Document:

Exhibit 10.1

Exhibit 10.1

 

CREDIT AGREEMENT

dated as of

June 30, 2010

by and among

JPMORGAN CHASE BANK, N.A.

and

ORION ENERGY SYSTEMS, INC., as the Borrower

ORION ASSET MANAGEMENT, LLC, as a Loan Guarantor

CLEAN ENERGY SOLUTIONS, LLC, as a Loan Guarantor

GREAT LAKES ENERGY TECHNOLOGIES, LLC, as a Loan Guarantor

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	1. Definitions; Rules of Interpretation; Accounting Terms; GAAP
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	1.2 Rules of Interpretation
	 	 	17	 
	1.3 Accounting Terms; GAAP
	 	 	18	 
	1.4 Loan Parties
	 	 	18	 
	 
	 	 	 	 
	2. The Credit Facilities; Interest Rates; Fees
	 	 	19	 
	 
	 	 	 	 
	2.1 Revolving Loans
	 	 	19	 
	2.2 Borrowing Procedures for Revolving Loans
	 	 	19	 
	2.3 Unused Fee
	 	 	19	 
	2.4 Reduction or Termination of Loan Commitment
	 	 	20	 
	2.5 Interest Rates
	 	 	20	 
	2.6 Continuation and Conversion Procedure
	 	 	20	 
	2.7 Payments; Late Fee
	 	 	21	 
	2.8 Prepayments
	 	 	22	 
	2.9 Alternate Rate of Interest
	 	 	22	 
	2.10 Increased Costs
	 	 	22	 
	2.11 Break Funding Payments
	 	 	23	 
	2.12 Letters of Credit
	 	 	24	 
	2.13 Taxes
	 	 	25	 
	2.14 Use of Proceeds
	 	 	26	 
	 
	 	 	 	 
	3. Representations and Warranties
	 	 	26	 
	 
	 	 	 	 
	3.1 Organization; Subsidiaries; Corporate Power
	 	 	26	 
	3.2 Authorization and Binding Effect
	 	 	26	 
	3.3 Financial Statements
	 	 	27	 
	3.4 Litigation
	 	 	27	 
	3.5 Restricted Payments
	 	 	27	 
	3.6 Indebtedness; No Default
	 	 	27	 
	3.7 Ownership of Properties; Liens and Encumbrances
	 	 	27	 
	3.8 Tax Returns
	 	 	28	 
	3.9 Margin Stock
	 	 	28	 
	3.10 Regulated Entities
	 	 	28	 
	3.11 ERISA Compliance
	 	 	28	 
	3.12 No Burdensome Restrictions
	 	 	29	 
	3.13 Intellectual Property
	 	 	29	 
	3.14 Environmental Matters
	 	 	29	 
	3.15 Solvency
	 	 	30	 
	3.16 Accuracy of Information
	 	 	30	 

 

i 

 

	 	 	 	 	 
	4. Conditions for Borrowing
	 	 	30	 
	 
	 	 	 	 
	4.1 On or Before the Effective Date
	 	 	30	 
	4.2 On or Before Each Subsequent Borrowing Date:
	 	 	32	 
	 
	 	 	 	 
	5. Affirmative Covenants
	 	 	33	 
	 
	 	 	 	 
	5.1 Financial Reporting
	 	 	33	 
	5.2 Books and Records; Inspections
	 	 	34	 
	5.3 Insurance
	 	 	34	 
	5.4 Condition of Property
	 	 	35	 
	5.5 Payment of Taxes
	 	 	35	 
	5.6 Compliance with Law
	 	 	35	 
	5.7 Compliance with ERISA
	 	 	35	 
	5.8 Compliance with Other Loan Documents
	 	 	35	 
	5.9 Notices
	 	 	35	 
	5.10 Banking Relationship
	 	 	36	 
	5.11 Additional Collateral; Further Assurances
	 	 	36	 
	 
	 	 	 	 
	6. Negative Covenants
	 	 	37	 
	 
	 	 	 	 
	6.1 Restricted Payments
	 	 	37	 
	6.2 Indebtedness
	 	 	37	 
	6.3 Contingent Obligations
	 	 	37	 
	6.4 Operating Leases
	 	 	38	 
	6.5 Liens
	 	 	38	 
	6.6 Mergers
	 	 	38	 
	6.7 Acquisitions, Advances and Investments
	 	 	38	 
	6.8 Lines of Business; Fiscal Year
	 	 	39	 
	6.9 Disposition of Assets
	 	 	39	 
	6.10 Subsidiaries
	 	 	39	 
	6.11 Total Liabilities to Tangible Net Worth Ratio
	 	 	39	 
	6.12 Unencumbered Liquidity; Debt Service Coverage Ratio
	 	 	39	 
	6.13 Transactions with Affiliates
	 	 	39	 
	6.14 Government Regulation
	 	 	40	 
	6.15 Rate Management Transactions
	 	 	40	 
	 
	 	 	 	 
	7. Event of Default; Remedies
	 	 	40	 
	 
	 	 	 	 
	7.1 Events of Default
	 	 	40	 
	7.2 Remedies
	 	 	42	 
	 
	 	 	 	 
	8. Guaranty
	 	 	42	 
	 
	 	 	 	 
	8.1 Guaranty
	 	 	42	 
	8.2 Guaranty of Payment
	 	 	42	 
	8.3 No Discharge or Diminishment of Loan Guaranty
	 	 	43	 
	8.4 Defenses Waived
	 	 	43	 
	8.5 Rights of Subrogation
	 	 	44	 
	8.6 Reinstatement; Stay of Acceleration
	 	 	44	 
	8.7 Information
	 	 	44	 

 

ii 

 

	 	 	 	 	 
	8.8 Termination
	 	 	44	 
	8.9 Maximum Liability
	 	 	45	 
	8.10 Contribution
	 	 	45	 
	8.11 Liability Cumulative
	 	 	46	 
	 
	 	 	 	 
	9. Miscellaneous
	 	 	46	 
	 
	 	 	 	 
	9.1 Survival of Representations and Warranties
	 	 	46	 
	9.2 Indemnification
	 	 	46	 
	9.3 Expenses
	 	 	46	 
	9.4 Notices
	 	 	47	 
	9.5 Setoff
	 	 	48	 
	9.6 Participations
	 	 	48	 
	9.7 Titles
	 	 	48	 
	9.8 Severability
	 	 	48	 
	9.9 Parties Bound; Waiver
	 	 	49	 
	9.10 Governing Law
	 	 	49	 
	9.11 Submission to Jurisdiction; Service of Process
	 	 	49	 
	9.12 Waiver of Jury Trial
	 	 	50	 
	9.13 Limitation of Liability
	 	 	50	 
	9.14 Counterparts
	 	 	50	 
	9.15 Entire Agreement
	 	 	50	 
	9.16 Confidentiality
	 	 	51	 
	9.17 USA PATRIOT Act Notification
	 	 	51	 
	9.18 Disclosure
	 	 	51	 
	 
	 	 	 	 
	EXHIBITS:
	 	 	 	 

	 	 	 	 	 
	Exhibit A: Form of Revolving Note
	 	 	 	 
	Exhibit B: Financial Covenant Compliance Certificate
	 	 	 	 
	Exhibit C: Form of Borrowing Base Certificate
	 	 	 	 
	 
	 	 	 	 
	SCHEDULES:
	 	 	 	 

	 	 	 	 	 
	Schedule 1: Permitted Liens
	 	 	 	 
	Schedule 3.1: Subsidiaries
	 	 	 	 
	Schedule 3.4: Litigation
	 	 	 	 
	Schedule 3.5: Restricted Payments
	 	 	 	 
	Schedule 3.14: Environmental Matters
	 	 	 	 
	Schedule 6.2: Indebtedness
	 	 	 	 
	Schedule 6.3: Contingent Obligations
	 	 	 	 
	Schedule 6.7: Investments
	 	 	 	 

 

iii 

 

CREDIT AGREEMENT

THIS CREDIT AGREEMENT, dated as of June 30, 2010 (as amended, restated, or otherwise modified
from time to time, this “Agreement”), is by and among JPMORGAN CHASE BANK, N.A., a national
banking association (the “Bank”), ORION ENERGY SYSTEMS, INC., a Wisconsin corporation (the
“Borrower”), ORION ASSET MANAGEMENT, LLC, a Wisconsin limited liability company
(“OAM”), CLEAN ENERGY SOLUTIONS, LLC, a Wisconsin limited liability company
(“CES”), and GREAT LAKES ENERGY TECHNOLOGIES, LLC, a Wisconsin limited liability company
(“GLET” and together with the Borrower, OAM and CES, each individually, a “Loan
Party” and collectively, the “Loan Parties”).

Each of the Loan Parties and the Bank agree as follows:

1. Definitions; Rules of Interpretation; Accounting Terms; GAAP.

1.1 Definitions. As used in this Agreement, the following terms have the following
meanings:

“Adjusted LIBOR Rate” means, with respect to any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the product of (a) the LIBOR
Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

“Affiliate” means, as to any Person, any other Person, directly or indirectly
controlling, controlled by or under common control with such Person. A Person shall be deemed to
control another Person if the controlling Person (a) owns 10% or more of any class of voting Equity
Interests of the controlled Person or (b) possesses, directly or indirectly, the power to direct or
cause the direction of the management or policies of the controlled Person, whether by ownership of
Equity Interests, by contract or otherwise.

“Applicable Margin” means, for any day, with respect to any DBLR Loan, LIBOR Rate Loan
or the unused fees payable hereunder, as the case may be, the applicable rate per annum set forth
below under the caption “DBLR Spread”, “LIBOR Rate Spread” or “Unused Fee”, as the case may be,
based upon the Debt Service Coverage Ratio as of the end of the most recent fiscal quarter for
which the Borrower’s consolidated financial statements have been delivered to the Bank pursuant to
section 5.1; provided that until the delivery to the Bank, pursuant to section 5.1(c), of the
Financial Covenant Compliance Certificate for the fiscal quarter ending June 30, 2010, the
“Applicable Margin” shall be the applicable rate per annum set forth below in Level 3:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	LIBOR Rate	 	 	 	 
	Debt Service Coverage Ratio	 	DBLR Spread	 	 	Spread	 	 	Unused Fee	 
	Level 1

Greater than or equal to 1.50:1.00
	 	 	2.00	%	 	 	2.00	%	 	 	0.250	%
	Level 2

Greater than or equal to
1.20:1.00 but less than 1.50:1.00
	 	 	2.50	%	 	 	2.50	%	 	 	0.375	%
	Level 3

Less than 1.20:1.00
	 	 	3.00	%	 	 	3.00	%	 	 	0.500	%

 

 

 

For purposes of the foregoing, (a) the Applicable Margin shall be determined as of the end of each
fiscal quarter of the Borrower based upon the Financial Covenant Compliance Certificate delivered
pursuant to section 5.1(c) for such fiscal quarter and (b) each change in the Applicable Margin
resulting from a change in the Debt Service Coverage Ratio shall be effective five (5) Business
Days after the date of delivery to the Bank of the final Financial Covenant Compliance Certificate
for any fiscal quarter and ending on the date immediately preceding the effective date of the next
such change; provided that the Debt Service Coverage Ratio shall be deemed to be in Level 3 upon
notice by the Bank to the Borrower if the Borrower fails to deliver the Financial Covenant
Compliance Certificate required to be delivered by it pursuant to section 5.1(c), during the period
from the expiration of the time for delivery thereof until five (5) Business Days after such
Financial Covenant Compliance Certificate is delivered.

“Available Amount” of any Letter of Credit at any time means the maximum amount
available to be drawn at such time under such Letter of Credit (assuming compliance with all
conditions to drawing specified therein).

“Bank” means JPMorgan Chase Bank, N.A., a national banking association.

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

“Borrowing Base Availability” means, at any time, the sum of (a) 75% of the
outstanding principal balance of Eligible Accounts at such time, plus (b) 45% of Eligible
Inventory, valued, in the case of Eligible Inventory, at the lower of cost or market at such time.

“Borrowing Base Certificate” means a certificate substantially in the form of
Exhibit C attached hereto.

“Borrowing Base Period” means each period of one day or two or more consecutive days
after the Effective Date upon which the outstanding principal balance of Revolving Loans exceeds
$5,000,000.

“Borrowing Date” means each date on which a Revolving Loan is made by the Bank to the
Borrower or on which a Letter of Credit is issued or amended.

“Business” has the meaning assigned to such term in section 3.14(b).

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

 

2

 

“Capitalized Lease” means, as to any Person, any lease, the obligations under which
have been, or are required to be, recorded as a capital lease liability on the consolidated balance
sheet of that Person and its Consolidated Subsidiaries under GAAP in effect as of the date of this
Agreement.

“Capitalized Lease Obligations” means, as to any Person, at any date, the obligations
of such Person or any of its Consolidated Subsidiaries under Capitalized Leases.

“Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the
date hereof) other than Neal Verfuerth, and his spouse and children (or trusts created for their
benefit), of Equity Interests representing more than fifty percent (50%) of the aggregate ordinary
voting power represented by the issued and outstanding Equity Interests of the Borrower; (b)
occupation of a majority of the seats (other than vacant seats) on the board of directors of the
Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor
(ii) appointed by directors so nominated; (c) the acquisition of direct or indirect Control of the
Borrower by any Person or group other than Neal Verfuerth, and his spouse and children (or trusts
created for their benefit); (d) except as expressly permitted under the terms of this Agreement,
the Borrower consolidates with or merges into another Person or conveys, transfers or leases all or
substantially all of its property to any Person, or any Person consolidates with or merges into the
Borrower, in either event pursuant to a transaction in which the outstanding Equity Interests of
the Borrower is reclassified or changed into or exchanged for cash, securities or other property;
or (e) except as otherwise expressly permitted pursuant to section 6.7, the Borrower shall cease to
own and control, directly or indirectly, all of the economic and voting rights associated with all
of the outstanding Equity Interests of each of the Loan Parties and each of the Borrower’s other
Subsidiaries or shall cease to have the power, directly or indirectly, to elect all of the members
of the board of directors of each of the Loan Parties and each of the Borrower’s other
Subsidiaries.

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

“Closing Date” means June 30, 2010.

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

“Collateral Documents” means the documents described in section 4.1(b), and any other
document, instrument or agreement furnished by a Person to the Bank which provides
collateral, guarantees payment of, or grants a Lien upon property as security, for the
Obligations to the Bank.

“Consolidated Subsidiaries” means, as to any Person, Subsidiaries whose financial
statements are consolidated with those of such Person in accordance with GAAP.

 

3

 

“Contingent Obligation” means, as to any Person, any direct or indirect liability of
that Person, whether or not contingent, with or without recourse, (a) with respect to any
Indebtedness, lease, dividend, letter of credit or other obligation (the “primary
obligations”) of another Person (the “primary obligor”), including any obligation of
that Person (i) to purchase, repurchase or otherwise acquire such primary obligations or any
security therefor, (ii) to advance or provide funds for the payment or discharge of any such
primary obligation, or to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency or any balance sheet item, level of income or
financial condition of the primary obligor, (iii) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of
the primary obligor to make payment of such primary obligation, or (iv) otherwise to assure or hold
harmless the holder of any such primary obligation against loss in respect thereof (each, a
“Guaranty Obligation”); (b) with respect to any letter of credit, banker’s acceptance, bank
guaranty, surety bond and other similar instruments issued for the account of that Person or as to
which that Person is otherwise liable for reimbursement of drawings or payments; (c) to purchase
any materials, supplies or other property from, or to obtain the services of, another Person if the
relevant contract or other related document or obligation requires that payment for such materials,
supplies or other property, or for such services, shall be made regardless of whether delivery of
such materials, supplies or other property is ever made or tendered, or such services are ever
performed or tendered, or (d) in respect of any Rate Management Transaction.

The amount of any Contingent Obligation shall (x) in the case of Guaranty Obligations, be
deemed equal to the lesser of (i) the stated or determinable amount of the primary obligation in
respect of which such Guaranty Obligation is made or, if not stated or if indeterminable, the
maximum reasonably anticipated liability in respect thereof and (ii) the stated amount of the
guaranty, (y) in the case of Rate Management Transactions, equal the Termination Value in the case
of Rate Management Transactions under which a “termination event” or “event of default” has
occurred and, in all other cases, shall equal $0 and (z) in the case of other Contingent
Obligations, be deemed equal to the maximum reasonably anticipated liability of the Person in
respect thereof.

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

“Daily Borrowing LIBOR Rate” means, on any date of determination, an interest rate per
annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the product of (a) the
interest rate determined by the Bank by reference to the Page to be the rate at approximately 11:00
a.m. London time, two Business Days prior to the first Business Day of the month of such date of
determination for Dollar deposits with a maturity equal to one (1) month, multiplied by (b) the
Statutory Reserve Rate applicable to Dollar deposits in the London interbank market with a maturity
equal to one month.

“DBLR Loan” means any Loan under this Agreement when and to the extent that its
interest rate is determined by reference to the Daily Borrowing LIBOR Rate.

 

4

 

“Debt Service Coverage Ratio” means, as to any Person, the relationship expressed as a
numeric ratio, between:

(a) (i) EBITDA, minus (ii) income taxes paid in cash, minus (iii) 50% of depreciation expense,

to

(b) the sum of (i) interest expense paid in cash in respect of Indebtedness for borrowed
money, and (ii) scheduled principal payments made with respect to Indebtedness for borrowed money;

all as determined, without duplication, for such Person and its Consolidated Subsidiaries for the
12 month period ending as of the end of the applicable fiscal quarter.

“Debt Service Period” means the period commencing on the date on which a Debt Service
Triggering Event occurs and ending on the Revolving Note Maturity Date.

“Debt Service Triggering Event” means the attainment of a Debt Service Coverage Ratio
as of the end of any fiscal quarter greater than 1.50:1.00.

“Default” means any act, event, condition or omission which, with the giving of notice
or lapse of time, would constitute an Event of Default if uncured or unremedied.

“Default Rate” has the meaning assigned to such term in section 2.5(b).

“Dollar” or “$” means lawful currency of the United States of America.

“EBITDA” means, as to any Person and for any period as to which such amount is being
determined, the amount equal to (a) Net Income plus (b) to the extent deducted in determining Net
Income, (i) interest expense, (ii) amounts paid or provided for in respect of income tax liability
or taxes in lieu of income taxes, (iii) depreciation and amortization expense, (iv) all non-cash
charges, minus (c) all non-cash income and revenue, all as determined, without duplication, for
such Person and its Consolidated Subsidiaries for such period. For the purposes of calculating
EBITDA for any period, if during such period the applicable Person or any of its Subsidiaries shall
have made an Acquisition or a Disposition (in each case as defined below), EBITDA for such period
shall be calculated after giving pro forma effect thereto on the date such Acquisition or
Disposition occurred. For purposes hereof, “Acquisition” means any transaction or series
of related transactions resulting in (a) the acquisition of all or substantially all of the assets
of a Person, or of any business or division of a Person, (b) the acquisition of in excess of 50% of
the Equity Interests of any Person or (c) a merger or consolidation or any other combination with
another Person (other than the Borrower or any of its Subsidiaries). For purposes hereof,
“Disposition” means any transaction or series of related transactions resulting in the
disposition by the Borrower or any of its Subsidiaries of (a) all or substantially all of the
assets of the Borrower or any of its Subsidiaries, or of any business or division of the Borrower
or any of its Subsidiaries, or (b) all of the Equity Interests of a Subsidiary owned by the
Borrower and/or its Subsidiaries to a Person that is not a Subsidiary.

“Effective Date” means the date on which all of the conditions set forth in section
4.1 are satisfied.

 

5

 

“Eligible Accounts” means, at any time, each account (as defined in the UCC) of the
Loan Parties that meets, and so long as it continues to meet, the following requirements:

(a) it is genuine and in all material respects what it purports to be;

(b) it is owned by the applicable Loan Party, the applicable Loan Party has the right to
subject it to a Lien in favor of the Bank or assign it to the Bank and it is subject to a first
priority perfected Lien in favor of the Bank and to no other Lien whatsoever, other than Permitted
Liens which are subordinated to the Lien in favor of the Bank;

(c) it arises from (i) the performance of services by the applicable Loan Party in the
ordinary course of its business, and such services have been fully performed; or (ii) the sale or
lease of inventory by the applicable Loan Party in the ordinary course of its business, and (x)
such inventory has been completed in accordance in all material respects, with the account debtor’s
specifications (if any) and delivered to the account debtor and (y) such account debtor has not
refused to accept, returned or offered to return, any of the goods which are the subject of such
account;

(d) it is evidenced by an invoice which requires payment within 60 days of the invoice date
and is not unpaid more than 60 days past the stated due date; provided that if an invoice does not
require payment within 60 days of the invoice date and the Bank has made a good faith determination
based on its Permitted Discretion that such an account may be eligible, such invoice is not unpaid
more than 120 days past the invoice date;

(e) it is a valid, legally enforceable and unconditional obligation of the account debtor
thereunder (subject to the effect of bankruptcy, insolvency and other similar laws affecting
creditors’ rights generally and general principles of equity), and it shall not be an Eligible
Account to the extent of any setoff, counterclaim, credit, allowance or adjustment by such account
debtor, or to the extent it is subject to any claim by such account debtor denying liability
thereunder in whole or in part;

(f) it does not arise out of a contract or order which fails in any material respect to comply
with the requirements of applicable law;

(g) the account debtor thereunder is not a director, officer, employee or agent of the
Borrower, any of the Loan Parties, or a Subsidiary or Affiliate of any Loan Party;

(h) it is not an account with respect to which the account debtor is the United States of
America or any state or local government, or any department, agency or instrumentality thereof,
unless the applicable Loan Party assigns its right to payment of such account to Bank pursuant to,
and in full compliance with, the Assignment of Claims Act of 1940, as amended, or any comparable
state or local law, as applicable;

(i) it is not an account with respect to which the account debtor is located in a state which
requires the applicable Loan Party, as a precondition to commencing or maintaining an
action in the courts of that state, either to (i) receive a certificate of authority to do
business and be in good standing in such state; or (ii) file a notice of business activities report
or similar report with such state’s taxing authority, unless (x) the applicable Loan Party has
taken one of the actions described in clauses (i) or (ii); (y) the failure to take one of the
actions described in either clause (i) or (ii) may be cured in all material respects by the
applicable Loan Party; or (z) the Borrower has reasonably determined that the applicable Loan Party
is exempt from any such requirements under any such state’s laws and has provided the Bank written
evidence, setting forth in reasonable detail, the basis for such determination;

 

6

 

(j) the account debtor is located within the United States of America or, if the account
debtor is located outside of the United States, the applicable account is secured by a letter of
credit or guaranty issued by an entity acceptable to Bank and in form and substance acceptable to
Bank or is covered by credit insurance from an insurer acceptable to Bank under a credit insurance
policy in form and substance satisfactory to Bank;

(k) it is not an account with respect to which the account debtor’s obligation to pay is
subject to any repurchase obligation or return right, as with sales made on a bill-and-hold,
guaranteed sale, sale on approval, sale or return or consignment basis;

(l) it is not an account (i) with respect to which any representation or warranty contained in
this Agreement is untrue in any material respect when made; or (ii) which violates any of the
covenants of the Borrower contained in this Agreement in any material respect;

(m) it is not an account which, when added to a particular account debtor’s other indebtedness
to the Loan Parties, exceeds 25% of all accounts of the Loan Parties (except that accounts excluded
from Eligible Accounts solely by reason of this clause (m) shall be Eligible Accounts to the extent
of such credit limit); and

(n) it is not an account with respect to which the Bank has provided the Borrower notice that
the Bank has determined in its Permitted Discretion that prospect of payment or performance by the
account debtor is or will be materially impaired.

