof. 
  
 CLNY has been requested and is willing to act as Atlantic Agent on behalf of the Atlantic Group in accordance with the terms hereof.

  
 Wachovia has been requested and is willing to
act as Administrative Agent on behalf of the Co-Agents and the Purchasers in accordance with the terms hereof. 
  
 ARTICLE I. 
  
 PURCHASE ARRANGEMENTS 
  
 Section 1.1 Purchase
Facility. 
  
 (a) On the terms and subject to the conditions
set forth in this Agreement: 
  
 (i) Seller may
from time to time on and after the Closing Date and prior to the Amortization Date for each applicable Group, sell and assign Receivable Interests to each of the Groups, ratably in accordance with the Groups’ respective Group Limits, by
delivering a Purchase Notice to the Administrative Agent in accordance with Section 1.2; and 
  
 (ii) Not later than 12:00 p.m. (New York time) on the proposed date of each Incremental Purchase, each of the Co-Agents shall determine
whether its Conduit will acquire its Group’s Receivable Interest, and in the event that any applicable Conduit elects not to make any such acquisition (each such Conduit, a “Declining Conduit”), its Co-Agent shall
promptly notify Seller and the Declining Conduit’s Committed Purchaser(s) of such fact, whereupon, unless Seller notifies each of the Co-Agents that it wishes to cancel the proposed Incremental Purchase as to all Groups, each Declining
Purchaser’s Committed 
  

 2 

 Purchaser(s) severally agrees to acquire on such proposed date of purchase its Ratable Share of such
Declining Conduit’s Receivable Interest, on the terms and subject to the conditions hereof, provided that (A) at no time may the Group Invested Amount of any Group at any one time outstanding exceed such Group’s Group Limit,
and (B) at no time may the Aggregate Invested Amount outstanding hereunder exceed the lesser of (1) the Facility Limit and (2) the Net Pool Balance less the Required Reserve. 
  
 (b) Each Conduit’s Committed Purchaser(s)’ Commitments to Seller under this Agreement shall terminate on such
Group’s Amortization Date (although their Liquidity Commitments to their respective Conduits may continue beyond such date). Nothing contained in this Agreement shall, or shall be deemed to, constitute a commitment by any Conduit to acquire any
Receivable Interest. 
  
 (c) Seller may upon at least ten (10)
days’ irrevocable notice to the applicable Co-Agent, with a copy to the Administrative Agent, terminate in whole or reduce in part the unused portion of any Group’s Group Limit; provided that (i) each partial reduction of a
Group Limit shall be in an aggregate amount at least equal to $10,000,000 and any larger integral multiple of $1,000,000, (ii) in no event shall any Group’s Group Limit be reduced to less than $40,000,000 unless it is reduced to $0, (iii) each
partial reduction of a Group Limit shall reduce that Group’s Committed Purchaser(s)’ Commitments ratably in accordance with their respective Ratable Shares, and (iv) each reduction of a Group Limit shall reduce the Facility Limit in a like
amount. 
  
 Section 1.2 Increases. Seller shall provide the
Administrative Agent with at least one (1) Business Day’s prior written notice in the form set forth as Exhibit II hereto of each Incremental Purchase (each, a “Purchase Notice”) not later than 1:00 p.m. (New York time)
on the Business Day prior to the proposed purchase date. The Administrative Agent shall promptly deliver a copy of each Purchase Notice to the Co-Agents no later than 3:00 p.m. (New York time) on such Business Day. Each Purchase Notice shall be
subject to Article VI hereof, shall be irrevocable, and shall specify: 
  
 (a) the requested ratable Purchase Price for each Group’s Receivable Interest which shall not be less than $3,000,000 for any Group or a larger integral multiple of $1,000,000 unless such Group’s then
available Group Limit is less than $3,000,000 or such larger integral multiple thereof, 
  
 (b) the proposed date of such Incremental Purchase, and 
  
 (c) in case an Incremental Purchase is ultimately funded by any Conduit’s Committed Purchaser(s), the
requested Yield Rate and Interest Period. 
  
 Following receipt of a copy of a
Purchase Notice from the Administrative Agent, each Co-Agent will determine whether its Conduit agrees to acquire the Receivable Interest being offered to it. If any applicable Conduit declines to make a proposed acquisition, then the Incremental
Purchase to that Group will be funded by such Conduit’s Committed Purchaser(s). On the date of each Incremental Transfer, subject to prior satisfaction of the applicable conditions precedent set forth 
  

 3 

 in Article VI, each of the applicable Conduits or its Committed Purchaser(s), as applicable, shall use its best efforts
to authorize the release of a wire transfer in immediately available funds to be deposited into the Facility Account, no later than 3:00 p.m. (New York time), in an amount equal to (i) in the case of a Conduit, the Purchase Price for its
Group’s Receivable Interest or (ii) in the case of a Committed Purchaser, such Committed Purchaser’s Ratable Share of such Purchase Price. 
  
 Section 1.3 Decreases. Not later than 1:00 p.m. (New York time) on a Business Day that gives effect to the Required Notice Period, Seller shall
provide the Administrative Agent with prior written notice in substantially the form of Exhibit III hereto and in conformity with the Required Notice Period (each, a “Reduction Notice”) of any proposed reduction in the
Groups’ respective Group Invested Amounts. The Administrative Agent shall promptly deliver such notice to the Co-Agents. Each Reduction Notice shall be irrevocable and shall designate (a) the date (the “Proposed Reduction
Date”) upon which any such reduction shall occur, and (b) the amount of each applicable Group’s Group Reduction (which shall be ratable in accordance with their respective Group Limits). Only one (1) Reduction Notice shall be
outstanding at any time. 
  
 Section 1.4 Payment
Requirements. All amounts to be paid or deposited by any Seller Party pursuant to any provision of this Agreement or the Fee Letter shall be paid or deposited in accordance with the terms hereof by wire transfer authorized to be released by such
Seller Party no later than 2:00 p.m. (New York time) on the day when due in immediately available funds, and if such wire transfer is not authorized to be released by 2:00 p.m. (New York time) the amounts to be paid or deposited shall be deemed to
be received on the next succeeding Business Day. If such amounts are payable to the Blue Ridge Agent, the Administrative Agent, or to a member of the Blue Ridge Group, they shall be paid to account #2000010384921 at Wachovia Bank, National
Association, in Charlotte, North Carolina, ABA No. 053000219 until otherwise notified by the Blue Ridge Agent or the Administrative Agent (the “Blue Ridge Group Account”). If such amounts are payable to the Jupiter Agent or
to a member of the Jupiter Group, they shall be paid to account no. #59-48118 at Bank One, NA, in Chicago, Illinois, ABA No. 071000013 until otherwise notified by the Jupiter Agent (the “Jupiter Group Account”). If such
amounts are payable to the Atlantic Agent or to a member of the Atlantic Group, they shall be paid to account #01-88485-3701-00-001 at Credit Lyonnais New York Branch, in New York, New York, ABA No. #026008073 until otherwise notified by the
Atlantic Agent (the “Atlantic Group Account”). If any amount hereunder shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day. 
  
 Section 1.5 Computations. All computations of Yield, per annum fees
calculated as part of any Conduit’s CP Costs, and per annum fees hereunder and under the Fee Letters, shall be made on the basis of a year of 360 days for the actual number of days elapsed for the Calculation Period then most recently ended.

  
 Section 1.6 Extension of Liquidity Termination Date.
Seller may request that one or more of the Groups extend their respective Liquidity Termination Dates for one or more periods of 364 days by written notice delivered to each such Group’s Co-Agent no later than the 90th day prior to the existing Liquidity Termination Date. If any such Group fails to approve any extension of its Liquidity
Termination Date by the 60th day prior thereto, or if the Seller does not 
  

 4 

 request that a Group extend its Liquidity Termination Date, the Seller will have until the originally scheduled Liquidity
Termination Date for such Group to find another A1/P1 or better rated multi-seller commercial paper conduit and committed purchasers (which may include the members of an existing Group) to accept an assignment of the non-approving Group’s
Receivable Interests and Commitments, as applicable. If such replacements cannot be located within such period, the applicable Group’s Receivable Interests will amortize as originally scheduled, but the remaining Groups Liquidity Termination
Dates will be extended for another 364 days from the originally scheduled Liquidity Termination Date. If such replacements are located, each non-approving or non-requested Group shall assign its Receivable Interests and Commitments, as applicable,
as of the existing Liquidity Termination Date, to such replacements, whereupon its assignees’ Liquidity Termination Date, as well as the Liquidity Termination Date for each remaining Group, shall be extended for 364-days. Seller acknowledges
and agrees that Seller will cause the Rebate Contract Opinion to be updated upon the request of any Group in connection with any extension of the Liquidity Termination Date hereunder. 
  
 ARTICLE II. 
  
 PAYMENTS AND COLLECTIONS 
  
 Section 2.1 Payments. Seller shall immediately pay to each of the Co-Agents when due, for the account of the relevant Purchaser or Purchasers in
its Group, on a full recourse basis, all of the following (collectively, the “Recourse Obligations”): 
  
 (a) such fees as set forth in the Fee Letters, 
  

(b) all amounts payable as CP Costs, 
  
 (c) all amounts payable as Yield, 
  
 (d) all amounts payable as Deemed Collections (which shall be immediately due and payable by Seller and applied to reduce outstanding
Aggregate Invested Amount hereunder in accordance with Sections 2.2 and 2.3 hereof), 
  
 (e) all amounts required pursuant to Section 2.6, 
  
 (f) all amounts payable pursuant to Article X, if any, 
  
 (g) all costs and expenses of the Servicers, including their
respective shares of the Servicing Fee, in connection with servicing, administering and collecting the Receivables, such amounts to be paid to the Servicers on behalf of the Purchasers, 
  
 (h) all Broken Funding Costs (which shall be immediately due and payable by Seller upon the occurrence of
any Group Reduction giving rise thereto), and 
  

 5 

 (i) all Default Fees (which shall be immediately due and payable by Seller upon demand).

  
 If Seller fails to pay any of the Recourse Obligations when due, Seller agrees
to pay, on demand, the Default Fee in respect thereof until paid. Notwithstanding the foregoing, no provision of this Agreement or the Fee Letters shall require the payment or permit the collection of any amounts hereunder in excess of the maximum
permitted by applicable law. 
  
 Section 2.2 Collections and
Reinvestments Prior to Amortization. 
  
 (a) On each day
prior to a particular Group’s Amortization Date, such Group’s Outstanding Percentage as of the end of the prior Business Day of (i) all Deemed Collections and (ii) all Collections in each case, received or deemed received by any Seller
Party on such day (such Group’s Outstanding Percentage of such Deemed Collections and Collections referred to herein as such Group’s “Group Collections”) shall be set aside and held in trust by the Servicers either
for the payment of any accrued and unpaid Aggregate Unpaids owing to the members of such Group or for a Reinvestment by such Group with such Group’s Group Collections as provided in this Section 2.2 (which obligation to hold in trust
shall be satisfied, prior to the applicable Settlement Date, upon the marking by each applicable Servicer on its books and records to reflect the interest of the applicable Group in such Collections and Deemed Collections). 
  
 (b) If on any day prior to a particular Group’s Amortization Date,
provided that no Amortization Event exists and is continuing, any Group Collections are received for the account of such Group pursuant to Section 2.2(a), Seller hereby requests — and the Purchasers in that Group hereby
agree to make, simultaneously with such receipt — a reinvestment (each, a “Reinvestment”) with all or a portion of such Group Collections such that after giving effect to such receipt and Reinvestment, that Group’s
Group Invested Amount will equal its Group Invested Amount immediately prior to such receipt and Reinvestment. 
  
 (c) On each Settlement Date prior to the occurrence of a particular Group’s Amortization Date, the Servicer shall remit to the applicable Group
Account such Group’s Group Collections set aside pursuant to Section 2.2(a) during the preceding Settlement Period that have not been subject to a Reinvestment and apply such amounts (if not previously paid in accordance with Section
2.1) to reduce unpaid Recourse Obligations owing to the members of that Group. Once such Group’s Recourse Obligations have been reduced to zero, any of its remaining Group Collections shall (i) if applicable, be remitted to the applicable
Group Account by wire transfer authorized to be released by the Servicer no later than 2:00 p.m. (New York time) to the extent required to fund any applicable Group Reduction on such Settlement Date and (ii) thereafter be remitted to Seller on such
Settlement Date. 
  
 Section 2.3 Collections Following
Amortization. 
  
 (a) On each day on or after the occurrence
of a particular Group’s Amortization Date and on each date on which an Unmatured Amortization Event is continuing, such Group’s Group Collections shall be set aside in one or more separate segregated Lock-Box Accounts and held in trust
therein by the Servicers for the payment on the next Settlement Date 
  

 6 

 of any accrued and unpaid Aggregate Unpaids owing to the members of such Group as provided in Section 2.3(b). On
each day on or after the occurrence of a particular Group’s Amortization Date, such Group’s Group Collections shall be set aside in a separate segregated Lock-Box Account and held in trust therein by the Servicers for the payment on the
next Settlement Date of any accrued and unpaid Aggregate Unpaids owing to the members of such Group as provided in Section 2.3(b). 
  
 (b) On each Settlement Date occurring on or after a particular Group’s Amortization Date, the Servicers shall remit to the applicable Group Account
such Group’s Group Collections and apply such amounts in the following order of priority: 
  
 first, to payment of such Group’s Outstanding Percentage as of the end of the prior Business Day of all Servicer costs
and expenses, including the Servicing Fee, in connection with servicing, administering and collecting the Receivables, 
  
 second, to such Group’s Outstanding Percentage as of the end of the prior Business Day of the Administrative
Agent’s costs of collection and enforcement of this Agreement, 
  
 third, ratably to the payment of all accrued and unpaid fees under such Group’s Fee Letter, and to all CP Costs, Default Fees and Yield owing to members of that Group, 
  
 fourth, ratably to reduction of such
Group’s Group Invested Amount, 
  
 fifth, for the ratable payment of all remaining Recourse Obligations, and 
  
 sixth, after the Aggregate Unpaids owing to such Group have been reduced to zero, to Seller. 
  
 Section 2.4 Payment Rescission. No payment of any Aggregate Unpaids
shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason.
Seller shall remain obligated, only to the extent it was obligated prior to such rescission, for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Co-Agent (for application to the
Person or Persons who suffered such rescission, return or refund) the full amount thereof, plus the Default Fee from the date of any such rescission, return or refunding. 
  
 Section 2.5 Maximum Receivable Interests. Seller shall ensure that the percentage computed in the definition of
Receivable Interests with respect to all Purchasers at no time exceeds in the aggregate 100%. If such percentage exceeds 100%, Seller shall pay to the Co-Agents ratably an aggregate amount to be applied to reduce such Co-Agents’ Group Invested
Amount (as allocated between Group members by such Co-Agent), such that after giving effect to such payment, such percentage does not exceed 100%. 
  
 Section 2.6 Clean Up Call. In addition to Seller’s rights pursuant to Sections 1.1(c) and 1.3, Seller shall have the right
(after providing written notice to the Co-Agents in accordance 
  

 7 

 with the Required Notice Period), on any Settlement Date following the reduction of the Aggregate Invested Amount to a
level that is less than 10.0% of the highest Facility Limit to repay the Aggregate Unpaids in full and to cancel the Commitments of the Committed Purchasers and this Agreement in its entirety. 
  
 Section 2.7 Right of Setoff. The Administrative Agent, each Co-Agent,
each of the Conduits and each of the Committed Purchasers is hereby authorized (in addition to any other rights it may have) at any time after the occurrence and during the continuation of an Amortization Event, to set-off, appropriate and apply
(without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by any such Person to, or for the account of, the Seller against the amount of the Aggregate Unpaids owing
by Seller to such Person (even if contingent or unmatured). 
  
 ARTICLE III. 
  
 CONDUIT FUNDING

  
 Section 3.1 CP Costs. Seller shall pay CP Costs
with respect to the Invested Amount associated with each Receivable Interest of a Conduit for each day that any Invested Amount in respect of such Receivable Interest is outstanding. Each Receivable Interest of Blue Ridge or Jupiter that is funded
substantially with Pooled Commercial Paper will accrue CP Costs each day on a pro rata basis, based upon the percentage share the Invested Amount in respect of such Receivable Interest represents in relation to all assets held by such Conduit and
funded substantially with related Pooled Commercial Paper. 
  
 Section 3.2 Selection of CP Tranche Periods for Atlantic 
  
 (a) Except upon the occurrence and during the continuance of an Amortization Event, Seller in its Purchase Notice may request CP Tranche Periods from time to time to apply to Atlantic’s receivable Interests;
provided, however, that (i) at least one CP Tranche Period of Atlantic shall mature on each Settlement Date and (ii) no CP Tranche Period of Atlantic may extend beyond Atlantic’s Liquidity Termination Date. 
  
 (b) While the Atlantic Agent will use reasonable efforts to accommodate
Seller’s requests for CP Tranche Periods except during the continuance of an Amortization Event, the Atlantic Agent shall have the right to subdivide any requested Receivable Interest of Atlantic into one or more Receivable Interest of
different CP Tranche Periods, or, if the requested period is not feasible, to suggest an alternative CP Tranche Period. 
  
 (c) Unless the Atlantic Agent shall have received written notice by 12:00 noon (New York City time) on the second Business Day prior to the last day of a
CP Tranche Period that Seller intends to reduce the Aggregate Net Investment, the Atlantic Agent and Atlantic shall be entitled to assume that Seller desires to refinance the maturing tranche of Atlantic’s Commercial Paper on the last day of
its CP Tranche Period with new tranche having a substantially similar CP Tranche Period; provided, however, (i) that Seller shall remain liable to pay in cash any portion of the Invested Amount or Yield on the maturing tranche of
Commercial Paper when due to the extent that Atlantic cannot issue Commercial Paper or obtain funds under 
  

 8 

 its Liquidity Agreement in the precise amount necessary to refinance the maturing Commercial Paper tranche and pay the
accrued and unpaid discount thereon, and (ii) in no event shall Atlantic be required to maintain more than six outstanding CP Tranche Periods at any one time.. 
  

Section 3.3 CP Costs Payments. On each Settlement Date, Seller shall pay to each of the Co-Agents (for the benefit of its Conduit) an aggregate
amount equal to all accrued and unpaid CP Costs in respect of the Invested Amount associated with all Receivable Interests funded with Commercial Paper of such Conduit for the immediately preceding Settlement Period in accordance with Article II.

  
 Section 3.4 Calculation of CP Costs. Not later than the
5th Business Day after the end of each Calculation Period, each Co-Agent shall calculate the aggregate amount of CP
Costs allocated to the Invested Amount of its Conduit’s Receivable Interests for the applicable Calculation Period and shall notify Seller of such aggregate amount. Such calculation shall represent actual CP Costs for the Calculation Period
then most recently ended in the case of Blue Ridge or Jupiter. 
  
 ARTICLE IV. 
  
 COMMITTED PURCHASER FUNDING

  
 Section 4.1 Committed Purchaser Funding. Each
Receivable Interest of any Group’s Committed Purchaser(s) shall accrue Yield for each day during its Interest Period at either the LIBO Rate or the Alternate Base Rate in accordance with the terms and conditions hereof. Until Seller gives
notice to the applicable Co-Agent of another Yield Rate in accordance with Section 4.4, the initial Yield Rate for any Receivable Interest transferred by a Conduit to its Committed Purchasers pursuant to the terms and conditions of its
Liquidity Agreement, or funded by its Committed Purchaser(s) pursuant to this Agreement, shall be the Alternate Base Rate. If any Conduit’s Committed Purchaser(s) acquire(s) by assignment from such Conduit any Receivable Interest pursuant to
the applicable Liquidity Agreement, each Receivable Interest so assigned shall each be deemed to have a new Interest Period commencing on the date of any such assignment. 
  
 Section 4.2 Yield Payments. On the Settlement Date for each Receivable Interest of a Group’s Committed
Purchaser(s), Seller shall pay to the applicable Co-Agent (for the ratable benefit of the Committed Purchasers in its Group) an aggregate amount equal to the accrued and unpaid Yield for the entire Interest Period of each such Receivable Interest in
accordance with Article II. 
  
 Section 4.3 Selection and
Continuation of Interest Periods. 
  
 (a) Seller shall from
time to time request Interest Periods for the Receivable Interests of the Committed Purchasers in such Co-Agent’s Group, provided that if at any time such Committed Purchasers shall have a Receivable Interest outstanding, Seller
shall always request Interest Periods such that at least one Interest Period shall end on the date specified in clause (a) of the definition of Settlement Date. 
  

 9 

 (b) Seller or the applicable Co-Agent, upon notice to and consent by the other received at least three
(3) Business Days prior to the end of a Interest Period (a “Terminating Tranche”) for any Receivable Interest, may, effective on the last day of such Terminating Tranche: (i) divide any such Receivable Interest into multiple
Receivable Interests, (ii) combine any such Receivable Interest with one or more other Receivable Interests that have a Terminating Tranche ending on the same day as such Terminating Tranche or (iii) combine any such Receivable Interest with a new
Receivable Interest to be acquired by such Co-Agent’s Group on the day such Terminating Tranche ends, provided that in no event may a Receivable Interest of a Conduit be combined with a Receivable Interest of its Committed
Purchasers. 
  
 Section 4.4 Committed Purchaser Yield
Rates. Seller may select the LIBO Rate or the Alternate Base Rate for each Receivable Interest of any Conduit’s Committed Purchasers. Seller shall by 12:00 p.m. (New York time): (i) at least three (3) Business Days prior to the expiration
of any Terminating Tranche with respect to which the LIBO Rate is being requested as a new Yield Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Alternate Base Rate is being
requested as a new Yield Rate, give the applicable Co-Agent irrevocable notice of the new Yield Rate and Interest Period for the Receivable Interest associated with such Terminating Tranche. Until Seller gives notice to the applicable Co-Agent of
another Yield Rate, the initial Yield Rate for any Receivable Interest transferred to the Committed Purchasers in its Group pursuant to the terms and conditions of the applicable Liquidity Agreement shall be the Alternate Base Rate. 
  
 Section 4.5 Suspension of the LIBO Rate. 
  
 (a) If any Committed Purchaser notifies the applicable Co-Agent that it has
determined that funding its Ratable Share of the Receivable Interests of the Committed Purchasers in its Group at a LIBO Rate would violate any applicable law, rule, regulation, or directive of any governmental or regulatory authority, due to a
Regulatory Change, or that (i) deposits of a type and maturity appropriate to match fund its Receivable Interests at such LIBO Rate are not available or (ii) such LIBO Rate does not accurately reflect the cost of acquiring or maintaining a
Receivable Interest at such LIBO Rate, then such Co-Agent shall suspend the availability of such LIBO Rate for its Group and require Seller to select the Alternate Base Rate for any Receivable Interest of its Group funded by its Committed
Purchasers. 
  
 (b) If less than all of the Committed Purchasers
in a Group give a notice to their applicable Co-Agent pursuant to Section 4.5(a), each Committed Purchaser which gave such a notice shall be obliged, at the request of Seller, the applicable Conduit or the applicable Co-Agent, to assign all
of its rights and obligations hereunder to (i) another Committed Purchaser or (ii) another funding entity nominated by Seller or such Co-Agent that is acceptable to the applicable Conduit and willing to participate in this Agreement through the
Liquidity Termination Date in the place of such notifying Committed Purchaser; provided that (A) the notifying Committed Purchaser receives payment in full, pursuant to an Assignment Agreement, of an amount equal to such notifying
Committed Purchaser’s Ratable Share of the Invested Amount owing to all of the Committed Purchasers in its Group and all accrued but unpaid fees and other costs and expenses payable in respect of its Ratable Share of the Receivable Interests of
such Committed Purchasers, and (B) the replacement Committed Purchaser otherwise satisfies the requirements of Section 12.1(b). 
  

 10 

 ARTICLE V. 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 5.1 Representations and Warranties of the Seller Parties. Each Seller Party hereby represents and warrants to
the Agents and the Purchasers, as to itself, as of the date hereof and as of the date of each Incremental Purchase and the date of each Reinvestment that: 
  
 (a) Existence and Power. Such Seller Party is a corporation or limited liability company, as the case may be, duly organized, validly existing and
in good standing under the laws of its jurisdiction of incorporation or organization and has all corporate or limited liability company power and all material governmental licenses, authorizations, consents and approvals required to carry on its
business in each jurisdiction in which its business is now conducted. Such Seller Party is duly qualified to do business in, and is in good standing in, every other jurisdiction in which the nature of its business requires it to be so qualified,
except where the failure to be so qualified or in good standing would not have a Material Adverse Effect. 
  
 (b) Company and Governmental Authorization; Contravention. The execution, delivery and performance by such Seller Party of this Agreement and the
other Transaction Documents to which such Seller Party is a party are within such Seller Party’s corporate or limited liability company powers, as the case may be, have been duly authorized by all necessary corporate or limited liability
company action, as applicable, require no action by or in respect of, or filing with, any Official Body or official thereof (other than the filing of financing statements), and do not contravene, or constitute a default under, any provision of
applicable law, rule or regulation or of the Organizational Documents of such Seller Party or of any agreement or of any judgment, injunction, order, writ, decree or other instrument binding upon such Seller Party or result in the creation or
imposition of any Adverse Claim on the assets of such Seller. 
  
 (c) Binding Effect. Each of this Agreement and the other Transaction Documents to which such Seller Party is a party constitutes the legal, valid and binding obligation of such Seller Party, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally and general equitable principles (whether considered in a proceeding at law or in equity). 
  
 (d) Good Title. Immediately preceding each Purchase hereunder, Seller
shall be the owner of all of the Receivables, free and clear of all Adverse Claims (other than Adverse Claims in favor of the Administrative Agent, as agent for the Groups). On or prior to each Incremental Purchase and Reinvestment, all financing
statements and other documents required to be recorded or filed in order to perfect and protect the Receivable Interests against all creditors of, and purchasers from, Seller and the Originators will have been duly filed in each filing office
necessary for such purpose, and all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full. 
  

 11 

 (e) Accuracy of Information. All information heretofore furnished by or on behalf of such Seller
Party (including, without limitation, any Monthly Report, Weekly Report or financial statement) to any of the Agents or Purchasers for purposes of, or in connection with, this Agreement and the other Transaction Documents are, and all such
information hereafter furnished by or on behalf of such Seller Party to any of the Agents or Purchasers will be, true and correct in all material respects, on the date such information is stated or certified. 
  
 (f) Tax Status. Such Seller Party has filed all tax returns (Federal,
state and local) required to be filed and has paid or made adequate provision for the payment of all taxes, assessments and other governmental charges. 
  
 (g) Action, Suits. Except as set forth in Exhibit IV hereof (as may be amended by the Seller Parties from time to time), there are no actions,
suits or proceedings pending or, to the knowledge of such Seller Party threatened, against or affecting such Seller Party or any Affiliate thereof or their respective properties, in or before any court, arbitrator or other body, which could
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
  
 (h) Use of Proceeds. No proceeds of any Purchase will be used by Seller (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal
Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended. 
  