“Eligible Inventory” means, at any time, the inventory of the Loan Parties that meets,
and so long as it continues to meet, the following requirements:

(a) it is owned by the applicable Loan Party, the applicable Loan Party has the right to
subject it to a Lien in favor of Bank and it is subject to a first priority perfected Lien in favor
of Bank and to no other Lien whatsoever, other than Permitted Liens which are subordinated to the
Lien in favor of the Bank;

(b) if it is located at a location leased by the applicable Loan Party, the lessor thereof has
delivered to the Bank a landlord agreement in form and substance satisfactory to the Bank and is
not in transit;

(c) if held for sale or lease or furnishing under contracts of service, it is (except as the
Bank may otherwise consent in writing) new and unused or otherwise merchantable and saleable
through normal trade channels and free from defects which could reasonably be expected to affect
its market value;

(d) if it is stored with a bailee, consignee, warehouseman, processor or similar party, such
bailee, consignee, warehouseman, processor or similar party has issued and delivered to the Bank, a
warehousemen’s letter in form and substance satisfactory to the Bank;

(e) the Bank has determined in its Permitted Discretion and in accordance with Bank’s
customary business practices, that it is not unacceptable due to age, type, category or quantity;

(f) it does not consist of work-in-process inventory; and

 

7

 

(g) it is not inventory (i) with respect to which any of the representations and warranties
contained in this Agreement are untrue in any material respect when made; (ii) which violates any
of the covenants of the Borrower contained in this Agreement in any material respect or (iii) which
does not conform to all standards imposed by any Governmental Authority in any material respect.

“Environmental Laws” means all federal, state and local laws including statutes,
regulations, ordinances, codes, rules and other governmental restrictions and requirements relating
to the discharge of air pollutants, water pollutants or process waste water or otherwise relating
to the environment or hazardous substances including the Federal Solid Waste Disposal Act, the
Federal Clean Air Act, the Federal Clean Water Act, the Federal Resource Conservation and Recovery
Act of 1976, the Federal Comprehensive Environmental Response, Compensation and Liability Act of
1980, regulations of the Environmental Protection Agency, regulations of the Nuclear Regulatory
Commission and regulations of any state department of natural resources or state environmental
protection agency now or at any time hereafter in effect.

“Equity Interest” means, as to any Person, any share, capital stock, limited liability
company membership interest, partnership interest or other interest representing equity in, or
ownership of, such Person.

“ERISA” means, at any date, the Employee Retirement Income Security Act of 1974, as
amended, and the regulations thereunder.

“ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with any of the Loan Parties within the meaning of section 414(b) or (c) of the Code
(and sections 414(m) and (o) of the Code for purposes of provisions relating to section 412 of the
Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by any of the Loan Parties or any ERISA Affiliate from a Pension Plan subject to section
4063 of ERISA during a plan year in which it was a substantial employer (as defined in section
4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under
section 4062(e) of ERISA; (c) a complete or partial withdrawal by any of the Loan Parties or any
ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization within the meaning of Section 4241 of ERISA; (d) the filing of a notice of intent to
terminate, the treatment of a Plan amendment as a termination under section 4041 or 4041A of ERISA,
or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan;
(e) an event or condition which is reasonably expected to constitute grounds
under section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under
Title IV of ERISA, other than PBGC premiums due but not delinquent under section 4007 of ERISA,
upon any of the Loan Parties or any ERISA Affiliate.

“Event of Default” means the occurrence of any of the events described in section 7.1.

 

8

 

“Excluded Assets” means all throughput agreements, virtual power plant agreements,
power purchase agreements, leases, supply agreements and/or similar agreements relating to solar
photovoltaic and/or wind turbine systems or facilities, all receivables, chattel paper, payments,
revenues, rights, rebates, intangibles, credits, benefits and financial assets originated, acquired
or serviced in connection therewith (including solar renewable energy credit (or similar)
revenues), all guarantees and insurance coverage in connection therewith, all right, title and
interest in, to and under related agreements, instruments and documents, all assets related to the
foregoing, all proceeds and products of the foregoing, all books and records related to the
foregoing and all supporting obligations in respect of any of the foregoing, whether now existing
or hereafter created or acquired and wherever located.

“Excluded Taxes” means, with respect to the Bank or any other recipient of any payment
to be made by or on account of any obligation of any of the Loan Parties under the Loan Documents,
(a) taxes imposed on (or measured by) its net income (however denominated), and franchise taxes
imposed on it (in lieu of income taxes), by the jurisdiction (or any political subdivision thereof)
under the laws of which such recipient is organized or in which its principal office is located or,
in the case of the Bank, in which its applicable lending office is located or (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction in which the Borrower is located.

“Finance Receivables” means any receivables or other financial assets, whether
evidenced by or arising under notes, leases, contracts or otherwise, originated by or payable to
the Borrower or any of its Subsidiaries, including all related collateral and assets.

“Financial Covenant Compliance Certificate” means a certificate substantially in the
form of Exhibit B attached hereto.

“GAAP” means generally accepted accounting principles in effect in the United States
from time to time.

“Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
court or similar judicial authority thereof, any entity exercising executive, legislative,
regulatory or administrative functions of or pertaining to government.

“Guaranteed Obligations” has the meaning specified in section 8.1.

“Hazardous Materials” means any gasoline or petroleum (including crude oil or any
fraction thereof) or petroleum products or any hazardous or toxic substances, materials,
containments
or wastes, defined or regulated as such in or under any Environmental Law, including asbestos,
polychlorinated biphenyls and urea-formaldehyde insulation.

“Indebtedness” means, as to any Person, without duplication, (a) all indebtedness for
borrowed money, (b) all obligations evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations under conditional sale or other title retention agreements relating to property
acquired by such Person, (d) all obligations in respect of the deferred purchase price of property
or services (excluding (i) trade and similar accounts payable and accrued expenses, in each case
incurred in the ordinary course of business and (ii) employee benefit and compensation obligations
arising in the ordinary course of business), (e) all Indebtedness of others 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 owned or acquired by the Person, whether or not the Indebtedness secured
thereby has been assumed and (f) all Capitalized Lease Obligations. The Indebtedness of any Person
shall include the Indebtedness of any

 

9

 

other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of
such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing,
“Indebtedness” shall not include (1) any customary earnout or holdback in connection with an
acquisition not prohibited by this Agreement, (2) any obligations in respect of customer advances
held in the ordinary course of business or (3) performance bonds or performance guarantees (or
reimbursement obligations in respect of bank guarantees or letters of credit in lieu thereof)
entered into in the ordinary course of business. If any Indebtedness is limited to recourse
against a particular asset or assets of a Person, the amount of the corresponding Indebtedness
shall be equal to the lesser of the amount of such Indebtedness and the fair market value of such
asset or assets, as determined by the Borrower in good faith, at the date for determination of the
amount of such Indebtedness. For all purposes of this Agreement, the amount of Indebtedness of the
Borrower and its Subsidiaries hereunder shall be calculated without duplication of guaranty
obligations of the Company or any Subsidiary in respect thereof.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Intercreditor Agreements” means, collectively, (a) that certain Intercreditor
Agreement dated on or about June 30, 2010, by and among the Bank, the Loan Parties and Hometown
Bank, (b) that certain Intercreditor Agreement dated on or about June 30, 2010, by and among the
Bank, the Loan Parties and Wisconsin Department of Commerce and (c) that certain Intercreditor
Agreement dated on or about June 30, 2010 by and among the Bank, the Loan Parties and City of
Manitowoc.

“Interest Period” means with respect to any LIBOR Rate Loan, the period commencing on
the date of such LIBOR Rate Loan and ending on the numerically corresponding day in the calendar
month that is one or three months (or, with the Bank’s consent, six, nine or twelve months)
thereafter, as selected by the Borrower pursuant to sections 2.2 and 2.6 of this Agreement;
provided, that (a) if any Interest Period would end on a day other than a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on
the next preceding Business Day, (b) any Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall end on the last Business Day of the calendar
month at the end of such Interest Period, (c) no Interest Period for any Revolving Loan shall
extend beyond the scheduled Revolving Note Maturity Date.

“IRS” means the Internal Revenue Service, and any Governmental Authority succeeding to
any of its principal functions under the Code.

“L/C Obligations” means at any time the sum of (a) the aggregate Available Amount of
all Letters of Credit then outstanding, plus (b) the aggregate amount of unpaid Reimbursement
Obligations. 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 International Standby Practices, such Letter of Credit shall be
deemed to be “outstanding” in the amount so remaining available to be drawn.

 

10

 

“L/C Sublimit” means an amount equal to $2,000,000. The L/C Sublimit is part of, and
not in addition to, the Revolving Loan Commitment.

“Letter of Credit” means each standby or trade letter of credit issued by the Bank
pursuant to section 2.12 hereof.

“LIBOR Rate” means, with respect to any Interest Period, the interest rate determined
by the Bank by reference to the Page, to be the rate at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of the Interest Period for Dollar deposits with a maturity
equal to such Interest Period. If no LIBOR Rate is available to the Bank, the applicable LIBOR
Rate for the relevant Interest Period shall instead be the rate determined by the Bank to be the
rate at which the Bank offers to place Dollar deposits having a maturity equal to such Interest
Period with first-class banks in the London interbank market at approximately 11:00 a.m. (London
time) two Business Days prior to the first day of such Interest Period.

“LIBOR Rate Loan” means any Loan under this Agreement when and to the extent that its
interest rate is determined by reference to the Adjusted LIBOR Rate.

“Lien” means any security interest, mortgage, deed of trust, pledge, hypothecation,
assignment for security purposes, encumbrance, lien (statutory or otherwise) or similar charge of
any kind, including any agreement to give any of the foregoing, any conditional sale or other title
retention agreement, any lease in the nature of any of the foregoing (excluding any lease that is
not a Capitalized Lease) or any validly-filed financing or similar statement or notice filed under
the Uniform Commercial Code as adopted and in effect in the relevant jurisdiction (or other similar
recording or notice statute), except a filing for precautionary purposes made with respect to a
transaction not constituting any of the foregoing.

“Loan” means, individually, any Revolving Loan or any unpaid Reimbursement Obligation
and “Loans” means, collectively, all Revolving Loans and all unpaid Reimbursement
Obligations.

“Loan Documents” means this Agreement, the Notes, the Letters of Credit, the
Collateral Documents, the Intercreditor Agreements and all other agreements, documents and
instruments executed in connection with this Agreement and the transactions contemplated hereby,
all as amended, restated, replaced, supplemented or otherwise modified from time to time.

“Loan Guarantor” means each Loan Party other than the Borrower and any other Person
that executes a joinder to this Agreement for the purpose of guaranteeing the Guaranteed
Obligations.

“Loan Guaranty” means the guaranty set forth in section 8, together with any other
guaranty of the Obligations delivered by any Person after the Closing Date.

“Loan Parties Representative” has the meaning assigned to such term in section 1.4.

“Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of
the Board.

 

11

 

“Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties or financial condition of the Loan
Parties and their Subsidiaries taken as a whole; (b) a material impairment of the ability of the
Loan Parties taken as a whole to perform under any Loan Document; or (c) a material adverse effect
upon the legality, validity, binding effect or enforceability against any of the Loan Parties of
any Loan Document; provided that events, circumstances, changes, effects or conditions disclosed in
any Form 10-K, Form 10-Q or Form 8-K filed by the Borrower with the Securities and Exchange
Commission prior to the date of this Agreement shall not constitute a “Material Adverse Effect”.

“Multiemployer Plan” means a “multiemployer plan”, within the meaning of section
4001(a)(3) of ERISA, to which any of the Loan Parties or any ERISA Affiliate makes, is making, or
is obligated to make contributions or, during the preceding three calendar years, has made, or been
obligated to make, contributions.

“Net Income” means, as to any Person and for any period as to which such amount is
being determined, the excess of:

(a) all revenues and income derived from operations in the ordinary course of business
(excluding extraordinary gains and profits upon the disposition of investments and fixed assets),

over

(b) all expenses and other proper charges against income (including payment or provision for
all applicable income and other taxes, but excluding extraordinary losses and losses upon the
disposition of investments and fixed assets),

all as determined for such Person and its Consolidated Subsidiaries.

“Note” means the Revolving Note.

“Obligations” means all obligations, contingent or otherwise, whether now existing or
hereafter arising, of any of the Loan Parties from time to time owed to the Bank or an Affiliate of
the Bank under the Loan Documents, whether for principal, interest, Reimbursement Obligations, the
Guaranteed Obligations, any and all obligations, contingent or otherwise, whether now existing or
hereafter arising, of the Borrower to the Bank or an Affiliate of the Bank arising under or in
connection with Related Rate Management Transactions, obligations related to banking services
provided by the Bank to any of the Loan Parties, fees, expenses, indemnification or otherwise.

“Operating Lease Obligations” means, as to any Person at any date, the obligations of
such Person and its Consolidated Subsidiaries under leases of real or personal property (including
taxes, insurance, maintenance and similar expenses which such Person or Subsidiary is required to
pay under any such lease) other than Capitalized Lease Obligations.

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

 

12

 

“Page” means such page of the Service or any successor or substitute page of the
Service providing rate quotations comparable to those currently provided on such page of the
Service, as determined by the Bank from time to time for purposes of providing quotations of
interest rates applicable to Dollar deposits in the London interbank market.

“PBGC” means the Pension Benefit Guaranty Corporation, or any Governmental Authority
succeeding to any of its principal functions under ERISA.

“Pension Plan” means a pension plan (as defined in section 3(2) of ERISA) subject to
Title IV of ERISA which any of the Loan Parties sponsor, maintain, or to which such Loan Party
makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan
(as described in section 4064(a) of ERISA) has made contributions at any time during the
immediately preceding five (5) plan years.

“Permitted Discretion” means a determination made in good faith in the exercise of
reasonable (from the perspective of a secured commercial lender) business judgment.

“Permitted Financing” means any financing secured by Excluded Assets, including,
without limitation, any project financing relating to Excluded Assets and any financial asset
financing program or facility providing for the sale, conveyance, pledge or other transfer of
Finance Receivables by the Borrower and/or any of its Subsidiaries to a trust or to one or more
limited purpose finance companies, special purpose entities or financial institutions or other
third party investors or financiers, either directly or through one or more Subsidiaries.

“Permitted Liens” means (a) Liens listed on Schedule 1 attached hereto, including
extensions, renewals and substitutions thereof to the extent that the obligations secured thereby
are not increased; (b) Liens for taxes, fees, assessments or governmental charges not delinquent or
being contested in good faith by any of the Loan Parties or any Subsidiary for which adequate
reserves are established and maintained; (c) statutory Lien claims not delinquent or being
contested in good faith by any of the Loan Parties or any Subsidiary for which adequate reserves
are established and maintained, including construction, mechanic’s, warehousemen, carriers’,
landlords’, repairmen’s or other similar Liens; (d) purchase money Liens (including Liens securing
Capitalized Lease Obligations) on any property acquired by any of the Loan Parties and created or
incurred simultaneously with or within 90 days after the acquisition of such property, if such Lien
is limited to the property so acquired, the proceeds thereof and other purchase money or
Capitalized Lease
financings provided by the same lender and its affiliates and the aggregate Indebtedness
secured by all such Liens does not exceed $2,000,000 at any time outstanding for all of the Loan
Parties; (e) Liens or deposits in connection with worker’s compensation or other insurance or
social security legislation or to secure the performance of bids, trade contracts (other than for
borrowed money), leases, public or statutory obligations, performance, surety or appeal bonds,
reimbursement obligations in respect of letters of credit or other obligations of like nature
incurred in the ordinary course of business; (f) Liens in favor of the Bank or any Affiliate of the
Bank; (g) easements, rights-of-way, restrictions, minor title irregularities and similar matters
which have no material adverse effect as a practical matter upon the ownership or use of the
applicable property by any of the Loan Parties; (h) Liens consisting of judgment or judicial
attachment liens which do not constitute an Event of Default under section 7.1(f); (i) Liens
arising by virtue of any statutory or common law provision relating to banker’s liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds maintained with a
creditor depository institution; (j) any Liens on Excluded Assets or otherwise securing a Permitted
Financing; and (k) other Liens securing obligations of the Loan Parties not to exceed $100,000 in
the aggregate at any one time outstanding. Any Lien permitted above on any property may extend to
the proceeds of such property.

 

13

 

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

“Plan” means an employee benefit plan (as defined in section 3(3) of ERISA) which any
of the Loan Parties sponsor or maintain or to which any of the Loan Parties makes, is making, or is
obligated to make contributions and includes any Pension Plan.

“Prime Rate” means the rate of interest per annum announced or determined from time to
time by the Bank as its prime rate. The Prime Rate is a variable rate and each change in the Prime
Rate is effective from and including the date the change is announced as being effective. THE
PRIME RATE IS A REFERENCE RATE AND MAY NOT BE THE BANK’S LOWEST RATE.

“Prime Rate Loan” means any Loan under this Agreement when and to the extent that its
interest rate is determined by reference to the Prime Rate.

“Properties” has the meaning assigned to such term in section 3.14(a).

“Rate Management Transaction” means (a) any transaction (including an agreement with
respect thereto) which is a rate swap, swap option, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap, floor, collar, currency swap,
cross-currency rate swap, currency option, credit protection transaction, credit swap, credit
default swap, credit default option, total return swap, credit spread, repurchase transaction,
reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather
index transaction or forward purchase or sale of a security, commodity or other financial
instrument or interest (including any option with respect to any of these transactions), or (b) any
type of transaction that is similar to any transaction referred to in clause (a) above that is
currently, or in the future becomes, recurrently entered into in the financial markets and which is
a forward, swap, future, option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, economic
indices or measures of
economic risk or value, or other benchmarks against which payments or deliveries are to be
made, or any combination of the foregoing transactions.

“Regulation D” means Regulation D of the Board as from time to time in effect and any
successor thereto or other regulation or official interpretation of the Board relating to reserve
requirements applicable to member banks of the Federal Reserve System.

“Reimbursement Obligation” means the obligation of the Borrower to reimburse the Bank
for a drawing under a Letter of Credit.

“Related Rate Management Transaction” means a Rate Management Transaction between any
of the Loan Parties and the Bank or an Affiliate of the Bank.

 

14

 

“Reportable Event” means any of the events set forth in section 4043(c) of ERISA or
the regulations thereunder (other than an event set forth in section 4043(c)(ii)), other than any
such event for which the 30 day notice requirement under ERISA has been waived in regulations
issued by the PBGC.

“Requirement of Law” means, as to any Person, any law (statutory or common), treaty,
rule or regulation of a Governmental Authority applicable to or binding upon the Person or any of
its property or any ruling, order, judgment or determination of an arbitrator or a Governmental
Authority to which the Person or any of its property is subject.

“Restricted Payments” means dividends or other distributions by any of the Loan
Parties based upon the Equity Interests of such Loan Party (except dividends or other distributions
payable to any of the Loan Parties and dividends or other distributions payable solely in Equity
Interests, or options or rights to acquire Equity Interests, of any of the Loan Parties or
dividends or other distributions of Excluded Assets to effectuate a Permitted Financing) and
purchases, redemptions and other acquisitions, direct or indirect, by any of the Loan Parties, of
Equity Interests of such Loan Party.

“Revolving Loan” means an extension of credit to the Borrower by the Bank pursuant to
section 2.1.

“Revolving Loan Commitment” means the aggregate principal amount of Revolving Loans
which the Bank has committed to make to the Borrower hereunder, subject to reduction pursuant to
section 2.4. For the period from the Closing Date to the Effective Date, the Revolving Loan
Commitment is $0. For the period from the Effective Date until the Revolving Note Maturity Date,
the Revolving Loan Commitment is $15,000,000.

“Revolving Note” means the promissory note of the Borrower in substantially the form
of Exhibit A.

“Revolving Note Maturity Date” means June 30, 2012, or such earlier date on which the
Revolving Note may become due and payable pursuant to section 7.2 of this Agreement.

“Service” means Reuters Screen LIBOR01, formerly known as Page 3750 of the Moneyline
Telerate Service, together with any successor or substitute thereto.

“Solvent” means, with respect to any Person, that as of the date of determination
both:

(a) (i) the then fair saleable value of the property of such Person is [a] greater than the
Total Liabilities (including Contingent Obligations) of such Person and [b] not less than the
amount that will be required to pay the probable liabilities on such Person’s then existing debts
as they become absolute and matured considering all financing alternatives and potential asset
sales reasonably available to such Person; (ii) such Person’s capital is not unreasonably small in
relation to its business or any contemplated or undertaken transaction; and (iii) such Person does
not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond
its ability to pay such debts as they become due; and

(b) such Person is “solvent” within the meaning given that term and similar terms under
applicable laws relating to fraudulent transfers and conveyances.

 

15

 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board for eurocurrency funding (currently referred to as
“Eurocurrency Liabilities” in Regulation D). Such reserve percentages shall include those imposed
pursuant to Regulation D. The Statutory Reserve Rate shall be adjusted automatically on and as of
the effective date of any change in any reserve percentage.

“Subordinated Debt” means, as to any Person, Indebtedness of such Person, the payment
of which is subordinated, in a manner satisfactory to the Bank, to the prior payment of all
Indebtedness of such Person owed to the Bank or any Affiliate of the Bank.

“Subsidiary” of a Person means any other Person, as of a particular date, which it
directly, or indirectly through one or more of its Subsidiaries, owns greater than 50% of the
outstanding Equity Interests of such other Person; provided that the foregoing definition shall not
include any special purpose financing entity which is wholly-owned, directly or indirectly, by any
one or more of the Loan Parties, and which is formed for the sole and exclusive purpose of (a)
purchasing or otherwise acquiring receivables from one or more of the Loan Parties or their
respective Affiliates, (b) financing such purchases (including through one or more
securitizations), and (c) conducting activities related thereto.

“Tangible Net Worth” means, as to any Person, as of any determination date, the total
of all assets which would appear on the consolidated balance sheet of such Person and its
subsidiaries, less the sum of the following:

(a) the book amount of all such assets which would be treated as intangibles, including all
such items as goodwill, trademarks, trademark rights, trade names, trade name rights, brands,
copyrights, patents, patent rights, licenses, deferred charges and unamortized debt discount and
expense;

(b) any write-up in the book value of any such assets resulting from a revaluation thereof
subsequent to the date of the most recent financial statement referred to in section 5.1(a) or
5.1(b);

(c) all reserves, including reserves for depreciation, obsolescence, depletion, insurance and
inventory valuation, but excluding contingency reserves not allocated for any particular purpose
and any reserves not deducted from assets;

(d) the amount, if any, at which any Equity Interests of the Person or any of its subsidiaries
appear on the asset side of such consolidated balance sheet;

(e) the Total Liabilities of the Person (excluding Subordinated Debt); and

(f) all investments in foreign Affiliates of the Person and unconsolidated domestic Affiliates
of the Person;

all as calculated for the Borrower and its Consolidated Subsidiaries.

 

16

 

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

“Termination Value” means, in respect of any Rate Management Transaction, after taking
into account the effect of any legally enforceable netting agreement relating to such Rate
Management Transaction, (a) for any date on or after the date such Rate Management Transaction has
been closed out and termination value determined in accordance therewith, such termination value,
and (b) for any date prior to the date referenced in clause (a) the amount determined as the
mark-to-market value for such Rate Management Transaction, as reasonably determined by the Bank
based upon one or more mid-market or other readily available quotations provided by any recognized
dealer in Rate Management Transaction (which may include the Bank).

“Total Liabilities” means, as to any Person, all items which would be classified as
liabilities on the consolidated balance sheet of such Person and its Consolidated Subsidiaries.

“Type” means, with respect to any Loan, its nature as a Prime Rate Loan, DBLR Loan or
LIBOR Rate Loan.

“UCC” means the Uniform Commercial Code in effect in the State of Wisconsin from time
to time.

“Unencumbered Liquidity” means, at any determination date, an amount equal to (a) the
amount available to be borrowed as Revolving Loans under section 2.1(a) on such determination date
plus (b) the aggregate amount of the Borrower’s funds on deposit with the Bank and, subject to the
Bank’s consent, in its Permitted Discretion, its Affiliates, on such determination date.

“Unfunded Pension Liability” means the excess of a Plan’s benefit liabilities under
section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in
accordance with the assumptions used for funding the Pension Plan pursuant to section 412 of the
Code for the applicable plan year.

“Unused Fee Triggering Event” means each period of one day or two or more consecutive
days upon which (a) during the period from the Closing Date through June 30, 2011, the aggregate
amount of the funds of the Borrower and/or its Affiliates on deposit with the Bank and/or its
Affiliates is less than $20,000,000 and (b) during the period from July 1, 2011 through the
Revolving Note Maturity Date, the aggregate amount of the funds of the Borrower and/or its
Affiliates on deposit with the Bank and/or its Affiliates is less than $10,000,000.

1.2 Rules of Interpretation. Except as otherwise explicitly specified to the contrary or
unless the context clearly requires otherwise: (a) all references to a particular statute or
regulation include all rules and regulations promulgated thereunder and any successor statute,
regulation or rules, in each case as from time to time in effect; (b) references to agreements
(including this Agreement) and other contractual instruments shall be deemed to include all
subsequent amendments and other modifications thereto, but only to the extent such amendments and
other modifications are not prohibited by the terms of any Loan Document; (c) in the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and
including”, the words “to” and “until” each mean “to but excluding” and the word “through” means
“to and including”; (d) the word “including” shall be construed as “including without limitation”;
(e) references to a fiscal year or fiscal quarter mean the fiscal year or fiscal quarter of the
Borrower; and (f) references to the word “Subsidiary” shall mean any direct or indirect Subsidiary
of any of the Loan Parties.

 

17

 

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

1.4 Loan Parties. Each of the Loan Parties agrees:

(a) The term “Loan Party” and “Loan Parties” as used herein includes each of the Loan Parties
individually and collectively and all grants, representations, warranties and covenants of and by
the Loan Parties or any of them shall constitute individual and joint and several grants,
representations, warranties and covenants of and by each of the Loan Parties.

(b) All obligations and liabilities of the Loan Parties under this Agreement and the other
Loan Documents shall be joint and several.

(c) The Borrower is appointed as the Loan Parties Representative, the Loan Parties
Representative is authorized to make such requests, give such notices or furnish such certificates
to the Bank as may be required or permitted by this Agreement for the benefit of such Loan Party
and the Bank is authorized to treat such requests, notices, certificates or consents given or made
by the Loan Parties Representative to have been made, given or furnished by the applicable
Loan Parties for purposes of this Agreement. The Bank shall be entitled to rely on each such
request, notice, certificate or consent made, given or furnished by the Loan Parties Representative
pursuant to the provisions of this Agreement or any other Loan Document as being made or furnished
on behalf of, and with the effect of irrevocably binding, the Loan Parties. Each warranty,
covenant, agreement and undertaking made on its behalf by the Loan Parties Representative shall be
deemed for all purposes to have been made by each of the Loan Parties and shall be binding upon and
enforceable against each of the Loan Parties to the same extent as if the same had been made
directly by each of the Loan Parties. Any reference in this Agreement or any other Loan Document
to the “Loan Parties Representative” shall mean the Borrower in its capacity as the Loan
Parties Representative pursuant to this section.

(d) Any notice to or communication with an officer, agent or representative of the Loan
Parties Representative shall fulfill any obligation of the Bank in this Agreement or any other Loan
Document to provide notice to the Loan Parties.

 

18

 

2. The Credit Facilities; Interest Rates; Fees.

2.1 Revolving Loans. The Bank agrees to lend to the Borrower, subject to the terms and
conditions hereof, (a) during any Borrowing Base Period up to the maximum principal amount at any
time outstanding equal to (i) the lesser of [a] the Revolving Loan Commitment or [b] the
Borrowing Base Availability minus (ii) the L/C Obligations then existing and (b) at all other times
from the Effective Date until the Revolving Note Maturity Date up to the maximum principal amount
at any time outstanding equal to (i) the Revolving Loan Commitment minus (ii) the L/C Obligations
then existing. Within such maximum amount Revolving Loans may be made, repaid and made again. All
Revolving Loans shall be evidenced by the Revolving Note and shall be payable on the Revolving Note
Maturity Date. Revolving Loans may only be denominated in Dollars. Although the Revolving Note
shall be expressed to be payable in the maximum amount specified above, the Borrower shall be
obligated to pay only the amount actually disbursed to or for the account of the Borrower, together
with interest on the unpaid balance of the sums so disbursed in accordance with this Agreement,
which remain outstanding from time to time as shown on the records of the Bank, absent demonstrable
error.

2.2 Borrowing Procedures for Revolving Loans. The Borrower shall request Revolving Loans
by written notice, or by telephonic notice confirmed in writing, to the Bank, (a) in the case of a
LIBOR Rate Loan, not later than 11 a.m., Milwaukee time, on the date which is two Business Days
prior to the requested Borrowing Date (which must be a Business Day) and (b) in the case of a DBLR
Loan, not later than 11 a.m., Milwaukee time, on the requested Borrowing Date (which must be a
Business Day). Each such request by the Borrower must specify (w) the amount of the requested
Revolving Loan, (x) the date the requested Revolving Loan is to be made by the Bank to the
Borrower, (y) the Type of requested Revolving Loan and (z) in the case of a requested LIBOR Rate
Loan, the applicable Interest Period therefor. If no Type of Revolving Loan is specified, then the
requested Revolving Loan shall be a DBLR Loan. In the case of a requested LIBOR Rate Loan, if no
Interest Period is specified, the Borrower shall be deemed to have selected an Interest Period of
one month. Each LIBOR Rate Loan shall be in a minimum amount of $500,000 and in integral multiples
of $100,000 above such minimum. Each DBLR Loan
shall be in a minimum amount of $10,000 and in integral multiples of $10,000 above such minimum.
The combined number of LIBOR Rate Loans outstanding at any time shall not exceed five.

In the event of any inconsistency between the telephonic notice and the written confirmation
thereof, the telephonic notice shall control. Each request for a Revolving Loan shall be
irrevocable and shall constitute a certification by the Borrower that the borrowing conditions
specified in section 4.2 (other than in Section 4.2(d)) will be satisfied on the specified
Borrowing Date. Upon fulfillment of the applicable borrowing conditions set forth in section 4,
the Bank shall deposit the proceeds thereof in the Borrower’s account maintained with the Bank or
as the Borrower may otherwise direct in writing.

2.3 Unused Fee. As consideration for the Revolving Loan Commitment, upon the occurrence of
each Unused Fee Triggering Event, the Loan Parties agree to pay to the Bank on the last Business
Day of each calendar quarter during which any Unused Fee Triggering Event occurs, commencing with
the last day of the first quarter ended after the occurrence of the Unused Fee Triggering Event,
and on the Revolving Note Maturity Date (if the Revolving Note Maturity Date in the calendar
quarter in which an Unused Fee Triggering Event occurred), a fee equal to the Applicable Margin
then in effect on the daily average unused amount of the Revolving Loan Commitment during such
calendar quarter or other applicable period ending on such date.

 

19

 

2.4 Reduction or Termination of Loan Commitment. The Borrower may, on any Business Day and
upon two (2) Business Days’ prior written notice to the Bank, permanently reduce or terminate the
amount of the Revolving Loan Commitment; provided that no such reduction shall reduce the amount of
the Revolving Loan Commitment to an amount less than the sum of the unpaid principal balance of the
Revolving Note plus the L/C Obligations on the date of such reduction; and provided further that in
the event of a termination of the Revolving Loan Commitment in whole, the Borrower shall pay to the
Bank, on or before the effective date of the termination, the unpaid principal balance of the
Revolving Note, and in the event of a partial reduction in the Revolving Loan Commitment or a
termination of the Revolving Loan Commitment in whole, the Borrower shall pay to the Bank, all
interest accrued and unpaid thereon and all fees and expenses payable by the Borrower accrued or
incurred and unpaid through the termination date. Each partial reduction in the Revolving Loan
Commitment shall be in a minimum amount of $100,000 and in integral multiples of $100,000 above
such minimum.

2.5 Interest Rates.

(a) The unpaid principal balances of each Revolving Loan outstanding from time to time shall
bear interest for the period commencing on the Borrowing Date of such Loan until such Loan is paid
in full. Each Loan comprised of a DBLR Loan shall bear interest at the DBLR Rate plus the
Applicable Margin and such rate shall change on each date on which the Daily Borrowing LIBOR Rate
or the Applicable Margin changes. Each Loan comprised of a LIBOR Rate Loan shall bear interest at
the applicable Adjusted LIBOR Rate plus the Applicable Margin and shall change on each date on
which the Applicable Margin changes. Accrued and unpaid interest on each DBLR Loan and Prime Rate
Loan shall be due on the last Business Day of each month, commencing June 30, 2010 and on the
Revolving Note Maturity Date. Accrued and unpaid interest on each
LIBOR Rate Loan shall be due on the last day of its Interest Period and on the Revolving Note
Maturity Date; provided that if an Interest Period is more than three months’ duration, interest
shall be due on each day prior to the last day of such Interest Period that occurs at intervals of
three months’ duration after the first day of such Interest Period.

(b) Notwithstanding the provisions of section 2.5(a) above, upon the occurrence and during the
continuance of an Event of Default, the unpaid principal balance of each Note shall, upon notice
from the Bank to the Borrower, bear interest at an annual rate equal to the rate otherwise in
effect under section 2.5(a), plus three percentage points payable upon demand. On and after the
Revolving Note Maturity Date, the unpaid principal balance of the Revolving Note and all accrued
and unpaid interest thereon at such time shall bear interest at an annual rate equal to the Daily
Borrowing LIBOR Rate plus the highest Applicable Margin for DBLR Loans plus three percentage points
(the “Default Rate”) and shall be payable upon demand. .

(c) Interest shall be calculated for the actual number of days elapsed on the basis of a
360-day year.

2.6 Continuation and Conversion Procedure.

(a) The Borrower may elect from time to time, subject to the terms and conditions of this
Agreement, to convert all or a portion of the outstanding Revolving Loans comprised of DBLR Loans
to LIBOR Rate Loans (in each case, in a minimum amount of $500,000 and in integral multiples of
$100,000 above such minimum).

 

20

 

(b) At the end of the applicable Interest Period for a LIBOR Rate Loan, such LIBOR Rate Loan
shall automatically be converted to a DBLR Loan unless the Borrower shall have given the Bank
notice in accordance with section 2.6(c) requesting that all or a portion of such LIBOR Rate Loan
be continued as a LIBOR Rate Loan.

(c) The Borrower shall furnish to the Bank an appropriately completed and executed notice of
conversion/continuation for each (i) conversion of a DBLR Loan to a LIBOR Rate Loan or (ii)
continuation of a LIBOR Rate Loan as a LIBOR Rate Loan not later than 11 a.m., Milwaukee time, on
the date two Business Days prior to the date of the requested conversion or continuation. Each
such request by the Borrower for a conversion or continuation of a Loan shall be irrevocable and
shall set forth (x) the date of the conversion or continuation, (y) the aggregate amount of Loans
to be converted or continued, as applicable, and (z) the applicable Interest Period.

(d) Notwithstanding anything to the contrary contained in this Agreement, (i) the Borrower may
not select an Interest Period ending after the Revolving Note Maturity Date and (ii) no Loan may be
converted into or continued as a LIBOR Rate Loan when any Default or Event of Default has occurred
and is continuing unless the Bank consents thereto.

2.7 Payments; Late Fee.

(a) All payments of principal and interest on each Note and of all fees due hereunder shall be
made without setoff, deduction or counterclaim at the office of the Bank in immediately available
funds not later than 12:00 noon, Milwaukee time, on the date due at the office of the Bank at 20935
Swenson Drive, Suite 400, Waukesha, Wisconsin 53186; funds received after
that time shall be deemed to have been received on the next Business Day. Whenever any
payment hereunder or under a Note is stated to be due on a day which is not a Business Day, such
payment shall be made on the next succeeding Business Day and such extension of time shall be
included in computing any interest or fee then due. If a payment is 10 days or more late the
Borrower shall pay to the Bank a late fee of 5.00% of the total payment due, up to the maximum
amount of $1,500 per late fee; provided that if the Borrower and the Bank have agreed that a
payment due hereunder shall be made by automatic debit to one of the Borrower’s accounts with the
Bank and a payment is late because of the failure to initiate such an automatic debit entry (other
than by Borrower’s instructions not to initiate such debit entry), the late payment described in
this sentence shall automatically be waived.

(b) To effectuate any payment due under this Agreement, a Note or any other Loan Document, the
Borrower hereby authorizes the Bank to initiate debit entries to any deposit account of the
Borrower maintained with the Bank and to debit the same to such account. This authorization to
initiate debit entries shall remain in full force and effect until the Bank has received written
notification of its termination in such time and in such manner as to afford the Bank a reasonable
opportunity to act on it. The Borrower acknowledges that (i) such debit entries may cause an
overdraft of any such account which may result in the Bank’s refusal to honor items drawn on any
such account until adequate deposits are made to any such account; (ii) the Bank is under no duty
or obligation to initiate any debit entry for any purpose; and (iii) if a debit is not made because
any such account does not have a sufficient available balance, or otherwise, the payment may be
late or past due.

 

21

 

2.8 Prepayments.

(a) Mandatory. In the event and on such occasion that the aggregate outstanding
principal balance of Revolving Loans plus the L/C Obligations then outstanding exceeds (i) during
any Borrowing Base Period, the lesser of [a] the Revolving Loan Commitment and [b] the Borrowing
Base Availability and (ii) at all other times, the Revolving Loan Commitment, the Borrower shall
prepay the Revolving Loans in an aggregate amount equal to such excess.

(b) Optional. The Borrower may prepay Revolving Loans comprised of DBLR Loans or
Prime Rate Loans without premium or penalty. The Borrower may optionally prepay Revolving Loans
comprised of LIBOR Rate Loans on the last day of the applicable Interest Period only. The Borrower
will give the Bank notice of any optional prepayment of the Revolving Note not later than 10:00
a.m. Milwaukee time on the prepayment date, specifying the prepayment date and the amount to be
prepaid. Each optional prepayment of the Revolving Note shall be in a minimum amount of $10,000
(or if less, the unpaid principal balance of the Revolving Note). The amount of such prepayment
shall become due and payable by 12:00 p.m. Milwaukee time on the specified prepayment date. All
optional prepayments of the Revolving Note shall be applied first to any fees the Borrower then
owes the Bank hereunder and then to the Obligations in such order and manner as the Borrower
specifies.

2.9 Alternate Rate of Interest. If prior to the commencement of any DBLR Loan or the
Interest Period for a LIBOR Rate Loan:

(a) the Bank determines (which determination shall be conclusive absent demonstrable error)
that adequate and reasonable means do not exist for ascertaining the Daily Borrowing LIBOR Rate or
the Adjusted LIBOR Rate for such Interest Period; or

(b) the Daily Borrowing LIBOR Rate or the Adjusted LIBOR Rate for such Interest Period will
not adequately and fairly reflect the cost to the Bank of making or maintaining the DBLR Loan or
the LIBOR Rate Loan for such Interest Period;

then the Bank shall give notice thereof to the Borrower by telephone or telecopy (confirmed in
writing) as promptly as practicable thereafter and, until the Bank notifies the Borrower that the
circumstances giving rise to such notice no longer exist (the Bank hereby agrees to promptly notify
the Borrower at such time as such circumstances no longer exist), (i) all DBLR Loans shall
automatically be converted to Prime Rate Loans, (ii) at the end of the applicable Interest Period
all LIBOR Rate Loans shall automatically be converted to Prime Rate Loans and (iii) any new
Revolving Loans shall be made as Prime Rate Loans. The unpaid principal balance of each Prime Rate
Loan shall be interest at the Prime Rate and shall change on each date when the Prime Rate changes.

2.10 Increased Costs.

(a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement
against assets of, deposits with or for the account of, or credit extended by, or Letters of Credit
issued by, the Bank (except any such reserve requirement reflected in the Adjusted LIBOR Rate or
the Daily Borrowing LIBOR Rate); or

 

22

 

(ii) impose on the Bank or the London interbank market any other condition affecting this
Agreement, or LIBOR Rate Loans or DBLR Loans made by the Bank;

and the result of any of the foregoing shall be to increase the cost to the Bank of making or
maintaining any LIBOR Rate Loan or DBLR Loan (or of maintaining its obligation to make any such
Loan) or increase the cost to the Bank of agreeing to issue or issuing or maintaining any Letter of
Credit or of agreeing to make or making, funding or maintaining any unpaid drawing under any Letter
of Credit, or to increase the cost or to reduce the amount of any sum received or receivable by the
Bank (whether or principal, interest or otherwise), then the Borrower will pay to the Bank, upon
the Bank’s demand therefor accompanied by the certificate contemplated by section 2.10(c), such
additional amount or amounts as will compensate the Bank for such additional costs incurred or
reduction suffered.

(b) If the Bank determines that any Change in Law regarding capital requirements has or would
have the effect of reducing the rate of return on the Bank’s capital or on the capital of the
Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by the Bank to
a level below that which the Bank or the Bank’s holding company could have achieved but for such
Change in Law (taking into consideration the Bank’s policies with respect to capital adequacy),
then from time to time the Borrower will pay to the Bank, upon the Bank’s demand therefor
accompanied by the certificate contemplated by section 2.10(c), such additional
amount or amounts as will compensate the Bank or the Bank’s holding company for any such
reduction suffered.

(c) A certificate of the Bank setting forth a reasonably detailed calculation of the amount or
amounts necessary to compensate the Bank or its holding company, as the case may be, as specified
in sections 2.10(a) or 2.10(b) shall be delivered to the Borrower and shall be conclusive absent
demonstrable error. The Borrower shall pay the Bank the amount shown as due on any such
certificate (absent demonstrable error in such certificate) within 10 Business Days after receipt
thereof by the Borrower.

(d) Failure or delay on the part of the Bank to demand compensation pursuant to this section
shall not constitute a waiver of the Bank’s right to demand such compensation; provided that the
Borrower shall not be required to compensate the Bank pursuant to this section for any amount or
amounts that would otherwise be payable under this section accruing more than 270 days prior to the
date that the Borrower receives the applicable certificate pursuant to section 2.11(c); provided
further that, if the Change in Law giving rise to such amount or amounts is retroactive, then the
270-day period referred to above shall be extended to include the period of retroactive effect
thereof.

2.11 Break Funding Payments. In the event of (a) the payment of any principal of any LIBOR
Rate Loan other than on the last day of an Interest Period applicable thereto (including as a
result of an Event of Default), (b) the conversion of any LIBOR Rate Loan other than on the last
day of the Interest Period applicable thereto or (c) the failure to borrow, convert, continue or
prepay any LIBOR Rate Loan on the date specified in any notice delivered pursuant hereto, then, in
any such event, the Borrower shall compensate the Bank for the loss, cost and expense attributable
to such event. In the case of a LIBOR Rate Loan, such loss, cost or expense to the Bank shall be
deemed to be an amount reasonably determined by the Bank to be the excess, if any, of (i) the
amount of interest which would have accrued on the principal amount of such Loan had such event

 

23

 

not
occurred, at the Adjusted LIBOR Rate that would have been applicable to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such
principal amount for such period as the interest rate which the Bank would bid were it to bid, at
the commencement of such period, for Dollar deposits of a comparable amount and period to such
LIBOR Rate Loans from the other banks in the eurodollar market. A certificate of the Bank setting
forth a reasonably detailed calculation of any amount or amounts that the Bank is entitled to
receive pursuant this section shall be delivered to the Borrower and shall be conclusive absent
demonstrable error. The Borrower shall pay the Bank the amount shown as due on any such
certificate (absent demonstrable error in such certificate) within 10 days after receipt thereof.