 (i) Place of Business. The principal place of business and chief executive office of Seller is located at the address
indicated on Exhibit V hereto, and the offices where Seller keeps all its Records, are located at the address(es) described on Exhibit V or such other locations notified to the Administrative Agent in accordance with Section 7.2(f) hereof in
jurisdictions where all action required by such Section has been taken and completed. 
  
 (j) Perfection. Upon each Incremental Purchase and Reinvestment, the Administrative Agent, as agent for the Groups, shall acquire (i) a valid and perfected first priority undivided percentage ownership interest
to the extent of the Receivable Interests or (ii) a first priority perfected security interest in each Receivable that exists on the date of such Incremental Purchase or Reinvestment and in the Related Security, Collections and Proceeds with respect
thereto, in either case free and clear of any Adverse Claim. 
  
 (k) Tradenames, Etc. As of the date hereof: (i) each of the Seller Parties has only the divisions listed on Exhibit V hereto; and (ii) each of the Seller Parties has, within the last five (5) years, operated only under the tradenames
identified on such Exhibit, and, within the last five (5) years, has not changed its name, merged with or into or consolidated with any other Person or been the subject of any proceeding under the Bankruptcy Code, except as disclosed in such
Exhibit. 
  
 (l) Nature of Receivables. Each Receivable (i)
represented by any Seller Party to be an Eligible Receivable (including in any Monthly Report or Weekly Report) or (ii) included in the calculation of the Net Pool Balance in fact satisfies at such time the definition of “Eligible
Receivable”. 
  

 12 

 (m) Purchase Limit and Maximum Receivable Interests. Immediately after giving effect to each
Incremental Purchase and Aggregate Reduction hereunder, the Aggregate Invested Amount is less than or equal to the Facility Limit and the aggregate of the percentage computed in the definition of Receivable Interests does not exceed 100%.

  
 (n) Credit and Collection Policy. Since January 1,
2004, there have been no material changes in the Credit and Collection Policy, other than as permitted hereunder. Since such date, no material adverse change has occurred in the overall rate of collection of the Receivables. 
  
 (o) Collections and Servicing. Since January 1, 2004, there has been
no material adverse change in the ability of the Servicers (to the extent they are Originators, Seller or any Subsidiary or Affiliate of any of the foregoing) to service and collect the Receivables. 
  
 (p) No Amortization Event or Unmatured Amortization Event. No event
has occurred and is continuing and no condition exists which constitutes an Amortization Event or an Unmatured Amortization Event. 
  
 (q) Not a Holding Company or an Investment Company. Such Seller Party is not a “holding company” or a “subsidiary holding
company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or any successor statute. Such Seller Party is not an “investment company” within the meaning of the Act, or
any successor statute. 
  
 (r) ERISA. Each of Seller and
its ERISA Affiliates is in compliance in all material respects with ERISA, and no lien exists in favor of the PBGC on any of the Receivables. 
  
 (s) Lock-Box Accounts. The names and addresses of all the Lock-Box Banks, together with the account numbers of the Lock-Box Accounts at such
Lock-Box Banks, are specified in Exhibit VI hereto (or at such other Lock-Box Banks and/or with such other Lock-Box Accounts as have been notified to the Administrative Agent and for which Lock-Box Agreements have been executed and delivered to the
Servicers and the Administrative Agent). All Obligors have been instructed to make payment to a Lock-Box Account, and only Collections are deposited into a Lock-Box Account. 
  
 (t) Bulk Sales. No transaction contemplated hereby or by the Receivables Sale Agreement requires compliance with any
“bulk sales” act or similar law. 
  
 (u) Transfers
Under Receivables Sale Agreement. Each Receivable which has been transferred to Seller by an Originator has been purchased by Seller from such Originator pursuant to, and in accordance with, the terms of the Receivables Sale Agreement.

  
 (v) Preference; Voidability. Seller shall have given
reasonably equivalent value to the applicable Originator in consideration for the transfer to Seller of the Receivables 
  

 13 

 and Related Security, Collections and Proceeds with respect thereto from such Originator, and each such transfer shall
not have been made for or on account of an antecedent debt owed by such Originator to Seller, and no such transfer is or may be voidable under the Bankruptcy Code. 
  
 (w) Subsidiaries. Seller has no Subsidiaries and is not engaged in any joint venture with any other Person.

  
 (x) Ownership. All of Seller’s issued and
outstanding Stock is owned by Caremark free and clear of any Adverse Claim. There are no outstanding rights to purchase, options, warrants or similar rights or agreements pursuant to which Seller may be required to issue, sell, repurchase or redeem
any of its Stock. 
  
 (y) Separateness. Seller is operated
in such a manner that the separate legal existence of Seller will not be disregarded in the event of a bankruptcy or insolvency of any Originator. 
  
 (z) Brokers. No broker or finder acting on behalf of Seller was employed or utilized in connection with this Agreement or the other Transaction
Documents or the transactions contemplated hereby or thereby and the Seller has no obligation to any Person in respect of any finder’s or brokerage fees in connection therewith. 
  
 Section 5.2 Reaffirmation of Representations and Warranties by Seller. On each day that a Purchase is made hereunder,
Seller, by accepting the proceeds of such Purchase, shall be deemed to have certified that all representations and warranties described in Section 5.1 hereof are true and correct on and as of such day as though made on and as of such day.

  
 ARTICLE VI. 
  
 CONDITIONS OF PURCHASES 
  
 Section 6.1 Conditions Precedent to Initial Incremental Purchase. The
initial Incremental Purchase of a Receivable Interest under this Agreement is subject to the conditions precedent that: 
  
 (a) the Administrative Agent shall have received on or before the date of such Incremental Purchase those documents listed on Schedule A,
and 
  
 (b) each of the Agents shall have
received all fees and expenses required to be paid on such date pursuant to the terms of this Agreement and the Fee Letters. 
  
 Section 6.2 Conditions Precedent to All Incremental Purchases and Reinvestments. Each Incremental Purchase and each Reinvestment shall be subject
to the further conditions precedent that: 
  
 (a)
as of the date on which the applicable Purchase Notice was delivered in the case of each such Incremental Purchase or Reinvestment, the 
  

 14 

 Servicers shall have delivered to the Co-Agents, in form and substance reasonably satisfactory to each of
the Co-Agents, all Monthly Reports and Weekly Reports as and when due under Section 8.7, taking into account any applicable cure periods, 
  
 (b) the Amortization Date shall not have occurred and an Unmatured Amortization Event shall not have occurred and be continuing,

  
 (c) the Agents shall have received such other
approvals, opinions or documents as any of them may reasonably request, and 
  
 (d) on the date of each such Incremental Purchase or Reinvestment and after giving effect thereto, the following statements shall be true (and acceptance of the proceeds of such Incremental Purchase or Reinvestment
shall be deemed a representation and warranty by Seller that such statements are then true): 
  
 (i) the representations and warranties set forth in Section 5.1 are true and correct in all material respects on and as of the date
of such Incremental Purchase or Reinvestment as though made on and as of such date; 
  
 (ii) no event has occurred and is continuing, or would result from such Incremental Purchase or Reinvestment, that will constitute an
Amortization Event, and no event has occurred and is continuing, or would result from such Incremental Purchase or Reinvestment, that would constitute an Unmatured Amortization Event; 
  
 (iii) the Aggregate Invested Amount does not exceed the lesser of (A) the Facility Limit, and (B) the Net
Pool Balance less the Required Reserves; and 
  
 (iv) the percentage computed in the definition of Receivable Interests does not exceed in the aggregate 100%. 
  
 It is expressly understood that each Reinvestment shall, unless otherwise directed by the Administrative Agent, occur automatically on each day that either of the
Servicers shall receive any Collections without the requirement that any further action be taken on the part of any Person and notwithstanding the failure of Seller to satisfy any of the foregoing conditions precedent in respect of such
Reinvestment. The failure of Seller to satisfy any of the foregoing conditions precedent in respect of any Reinvestment shall give rise to a right of the Administrative Agent, which right may be exercised at any time on demand of the Administrative
Agent, to rescind the related Purchase and direct Seller to pay to the Administrative Agent’s Account, for the benefit of the Co-Agents, an amount equal to the Collections prior to the Facility Termination Date that shall have been applied to
the affected Reinvestment. 
  

 15 

 ARTICLE VII. 
  
 COVENANTS 
  
 Section 7.1 Affirmative Covenants. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates
in accordance with its terms, each Seller Party hereby covenants, as to itself, as set forth below: 
  
 (a) Financial Reporting. Each of the Seller Parties will furnish to the Agents: 
  
 (i) Annual Reporting. Within ninety-five (95) days after the close of Seller’s and Parent’s fiscal years,
unaudited annual financial statements (in the case of Seller) and audited financial statements (in the case of Parent), prepared in accordance with GAAP on a consolidated basis (in the case of Parent) for (A) Seller and (B) Parent, including balance
sheets as of the end of such period, related statements of operations, shareholder’s equity and cash flows, accompanied by an unqualified audit report certified by KPMG LLP or other independent certified public accountants of nationally
recognized standing, prepared in accordance with generally accepted auditing standards and any management letter prepared by said accountants and by a certificate of said accountants that, in the course of their regular audit, such accountants have
not obtained any knowledge of any Amortization Event or Unmatured Amortization Event that has occurred, or if, in the opinion of such accountants, any Amortization Event or Unmatured Amortization Event shall exist, stating the nature and status
thereof (it being agreed that the requirements of this subsection with respect to Parent may be satisfied by the delivery of the applicable annual report on Form 10-K of Parent to the Securities and Exchange Commission). 
  
 (ii) Quarterly Reporting. Within fifty (50) days after the close of
the first three (3) quarterly periods of Seller’s and Parent’s fiscal years, unaudited financial statements for Parent and Seller, consolidated (in the case of Parent) unaudited balance sheets as of the close of each such period and
consolidated (in the case of Parent) related statements of operations, shareholder’s equity and cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by each of its senior financial officer
(it being agreed that the requirements of this subsection with respect to Parent may be satisfied by the delivery of the applicable quarterly report on Form 10-Q of Parent to the Securities and Exchange Commission. 
  
 (iii) [Intentionally Omitted]. 
  
 (iv) Notice of Amortization Events, Unmatured Amortization Events and
other Material Adverse Events. Promptly, but in any event no later than two (2) Business Days, after a Responsible Officer of Seller knows of the occurrence of (A) an Amortization Event, (B) an Unmatured Amortization Event, or (C) any other
event which has had, or could reasonably be expected to have a Material Adverse Effect, a statement of the chief financial officer or chief accounting officer of Seller setting forth details of such event and, in the case of an Amortization Event or
Unmatured Amortization Event, the action which the applicable Seller Party proposes to take with respect thereto. 
  

 16 

 (v) Change in Credit and Collection Policy. Within ten (10) days after the date of any material
change or amendment in the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect marked to indicate such change or amendment). 
  

(vi) Credit and Collection Policy. If requested by the Administrative Agent, within ninety-five (95) days after the close of each of the
Servicers’ and Seller’s fiscal years, if the Credit and Collection Policy is in written form, a complete copy of the Credit and Collection Policy then in effect. 
  
 (vii) ERISA. Promptly after the filing or receiving thereof, copies of all reports and notices with respect to any
Reportable Event (as defined in Article IV of ERISA) which any Seller Party or any ERISA Affiliate of any Seller Party files under ERISA with the Internal Revenue Service, the PBGC or the U.S. Department of Labor or which any Seller Party or any or
its ERISA Affiliates receives from the Internal Revenue Service, the PBGC or the U.S. Department of Labor. 
  
 (viii) [Intentionally Omitted]. 
  
 (ix) [Intentionally Omitted]. 
  
 (x) Other Information. Such other information (including non-financial information) as any of the Agents may from time to time reasonably request
with respect to any Seller Party or any Subsidiary of any Seller Party. 
  
 (b) Conduct of Business. Each of the Seller Parties will, and will cause each of its Subsidiaries to, carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is
presently conducted and do all things necessary to remain duly incorporated or organized, as the case may be, validly existing and in good standing as a domestic corporation or limited liability company in its jurisdiction of incorporation or
organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except in each case where the failure to do so is not likely to have a Material Adverse Effect. 
  
 (c) Compliance with Laws. Each of the Seller Parties will and will
cause its Subsidiaries to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it or its respective properties may be subject, except where the failure to be in compliance is not likely to have
a Material Adverse Effect. 
  
 (d) Furnishing of Information
and Inspection of Records. Each of the Seller Parties will furnish to the Agents from time to time such information with respect to the Receivables as any of the Agents may reasonably request, including, without limitation, listings identifying
the Obligor and the Outstanding Balance for each Receivable, together with an aging of Receivables. Each of the Seller Parties will at any time and from time to time during regular business hours and upon reasonable notice and at the expense of the
Seller Parties permit the Administrative Agent or any Co-Agent, or any of their respective agents or representatives, (i) to examine and make copies of and abstracts from all Records and (ii) to visit the offices and properties of the Seller
Parties, as applicable, for the purpose of examining such Records, and to discuss matters relating to the Receivables or such Seller Party’s performance hereunder and 
  

 17 

 under the other Transaction Documents to which such Person is a party with any of the officers, directors, employees or
independent public accountants of any Seller Party having knowledge of such matters. 
  
 (e) Keeping of Records and Books of Account. Each of Seller and the Originators will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records
evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain, all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without
limitation, records adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Each of Seller and the Originators will give the Administrative Agent notice of any material
change in the administrative and operating procedures of Seller or the Originators, as applicable, referred to in the previous sentence. 
  
 (f) Performance and Compliance with Receivables and Contracts. Seller will require each of the Originators to timely and fully perform and comply
with all material provisions, covenants and other promises required to be observed by such Originator under the Contracts related to the Receivables. 
  
 (g) Credit and Collection Policies. Each of the Seller Parties will comply in all material respects with the Credit and Collection Policy in regard
to each Receivable and the related Contract. 
  
 (h)
Collections. Each of the Seller Parties shall instruct all Obligors to remit Collections directly to a Lock-Box Account. 
  
 (i) Collections Received. Each of Seller and the Servicers shall hold in trust, and remit immediately (but in any event no later than one (1)
Business Day following its receipt thereof) to a Lock-Box Account all Collections received from time to time by Seller or such Servicer, as the case may be. 
  
 (j) Sale Treatment. Seller will not, and no Seller Party will authorize any Originator to, account for or otherwise treat the transactions
contemplated by the Receivables Sale Agreement in any manner other than as a sale or capital contribution of Receivables by the Originators to Seller. In addition, the Seller shall (and each Seller Party shall require each of the Originators to)
disclose (in a footnote or otherwise) in all of its respective financial statements (including any such financial statements consolidated with any other Person’s financial statements) the existence and nature of the transactions contemplated by
the Receivables Sale Agreement and the interest of Seller (and security interest of the Administrative Agent) in the Receivables and Related Security, Collections and Proceeds with respect thereto. 
  
 (k) Separate Business. Seller shall not engage in any business not
permitted by its Organizational Documents as in effect on the Effective Date. 
  
 (l) Organizational Documents. Seller shall only amend, alter, change or repeal its Organizational Documents with the prior written consent of the Administrative Agent (acting at the direction of the Co-Agents).

  

 18 

 (m) Net Worth. Seller shall at all times have a net worth (as defined in accordance with GAAP) of
at least $60,000,000. 
  
 (n) Enforcement of Receivables Sale
Agreement. Seller shall use its best efforts to enforce all rights held by it under the Receivables Sale Agreement and shall not waive any breach of any covenant contained in Section 5.1 thereunder without the prior written consent of the
Required Co-Agents. 
  
 (o) Separate Existence. Seller
shall at all times: 
  
 (i) maintain its own
deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions and ensure that the funds of Seller will not be diverted to any other Person or for other than limited liability company uses of Seller, nor will
such funds be commingled with the funds of any Originator or any subsidiary or Affiliate of any Originator (other than funds deposited to a Lock-Box Account, which funds may be commingled for a period not exceeding two (2) Business Days);

  
 (ii) to the extent that it shares the same
officers or other employees as any of its Affiliates, the salaries of and the expenses related to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share
of the salary and benefit costs associated with all such common officers and employees; 
  
 (iii) to the extent that it jointly contracts with any of its Affiliates to do business with vendors or service providers or to share
overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that Seller contracts or does business with venders or service providers
where the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods or services are provided, and each such entity
shall bear its fair share of such costs; 
  
 (iv)
enter into all material transactions between Seller and any of its Affiliates, whether currently existing or hereafter entered into, only on an arm’s length basis, it being understood and agreed that the transactions contemplated in the
Transaction Documents meet the requirements of this clause (iv); 
  
 (v) maintain office space that is physically segregated from the office space of each of the Originators and its respective Affiliates and, to the extent that Seller and any of its Affiliates have offices in the same
location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses; 
  
 (vi) conduct its affairs strictly in accordance with its Organizational Documents and observe all necessary, appropriate and customary
corporate formalities, including, but not limited to, holding all regular and special members’ 
  

 19 

 and board of managers’ meetings appropriate to authorize all limited liability company action,
keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll
and intercompany transaction accounts; 
  
 (vii)
not assume or guarantee any of the liabilities of any Originator or any Affiliate thereof; 
  
 (viii) have at least one (1) Independent Director who has been engaged through Global Securitization Services, Lord Securities
Corporation, AMACAR Group LLC, CT Corporation or any other provider acceptable to the Co-Agents; and 
  
 (ix) take, or refrain from taking, as the case may be, all other actions that are necessary to be taken or not to be taken in order to
comply with this Section 7.1(o). 
  
 (p) Use of
Proceeds. Seller shall utilize the proceeds of the Purchases made hereunder solely for (i) the purchase of Receivables from the Originators pursuant to the Receivables Sale Agreement, (ii) the payment of dividends to Caremark, (iii) the
repayment of Advances under the Subordinated Notes, (iv) the payment of administrative fees or Servicing Fees or expenses to the Servicers or routine administrative or operating expenses, and (v) other general business purposes in each case to the
extent any such use would not be in violation of any of the terms of this Agreement and/or the other Transaction Documents. 
  
 Section 7.2 Negative Covenants. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in
accordance with its terms, each Seller Party hereby covenants, as to itself, that: 
  
 (a) No Sales, Liens, Etc. Except as otherwise provided herein and in the Receivables Purchase Agreement, Seller will not and will not authorize any Originator to, sell, assign (by operation of law or otherwise)
or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or the filing of any financing statement) or with respect to (i) any of the Receivables or Related Security, (ii) any inventory or goods, the sale of which may give rise
to a Receivable (provided that the Originators may sell inventory and goods in the ordinary course of their respective businesses), or (iii) any account which concentrates in a Lock-Box Bank to which any Collections of any Receivable
are sent, or assign any right to receive income in respect thereof. 
  
 (b) No Extension or Amendment of Receivables. None of the Seller Parties will extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term or condition of any Contract related thereto, except that
if no Amortization Event shall have occurred and be continuing, the applicable Seller Party may, in accordance with the Credit and Collection Policy, extend the maturity or adjust the Outstanding Balance of any Receivable as such Seller Party deems
appropriate to maximize Collections thereof or otherwise amend or modify the terms of any Receivable; provided, that the classification of any such Receivable as a 
  

 20 

 Defaulted Receivable or a Delinquent Receivable shall not be affected by such extension; provided,
further, that no such amendment, modification or waiver shall cause or result in the affected Receivable becoming an Eligible Receivable if, prior to amendment, modification or waiver, the affected Receivable was not an Eligible
Receivable or prevent such affected Receivable from being excluded as an Eligible Receivable if such affected Receivable would have been excluded as an Eligible Receivable if such amendment, modification or waiver had not been made or granted.

  
 (c) No Change in Business or Credit and Collection
Policy. Without, in each case, the consent of the Required Co-Agents, none of the Seller Parties will, or will authorize or any Originator to, make any change in the character of its business or in the Credit and Collection Policy, which change
would, in either case, be reasonably likely to impair the collectibility of a material portion of the Receivables or otherwise result in a Material Adverse Effect. 
  
 (d) No Mergers, Etc. Seller will not (i) consolidate or merge with or into any other Person, or (ii) pledge, sell,
lease or transfer any of the Receivables, the Related Security or any other of its material assets to any other Person (except pursuant to the Transaction Documents). 
  
 (e) Change in Payment Instructions to Obligors; Deposits to Lock-Box Accounts. The Seller Parties will not, and will
not authorize any Originator to, add or terminate any bank as a Lock-Box Bank or any account as a Lock-Box Account to or from those listed in Exhibit VI hereto or make any change in its instructions to Obligors regarding payments to be made to any
Lock-Box Account, unless (i) such instructions are to deposit such payments to another existing Lock-Box Account or (ii) the Administrative Agent shall have received written notice of such addition, termination or change at least thirty (30) days
prior thereto, the Administrative Agent shall have received prior to such termination or change a Lock-Box Agreement executed by each new Lock-Box Bank or an existing Lock-Box Bank with respect to each new Lock-Box Account, as applicable, and the
Required Co-Agents shall have consented to such addition or termination, as applicable. 
  
 (f) Change of Name, Etc. Seller will not, and will not authorize any Originator to, change its name, structure or jurisdiction of organization, unless at least ten (10) days prior to the effective date of any
such change, one of the Seller Parties delivers to the Administrative Agent (i) such documents, instruments or agreements, executed by Seller or such Originator, as applicable and if required, as are necessary to reflect such change and to continue
the perfection of the Administrative Agent’s ownership interests or security interests in the Receivables and Related Security, Collections and Proceeds with respect thereto and (ii) new or revised Lock-Box Agreements executed by the Lock-Box
Banks which reflect such change and enable the Administrative Agent to continue to exercise its rights contained in Section 9.2 hereof. 
  
 (g) Amendment to Receivables Sale Agreement. Seller will not amend, modify, or supplement the Receivables Sale Agreement, except with the prior
written consent of the Administrative Agent (acting at the direction of the Required Co-Agents); nor shall Seller take any other action under the Receivables Sale Agreement that shall have a Material Adverse Effect or which is inconsistent with the
terms of this Agreement. 
  

 21 

 (h) Other Debt. Except as provided for herein, Seller will not create, incur, assume or suffer to
exist any indebtedness whether current or funded, or any other liability other than (i) indebtedness of Seller representing fees, expenses and indemnities arising hereunder or under the Receivables Sale Agreement, (ii) Advances representing a
portion of the purchase price of certain Receivables under the Receivables Sale Agreement and (iii) other indebtedness incurred in the ordinary course of its business in an amount not to exceed $11,600 at any one time outstanding. 
  
 (i) ERISA Matters. None of the Seller Parties will (i) engage or
permit any of its respective ERISA Affiliates to engage in any prohibited transaction (as defined in Section 4975 of the Code and Section 406 of ERISA) for which an exemption is not available or has not previously been obtained from the U.S.
Department of Labor; (ii) permit to exist any accumulated funding deficiency (as defined in Section 302(a) of ERISA and Section 412(a) of the Code) with respect to any Benefit Plan other than a Multiemployer Plan; (iii) fail to make any payments to
any Multiemployer Plan that any Seller Party or any ERISA Affiliate of a Seller Party is required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto; (iv) terminate any Benefit Plan so as to result in any
liability (other than obligations or liabilities existing as of the date of termination of such Benefit Plan); or (v) permit to exist any occurrence of any reportable event described in Section 4043 of ERISA which represents a material risk of a
liability to such Seller Party or any of its ERISA Affiliates under ERISA or the Code, if such prohibited transactions, accumulated funding deficiencies, payments, terminations and reportable events occurring within any fiscal year of Seller and the
Originators, in the aggregate, involve a payment of money or an incurrence of liability by any Seller Party or any ERISA Affiliate of any Seller Party. 
  
 (j) Payment to the Originators. With respect to each Receivable sold by an Originator to Seller, Seller shall effect such sale under, and pursuant
to the terms of, the Receivables Sale Agreement, including, without limitation, the payment by Seller either in cash, by a capital contribution or by increase in the amount of the Subordinated Notes to the applicable Originator of an amount equal to
the purchase price for such Receivable as required by the terms of the Receivables Sale Agreement. 
  
 (k) Payments on Subordinated Notes. Seller will not make any payment on the Subordinated Note if Seller’s net worth is less than the amount
required by Section 7.1(l) or any Unmatured Amortization Event under Section 9.1(a) or 9.1(d) exists and is continuing hereunder or any Amortization Event exists and is continuing hereunder. 
  
 (l) Prohibition on Pledging Subordinated Notes. No Seller Party will
enter into or assume any agreement creating any Adverse Claim upon the Subordinated Notes. 
  

 22 

 ARTICLE VIII. 
  
 ADMINISTRATION AND COLLECTION 
  

Section 8.1 Designation of Servicers. The servicing, administering and collection of the Receivables shall be conducted by such Person(s) (each,
a “Servicer”“) so designated from time to time in accordance with this Section 8.1. Until the Administrative Agent (acting at the direction of the Required Co-Agents) gives notice to Caremark and AdvancePCS of the
designation of a new Servicers pursuant to the next sentence, each of Caremark and AdvancePCS is hereby designated as, and hereby agrees to perform the duties and obligations of, a Servicer pursuant to the terms hereof. The Administrative Agent
(acting at the direction of the Required Co-Agents) may, after the occurrence of a Servicer Default or any other Amortization Event and before, in each case, the same has been waived in writing, designate as a Servicer any Person (including itself)
to succeed Caremark and/or AdvancePCS or any successor Servicer to either of them, on the condition in each case that any such Person so designated shall (a) agree to perform the duties and obligations of a Servicer pursuant to the terms hereof, and
(b) execute a Business Associate Agreement. Following the occurrence of a Servicer Default or an other Amortization Event and before, in each case, the same has been waived in writing, the Administrative Agent may notify any Obligor of the
designation of a successor Servicer or successor Servicers. No Servicer may delegate any of its rights, duties or obligations hereunder, or designate a substitute Servicer, without the prior written consent of the Administrative Agent (acting at the
direction of the Required Co-Agents); provided that each of Caremark and AdvancePCS shall be permitted (x) to outsource certain billing, accounting and collection duties to the extent outsourced on the date of this Agreement, and (y)
upon notice to the Administrative Agent (copies of which shall be promptly delivered by the Administrative Agent to the Co-Agents) to delegate its duties hereunder, as a Servicer, to any of its Affiliates or their agents, but, in each of the
foregoing cases, no such delegation shall relieve Caremark or AdvancePCS of its duties and obligations hereunder (or the Performance Guarantor of its duties and obligations under the Performance Undertaking). 
  
 Section 8.2 Duties of Servicers. 
  
 (a) The Servicers shall take or cause to be taken all such actions as may be
necessary or advisable to bill and collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence as if the Servicers owned such Receivable, and in accordance with the
Credit and Collection Policy. 
  