2.12 Letters of Credit.

(a) General Terms. Subject to the terms and conditions hereof, as part of the
Revolving Loan Commitment, the Bank shall issue Letters of Credit for the account of the Borrower
in an aggregate undrawn face amount up to the L/C Sublimit; provided that after giving effect to
the issuance or amendment of any Letter of Credit, the aggregate amount of (i) outstanding
L/C Obligations, plus (ii) the aggregate principal amount of Revolving Loans then outstanding
shall not exceed (y) during any Borrowing Base Period the lesser of [a] the Revolving Loan
Commitment or [b] Borrowing Base Availability and (z) at all other times, the Revolving Loan
Commitment.

(b) Applications. At any time prior to the Revolving Note Maturity Date, the Bank
shall, at the request of the Borrower, issue one or more Letters of Credit in Dollars, in a form
satisfactory to the Bank, with expiration dates no later than the earlier of (y) 12 months from the
date of issuance (or which are cancelable not later than 12 months from the date of issuance and
each renewal) or (z) 5 days prior to the Revolving Note Maturity Date, in an aggregate face amount
as set forth above, upon the receipt of a letter of credit application duly executed by the
Borrower. Notwithstanding anything contained in any letter of credit application to the contrary:
(i) the Borrower shall pay fees in connection with each Letter of Credit as set forth in section
2.12(d) hereof and (ii) if the Bank is not timely reimbursed for the amount of any drawing under a
Letter of Credit on the date such drawing is paid, the Borrower’s obligation to reimburse the Bank
for the amount of such drawing shall bear interest (which the Borrower hereby promises to pay) from
and after the date such drawing is paid at a rate per annum equal to the sum of the Applicable
Margin plus the Daily Borrowing LIBOR Rate from time to time in effect.

(c) The Reimbursement Obligations. Subject to section 2.12(b) hereof, the
Reimbursement Obligation of the Borrower in respect of a drawing under a Letter of Credit shall be
governed by the application related to such Letter of Credit.

(d) Letter of Credit Fees and Expenses. Quarterly in arrears, on the last day of each
March, June, September, and December, commencing on the first such date occurring after the date
hereof, the Borrower shall pay to the Bank a letter of credit fee at a rate per annum equal to the
Applicable Margin for LIBOR Rate Loans in effect during each day of such quarter applied to the
daily average face amount of undrawn Letters of Credit during such quarter. The Borrower shall pay
to the Bank the Bank’s customary issuance, negotiation and transfer fees and other fees and charges
in connection with the issuance or administration of the Letters of Credit in effect from time to
time as separately agreed upon by the Borrower and the Bank.

 

24

 

(e) Obligations Absolute. The Borrower’s obligation to reimburse L/C Obligations as
provided in section 2.12(c) shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement and the relevant application
under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii)
any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii)
payment by the Bank under a Letter of Credit against presentation of a draft or other document that
does not strictly comply with the terms of such Letter of Credit or (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this section, constitute a legal or equitable discharge of, or provide a right of
setoff against, the Borrower’s obligations hereunder. The Bank shall not have any liability or
responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder), any error in
interpretation of technical terms or any
consequence arising from causes beyond the control of the Bank; provided that the foregoing
shall not be construed to excuse the Bank from liability to the Borrower to the extent of any
direct damages (as opposed to consequential damages, claims in respect of which are hereby waived
by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused
by the Bank’s failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of recklessness or willful misconduct on the part of the Bank (as
finally determined by a court of competent jurisdiction), the Bank shall be deemed to have
exercised care in each such determination. In furtherance of the foregoing and without limiting
the generality thereof, the parties agree that, with respect to documents presented which appear on
their face to be in substantial compliance with the terms of a Letter of Credit, the Bank may, in
its sole discretion, either accept and make payment upon such documents without responsibility for
further investigation, regardless of any notice or information to the contrary, or refuse to accept
and make payment upon such documents if such documents are not in strict compliance with the terms
of such Letter of Credit.

2.13 Taxes.

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

 

25

 

(b) Each of the Loan Parties shall indemnify the Bank, within 10 days after written demand
therefor accompanied by a reasonably detailed calculation of the amount demanded, for the full
amount of any Indemnified Taxes or Other Taxes paid by the Bank on or with respect to any payment
by or on account of any obligation of any of the Loan Parties hereunder or the other Loan Documents
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this section) and any penalties, interest and reasonable out-of-pocket expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Loan Parties
Representative by the Bank shall be conclusive absent demonstrable error.

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

2.14 Use of Proceeds.
The Loan Parties will use the proceeds of Revolving Loans to refinance certain Indebtedness
owed to Wells Fargo Bank, National Association and for working capital and other business purposes.
None of the Loan Parties shall use, directly or indirectly, any part of the proceeds of any Loan
for the purpose of purchasing or carrying, or to extend credit to others for the purpose of
purchasing or carrying, any Margin Stock.

3. Representations and Warranties. In order to induce the Bank to make the Loans, each of
the Loan Parties represent and warrant to the Bank as follows:

3.1 Organization; Subsidiaries; Corporate Power. The Borrower is a corporation, duly
incorporated and validly existing under the laws of the State of Wisconsin. OAM is a limited
liability company duly organized and validly existing under the laws of the State of Wisconsin.
CES is a limited liability company duly organized and validly existing under the laws of the State
of Wisconsin. GLET is a limited liability company duly organized and validly existing under the
laws of the State of Wisconsin. Each of the Loan Parties is duly qualified to do business in every
jurisdiction in which the nature of such Loan Party’s business or the ownership of such Loan
Party’s properties requires such qualification and in which the failure to so qualify would have a
Material Adverse Effect. Schedule 3.1 contains the name, jurisdiction of organization and number
of authorized and outstanding shares of each class of Equity Interests of each of the Loan Parties
and the number thereof owned by such Loan Party, in each case as of the date of this Agreement. On
the Closing Date, other than the Loan Parties, the Borrower has no Subsidiaries. Each of the Loan
Parties has the power to own such Loan Party’s properties and carry on such Loan Party’s business
as currently being conducted, except to the extent the failure to have such power could not
reasonably be expected to have a Material Adverse Effect.

3.2 Authorization and Binding Effect. The execution and delivery by each of the Loan
Parties of the Loan Documents to which such Loan Party is a party, and the performance by such Loan
Party of its obligations thereunder: (a) are within its power as a corporation or limited
liability company, as applicable, (b) have been duly authorized by proper action on the part of the
governing body of such Loan Party, (c) are not in violation of any Requirement of Law, the
organizational or charter documents of such Loan Party or the terms of any material agreement,
restriction or undertaking to which such Loan Party is a party or by which such Loan Party is
bound, and (d) do not require the approval or consent of the holders of the Equity Interests of
such Loan Party, any Governmental Authority or any other Person, other than those obtained and in
full force and effect. The Loan Documents to which any of the Loan Parties are a party, when
executed and delivered, will constitute the valid and binding obligations of such Loan Party
enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or similar
laws of general application affecting the enforcement of creditors’ rights and general principles
of equity.

 

26

 

3.3 Financial Statements.The Borrower has furnished to the Bank the consolidated balance
sheet of the Borrower and its Consolidated Subsidiaries as of March 31, 2010, and related
statements of income, retained earnings
and cash flows of the Borrower and its Consolidated Subsidiaries for the fiscal year ended on that
date, audited by Grant Thornton LLP. Such financial statements were prepared in accordance with
GAAP consistently applied throughout the periods involved (except as otherwise disclosed therein),
are correct and complete in all material respects and fairly present the consolidated financial
condition of the Borrower and its Consolidated Subsidiaries as of such date and the results of
their operations and cash flows for the period ended on such dates, subject, in the case of any
interim statements, to audit and normal year-end adjustments and footnote disclosures. No Material
Adverse Effect has occurred since the date of the most recent financial statements furnished to the
Bank.

3.4 Litigation. Except for the matters described on Schedule 3.4 or, with respect to
clause (b) below, as disclosed in any Form 10-K, Form 10-Q or Form 8-K filed by the Borrower with
the Securities and Exchange Commission or financial statements furnished to the Bank prior to the
date of this Agreement, there is no litigation or administrative proceeding pending or, to the
knowledge of any of the Loan Parties, threatened in writing against any of the Loan Parties or any
Subsidiary, or the properties of any of the Loan Parties or any Subsidiary, which (a) purport to
affect or pertain to this Agreement or any other Loan Document, or any of the transactions
contemplated hereby or thereby or (b) would reasonably be expected to have a Material Adverse
Effect.

3.5 Restricted Payments. Except as set forth on Schedule 3.5, none of the Loan Parties
has, since the date of the most recent financial statements furnished to the Bank, made any
Restricted Payments which is not permitted by the provisions of this Agreement.

3.6 Indebtedness; No Default. None of the Loan Parties has any outstanding Indebtedness or
Contingent Obligations, except those permitted under sections 6.2 and 6.3. There exists no default
by any Loan Party nor has any act or omission occurred which, with the giving of notice or the
passage of time, would constitute a default by any Loan Party under the provisions of (a) any
instrument evidencing such Indebtedness, Contingent Obligation or any agreement relating thereto or
(b) any other agreement or instrument to which any of the Loan Parties or any Subsidiary is a party
and, in the case of either of the foregoing clauses (a) or (b), which would reasonably be expected
to have a Material Adverse Effect.

3.7 Ownership of Properties; Liens and Encumbrances. Each of the Loan Parties has good and
marketable title in fee simple to, or valid leasehold or other contractual interests in, all
property, real and personal, necessary or used in the ordinary conduct of its business, except for
such defects in title or interest as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The right, title and interest of the Loan Parties in
such property is free of any and all Liens, except Permitted Liens. All owned and leased buildings
and equipment of each of the Loan Parties are in good condition, repair and working order, ordinary
wear and tear excepted, and, to each of the Loan Parties’ knowledge, conform to all Requirements of
Law except to the extent a failure to so conform could not reasonably be expected to have a
Material Adverse Effect.

 

27

 

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

3.9 Margin Stock. None of the Loan Parties nor any Subsidiary is engaged principally, or
as one of such Loan Party’s or such Subsidiary’s important activities, in the business of extending
credit for the purpose of purchasing or carrying Margin Stock.

3.10 Regulated Entities. None of the Loan Parties nor any Subsidiary is an “investment
company” or a company controlled by an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. None of the Loan Parties is subject to any Requirement of Law
limiting such Loan Party’s ability to incur Indebtedness.

3.11 ERISA Compliance.

(a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other Requirements of Law. Each Plan which is intended to qualify under
section 401(a) of the Code has received a favorable determination letter from the IRS and to each
of the Loan Party’s knowledge, nothing has occurred which would cause a loss of such qualification.
Each of the Loan Parties and each ERISA Affiliate has made all required contributions to any Plan
subject to section 412 of the Code, and no application for a funding waiver or an extension of any
amortization period pursuant to section 412 of the Code has been made with respect to any Plan.

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

(c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan
has any Unfunded Pension Liability; (iii) none of the Loan Parties nor any ERISA Affiliate has
incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any
Pension Plan (other than premiums due and not delinquent under section 4007 of ERISA); (iv) none of
the Loan Parties nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
liability (and no event has occurred which, with the giving of notice under section 4219 of ERISA,
would result in such liability) under section 4201 or 4243 of ERISA with respect to a
Multiemployer Plan; and (v) none of the Loan Parties nor any ERISA Affiliate has engaged in a
transaction that could be subject to section 4069 or 4212(c) of ERISA.

 

28

 

3.12 No Burdensome Restrictions. None of the Loan Parties is a party to and is bound by
any agreement, instrument, undertaking, any Requirement of Law, or subject to any other restriction
(a) compliance with which could reasonably be expected to have a Material Adverse Effect or (b)
under or pursuant to which any of the Loan Parties is or will be required to place (or under which
any other Person may place) a Lien (other than a Permitted Lien) upon any of such Loan Party’s
properties securing Indebtedness either upon demand or upon the happening of a condition, with or
without such demand.

3.13 Intellectual Property. Each of the Loan Parties possess adequate trademarks, trade
names, copyrights, patents, permits, service marks and licenses, or rights thereto, for the present
and planned future conduct of their respective businesses substantially as now conducted, without
any known conflict with the rights of others which would reasonably be expected to have a Material
Adverse Effect.

3.14 Environmental Matters. Except for the matters described on Schedule 3.14 or as
disclosed in any Form 10-K, Form 10-Q or Form 8-K filed by the Borrower with the Securities and
Exchange Commission or financial statements furnished to the Bank prior to the date hereof and
except to the extent that all of the following, in the aggregate, would not reasonably be expected
to have a Material Adverse Effect:

(a) The facilities and properties owned, leased or operated by any of the Loan Parties (the
“Properties”) do not contain any Hazardous Materials in amounts or concentrations which (i)
constitute a violation of or (ii) could reasonably be expected to give rise to liability under, any
Environmental Law.

(b) With respect to the period during which any of the Loan Parties owned or occupied the
Properties, and to the Loan Parties’ knowledge after reasonable investigation, with respect to the
time before any of the Loan Parties owned or occupied the Properties, there has been no
unremediated release or threat of release of Hazardous Materials at or from the Properties, or
arising from or related to the operations of any of the Loan Parties (the “Business”), in
violation of or in amounts or in a manner that could reasonably be expected to give rise to
liability under Environmental Laws.

(c) The Properties and all operations of the Loan Parties at the Properties are in compliance
with all applicable Environmental Laws, except where the failure to so comply could not reasonably
be expected to result in a Material Adverse Effect, and there is no material violation of any
Environmental Law with respect to the Properties or the Business. Each of the Loan Parties has all
permits, licenses and approvals required under Environmental Laws.

(d) With respect to the period during which any of the Loan Parties owned or occupied the
Properties, and to the Loan Parties’ knowledge after reasonable investigation, with respect to the
time before any of the Loan Parties owned or occupied the Properties (i)
Hazardous Materials have not been transported or disposed of from the Properties in violation
of, or in a manner or to a location which could reasonably be expected to give rise to liability
under, any Environmental Law and (ii) Hazardous Materials have not been generated, treated, stored
or disposed of at, on or under any of the Properties in violation of, or in a manner that could
reasonably expected to give rise to liability under, any applicable Environmental Law.

 

29

 

(e) None of the Loan Parties has received any written notice of violation, alleged violation,
noncompliance, liability or potential liability regarding environmental matters or compliance with
Environmental Laws with regard to any of the Properties or the Business, nor does any of the Loan
Parties have knowledge or reason to believe that any such notice will be received or is being
threatened.

(f) No judicial proceeding or governmental or administrative action is pending or, to the
knowledge of any of the Loan Parties, threatened in writing under any Environmental Law to which
any of the Loan Parties is or will be named as a party with respect to the Properties or the
Business, nor are there any consent decrees or other decrees, consent orders, administrative orders
or other orders, or other administrative or judicial requirements outstanding under any
Environmental Law with respect to the Properties or the Business.

3.15 Solvency. Each of the Loan Parties is and, upon the incurrence of any Obligations by
the Loan Parties on any date on which this representation is made, will be Solvent.

3.16 Accuracy of Information. All written information furnished by any of the Loan Parties
to the Bank in connection with the negotiation of this Agreement or delivered under this Agreement
(as modified or supplemented by other information so furnished) is true, correct and complete in
all material respects as of the date furnished (or, if such written information specifies an
earlier date, such earlier date) and does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make such information, in light of the circumstances
under which they were made, not misleading as of the date furnished (or, if such written
information specifies an earlier date, such earlier date); provided that, with respect to projected
financial information, the Borrower represents only that such information reflects the Borrower’s
good-faith estimates as of the date of preparation thereof, based upon methods and data the
Borrower believes to be reasonable, but actual results during the periods covered by such
projections may differ materially from such projections.

4. Conditions for Borrowing. The Bank’s obligation to make any Loan is subject to the
satisfaction, on or before the following Borrowing Dates, of the following conditions:

4.1 On or Before the Effective Date. The Bank shall have received the following, all in
form, detail and content satisfactory to the Bank:

(a) Notes. Each Note, duly executed by the Borrower.

(b) Collateral Documents.

(i) a security agreement, duly executed by each of the Loan Parties (the “Security
Agreement”), granting the Bank a Lien in all of the personal property of each of the Loan
Parties (other than the Excluded Assets) including, without limitation, the Equity Interests of any
Subsidiary (except, in the case of Subsidiaries organized outside of the United States or any State
thereof, limited as set forth in section 5.11(b));

(ii) all financing statements and other similar instruments required to perfect the Lien
granted to the Bank by each of the Loan Parties;

(iii) certificates representing [a] 100% of the outstanding certificated Equity Interests in
each domestic Subsidiary and [b] such percentage of the outstanding certificated Equity Interests
as set forth in section 5.11(b), in each Subsidiary organized outside of the United States or any
State thereof;

Each of the Collateral Documents shall be duly executed by the Persons party thereto.

 

30

 

(c) Loan Parties’ Charter Documents and Closing Certificate.

(i) a copy of the Certificate of Formation, Certificate of Incorporation or other formation
documents of each of the Loan Parties, certified as of a recent date by the appropriate
Governmental Authority of such Loan Party’s state, province or jurisdiction of organization;

(ii) certificates of good standing or current status with respect to each of the Loan Parties
issued as of a recent date by the appropriate Governmental Authority of such Loan Party’s state,
province or jurisdiction of organization and each other state, province or jurisdiction in which
such Loan Party is qualified to transact business; and

(iii) a closing certificate of each of the Loan Parties [a] containing copies, certified as of
the Closing Date by the Secretary of such Loan Party to be true and correct and in full force and
effect, of [i] the formation documents referred to in section 4.1(c)(i) of such Loan Party, [ii]
the by-laws, limited liability company agreement or equivalent governing document of such Loan
Party, [iii] resolutions adopted by the governing body (members, managers, board of directors,
etc.) of such Loan Party authorizing the execution and delivery of the Loan Documents to which such
Loan Party is a party and [iv] the certificates referred to in section 4.1(c)(ii) for such Loan
Party and [b] identifying by name and title of the officers of such Loan Party authorized to sign
the Loan Documents on behalf of such Loan Party, together with specimen signatures of such Persons.

(d) Personal Property Searches. Searches of the appropriate public offices
demonstrating that no Lien is of record affecting any of the Loan Parties’ properties except
Permitted Liens.

(e) No Default Certificate. A certificate signed by the chief executive officer,
chief financial officer or manager of each of the Loan Parties to the effect that, the
representations and warranties contained in section 3 hereof and in the other Loan Documents
are true and correct on and as of the Effective Date and no Default or Event of Default exists on
the Effective Date.

(f) Opinion of Counsel. An opinion of Foley & Lardner LLP, counsel to the Loan
Parties, addressing such matters as the Bank may reasonably request.

(g) Pay-Off Letter. The Bank shall have received a satisfactory pay-off letter from
Wells Fargo Bank, National Association, confirming that all Liens upon any of the property of the
Loan Parties have been terminated on or prior to the Closing Date and all letters of credit issued
or guaranteed as part of such Indebtedness, if any, shall have been cash collateralized or
supported by a Letter of Credit.

(h) Insurance. The Bank shall have received evidence of insurance with coverage in
form, scope, and substance reasonably satisfactory to the Bank and otherwise in compliance with the
terms of the Security Agreement.

 

31

 

(i) Governmental and Third Party Approvals. The Bank shall have received evidence in
form and substance satisfactory to the Bank that (i) the Borrower has obtained all governmental and
third party approvals and consents necessary in connection with the financing contemplated by this
Agreement and (ii) all such approvals and consents are in full force and effect.

(j) Legal and Regulatory Matters. All legal (including tax implications) and
regulatory matters with respect to the transactions contemplated hereby shall be satisfactory to
the Bank, including but not limited to compliance with all applicable requirements of Regulations
U, T and X of the Board. The Bank’s counsel shall have completed all legal due diligence.

(k) Tax Withholding. The Bank shall have received a properly completed and signed IRS
Form W-8 or W-9, as applicable, for each of the Loan Parties.

(l) Fees. The Bank shall have received all fees required to be paid and all
reasonable out-of-pocket expenses for which invoices have been presented (including the reasonable
fees and expenses of legal counsel), on or before the Closing Date.

(m) Intercreditor Agreements. The Bank shall have received each of the Intercreditor
Agreements, duly executed by the Bank, the Loan Parties and Hometown Bank, Wisconsin Department of
Commerce or City of Manitowoc, as applicable.

(n) Proceedings Satisfactory. Such other documents as the Bank may reasonably
request; and all proceedings taken in connection with the transactions contemplated by this
Agreement, and all instruments, authorizations and other documents applicable thereto, shall be
satisfactory to the Bank.

The Bank’s making of a Revolving Loan to the Borrower on the initial Borrowing Date shall
constitute an acknowledgment that all of the conditions set forth in this section 4.1 have been
satisfied or waived.

4.2 On or Before Each Subsequent Borrowing Date:

(a) Borrowing Procedure. The Borrower shall have complied with the borrowing
procedure specified in section 2.2.

(b) Representations and Warranties True and Correct. The representations and
warranties contained in section 3 hereof and in the other Loan Documents shall be true and correct
in all respects (in the case of representations and warranties qualified by materiality, whether by
reference to “material,” “in all material respects,” or “Material Adverse Effect” or similar terms
or phrase) or in all material respects (in the case of all other representations and warranties) on
and as of the relevant Borrowing Date except (i) that the representations and warranties contained
in section 3.3 (other than in the first sentence thereof) shall apply to the most recent financial
statements delivered pursuant to section 5.1 (other than any consolidating financial statements),
(ii) for changes permitted by this Agreement and (iii) that representations and warranties
expressly referring to an earlier date shall be true and correct as of such earlier date.

(c) No Default. There shall exist on that Borrowing Date no Default or Event of
Default.

 

32

 

(d) Proceedings and Documentation. The Bank shall have received such instruments and
other documents as it may reasonably request in connection with the making of such Loan, and all
such instruments and documents shall be in form and content satisfactory to the Bank.

The Bank’s making of a Revolving Loan to the Borrower on any subsequent Borrowing Date shall
constitute an acknowledgment that all of the conditions set forth in section 4.2(d) have been
satisfied or waived.

5. Affirmative Covenants. Each of the Loan Parties covenants that such Loan Party will,
until the Revolving Loan Commitment and all Related Rate Management Transactions have terminated or
expired and all the Obligations have been paid or cash collateralized in full with an account at
the Bank (other than contingent obligations not then due and payable and subject to the survival of
any provisions that survive termination of the applicable agreement):

5.1 Financial Reporting.

(a) Annual Financial Statements. Furnish to the Bank within 90 days after the end of
each fiscal year a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as
of the close of such fiscal year and related statements of income, retained earnings and cash flows
for such fiscal year, setting forth in each case in comparative form corresponding figures from the
preceding annual audit, all in reasonable detail and reasonably satisfactory in scope to the Bank,
audited by Grant Thornton LLP or another firm of independent certified public accountants of
recognized national standing selected by the Borrower and satisfactory to the Bank. All such
financial statements, and the financial statements described in section 5.1(b), shall be
accompanied by consolidating financial statements (which tie to the consolidated financial
statements) prepared with respect to the Borrower and all Consolidated Subsidiaries which it may at
the time have.