 (b) The Servicers shall instruct
all Obligors to cause all Collections to be deposited directly into a Lock-Box Account. Any Lock-Box Account maintained by a Lock-Box Bank pursuant to the related Lock-Box Agreement shall be under the exclusive control of the Administrative Agent as
agent for the Purchasers, which control is hereby granted to the Administrative Agent as agent for the Purchasers by Seller (as assignee of the Originators). The Servicers shall be permitted to give instructions to the Lock-Box Banks for so long as
the notice described in the next sentence has not been delivered. Upon the occurrence of a Servicer Default or any other Amortization Event or Unmatured Amortization Event and before, in each case, the same has been waived in writing, the
Administrative Agent (acting at the direction of the Required Co-Agents) may, pursuant to the Lock-Box Agreements, deliver notices to the Lock-Box 
  

 23 

 Banks and terminate the Servicers’ ability to provide instructions to the Lock-Box Banks. The Servicers shall not
add any bank as a Lock-Box Bank to those listed on Exhibit VI attached hereto unless such bank has entered into a Lock-Box Agreement and the Administrative Agent has received a Lock-Box Agreement executed by such Lock-Box Bank with respect to each
new Lock-Box Account. The Servicers shall not terminate any bank as a Lock-Box Bank unless the Administrative Agent shall have received thirty (30) days’ prior notice of such termination and, prior to such termination, arrangements satisfactory
to the Co-Agents have been made to assure that all Collections that were directed to be sent to such Lock-Box Bank have been or will be directed to be sent to an alternate Lock-Box Bank. If any Seller Party receives any Collections, then the
applicable Seller Party shall immediately, but in no event later than one (1) Business Day after receipt thereof, remit such Collections to a Lock-Box Account. 
  

Section 8.3 Rights After Designation of any Successor Servicer. At any time following the designation of a successor Servicer pursuant to
Section 8.1: 
  
 (a) The Administrative Agent (at the
direction of the Required Co-Agents) may, direct that payment of all amounts payable under any Receivable be made directly to the Administrative Agent or its designee, for the benefit of the Purchasers. 
  
 (b) Seller shall, at the Administrative Agent’s request (at the
direction of the Required Co-Agents) and at Seller’s expense, give notice of the ownership of Receivables by the Administrative Agent, as agent for the Purchasers, to each Obligor and direct that payments be made directly to the Administrative
Agent or its designee. 
  
 (c) Seller shall, at the Administrative
Agent’s request (at the direction of the Required Co-Agents), (i) assemble all of the Records, and shall make the same available to the Administrative Agent or its designee at a place selected by the Administrative Agent or its designee, and
(ii) segregate all cash, checks and other instruments received by it from time to time constituting Collections of Receivables in a manner acceptable to the Administrative Agent and shall, promptly upon receipt, remit all such cash, checks and
instruments, duly endorsed or with duly executed instruments of transfer, to the Administrative Agent or its designee. 
  
 (d) Seller and the Originator hereby authorize the Administrative Agent to take any and all steps in Seller’s or the Originator’s name and on
behalf of Seller and the Originator necessary or desirable, in the determination of the Administrative Agent (at the direction of the Required Co-Agents), to collect all amounts due under any and all Receivables, including, without limitation,
endorsing Seller’s or the Originator’s name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. 
  
 (e) Each Seller Party hereby agrees to cooperate with and assist any successor Servicer with such Servicer’s duties as
Servicer, including, without limitation, (i) granting access to Records and (ii) the transfer of any software or related licenses to the extent permitted and, in each case, at the cost of the Seller Parties. 
  

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 Section 8.4 Servicer Default. The occurrence of any one or more of the following events shall
constitute a default by the Servicers (each, a “Servicer Default”): 
  
 (a) (i) any Seller Party shall fail to observe or perform any term, covenant or agreement hereunder (other than as referred to in clause (ii) of this Section 8.4(a)) or under any of the other Transaction
Documents to which such Person is a party or by which such Person is bound, and such failure shall remain unremedied for ten (10) days, or (ii) any Seller Party shall fail to make any payment or deposit required to be made by it hereunder and such
failure remains uncured for two (2) Business Days from the due date therefor or any Servicer shall fail to observe or perform in any material respect any term, covenant or agreement on any Servicer’s part to be performed under Section
8.2(b) hereof; or 
  
 (b) any representation, warranty,
certification or statement made by any Seller Party in this Agreement, the Receivables Sale Agreement or in any of the other Transaction Documents or in any certificate or report delivered by it pursuant to any of the foregoing shall prove to have
been incorrect in any material respect when made or deemed made; or 
  
 (c) (i) failure of any Servicer or any of its Affiliates to pay any principal of, premium or interest on, or any other amount payable in respect of, one or more items of Indebtedness of any Servicer or its Affiliates that is outstanding (or
under which one or more Persons have a commitment to extend credit) in an aggregate principal amount of at least $25,000,000 at the time of such failure, when the same becomes due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreements or instruments relating to all such Indebtedness; or (ii) any other event shall occur or condition shall exist
under the agreements or instruments relating to one or more items of Indebtedness of any Servicer or any of its Affiliates that is outstanding (or under which one or more Persons have a commitment to extend credit) in an aggregate principal amount
of at least $25,000,000 at the time of such other event or condition, and shall continue after the applicable grace period, if any, specified in all such agreements or instruments, if the effect of such event or condition is to accelerate, or to
permit the acceleration of, the maturity of such Indebtedness or otherwise to cause, or to permit the holder thereof to cause, such Indebtedness to mature; or (iii) one or more items of Indebtedness of any Servicer or its Affiliates that is
outstanding (or under which one or more Persons have a commitment to extend credit) in an aggregate principal amount of at least $25,000,000 shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly
scheduled or required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof (provided
that, in the case of a default or failure in respect of an Affiliate of any Servicer (other than Seller) provided in this clause (c), such default or failure shall constitute a Servicer Default hereunder solely to the extent such default or
failure is reasonably likely to result in a Material Adverse Effect); or 
  
 (d) any Event of Bankruptcy shall occur with respect to any Seller Party. 
  
 Section 8.5 Indemnities by the Servicers. Without limiting any other rights that the Agents, the Purchasers or any other Indemnified Party may have
hereunder or under applicable law and in consideration of its appointment as a Servicer, each of Caremark and AdvancePCS, 
  

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 jointly and severally, hereby agrees to indemnify each Indemnified Party from and against any and all Indemnified Amounts
arising out of or resulting from (whether directly or indirectly): (i) the failure of any information provided to the any of the Agents or Purchasers by the Servicers to be true and correct in all material respects, (ii) the failure of any
representation, warranty or statement made or deemed made by or on behalf of any Servicer under or in connection with this Agreement to have been true and correct in all respects as of the date made or deemed made, (iii) the failure by any Servicer
to comply with any applicable law, rule or regulation with respect to any Receivable or the related Contract, or (iv) any failure of any Servicer to perform its covenants, duties or obligations in accordance with the provisions hereof. 

 
 Section 8.6 Responsibilities of the Originators. Anything herein to
the contrary notwithstanding, the applicable Originator shall remain liable for (a) performing all of such Originator’s obligations under the Contracts related to the Receivables to the same extent as if the Receivables had not been sold under
the Receivables Sale Agreement and interests in such Receivables had not been sold hereunder and the exercise by any of the Agents or Purchasers of their rights hereunder and under the Receivables Sale Agreement shall not relieve such Originator
from such obligations and (b) paying when due any taxes, including without limitation, any sales taxes payable in connection with the Receivables and their creation and satisfaction. None of Seller, the Agents or the Purchasers shall have any
obligation or liability with respect to any Receivable or related Contracts, nor shall it be obligated to perform any of the obligations of the applicable Originator thereunder. 
  
 Section 8.7 Receivables Reports. The Servicers shall prepare and forward to the Agents: 
  
 (a) (i) no later than 1:00 P.M. (New York time) on each Monthly Reporting
Date, a Monthly Report and an electronic file of the data contained therein and (ii) at such times as any Agent shall request, a listing by Obligor of all Receivables together with an aging of such Receivables; provided, however, that
if a Servicer Default or other Amortization Event or an Unmatured Amortization Event shall exist and be continuing, the Administrative Agent may request that the Servicers deliver a Monthly Report more frequently than monthly; and 
  
 (b) no later than 1:00 P.M. (New York time) on each Weekly Reporting Date
(or, after the occurrence and continuation of an Amortization Event or Unmatured Amortization Termination Event, on each Business Day), a Weekly Report setting forth total Collections deposited in the Lock-Box Account and, if applicable, the
Lock-Box Account, Receivables and Eligible Receivables created during the immediately preceding calendar week (or immediately preceding day, if such report is being delivered on each Business Day), and such other information as any of the Agents may
reasonably request. The Weekly Report may be delivered in an electronic format mutually agreed upon by the Servicers and each of the Agents or, pending such agreement, by facsimile. By delivery of a Weekly Report, the Servicers shall be deemed to
have made a representation and warranty that the information set forth therein is true and correct in all material respects. 
  
 Section 8.8 Servicing Fee. As compensation for the Servicers’ servicing activities on their behalf, the Servicers shall be paid the Servicing
Fee in arrears on each Settlement Date out of Collections. Such Servicing Fee shall be shared by the Servicers ratably in accordance with the Receivables serviced by them in the Calculation Period then most recently ended. 
  

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 ARTICLE IX. 
  
 AMORTIZATION EVENTS 
  
 Section 9.1 Amortization Events. The occurrence of any one or more of the following events shall constitute an Amortization Event: 
  
 (a) any Seller Party shall fail to make any payment or deposit: (i) of
Invested Amount when required to be made by it under the Transaction Documents (except any such payment required by Section 2.5); or (ii) of any other Recourse Obligation or amount not covered by clause (i) when required to be made by it under the
Transaction Documents and such failure continues for three (3) consecutive Business Days; or 
  
 (b) any representation, warranty, certification or statement made by any Seller Party in this Agreement or any other Transaction Document to which it is a party or in any other document delivered pursuant hereto or
thereto shall prove to have been incorrect in any material respect when made or deemed made; or 
  
 (c) any Seller Party shall default in the performance of any covenant or indemnity (other than those covered by clause (a) above) under any Transaction
Document and, (i) except in the case of each clause of Section 7.1(a)(iv), Section 7.2 (other than Section 7.2(b)) and Section 8.7, such default shall continue uncured for a period of ten (10) days after a Responsible
Officer has notice thereof or (ii) with respect to Section 8.7, such default shall continue uncured for a period of one (1) Business Day; or 
  
 (d) any Event of Bankruptcy shall occur with respect to any Seller Party or any Material Subsidiary of such Seller Party; or 
  
 (e) the Administrative Agent, as agent for the Purchasers, shall, for any
reason (other than as a result of the gross negligence or willful misconduct of one of the Agents or Purchasers), fail or cease to have a valid and perfected first priority ownership or security interest in the Receivables and Related Security,
Collections and Proceeds with respect thereto, free and clear of any Adverse Claims; or 
  
 (f) a Servicer Default shall have occurred; or 
  
 (g) the Purchase Termination Date shall have occurred under the Receivables Sale Agreement; or 
  
 (h) any Seller Party shall enter into any transaction or merger which is reasonably likely to have a Material Adverse Effect; or 
  
 (i) (i) the aggregate percentage computed in the definition of Receivable
Interests exceeds 100% unless Seller reduces the Aggregate Net Investment or increases the 
  

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 balance of the Eligible Receivables on or before three (3) Business Days after the earlier of (A) the date on which a
Responsible Officer of Seller or any Servicer knew, or should have known, of such condition and (B) the date of delivery of the most recent Weekly Report or Monthly Report to the Agents, so as to reduce such percentage to less than or equal to 100%;
or (ii) the Aggregate Net Investment shall exceed the Facility Limit; 
  
 (j) As at the end of any calendar month: 
  
 (i) the average of the Dilution Ratios for the three months then most recently ended shall exceed 3.60%; 
  
 (ii) the average of the Delinquency Ratios for the three months then most recently ended shall exceed 1.25%; or 
  
 (iii) the average of the Default Ratios for the three months
then most recently ended shall exceed 0.80%; or 
  
 (k) an Event
of Default (as such term is defined in the Credit Agreement) shall have occurred and be continuing under the Credit Agreement; or 
  
 (l) a notice of Lien has been filed against Seller, any Originator or any Servicer under Section 412(n) of the Code or Section 302(f) of ERISA for a
failure to make a required installment or other payment to a plan to which such provisions apply; or 
  
 (m) a judgment or order for the payment of money shall be rendered against Seller; or 
  
 (n) any Originator or Seller Party shall challenge the enforceability of any Transaction Document or shall assert in
writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Transaction Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms. 
  
 Section 9.2 Remedies. Upon the occurrence and during the continuation
of an Amortization Event, the Administrative Agent may, or upon the direction of the Required Co-Agents shall, take any of the following actions: (i) replace the Person(s) then acting as Servicer(s), (ii) declare the Facility Termination Date to
have occurred, whereupon Reinvestments shall immediately terminate and the Facility Termination Date shall forthwith occur, all without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller Party;
provided, however, that upon the occurrence of an Event of Bankruptcy with respect to any Seller Party, the Facility Termination Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby
expressly waived by each Seller Party, (iii) exercise all rights and remedies of a secured party upon default under the Relevant UCC and other applicable laws, (iv) to the fullest extent permitted by applicable law, declare that the Default Fee
shall accrue with respect to any of the Aggregate Unpaids outstanding at such time, and (v) notify Obligors of the Administrative Agent’s security interest in the Receivables, Related Security, Collections and Proceeds. The aforementioned
rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of any of the Agents or Purchasers otherwise available under any other provision of 
  

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 this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including,
without limitation, all rights and remedies provided under the Relevant UCC, all of which rights shall be cumulative. 
  
 ARTICLE X. 
  
 INDEMNIFICATION 
  
 Section 10.1 Indemnities by the Seller Parties. Without limiting any other rights that any of the Agents or Purchasers may have hereunder or under applicable law, Seller hereby agrees to indemnify (and pay upon
demand to) the Agents, the Purchasers, and each of the respective assigns, officers, directors, agents and employees of the foregoing (each, an “Indemnified Party”) from and against any and all damages, losses, claims, taxes,
liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or
incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by any of the Purchasers of an interest in the Purchased Assets, excluding, however, in all of the foregoing
instances: 
  
 (a) Indemnified Amounts to the
extent resulting from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
  
 (b) Excluded Taxes to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the
acquisition by the Purchasers of Receivable Interests as a loan or loans by the Purchasers to Seller secured by the Receivables, the Related Security, the Collections and the Proceeds; 
  
 provided, however, that nothing contained in this sentence shall limit the liability of Seller or limit the recourse of any
Agent or Purchaser to Seller for amounts otherwise specifically provided to be paid by Seller under the terms of this Agreement. Without limiting the generality of the foregoing indemnification, Seller shall indemnify the Indemnified Parties for
Indemnified Amounts relating to or resulting from: 
  
 (i) any
representation or warranty made by any Seller Party or any Originator (or any officers of any such Person) under or in connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person
pursuant hereto or thereto, which shall have been false or incorrect in any material respect when made or deemed made; provided, that the materiality qualifier contained in this clause shall not apply to any representation or warranty
which itself contains a materiality qualifier; 
  
 (ii) the
failure by Seller, any Servicer or any Originator to comply with any applicable law, rule or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such
applicable law, rule or regulation or any failure of any Originator to keep or perform any of its obligations, express or implied, with respect to any Contract; 
  

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 (iii) any failure of Seller, any Servicer or any Originator to perform its duties, covenants or other
obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
  
 (iv) any products liability, personal injury or property damage suit, or other similar claim arising out of or in connection with merchandise, insurance
or services that are the subject of any Contract or any Receivable; 
  
 (v) any dispute, claim, offset or defense of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such
Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 
  
 (vi) the commingling of Collections of Receivables at any time with other
funds; 
  
 (vii) any investigation, litigation or proceeding
related to or arising from this Agreement or any other Transaction Document, the use of the proceeds of any Purchase, or any other investigation, litigation or proceeding relating to Seller, any Servicer or any Originator in which any Indemnified
Party becomes involved as a result of any of the transactions contemplated hereby; 
  
 (viii) any inability to obtain judgment in or utilize the court or other adjudication system of, any jurisdiction in which an Obligor may be located as a result of the failure to qualify to do business or file any
notice of business activity report or any similar report; 
  
 (ix) any failure to vest and maintain vested in the Administrative Agent for the benefit of the Purchasers, or to transfer to the Administrative Agent for the benefit of the Secured Parties, a valid first priority perfected security
interests in the Purchased Assets, free and clear of any Adverse Claim (except as created by the Transaction Documents); and 
  
 (x) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the Relevant UCC of any
applicable jurisdiction or other applicable laws with respect to any Purchased Assets, and the proceeds thereof, whether at the time of any Purchase or at any subsequent time. 
  
 Section 10.2 Increased Cost and Reduced Return. 
  
 (a) If after the date hereof (or, in the case of a Person that becomes a Funding Source after the date hereof, after the
date such Person becomes a Funding Source), any Funding Source shall be charged any fee, expense or increased cost, or such Funding Source’s return shall be reduced, on account of the adoption of any Regulatory Change: (i) that subjects any
Funding Source to any charge or withholding on or with respect to any Funding Agreement or a Funding Source’s obligations under a Funding Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any
Funding Source of any amounts payable under 
  

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 any Funding Agreement (except for changes in the rate of tax on the overall net income of a Funding Source or taxes
excluded by Section 10.1(b)) or (ii) that imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of a Funding Source, or
credit extended by a Funding Source, pursuant to a Funding Agreement or (iii) that imposes or results in any other condition (other than with respect to taxes) the result of which is to increase the cost to a Funding Source of performing its
obligations under a Funding Agreement, or to reduce the rate of return on a Funding Source’s capital as a consequence of its obligations under a Funding Agreement, or to reduce the amount of any sum received or receivable by a Funding Source
under a Funding Agreement or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, such Funding Source shall notify the Agents and Seller of the Regulatory Change giving rise to any
such fee, expense, increased cost or reduced return and, upon written demand by the applicable Co-Agent setting forth in reasonable detail the basis for and computation of the amount of such claim, Seller shall pay to such Co-Agent, for the benefit
of the relevant Funding Source, such amounts charged to such Funding Source or such amounts to otherwise compensate such Funding Source for such increased cost or such reduction. 
  
 (b) In the event that a Funding Source becomes entitled to receive payment pursuant to this Section 10.2, the
applicable Agent shall request such Funding Source to take such actions (including, without limitation, providing Seller and the Administrative Agent with any forms, certificates or other documents) as may be reasonably necessary to reduce or
eliminate the imposition of such fee, expense, increased cost or reduced return unless such actions would impose on the Funding Source costs, additional costs or legal burdens deemed by the Funding Source to be material. 
  
 Section 10.3 Other Costs and Expenses. Seller shall pay to the Agents
and Conduits, within 10 Business Days after written demand all reasonable out-of-pocket expenses (including, without limitation, any stamp, documentary or similar taxes but not including any Excluded Taxes or any other taxes covered by Section
10.1 or Section 10.2) in connection with the preparation, execution, delivery and administration of the Transaction Documents and any amendment, supplement, restatement or other modification or waiver with respect to such Transaction
Documents, the transactions contemplated hereby and thereby and the other documents to be delivered hereunder or thereunder, including without limitation, rating agency fees, the cost of the Agents’ due diligence firm reviewing the books,
records and procedures of the Seller Parties and Originators, reasonable fees and out-of-pocket expenses of legal counsel for the Agents with respect thereto and with respect to advising the Agents and the Purchasers as to their respective rights
and remedies under this Agreement and the other Transaction Documents. Prior to the occurrence of (i) an Unmatured Amortization Event arising from an Event of Bankruptcy or (ii) any Amortization Event, the Agents and Conduits agree that Latham &
Watkins LLP shall act as counsel to all of them and that only one due diligence firm shall act for all of them. Seller shall pay to the Agents within 10 Business Days after written demand any and all costs and expenses of the Agents and the
Purchasers, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such
documents, or the administration of this Agreement following the occurrence of an Amortization Event. 
  

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 ARTICLE XI. 
  
 THE AGENTS 
  
 Section 11.1 Authorization and Action. (a) Each Purchaser and Co-Agent hereby irrevocably designates and appoints Wachovia Bank, National
Association as Administrative Agent hereunder and under the other Transaction Documents, and authorizes the Administrative Agent to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and
perform such duties as are expressly delegated to the Administrative Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in
this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Purchaser or Co-Agent, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist against the Administrative Agent. 
  
 (b) Each of Blue Ridge and the Blue Ridge Committed Purchasers hereby irrevocably designates and appoints Wachovia Bank,
National Association as its Co-Agent hereunder, and authorizes such Co-Agent to take such action on its behalf under the provisions of this Agreement, the Blue Ridge Fee Letter and the Blue Ridge Liquidity Agreement and to exercise such powers and
perform such duties as are expressly delegated to such Co-Agent by the terms of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Each of Jupiter and the Jupiter Committed Purchasers hereby irrevocably
designates and appoints Bank One as its Co-Agent hereunder, and authorizes such Co-Agent to take such action on its behalf under the provisions of this Agreement, the Jupiter Fee Letter and the Jupiter Liquidity Agreement and to exercise such powers
and perform such duties as are expressly delegated to such Co-Agent by the terms of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Each of Atlantic and the Atlantic Committed Purchasers hereby
irrevocably designates and appoints CLNY as its Co-Agent hereunder, and authorizes such Co-Agent to take such action on its behalf under the provisions of this Agreement, the Atlantic Fee Letter and the Atlantic Liquidity Agreement and to exercise
such powers and perform such duties as are expressly delegated to such Co-Agent by the terms of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in
this Agreement, the Fee Letters or the Liquidity Agreements, no Co-Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Purchaser, Committed Purchaser or other Agent, and no
implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Co-Agent shall be read into this Agreement, the Fee Letters or the Liquidity Agreements or otherwise exist against such Co-Agent. 
  
 (c) The provisions of this Article XI are solely for the benefit of the
Agents and the Purchasers, and none of the Seller Parties shall have any rights as a third-party beneficiary or otherwise under any of the provisions of this Article XI, except that this Article XI shall not affect any obligations which any Agent or
any Purchaser may have to any of the Seller Parties. Furthermore, no Purchaser shall have any rights as a third-party beneficiary or otherwise under any of the provisions hereof in respect of a Co-Agent which is not the Co-Agent for such Person.

  

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 (d) In performing its functions and duties hereunder, the Administrative Agent shall act solely as the
agent of the Purchasers and the Co-Agents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for either of the Seller Parties or any of their respective successors and assigns. In
performing its functions and duties hereunder, each Co-Agent shall act solely as the agent of its respective Conduit and its respective Committed Purchaser(s), and does not assume nor shall be deemed to have assumed any obligation or relationship of
trust or agency with or for any of the Seller Parties, any other Purchaser, Committed Purchaser or Agent, or any of their respective successors and assigns. 
  
 Section 11.2 Delegation of Duties. Each Agent may execute any of its duties under the applicable Transaction Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

  
 Section 11.3 Exculpatory Provisions. No Agent nor any
of its directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 11.2 under or in connection with the Transaction Documents (except for
its, their or such Person’s own bad faith, gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Purchasers or other agents for any recitals, statements, representations or warranties made by Seller contained
in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of either of the Seller Parties to perform its respective obligations hereunder, or for the satisfaction of any condition specified in Article
V, except receipt of items required to be delivered to such Agent. No Agent shall be under any obligation to any Purchaser, Committed Purchaser or other Agent to ascertain or to inquire as to the observance or performance of any of the agreements or
covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Seller Parties. This Section 11.3 is intended solely to govern the relationship between each Agent, on the one hand, and the
Purchasers and their respective Committed Purchasers, on the other. 
  
 Section 11.4 Reliance by Agents. 
  
 (a) Each
Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or
other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Seller
Parties), independent accountants and other experts selected by such Agent. Each Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless
it shall first receive such advice or concurrence of (i) in the case of the 
  

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 Administrative Agent, each of the Co-Agents (except where another provision of this Agreement specifically authorizes the
Administrative Agent to take action based on the instructions of any of the Co-Agents) or (ii) in the case of a Co-Agent, such of its Purchasers and Committed Purchasers, as it shall determine to be appropriate under the relevant circumstances, or
it shall first be indemnified to its satisfaction by its Constituent Committed Purchasers against any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. 
  
 (b) Any action taken by the Administrative Agent in accordance with
Section 11.4(a) shall be binding upon all Purchasers and Agents. 
  
 (c) Each Co-Agent shall determine with its Conduit and, as applicable, its Committed Purchasers, the number of such Persons which shall be required to request or direct such Co-Agent to take action, or refrain from taking action, under this
Agreement on behalf of such Persons and whether any consent of the rating agencies who rate such Conduit’s Commercial Paper is required (such Persons and, if applicable, rating agencies, a “Voting Block”). Such Co-Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of its appropriate Voting Block, and such request and any action taken or failure to act pursuant thereto shall be
binding upon all of such Co-Agent’s Constituents. 
  
 (d)
Unless otherwise advised in writing by a Co-Agent or by any Purchaser or Committed Purchaser on whose behalf such Co-Agent is purportedly acting, each party to this Agreement may assume that (i) such Co-Agent is acting for the benefit of each of its
Constituent Purchasers and, as applicable, Committed Purchasers, as well as for the benefit of each permitted assignee from any such Person, and (ii) each action taken by such Co-Agent has been duly authorized and approved by all necessary action on
the part of its Voting Block. Each Conduit (or its Committed Purchasers) shall have the right to designate a new Co-Agent (which may be itself) to act on its behalf and on behalf of its assignees and transferees for purposes of this Agreement by
giving to the Agents and the Seller Parties written notice thereof signed by such Purchaser(s) and the newly designated Co-Agent. Such notice shall be effective when receipt thereof is acknowledged by the retiring Co-Agent and the Seller Parties,
which acknowledgments shall not be withheld or unreasonably delayed, and thereafter the party named as such therein shall be Co-Agent for such Purchasers under this Agreement. Each Co-Agent and its Purchasers and Committed Purchasers shall agree
amongst themselves as to the circumstances and procedures for removal and resignation of such Co-Agent. 
  
 Section 11.5 Notice of Amortization Events. No Agent shall be deemed to have knowledge or notice of the occurrence of any Amortization Event or
Unmatured Amortization Event unless such Agent has received notice from another Agent, a Purchaser, a Committed Purchaser or a Seller Party referring to this Agreement, stating that an Amortization Event or Unmatured Amortization Event has occurred
hereunder and describing such Amortization Event or Unmatured Amortization Event. In the event that any of the Agents receives such a notice, it shall promptly give notice thereof to the other Agents for distribution, in the case of a Co-Agent, to
the members of its Group. The Administrative Agent shall take such action with respect to such Amortization Event or Unmatured Amortization Event as shall be directed by any of the Co-Agents. 
  

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 Section 11.6 Non-Reliance on Agents and Other Purchasers. Each of the Purchasers expressly
acknowledges that no Agent, nor any of such Agent’s officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by any Agent hereafter taken, including, without
limitation, any review of the affairs of the Seller Parties, shall be deemed to constitute any representation or warranty by such Agent. Each of the Purchasers also represents and warrants to the Agents and the other Purchasers that it has,
independently and without reliance upon any such Person (or any of their Affiliates) and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property,
prospects, financial and other conditions and creditworthiness of the Seller Parties and made its own decision to enter into this Agreement. Each of the Purchasers also represents that it will, independently and without reliance upon any Agent or
any other Committed Purchaser or Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement,
and to make such investigation as it deems necessary to inform itself as to the business, operations, property, prospects, financial and other condition and creditworthiness of the Seller Parties. None of the Agents or the Purchasers, nor any of
their respective Affiliates, shall have any duty or responsibility to provide any party to this Agreement with any credit or other information concerning the business, operations, property, prospects, financial and other condition or
creditworthiness of the Seller Parties which may come into the possession of such Person or any of its respective officers, directors, employees, agents, attorneys-in-fact or affiliates, except that each of the Co-Agents shall promptly distribute to
its related Conduit (and, as applicable, its Committed Purchasers), copies of financial and other information expressly provided to such Co-Agent by either of the Seller Parties pursuant to this Agreement for distribution to the Agents and/or
Purchasers. 
  
 Section 11.7 Indemnification of Agents.

  
 (a) Each Committed Purchaser agrees to indemnify the
Administrative Agent and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Seller Parties and without limiting the obligation of the Seller Parties to do so), ratably in accordance with their
respective Percentages or Invested Amount, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without
limitation, the reasonable fees and disbursements of counsel for the Administrative Agent or such Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the Administrative Agent in
its capacity as Administrative Agent or such Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Administrative Agent or such Person as a result of, or arising out of, or in any way
related to or by reason of, any of the transactions contemplated hereunder or the execution, delivery or performance of this Agreement or any other document furnished in connection herewith (but excluding any such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from the bad faith, gross negligence or willful misconduct of the Administrative Agent or such Person). 
  
 (b) Each Committed Purchaser agrees to indemnify its Co-Agent and such
Co-Agent’s officers, directors, employees, representatives and agents (to the extent not 
  

 35 

 reimbursed by Seller and without limiting the obligation of Seller to do so), ratably in accordance with their respective
Percentages or Invested Amount, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, the fees
and disbursements of counsel for such Co-Agent or such Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not such Co-Agent in its capacity as Co-Agent or such Person shall be
designated a party thereto) that may at any time be imposed on, incurred by or asserted against such Co-Agent or such Person as a result of, or arising out of, or in any way related to or by reason of, any of the transactions contemplated hereunder
or the execution, delivery or performance of this Agreement or any other document furnished in connection herewith (but excluding any such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements to the extent resulting from the bad faith, gross negligence or willful misconduct of such Co-Agent or such Person). 
  
 Section 11.8 Agents in their Individual Capacities. Each of the Agents in its individual capacity and its Affiliates may make loans to, accept
deposits from and generally engage in any kind of business with the Seller Parties and any Obligor and their respective Affiliates as though such Agent were not an Agent hereunder. With respect to its Invested Amount, if any, pursuant to this
Agreement, each Agent shall have the same rights and powers under this Agreement as any Purchaser and may exercise the same as though it were not an Agent, and the terms “Purchaser” and “Purchasers” shall include each of the
Agents in their individual capacities. 
  
 Section 11.9
Successor Administrative Agent. The Administrative Agent may, upon fifteen (15) days’ notice to the Seller Parties, the Purchasers and the Co-Agents, resign, whereupon the Co-Agents (other than the Co-Agent who is then acting as
Administrative Agent) shall select a successor Administrative Agent from among the remaining Co-Agents, and the designated Co-Agent shall become the successor Administrative Agent; provided, however, that Wachovia shall not voluntarily
resign as the Administrative Agent so long as any of the Blue Ridge Committed Purchasers’ respective Commitments remain in effect or Blue Ridge has any outstanding Receivable Interests hereunder. Upon resignation of any Administrative Agent in
accordance with this Section 11.9, each of the retiring and successor Administrative Agents is hereby authorized and directed to execute (to the extent required) such UCC-3 assignments and amendments, and assignments and amendments of the
Transaction Documents, as may be necessary to give effect to the retiring Administrative Agent’s replacement by the successor Administrative Agent. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent,
the provisions of this Article XI and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 
  
 Section 11.10 Agents’ Conflict Waivers. 
  
 (a) Wachovia acts, or may in the future act, (i) as administrative agent for Blue Ridge, (ii) as issuing and paying agent
for Blue Ridge’s Commercial Paper Notes, (iii) to provide credit or liquidity enhancement for the timely payment for Blue Ridge’s Commercial Paper Notes and (iv) to provide other services from time to time for Blue Ridge (collectively, the
“Wachovia Roles”). Without limiting the generality of Sections 11.1 and 11.8, each Agent, 
  

 36 

 Purchaser and Committed Purchaser hereby acknowledges and consents to any and all Wachovia Roles and agrees that in
connection with any Wachovia Role, Wachovia may take, or refrain from taking, any action which it, in its discretion, deems appropriate, including, without limitation, in its role as administrative agent for Blue Ridge, the giving of notice to Blue
Ridge’s Committed Purchasers of a mandatory transfer pursuant to Blue Ridge’s Liquidity Agreement, and hereby acknowledges that neither Wachovia nor any of its Affiliates has any fiduciary duties hereunder to any Purchaser (other than Blue
Ridge) or to any of Blue Ridge’s Committed Purchasers arising out of any Wachovia Roles. 
  
 (b) Bank One and/or one of its affiliates acts, or may in the future act, (i) as administrative agent for Jupiter, (ii) as issuing and paying agent for Jupiter’s Commercial Paper, (iii) to provide credit or
liquidity enhancement for the timely payment for Jupiter’s Commercial Paper and (iv) to provide other services from time to time for Jupiter (collectively, the “Bank One Roles”). Without limiting the generality of
Sections 11.1 and 11.8, each of the Agents and the Purchasers hereby acknowledges and consents to any and all Bank One Roles and agrees that in connection with any Bank One Role, Bank One and/or its affiliates may take, or refrain from
taking, any action which it, in its discretion, deems appropriate, including, without limitation, in its role as administrative agent for Jupiter, the giving of notice to Jupiter’s Committed Purchasers of a mandatory transfer pursuant to
Jupiter’s Liquidity Agreement, and hereby acknowledges that neither Bank One nor any of its Affiliates has any fiduciary duties hereunder to any Purchaser or to any of Jupiter’s Committed Purchasers arising out of any Bank One Roles.

  
 (c) CLNY acts, or may in the future act: (i) as administrator
of Atlantic, (ii) as issuing and paying agent for Atlantic’s Commercial Paper Notes, (iii) to provide credit or liquidity enhancement for the timely payment for Atlantic’s Commercial Paper Notes and (iv) to provide other services from time
to time for Atlantic (collectively, the “CLNY Roles”). Without limiting the generality of Sections 11.1 and 11.8, each of the Agents and the Lenders hereby acknowledges and consents to any and all CLNY Roles and
agrees that in connection with any CLNY Role, CLNY may take, or refrain from taking, any action which it, in its discretion, deems appropriate, including, without limitation, in its role as administrator of Atlantic, the giving of notice to the
Atlantic Committed Purchasers of a mandatory purchase pursuant to the Atlantic Liquidity Agreement, and hereby acknowledges that neither CLNY nor any of its Affiliates has any fiduciary duties hereunder to any Purchaser (other than Atlantic) arising
out of any CLNY Roles. 
  
 Section 11.11 UCC Filings. Each
of the Secured Parties hereby expressly recognizes and agrees that the Administrative Agent may be listed as the total assignee of secured party or secured party of record on the various UCC filings required to be made under the Transaction
Documents in order to perfect their respective interests in the Purchased Assets, that such listing shall be for administrative convenience only in creating a record or nominee holder to take certain actions hereunder on behalf of the Secured
Parties and that such listing will not affect in any way the status of the Secured Parties as the true parties in interest with respect to the Receivable, Collections, and Related Security. In addition, such listing shall impose no duties on the
Administrative Agent other than those expressly and specifically undertaken in accordance with this Article XI. 
  

 37 

 ARTICLE XII. 
  
 ASSIGNMENTS AND PARTICIPATIONS 
  
 Section 12.1 Assignments and Participations by Purchasers. 
  
 (a) Each of the parties hereto, on behalf of its successors and assigns,
hereby agrees and consents to the complete or partial sale by each Conduit of all or any portion of its rights under, interest in, title to and obligations under the Transaction Documents to such Conduit’s Committed Purchasers pursuant to such
Conduit’s Liquidity Agreement, regardless of whether such sale constitutes an assignment or the sale of a participation in such rights and obligations. In addition, each of the parties hereto hereby consents to the complete or partial
assignment by each Conduit of all or any portion of its rights under, interest in, title to and obligations under the Transaction Documents to an Eligible Conduit Assignee administered by the same Co-Agent. 
  
 (b) Any Purchaser may at any time and from time to time assign to one or more
Persons (each, an “Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an appropriate assignment agreement (each, an “Assignment Agreement”) executed by such
Assignee and such selling Purchaser. The consent of the applicable Conduit shall be required prior to the effectiveness of any such assignment. In addition, notwithstanding anything herein to the contrary, at any time during which no Amortization
Event shall exist, the selling Purchaser shall only assign such rights and obligations to an Eligible Assignee selected by the Seller Parties that is a member of the lending group party to the Credit Agreement (each such member of the lending group,
a “Credit Agreement Lender”) or an Eligible Conduit Assignee administered by such a Credit Agreement Lender (each such conduit, an “Administered Conduit”). If each Credit Agreement Lender or its
Administered Conduit, as applicable, declines to become an Assignee hereunder, or if the Seller Parties fail to designate a Credit Agreement Lender or Administered Conduit that is willing to become an Assignee hereunder, the applicable selling
Purchaser may assign such rights and obligations to any Person subject to, at any time during which no Amortization Event shall exist, the consent of the Seller Parties, such consent not to be unreasonably withheld or delayed. Each Assignee of a
Committed Purchaser must be an Eligible Assignee, and each Assignee of a Conduit must be an Eligible Conduit Assignee. Upon delivery of the executed Assignment Agreement to the applicable Co-Agent, the selling Purchaser shall be released from its
obligations hereunder to the extent of such assignment. Thereafter, the Assignee shall for all purposes be a Purchaser party to this Agreement and shall have all the rights and obligations of a Purchaser under this Agreement to the same extent as if
it were an original party hereto and no further consent or action by any Seller Party, the other Purchasers or the Agents shall be required. 
  
 (c) Any Purchaser may, in the ordinary course of its business at any time sell to one or more Persons (each, a “Participant”)
participating interests in its Ratable Share of the Receivables Interests and each of its other rights and obligations under the Transaction Documents (and, as applicable, the applicable Liquidity Agreement) or any other interest of such Purchaser
hereunder. In addition, notwithstanding anything herein to the contrary, at any time during which no Amortization Event shall exist, the applicable Purchaser shall only sell such 
  

 38 

 participating interest to a Credit Agreement Lender or Administered Conduit selected by the Seller Parties. If each of
the Credit Agreement Lenders or its Administered Conduit, as applicable, declines to become a Participant hereunder, the applicable selling Purchaser may sell a participation to any Person subject to, at any time during which no Amortization Event
shall exist, the consent of the Seller Parties, such consent not to be unreasonably withheld or delayed. Notwithstanding any such sale by a Purchaser of a participating interest to a Participant, such Purchaser’s rights and obligations under
this Agreement shall remain unchanged, such Purchaser shall remain solely responsible for the performance of its obligations hereunder, and the other parties hereto shall continue to deal solely and directly with such Purchaser in connection with
such Purchaser’s rights and obligations under this Agreement. Each Purchaser agrees that any agreement between such Purchaser and any Participant in respect of such a participating interest shall not restrict such Purchaser’s right to
agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver or modification described in Section 13.1(b)(i). 
  
 (e) If (i) less than all of the Committed Purchasers give a notice to the Administrative Agent pursuant to Section
4.5(a), or (ii) if any Funding Sources of any Conduit makes a claim for increased costs under Section 10.2, the Seller will have the right to find another A1/P1 or better rated multi-seller commercial paper conduit and committed
purchasers (which may include the members of an existing Group) to accept an assignment of such notifying or claiming Group’s Receivable Interests and Commitments, as applicable. If such replacements are located, each notifying or claiming
Group shall promptly assign its Receivable Interests and Commitments, as applicable, to such replacements; provided that (1) the assigning Group receives payment in full, pursuant to an Assignment Agreement, of an amount equal to the assigning
Group’s share of the Aggregate Unpaids, and (2) the members of the replacement Group otherwise satisfy the applicable requirements of Section 12.1(b). 
  
 (f) Each Committed Purchaser or Participant who is organized outside of the United States (each, a “Non-U.S.
Person”) shall, prior to the date hereof (or, in the case of any Person who becomes a Committed Purchaser or a Participant after the date hereof, prior to the date on which it so becomes a Committed Purchaser or a Participant) (x)
deliver to the Seller and the Administrative Agent such properly completed and duly executed certificates, documents or other evidence, as required by the Code or Treasury regulations issued pursuant thereto, including Internal Revenue Service Form
W-8BEN or Form W-8ECI and any other certificate or statement of exemption required to establish that all amounts to be received by such Non-U.S. Person from Seller pursuant to this Agreement or any other Transaction Document (i) not subject to
withholding under the Code because such payment is effectively connected with the conduct by such Indemnified Party of a trade or business in the United States or (ii) totally exempt from United States tax under a provision of an applicable tax
treaty and (y) upon request of the Seller or the Administrative Agent, and to the extent it may do so under applicable law, furnish any other government forms which are necessary or required under an applicable tax treaty or otherwise by law to
reduce or eliminate any withholding tax; provided, however, that in the event that a Non-U.S. Person is classified as other than a corporation for U.S. federal income tax purposes, such Non-U.S. Person agrees to provide any other form,
certificate or statement of exemption necessary to fully establish such Non-U.S. Person’s (and, if applicable, such Non-U.S. Persons beneficial owners’) entitlement to a complete exemption from withholding of U.S. taxes on all amounts to
be received by such Non-U.S. Person (or, if applicable, such Non-U.S. 
  

 39 

 Person’s beneficial owners’) pursuant to this Agreement and the other Transaction Documents. Each such
Committed Purchaser or Participant that changes its funding office shall promptly notify the Seller and the Administrative Agent of such change and, upon written request from the Seller or the Administrative Agent, shall deliver any new
certificates, documents or other evidence required pursuant to the preceding sentence prior to the immediately following due date of any payment by the Seller hereunder. Unless the Seller and the Administrative Agent have received forms or other
documents satisfactory to them indicating that payments hereunder are not subject to United States withholding tax, notwithstanding anything to the contrary in this Agreement or any other Transaction Document, the Seller or the Administrative Agent
shall withhold taxes from such payments at the applicable statutory rate in the case of payments to or for any Indemnified Party organized under the laws of a jurisdiction outside the United States, and the applicable provisions of Section
12.1(i) below shall apply to such Committed Purchaser. 
  
 (g)
Further, each Non-U.S. Person agrees (i) to deliver to the Seller and the Administrative Agent, and if applicable, the selling Committed Purchaser (or, in the case of a Participant, to the Committed Purchaser or Participant from which the related
participation shall have been transferred) two further duly completed and signed copies of any forms required to be delivered pursuant to Section 12.1(f), or successor and related applicable forms, on or before the date that any such form
expires or becomes obsolete and promptly after the occurrence of any event requiring a change from the most recent form(s) previously delivered by it to the Seller and Administrative Agent, and, if applicable, the selling Committed Purchaser (or, in
the case of a Participant, to the Committed Purchaser from which the related participation shall have been transferred) in accordance with applicable U.S. laws and regulations and (ii) to notify promptly the Seller and the Administrative Agent, and,
if applicable, the selling Committed Purchaser (or, in the case of a Participant, the Committed Purchaser from which the related participation shall have been transferred) if it is no longer able to deliver, or if it is required to withdraw or
cancel, any form or statement previously delivered by it. 
  
 (h)
Each Committed Purchaser or Participant that is not a Non-U.S. Person shall deliver to the Seller and the Administrative Agent and, if applicable, the selling Committed Purchaser (or, in the case of a Participant, to the Committed Purchaser from
which the related participation shall have been transferred) two duly completed copies of United States Internal Revenue Service Form W-9 (or applicable successor form) unless it establishes to the reasonable satisfaction of the Seller that it is
otherwise eligible for an exemption from backup withholding tax or other applicable withholding tax. Each such Committed Purchaser or Participant shall deliver to the Seller and the Administrative Agent and, if applicable, the selling Committed
Purchaser (or, in the case of a Participant, to the Committed Purchaser from which the related participation shall have been transferred) two further properly completed and duly executed forms and statements (or applicable successor forms) at or
before the time any such form or statement becomes obsolete. 
  
 (i) The Seller shall not be required to pay any amounts to any Committed Purchaser or Participant in respect of taxes pursuant to Section 10.1 if the obligation to pay such amounts would not have arisen but for a failure by such
Committed Purchaser or Participant to comply with the provisions of paragraphs (f) and (h) above unless such Committed Purchaser or Participant is unable to comply with paragraphs (f) and (h) because of (i) a change in applicable law, regulation or
official interpretation thereof or (ii) an amendment, modification or revocation 
  

 40 

 of any applicable tax treaty or a change in official position regarding the application or interpretation thereof, in
each case after the date hereof (or, in the case of any Person who became a Committed Purchaser or Participant after the date hereof, after the date on which it so became a Committed Purchaser or Participant). 
  
 (j) If any Agent or any Purchaser or Participant determines, in its sole
discretion, that it has received a refund in respect of taxes paid or indemnified by the Seller, it shall promptly pay such refund to the Seller, but only to the extent of amounts paid or indemnified by the Seller with respect to taxes,
provided, however, that the Seller agrees to promptly return such refund to the Agent or the applicable Purchaser or Participant, as the case may be, if it receives notice from the applicable Purchaser or Participant that such person
is required to repay such refund, plus any penalties, interest or other charges imposed by the relevant governmental authority. This Section shall not be construed to require Agent or any Purchaser or Participant to make available its tax returns
(or any other information relating to its taxes which it deems confidential) to the Seller or any other Person. 
  
 Section 12.2 Prohibition on Assignments by Seller Parties. No Seller Party may assign any of its rights or obligations under this Agreement without
the prior written consent of each of the Agents and without satisfying the Rating Agency Condition. 
  
 ARTICLE XIII. 
  
 MISCELLANEOUS 
  
 Section
13.1 Waivers and Amendments; Replacement of Non-Consenting Groups. 
  
 (a) No failure or delay on the part of any of the Agents or Purchasers in exercising any power, right or remedy under this Agreement or any other Transaction Document shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights
or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 
  
 (b) Subject to Section 13.1(c), no provision of this Agreement may be amended, supplemented, modified or waived except in writing in accordance
with the provisions of this Section 13.1(b). The Seller Parties and the Administrative Agent, at the direction of the Required Co-Agents, may enter into written modifications or waivers of any provisions of this Agreement, provided,
however, that (1) no such modification or waiver shall: 
  
 (i) without the consent of each of the Co-Agents whose Group is affected thereby (acting with authority from its Group): (A) extend the Group’s Liquidity Termination Date or the date of any payment or deposit of Collections by any
Seller Party, (B) reduce the rate or extend the time of payment of Yield or any CP Costs (or any component of Yield or CP Costs), (C) reduce any fee payable to any of the Agents or Purchasers, (D) change the Invested Amount of any Receivable
Interest, (E) amend, modify or waive any provision of the definition of Required Co-Agents or this Section 13.1(b), (F) consent to or permit the 
  

 41 

 assignment or transfer by any Seller Party of any of its rights and obligations under this Agreement, (G) change the
definition of “Eligible Receivable,” “Loss Reserve,” “Dilution Reserve,” “Yield Reserve,” “Servicing Reserve,” “Servicing Fee Rate,”
“Required Reserve” or “Required Reserve Factor Floor” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a
manner that would circumvent the intention of the restrictions set forth in such clauses; or 
  
 (ii) without the written consent of the then Administrative Agent, amend, modify or waive any provision of this Agreement if the effect thereof is to affect the rights or duties of such Administrative Agent.

  
 The Seller Parties shall not unreasonably withhold or delay their consent to
any action for which their consent is required described in Article XII. The Administrative Agent shall deliver a copy of any amendment, waiver or other modification to this Agreement to each Agent. Each of the parties hereto acknowledges that any
material amendment, waiver or other modification of this Agreement shall require satisfaction of the Rating Agency Condition. 
  
 (c) If any Co-Agent fails to approve a requested amendment or waiver within 10 Business Days after receipt of a draft thereof, the Seller will have the
right to find another A1/P1 or better rated multi-seller commercial paper conduit and committed purchasers (which may include the members of an existing Group) to accept an assignment of the non-approving Group’s Receivable Interests and
Commitments, as applicable. If such replacements are located, each non-approving Group shall promptly assign its Receivable Interests and Commitments, as applicable, to such replacements. 
  
 Section 13.2 Notices . Except as provided in this Section 13.2, all communications and notices provided for
hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages
hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (i) if given by telecopy, upon the
receipt thereof, (ii) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (iii) if given by any other means, when received at the address specified in this
Section 13.2. Seller hereby authorizes the Administrative Agent to effect Purchases and Interest Period and Yield Rate selections based on telephonic notices made by any Person whom the Administrative Agent in good faith believes to be acting
on behalf of Seller. Seller agrees to deliver promptly to the Administrative Agent a written confirmation of each telephonic notice signed by an authorized officer of Seller; provided, however, the absence of such confirmation shall
not affect the validity of such notice. If the written confirmation differs from the action taken by the Administrative Agent, the records of the Administrative Agent shall govern absent manifest error. 
  
 Section 13.3 Protection of Administrative Agent’s Security
Interest. 
  
 (a) Seller agrees that it will, and will
require each Originator to, from time to time, at its expense, promptly execute and deliver all instruments and documents and take all 
  

 42 

 actions as may be necessary or as the Administrative Agent may reasonably request in order to perfect or protect the
Receivable Interests or to enable the Administrative Agent, on behalf of the Purchasers, to exercise or enforce any of its rights hereunder. Without limiting the foregoing, each of Seller and the Originators will, upon the request of the
Administrative Agent, in order to accurately reflect this purchase and sale transaction, (i) execute and file such financing or continuation statements or amendments thereto or assignments thereof (as permitted pursuant to Section 11.11
hereof) as may be requested by the Administrative Agent and (ii) mark its master data processing records and other documents with a legend describing the conveyance of Receivables by the Originators to Seller and the conveyance of the Receivable
Interests by Seller to the Administrative Agent as agent for the Purchasers. Each of Seller and the Originators shall, upon request of the Administrative Agent, obtain such additional search reports as the Administrative Agent shall request. To the
fullest extent permitted by applicable law, the Administrative Agent shall be permitted to sign and file continuation statements and amendments thereto and assignments thereof without Seller’s or the Originator’s signature. Carbon,
photographic or other reproduction of this Agreement or any financing statement shall be sufficient as a financing statement. Neither Seller nor the Originators shall change its name, identity or legal structure, nor relocate its respective chief
executive office or any office where Records are kept unless it shall have: (A) given the Administrative Agent at least ten (10) days’ prior notice thereof and (B) prepared and filed at Seller’s or the applicable Originator’s expense,
as the case may be, and delivered to the Administrative Agent all financing statements, instruments and other documents necessary to preserve and protect the Receivable Interests or requested by the Administrative Agent (acting at the direction of
the Required Co-Agents) in connection with such change or relocation. Any filings under the Relevant UCC or otherwise that are occasioned by such change in name or location shall be made at the expense of Seller. 
  
 (b) If any Seller Party fails to perform any of its obligations hereunder,
the Administrative Agent may (but shall not be required to) perform, or cause performance of, such obligations, and the Administrative Agent’s costs and expenses incurred in connection therewith shall be payable by Seller as provided in
Section 10.3. Each Seller Party irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the Administrative Agent, and appoints the Administrative Agent as its attorney-in-fact, to act on
behalf of such Seller Party (i) to execute on behalf of Seller as debtor and to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the
interest of the Administrative Agent for the benefit of the Purchasers in the Receivables and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing
statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Purchased Assets, for the
benefit of the Secured Parties. This appointment is coupled with an interest and is irrevocable. Each of the Seller Parties hereby (A) authorizes the Administrative Agent to file financing statements and other filing or recording documents with
respect to the Receivables and Related Security (including any amendments thereto, or continuation or termination statements thereof), without the signature or other authorization of such Seller Party, in such form and in such offices as the
Administrative Agent reasonably determines appropriate to perfect or maintain the perfection of the security interest of the Administrative Agent hereunder; (B) acknowledges and agrees that it is not authorized to, and will not, file financing
statements or other filing or recording documents with respect to the 
  

 43 

 Receivables or Related Security (including any amendments thereto, or continuation or termination statements thereof),
without the express prior written approval by the Administrative Agent, consenting to the form and substance of such filing or recording document; and (C) approves, authorizes and ratifies any filings or recordings made by or on behalf of the
Administrative Agent in connection with the perfection of the security interests in favor of Seller or the Administrative Agent. 
  
 Section 13.4 Confidentiality. 
  
 (a) In connection with this Agreement, it is contemplated that each party hereto will supply, in connection with the structure, negotiating, execution and
maintenance of the Transaction Documents and the transaction contemplated thereby, to the other parties certain nonpublic or proprietary information concerning such party which is clearly designated as being confidential
(“Confidential Information”). Each party shall use Confidential Information solely for the purposes of rendering services pursuant to and in accordance with this Agreement and shall not, without
the prior written consent of the other party, disclose any Confidential Information to any Person, other than its officers, directors, employees and outside advisors with a need to know; provided, however, that the foregoing shall not
apply with respect to any information which becomes publicly available other than as a result of the breach of Person’s undertakings hereunder, or that which such Person is required to disclose by judicial or administrative process in
connection with any action, suit, proceeding or claim. Without limiting the generality of the foregoing, the Agents hereby notify the Seller Parties that the Fee Letters and Excel spreadsheet attached to the Monthly Reports are considered by
them to be proprietary and confidential. 
  