(b) Interim Financial Statements. Furnish to the Bank within 60 days after the end of
each of the first three fiscal quarters of each fiscal year of the Borrower, a consolidated balance
sheet of the Borrower and its Consolidated Subsidiaries as of the end of each such fiscal quarter
and related statements of income, retained earnings and cash flows for the period from the
beginning of the fiscal year through the end of such fiscal quarter, prepared in the manner set
forth in section 5.1(a) hereof for the annual statements, certified, subject to audit and normal
year-end adjustments and footnote disclosure, by an authorized financial officer of the Borrower
and accompanied by the certificate of such officer to the effect that, to the best knowledge of
such officer after diligent inquiry and investigation, there exists no Default or Event of Default
or, if any Default or Event of Default exists, specifying the nature thereof, the period of
existence thereof and what action the Loan Parties propose to take with respect thereto.

(c) Financial Covenant Compliance Certificate. Concurrently with the delivery of the
financial statements required under sections 5.1(a) and 5.1(b) furnish to the Bank a completed
Financial Covenant Compliance Certificate executed by an authorized financial representative of the
Borrower.

(d) Borrowing Base Certificates. As soon as available but in any event within 10
Business Days after the commencement of any Borrowing Base Period and within 30 days of the end of
each calendar month of each calendar year during each Borrowing Base Period, a Borrowing Base
Certificate as of the commencement of such Borrowing Base Period or the calendar month then ended,
as the case may be, and supporting information in connection therewith, together with any
additional reports with respect to the Borrowing Base Availability as the Bank may reasonably
request, including, without limitation, accounts receivable aging reports.

 

33

 

(e) Annual Budget. Furnish to the Bank, within 90 days of the end of each fiscal
year, the budget for the Loan Parties for the next fiscal year in form and detail reasonably
satisfactory to the Bank (such budget shall, for the avoidance of doubt, be subject to the
confidentiality provisions of section 9.16 of this Agreement).

(f) Filings. Promptly upon its becoming available, furnish to the Bank one copy of
each financial statement, report, notice, or proxy statement sent by any of the Loan Parties to the
holders of Equity Interests of such Loan Party generally and of each regular or periodic report,
registration statement or prospectus filed by any of the Loan Parties with any securities exchange
or the Securities and Exchange Commission or any successor agency, and of any order issued by any
Governmental Authority in any proceeding to which any of the Loan Parties are a party that could
reasonably be expected to result in a Material Adverse Effect.

(g) Other Financial Information. Promptly furnish to the Bank such other financial
information as the Bank may from time to time reasonably request.

(h) Electronic Delivery. Documents required to be delivered pursuant to this section
5.1 may be delivered electronically and, if so delivered, shall be deemed to have been delivered on
the date (i) on which the Borrower posts such documents or (ii) provides a link thereto on the
Borrower’s website or on which such documents are posted on the Borrower’s behalf on an Internet or
intranet website, if any, to which the Bank has access; provided that the Borrower shall notify
(which may be by facsimile or electronic mail) the Bank of the posting of any such document
and, promptly upon request by the Bank, provide to the Bank by electronic mail an electronic
version (i.e., a soft copy) of any such document specifically requested by the Bank.

5.2 Books and Records; Inspections. Keep proper, complete and accurate books of record and
account sufficient to prepare financial statements in accordance with GAAP and permit any
representative of the Bank to visit and inspect any of the properties and examine and copy any of
the books and records of any of the Loan Parties at any reasonable time, and prior to the existence
of an Event of Default, upon reasonable prior written notice and as often as may reasonably be
desired; provided that so long as no Event of Default exists, the Company shall be obligated to
reimburse the Bank for only one such audit, examination or inspection in any 12 month period.

5.3 Insurance. Maintain insurance coverage as may be required by law or the Collateral
Documents but in any event not less than insurance coverage, in the forms, amounts and with
companies, which would be carried by prudent management in connection with similar properties and
businesses. Without limiting the foregoing, each of the Loan Parties will and will cause each
Subsidiary to (a) keep all its physical property insured against fire and extended coverage risks
in amounts at least equal to, and with deductibles no greater than, those generally maintained by
businesses engaged in similar activities in similar geographic areas; (b) maintain all such
worker’s compensation and similar insurance as may be required by law; and (c) maintain, in amounts
and with deductibles at least equal to those generally maintained by businesses engaged in similar
activities in similar geographic areas, general public liability insurance against claims for
bodily injury, death or property damage occurring on, in or about the properties of such Loan Party
or such Subsidiary, business interruption insurance and product liability insurance. The Bank
hereby acknowledges that the insurance coverage of the Loan Parties in effect as of the Closing
Date satisfies the requirements of this section 5.3.

 

34

 

5.4 Condition of Property. Keep its properties (whether owned or leased) in good
condition, repair and working order (ordinary wear and tear excepted).

5.5 Payment of Taxes. Pay and discharge all lawful Taxes, assessments and governmental
charges upon it or against its properties prior to the date on which penalties are attached
thereto, except (a) to the extent only that the same shall be contested in good faith and by
appropriate proceedings by the appropriate Loan Party or the appropriate Subsidiary and appropriate
reserves with respect thereto are established and maintained or (b) to the extent that the failure
to do so could not reasonably be expected to result in a Material Adverse Effect.

5.6 Compliance with Law. Except as permitted under section 6.6, do all things necessary to
(a) maintain its legal existence in current status in its state, province or jurisdiction of
organization and obtain and maintain its
qualification to transact business as a foreign corporation in any other state, province of
jurisdiction where the ownership of property or the conduct of business make qualification
necessary and where the failure to so qualify would have a Material Adverse Effect, (b) preserve
and keep in full force and effect its material rights and franchises, if any, necessary to continue
its business and (c) comply in all material respects with all Requirements of Law, writs,
judgments, injunctions, decrees and awards to which it is subject including all applicable
Environmental Laws, except those being contested in good faith and involving no possibility of
criminal liability.

5.7 Compliance with ERISA. Each of the Loan Parties shall, and shall cause each of such
Loan Party’s ERISA Affiliates to: (a) maintain each Plan in compliance in all material respects
with the applicable provisions of ERISA, the Code and other federal or state law; (b) cause each
Plan which is qualified under section 401(a) of the Code to maintain such qualification; and (c)
make all required contributions to any Plan subject to section 412 of the Code.

5.8 Compliance with Other Loan Documents. Timely comply with all of its obligations under
the other Loan Documents (subject to applicable grace, notice and similar provisions).

5.9 Notices. Promptly, and in any event within 5 Business Days after any of the Loan
Parties has become aware of the applicable event, notify the Bank in writing of:

(a) any Default or Event of Default;

(b) any notice given, or any action taken with respect to, a claimed default by any holder of
any other Indebtedness in excess of $500,000 issued or assumed by any of the Loan Parties, or the
lessor under any lease in excess of $500,000 as to which any of the Loan Parties is the lessee or
under any agreement under which any such Indebtedness was issued or secured;

(c) any correspondence, written notice, pleading, citation, indictment, complaint, order,
decree or other document received by any of the Loan Parties from any Person asserting or alleging
a circumstance or condition which requires or may require a financial contribution by any of the
Loan Parties or a cleanup, removal, remedial action or other response by or on the part of any of
the Loan Parties or any Subsidiary, in each case under Environmental Laws or which seeks damages or
civil, criminal or punitive penalties from any of the Loan Parties or any Subsidiary for an alleged
violation of Environmental Laws and which, in any such circumstance under this clause (c), could
reasonably be expected to have a Material Adverse Effect;

 

35

 

(d) the commencement or nonfrivolous written threat of, or any material development in, any
action, suit, arbitration or other proceeding against any of the Loan Parties or any Subsidiary
which could reasonably be expected to have a Material Adverse Effect;

(e) a Reportable Event has occurred with respect to any Plan; and

(f) any condition or event which would make any warranty contained in section 3 false in any
respect (in the case of representations and warranties qualified by materiality, whether by
reference to “material,” “in all material respects,” or “Material Adverse Effect” or similar terms
or phrase) or is false in any material respect (in the case of all other representations and
warranties).

Each notice under this section shall be accompanied by a written statement by an officer of
the Loan Parties Representative setting forth details of the occurrence referred to therein,
stating what action any affected Loan Party or any affected Subsidiary proposes to take with
respect thereto and at what time and accompanied by all documents and correspondences from and to
third parties relating to the occurrence referred to therein (subject to any applicable rights or
obligations with respect to confidentiality).

5.10 Banking Relationship. Each of the Loan Parties will and will cause each Subsidiary to
establish and maintain its primary banking depository and disbursement relationship with the Bank,
including establishing and maintaining operating, administrative, cash management, collection
activity, payroll and disbursement accounts for the conduct of its business. Notwithstanding the
foregoing or any other provision of this Agreement or any of the other Loan Documents, for a period
of 270 days after the Closing Date, the Borrower may maintain an account with Wells Fargo Bank,
National Association with an average daily balance not to exceed $300,000 for the purposes of cash
collateralizing its purchasing card program obligations.

5.11 Additional Collateral; Further Assurances.

(a) Subject to applicable law, each of the Loan Parties shall cause each of such Loan Party’s
domestic Subsidiaries formed or acquired after the date of this Agreement in accordance with the
terms of this Agreement to guaranty the Obligations by executing a joinder to this Agreement for
purposes of becoming a Loan Guarantor hereunder.

(b) Each of the Loan Parties that is a domestic Subsidiary will cause (i) 100% of the
issued and outstanding Equity Interests of each of its domestic Subsidiaries and (ii) 65% of the
issued and outstanding Equity Interest entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interest not entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each foreign Subsidiary directly owned by such
Loan Party to be subject at all times to a first priority, perfected Lien in favor of the Bank
pursuant to the terms and conditions of the Collateral Documents or Loan Documents as the Bank
shall reasonably request.

 

36

 

(c) Without limiting the foregoing, each of the Loan Parties will, and will cause each of the
Subsidiaries to, execute and deliver, or cause to be executed and delivered, to the Administrative
Agent such documents, agreement and instruments, and will take or cause to be taken such further
actions (including the filing and recording of financing statements, fixture filings, mortgages,
deeds of trust and other documents and such other actions or deliveries of the type required by
section 4.1(b), as applicable), which may be required by law or which the Bank may, from time to
time, reasonably request to carry out the terms and conditions of this Agreement and the
other Loan Documents and to ensure perfection and priority of the Liens created or intended to
be created by the Collateral Documents, all at the expense of the Loan Parties.

(d) Each Loan Party will, promptly upon request by the Bank, do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register any and all such further acts,
deeds, certificates, assurances and other instruments as the Bank may reasonably require from time
to time in order to (i) to the fullest extent permitted by applicable law, subject any Loan Party’s
properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any
the Collateral Documents, and (ii) perfect and maintain the validity, effectiveness and priority of
any of the Collateral Documents and any of the Liens intended to be created thereunder.

6. Negative Covenants. Each of the Loan Parties covenants that, without the prior written
consent of the Bank, it will not, until the Revolving Loan Commitment and all Related Rate
Management Transactions have terminated or expired and all the Obligations have been paid or cash
collateralized in full with an account at the Bank (other than contingent obligations not then due
and payable and subject to the survival of any provisions that survive termination of the
applicable agreement):

6.1 Restricted Payments. Make any Restricted Payments other than (a) so long as no Default
or Event of Default exists at the time thereof or after giving effect thereto on a pro-forma basis
as of the date such Restricted Payments are made, Restricted Payments in the form of cash dividends
and (b) so long as the Debt Service Coverage Ratio is greater than 1:50:1:00 both before and after
giving effect thereto on a pro-forma basis as of the date such Restricted Payments are made,
Restricted Payments to repurchase its outstanding Equity Interests in an aggregate amount not to
exceed $15,000,000.

6.2 Indebtedness. Create, incur, assume or permit to exist any Indebtedness except (a)
Indebtedness owed to the Bank or to an Affiliate of the Bank; (b) Indebtedness existing on the date
hereof (including committed, but undrawn, Indebtedness) and set forth in Schedule 6.2 and
extensions, renewals and replacements of any such Indebtedness to the extent they do not increase
the outstanding principal amount thereof; (c) Indebtedness of any of the Loan Parties to any other
Loan Party or to any Subsidiary; (d) Indebtedness secured by Permitted Liens; and (e) Subordinated
Debt; (f) Indebtedness constituting a Permitted Financing or undertakings customary in connection
with securitization transactions and (g) other Indebtedness in an aggregate principal amount not
exceeding $100,000 at any time outstanding.

6.3 Contingent Obligations. Create, incur, assume or suffer to exist any Contingent
Obligations except (a) endorsements for collection or deposit in the ordinary course of business;
(b) obligations under Rate Management Transactions; (c) Contingent Obligations existing on the
Closing Date and listed in Schedule 6.3 and Contingent Obligations in respect of extensions,
renewals and replacements of the primary obligations to which such scheduled Contingent Obligations
relate; (d) Guaranty Obligations in favor of the Bank or any Affiliate of the Bank; (e)
Contingent Obligations constituting, or in respect of, Indebtedness permitted under section 6.2 or
constituting investments permitted under section 6.7
and (f) other Contingent Obligations in an aggregate amount at any time outstanding not to exceed
$1,000,000.

 

37

 

6.4 Operating Leases. Permit the aggregate Operating Lease Obligations of the Loan Parties
and their Subsidiaries to exceed $2,500,000 due in any fiscal year.

6.5 Liens. Create, assume or permit to exist any Lien upon any of its property or assets
(other than (a) Liens on Excluded Assets in connection with a Permitted Financing and (b)
Liens described in the last sentence of section 5.10), whether now owned or hereafter acquired,
except Permitted Liens.

6.6 Mergers. Merge with or consolidate into any other Person, or permit any other Person
to merge with or consolidate with it, except that (a) any of the Loan Parties may merge into any of
the other Loan Parties and (b) any Subsidiary (other than a Loan Party) may liquidate or dissolve
if the Borrower determines in good faith that such liquidation or dissolution is in the best
interests of the Loan Parties, taken as a whole, and is not materially disadvantageous to the Bank.

6.7 Acquisitions, Advances and Investments. Acquire any other business or partnership in a
transaction or series of related transactions that results in a Person becoming a Subsidiary or a
Loan Party acquiring all or substantially all of the assets of any other Person or joint venture
interest or make any loans, advances or extensions of credit to, or any investments in, any Person
except (a) the purchase of direct obligations of, or obligations the principal of and interest on
which are unconditionally guaranteed by, the United States of America (or by any agency thereof to
the extent such obligations are backed by the full faith and credit of the United States of
America) in each case maturing within one year of the date of acquisition; (b) extensions of credit
to customers in the ordinary course of business, advances or prepayments to suppliers and
investments received in satisfaction or partial satisfaction of credit extended to financially
troubled account debtors; (c) investments in certificates of deposit, bankers’ acceptances,
notes and time deposits maturing within 180 days from the date of acquisition thereof issued or
guaranteed by or placed with, and money market deposit accounts issued or offered by, the Bank or
any domestic office of any other commercial bank organized under the laws of the United States of
America, any state thereof or the District of Columbia or that 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 which has a combined capital and surplus and undivided profits
of not less than $500,000,000; (d) investments in commercial paper, demand notes,
master notes, promissory notes or other short-term debt obligations having a maturity not exceeding
270 days and having, at such date of acquisition, the highest credit rating obtainable from Moody’s
Investors Service, Inc. (“Moody’s”) or Standard and Poor’s Ratings Service (“S&P”);
(e) investments in money market funds that (i) comply with the criteria set forth in Securities
Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P
and Aaa by Moody’s and (iii) have portfolio assets of at least $500,000,000; (f) investments and
advances permitted by section 6.2, 6.3 or 6.6 and investments made to consummate a Permitted
Financing; (g) investments in repurchase agreements at the Bank; (h) loans and advances to
employees and agents in the ordinary course of business for travel, entertainment and relocation
expenses and similar items or in connection with any employee stock purchase plan; (i) investments
in demand deposit accounts at financial institutions or that are Federal Deposit Insurance
Corporation insured deposit accounts; (j) investments in any wholly-owned Subsidiary of the
Borrower; (k) investments identified on Schedule 6.7 and (l) acquisitions and other investments
not otherwise permitted pursuant to this section 6.7 in an aggregate amount (net of, in the case of
investments, cash returns received in respect of such investments from time to time) not to exceed
$10,000,000 in any fiscal year provided that no Default or Event of Default exists before or after
giving effect to any such acquisition or investment and, provided, further, that the Borrower
comply with section 5.11.

 

38

 

6.8 Lines of Business; Fiscal Year. Engage in any business other than those in which it is
now engaged and any business related thereto or using the manufacturing processes and expertise of
any of the Loan Parties or any Subsidiaries, or permit any of the Loan Parties’ fiscal year to end
on a date other than March 31.

6.9 Disposition of Assets. Sell, lease, sell and lease back, transfer or otherwise dispose
(other than as permitted by section 6.5) of all or a substantial or material part of any of its
assets or become obligated to do so (excluding, for the avoidance of doubt, any transfer of cash or
cash equivalents in the ordinary course of business and any issuance by a Person of its own Equity
Interests), except for the following: (a) sales and other dispositions of inventory in the ordinary
course of business; (b) dispositions of tangible assets to be replaced in the ordinary course of
business within 12 months by other tangible assets of equal or greater value; (c) dispositions of
tangible assets that are no longer used or useful in the business of any of the Loan Parties or any
Subsidiary; (d) licensing of products and intangible assets in the ordinary course of business; (e)
any Subsidiary or any of the Loan Parties may transfer any of its assets to any of the other Loan
Parties; (f) dispositions related to Orion through put assets and agreements and solar photovoltaic
assets, including dispositions of Excluded Assets made to consummate a Permitted Financing; (g)
dispositions constituting transactions permitted under section 6.6 or 6.7; (h) dispositions
consisting of the abandonment of intellectual property rights that, in the reasonable good faith
determination of the applicable Loan Party, are not material to the conduct of its business; and
(i) dispositions that are not otherwise permitted under the foregoing provisions of this section
6.9, provided that (i) any such disposition is made for fair market value, (ii) no Event of Default
shall exist at the time of, or after giving effect to, such disposition and (iii) the aggregate
value of all assets disposed of pursuant to this section 6.9(i) during any fiscal year shall not
exceed $2,000,000.

6.10 Subsidiaries. Permit any of the Loan Parties (other than the Borrower) to issue any
Equity Interests, or any security or instrument convertible into Equity Interests, except to any of
the other Loan Parties.

6.11 Total Liabilities to Tangible Net Worth Ratio.
Permit the ratio of Total Liabilities to Tangible Net Worth to exceed 0.50:1.00 as of the last
day of any fiscal quarter.

6.12 Unencumbered Liquidity; Debt Service Coverage Ratio. (a) Prior to the Debt Service
Period, permit the average Unencumbered Liquidity to be less than (i) $20,000,000 during any period
of three consecutive Business Days through and including June 2011 or (ii)
$10,000,000 during any period of three consecutive Business Days thereafter and (b) during the Debt
Service Period, permit the Debt Service Coverage Ratio to be less than 1.50:1.00 as of the last day
of any fiscal quarter.

6.13 Transactions with Affiliates. Enter into or be a party to any transaction with any of
its Affiliates that is not a Loan Party except as otherwise provided herein (including to
consummate a Permitted Financing) or in the ordinary course of business and upon fair and
reasonable terms which are no less favorable in any material respect than a comparable arm’s length
transaction with an entity which is not an Affiliate, except for (a) any employment or severance
agreement and any amendment thereto entered into in the ordinary course of business; (b) the
payment of reasonable directors’ fees and benefits; (c) the provision of officers’ and directors’
indemnification and insurance in the ordinary course of business; (d) non-interest bearing
intercompany loans or other advances in the ordinary course of business and consistent with past
practice permitted by section 6.7; (e) the payment of employee salaries, bonuses and employee
benefits in the ordinary course of business; and (f) capital contributions made by the Borrower to,
and loans constituting Subordinated Debt made by the Borrower to, any of the Loan Parties as set
forth in 6.2 and 6.7.

 

39

 

6.14 Government Regulation. (a) Be or become subject at any time to any law, regulation or
list of any government agency (including without limitation the U.S. Office of Foreign Asset
Control list) that prohibits or limits the Bank from making any advance or extension of credit to
any of the Loan Parties or from otherwise conducting business with any of the Loan Parties or
(b) fail to provide documentary and other evidence of such Loan Party’s identity as may be
requested by the Bank at any time to enable the Bank to verify such Loan Party’s identity or to
comply with any applicable law or regulation, including, without limitation, Section 326 of the USA
Patriot Act of 2001, 31, U.S.C. Section 5318.

6.15 Rate Management Transactions. Enter into any Rate Management Transaction except (a)
Rate Management Transactions entered into to hedge or mitigate risks to which any of the Loan
Parties or any Subsidiary has actual exposure (other than those in respect of Equity Interest of
any of the Loan Parties or any Subsidiary) and (b) Rate Management Transactions entered into in
order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of any of the Loan Parties or any Subsidiary.