 (b) Anything
herein to the contrary notwithstanding, each Seller Party hereby consents to the disclosure of any nonpublic information with respect to it (i) to the Agents and the Purchasers by each other, (ii) by any of the Agents or Purchasers to any
prospective or actual assignee or participant of any of them and (iii) by any of the Co-Agents to any rating agency, Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to its Conduit or any entity organized
for the purpose of purchasing, or making loans secured by, financial assets for which Wachovia acts as the administrative agent and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided
that each such Person is informed of the confidential nature of such information. In addition, each of the Agents and the Purchasers may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or
order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
  
 Section 13.5 Bankruptcy Petition. Each of the Agents and the other Purchasers hereby covenants and agrees that, prior to the date that is one year
and one day after the payment in full of all outstanding senior indebtedness of each of the Conduits, it will not institute against, or join any other Person in instituting against, such Conduit any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
  
 Section 13.6 Limitation of Liability. Except with respect to any claim arising out of the willful misconduct or gross negligence of any of the
Agents or Purchasers, no claim may be 
  

 44 

 made by any Seller Party or any other Person against any of the Agents or the Purchasers or their respective Affiliates,
directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by the Transaction Documents; and each Seller Party hereby waives, releases, and agrees not to sue upon any claim for any such any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or
suspected to exist in its favor. 
  
 Section 13.7 CHOICE OF
LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW (EXCEPT IN THE CASE
OF THE OTHER TRANSACTION DOCUMENTS, TO THE EXTENT OTHERWISE EXPRESSLY STATED THEREIN) AND EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE OWNERSHIP INTEREST OF SELLER OR THE OWNERSHIP INTEREST OR SECURITY INTEREST OF THE ADMINISTRATIVE AGENT, FOR
THE BENEFIT OF THE SECURED PARTIES, IN ANY OF THE PURCHASED ASSETS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
  
 Section 13.8 CONSENT TO JURISDICTION. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED
STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT, AND EACH SUCH PARTY HEREBY IRREVOCABLY
AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A
COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY
AGAINST ANY AGENT OR ANY PURCHASER OR ANY AFFILIATE OF ANY AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY
PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
  
 Section 13.9 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY
WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
  

 45 

 Section 13.10 Integration; Binding Effect; Survival of Terms. 
  
 (a) This Agreement and each other Transaction Document contain the final and
complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or
written understandings. 
  
 (b) This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy). This Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to the indemnification and payment provisions of Article X,
and Sections 13.4 and 13.5 shall be continuing and shall survive any termination of this Agreement. 
  
 (c) Each of the Seller Parties, the Conduits and the Agents hereby acknowledges and agrees that the Committed Purchasers are hereby made express third
party beneficiaries of this Agreement and each of the other Transaction Documents. 
  
 Section 13.11 Counterparts; Severability; Section References. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a
manually executed counterpart of a signature page to this Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly
indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to,
this Agreement. 
  
 Section 13.12 Characterization.

  
 (a) It is the intention of the parties hereto that,
notwithstanding its legal form, each Purchase hereunder shall constitute and be treated as a financing transaction and secured loan for all purposes under applicable law, including, without limitation, for legal, accounting and United States
federal, state and local income tax purposes. Accordingly, each sale of a Receivable Interest hereunder is made with full recourse to Seller. Without limitation to the foregoing, no such Purchase shall constitute or is intended to result in an
assumption by any of the Agents or Purchasers or any assignee thereof of any obligation of Seller or any Originator or any other Person arising in connection with the Receivables, the Related Security or the related Contracts, or any other
obligations of any Seller Party or any Originator. 
  
 (b) In
addition to any ownership interest which the Administrative Agent, for the benefit of the Purchasers, may from time to time acquire pursuant hereto, Seller hereby grants to the Administrative Agent for the ratable benefit of the Purchasers, a valid
and perfected 
  

 46 

 security interest in all of Seller’s right, title and interest in, to and under all Receivables now existing or
hereafter arising, the Collections, each Lock-Box, each Lock-Box Account, all Related Security, all other rights and payments relating to such Receivables, and all Proceeds of any thereof prior to all other liens on and security interests therein to
secure the prompt and complete payment of the Aggregate Unpaids. The Administrative Agent, on behalf of the Purchasers, shall have, in addition to the rights and remedies that it may have under this Agreement, all other rights and remedies provided
to a secured creditor under the Relevant UCC and other applicable law, which rights and remedies shall be cumulative. 
  
 Section 13.13 No Recourse Against Other Parties. The several obligations of each of the Purchasers under this Agreement are solely the corporate
obligations of such Purchaser. No recourse shall be had for the payment of any amount owing by such Purchaser under this Agreement or for the payment by such Purchaser of any fee in respect hereof or any other obligation or claim of or against such
Purchaser arising out of or based upon this Agreement, against any employee, officer, director, incorporator or stockholder of such Purchaser. Each of the Seller, the Servicers and the Agents agrees that each of the Conduits shall be liable
for any claims that such party may have against such Conduit only to the extent that such Conduit has excess funds and to the extent such assets are insufficient to satisfy the obligations of such Conduit hereunder, such Conduit shall have no
liability with respect to any amount of such obligations remaining unpaid and such unpaid amount shall not constitute a claim against such Conduit. Any and all claims, directly or indirectly, asserted against any of the Conduits shall be subordinate
to the claims against such Conduit by the holders of such Conduit’s Commercial Paper Notes or by such Conduit’s Committed Purchasers. 
  
 <signature pages follow> 
  

 47 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered by their duly authorized officers or attorneys-in-fact as of the date hereof. 
  

			
	 CAREMARK RECEIVABLES LLC

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Address:
	  	 2211 Sanders Rd

	 	  	 Northbrook, IL 60062

	 	  	 Attention: Robert Kurth

	 	  	 Phone: (847) 559-4323

	 	  	 Fax: (847) 559-4832

		
	 	  	 With a copy to:

		
	 	  	 Caremark Receivables LLC

	 	  	 c/o Caremark Rx, Inc.

	 	  	 211 Commerce St.

	 	  	 Nashville, TN 37201

	 	  	 Attention: Ryan Hall

	 	  	 Phone: (615) 743-6607

	 	  	 Fax: (615) 743-6597

  

			
	 CAREMARK INC., as a Servicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Address:
	  	 c/o Caremark Rx, Inc.

	 	  	 211 Commerce St.

	 	  	 Nashville, TN 37201

	 	  	 Attention: Ryan Hall

	 	  	 Phone: (615) 743-6607

	 	  	 Fax: (615) 743-6597

  
 [Signature Page to the
Receivables Purchase Agreement] 

 ADVANCEPCS HEALTH, L.P., as a Servicer 
  
 BY: ADVANCEPCS HEALTH SYSTEMS
LLC, ITS GENERAL PARTNER 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Address:
	 	 c/o Caremark Rx, Inc.

	 	 	 211 Commerce St.

	 	 	 Nashville, TN 37201

	 	 	 Attention: Ryan Hall

	 	 	 Phone: (615) 743-6607

	 	 	 Fax:      (615) 743-6597

  

			
	 CAREMARK RX, INC., as a Performance Guarantor

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Address:
	 	 211 Commerce St.

	 	 	 Nashville, TN 37201

	 	 	 Attention: Ryan Hall

	 	 	 Phone: (615) 743-6607

	 	 	 Fax:      (615) 743-6597

  
 CAREMARK INTERNATIONAL, INC., as a Performance Guarantor 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Address:
	 	 c/o Caremark Rx, Inc.

	 	 	 211 Commerce St.

	 	 	 Nashville, TN 37201

	 	 	 Attention: Ryan Hall

	 	 	 Phone: (615) 743-6607

	 	 	 Fax:      (615) 743-6597

  
 [Signature Page to the
Receivables Purchase Agreement] 

 BLUE RIDGE ASSET FUNDING CORPORATION 
  
 BY: WACHOVIA CAPITAL MARKETS, LLC, ITS ATTORNEY-IN-FACT 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

	
	 Address:

	
	 c/o Wachovia Capital Markets, LLC

	 301 S. College St.,

	 FLR TRW 10 NC0610

	 Charlotte, NC 28288-0610

	
	 Attention: Douglas R. Wilson, Sr.

	 Phone:      (704) 374-2520

	 Fax:           (704) 383-9579

  
 WACHOVIA BANK, NATIONAL ASSOCIATION,
as a Committed Purchaser, as Blue Ridge Agent and as Administrative Agent 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Address:
	  	 191 Peachtree Street, N.E.

	 	  	 Mail Code GA-8088, 22nd Floor

	 	  	 Atlanta, GA 30303

		
	 	  	 Attention:     Cecil Noble

	 	  	 Phone:         (404) 332-4290

	 	  	 Fax:             (404) 332-5152

  
 [Signature Page to the
Receivables Purchase Agreement] 

			
	 JUPITER SECURITIZATION CORPORATION

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Authorized Signer

  

			
	 Address:
	 	 c/o Bank One, NA (Main Office Chicago)

	 	 	 131 South Dearborn, IL1-0079

	 	 	 Chicago, Illinois 60670

	 	 	 Attn: Asset-Backed Finance Division

	 	 	 Fax: (312) 732-1844

  
  
 BANK ONE, NA, as a Committed Purchaser and as Jupiter Agent 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Capital Markets

  

			
	 Address:
	 	 c/o Bank One, NA (Main Office Chicago)

	 	 	 131 South Dearborn, IL1-1729

	 	 	 Chicago, Illinois 60670

	 	 	 Attn: Asset-Backed Finance Division

	 	 	 Fax: (312) 732-3600

  
 [Signature Page to the
Receivables Purchase Agreement] 

 ATLANTIC ASSET SECURITIZATION CORP. 
  
 By: CREDIT LYONNAIS
NEW YORK BRANCH, AS ATTORNEY-IN-FACT 
  

			
	 By:
	 	  

	 	 	 Sam Pilcer

	 	 	 Managing Director

  

	
	 Address:

	
	 1301 Avenue of the Americas

	 New York, New York 10019

	
	 Attention: Matthew Croghan

	 Phone: (212) 261-7819

	 Fax: (212) 261-3448

  
 CREDIT LYONNAIS NEW YORK BRANCH, as a
Committed Purchaser and as Atlantic Agent 
  

			
	By:	 	  

	 	 	Sam Pilcer
	 	 	Managing Director

  

	
	 Address:

	
	 1301 Avenue of the Americas

	 New York, New York 10019

	
	 Attention: Matthew Croghan

	 Phone: (212) 261-7819

	 Fax: (212) 261-3448

  
 [insert remaining
signature pages in subsequent drafts] 
  
 [Signature Page to
the Receivables Purchase Agreement] 

 EXHIBIT I 
  

DEFINITIONS 
  
 As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and
plural forms of the terms defined): 
  
 “Act” has the meaning set forth in Section 4.1(o) of the Receivables Sale 
 Agreement.

  
 “Adjusted Dilution Ratio” means, at
any time, the rolling average of the Dilution Ratio for the 12 Calculation Periods then most recently ended. 
  
 “Administrative Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Administrative Agent’s Account” means an
account at Wachovia Bank, National Association, ABA #053100494 to be designated by the Administrative Agent. 
  
 “Advance” has the meaning set forth in Section 3.2 of the Receivables Sale Agreement. 
  
 “Advance Limit” has the meaning set forth in
Section 3.2 of the Receivables Sale Agreement. 
  
 “AdvancePCS” has the meaning set forth in the preamble to this Agreement. 
  
 “Adverse Claim” means a Lien or other right or claim in, of or on any Person’s assets or properties in favor of any other
Person (including any UCC financing statement or any similar instrument filed against such Person’s assets or properties), other than a Permitted Lien. 
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct
or indirect common control with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities of the controlled Person or possesses,
directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of Stock, by contract or otherwise. 
  
 “Agents” has the meaning set forth in the preamble to this Agreement. 
  
 “Aggregate Invested Amount” means, on any date of
determination, the aggregate Invested Amount of all Receivable Interests outstanding on such date. 
  
 “Aggregate Reduction” has the meaning specified in Section 1.3. 
  

 53 

 “Aggregate Unpaids” means, at any time, an amount equal to the sum of (i) the
Aggregate Invested Amount, plus (ii) all Recourse Obligations (whether due or accrued) at such time. 
  
 “Agreement” means this Receivables Purchase Agreement, as it may be amended, restated or otherwise modified and in effect from
time to time. 
  
 “Alternate Base Rate”
means for any day, the rate per annum equal to the sum of (A) the higher as of such day of (i) each Co-Agent’s Prime Rate, or (ii) one-half of one percent (0.50%) above the Federal Funds Rate and (B) the Applicable Margin for Base Rate
Advances (under and as defined in the Credit Agreement). For purposes of determining the Alternate Base Rate for any day, changes in the Prime Rate or the Federal Funds Effective Rate shall be effective on the date of each such change. 

 
 “Amortization Date” means, with respect to each
Group, the earliest to occur of (i) the Business Day immediately prior to the occurrence of an Event of Bankruptcy with respect to any Seller Party, (ii) the Business Day specified in a written notice from the Administrative Agent following the
occurrence of any other Amortization Event but before the same is waived in writing, (iii) the date which is 10 Business Days after the Agents’ receipt of written notice from Seller that it wishes to terminate the facility evidenced by this
Agreement; and (iv) such Group’s Liquidity Termination Date. 
  
 “Amortization Event” has the meaning specified in Article IX. 
  
 “Applicable Margin” means, at any time, the “Applicable Margin” specified in the Credit Agreement at such time. 
  
 “Atlantic” has the meaning set forth in the preamble to this Agreement. 
  
 “Atlantic Agent” has the meaning set forth in the
preamble to this Agreement. 
  
 “Atlantic Committed
Purchaser” has the meaning set forth in the preamble to this Agreement. 
  
 “Atlantic Fee Letter” means that certain Atlantic Fee Letter dated as of the date hereof by and between Seller and the Atlantic Agent. 
  
 “Atlantic Group” has the meaning set forth in the
preamble to this Agreement. 
  
 “Atlantic Group
Account” has the meaning specified in Section 1.4. 
  
 “Atlantic Liquidity Agreement” means the Liquidity Asset Transfer Agreement dated as of the date hereof among Atlantic, the Atlantic Agent, and the Atlantic Committed Purchaser(s) from time to time party thereto, as
the same may be amended, restated, supplemented, replaced or otherwise modified from time to time. 
  
 “Authorized Officer” means, with respect to any Person, its president, controller, treasurer or chief financial officer.

  

 54 

 “Bank One” has the meaning set forth in the preamble to this Agreement.

  
 “Bank One Roles” has the meaning set
forth in Section 11.10(b). 
  
 “Bankruptcy
Code” means the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), and the rules and regulations promulgated thereunder, as amended and in effect, and any successor thereto. 
  
 “Benefit Plan” means any employee benefit plan as
defined in Section 3(3) of ERISA in respect of which Seller, any Originator or any ERISA Affiliate of Seller or any Originator is, or at any time during the immediately preceding six (6) years was, an “employer” as defined in Section 3(5)
of ERISA. 
  
 “Blue Ridge” has the meaning
set forth in the preamble to this Agreement. 
  
 “Blue
Ridge Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Blue Ridge Committed Purchaser” has the meaning set forth in the preamble to this Agreement. 
  
 “Blue Ridge Fee Letter” means that certain Blue Ridge Fee Letter dated as of the date hereof by and among Seller, the Blue Ridge
Agent and the Administrative Agent. 
  
 “Blue Ridge
Group” has the meaning set forth in the preamble to this Agreement. 
  
 “Blue Ridge Group Account” has the meaning specified in Section 1.4. 
  
 “Blue Ridge Liquidity Agreement” means the Liquidity Asset Transfer Agreement dated as of the date hereof among Blue Ridge, the
Blue Ridge Agent, and the Blue Ridge Committed Purchaser(s) from time to time party thereto, as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time. 
  
 “Broken Funding Costs” means for any Receivable
Interest (other than one accruing Yield at the Alternate Base Rate) which: (i) has its Invested Amount reduced without compliance by Seller with the notice requirements hereunder (or, in the case of any Receivable Interest of a Committed Purchaser
that is accruing Yield at a LIBO Rate, which has its Invested Amount reduced on any day other than the last day of the applicable Interest Period) or (ii) does not become subject to a Group Reduction following the delivery of any Reduction Notice or
(iii) is assigned under a Liquidity Agreement or terminated prior to the date on which it was originally scheduled to end or (iv) is reduced on a day when a Conduit has no commercial paper maturing relative to such Receivable Interest, an amount
equal to the excess, if any, of (A) the CP Costs or Yield (as applicable) that would have accrued during the remainder of the Interest Periods or the tranche periods for Commercial Paper reasonably determined by the applicable Co-Agent to relate to
such Receivable Interest (as applicable) subsequent to the date of such reduction, assignment or termination (or in respect of clause (ii) above, the date such Group Reduction was designated to occur pursuant to the Reduction Notice) of the Invested
Amount of such Receivable Interest if such reduction, assignment or termination had not occurred or such Reduction Notice had not been delivered, over (B) the sum of (x) to the extent all or a portion of 
  

 55 

 such Invested Amount is allocated to another Receivable Interest, the amount of CP Costs or Yield actually accrued during
the remainder of such period on such Invested Amount for the new Receivable Interest, and (y) to the extent such Invested Amount is not allocated to another Receivable Interest, the income, if any, actually received during the remainder of such
period by the holder of such Receivable Interest from investing the portion of such Invested Amount not so allocated. In the event that the amount referred to in clause (B) exceeds the amount referred to in clause (A), the relevant Purchaser or
Purchasers agree to pay to Seller the amount of such excess. All Broken Funding Costs shall be due and payable hereunder at such time as the CP Costs to which they relate are due and payable hereunder. 
  
 “Business Associate Agreement” means an agreement in
substantially the form of Exhibit VIII executed by a successor Servicer in favor of the Originators. 
  
 “Business Day” means any day on which banks are not authorized or required to close in New York, New York, Chicago, Illinois,
Charlotte, North Carolina, Scottsdale, Arizona or Atlanta, Georgia, and The Depository Trust Company of New York is open for business, and, if the applicable Business Day relates to any computation or payment to be made with respect to the LIBO
Rate, any day on which dealings in dollar deposits are carried on in the London interbank market. 
  
 “Calculation Period” means the period of days from and including the first day of a calendar month to and including the last day
of such calendar month. 
  
 “Capitalized
Lease” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP. 
  
 “Caremark” has the meaning set forth in the preamble to this Agreement. 
  
 “CHAMPUS” means the Civilian Health and Medical
Program of the Uniformed Service, a program of medical benefits covering former and active members of the uniformed services and certain of their dependents, financed and administered by the United States Departments of Defense, Health and Human
Services and Transportation and established pursuant to the CHAMPUS Regulations. 
  
 “CHAMPUS Receivable” means a Receivable payable pursuant to CHAMPUS. 
  
 “CHAMPUS Regulations” means, collectively, all laws, rules, regulations, manuals, orders or guidelines pertaining to CHAMPUS
including (a) all federal statutes (whether set forth in 10 U.S.C. §§ 1071-1106 or elsewhere) affecting CHAMPUS; and (b) all rules, regulations (including 32 C.F.R. 199), manuals, orders and administrative, reimbursement and other
guidelines of all Governmental Authorities promulgated pursuant to or in connection with any of the foregoing (whether or not having the force of law), in each case as the same may be amended, supplemented or otherwise modified from time to time.

  
 “CHAMPVA” means the Civilian Health
and Medical Program of the Department of Veteran Affairs, a program of medical benefits covering retirees and dependents of former members of the armed services administered by the United States Department of Veteran Affairs and established pursuant
to the CHAMPUS Regulations. 
  

 56 

 “CHAMPVA Receivable” means a Receivable payable pursuant to CHAMPVA. 

 
 “CHAMPVA Regulations” means, collectively, all
laws, rules, regulations, manuals, orders or guidelines pertaining to CHAMPVA including (a) all federal statutes (whether set forth in 38 U.S.C. § 1713 or elsewhere) affecting CHAMPVA; (b) to the extent applicable to CHAMPVA, the CHAMPUS
Regulations; and (c) all rules, regulations (including 38 C.F.R. § 17.54), manuals, orders and administrative, reimbursement and other guidelines of all Governmental Authorities promulgated pursuant to or in connection with any of the foregoing
(whether or not having the force of law), in each case as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “CLNY” has the meaning set forth in the preamble to this Agreement. 
  
 “CLNY Roles” has the meaning set forth in Section 11.10(c). 
  
 “Co-Agent” has the meaning set forth in the preamble
to this Agreement. 
  
 “Co-Agents’ Fee
Letter” means that certain Co-Agents’ Fee Letter dated as of the date hereof by and among Seller and the Co-Agents, as the same may be amended, restated or otherwise modified from time to time. 
  
 “Code” means the Internal Revenue Code of 1986, as
amended, and the rules and regulations promulgated thereunder. 
  
 “Collections” means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such Receivable, including, without limitation, all Finance Charges or other related amounts accruing in
respect thereof and all cash proceeds of Related Security with respect to such Receivable. 
  
 “Commercial Paper” means promissory notes issued by or on behalf of any Conduit in the commercial paper market. 
  
 “Commitment” means, with respect to any Committed Purchaser, the commitment of such Committed
Purchaser to acquire Receivable Interests from Seller in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Committed Purchaser’s name on Schedule B to this Agreement, as such amount may be modified in accordance
with the terms hereof (including, without limitation, any termination of Commitments pursuant to Section 9.2 hereof) and (ii) with respect to any individual transfer hereunder, its Ratable Share of the Purchase Price therefor. 
  
 “Committed Purchaser” has the meaning set forth in
the preamble to this Agreement. 
  
 “Conduit”
has the meaning set forth in the preamble to this Agreement. 
  

 57 

 “Constituents” means, as to any Co-Agent, the Conduit represented by it as
specified in the preamble to this Agreement, and each of such Conduit’s Committed Purchasers, and the term “Constituent” when used as an adjective shall have a correlative meaning. 
  
 “Contingent Obligation” of a Person means any
agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any
other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating
agreement, take-or-pay contract or application for a letter of credit. 
  
 “Contract” means, with respect to any Receivable, any and all instruments, agreements, invoices or other writings pursuant to which such Receivable arises or which evidences such Receivable, including, without
limitation, all Rebate Contracts. 
  
 “CP
Costs” means: 
  
 (a) For each of Blue Ridge and
Jupiter: for each day during any Calculation Period, the sum of (i) discount or interest accrued on its Pooled Commercial Paper on such day, plus (ii) any and all accrued commissions in respect of its placement agents and Commercial Paper dealers,
and issuing and paying agent fees incurred by such Conduit, in respect of such Pooled Commercial Paper for such day, plus (iii) other costs associated with funding small or odd-lot amounts with respect to all receivable purchase or financing
facilities which are funded by its Pooled Commercial Paper for such day, minus (iv) any accrual of income net of expenses received on such day from investment of Collections received under all receivable purchase or financing facilities funded
substantially with its Pooled Commercial Paper, minus (v) any payment received on such day net of expenses in respect of Broken Funding Costs related to the prepayment of any investment of such Conduit pursuant to the terms of any receivable
purchase or financing facilities funded substantially with Pooled Commercial Paper. In addition to the foregoing costs, if Seller shall request any purchase of Receivable Interests during any period of time determined by the Administrative Agent in
its sole discretion to result in incrementally higher CP Costs applicable to such purchase, the principal associated with any such purchase shall, during such period, be deemed to be funded by such Conduit in a special pool (which may include
capital associated with other receivable purchase or financing facilities) for purposes of determining such additional CP Costs applicable only to such special pool and charged each day during such period against such principal. 
  
 (b) For Atlantic: for each day during any CP Tranche Period, the sum of (A)
discount accrued on Commercial Paper on such day which Commercial Paper are allocated, in whole or in part, to fund or maintain Atlantic’s Receivable Interest for such day, as determined by the Atlantic Agent plus (B) any and all costs and
expenses to Atlantic of issuing such Commercial Paper including all dealer commissions and note issuance costs in connection therewith, and (C) other costs associated with the funding by Atlantic of small or odd lot amounts that are not funded with
Commercial Paper; provided, however, that, if any component of such rate is a discount rate, in calculating the “CP Costs” for such CP Tranche Period, such Atlantic Agent shall for such component use the rate
resulting from converting such discount rate to an interest-bearing equivalent rate per annum. 
  

 58 

 “CP Tranche Period” means, with respect to Atlantic, a period of up to 35 days
commencing on a Business Day selected by Seller and agreed to by the Atlantic Agent pursuant to Section 3.2; provided, however, that if any such CP Tranche Period would end on a day which is not a Business Day, such CP Tranche
Period shall end on the preceding Business Day. 
  
 “Credit Agreement” means that certain Credit Agreement, dated as of March 24, 2004, among Parent, the banks, financial institutions and other institutional lenders listed on the signature pages thereto, Bank of
America, N.A. as the initial issuer of letters of credit, as provider of the swing line facility and administrative agent, Wachovia Bank, National Association and UBS Securities, Inc. as co-syndication agents and JPMorgan Chase Bank, Banc of America
Securities LLC and Wachovia Bank, National Association as lead arrangers, as it may be amended, restated or otherwise modified and in effect from time to time. 
  

“Credit and Collection Policy” means each Originator’s credit and collection policies and practices relating to Contracts
and Receivables existing on the date hereof and summarized in Exhibit IX hereto, as modified from time to time in accordance with this Agreement. 
  
 “Cut-Off Date” means the last day of a Calculation Period. 
  
 “Days Sales Outstanding” or “DSO” means, as of any day, an amount equal to
the product of (x) 91, multiplied by (y) the amount obtained by dividing (i) the aggregate outstanding balance of Receivables as of the most recent Cut-Off Date, by (ii) the aggregate amount of Receivables created during the three (3) Calculation
Periods including and immediately preceding such Cut-Off Date. 
  
 “Declining Conduit” has the meaning set forth in Section 1.1(a)(ii) of this Agreement. 
  
 “Deemed Collections” means all Dilutions. 
  
 “Default Horizon Ratio” means, as of any Cut-Off Date, the ratio (expressed as a decimal) computed by dividing (i) the aggregate
sales generated by the Originators during the three and one quarter (3.25) Calculation Periods ending on such Cut-Off Date, by (ii) the Net Pool Balance as of such Cut-Off Date. 
  
 “Default Fee” means, with respect to any amount due and payable by Seller in respect of any
Aggregate Unpaids, an amount equal to interest on any such unpaid Aggregate Unpaids at the Default Rate. 
  
 “Default Rate” means a rate per annum equal to the sum of (i) the Alternate Base Rate plus (ii) 2.00%, changing when and as the
Alternate Base Rate changes. 
  
 “Default
Ratio” means, as of any Cut-Off Date, the ratio (expressed as a percentage) computed by dividing (x) the total amount of Receivables that became Defaulted 
  

 59 

 Receivables during the month that includes such Cut-Off Date, by (y) the aggregate amount of sales generated by the
Originators during the month occurring three months prior to the month ending on such Cut-Off Date. 
  
 “Defaulted Receivable” means a Receivable: (i) as to which the Obligor thereof has suffered an Event of Bankruptcy; (ii) which,
consistent with the Credit and Collection Policy, would be written off Seller’s books as uncollectible; or (iii) as to which any payment, or part thereof, remains unpaid for 91 days or more from the original invoice date for such payment.

  
 “Delinquency Ratio” means, at any
time, a percentage equal to (i) the aggregate Outstanding Balance of all Receivables that were Delinquent Receivables at such time divided by (ii) the aggregate Outstanding Balance of all Receivables at such time. 
  
 “Delinquent Receivable” means (i) a Receivable (other
than a Receivable related to a Rebate Contract) as to which any payment, or part thereof, remains unpaid for 61-90 days from the original invoice date for such payment, or (ii) a Receivable pursuant to a Rebate Contract as to which any payment, or
part thereof, remains unpaid for 91-120 days from the original invoice date for such payment. 
  
 “Designated Obligor” means, at any time, each Obligor; provided, however, that any Obligor shall cease to be a Designated Obligor upon notice to Seller from the Administrative
Agent, delivered at any time. 
  
 “Dilution” means the amount of any reduction or cancellation of the outstanding principal balance of a Receivable due to credits issued for returned or repossessed goods, shortages, pricing adjustments, volume
rebates, other rebates or refunds and other allowances, adjustments, and deductions that (i) are given to an Obligor in accordance with the Originators’ Credit and Collection Policy and (ii) results in a reduction of such Obligor’s payment
obligation. 
  
 “Dilution Horizon Ratio”
means, as of any Cut-Off Date, a ratio (expressed as a decimal), computed by dividing (i) the aggregate sales generated by the Originators during the one and one quarter (1.25) months ending on such Cut-Off Date, by (ii) the Net Pool Balance as of
such Cut-Off Date. 
  
 “Dilution Ratio”
means, as of any Cut-Off Date, a ratio (expressed as a percentage), computed by dividing (i) the total amount of decreases in the Outstanding Balance of Receivables due to Dilutions during the one month ending on such Cut-Off Date, by (ii) the
aggregate sales generated by the Originators one month prior to the current month ending on such Cut-Off Date. 
  
 “Dilution Reserve” means, for any month, the product (expressed as a percentage) of: (a) the sum of (i) 2 times the
Adjusted Dilution Ratio as of the immediately preceding Cut-Off Date, plus (ii) the Dilution Volatility Component as of the immediately preceding Cut-Off Date, times (b) the Dilution Horizon Ratio as of the immediately preceding
Cut-Off Date. 
  
 “Dilution Volatility
Component” means the product (expressed as a percentage) of (i) the difference between (a) the highest three (3)-month rolling average Dilution Ratio over 
  

 60 

 the past 12 Calculation Periods and (b) the Adjusted Dilution Ratio, and (ii) a fraction, the numerator of which is equal
to the amount calculated in (i)(a) of this definition and the denominator of which is equal to the amount calculated in (i)(b) of this definition. 
  
 “Downgraded Committed Purchaser” means a Committed Purchaser which has been the subject of a Downgrading Event. 
  
 “Downgrading Event” with respect to any Person means
the lowering of the rating with regard to the short-term securities of such Person to below (i) A-1 by S&P, (ii) P-1 by Moody’s, or (iii) if applicable, A1 by Fitch. 
  
 “Effective Date” has the meaning set forth in Section 7.2 of the Receivables Sale Agreement.

  
 “Eligible Assignee” means a commercial
bank having a combined capital and surplus of at least $250,000,000 with a rating of its (or its parent holding company’s) short-term securities equal to or higher than (i) A-1 by S&P and (ii) P-1 by Moody’s. 
  
 “Eligible Conduit Assignee” means a special purpose
multi-seller asset-backed commercial paper issuer whose commercial paper ratings are equal to or higher than at least (i) A-1 by S&P, (ii) P-1 by Moody’s, and (iii) as applicable, F1 by Fitch. 
  
 “Eligible Receivable” means, at any time, a
Receivable: 
  
 (a) the Obligor of which (i) if a
natural person, is a resident of the United States or, if a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive office in the United States;
(ii) is not an Affiliate of any of the parties hereto; and (iii) is not a Governmental Authority (to the extent that the aggregate Outstanding Balance of all Governmental Receivables is greater than 13.5% of the Outstanding Balance of all Eligible
Receivables), 
  
 (b) which is not a Defaulted
Receivable, 
  
 (c) which (i) is not more than 90
days past original invoice date on greater than 50% of the aggregate Outstanding Balance of all Receivables owing by such Obligor (other than Receivables arising from a Rebate Contract) and (ii) has a related Obligor who is not the subject of a
current bankruptcy and has not been the subject of a bankruptcy during the prior 24 months unless otherwise agreed to in writing by the Agents; 
  
 (d) which was not a Delinquent Receivable on the date on which it was acquired by Seller from the applicable Originator, 
  
 (e) which, except in the case of any Eligible Unbilled
Rebate Receivables, by its terms is due and payable with respect to all other Receivables within 30 days of the original billing date therefore and has not had its payment terms extended more than once, 
  

 61 

 (f) which is an “account” or a “payment intangible” within the
meaning of Section 9-102 of the Relevant UCC of all applicable jurisdictions, 
  
 (g) which is denominated and payable only in United States dollars in the United States, 
  
 (h) which Receivable constitutes the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in
accordance with its terms subject to no offset, counterclaim or other defense, 
  
 (i) which, unless such Receivable arises under a Rebate Contract, arises under a Contract (but not necessarily an invoice) which (A)
conforms in all material respects to one of the forms of Contract, as applicable, reviewed and approved by the Administrative Agent or its counsel, (B) does not require the Obligor under such Contract to consent to the transfer, sale, pledge or
assignment of the rights and duties of the applicable Originator or any of its assignees under such Contract, and (C) does not contain a confidentiality provision that purports to restrict the ability of any Agent or Purchaser to exercise its rights
under this Agreement, including, without limitation, its right to review the Contract, 
  
 (j) which, unless such Receivable arises under a Rebate Contract, arises under a Contract that contains an obligation to pay a specified
sum of money, contingent only upon (i) the sale of goods or the provision of services by the applicable Originator and (ii) in the case of an Unbilled Client Receivable, the Obligor’s receipt of an invoice, 
  
 (k) which does not contravene any law, rule or regulation
applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and, if applicable, with
respect to which no part of the Contract related thereto is in violation of any applicable law, rule or regulation, 
  
 (l) which satisfies all applicable requirements of the Credit and Collection Policy, 
  
 (m) which was generated in the ordinary course of the
applicable Originator’s business, 
  
 (n)
which arises solely from the sale of goods or the provision of services to the related Obligor by the applicable Originator, and not by any other Person (in whole or in part), 
  
 (o) which is not subject to any dispute, counterclaim, right of rescission, set-off, counterclaim or any
other defense (including defenses arising out of violations of usury laws and any potential set-off due to any payables owing to the applicable Obligor by the applicable Originator) of the applicable Obligor against the applicable Originator or any
other Adverse Claim, and the 
  

 62 

 Obligor thereon holds no right as against such Originator to cause such Originator to repurchase the
goods or merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or defective goods returned in accordance with the terms of the Contract);
provided, however, that if such dispute, offset, counterclaim or defense affects only a portion of the Outstanding Balance of such Receivable, then such Receivable may be deemed an Eligible Receivable to the extent of the
portion of such outstanding balance which is not so affected, and provided, further, that Receivables of any Obligor which has any accounts payable by the applicable Originator or by a wholly-owned Subsidiary of such
Originator (thus giving rise to a potential offset against such Receivables) may be treated as Eligible Receivables to the extent that the Obligor of such Receivables has agreed pursuant to a written agreement in form and substance satisfactory to
the Required Co-Agents, that such Receivables shall not be subject to such offset, 
  
 (p) as to which the applicable Originator has satisfied and fully performed all obligations on its part with respect to such Receivable
required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the applicable Obligor, 
  
 (q) as to which each of the representations and warranties is true and correct, 
  
 (r) all right, title and interest to and in which has been
validly transferred by the applicable Originator directly to Seller under and in accordance with the Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear of any Adverse Claim; 
  
 (s) which, for Receivables arising from Rebate Contracts,
(i) satisfies all of the requirements of the safe harbor clauses of the Code of Federal Regulations (i.e., 42 CFR 1001.952(h), (j) and (m)) and (ii) is an Eligible Unbilled Rebate Receivable; 
  
 (t) no Receivables arising from Rebate Contracts represent
any payment by the Obligor in connection with (i) inclusion of any of the Obligor’s products in the Caremark’s or any of its contracting health plan’s formularies, (ii) a restriction of any of such formularies to any one or more of
such Obligor’s products in any one or more areas, or (iii) making such Obligor’s products the exclusive product in one or more areas of any of such formularies; 
  
 (u) which (A) for Receivables arising from Rebate Contracts, is billable no less frequently than once each
calendar quarter pursuant to the terms of the related Rebate Contract, and (B) for Unbilled Client Receivables, is billable no less frequently than once every two weeks; and 
  
 (v) which, for all Receivables, including those arising from Rebate Contracts, are fully earned. 

 

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 “Eligible Unbilled Rebate Receivable” means up to 75% of all unbilled Receivables
relating to any Rebate Contract (i) which satisfies all criteria specified in the definition of “Eligible Receivable” other than clause (e) of such definition, (ii) has accrued in accordance with the terms of the relevant
Rebate Contract and would be required to be paid in full by the Obligor thereof within 90 days following presentation of an invoice therefor together with the relevant supporting data required to be delivered under the terms of the related Rebate
Contract, (iii) has been recognized as a receivable in the applicable Originator’s accounting records in accordance with GAAP and, to the extent consistent with GAAP, the accounting practices of the Originators as in effect on the date of this
Agreement, (iv) with respect to which the time limit specified in the related Rebate Contract for the billing of such Receivable has not yet expired, and (v) such unbilled rebate receivables will continue to be eligible as long as Caremark Rx,
Inc.’s senior unsecured debt ratings remain above either BB- or Ba3 by S&P and Moody’s, respectively. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued
thereunder. 
  
 “ERISA Affiliate” means,
with respect to any Person, (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as such Person; (ii) a trade or business (whether or not incorporated) under common
control (within the meaning of Section 414(c) of the Code) with such Person; or (iii) a member of the same affiliated service group (within the meaning of Section 414(n) of the Code) as such Person, any corporation described in clause (i)
above or any trade or business described in clause (ii) above. 
  
 “Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if either: 
  
 (a) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all
or substantially all of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect;
or 
  
 (b) such Person shall commence a voluntary
case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee (other than a trustee under a deed of trust, indenture or similar instrument), custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or shall make any general
assignment for the 
  

 64 

 benefit of creditors, or shall be adjudicated insolvent, or admit in writing its inability to pay its
debts generally as they become due, or, if a corporation or similar entity, its board of directors shall vote to implement any of the foregoing. 
  
 “Excluded Receivable” means any Receivable that is not (i) a mail/retail Receivable that is processed through the applicable
Originator’s claims processing systems and resides on the SAP, RxClaim, or Recap aged trial balances, or (ii) a Receivable owing by a Manufacturer pursuant to its respective Rebate Contract. 
  
 “Excluded Taxes” means (A) franchise taxes, excise
taxes, branch profits taxes and taxes based on or measured by all or part of the gross or net income of any Indemnified Party, in each case, imposed (i) by the United States or any political subdivision or taxing authority thereof or therein or (ii)
by the jurisdiction under the laws of which the Indemnified Party is organized or has its applicable lending or administrative office or any political subdivision of any thereof and (B) taxes that would not have been imposed if the only connection
between the Indemnified Party and the jurisdiction imposing such taxes was the activities of such Indemnified Party pursuant to or in respect of this Agreement (including entering into, lending money or extending credit pursuant to, receiving
payments under, or enforcing this Agreement). 
  
 “Facility Account” means Seller’s account no. 658539218 at Bank One, NA, ABA number is 071000013. 
  
 “Facility Limit” means $500,000,000. 
  
 “Facility Termination Date” means, with respect to each Group, the earlier to occur of (a) the Amortization Date for such Group,
and (b) March 24, 2007. 
  
 “Federal Funds Effective
Rate” means, for any period, a fluctuating interest rate per annum for each day during such period equal to (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System
arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York in the Composite Closing Quotations for U.S. Government Securities; or (ii)
if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11:30 a.m. (New York time) for such day on such transactions received by the applicable Co-Agent from three federal funds brokers of
recognized standing selected by it. 
  
 “Fee
Letters” means, collectively, the Co-Agents’ Fee Letter, the Blue Ridge Fee Letter, the Jupiter Fee Letter and the Atlantic Fee Letter. 
  
 “Final Payout Date” means the date on which all Aggregate Unpaids have been paid in full and the Facility Limit has been reduced
to zero. 
  
 “Finance Charges”
means, with respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract. 
  
 “Fitch” means Fitch, Inc., a Delaware corporation. 
  

 65 

 “Funding Agreement” means, as to each Conduit, (i) this Agreement, (ii) its
Liquidity Agreement and (iii) any other agreement or instrument executed by any Funding Source with or for the benefit of such Conduit. 
  
 “Funding Availability” means, on any date of determination, the Net Pool Balance minus the Required Reserves. 
  
 “Funding Source” means (i) any Committed Purchaser or
(ii) any insurance company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or facilities to a Conduit. 
  
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such accounting profession, which are in effect as of the date of the
Receivables Sale Agreement. 
  
 “Government
Receivable” means any Receivable which is a (a) Medicare Receivable, (b) Medicaid Receivable, (c) CHAMPUS Receivable, (d) CHAMPVA Receivable, or (e) any other Receivable payable by a Governmental Authority. 
  
 “Governmental Authority” means any applicable nation
or government, any state, local or other political subdivision thereof, any court, and any other entity exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government. 
  
 “Group” has the meaning set forth in the preamble to
this Agreement. 
  
 “Group Account” means
the Blue Ridge Group Account, the Atlantic Group Account or the Jupiter Group Account. 
  
 “Group Collections” has the meaning specified in Section 2.2. 
  
 “Group Invested Amount” means, as to any Group on any date of determination, the aggregate of the Invested Amounts associated with
all of such Group’s Receivable Interests. 
  
 “Group Limit” means, as to any Group on any date of determination, an amount equal to the sum of such Group’s Committed Purchasers’ Commitments under this Agreement. 
  
 “Group Reduction” means the amount by which the Group
Invested Amount of any Group is to be reduced on any date. 
  
 “HIPAA” means the Health Insurance Portability and Accountability Act of 1996, 42 U.S.C. §§ 1320d – 1320d-8, and the regulations promulgated pursuant thereto. 
  
 “Incremental Purchase” means a purchase of one or
more Receivable Interests which increases the total outstanding Aggregate Invested Amount hereunder. 
  

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 “Indebtedness” a Person means such Person’s (i) obligations for borrowed
money, (ii) obligations representing the deferred purchase price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations, whether
or not assumed, secured by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) obligations under
Capitalized Leases, (vi) net liabilities under interest rate swap, exchange or cap agreements, (vii) Contingent Obligations, (viii) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA, and (ix) in the case of
Seller, the Aggregate Unpaids. 
  
 “Indemnified
Amounts” has the meaning specified in Section 10.1. 
  
 “Indemnified Party” has the meaning specified in Section 10.1. 
  
 “Independent Director” means a member of the board of managers of Seller who is not at such time, and has not been at any time
during the preceding five (5) years a director, officer, employee, trade creditor or shareholder of (i) an Originator, (ii) Seller, (iii) any Servicer, (iv) any principal of an Originator or a Servicer, or (v) any Affiliate of a Servicer or an
Originator (including, without limitation, any Performance Guarantor. 
  
 “Interest Period” means, with respect to any Receivable Interest of a Committed Purchaser: 
  
 (a) if Yield for such Receivable Interest is calculated on the basis of the LIBO Rate, a period of one month, or such other period as may
be mutually agreeable to the Agents and Seller, commencing on a Business Day selected by Seller or a Co-Agent pursuant to this Agreement. If such Interest Period is a period of one month, such Interest Period shall end on the day in the applicable
succeeding calendar month which corresponds numerically to the beginning day of such Interest Period, provided, however, that if there is no such numerically corresponding day in such succeeding month, such Interest Period shall end on
the last Business Day of such succeeding month; or 
  
 (b) if Yield for such Receivable Interest is calculated on the basis of the Alternate Base Rate, a period commencing on a Business Day selected by Seller and agreed to by the Agents and ending on the earlier to occur of (i) 30 days
thereafter or (ii) the first day of an Interest Period described in clause (a) above, provided that no such period shall exceed one month. 
  
 If any Interest Period would end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided,
however, that in the case of Interest Periods corresponding to the LIBO Rate, if such next succeeding Business Day falls in a new month, such Interest Period shall end on the immediately preceding Business Day. In the case of any Interest
Period which commences before the Facility Termination Date and would otherwise end on a date occurring after the Facility Termination Date, such Interest Period shall end on the Facility Termination Date. The duration of each Interest Period which
commences after the Facility Termination Date shall be of such duration as selected by the Administrative Agent. 
  

 67 

 “Invested Amount” of any Receivable Interest means, at any time, (A) the Purchase
Price of such Receivable Interest, minus (B) the sum of the aggregate amount of Collections and other payments received by the Administrative Agent which in each case are applied to reduce such Invested Amount in accordance with the terms and
conditions of this Agreement; provided that such Invested Amount shall be restored (in accordance with Section 2.5) in the amount of any Collections or other payments so received and applied if at any time the distribution of such
Collections or payments are rescinded, returned or refunded for any reason. 
  
 “Jupiter” has the meaning set forth in the preamble to this Agreement. 
  
 “Jupiter Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Jupiter Committed Purchaser” has the meaning set
forth in the preamble to this Agreement. 
  
 “Jupiter
Fee Letter” means that certain Jupiter Fee Letter dated as of the date hereof by and among Seller, the Jupiter Agent and the Administrative Agent. 
  

“Jupiter Group” has the meaning set forth in the preamble to this Agreement. 
  
 “Jupiter Group Account” has the meaning specified in
Section 1.4. 
  
 “Jupiter Liquidity
Agreement” means the Liquidity Asset Transfer Agreement dated as of the date hereof among Jupiter, the Jupiter Agent, and the Jupiter Committed Purchaser(s) from time to time party thereto, as the same may be amended, restated,
supplemented, replaced or otherwise modified from time to time. 
  
 “LIBO Rate” means, for any Interest Period, the rate per annum determined on the basis of the offered rate for deposits in U.S. dollars of amounts equal or comparable to the Invested Amount offered for a term
comparable to such Interest Period, which rates appear on a Bloomberg L.P. terminal, displayed under the address “US0001M <Index> Q <Go>“ effective as of 11:00 A.M., London time, two Business Days prior to the first day
of such Interest Period, provided that if no such offered rates appear on such page, the LIBO Rate for such Interest Period will be the arithmetic average (rounded upwards, if necessary, to the next higher 1/100th of 1%) of rates
quoted by not less than two major banks in New York, New York, selected by the applicable Co-Agent, at approximately 10:00 a.m.(New York time), two Business Days prior to the first day of such Interest Period, for deposits in U.S. dollars offered by
leading European banks for a period comparable to such Interest Period in an amount comparable to the Invested Amount, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal or other reserves)
which is imposed against such Co-Agent in respect of Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal), applicable to such Interest
Period plus (ii) the Applicable Margin for Eurodollar Rate Advances (under and as defined in the Credit Agreement). The LIBO Rate shall be rounded, if necessary, to the next higher 1/16 of 1%. 
  

 68 

 “Lien” means any mortgage, lien, pledge, charge, security interest or encumbrance
of any kind. 
  
 “Liquidity Agreements”
means each of the Atlantic Liquidity Agreement, the Blue Ridge Liquidity Agreement and the Jupiter Liquidity Agreement. 
  
 “Liquidity Commitment” means, as to each Committed Purchaser, its commitment under its Liquidity Agreement. The Liquidity
Commitments, in the aggregate, shall equal 102% of the Facility Limit hereunder. 
  
 “Liquidity Termination Date” means, as to each Group, March 23, 2005 unless extended by such Group in accordance with Section 1.6. 
  
 “Lock-Box Account” means an account maintained at a Lock-Box Bank for the purpose of receiving
Collections from Receivables. 
  
 “Lock-Box
Agreement” means an agreement between a Servicer, the Administrative Agent, Seller and a Lock-Box Bank in substantially the form of Exhibit X to this Agreement (or in a form otherwise acceptable to the Administrative Agent). 

 
 “Lock-Box Bank” means each of the banks set forth
in Exhibit VI to this Agreement, and such banks as may be added thereto or deleted therefrom pursuant to Section 5.1(s) of this Agreement. 
  
 “Loss Reserve” means, for any month, the product (expressed as a percentage) of (a) 2.0, times (b) the highest three-month rolling
average Default Ratio during the 12 months ending on the immediately preceding Cut-Off Date, times (c) the Default Horizon Ratio as of the immediately preceding Cut-Off Date. 
  
 “Manufacturer” means any pharmaceutical manufacturer who manufactures prescription drugs that are
used in the plans administered by an Originator. 
  
 “Material Adverse Effect” means a material adverse effect on (i) the financial condition or operations of any Seller Party and its Subsidiaries, (ii) the ability of any Seller Party to perform its obligations under
this Agreement or the Performance Guarantor to perform its obligations under the Performance Undertaking, (iii) the legality, validity or enforceability of this Agreement or any other Transaction Document, (iv) the Administrative Agent’s
security interest, for the benefit of the Secured Parties, in the Receivables generally or in any significant portion of the Receivables, the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables
generally or of any material portion of the Receivables. 
  
 “Material Subsidiary” means, at any date of determination, any Subsidiary of the Parent (x) other than any Securitization Entity, that either individually, or, together with its Subsidiaries, taken as a whole, (a)
owned more than 10% of the Consolidated Total Assets of the Parent and its Subsidiaries as of the last day of the most recently completed Fiscal Quarter on or prior to such date or (b) accounted for more than 10% of the Consolidated Net Income of
the Parent and its Subsidiaries for the most recently completed Fiscal Quarter on or prior to such date, in each case as reflected in the Required Financial Information most recently delivered to 
  

 69 

 the Administrative Agent and the Lender Parties on or prior to such date and determined in accordance with GAAP for such
period; provided, however, that solely for purposes of determining whether a Subsidiary of the Parent that was not a Subsidiary thereof on the first day of the most recently completed Fiscal Quarter on or prior to any such date constitutes a
“Material Subsidiary” at such date, the organization, creation, purchase or other acquisition of such Subsidiary shall be given pro forma effect as though it had occurred on the first day of such Fiscal Quarter; and provided further that
in the event at any time the aggregate Total Assets or the Net Income, as the case may be, of the Immaterial Subsidiaries is in excess of 20% of the aggregate Consolidated Total Assets or Consolidated Net Income of the Parent and its Subsidiaries,
respectively, then the percentages set forth in respect of Material Subsidiaries above shall be reduced so that the aggregate Consolidated Total Assets or Consolidated Net Income of the remaining Immaterial Subsidiaries (after giving effect to such
reduction and the resulting increase in number of Material Subsidiaries) is less than 20% of the aggregate Consolidated Total Assets or Consolidated Net Income of the Parent and its Subsidiaries, or (y) which is designated in writing by the Parent
to the Administrative Agent as a “Material Subsidiary” under this Agreement. (Capitalized terms used in this definition and not otherwise defined in this Agreement are used with the meanings attributed thereto in the Credit
Agreement). 
  
 “Medicaid” means the
medical assistance program established by Title XIX of the Social Security Act (42 USC §§ 1396 et seq.) and any statutes succeeding thereto, and all Medicaid Regulations. 
  
 “Medicaid Provider Agreement” means any agreement entered into between a state agency or other
entity administering the Medicaid program and a health care facility under which the health care facility agrees to provide services or merchandise for Medicaid patients in accordance with the terms of the agreement and Medicaid Regulations.

  
 “Medicaid Receivable” means a
Receivable payable pursuant to a Medicaid Provider Agreement. 
  
 “Medicaid Regulations” means, collectively, all laws, rules, regulations, manuals, orders or guidelines pertaining to Medicaid including (a) all federal statutes (whether set forth in Title XIX of the Social Security
Act or elsewhere) affecting Medicaid; (b) all state statutes and plans for medical assistance enacted in connection with such statutes and federal rules and regulations promulgated pursuant to or in connection with such statutes; and (c) all
applicable provisions of all rules, regulations, manuals, orders and administrative, reimbursement and other guidelines of all Governmental Authorities promulgated pursuant to or in connection with any of the foregoing (whether or not having the
force of law), in each case as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “Medicare” means the health insurance program for the aged and disabled established by Title XVIII of the Social Security Act (42
USC §§ 1395 et seq.) and any statutes succeeding thereto, and all Medicare Regulations. 
  
 “Medicare Provider Agreement” means any agreement entered into between a state agency or other entity administering the Medicare
program and a health care facility under which the health care facility agrees to provide services or merchandise for Medicare patients in accordance with the terms of the agreement and Medicare Regulations. 
  

 70 

 “Medicare Receivable” means a Receivable payable pursuant to a Medicare Provider
Agreement. 
  
 “Medicare Regulations”
means, collectively, all laws, rules, regulations, manuals, orders or guidelines pertaining to Medicare including (a) all federal statutes (whether set forth in Title XVIII of the Social Security Act or elsewhere) affecting Medicare; and (b) all
applicable provisions of all rules, regulations, manuals, orders and administrative, reimbursement and other guidelines of all Governmental Authorities promulgated pursuant to or in connection with any of the foregoing (whether or not having the
force of law), in each case as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “Monthly Report” means a report, in substantially the form of Exhibit XI hereto (appropriately completed), furnished by the
Servicers to the Agents pursuant to Section 8.7(a). 
  
 “Monthly Reporting Date” means the 19th day of each calendar month immediately
following the Cut-Off Date, or if such day is not a Business Day, the succeeding Business Day or such other days of any month as Agent may request in connection with Section 8.7 hereof; provided that such date may be extended by
not more than five (5) Business Days due to system outages, computer failure or force majeure. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of
ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by any Seller Party or any ERISA Affiliate of Seller or any Originator on behalf of its employees. 
  
 “Net Pool Balance” means, at any time, the aggregate
Outstanding Balance of all Eligible Receivables at such time reduced by (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Obligor Concentration Limit for such Obligor
and (ii) the Rebate Receivable Excess. 
  
 “Obligor” means a Person obligated to make payments pursuant to a Contract. 
  