7. Event of Default; Remedies.

7.1 Events of Default. The occurrence of any of the following shall constitute an Event of
Default:

(a) Failure to Pay. (i) The Borrower fails to pay [a] principal on any Note when the
same becomes due and payable, whether at a stated payment date, or a date fixed by the Borrower for
prepayment or by acceleration, [b] any Reimbursement Obligation when due and payable or (ii) any of
the Loan Parties fails to pay any interest or any fee or other amount payable hereunder, when the
same becomes payable and such failure to timely pay interest, such fee or other amount continues
uncured for a period of three Business Days; or

(b) Falsity of Representations and Warranties. Any representation or warranty made in
any Loan Document is false in any respect (in the case of representations and warranties qualified
by materiality, whether by reference to “material,” “in all material respects,” or “Material
Adverse Effect” or similar terms or phrase) or is false in any material respect (in the case of all
other representations and warranties) on the date as of which it is made or as of which the same is
to be effective; or

(c) Breach of Covenants. Any of the Loan Parties fail to comply with any term,
covenant or agreement contained in (i) sections 5.1(a), 5.1(b), 5.1(c), 5.1(d), 5.1(e), 5.2, 5.3,
5.5, 5.6(a), 5.7, 5.8, 5.8 or 5.9 or any section of Article 6 hereof or (ii) any other section of
Article 5 hereof and such failure continues for a period of 10 days after the earlier of (y)any of
the Loan Parties should have known of such failure or (z) the date upon which written notice
thereof is given to the Loan Parties Representative by the Bank; or

 

40

 

(d) Breach of Other Provisions. Any of the Loan Parties fail to comply with any other
agreement contained herein and such default continues for a period of 30 days after written notice
to the Loan Parties Representative from the Bank; or

(e) Default Under Other Agreements. Any of the Loan Parties or any Subsidiary (i)
fails to pay when due any other Indebtedness for borrowed money or Contingent Obligation in respect
thereof in an aggregate amount in excess of $1,000,000 issued or assumed by such Loan Party or such
Subsidiary or (ii) fails to comply with the terms of any agreement executed in connection with such
Indebtedness or Contingent Obligation and such default continues beyond any applicable cure period
if the effect of such failure is (y) to cause, or permit the holder or holders of such Indebtedness
or the beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such
holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to be declared to be
due and payable prior to its stated maturity, or (z) to cause such Contingent Obligation to become
payable or cash collateral in respect thereof to be demanded; or

(f) Entry of Final Judgments. A final judgment, decree or arbitration award is
entered against any of the Loan Parties or any Subsidiary which (i) would reasonably be expected to
have a Material Adverse Effect or (ii) together with all unsatisfied final judgments, decrees and
awards entered against all of the Loan Parties and all Subsidiaries, exceeds the sum of $1,000,000,
and such judgment, decree or award shall remain unsatisfied or unstayed pending appeal for a period
of 60 consecutive days after the entry thereof; or

(g) ERISA Liability. Any event in relation to any Plan which is reasonably expected
to result in any of the occurrences set forth in section 3.11 above; or

(h) Default Under Other Loan Documents. An “Event of Default” (as defined therein)
shall occur under any other Loan Document including the Loan Guaranty or any of the Loan Guarantors
cease to exist or revokes or terminates its liability under the Loan Guaranty (except to the extent
contemplated thereby) or any Person contests in any manner the validity or enforceability thereof
or denies that any of the Loan Guarantors has any further liability or obligation thereunder; or

(i) Default Under Related Rate Management Transactions. The occurrence or existence of
any default (subject to all applicable cure and grace periods), event of default, including a
“Termination Event” or other similar condition or event (however described) with respect to any
Related Rate Management Transactions; or

(j) Change in Control. a Change in Control shall occur; or

(k) Insolvency, Failure to Pay Debts or Appointment of Receiver, etc. Any of the Loan
Parties becomes insolvent or the subject of state insolvency proceedings, fails generally to pay
its debts as they become due or makes an assignment for the benefit of creditors generally; or
voluntarily ceases to conduct business in the ordinary course (other than in a transaction
permitted under this Agreement); or a receiver, trustee, custodian or other similar official is
appointed for, or takes possession of any substantial part of the property of, any of the Loan
Parties; or

 

41

 

(l) Subject of United States Bankruptcy Proceedings. The taking of action any of the
Loan Parties to authorize such organization to become the subject of proceedings under the United
States Bankruptcy Code (or the equivalent under any other jurisdiction where such Loan Party is
organized or conducts business); or the execution by any of the Loan Parties of a petition to
become a debtor under the United States Bankruptcy Code (or the equivalent under any other
jurisdiction where such Loan Party is organized or conducts business); or the filing of an
involuntary petition against any of the Loan Parties under the United States Bankruptcy Code (or
the equivalent under any other jurisdiction where such Loan Party is organized or conducts
business) which remains undismissed for a period of 60 days; or the entry of an order for relief
under the United States Bankruptcy Code (or the equivalent under any other jurisdiction where such
Loan Party is organized or conducts business) against any of the Loan Parties.

7.2 Remedies. Upon the occurrence and during the continuance of an Event of Default, the
Bank shall have no obligation to make Loans and (a) as to an Event of Default described in sections
7.1(a) through 7.1(h), inclusive, the Bank may, at its option and without notice, terminate the
Revolving Loan Commitment and declare the Loans then outstanding to be, and such Loans shall
thereupon become, immediately due and payable, together with accrued interest thereon, and (b) as
to an Event of Default described in sections 7.1(k) or 7.1(l), the Revolving Loan Commitment shall
terminate, without any action on the part of the Bank and the Loans, without action on the part of
the Bank or any notice or demand, shall become automatically due and payable, together with accrued
interest thereon. Except as expressly provided otherwise in this Agreement or in any other Loan
Document,
presentment, demand, protest and notice of acceleration, nonpayment and dishonor are hereby
expressly waived. Upon the occurrence and during the continuance of an Event of Default, the Bank
may exercise any rights and remedies provided to the Bank under the Loan Documents or at law or in
equity.

8. Guaranty.

8.1 Guaranty. Each of the Loan Guarantors hereby agrees that it is jointly and severally
liable for, and, as primary obligor and not merely as surety, absolutely and unconditionally
guarantees to the Bank the prompt payment when due, whether at stated maturity, upon acceleration
or otherwise, and at all times thereafter, of the Obligations (the “Guaranteed
Obligations”). Each of the Loan Guarantors further agrees that the Guaranteed Obligations may
be extended or renewed in whole or in part without notice to or further assent from it, and that it
remains bound upon its guarantee notwithstanding any such extension or renewal. All terms of this
apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of the
Bank that extended any portion of the Guaranteed Obligations.

8.2 Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of
collection. Each of the Loan Guarantors waives any right to require the Bank to sue the Borrower or
any of the other Loan Guarantors, any other guarantor, or any other person obligated for all or any
part of the Guaranteed Obligations (each, an “Obligated Party” and collectively, the
“Obligated Parties”), or otherwise to enforce its payment against any collateral securing
all or any part of the Guaranteed Obligations.

 

42

 

8.3 No Discharge or Diminishment of Loan Guaranty.

(a) Except as otherwise provided for herein, the obligations of each of the Loan Guarantors
hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment
or termination for any reason (other than the payment in full in cash of the Guaranteed
Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement,
surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or
otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower, any
other of the Loan Guarantors or any other guarantor of or other person liable for any of the
Guaranteed Obligations; (iii) any insolvency, bankruptcy, winding up, liquidation, reorganization
or other similar proceeding affecting any of the Obligated Parties, or such Obligated Party’s
property or any resulting release or discharge of any obligation of any of the Obligated Parties;
or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any
time against any Obligated Party, the Bank or any other person, whether in connection herewith or
in any unrelated transactions.

(b) The obligations of each of the Loan Guarantors hereunder are not subject to any defense or
setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity,
illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision
of applicable law or regulation purporting to prohibit payment by any of the Obligated Parties, of
the Guaranteed Obligations or any part thereof.

(c) Further, the obligations of any of the Loan Guarantors hereunder are not discharged or
impaired or otherwise affected by: (i) the failure of the Bank to assert any claim or demand or to
enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any
waiver or modification of or supplement to any provision of any agreement relating to the
Guaranteed Obligations (other than any of the foregoing in which the Bank expressly modifies the
obligations of any Loan Guarantor hereunder); (iii) any release, non-perfection, or invalidity of
any indirect or direct security for the obligations of the Borrower or of all or any part of the
Guaranteed Obligations or any obligations of any other guarantor of or other person liable for any
of the Guaranteed Obligations; (iv) any action or failure to act by the Bank with respect to any
collateral securing any part of the Guaranteed Obligations (other than actions or failures to act
by the Bank or any of its Affiliates constituting gross negligence or willful misconduct); or (v)
any default, failure or delay, willful or otherwise, in the payment or performance of any of the
Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner
or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a
discharge of any of the Loan Guarantors as a matter of law or equity (other than the payment in
full in cash of the Guaranteed Obligations or actions or failures to act by the Bank or any of its
Affiliates constituting gross negligence or willful misconduct).

8.4 Defenses Waived. To the fullest extent permitted by applicable law, each of the Loan
Guarantors hereby waives any defense based on or arising out of any defense of the Borrower or any
of the Loan Guarantors or the unenforceability of all or any part of the Guaranteed Obligations
from any cause, or the cessation from any cause of the liability of the Borrower or any of the Loan
Guarantors, other than the payment in full in cash of the Guaranteed Obligations or any defense
arising from the gross negligence or willful misconduct of the Bank or any of its Affiliates.
Without limiting the generality of the foregoing, each of the Loan Guarantors irrevocably waives
acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any
notice not provided for herein, as well as any requirement that at any time any action be taken by
any person against any of the other Obligated Parties, or any other person. The Bank may, at its
election, foreclose on any collateral securing the

 

43

 

Obligations held by it by one or more judicial
or nonjudicial sales, accept an assignment of any such collateral in lieu of foreclosure or
otherwise act or fail to act with respect to any collateral securing all or a part of the
Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other
accommodation with any of the Obligated Parties or exercise any other right or remedy available to
it against any of the Obligated Parties, without affecting or impairing in any way the liability of
such Loan Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have
been fully paid in cash or to the extent the Bank or any of its Affiliates acts or fails to act in
a manner constituting gross negligence or willful misconduct. To the fullest extent permitted by
applicable law, each of the Loan Guarantors waives any defense arising out of any such election
even though that election may operate, pursuant to applicable law, to impair or extinguish any
right of reimbursement or subrogation or other right or remedy of any of the Loan Guarantors
against any of the Obligated Parties or any security.

8.5 Rights of Subrogation. No Loan Guarantor will assert any right, claim or cause of
action, including, without limitation, a claim of subrogation, contribution or indemnification that
it has against any of the Obligated Parties, or any collateral, until the Loan Parties and the Loan
Guarantors have fully performed all their
obligations to the Bank hereunder, under the Loan Documents and under any agreement, document or
instrument evidencing Related Rate Management Transactions.

8.6 Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the
Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, or reorganization of the Borrower, each of the Loan Guarantors’ obligations under this
Loan Guaranty with respect to that payment shall be reinstated at such time as though the payment
had not been made and whether or not the Bank is in possession of this Loan Guaranty. If
acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the
insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to
acceleration under the terms of any agreement relating to the Guaranteed Obligations shall
nonetheless be payable by the Loan Guarantors forthwith on demand by the Bank.

8.7 Information. Each of the Loan Guarantors assumes all responsibility for being and
keeping itself informed of the Borrower’s financial condition and assets, and of all other
circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature,
scope and extent of the risks that each of the Loan Guarantors assumes and incurs under this Loan
Guaranty, and agrees that the Bank shall not have any duty to advise any of the Loan Guarantors of
information known to it regarding those circumstances or risks.

8.8 Termination. The Bank may continue to make loans or extend credit to the Borrower
based on this Loan Guaranty until five days after it receives written notice of termination from
any of the Loan Guarantors. Notwithstanding receipt of any such notice, each of the Loan
Guarantors will continue to be liable to the Bank for any Guaranteed Obligations created, assumed
or committed to prior to the fifth day after receipt of the notice, and all subsequent renewals,
extensions, modifications and amendments with respect to, or substitutions for, all or any part of
the Guaranteed Obligations. Any Loan Guarantor’s liability under this Agreement (including,
without limitation, under this Loan Guaranty) shall automatically cease if such Loan Guarantor
ceases to be a Subsidiary as the result of a transaction or series of related transactions that are
not prohibited by this Agreement, and the Bank agrees to deliver to the Borrower such instruments
of release or other documentation as the Borrower may reasonably request to evidence any such
cessation of liability.

All payments of the Guaranteed Obligations will be made giving effect to the section 2.13.

 

44

 

8.9 Maximum Liability. The provisions of this Loan Guaranty are severable, and in any
action or proceeding involving any state corporate law, or any state, federal or foreign
bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if
the obligations of any of the Loan Guarantors under this Loan Guaranty would otherwise be held or
determined to be void, voidable, avoidable, invalid or unenforceable on account of the amount of
such Loan Guarantor’s liability under this Loan Guaranty,
then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such
liability shall, without any further action by the Loan Guarantors or the Bank, be automatically
limited and reduced to the highest amount that is valid and enforceable as determined in such
action or proceeding (such highest amount determined hereunder being the relevant Loan Guarantor’s
“Maximum Liability”). This section with respect to the Maximum Liability of each of the
Loan Guarantors is intended solely to preserve the rights of the Bank to the maximum extent not
subject to avoidance under applicable law, and no Loan Guarantor nor any other person or entity
shall have any right or claim under this section with respect to such Maximum Liability, except to
the extent necessary so that the obligations of any of the Loan Guarantors hereunder shall not be
rendered voidable under applicable law. Each of the Loan Guarantors agrees that the Guaranteed
Obligations may at any time and from time to time exceed the Maximum Liability of each of the Loan
Guarantors without impairing this Loan Guaranty or affecting the rights and remedies of the Bank
hereunder; provided that, nothing in this sentence shall be construed to increase any of the Loan
Guarantors’ obligations hereunder beyond its Maximum Liability.

8.10 Contribution. In the event any of the Loan Guarantors (a “Paying Guarantor”)
shall make any payment or payments under this Loan Guaranty or shall suffer any loss as a result of
any realization upon any collateral granted by it to secure its obligations under this Loan
Guaranty, each of the other Loan Guarantors (each a “Non-Paying Guarantor”) shall
contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Applicable
Percentage” of such payment or payments made, or losses suffered, by such Paying Guarantor. For
purposes of this section 8.10, each Non-Paying Guarantor’s “Applicable Percentage” with
respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on
which such payment or loss was made by reference to the ratio of (a) such Non-Paying Guarantor’s
Maximum Liability as of such date (without giving effect to any right to receive, or obligation to
make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been
determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the
Borrower after the date hereof (whether by loan, capital infusion or by other means) to (b) the
aggregate Maximum Liability of all Loan Guarantors hereunder (including such Paying Guarantor) as
of such date (without giving effect to any right to receive, or obligation to make, any
contribution hereunder), or to the extent that a Maximum Liability has not been determined for any
Loan Guarantor, the aggregate amount of all monies received by such Loan Guarantors from the
Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in
this provision shall affect any of the Loan Guarantors’ several liability for the entire amount of
the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan
Guarantors covenants and agrees that its right to receive any contribution under this Loan Guaranty
from a Non-Paying Guarantor shall be subordinate and junior in right of payment to the payment in
full in cash of the Guaranteed Obligations. This provision is for the benefit of the Bank and the
Loan Guarantors and may be enforced by any one, or more, or all of them in accordance with the
terms hereof.

 

45

 

8.11 Liability Cumulative. The liability of each of the Loan Parties as one of the Loan
Guarantors under this Article 8 is in addition to and shall be cumulative with all liabilities of
each of the Loan Parties to the Bank under this Agreement and the other Loan Documents to which
such Loan Party is a party or in respect of any obligations or liabilities of the other Loan
Parties, without any limitation as to amount, unless the
instrument or agreement evidencing or creating such other liability specifically provides to the
contrary.

9. Miscellaneous.

9.1 Survival of Representations and Warranties. The representations and warranties
contained in section 3 hereof and in the other Loan Documents shall survive closing and execution
and delivery of the Notes.

9.2 Indemnification. Except as incurred as a result of the Bank’s willful misconduct or
gross negligence, each of the Loan Parties agrees to defend, indemnify and hold harmless the Bank,
its directors, officers, employees and agents from and against any and all loss, cost, expense or
liability (including reasonable attorneys’ fees) incurred in connection with any and all claims or
proceedings (whether brought by a private party or Governmental Authority) as a result of, or
arising out of or relating to:

(a) bodily injury, property damage, abatement or remediation, environmental damage or
impairment or any other injury or damage resulting from or relating to any Hazardous Materials
located on or migrating into, from or through property previously, now or hereafter owned or
occupied by any of the Loan Parties, which the Bank may incur due to the making of the Loans, the
exercise of any of its rights under the Collateral Documents, or otherwise;

(b) any transaction financed or to be financed, in whole or in part, directly or indirectly,
with the proceeds of any Loan; or

(c) the entering into, performance of and exercise of its rights under any Loan Document by
the Bank.

This indemnity will survive foreclosure of any security interest or mortgage or conveyance in
lieu of foreclosure and the repayment of the Notes and the discharge and release of any Collateral
Documents.

Notwithstanding the foregoing, the foregoing indemnity shall not be available to the extent
that such losses, costs, expenses or liabilities result from a claim brought by any of the Loan
Parties against any indemnitee for breach of the Bank’s or its Affiliates’ respective obligations
hereunder or under any other Loan Document, if the applicable Loan Party has obtained a final
judgment in its favor on such claim as determined by a court or other tribunal of competent
jurisdiction.

9.3 Expenses. Each of the Loan Parties agree, whether or not the transaction hereby
contemplated shall be consummated, to pay on demand (accompanied by a reasonably detailed
calculation of the amount demanded) (a) all out-of-pocket expenses incurred by the Bank in
connection with the negotiation, execution, administration, amendment or enforcement of any Loan
Document including the reasonable out-of-pocket fees and expenses of the Bank’s legal counsel, and
(b) all out-of-pocket expenses, including the reasonable fees and expenses of the Bank’s legal
counsel, incurred by the
Bank in connection with any litigation, proceeding or dispute in any way related to this Agreement
and the other Loan Documents. The Bank agrees to provide written notice to the Borrower at any
time it has incurred amounts for which it will seek reimbursement under this section 9.3 in an
aggregate amount exceeding $25,000; provided that failure to provide such notice shall not affect
the obligations of the Loan Parties under this section 9.3. The obligations of each of the Loan
Parties under this section 9.3 will survive payment of the Notes.

 

46

 

9.4 Notices. Except as otherwise expressly provided in this Agreement, all notices
provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile or e-mail transmission
addressed as follows, or to such other address, facsimile number or e-mail address, as applicable,
with respect to either party as such party shall notify the other in writing in accordance
herewith; such notices shall be deemed given when received:

If to the Bank:

JPMorgan Chase Bank, N.A.

20935 Swenson Drive

Suite 400

Waukesha, WI 53186

Attention: Richard Bennett

Facsimile No.: (262) 798-7811

E-mail Address: richard.b.bennett@chase.com

If to the Loan Parties Representative:

Orion Energy Systems, Inc.

2001 Mirro Drive

Manitowoc, WI 54220

Attention: Scott Jensen, Chief Financial Officer

Facsimile No.: (920) 892-5455

E-mail Address: sjensen@oriones.com

With a copy (which shall not constitute notice) to:

Steven R. Barth

Foley & Lardner LLP

777 E. Wisconsin Avenue

Milwaukee, WI 53202

Facsimile No.: (414) 297-4900

sbarth@foley.com

The Bank or the Loan Parties Representative may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

47

 

9.5 Setoff. As security for payment of the Obligations, each of the Loan Parties grants to
the Bank a security interest in and lien on any credit balance or other money now or hereafter owed
such Loan Party by the Bank. In addition, each of the Loan Parties agrees that the Bank may, at
any time after the occurrence and during the continuance of an Event of Default, without prior
notice, set off against any such credit balance or other money all or any part of the Obligations,
irrespective of whether the Bank shall have made demand under this Agreement or any Loan Document
and although such Obligations may be contingent or unmatured. The Bank agrees to provide prompt
written notice of any such setoff to the Borrower, provided that any failure to give any such
notice shall not invalidate the applicable setoff.

9.6 Participations. Each of the Loan Parties agree that the Bank may, at its option, sell
to another financial institution or institutions participation interests in any Note and, in
connection with each such sale and thereafter, disclose to the purchaser or prospective purchaser
of each such interest financial and other information concerning such Loan Party (subject to such
purchaser or prospective purchaser agreeing to treat such information as confidential as set forth
in section 9.16). In the event of a sale by the Bank of a participating interest to a purchaser,
(a) the Bank’s obligations hereunder shall remain unchanged for all purposes and the Bank shall
remain solely responsible for the performance of such obligations, (b) each of the Loan Parties
shall continue to deal solely and directly with the Bank in connection with the Bank’s rights and
obligations hereunder, (c) all amounts payable by any of the Loan Parties shall be paid directly to
the Bank, (d) the Bank shall not transfer or grant any participating interest under which the
purchaser has the right to approve any amendment to, or any consent or waive with respect to, this
Agreement or any of the other Loan Documents, except to (i) extend the final maturity date of the
Loans hereunder in which such purchaser is participating, (ii) reduce the interest rate applicable
to the Loans hereunder in which such purchaser is participating, (iii) release all or substantially
all of the collateral or guaranties (except to the extent expressly provided herein or in any of
the Loan Documents) supporting the Loans hereunder in which such purchaser is participating, (iv)
postpone the payment of, or reduce the amount of, the interest or fees payable to such purchaser
through the Bank (other than a waiver of default interest) or (v) change the amount or due dates of
scheduled principal repayments or prepayments or premiums and (e) all amounts payable by any of the
Loan Parties hereunder shall (except as set forth below) be determined as if the Bank had not sold
such participation. Each of the Loan Parties agree that if any portion of the Obligations are due
and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of
an Event of Default, each such purchaser shall be deemed to have, to the extent permitted by
applicable law, the right of setoff in respect of its participating interest to the same extent as
if the amount of its participating interest were owed directly to it. Each of the Loan Parties
further agree that each such purchaser shall be entitled to the benefits of section 2.10(d) with
respect to its participation in the Bank’s obligation to make Loans; provided that no such
purchaser shall be entitled to receive any greater amount pursuant to that section than the Bank
would have been entitled to receive if no such sale had occurred.

9.7 Titles. The titles of sections in this Agreement are for convenience only and do not
limit or construe the meaning of any section.

9.8 Severability. In case any provision or obligation under any Loan Document shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby.

 

48

 

9.9 Parties Bound; Waiver. The provisions of this Agreement shall inure to the benefit of
and be binding upon any successor of any of the parties hereto; provided that none of the rights of
any of the Loan Parties under this Agreement are assignable, and provided, further, that the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required
unless (a) an Event of Default has occurred and is continuing at the time of such assignment, (b)
such assignment is to an Affiliate of the Bank or (c) such assignment occurs with the sale of all
or substantially all of the Bank’s assets. No delay on the part of the Bank in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, and no single or partial
exercise of any right, power or privilege hereunder shall preclude other or further exercise
thereof or the exercise of any other right, power or privilege. The rights provided for in this
Agreement and the other Loan Documents are cumulative and are not exclusive of any other rights,
powers, privileges or remedies provided by law or in equity, or under any other instrument,
documents or agreement now existing or hereafter arising.