 71 

 “Obligor Concentration Limit” means, at any time, in relation to the aggregate
Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit shall be determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by
S&P and Moody’s (or in the absence thereof, the equivalent long term unsecured senior debt ratings), the applicable concentration limit shall be determined according to the following table: 
  

					
	 S&P Rating

	  	 Moody’s Rating

	  	 Allowable % of
 Eligible Receivables

	 A-1+
	  	P-1	  	10%
	 A-1
	  	P-1	  	8%
	 A-2
	  	P-2	  	6%
	 A-3
	  	P-3	  	3%
	 Below A-3 or Not Rated by either S&P or Moody’s
	  	Below P-3 or Not Rated by either S&P or Moody’s	  	3%

  
 ; provided, however,
that (a) if any Obligor has a split rating, the applicable rating will be the lower of the two, (b) if any Obligor is not rated by either S&P or Moody’s, the applicable Obligor Concentration Limit shall be the one set forth in the
last line of the table above, and (c) subject to satisfaction of the Rating Agency Condition and/or an increase in the percentage set forth in clause (a)(i) of the definition of “Required Reserve,” upon Seller’s request
from time to time, the Agents may agree to a higher percentage of Eligible Receivables for a particular Obligor and its Affiliates (each such higher percentage, a “Special Concentration Limit”), it being understood that any
Special Concentration Limit may be cancelled by the Administrative Agent upon not less than five (5) Business Days’ written notice to the Seller Parties. 
  

“Official Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission,
department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 
  
 “Organizational Documents” means, for any Person, the documents for its formation and organization,
which, for example, (a) for a corporation are its corporate charter and bylaws, (b) for a partnership are its certificate of partnership (if applicable) and partnership agreement, (c) for a limited liability company are its certificate of formation
or organization and its operating agreement, regulations or the like and (d) for a trust is the trust agreement, declaration of trust, indenture or bylaws under which it is created. 
  
 “Originator” means each of Caremark and AdvancePCS, in its capacity as a seller under the
Receivables Sale Agreement. 
  
 “Outstanding
Balance” of any Receivable at any time means the then outstanding principal balance thereof. 
  
 “Outstanding Percentage” means “ means, as to each Group on any date of determination, (a) at any time while
the Aggregate Invested Amount is greater than $0, the ratio which the sum of its members’ Invested Amounts as of the close of business on the preceding Business Day bears to the Aggregate Invested Amount as of the close of business on the
preceding Business Day, and (b) at any time while the Aggregate Invested Amount is $0, the ratio which its Group Limit bears to the Facility Limit. 
  
 “Parent” means Caremark Rx, Inc., a Delaware corporation, and its successors and assigns. 
  

 72 

 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

  
 “Performance Guarantor” means each
Parent and Caremark International, Inc, a Delaware corporation. 
  
 “Performance Undertaking” means that certain Performance Undertaking, dated as of March 24, 2004 by Performance Guarantor in favor of Seller, substantially in the form of Exhibit XIII to this Agreement, as the same
may be amended, restated or otherwise modified from time to time. 
  
 “Permitted Liens” means ownership interests, security interests or claims arising under the Transaction Documents. 
  
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock
company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
  
 “PHI” means “protected health information” as such term is defined in 45 CFR § 164.501. 
  
 “Pooled Commercial Paper” means Commercial Paper
notes of a Conduit subject to any particular pooling arrangement by such Conduit but excluding Commercial Paper issued by any such Conduit for a tenor and in an amount specifically requested by any Person in connection with any agreement effected by
such Conduit. 
  
 “Prime Rate” means a
rate per annum equal to the prime rate of interest announced from time to time by each Co-Agent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
  
 “Proceeds” means “proceeds” as defined in
Article 9 of the Relevant UCC or any replacement thereof. 
  
 “Proposed Reduction Date” has the meaning set forth in Section 1.3. 
  
 “Purchase” means an Incremental Purchase or a Reinvestment. 
  
 “Purchase Date” means each Business Day on which a Purchase is made hereunder. 
  
 “Purchase Notice” has the meaning set forth in
Section 1.2. 
  
 “Purchase Price”
means, with respect to any Incremental Purchase of a Receivable Interest, the amount paid to Seller for such Receivable Interest which shall not exceed the least of (i) the amount requested by Seller in the applicable Purchase Notice, (ii) the
unused portion of the Facility Limit on the applicable Purchase Date and (iii) the excess, if any, of the Net Pool Balance determined as of the date of the most recent Weekly Report, over the Aggregate Invested Amount determined as of the date of
the most recent Weekly Report, without taking into account such proposed Incremental Purchase. 
  

 73 

 “Purchase Termination Date” has the meaning set forth in Section 8.2 of
the Receivables Sale Agreement. 
  
 “Purchased
Assets” means all of Seller’s right, title and interest, whether now owned and existing or hereafter arising in and to all of the Receivables, the Related Security, the Collections and all Proceeds of the foregoing. 
  
 “Purchaser” has the meaning set forth in the preamble
to this Agreement. 
  
 “Ratable Share”
means the ratio of a Committed Purchaser’s Commitment to the aggregate of the Commitments of the Committed Purchaser in the same Group. 
  
 “Rating Agency Condition” means that each applicable Conduit has received written notice from S&P, Moody’s and, in the
case of Atlantic, Fitch, that an amendment, a change or a waiver will not result in a withdrawal or downgrade of the then current ratings on its Commercial Paper. 
  
 “Rebate Contract” means an agreement pursuant to or under which a Manufacturer shall be obligated to
pay rebates, administrative fees, data fees or other fees to Caremark, in each case as such agreement may be amended, restated, supplemented, renewed or otherwise modified from time to time and any replacement or substitute agreement. 
  
 “Rebate Contract Opinion” means the opinion dated the
date hereof relating to certain of the Rebate Contracts issued by Burke, Warren, Mackay & Serritella, P.C, counsel to the Seller Parties, as such opinion may be amended, supplemented or updated from time to time. 
  
 “Rebate Receivable Excess” means the portion of the
aggregate Outstanding Balance of all Eligible Receivables arising from Rebate Contracts that exceed 20% of the aggregate Outstanding Balance of all Eligible Receivables. 
  
 “Receivable” means the indebtedness owed to an Originator by an Obligor under a Contract, whether
constituting an account, chattel paper, instrument, investment property or general intangible, arising in connection with the sale or lease of merchandise or the rendering of services by such Originator, and includes the right to payment of any
Finance Charges and other obligations of such Obligor with respect thereto; provided that at no time shall a Receivable be an Excluded Receivable. Notwithstanding the foregoing, once a Receivable has been deemed collected pursuant to
Section 6.1 of the Receivables Sale Agreement, it shall no longer constitute a Receivable under the Receivables Sale Agreement. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation,
indebtedness and other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction;
provided further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be a Receivable regardless of whether the account debtor or Seller treats such indebtedness, rights or obligations
as a separate payment obligation. 
  

 74 

 “Receivable Interest” means, at any time, an undivided percentage ownership
interest (computed as set forth below) associated with a designated amount of Invested Amount, selected pursuant to the terms and conditions hereof in (i) each Receivable arising prior to the time of the most recent computation or recomputation of
such undivided interest, (ii) all Related Security with respect to each such Receivable, and (iii) all Collections with respect to, and other proceeds of, each such Receivable. Each such undivided percentage interest shall equal: 
  

	
	 IA + RR

	NPB

  
 where: 
  

			
	 IA
	 	 = the Invested Amount of such Receivable Interest.

	 NPB
	 	 = the Net Pool Balance.

	 RR
	 	 = the Required Reserve.

  
 Such undivided percentage ownership
interest shall be initially computed on its date of purchase. Thereafter, until the Facility Termination Date, each Receivable Interest shall be automatically recomputed (or deemed to be recomputed) on each day prior to the Facility Termination
Date. The variable percentage represented by any Receivable Interest as computed (or deemed recomputed) as of the close of the business day immediately preceding the Facility Termination Date shall remain constant at all times thereafter.

  
 “Receivables Sale Agreement” means
that certain Receivables Sale Agreement, dated as of March 24, 2004, among the Originators and Seller, as the same may be amended, restated or otherwise modified from time to time. 
  
 “Records” means, with respect to any Receivable, all Contracts and other documents, books, records
and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related Security therefor and the related Obligor.

  
 “Recourse Obligations” has the meaning
set forth in Section 2.1. 
  
 “Reduction
Notice” has the meaning set forth in Section 1.3. 
  
 “Regulatory Change” means any change after the date of this Agreement in United States (federal, state or municipal) or foreign laws, regulations (including Regulation D) or accounting principles or the adoption or
making after such date of any interpretations, directives or requests applying to a class of banks (including the Committed Purchasers) of or under any United States (federal, state or municipal) or foreign laws, regulations (whether or not having
the force of law) or accounting principles by any court, governmental or monetary authority, or accounting board or authority (whether or not part of government) charged with the establishment, interpretation or administration thereof. For the
avoidance of doubt, any interpretation of Accounting Research Bulletin No. 51 by the Financial Accounting Standards Board shall constitute a Regulatory Change. 
  

 75 

 “Reinvestment” has the meaning set forth in Section 2.2. 
  
 “Related Security” means, with respect to any
Receivable, all of the applicable Originator’s and Seller’s right, title and interest in, to and under: 
  
 (i) all of such Originator’s interest, if any, in the merchandise (including returned or repossessed merchandise), if any, the sale
of which by such Originator gave rise to such Receivable; 
  
 (ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or
otherwise, together with all financing statements signed by an Obligor describing any collateral securing such Receivable; 
  
 (iii) all guarantees, indemnities, warranties, insurance (and proceeds and premium refunds thereof) or other agreements or arrangements of
any kind from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise; 
  
 (iv) all Records related to such Receivable; 
  
 (v) (A) in the case of Seller, all rights and remedies of Seller under the Receivables Sale Agreement, together with all financing
statements filed by Seller against any Originator in connection therewith and (B) all rights and remedies of Seller under the Performance Undertaking; and 
  
 (vi) all Proceeds of any of the foregoing. 
  
 “Relevant UCC” is defined in Section 1.2 of the Receivables Sale Agreement. 
  
 “Required Co-Agents” means Co-Agents representing
Committed Purchasers having Commitments in the aggregate at least equal to 51% of the Aggregate Commitment or, if the Commitments have been terminated, having at least 51% of the Aggregate Net Investment; provided that the Commitment
of any Committed Purchaser that has not paid all amounts due and owing by it in respect of purchases or loans it was obliged to make under the related Liquidity Agreement shall not be included in the Commitments for purposes of this definition.

  
 “Required Notice Period” means 2
Business Days. 
  
 “Required Reserve”
means, on any day during a Calculation Period, the product of (a) the greater of (i) the Required Reserve Factor Floor and (ii) the sum of the Loss Reserve, the Yield Reserve, the Dilution Reserve and the Servicing Reserve, times (b) the Net
Pool Balance as of the Cut-Off Date immediately preceding such Calculation Period. 
  
 “Required Reserve Factor Floor” means, for any Calculation Period, the sum (expressed as a percentage) of (a) 22.50% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon
Ratio, in each case, as of the immediately preceding Cut-Off Date. 
  

 76 

 “Responsible Officer” means, with respect to Seller, any Originator or any
Servicer, the chief executive officer, the president, the chief financial officer, the principal accounting officer or the treasurer (or the equivalent of any of the foregoing) of such Person or any other officer, partner or member (or person
performing similar functions) of such Person responsible for overseeing the administration of, or reviewing compliance with, any of the Transaction Documents. 
  

“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. 
  
 “Secured Parties” means the Indemnified Parties.

  
 “Seller” has the meaning set forth in
the preamble to this Agreement. 
  
 “Seller
Party” means (a) Seller, (b) at any time it is a Servicer, Caremark, (c) at any time it is a Servicer, AdvancePCS, and (d) at any time it is a Performance Guarantor, each of Parent and Caremark International, Inc. 
  
 “Servicer” means at any time each Person (which may
be one of the Agents) then authorized pursuant to Article VIII to service, administer and collect Receivables. 
  
 “Servicer Default” shall have the meaning specified in Section 8.4 of this Agreement. 
  
 “Servicing Fee” means, for each day in a Calculation
Period: 
  
 (a) an amount equal to (i) the
Servicing Fee Rate (or, at any time while Caremark, AdvancePCS or one of their Affiliates is a Servicer, such lesser percentage as may be agreed between Seller and such Servicer on an arms’ length basis based on then prevailing market terms for
similar services), times (ii) the aggregate Outstanding Balance of all Receivables at the close of business on the Cut-Off Date immediately preceding such Calculation Period, times (iii) 1/360; or 
  
 (b) on and after the Servicer’s reasonable request made
at any time when Caremark, AdvancePCS or one of their Affiliates is no longer acting as a Servicer hereunder, an alternative amount specified by the successor Servicer not exceeding (i) 110% of such Servicer’s reasonable costs and expenses of
performing its obligations under this Agreement during the preceding Calculation Period, divided by (ii) the number of days in the current Calculation Period. 
  
 “Servicing Fee Rate” means 1.0% per annum. 
  
 “Servicing Reserve” means, for any Calculation Period, the product (expressed as a percentage) of
(a) the Servicing Fee Rate, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360. 
  

 77 

 “Settlement Date” means (A) the second Business Day after each Monthly Reporting
Date; provided that such date may be extended by not more than five (5) Business Days due to system outages, computer failure and force majeure, (B) the last day of the relevant Interest Period in respect of each Receivable
Interest funded by a Committed Purchaser, and (C) each Business Day after the occurrence of the Amortization Date. 
  
 “Settlement Period” means (A) in respect of each Receivable Interest of a Conduit, the immediately preceding Calculation Period,
and (B) in respect of each Receivable Interest funded by any Committed Purchaser, the entire Interest Period applicable thereto. 
  
 “Stock” means all shares, options, warrants, general or limited partnership interests, membership interest or other equivalents
(regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other “equity security” (as such term is defined
in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act). 
  
 “Stockholder” means, with respect to any Person, each holder of Stock of such Person. 
  
 “Subordinated Note” has the meaning set forth in
Section 3.2(b) of the Receivables Sale Agreement. 
  
 “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or
by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association, limited liability company, joint venture or similar business organization more than 50% of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled. 
  
 “Terminating Tranche” has the meaning set forth in Section 4.3(b). 
  
 “Transaction Documents” means, collectively, this Agreement, each Purchase Notice, the Receivables Sale Agreement, each Business
Associate Agreement (if any) hereafter executed, the Rebate Contract Opinion, each Lock-Box Agreement, the Performance Undertaking, the Fee Letters, each Subordinated Note (as defined in the Receivables Sale Agreement) and all other instruments,
documents and agreements executed and delivered in connection herewith. 
  
 “Unbilled Client Receivable” means an unbilled Receivable originated by AdvancePCS that is owing by an Obligor other than a Manufacturer. 
  
 “Unmatured Amortization Event” means an event which, with the passage of time or the giving of
notice, or both, would constitute an Amortization Event. 
  
 “U.S.” or “United States” means the United States of America and its territories. 
  
 “Voting Block” has the meaning set forth in Section 11.4(c). 
  

 78 

 “Wachovia” has the meaning set forth in the preamble to this Agreement.

  
 “Wachovia Roles” has the meaning set
forth in Section 11.10(a). 
  
 “Weekly
Report” means a written report substantially in the form attached hereto as Exhibit XIII setting forth total Collections deposited in the Lock-Box Account, Receivables and Eligible Receivables created during the immediately
preceding calendar week (or immediately preceding day, if such report is being delivered on each Business Day), and such other information as any Agent or the Administrative Agent may reasonable request. 
  
 “Weekly Reporting Date” means the fourth
(4th) Business Day after each 7th, 15th, 23rd and last day of each calendar month; provided that (a) no Weekly Report must be delivered at any time while the
Aggregate Invested Amount is $0 unless Seller wishes to sell an additional Receivable Interest and has not delivered a Monthly Report within the week prior to such sale, and (b) such date may be extended by not more than five (5) Business Days due
to system outages, computer failure or force majeure. 
  
 “Yield” means for each Interest Period relating to a Receivable Interest of a Committed Purchaser, an amount equal to the product of the applicable Yield Rate for such Receivable Interest multiplied by the Invested
Amount of such Receivable Interest for each day elapsed during such Interest Period, divided by 360. 
  
 “Yield Rate” means, with respect to each Receivable Interest of a Committed Purchaser, the LIBO Rate, the Alternate Base Rate or
the Default Rate, as applicable. 
  
 “Yield
Reserve” means, for any Calculation Period, the product (expressed as a percentage) of (i) 1.5 times (ii) the Alternate Base Rate as of the immediately preceding Cut-Off Date times (iii) a fraction the numerator of which
is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360. 
  
 All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the Uniform
Commercial Code as from time to time in effect in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
  

 79 

 EXHIBIT II 
  

FORM OF PURCHASE NOTICE 
  

  
 CAREMARK RECEIVABLES LLC

  
 PURCHASE NOTICE 
 dated
                            , 20     
 for Purchase on
                            , 20     
  
 Wachovia Bank, National Association, as Administrative Agent 
 191 Peachtree Street, N.E., GA-8088 
 Atlanta, Georgia 30303 
  
 Attention: Cecil Noble, Fax No. (404) 332-5152 
  
 Ladies and Gentlemen: 
  
 Reference is made to the Receivables Purchase Agreement dated as of March 24, 2004 (as amended, supplemented or otherwise
modified from time to time, the “Receivables Purchase Agreement”) among Caremark Receivables LLC (the “Seller”), Caremark Inc. and AdvancePCS Health, L.P., each as an initial Servicer,
Caremark Rx, Inc., a Delaware corporation, and Caremark International, Inc., a Delaware corporation, as Performance Guarantors, Blue Ridge Asset Funding Corporation, Jupiter Securitization Corporation, and Atlantic Asset Securitization Corporation,
each as a Conduit, Bank One, NA, as Jupiter Agent and as a Committed Purchaser, Credit Lyonnais New York Branch, as Atlantic Agent and as a Committed Purchaser and Wachovia Bank National Association, as Blue Ridge Agent, as a Committed Purchaser and
as Administrative Agent. Capitalized terms defined in the Receivables Purchase Agreement are used herein with the same meanings. 
  
 1. The Seller hereby certifies, represents and warrants to the Agent and Blue Ridge that on and as of the Purchase Date (as hereinafter defined) all
applicable conditions precedent set forth in Article VI of the Receivables Purchase Agreement have been satisfied. 
  
 2. The Seller hereby requests that the Conduit make a purchase on
                            , 20     (the “Purchase
Date”) as follows: 
  
 (a) Purchase
Price: 
  

			
	 Blue Ridge Group:
	  	 $                        

	 Jupiter Group:
	  	 $                        

	 Atlantic Group:
	  	 $                        

  
 (b) If
the Purchase is funded with a Liquidity Funding, [Servicer on behalf of the] Seller requests that the Invested Amount (which will initially accrue Yield at the Alternate Base Rate) begin to accrued Yield at a LIBO Rate for a Interest
Period of              months on the third Business Day after the Purchase Date). 
  

 80 

 3. Please disburse the proceeds of the Purchase as follows: 
  
 [Wire transfer
$             to the account of Caremark Receivables LLC, account no.
                             at
                            , in
                        , ABA No.
                            ]. 
  
 IN WITNESS WHEREOF, the [Servicer, on behalf of the] Seller has caused this Purchase Notice to
be executed and delivered as of this              day of
                                ,
            . 
  

			
	CAREMARK RECEIVABLES LLC, as Seller
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 81 

 EXHIBIT III 
 FORM OF REDUCTION NOTICE 
  
 --- 
  
 CAREMARK
RECEIVABLES LLC 
  
 REDUCTION NOTICE

 Dated
                            , 20     
  
 Wachovia Bank, National Association, as Administrative Agent 
 191 Peachtree Street, N.E., GA-8088 
 Atlanta, Georgia 30303 
  
 Attention: Cecil Noble, Fax No. (404) 332-5152 
  
 Ladies and Gentlemen: 
  
 Reference is made to the Receivables Purchase Agreement dated as of March 24, 2004 (as amended, supplemented or otherwise
modified from time to time, the “Receivables Purchase Agreement”) among Caremark Receivables LLC (the “Seller”), Caremark Inc. and AdvancePCS Health, L.P., each as an initial Servicer,
Caremark Rx, Inc., a Delaware corporation, and Caremark International, Inc., a Delaware corporation, as Performance Guarantors, Blue Ridge Asset Funding Corporation, Jupiter Securitization Corporation, and Atlantic Asset Securitization Corporation,
each as a Conduit, Bank One, NA, as Jupiter Agent and as a Committed Purchaser, Credit Lyonnais New York Branch, as Atlantic Agent and as a Committed Purchaser and Wachovia Bank National Association, as Blue Ridge Agent, as a Committed Purchaser and
as Administrative Agent. Capitalized terms defined in the Receivables Purchase Agreement are used herein with the same meanings. 
  
 The Seller hereby notifies the Administrative Agent that it wishes to make an Aggregate Reduction of
$                                     and that the Proposed
Reduction Date for such Aggregate Reduction is
                                    ,
20    , which gives effect to the Required Notice Period. 
  
 IN WITNESS WHEREOF, the Seller has caused this Reduction Notice to be executed and delivered as of the date first above written. 
  

			
	CAREMARK RECEIVABLES LLC, as Seller
		
	By:	 	  

	Name:	 	 
	Title:	 	 

 EXHIBIT IV 
  
 ACTIONS, SUITS OR PROCEEDINGS 
  
 As described in Caremark Rx, Inc.’s and AdvancePCS’s Registration Statement on Form
S-4, as amended (File No. 333-109519) in the section entitled “AdvancePCS—AdvancePCS—Legal Proceedings” and in Caremark Rx, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003 in the section
entitled “Item 3. Legal Proceedings.” 
  

 83 

 EXHIBIT V 
  
 CHIEF EXECUTIVE OFFICE; LOCATIONS, ETC.

  
 Seller’s State of Organization: Delaware 
  
 Chief Executive Office: 2211 Sanders Road, Northbrook, Illinois 60062. 
  
 FEIN Number: 77-0626788 
  
 Organizational Identification Number: 2990736 
  
 Tradenames: None 
  
 Divisions: None 
  

 84 

 EXHIBIT VI 
  
 LOCK-BOXES AND COLLECTION ACCOUNTS

  
 LOCK-BOXES: 
  
 Bank One, NA 
 58-08219 
 1 Bank One Plaza 
 Mail Suite IL 1-0239 
 Chicago, IL 60670 
  

			
	 Contact:
	 	 Aide Villarreal

	 	 	 (312) 954-9026

	 	 	 aide_v_villarreal@bankone.com

  
 Bank of America 
 12335-18737 & 12330-09797 
 333 S. Beaudry Avenue 
 19th Floor 
 Los Angeles, CA 90017 
  

			
	 Contact:
	 	 Haik Melkonyan

	 	 	 (800) 847-6314 x6545

	 	 	 Haik.Melkonyan@BankofAmerica.com

  
 COLLECTION ACCOUNTS:

  
 Bank One,
NA            Account #65839218 

 EXHIBIT VII 
  
 [RESERVED] 
  

 86 

 EXHIBIT VIII 
  
 BUSINESS ASSOCIATE AGREEMENT (SUCCESSOR
SERVICER) 
  

 87 

 EXHIBIT IX 
  
 CREDIT AND COLLECTION POLICY 
  
 [ATTACHED] 
  

 88 

 EXHIBIT X 
  
 LOCK-BOX AGREEMENT 
  
 [SEE CH\672805] 
  

 89 

 EXHIBIT XI 
  
 MONTHLY REPORT 
  
 [ATTACHED] 
  

 90 

 Caremark Receivables LLC Monthly Report 
 For the Month Ended: 
  
 (Page 1) 
 ($ in thousands) 
  

									
	I . Portfolio Information	 	 	 	 
				
	        1.	 	Beginning of Month Balance: (Total A/R Outstanding)	 	 	 	  

				
	        2.	 	Gross Sales (Domestic & Foreign):	 	 	 	  

					
	        3.	 	Deduct:	 	 	 	 	 	 
	 	 	 	 	a. Total Collections:	 	 	 	  

	 	 	 	 	b. Total Dilution	 	 	 	  

	 	 	 	 	c. NonDilutive Credits	 	 	 	  

	 	 	 	 	d. Write Offs	 	 	 	  

	 	 	Add:	 	 	 	 	 	 
	 	 	 	 	e. Recoveries	 	 	 	  

	 	 	 	 	f. Reconciling Adj.	 	 	 	  

	 	 	 	 	g. Debit Memos/Adj.	 	 	 	  