9.10 Governing Law. This Agreement is being delivered in and shall be deemed to be a
contract governed by the laws of the State of Wisconsin and shall be interpreted and the rights and
obligations of the parties hereunder enforced in accordance with the internal laws of that state
without regard to the principles of conflicts of laws providing for the application of the laws of
another jurisdiction.

9.11 Submission to Jurisdiction; Service of Process. ALL JUDICIAL PROCEEDINGS IN ANY
MANNER RELATING TO OR ARISING OUT OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY OBLIGATIONS
HEREUNDER OR THEREUNDER, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN
THE STATE OF WISCONSIN LOCATED IN MILWAUKEE COUNTY. BY EXECUTING AND DELIVERING THIS AGREEMENT,
EACH OF THE LOAN PARTIES IRREVOCABLY:

(a) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH
COURTS;

(b) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS WITH RESPECT TO SUCH COURTS;

(c) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE IN
ACCORDANCE WITH SECTION 9.4;

(d) AGREES THAT SERVICE AS PROVIDED IN SECTION 9.11(c) IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER SUCH LOAN PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE
CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND

(e) AGREES THAT THE BANK RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR TO BRING PROCEEDINGS AGAINST SUCH LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION.

 

49

 

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

9.13 Limitation of Liability. EACH OF THE LOAN PARTIES AND THE BANK HEREBY WAIVE ANY RIGHT
ANY OF THEM MAY HAVE TO CLAIM OR RECOVER FROM ANY OTHER PARTY HERETO IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR
ANY DAMAGES, OF WHATEVER NATURE, OTHER THAN ACTUAL DAMAGES.

9.14 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 and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument; signatures pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to the same document.
Delivery of an executed counterpart hereto by facsimile or by electronic transmission (e-mail)
shall be as effective as delivery of an original executed counterpart.

9.15 Entire Agreement. This Agreement and the other Loan Documents shall constitute the
entire agreement of the parties pertaining to the subject matter hereof and thereof and supersede
all prior or contemporaneous agreements and understandings of the parties in connection therewith.

 

50

 

9.16 Confidentiality. The Bank agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its and its Affiliates’
directors, officers, employees and agents, including accountants, legal counsel and other advisors
(it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential); (b)
to the extent requested by any regulatory authority purporting to have jurisdiction over it; (c) to
the extent required by Requirement of Law or by any subpoena or similar legal process; (d) to any
other party to this Agreement; (e) in connection with the exercise of any remedies hereunder or any
suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement
of rights hereunder or thereunder; (f) subject to an agreement for the benefit of the Borrower
containing provisions substantially the same as those of this section, to (i) any assignee of or
participant in, or any prospective assignee of or in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any Rate Management
Transaction relating to the Loan Parties and its obligations; (g) with the consent of the Loan
Parties Representative; or (h) to the extent such Information (i) becomes publicly available other
than as a result of a breach of this section or (ii) becomes available to the Bank on a
nonconfidential basis from a source other than the Loan Parties. For the purposes of this Section,
“Information” means all information received from the Loan Parties relating to the Loan
Parties or their respective businesses, other than any such information that is available to the
Bank on a nonconfidential basis prior to disclosure by the Loan Parties. The Bank shall be
responsible for the failure of any of its Affiliates or its or its Affiliates’ respective
directors, officers, employees and agents, including accountants, legal counsel and other advisors,
to maintain the confidentiality of Information in accordance with this section 9.16. Any Person
required to maintain the confidentiality of Information as provided in this section shall be
considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

9.17 USA PATRIOT Act Notification. The following notification is provided to each of the
Loan Parties pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the
government fight the funding of terrorism and money laundering activities, Federal
law requires all financial institutions to obtain, verify and record information
that identifies each person or entity that opens an account, including any deposit
account, treasury management account, loan, other extension of credit or other
financial services product. What this means for the Loan Parties: When any of the
Loan Parties opens an account, if an individual the Bank will ask for such Person’s
name, taxpayer identification number, residential address, date of birth and other
information that will allow the Bank to identify such Person, and if not an
individual, the Bank will ask for such Loan Party’s name, taxpayer identification
number, business address and other information that will allow the Bank to identify
such Loan Party. The Bank may also act, if such Person is an individual, to see
such Person’s driver’s license or other identifying documents and, if not an
individual, to see such Loan Party’s legal organizational documents or other
identifying documents.

9.18 Disclosure. Each of the Loan Parties and each Subsidiary hereby acknowledge and agree
that the Bank and/or its Affiliates from time to time may hold investments in, make other loans to
or have other relationships with any of the Loan Parties or any Subsidiary and their respective
Affiliates. Each of the Loan Parties agree that the Bank may provide any information or knowledge
the Bank may have about such Loan Party or about any matter relating to this Agreement or the other
Loan Documents to JPMorgan Chase & Co. or any of its subsidiaries or affiliates or their
successors.

[remainder of page intentionally left blank; signature page follows]

 

51

 

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

	 	 	 	 	 
	 	BANK:

JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Richard B. Bennett
 	 
	 	 	Richard B. Bennett, Vice President 	 
	 	 	 	 
	 	
BORROWER:

ORION ENERGY SYSTEMS, INC.

 	 
	 	By:  	/s/ Neal R. Verfuerth
 	 
	 	 	Neal R. Verfuerth, Chairman and 	 
	 	 	Chief Executive Officer 	 
	 	

LOAN PARTIES:

ORION ASSET MANAGEMENT, LLC

 	 
	 	By:  	/s/ Neal R. Verfuerth
 	 
	 	 	Neal R. Verfuerth, Manager 	 
	 	 	 	 
	 	CLEAN ENERGY SOLUTIONS, LLC

 	 
	 	By:  	/s/ Neal R. Verfuerth
 	 
	 	 	Neal R. Verfuerth, Manager 	 
	 	 	 	 
	 	GREAT LAKES ENERGY TECHNOLOGIES, LLC

 	 
	 	By:  	/s/ Neal R. Verfuerth
 	 
	 	 	Neal R. Verfuerth, Manager 	 

Signature Page to Credit Agreement

 

 

 

EXHIBIT A

Form of Revolving Note

	 	 	 	 	 
	$15,000,000

	 	Milwaukee, Wisconsin
	 	 
	 

	 	[_________ __], 2010	 	 

FOR VALUE RECEIVED, on or before the Revolving Note Maturity Date (as defined in the Credit
Agreement referred to below) the undersigned, ORION ENERGY SYSTEMS, INC., a Wisconsin corporation
(the “Borrower”), promises to pay to the order of JPMORGAN CHASE BANK, N.A. (the
“Bank”) the principal sum of Fifteen Million and 00/100 Dollars ($15,000,000), or such
lesser principal amount as is shown to be outstanding according to the records of the Bank, which
shall be conclusive absent demonstrable error, together with interest on the principal balance
outstanding from time to time at such rates and payable at such times as set forth in the Credit
Agreement referred to below.

Payments of both principal and interest are to be made in immediately available funds in
lawful currency of the United States of America at the office of the Bank, 20935 Swenson Drive,
Suite 400, Waukesha, Wisconsin 53186, or at any other office of the Bank designated by the Bank.

This Note is the Revolving Note issued by the Borrower pursuant to that certain Credit
Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among the Loan Parties (as defined
therein) and the Bank.

Reference is made to the Credit Agreement for rights and obligations as to prepayment and
acceleration of maturity.

The undersigned agrees to pay all costs of collection, including reasonable attorneys’ fees as
set forth in section 9.3 of the Credit Agreement.

	 	 	 	 	 
	 	ORION ENERGY SYSTEMS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

A-1

 

EXHIBIT B

Form of Financial Covenant Compliance Certificate

JPMorgan Chase Bank, N.A.

20935 Swenson Drive

Suite 400

Waukesha, WI 53186

Attention: Richard B. Bennett, Vice President

Dear Sir or Madam:

This Certificate is furnished to you pursuant to Section 5.1(c) of the Credit Agreement (the
“Agreement”) dated as of _________ __, 2010 by and among the Loan Parties and you (the
“Bank”) concurrently with the delivery of the financial statements required pursuant to
Sections 5.1(a) and 5.1(b), as applicable, of the Agreement. Capitalized terms not otherwise
defined in this Certificate have the meanings assigned in the Agreement.

The Loan Parties Representative hereby certifies to the Bank that:

1. No Default or Event of Default has occurred and is continuing, except as described in
Attachment 1 hereto (if applicable);

2. The computations set forth on the attached worksheet are true and correct as of (insert
date of quarter end)1 (the “Computation Date”); and

3. There have been no material changes in accounting policies or financial reporting of the
Company or any of its Subsidiaries since the date of the last compliance certificate delivered to
you except as described in Attachment 2 hereto (if applicable).

Dated ________, 20__.

	 	 	 	 	 
	 	ORION ENERGY SYSTEMS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

	 	 	 
	1	 	The last day of the accounting period for which
statements are being concurrently delivered.

 

B-1

 

EXHIBIT C

Form of Borrowing Base Certificate

JPMorgan Chase Bank, N.A.

20935 Swenson Drive

Suite 400

Waukesha, WI 53186

Attention: Richard B. Bennett, Vice President

Dear Sir or Madam:

This Certificate is furnished to you pursuant to Section 5.1(d) of the Credit Agreement (the
“Agreement”) dated as of ________ __, 2010 by and among the Loan Parties and you (the
“Bank”). Capitalized terms not otherwise defined in this Certificate have the meanings
assigned in the Agreement.

The Loan Parties Representative hereby certifies to the Bank that the worksheet attached
hereto is a true and correct calculation of the Borrowing Base Availability as of ________.

Dated as of ________, 20___.

	 	 	 	 	 
	 	ORION ENERGY SYSTEMS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

C-1

 

SCHEDULE 1

Existing Liens

1. Liens in favor of Hometown Bank securing the Indebtedness described on
Schedule 6.2,
which are subject to the Intercreditor Agreement with Hometown Bank.

2. Liens in favor of Wisconsin Department of Commerce securing the Indebtedness described on
Schedule 6.2, which are subject to the Intercreditor Agreement with Wisconsin Department of
Commerce.

3. Liens in favor of City of Manitowoc securing the Indebtedness described on Schedule 6.2,
which are subject to the Intercreditor Agreement with City of Manitowoc.

 

S1-1

 

SCHEDULE 3.1

Subsidiaries

	 	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Authorized and Outstanding	 	Percent of Shares	 
	Entity	 	Organization	 	Shares1	 	Owned by Borrower	 
	Borrower
	 	Wisconsin	 	Authorized:	 	N/A	 
	 
	 	 	 	230,000,000 consisting of	 	 	 
	 
	 	 	 	200,000,000 common stock and	 	 	 
	 
	 	 	 	30,000,000 preferred stock	 	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	Outstanding:	 	 	 
	 
	 	 	 	22,591,811 common stock	 	 	 
	 
	 	 	 	0 preferred stock	 	 	 
	OAM
	 	Wisconsin	 	N/A	 	100	%
	CES
	 	Wisconsin	 	N/A	 	100	%
	GLET
	 	Wisconsin	 	N/A	 	100	%

 

	 	 	 
	1	 	As of June 9, 2010

 

S3.1-1

 

SCHEDULE 3.4

Litigation

Incorporated herein by reference to Borrower’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on June 14, 2010 (File No. 333-145569).

 

S3.4-1

 

SCHEDULE 3.5

Restricted Payments

None.

 

S3.5-1

 

SCHEDULE 3.14

Environmental Matters

None.

 

S3.14-1

 

SCHEDULE 6.2

Indebtedness

	 	 	 	 	 
	 	 	Approximate Principal Amount	 
	Lender	 	as of May 31, 2010	 
	 
	 	 	 	 
	Hometown Bank (term loan agreement)
	 	$	1,893,252.25	 
	 
	 	 	 	 
	Hometown Bank (SBA 404 loan)
	 	$	840,801.63	 
	 
	 	 	 	 
	Wisconsin Department of Commerce
	 	$	348,809.71	 
	 
	 	 	 	 
	City of Manitowoc
	 	$	541,178.65	 

 

S6.2-1

 

SCHEDULE 6.3

Contingent Obligations

None.

 

S6.3-1

 

SCHEDULE 6.7

Investments

	 	 	 	 	 
	Northland Capital Financial Services LLC
	 	$	206,000	 

 

S6.7-1exv4w2

Exhibit
4.2

TRUST SUPPLEMENT NO. 2010-1A

Dated as of July 2, 2010

between

DELTA AIR LINES, INC.

and

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee,

To

PASS THROUGH TRUST AGREEMENT

Dated as of November 16, 2000

Delta Air Lines Pass Through Trust 2010-1A

Delta Air Lines Pass Through Certificates,

Series 2010-1A

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	2	 
	Section 1.01 Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II DECLARATION OF TRUST
	 	 	9	 
	Section 2.01 Declaration of Trust
	 	 	9	 
	Section 2.02 Permitted Activities
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III THE CERTIFICATES
	 	 	9	 
	Section 3.01 The Certificates
	 	 	9	 
	Section 3.02 Terms and Conditions
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV ISSUANCE AND TRANSFER OF THE CLASS A CERTIFICATES
	 	 	11	 
	Section 4.01 Issuance of Class A Certificates
	 	 	11	 
	Section 4.02 Legends
	 	 	12	 
	Section 4.03 Book-Entry Provisions for Global Certificates
	 	 	13	 
	 
	 	 	 	 
	ARTICLE V DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS
	 	 	14	 
	Section 5.01 Statements to Certificateholders
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VI DEFAULT
	 	 	16	 
	Section 6.01 Purchase Rights of Certificateholders
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VII THE TRUSTEE
	 	 	18	 
	Section 7.01 Delivery of Documents; Delivery Dates
	 	 	18	 
	Section 7.02 Withdrawal of Deposits
	 	 	19	 
	Section 7.03 The Trustee
	 	 	20	 
	Section 7.04 Representations and Warranties of the Trustee
	 	 	20	 
	Section 7.05 Trustee Liens
	 	 	21	 
	 
	 	 	 	 
	ARTICLE VIII ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS
	 	 	21	 
	Section 8.01 Amendment of Section 5.02 of the Basic Agreement
	 	 	21	 
	Section 8.02 Supplemental Agreements Without Consent of Class A Certificateholders
	 	 	21	 
	Section 8.03 Supplemental Agreements with Consent of Class A Certificateholders
	 	 	22	 
	Section 8.04 Consent of Holders of Certificates Issued under Other Trusts
	 	 	23	 
	Section 8.05 Amendment of Section 7.12(c) of the Basic Agreement
	 	 	23	 
	Section 8.06 Class B Related Terms
	 	 	23	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS PROVISIONS
	 	 	23	 
	Section 9.01 Final Termination Date
	 	 	23	 
	Section 9.02 Basic Agreement Ratified
	 	 	23	 
	Section 9.03 Governing Law
	 	 	23	 
	Section 9.04 Counterparts
	 	 	23	 
	Section 9.05 Intention of Parties
	 	 	24	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

i

 

	 	 	 	 	 

	EXHIBITS
	 	 	 	 
	Exhibit A
	 	—	 	Form of Certificate
	Exhibit B
	 	—	 	DTC Letter of Representations
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	Schedule I-A
	 	—	 	Series A Equipment Note Principal Payments
	Schedule I-B
	 	—	 	Aggregate Series A Equipment Note Principal Payments
	Schedule II
	 	—	 	Series A Equipment Notes, Principal Amounts, Maturities and Aircraft
	Schedule III
	 	—	 	Note Documents

Trust Supplement No. 2010-1A

(2010-1 EETC)

ii

 

TRUST SUPPLEMENT NO. 2010-1A

          This TRUST SUPPLEMENT NO. 2010-1A, dated as of July 2, 2010 (as amended from time to time, the
“Trust Supplement”), between DELTA AIR LINES, INC., a Delaware corporation (together with any
successor in interest pursuant to Section 5.02 of the Basic Agreement, the “Company” or “Delta”),
and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, as successor trustee
(together with any successor in interest and any successor or other trustee appointed as provided
in the Basic Agreement, the “Trustee”) under the Pass Through Trust Agreement, dated as of
November 16, 2000, between the Company and U.S. Bank Trust National Association, as successor in
interest to State Street Bank and Trust Company of Connecticut, National Association (the “Basic
Agreement”).

W I T N E S S E T H:

          WHEREAS, the Basic Agreement, which is unlimited as to the aggregate face amount of
Certificates that may be issued and authenticated thereunder, has heretofore been executed and
delivered;

          WHEREAS, Delta is the owner of the 24 aircraft described in Schedule II hereto (the
“Aircraft”) certain of which Aircraft are subject to financings described in Part One of Schedule I
to the NPA, and Delta wishes to finance or re-finance the Aircraft pursuant to the NPA;

          WHEREAS, pursuant to each Indenture, Delta will issue on a recourse basis Equipment Notes
secured by the related Aircraft, not more than two series of which Equipment Notes shall be
outstanding at any time;

          WHEREAS, the Trustee shall hereby declare the creation of the Class A Trust (as defined below)
for the benefit of Holders of the Class A Certificates (as defined below) to be issued in respect
of such Class A Trust, and the initial Holders of the Class A Certificates, as grantors of such
Class A Trust, by their respective acceptances of the Class A Certificates, shall join in the
creation of the Class A Trust with the Trustee;

          WHEREAS, all Certificates to be issued by the Class A Trust will evidence Fractional Undivided
Interests in the Class A Trust and will have no rights, benefits or interests in respect of any
other separate Trust or the property held therein;

          WHEREAS, the Escrow Agent and the Underwriters have contemporaneously herewith entered into an
Escrow Agreement with the Escrow Paying Agent pursuant to which the Underwriters will deliver to
the Escrow Agent the proceeds from the sale of the Class A Certificates, and have irrevocably
instructed the Escrow Agent to withdraw and pay funds from such proceeds upon request and proper
certification by the Trustee to purchase Series A Equipment Notes pursuant to the NPA and the
applicable Participation Agreements from time to time prior to the Delivery Period Termination
Date;

          WHEREAS, the Escrow Agent on behalf of the Class A Certificateholders has contemporaneously
herewith entered into a Deposit Agreement with the Depositary under which the Deposits referred to
herein will be made and from which Deposits it will withdraw funds to

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

allow the Trustee to purchase Series A Equipment Notes from time to time prior to the Delivery
Period Termination Date;

          WHEREAS, pursuant to the terms and conditions of the Basic Agreement, as supplemented by this
Trust Supplement, the NPA and the Participation Agreements, the Trustee on behalf of the Class A
Trust shall from time to time purchase the Series A Equipment Notes issued by the Company pursuant
to the Indentures having the identical interest rate as, and final maturity dates not later than
the final Regular Distribution Date of, the Class A Certificates issued hereunder and shall hold
such Series A Equipment Notes in trust for the benefit of the Class A Certificateholders;

          WHEREAS, pursuant to the terms and conditions of the Intercreditor Agreement referred to in
Section 3.02(i) hereof, the Trustee and the other parties thereto will agree to the terms of
subordination set forth therein;

          WHEREAS, all of the conditions and requirements necessary to make this Trust Supplement, when
duly executed and delivered, a valid, binding and legal instrument in accordance with its terms and
for the purposes herein expressed, have been done, performed and fulfilled, and the execution and
delivery of this Trust Supplement in the form and with the terms hereof have been in all respects
duly authorized;

          WHEREAS, the Basic Agreement, as supplemented by this Trust Supplement, is subject to the
provisions of the Trust Indenture Act and shall, to the extent applicable, be governed by such
provisions;

          NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE I

DEFINITIONS

          Section 1.01 Definitions. Unless otherwise specified herein or the context otherwise
requires, capitalized terms used but not defined herein, including in the recitals hereto, shall
have the respective meanings set forth, and shall be construed and interpreted in the manner
described, in the Basic Agreement. As used herein, the term “Agreement” shall mean the Basic
Agreement, as supplemented by this Trust Supplement. For all purposes of the Basic Agreement as
supplemented by this Trust Supplement, the following capitalized terms have the following meanings
(any term used herein which is defined in both this Trust Supplement and the Basic Agreement shall
have the meaning assigned thereto in this Trust Supplement for purposes of the Basic Agreement as
supplemented by this Trust Supplement).

          Account: Has the meaning ascribed thereto in the Deposit Agreement.

          Affiliate: Has the meaning specified in the Intercreditor Agreement.

Trust Supplement No. 2010-1A

(2010-1 EETC)

2

 

          Agreement: Has the meaning specified in the first paragraph of Section 1.01 of
this Trust Supplement.

          Aircraft: Has the meaning specified in the recitals hereto.

          Applicable Funding Date: Has the meaning specified in Section 7.01(b) of this
Trust Supplement.

          Applicable Notice of Purchase Withdrawal: Has the meaning specified in the
Escrow Agreement.

          Applicable Participation Agreement: Has the meaning specified in
Section 7.01(b) of this Trust Supplement.

          Basic Agreement: Has the meaning specified in the preamble to this Trust
Supplement.

          Business Day: Has the meaning specified in the Intercreditor Agreement.

          Certificate: Means a Class A Certificate or a Class B Certificate, as
applicable.

          Certificate Buy-Out Event: Has the meaning specified in the Intercreditor
Agreement.

          Certificateholder: Means, with respect to any Class of Certificates, the
Person in whose name a Certificate is registered in the Register for the Certificates of
such Class.

          Class: Has the meaning specified in the Intercreditor Agreement.

          Class A Certificateholder: Means, at any time, any Certificateholder of one or
more Class A Certificates.

          Class A Certificates: Has the meaning specified in Section 3.01 of this Trust
Supplement.

          Class A Liquidity Facility: Has the meaning specified in the Intercreditor
Agreement.

          Class A Liquidity Provider: Has the meaning specified in the Intercreditor
Agreement.

          Class A Trust: Has the meaning specified in Section 2.01 of this Trust
Supplement.

          Class B Certificateholder: Has the meaning specified in the Intercreditor
Agreement.

          Class B Certificates: Has the meaning specified in the Intercreditor
Agreement.

Trust Supplement No. 2010-1A

(2010-1 EETC)

3

 

          Class B Related Terms: Has the meaning specified in the Intercreditor
Agreement.

          Class B Trust: Has the meaning specified in the Intercreditor Agreement.

          Class B Trust Agreement: Has the meaning specified in the Intercreditor
Agreement.

          Class B Trustee: Has the meaning specified in the Intercreditor Agreement.

          Code: Means the Internal Revenue Code of 1986, as amended.

          Company: Has the meaning specified in the preamble to this Trust Supplement.