	        4.	 	 	 	 	 	 	 	 
	 	 	a. Calculated Ending A/R Balance w/o Unbilled A/R	 	 	 	  

	 	 	b. Reported Ending A/R Balance w/o Unbilled A/R	 	 	 	  

	 	 	c. Difference (If any)	 	 	 	  

					
	 	 	d. Unbilled A/R	 	 	 	 	 	  

	 	 	e. Calculated Ending A/R w/ Unbilled A/R	 	 	 	  

	 	 	f. Reported Ending A/R Balance w/ Unbilled A/R	 	 	 	  

	 	 	g. Difference (If any)	 	 	 	 	 	  

					
	        5.	 	Deduct:	 	 	 	 	 	 
	 	 	 	 	a. Gross Defaulted Receivables	 	  

	 	 
	 	 	 	 	b. Accrued Client Rebates	 	  

	 	 
	 	 	 	 	c. Accrued Rebate Guarantees	 	  

	 	 
	 	 	 	 	d. Contra	 	  

	 	 
	 	 	 	 	e. Rebate Payable Withheld	 	  

	 	 
	 	 	 	 	f. Great West Life Payable Balance	 	  

	 	 
	 	 	 	 	g. Accrued Performance Guarantees	 	  

	 	 
	 	 	 	 	h. Accounts Requiring LCs	 	  

	 	 
	 	 	 	 	i. Accrued Service Warranties	 	  

	 	 
	 	 	 	 	j. Cash Deposit for Extended Terms	 	  

	 	 
	 	 	 	 	k. Performance Script Clients	 	  

	 	 
	 	 	 	 	l. Bankrupt	 	  

	 	 
	 	 	 	 	m. Sales Tax Accrual	 	  

	 	 
	 	 	 	 	n. Cross Aged @ 50%	 	  

	 	 
	 	 	 	 	o. Other Trade AR Ineligibles	 	  

	 	 
	 	 	 	 	p. Caremark Vendor AR Ineligibles	 	  

	 	 
					
	 	 	 	 	q. Total Ineligibles	 	 	 	  

	        7.	 	Eligible Receivables [(4) - (5) + (6)]:	 	  

			
	        8.	 	Deduct: Excess Concentration:	 	  

	        9.	 	Deduct: Excess Eligible Caremark Vendor AR (20% of Total Eligible)	 	  

	        10.	 	Deduct: Excess Govt (13.5% of Total Eligible)	 	  

			
	        11.	 	Net Pool Balance [(7) -(8) - (9) - (10)]:	 	  

  

															
	        12.	  	 Aging
Schedule:

	  	 Current%
Month

	  	 %

	  	 One Month
Prior

	  	 Two Months
Prior

	  	 Three Months
Prior

	        a.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	        b.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	        c.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	        d.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	        e.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	        f.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	        g.	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	
	  	
	  	
	  	

	        h.	  	Total:	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	
	  	
	  	
	  	

  

 91 

 (Page 2) 
 ($ in thousands) 
  

					
	II. Calculations Reflecting Current Activity	  	 	  	 
			
	 13.    CP Outstanding
	  	 	  	  

	 14.    Required Reserve %
	  	 	  	  

	 15.    Required Reserve [(8) x (11)]:
	  	 	  	  

	 16.    Maximum Funding Availability
	  	 	  	  

	 17.    Funding Availability based on $500MM Facility Limit
	  	 	  	  

	 18.    Additional Availability or (Required Paydown)
	  	 	  	  

			
	III. Compliance	  	 	  	 
			
	 19.    Asset Interest [(10) + (12) / (8)] < 100% :
	  	 In Compliance
	  	  

			
	 20.    3M Avg. Delinquency Ratio
	  	 In Compliance
	  	  

			
	 21.    3M Avg. Default Ratio
	  	 In Compliance
	  	  

			
	 22.    3M Avg. Dilution Ratio
	  	 In Compliance
	  	  

			
	 23.    Facility Limit
	  	 In Compliance
	  	  

  

 92 

 (Page 3) 
 ($ in thousands)  
  

			
	 IV. Excess Concentration: (Calculation)

	
	 Eligible Receivables

  

					
	 Allowable Percentage

	  	 Max. Allowable

	  	 Credit Rating

	3.0%	  	$0	  	NR/NR
	3.0%	  	$0	  	A3/P3
	6.0%	  	$0	  	A2/P2
	8.0%	  	$0	  	A1/P1
	10.0%	  	$0	  	A1+/P1

  

											
	 Largest
 Obligors

	  	Short-Term
Debt Rating

	  	Allowable
Percentage

	  	Total
Receivables

	  	Allowable
Receivables

	  	Excess
Receivables

	 1
	  	 	  	 	  	 	  	 	  	 
	 2
	  	 	  	 	  	 	  	 	  	 
	 3
	  	 	  	 	  	 	  	 	  	 
	 4
	  	 	  	 	  	 	  	 	  	 
	 5
	  	 	  	 	  	 	  	 	  	 
	 6
	  	 	  	 	  	 	  	 	  	 
	 7
	  	 	  	 	  	 	  	 	  	 
	 8
	  	 	  	 	  	 	  	 	  	 
	 9
	  	 	  	 	  	 	  	 	  	 
	 10
	  	 	  	 	  	 	  	 	  	 
	 11
	  	 	  	 	  	 	  	 	  	 
	 12
	  	 	  	 	  	 	  	 	  	 
	 13
	  	 	  	 	  	 	  	 	  	 
	 14
	  	 	  	 	  	 	  	 	  	 
	 15
	  	 	  	 	  	 	  	 	  	 
	 16
	  	 	  	 	  	 	  	 	  	 
	 17
	  	 	  	 	  	 	  	 	  	 
	 18
	  	 	  	 	  	 	  	 	  	 
	 19
	  	 	  	 	  	 	  	 	  	 
	 20
	  	 	  	 	  	 	  	 	  	 
	 21
	  	 	  	 	  	 	  	 	  	 
	 22
	  	 	  	 	  	 	  	 	  	 
	 23
	  	 	  	 	  	 	  	 	  	 
	 24
	  	 	  	 	  	 	  	 	  	 
	 25
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	
	  	

	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	
	  	

  
 The undersigned hereby represents and
warrants that the foregoing information is a true and correct in all material respect regarding the outstanding receivables as of                  in accordance
with the Receivables Purchase Agreement dated as of March 24, 2004 and that all representations and warranties related to such Agreement are remade as of the date hereof (except for those representations and warranties that speak only as of an
earlier date). 
  

					
	 Signed:
	 	  

	  	 Date:                                   
 

	 Title:
	 	  

	  	 

  

 93 

 EXHIBIT XII 
  
 WEEKLY REPORT 
  
 Caremark Receivables LLC 
 For the Period Ended: 
  

									
	 I . Portfolio Information
	  	 	  	

	 	 	1.	 	 Week End Billed Trade Rec. Balance
	  	 	  	

	 	 	2.	 	 Week End Unbilled Trade Rec. Balance
	  	 	  	

	 	 	3.	 	 Vendor End Rec. Balance from Month End
	  	 	  	

	 	 	4.	 	 Total Reported Ending Weekly A/R Balance
	  	 	  	

					
	 	 	5.	 	 Deduct: Ineligibles Receivables
	  	 From most recent Monthly Report
	  	

					
	 	 	6.	 	 Eligible Receivables [(4 - 5)]:
	  	 	  	

					
	 	 	7.	 	 Deduct: Excess Concentrations
	  	 	  	

					
	 	 	8.	 	 Excess Eligible Caremark Vendor AR (20% Limit)
	  	 	  	

					
	 	 	9.	 	 Excess Government AR (13.5% Limit)
	  	 	  	

					
	 	 	10.	 	 Net Pool Balance [(6) - (7) - (8)]:
	  	 	  	

					
	 	 	11.	 	 Required Reserve %
	  	 From most recent Monthly Report
	  	

					
	 	 	12.	 	 Required Reserve $ [(9) x (10)]:
	  	 	  	

					
	 	 	13.	 	 Maximum Funding Availabilty [(9) - (11)]
	  	 	  	

					
	 	 	14.	 	Funding Availability based on $500MM Facility Limit	  	 	  	

					
	 	 	15.	 	 CP Outstanding:
	  	 	  	

					
	 	 	16.	 	 Asset Interest [(14 + 11) / (9)] < 100% :
	  	 	  	

					
	 	 	17.	 	 Additional Availability or (Required Paydown)
	  	 	  	

  
 The undersigned hereby represents and
warrants that the foregoing information is a true and correct in all material respect regarding the outstanding receivables as of                  in accordance
with the Receivables Purchase Agreement dated                  and that all representations and warranties related to such Agreement are restated and reaffirmed.

  

					
	 Signed:
	 	  

	  	 Date:
                        

	 Title:
	 	  

	  	 

  

 94 

 EXHIBIT XIII 
  
 PERFORMANCE UNDERTAKING 
  
 THIS PERFORMANCE UNDERTAKING (this “Undertaking”), dated as of March 24, 2004, is
executed jointly by Caremark Rx Inc., a Delaware corporation (“Rx”) and Caremark International, Inc., a Delaware corporation (“International”; Rx and International collectively referred to herein as
the “Performance Guarantors” and individually as a “Performance Guarantor”) in favor of Caremark Receivables LLC, a Delaware limited liability company (together with its successors and assigns,
“Recipient”). 
  
 RECITALS

  

	1.	Caremark Inc., a California corporation (“Caremark”) and Advance PCS Health, L.P., a Delaware limited partnership (“Advance PCS”)
(collectively, the “Originators”), and Recipient have entered into a Receivables Sale Agreement, dated as of March 24, 2004 (as amended, restated or otherwise modified from time to time, the “Sale
Agreement”), pursuant to which each of the Originators, subject to the terms and conditions contained therein, is selling and/or contributing its right, title and interest in its accounts receivable to Recipient.

  

	2.	Each Performance Guarantor owns, directly or indirectly, one hundred percent (100%) of the Equity Interests of each of the Originators and Recipient, and each of the Originators,
and accordingly, each Performance Guarantor, is expected to receive substantial direct and indirect benefits from its sale or contribution of receivables to Recipient pursuant to the Sale Agreement (which benefits are hereby acknowledged).

  

	3.	As an inducement for Recipient to acquire each Originator’s accounts receivable pursuant to the Sale Agreement, each Performance Guarantor has agreed to guaranty the due and
punctual performance by each of the Originators of its obligations under the Sale Agreement, as well as the Originators’ Servicing Related Obligations (as hereinafter defined). 

  

	4.	Each Performance Guarantor wishes to guaranty the due and punctual performance by each of the Originators of its obligations under the Sale Agreement, as well as the
Originators’ Servicing Related Obligations, as provided herein. 

  
 AGREEMENT 
  
 NOW,
THEREFORE, Each of the Performance Guarantors hereby agrees as follows: 
  
 Section 1. Definitions. Capitalized terms used herein and not defined herein shall the respective meanings assigned thereto in the Sale Agreement or the Second Step Agreement (as hereinafter defined). In
addition: 
  
 “Agreements” means,
collectively, the Sale Agreement and the Second Step Agreement. 
  

 95 

 “Guaranteed Obligations” means, collectively: (a) all covenants, agreements,
terms, conditions and indemnities to be performed and observed by any of the Originators under and pursuant to the Sale Agreement and each other document executed and delivered by any of the Originators pursuant to the Sale Agreement, including,
without limitation, the due and punctual payment of all sums which are or may become due and owing by any of the Originators under the Sale Agreement, whether for fees, expenses (including counsel fees), indemnified amounts or otherwise, whether
upon any termination or for any other reason and (b) all Servicing Related Obligations. 
  
 “Second Step Agreement” means that certain Receivables Purchase Agreement], dated as of March 24, 2004 by and among Recipient, Caremark and Advance PCS, each as an initial Servicer, Blue Ridge
Asset Funding Corporation (“Blue Ridge”), Jupiter Securitization Corporation (“Jupiter”), and Atlantic Asset Securitization Corporation (“Atlantic”) and together with Blue Ridge
and Jupiter (the “Conduits”) Bank One, NA, individually as a Jupiter Committed Purchaser and as a Jupiter Agent, Credit Lyonnais New York Branch, individually as an Atlantic Committed Purchaser and as the Atlantic Agent and
Wachovia Bank, National Association, individually as a Blue Ridge Committed Purchaser, as the Blue Ridge Agent and as Administrative Agent, as amended, restated or otherwise modified from time to time. 
  
 “Servicing Related Obligations” means, collectively,
all obligations of Caremark and Rx (a) as a Servicer under the Second Step Agreement or (b) which arise pursuant to Section 8.2, 8.3, 8.5, 8.7 or 13.3 of the Second Step Agreement as a result of its termination as a Servicer. 
  
 Section 2. Guaranty of Performance of Guaranteed Obligations. Each
Performance Guarantor hereby guarantees to Recipient, the full and punctual payment and performance by each of the Originators of its Guaranteed Obligations. This Undertaking is an absolute, unconditional and continuing guaranty of the full and
punctual performance of all Guaranteed Obligations of each of the Originators under the Agreements and each other document executed and delivered by any of the Originators pursuant to the Agreements and is in no way conditioned upon any requirement
that Recipient first attempt to collect any amounts owing by any of the Originators to Recipient, the Agents or the Purchasers from any other Person or resort to any collateral security, any balance of any deposit account or credit on the books of
Recipient, the Agents or any Purchaser in favor of any of the Originators or any other Person or other means of obtaining payment. Should any of the Originators default in the payment or performance of any of its Guaranteed Obligations, Recipient
(or its assigns) may cause the immediate performance by any and all of the Performance Guarantors of the Guaranteed Obligations and cause any payment Guaranteed Obligations to become forthwith due and payable to Recipient (or its assigns), without
demand or notice of any nature (other than as expressly provided herein), all of which are hereby expressly waived by each Performance Guarantor. Notwithstanding the foregoing, this Undertaking is not a guarantee of the collection of any of the
Receivables and no Performance Guarantor shall be responsible for any Guaranteed Obligations to the extent the failure to perform such Guaranteed Obligations by any of the Originators results from Receivables being uncollectible on account of the
insolvency, bankruptcy or lack of creditworthiness of the related Obligor; provided that nothing herein shall relieve any of the Originators from performing in full its Guaranteed Obligations under the Agreements or any Performance
Guarantor of its undertaking hereunder with respect to the full performance of such duties. 
  

 96 

 Section 3. Performance Guarantors’ Further Agreements to Pay. Each Performance Guarantor
further agrees, as the principal obligor and not as a guarantor only, to pay to Recipient (and its assigns), forthwith upon demand in funds immediately available to Recipient, all reasonable costs and expenses (including court costs and reasonable
legal expenses) incurred or expended by Recipient in connection with the Guaranteed Obligations, this Undertaking and the enforcement thereof, together with interest on amounts recoverable under this Undertaking from the time when such amounts
become due until payment, at a rate of interest (computed for the actual number of days elapsed based on a 360 day year) equal to the Prime Rate plus 2% per annum, such rate of interest changing when and as the Prime Rate changes. 

 
 Section 4. Waivers by Performance Guarantor. Each Performance
Guarantor waives notice of acceptance of this Undertaking, notice of any action taken or omitted by Recipient (or its assigns) in reliance on this Undertaking, and any requirement that Recipient (or its assigns) be diligent or prompt in making
demands under this Undertaking, giving notice of any Termination Event, Amortization Event, Servicer Default or other default or omission by any of the Originators or asserting any other rights of Recipient under this Undertaking. Each Performance
Guarantor warrants that it has adequate means to obtain from each of the Originators, on a continuing basis, information concerning the financial condition of such Originator, and that it is not relying on Recipient to provide such information, now
or in the future. Each Performance Guarantor also irrevocably waives all defenses (i) that at any time may be available in respect of the Obligations by virtue of any statute of limitations, valuation, stay, moratorium law or other similar law now
or hereafter in effect or (ii) that arise under the law of suretyship, including impairment of collateral. Recipient (and its assigns) shall be at liberty, without giving notice to or obtaining the assent of any Performance Guarantor and without
relieving any Performance Guarantor of any liability under this Undertaking, to deal with each of the Originators and with each other party who now is or after the date hereof becomes liable in any manner for any of the Guaranteed Obligations, in
such manner as Recipient in its sole discretion deems fit, and to this end each Performance Guarantor agrees that the validity and enforceability of this Undertaking, including without limitation, the provisions of Section 7 hereof, shall not be
impaired or affected by any of the following: (a) any extension, modification or renewal of, or indulgence with respect to, or substitutions for, the Guaranteed Obligations or any part thereof or any agreement relating thereto at any time; (b) any
failure or omission to enforce any right, power or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or any collateral securing the Guaranteed Obligations or any part thereof; (c) any waiver of
any right, power or remedy or of any Termination Event, Amortization Event, Servicer Default or default with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto; (d) any release, surrender, compromise,
settlement, waiver, subordination or modification, with or without consideration, of any other obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof; (e) the enforceability or validity of the Guaranteed
Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to the Guaranteed Obligations or any part thereof; (f) the application of payments received from any source to the
payment of any payment Obligations of any of the 
  

 97 

 Originators or any part thereof or amounts which are not covered by this Undertaking even though Recipient (or its
assigns) might lawfully have elected to apply such payments to any part or all of the payment Obligations of such Originator or to amounts which are not covered by this Undertaking; (g) the existence of any claim, setoff or other rights which any
Performance Guarantor may have at any time against any of the Originators in connection herewith or any unrelated transaction; (h) any assignment or transfer of the Guaranteed Obligations or any part thereof; or (i) any failure on the part of any of
the Originators to perform or comply with any term of the Agreements or any other document executed in connection therewith or delivered thereunder, all whether or not any Performance Guarantor shall have had notice or knowledge of any act or
omission referred to in the foregoing clauses (a) through (i) of this Section 4. 
  
 Section 5. Unenforceability of Guaranteed Obligations Against Originators. Notwithstanding (a) any change of ownership of any of the Originators or the insolvency, bankruptcy or any other change in the legal
status of any of the Originators; (b) the change in or the imposition of any law, decree, regulation or other governmental act which does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the
Guaranteed Obligations; (c) the failure of any of the Originators or any Performance Guarantor to maintain in full force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents required in
connection with the Guaranteed Obligations or this Undertaking, or to take any other action required in connection with the performance of all obligations pursuant to the Guaranteed Obligations or this Undertaking; or (d) if any of the moneys
included in the Guaranteed Obligations have become irrecoverable from any of the Originators for any other reason other than final payment in full of the payment Obligations in accordance with their terms, this Undertaking shall nevertheless be
binding on each Performance Guarantor. This Undertaking shall be in addition to any other guaranty or other security for the Guaranteed Obligations, and it shall not be rendered unenforceable by the invalidity of any such other guaranty or security.
In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any of the Originators or for any other reason with respect to any of the Originators, all
such amounts then due and owing with respect to the Guaranteed Obligations under the terms of the Agreements, or any other agreement evidencing, securing or otherwise executed in connection with the Guaranteed Obligations, shall be immediately due
and payable by each Performance Guarantor. 
  
 Section 6.
Representations and Warranties. Each Performance Guarantor hereby represents and warrants to Recipient that: 
  
 (a) Existence and Power. Such Performance Guarantor is duly organized under the laws of the jurisdiction set forth in the preamble of this
Undertaking. Such Performance Guarantor is validly existing and in good standing under the laws of its state of organization. Such Performance Guarantor is duly qualified to do business and is in good standing as a foreign entity, and has and holds
all organizational power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted except where the failure to so qualify or so hold could not
reasonably be expected to have a Material Adverse Effect. 
  
 (b)
Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by such Performance Guarantor of this Agreement and each other 
  

 98 

 Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and such
Performance Guarantor’s use of the Purchase Price payments hereunder, are within its organizational powers and authority and have been duly authorized by all necessary organizational action on its part. This Undertaking has been duly executed
and delivered by such Performance Guarantor. 
  
 (c) No
Conflict. The execution and delivery by such Performance Guarantor of this Undertaking, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its Governing Documents, (ii) any law, rule or regulation
applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or
its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Performance Guarantor or its Subsidiaries (except as created under the Transaction Documents) except, in any case, where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect; and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
  
 (d) Governmental Authorization. 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 and delivery by such Performance Guarantor of this Undertaking and the performance of its obligations hereunder. 
  
 (e) Actions, Suits. There are no actions, suits or proceedings
pending, or to such Performance Guarantor’s knowledge, threatened, against or affecting such Performance Guarantor, or any of its properties, in or before any court, arbitrator or other body, which may, individually or in the aggregate have a
Material Adverse Effect. 
  
 (f) Binding Effect. This
Undertaking constitutes the legal, valid and binding obligations of such Performance Guarantor enforceable against such Performance Guarantor in accordance with their respective terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

 
 Section 7. Subrogation; Subordination. Notwithstanding anything to
the contrary contained herein, until the Guaranteed Obligations are paid in full each Performance Guarantor: (a) will not enforce or otherwise exercise any right of subrogation to any of the rights of Recipient, any Agent or any Purchaser against
any of the Originators, (b) hereby waives all rights of subrogation (whether contractual, under Section 509 of the United States Bankruptcy Code, at law or in equity or otherwise) to the claims of Recipient, any Agent and the Purchasers against any
of the Originators and all contractual, statutory or legal or equitable rights of contribution, reimbursement, indemnification and similar rights and “claims” (as that term is defined in the United States Bankruptcy Code) which such
Performance Guarantor might now have or hereafter acquire against any of the Originators that arise from the existence or performance of such Performance Guarantor’s obligations hereunder, (c) will not claim any setoff, recoupment or
counterclaim against any of the Originators in respect of any liability of such Performance Guarantor to such Originator and (d) waives any benefit of and any right to 
  

 99 

 participate in any collateral security which may be held by Recipient, any Agent or the Purchasers. The payment of any
amounts due with respect to any indebtedness of any of the Originators now or hereafter owed to Performance Guarantor is hereby subordinated to the prior payment in full of all of the Guaranteed Obligations. Each Performance Guarantor agrees that,
after the occurrence of any default in the payment or performance of any of the Guaranteed Obligations, such Performance Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of any of the Originators to such
Performance Guarantor until all of the Guaranteed Obligations shall have been paid and performed in full. If, notwithstanding the foregoing sentence, any Performance Guarantor shall collect, enforce or receive any amounts in respect of such
indebtedness while any Obligations are still unperformed or outstanding, such amounts shall be collected, enforced and received by such Performance Guarantor as trustee for Recipient (and its assigns) and be paid over to Recipient (or its assigns)
on account of the Guaranteed Obligations without affecting in any manner the liability of such Performance Guarantor under the other provisions of this Undertaking. The provisions of this Section 7 shall be supplemental to and not in derogation of
any rights and remedies of Recipient under any separate subordination agreement which Recipient may at any time and from time to time enter into with any Performance Guarantor. 
  
 Section 8. Termination of Performance Undertaking. Each Performance Guarantor’s obligations hereunder shall
continue in full force and effect until all Obligations are finally paid and satisfied in full and the Second Step Agreement is terminated, provided that this Undertaking shall continue to be effective or shall be reinstated, as the
case may be, if at any time payment or other satisfaction of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the bankruptcy, insolvency, or reorganization of any of the Originators or otherwise, as
though such payment had not been made or other satisfaction occurred, whether or not Recipient (or its assigns) is in possession of this Undertaking. No invalidity, irregularity or unenforceability by reason of the federal bankruptcy code or any
insolvency or other similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Guaranteed Obligations shall impair, affect, be a defense to or claim against the obligations of any
Performance Guarantor under this Undertaking. 
  
 Section 9.
Effect of Bankruptcy. This Undertaking shall survive the insolvency of any of the Originators and the commencement of any case or proceeding by or against any of the Originators under the federal bankruptcy code or other federal, state or
other applicable bankruptcy, insolvency or reorganization statutes. No automatic stay under the federal bankruptcy code with respect to any of the Originators or other federal, state or other applicable bankruptcy, insolvency or reorganization
statutes to which any of the Originators is subject shall postpone the obligations of any Performance Guarantor under this Undertaking. 
  
 Section 10. Setoff. Regardless of the other means of obtaining payment of any of the Guaranteed Obligations, Recipient (and its assigns) is hereby
authorized at any time and from time to time, without notice to any Performance Guarantor (any such notice being expressly waived by each Performance Guarantor) and to the fullest extent permitted by law, to set off and apply any deposits and other
sums against the obligations of any Performance Guarantor under this Undertaking, whether or not Recipient (or any such assign) shall have made any demand under this Undertaking and although such Obligations may be contingent or unmatured.

  

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 Section 11. Taxes. All payments to be made by any Performance Guarantor hereunder shall be made
free and clear of any deduction or withholding. If any Performance Guarantor is required by law to make any deduction or withholding on account of tax or otherwise from any such payment, the sum due from it in respect of such payment shall be
increased to the extent necessary to ensure that, after the making of such deduction or withholding, Recipient receive a net sum equal to the sum which they would have received had no deduction or withholding been made. 
  
 Section 12. Further Assurances. Each Performance Guarantor agrees that
it will from time to time, at the request of Recipient (or its assigns), provide information relating to the business and affairs of such Performance Guarantor as Recipient may reasonably request. Each Performance Guarantor also agrees to do all
such things and execute all such documents as Recipient (or its assigns) may reasonably consider necessary or desirable to give full effect to this Undertaking and to perfect and preserve the rights and powers of Recipient hereunder. 
  
 Section 13. Successors and Assigns. This Undertaking shall be binding
upon each Performance Guarantor, its successors and permitted assigns, and shall inure to the benefit of and be enforceable by Recipient and its successors and assigns. No Performance Guarantor may assign or transfer any of its obligations hereunder
without the prior written consent of each of Recipient and the Agents. Without limiting the generality of the foregoing sentence, Recipient may assign or otherwise transfer the Agreements, any other documents executed in connection therewith or
delivered thereunder or any other agreement or note held by them evidencing, securing or otherwise executed in connection with the Guaranteed Obligations, or sell participations in any interest therein, to any other entity or other person, and such
other entity or other person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to the Recipient herein. Each Performance
Guarantor hereby acknowledges receipt of notice that the Recipient has assigned its right under this Undertaking to the Administrative Agent on behalf of the Agents and the Purchasers and that the Administrative Agent, its successors and assigns,
are restated with all rights granted to the Recipient herein. 
  
 Section 14. Amendments and Waivers. No amendment or waiver of any provision of this Undertaking nor consent to any departure by any Performance Guarantor therefrom shall be effective unless the same shall be in writing and signed by
Recipient, the Agent and each Performance Guarantor. No failure on the part of Recipient to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other right. 
  
 Section 15. Notices. All notices and other communications provided for hereunder shall be made in writing and shall be addressed as follows: if to any Performance Guarantor, at the address set forth beneath its
signature hereto, and if to Recipient, at the addresses set forth beneath its signature hereto, or at such other addresses as each of any Performance Guarantor or the Recipient may designate in writing to the other. Each such notice or other
communication shall be effective (1) if given by telecopy, upon the receipt thereof, (2) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (3) if given by any
other means, when received at the address specified in this Section 15. 
  

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 Section 16. GOVERNING LAW. THIS UNDERTAKING SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK. 
  
 Section 17. CONSENT TO JURISDICTION. EACH PERFORMANCE GUARANTOR AND RECIPIENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS UNDERTAKING, THE AGREEMENTS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH OR DELIVERED THEREUNDER AND EACH PERFORMANCE GUARANTOR AND RECIPIENT HEREBY IRREVOCABLY AGREES THAT ALL
CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT
SUCH COURT IS AN INCONVENIENT FORUM. 
  
 Section 18. Bankruptcy
Petition. Each Performance Guarantor hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior Indebtedness of each of the Conduits, it will not institute against, or
join any other Person in instituting against, such Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. Each of
the Performance Guarantors hereby further covenants and agrees that, prior to the date that is one year and one day after the payment in full of all Aggregate Unpaids under the Purchase Agreement, it will not institute against, or join any other
Person in instituting against, Recipient any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
  
 Section 19. Miscellaneous. This Undertaking constitutes the entire
agreement of each Performance Guarantor with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Undertaking shall be in
addition to any other guaranty of or collateral security for any of the Guaranteed Obligations. The provisions of this Undertaking are severable, and in any action or proceeding involving any state corporate law, or any state or federal bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Performance Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount
of such Performance Guarantor’s liability under this Undertaking, then, notwithstanding any other provision of this Undertaking to the contrary, the amount of such liability shall, without any further action by such Performance Guarantor or
Recipient, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding. Any provisions of this Undertaking which are prohibited or unenforceable in any jurisdiction 

 

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 shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise specified, references herein to
“Section” shall mean a reference to sections of this Undertaking. 
  
 [Signature Page Follows] 
  

 103 

 IN WITNESS WHEREOF, each Performance Guarantor has caused this Undertaking to be executed
and delivered as of the date first above written. 
  

			
	 CAREMARK RX, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	Address for Notices:
	
	 211 Commerce St.

	 Nashville, TN 37201

	 Attention: Ryan Hall

	 Phone: (615) 743-6607

	 Fax: (615) 743-6597

	
	 CAREMARK INTERNATIONAL, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	Address for Notices:
	
	 211 Commerce St.

	 Nashville, TN 37201

	 Attention: Ryan Hall

	 Phone: (615) 743-6607

	 Fax: (615) 743-6597

  

 104 

 SCHEDULE A 
  
 CLOSING DOCUMENTS 
  
 [SEE CH\668944.3] 
  

 105 

 SCHEDULE B 
  
 LENDERS AND COMMITMENTS 
  

				
	 LENDER

	  	COMMITMENT

	 Wachovia Bank, National Association
	  	$	200,000,000
		
	 Bank One, NA (Main Office Chicago)
	  	$	150,000,000
		
	 Credit Lyonnais, New York Branch
	  	$	150,000,000

  

 106

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