          Corporate Trust Office: Has the meaning specified in the Intercreditor
Agreement.

          Cut-off Date: Has the meaning specified in Section 3.02(b) of this Trust
Supplement.

          Definitive Certificates: Has the meaning specified in Section 4.01(e) of this
Trust Supplement.

          Delivery Period Termination Date: Has the meaning specified in the NPA.

          Delta: Has the meaning specified in the preamble to this Trust Supplement.

          Deposit Agreement: Means, subject to Section 5 of the NPA, the Deposit
Agreement (Class A) dated as of July 2, 2010 relating to the Class A Certificates between
the Depositary and the Escrow Agent, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

          Depositary: Means, subject to Section 5 of the NPA, The Bank of New York
Mellon, a New York banking corporation.

          Deposits: Has the meaning specified in the Deposit Agreement.

          Distribution Date: Means a Regular Distribution Date or a Special Distribution
Date.

          DTC: Has the meaning specified in Section 3.02(f) of this Trust Supplement.

          DTC Participants: Has the meaning specified in Section 4.01(b) of this Trust
Supplement.

          Equipment Notes: Has the meaning specified in the Intercreditor Agreement.

          ERISA: Means the Employee Retirement Income Security Act of 1974, as amended.

Trust Supplement No. 2010-1A

(2010-1 EETC)

4

 

          Escrow Agent: Means, initially, U.S. Bank National Association, a national
banking association, and any replacement or successor therefor appointed in accordance with
the Escrow Agreement.

          Escrow Agreement: Means the Escrow and Paying Agent Agreement (Class A) dated
as of July 2, 2010 relating to the Class A Certificates, among the Escrow Agent, the Escrow
Paying Agent, the Trustee and the Underwriters, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms.

          Escrow Paying Agent: Means the “Paying Agent” as defined in the Escrow
Agreement.

          Escrow Period Termination Date: Has the meaning specified in
Section 5.01(c)(i) of this Trust Supplement.

          Escrow Receipt: Means a receipt substantially in the form annexed to the
Escrow Agreement representing a fractional undivided interest in the funds held in escrow
thereunder.

          Event of Default: With respect to any Indenture, has the meaning specified in
Section 4.01 of such Indenture.

          Event of Loss Withdrawal: Has the meaning specified in the Escrow Agreement.

          Final Withdrawal: Has the meaning specified in the Escrow Agreement.

          Final Withdrawal Date: Has the meaning specified in the Escrow Agreement.

          Fractional Undivided Interests: Has the meaning specified in the Intercreditor
Agreement.

          Funding Date: Has the meaning specified in the NPA.

          Funding Notice: Has the meaning specified in the NPA.

          Global Certificate: Has the meaning specified in Section 4.01(b) of this Trust
Supplement.

          Holder: Means a Certificateholder.

          Indenture: Has the meaning specified in the Intercreditor Agreement.

          Indirect Participants: Has the meaning specified in Section 4.01(b) of this
Trust Supplement.

          Intercreditor Agreement: Has the meaning specified in Section 3.02(i) of this
Trust Supplement.

Trust Supplement No. 2010-1A

(2010-1 EETC)

5

 

          Issuance Date: Has the meaning specified in Section 7.01(a) of this Trust
Supplement.

          Liquidity Provider: Has the meaning specified in the Intercreditor Agreement.

          Loan Trustee: Means, with respect to any Indenture, the bank, trust company or
other financial institution designated as loan trustee thereunder, and any successor to such
loan trustee.

          Note Documents: Means, collectively, the Participation Agreements, the
Indentures, each Indenture Supplement (as defined in any Indenture), each Manufacturer’s
Consent (as defined in any Indenture) and the Equipment Notes.

          Notice of Purchase Withdrawal: Has the meaning specified in the Deposit
Agreement.

          NPA: Means the Note Purchase Agreement dated as of July 2, 2010 among the
Trustee, the Company, the Escrow Agent, the Escrow Paying Agent and the Subordination Agent,
providing for, among other things, the purchase of Series A Equipment Notes by the Trustee
on behalf of the Class A Trust, as the same may be amended, supplemented or otherwise
modified from time to time, in accordance with its terms.

          Operative Agreements: Has the meaning specified in the Intercreditor
Agreement.

          Other Agreements: Means (i) the Class B Trust Agreement, if any, and (ii) the
Basic Agreement as supplemented by a Trust Supplement (as defined in the Basic Agreement)
relating to any Refinancing Trust.

          Other Trustees: Means the trustees under the Other Agreements, if any, and any
successor or other trustee appointed as provided therein.

          Other Trusts: Means the Class B Trust or any Refinancing Trust, if any, in
each case created by the applicable Other Agreement.

          Participation Agreement: Has the meaning specified in the Intercreditor
Agreement.

          Paying Agent: Means, with respect to the Class A Certificates, the paying
agent maintained and appointed for such Class A Certificates pursuant to Section 7.12 of the
Basic Agreement.

          Person: Means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, trustee, unincorporated
organization or government or any agency or political subdivision thereof.

Trust Supplement No. 2010-1A

(2010-1 EETC)

6

 

          Plan: Means a retirement plan or other employee benefit plan or arrangement,
including for this purpose an individual retirement account, annuity or Keogh plan, that is
subject to Title I of ERISA or Section 4975 of the Code, or such a plan or arrangement which
is a foreign, church or governmental plan or arrangement exempt from Title I of ERISA and
Section 4975 of the Code but subject to a Similar Law.

          Pool Balance: Means, as of any date, (i) the original aggregate face amount of
the Class A Certificates less (ii) the aggregate amount of all distributions made as of such
date in respect of the Class A Certificates or in respect of Deposits other than
distributions made in respect of interest or Premium or reimbursement of any costs or
expenses incurred in connection therewith. The Pool Balance as of any date shall be
computed after giving effect to any distribution with respect to unused Deposits, the
payment of principal, if any, of the Series A Equipment Notes or payment with respect to
other Trust Property and the distribution thereof to be made on such date.

          Pool Factor: Means, as of any Distribution Date, the quotient (rounded to the
seventh decimal place) computed by dividing (i) the Pool Balance by (ii) the original
aggregate face amount of the Class A Certificates. The Pool Factor as of any Distribution
Date shall be computed after giving effect to any distribution with respect to unused
Deposits, payment of principal, if any, of the Series A Equipment Notes or payment with
respect to other Trust Property and the distribution thereof to be made on that date.

          Premium: Has the meaning specified in the Intercreditor Agreement.

          Prospectus Supplement: Means the final prospectus supplement dated June 28,
2010, relating to the offering of the Class A Certificates.

          Rating Agencies: Has the meaning specified in the Intercreditor Agreement.

          Refinancing Certificate: Has the meaning specified in the Intercreditor
Agreement.

          Refinancing Certificateholder: Has the meaning specified in the Intercreditor
Agreement.

          Refinancing Equipment Notes: Has the meaning specified in the Intercreditor
Agreement.

          Refinancing Trust: Has the meaning specified in the Intercreditor Agreement.

          Refinancing Trust Agreement: Has the meaning specified in the Intercreditor
Agreement.

          Register: Has the meaning specified in the Intercreditor Agreement.

          Regular Distribution Date: Has the meaning specified in Section 3.02(c) of
this Trust Supplement.

Trust Supplement No. 2010-1A

(2010-1 EETC)

7

 

     Replacement Depositary: Has the meaning specified in the NPA.

     Replacement Depositary Agreement: Has the meaning specified in the NPA.

     Replacement Liquidity Facility: Has the meaning specified in the Intercreditor
Agreement.

     Replacement Liquidity Provider: Has the meaning specified in the Intercreditor
Agreement.

     Responsible Officer: Has the meaning specified in the Intercreditor Agreement.

     Scheduled Payment: Has the meaning specified in the Intercreditor Agreement.

     Securities Act: Means the Securities Act of 1933, as amended.

     Series A Equipment Notes: Has the meaning specified in the Intercreditor
Agreement.

     Similar Law: Means a foreign, federal, state, or local law which is
substantially similar to the provisions of Title I of ERISA or Section 4975 of the Code.

     Special Distribution Date: Means, with respect to the Class A Certificates,
each date on which a Special Payment is to be distributed as specified in this Agreement.

     Special Payment: Means any payment (other than a Scheduled Payment) in respect
of, or any proceeds of, any Equipment Note or the Collateral (as defined in any Indenture).

     Special Payments Account: Means, with respect to the Class A Certificates, the
account or accounts created and maintained for such series pursuant to Section 4.01(b) of
the Basic Agreement (as modified by Section 7.01(c) of this Trust Supplement) and this Trust
Supplement.

     Subordination Agent: Has the meaning specified in the Intercreditor Agreement.

     Triggering Event: Has the meaning specified in the Intercreditor Agreement.

     Trust: Means the Class A Trust or the Class B Trust, as applicable.

     Trustee: Has the meaning specified in the preamble to this Trust Supplement.

     Trust Indenture Act: Means the Trust Indenture Act of 1939, as amended.

     Trust Property: Means (i) subject to the Intercreditor Agreement, the Series A
Equipment Notes held as the property of the Class A Trust, all monies at any time paid
thereon and all monies due and to become due thereunder, (ii) funds from time to time
deposited in the Certificate Account and the Special Payments Account and, subject to the
Intercreditor Agreement, any proceeds from the sale by the Trustee pursuant to

Trust Supplement No. 2010-1A

(2010-1 EETC)

8

 

Article VI of the Basic Agreement of any Equipment Notes and (iii) all rights of the
Class A Trust and the Trustee, on behalf of the Class A Trust, under the Intercreditor
Agreement, the Escrow Agreement, the NPA and the Class A Liquidity Facility, including,
without limitation, all rights to receive certain payments thereunder, and all monies paid
to the Trustee on behalf of the Class A Trust pursuant to the Intercreditor Agreement or the
Class A Liquidity Facility, provided that rights with respect to the Deposits or
under the Escrow Agreement, except for the right to direct withdrawals for the purchase of
Series A Equipment Notes to be held herein, will not constitute Trust Property.

     Trust Supplement: Has the meaning specified in the preamble hereto.

     Underwriters: Means Goldman, Sachs & Co. and Credit Suisse Securities (USA)
LLC.

     Underwriting Agreement: Means the Underwriting Agreement, dated June 28, 2010,
among the Underwriters and the Company, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms.

     Withdrawal Certificate: Has the meaning specified in the Escrow Agreement.

ARTICLE II

DECLARATION OF TRUST

          Section 2.01 Declaration of Trust. The Trustee hereby declares the creation of a
Trust, designated the “Delta Air Lines Pass Through Trust 2010-1A” (the “Class A Trust”), for the
benefit of the Holders of the Class A Certificates to be issued in respect of such Class A Trust,
and the initial Holders of the Class A Certificates, as grantors of such Class A Trust, by their
respective acceptances of the Class A Certificates, join in the creation of such Class A Trust with
the Trustee. The Trustee, by the execution and delivery of this Trust Supplement, acknowledges its
acceptance of all right, title and interest in and to the Trust Property to be acquired pursuant to
Section 7.01(b) of this Trust Supplement, the NPA and the Participation Agreements and the Trustee
will hold such right, title and interest for the benefit of all present and future Holders of the
Class A Certificates, upon the trusts set forth in the Basic Agreement and this Trust Supplement.
The provisions of this Section 2.01 supersede and replace the provisions of Sections 2.03 of the
Basic Agreement, with respect to the Class A Trust.

          Section 2.02 Permitted Activities. The Class A Trust may only engage in the
transactions contemplated by the Operative Agreements, subject to Section 9.05 of this Trust
Supplement.

ARTICLE III

THE CERTIFICATES

          Section 3.01 The Certificates. There is hereby created a series of Certificates to be
issued under this Agreement designated as “Delta Air Lines Pass Through Certificates,

Trust Supplement No. 2010-1A

(2010-1 EETC)

9

 

Series 2010-1A” (the “Class A Certificates”). Each Class A Certificate represents a Fractional
Undivided Interest in the Class A Trust created hereby. The Class A Certificates shall be the only
instruments evidencing a Fractional Undivided Interest in the Class A Trust. The Class A
Certificates do not represent indebtedness of the Class A Trust, and references herein to interest
accruing on the Class A Certificates are included for purposes of computation only.

          Section 3.02 Terms and Conditions. The terms and conditions applicable to the Class A
Certificates and the Class A Trust are as follows:

          (a) The aggregate face amount of the Class A Certificates that may be authenticated and
delivered under this Agreement (except for Class A Certificates authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Class A Certificates pursuant
to Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement and Section 4.03 of this Trust
Supplement) is $450,000,000.

          (b) The Cut-off Date is the earlier of (i) the day after the Delivery Period Termination Date,
and (ii) the date on which a Triggering Event occurs.

          (c) The distribution dates with respect to any payment of Scheduled Payments (each such
distribution date, a “Regular Distribution Date”) shall be January 2 and July 2 of each year,
commencing on January 2, 2011, until payment of all of the Scheduled Payments to be made under the
Equipment Notes has been made; provided, however, that, if any such day shall not
be a Business Day, the related distribution shall be made on the next succeeding Business Day
without additional interest. The principal amount of the Series A Equipment Notes to be held by
the Class A Trust is scheduled for payment on January 2 and July 2 in certain years, commencing on
January 2, 2011 and ending on July 2, 2018 as set out in Schedules I-A and I-B.

          (d) The Special Distribution Date with respect to the Class A Certificates means any Business
Day on which a Special Payment is to be distributed pursuant to this Agreement.

          (e) At the Escrow Agent’s request under the Escrow Agreement, the Trustee shall affix the
corresponding Escrow Receipt to each Class A Certificate. In any event, any transfer or exchange
of any Class A Certificate shall also effect a transfer or exchange of the related Escrow Receipt.
Prior to the Final Withdrawal Date, no transfer or exchange of any Class A Certificate shall be
permitted unless the corresponding Escrow Receipt is attached thereto and also is so transferred or
exchanged. By acceptance of any Class A Certificate to which an Escrow Receipt is attached, each
holder of such a Class A Certificate acknowledges and accepts the restrictions on transfer of the
Escrow Receipt as set forth herein, in such Escrow Receipt, and in the Escrow Agreement.

          (f) The Class A Certificates shall be in the form attached hereto as Exhibit A, shall be
Book-Entry Certificates (subject to Section 3.05(d) of the Basic Agreement and Section 4.03 of this
Trust Supplement), and shall be subject to the conditions set forth in the Letter of
Representations between the Class A Trust and The Depository Trust Company and any successor agency
thereto (“DTC”), as initial Clearing Agency, attached hereto as Exhibit B.

          (g) The proceeds of the offering of Class A Certificates issued by the Class A Trust and
related Escrow Receipts shall be deposited in the Accounts and shall be used in

Trust Supplement No. 2010-1A

(2010-1 EETC)

10

 

accordance with the Escrow Agreement, the Deposit Agreement and the NPA to acquire from time
to time the Series A Equipment Notes described in Schedule II that relate to the Aircraft described
in Schedule II and to the Note Documents described in Schedule III.

          (h) Any Person acquiring or accepting a Class A Certificate or an interest therein will, by
such acquisition or acceptance, be deemed to represent and warrant to the Company, the Loan
Trustees and the Trustee that either (i) no assets of a Plan or any trust established with respect
to a Plan have been used to purchase Class A Certificates or an interest therein or (ii) the
purchase and holding of Class A Certificates or interests therein by such Person is exempt from the
prohibited transaction restrictions of ERISA and the Code or materially similar provisions of
Similar Law pursuant to one or more prohibited transaction statutory or administrative exemptions.

          (i) The Class A Certificates will be subject to the following Intercreditor Agreement (and to
the extent the terms thereof (including the definitions of defined terms) are inconsistent with the
terms of this Agreement, such Intercreditor Agreement shall control): that certain Intercreditor
Agreement, dated as of the date hereof, among U.S. Bank Trust National Association, as Trustee of
the Class A Trust (as defined therein), Natixis S.A., acting via its New York Branch, as the Class
A Liquidity Provider, and U.S. Bank Trust National Association, as Subordination Agent thereunder
(as may be amended, supplemented or otherwise modified from time to time in accordance with its
terms, the “Intercreditor Agreement”). Potential purchasers of the Class A Certificates under
Article VI hereof shall have the rights upon the occurrence of a Certificate Buy-Out Event set
forth therein. The Trustee and, by acceptance of any Class A Certificate, each Certificateholder
thereof, agrees to be bound by all of the provisions of the Intercreditor Agreement, including the
subordination provisions of Section 9.09 thereof.

          (j) The Class A Certificates have the benefit of the Deposit Agreement and the Escrow
Agreement.

          (k) The Class A Certificates will have the benefit of the following liquidity facility: that
certain Revolving Credit Agreement (2010-1A), dated as of the date hereof, between U.S. Bank Trust
National Association, as Subordination Agent under the Intercreditor Agreement, as agent and
trustee for the Class A Trust, and the Class A Liquidity Provider.

          (l) The Responsible Party is the Company.

          (m) The Company, any other obligor upon the Class A Certificates, and any Affiliate of any
thereof may acquire, tender for, purchase, own, hold, become the pledgee of and otherwise deal with
any Class A Certificate.

ARTICLE IV

ISSUANCE AND TRANSFER OF THE CLASS A CERTIFICATES

          Section 4.01 Issuance of Class A Certificates. (a) The Class A Certificates will be
issued in minimum denominations of $2,000 (or such other denomination that is the lowest integral
multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and

Trust Supplement No. 2010-1A

(2010-1 EETC)

11

 

integral multiples of $1,000 in excess thereof, except that one Certificate may be issued in a
different denomination. Each Class A Certificate shall be dated the date of its authentication.

          (b) The Class A Certificates shall be issued initially in the form of one or more global
Certificates in definitive, fully registered form without interest coupons, substantially in the
form of Exhibit A hereto (each, a “Global Certificate”), duly executed and authenticated by the
Trustee as hereinafter provided. Each Global Certificate will be registered in the name of a
nominee for DTC for credit to the account of members of, or participants in, DTC (“DTC
Participants”) or to the account of indirect participants that clear through or maintain a
custodial relationship with a DTC Participant, either directly or indirectly (“Indirect
Participants”), and will be deposited with the Trustee, as custodian for DTC. The aggregate
principal amount of a Global Certificate may from time to time be decreased by adjustments made on
the records of DTC or its nominee, or of the Trustee, as custodian for DTC or its nominee, as
hereinafter provided.

          (c) [Reserved]

          (d) [Reserved]

          (e) Certificated Certificates in registered form shall be issued in substantially the form set
forth as Exhibit A hereto (the “Definitive Certificates”) and shall be in fully registered form and
shall be typed, printed, lithographed or engraved or produced by any combination of these methods
or may be produced in any other manner, all as determined by the officers executing such Definitive
Certificates, as evidenced by their execution of such Definitive Certificates.

     Section 4.02 Legends. (a) Each Global Certificate shall bear the
following legend on the face thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     (b) Each Class A Certificate shall bear the following legend on the face thereof:

BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF A
PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE BEEN USED TO ACQUIRE THIS

Trust Supplement No. 2010-1A

(2010-1 EETC)

12

 

CERTIFICATE OR AN INTEREST HEREIN OR (B) THE PURCHASE AND HOLDING OF THIS
CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED
TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR MATERIALLY SIMILAR PROVISIONS OF
SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR
ADMINISTRATIVE EXEMPTIONS. CERTAIN TERMS USED IN THIS PARAGRAPH SHALL HAVE THE
MEANINGS SPECIFIED IN THE AGREEMENT.

          Section 4.03 Book-Entry Provisions for Global Certificates. (a) DTC Participants
shall have no rights under this Agreement with respect to any Global Certificate held on their
behalf by DTC, or the Trustee as its custodian, and DTC may be treated by the Trustee and any agent
of the Trustee as the absolute owner of such Global Certificate for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Trustee or any agent of the Trustee
from giving effect to any written certification, proxy or other authorization furnished by DTC or
shall impair, as between DTC and its DTC Participants, the operation of customary practices
governing the exercise of the rights of a holder of any Class A Certificate. Upon the issuance of
any Global Certificate, the Registrar or its duly appointed agent shall record a nominee of DTC as
the registered holder of such Global Certificate.

          (b) Transfers of any Global Certificate shall be limited to transfers of such Global
Certificate in whole, but not in part, to nominees of DTC, its successor or such successor’s
nominees. Beneficial interests in Global Certificates may be transferred in accordance with the
rules and procedures of DTC and the provisions of Section 4.02 of this Trust Supplement.
Beneficial interests in Global Certificates shall be delivered to all beneficial owners thereof in
the form of Definitive Certificates, if (i) DTC notifies the Trustee in writing that it is no
longer willing or able to discharge properly its responsibilities as depositary for the Global
Certificates, and a successor depositary is not appointed by the Trustee within 90 days of such
notice, (ii) the Company, at its option, advises the Trustee in writing that it elects to terminate
the book-entry system through DTC or (iii) after the occurrence and during the continuance of an
Event of Default, Class A Certificateholders with Fractional Undivided Interests aggregating not
less than a majority in interest in the Class A Trust advise the Trustee, the Company and DTC
through DTC Participants in writing that the continuation of a book-entry system through DTC (or a
successor thereto) is no longer in the Class A Certificateholders’ best interests. Neither the
Company nor the Trustee shall be liable if the Company or the Trustee is unable to locate a
qualified successor clearing system.

          (c) [Reserved]

          (d) In connection with the transfer of the entire amount of a Global Certificate to the
beneficial owners thereof pursuant to paragraph (b) of this Section 4.03, such Global Certificate
shall be deemed to be surrendered to the Trustee for cancellation, and the Trustee shall execute,
authenticate and deliver to each beneficial owner, in exchange for the beneficial interest thereof
in such Global Certificate, an equal aggregate principal amount of Definitive Certificates of
authorized denominations, in each case as such beneficial owner and related aggregate principal
amount shall have been identified and otherwise set forth (together with such other information as
may be required for the registration of such Definitive Certificates) in

Trust Supplement No. 2010-1A

(2010-1 EETC)

13

 

registration instructions that shall have been delivered by or on behalf of DTC to the
Trustee. None of the Company, the Registrar, the Paying Agent nor the Trustee shall be liable for
any delay in delivery of such registration instructions and each such Person may conclusively rely
on, and shall be protected in relying on, such registration instructions. Upon the issuance of any
Definitive Certificate, the Trustee shall recognize the Person in whose name such Definitive
Certificate is registered in the Register as a Certificateholder hereunder.

          (e) The registered Holder of a Global Certificate may grant proxies and otherwise authorize
any Person, including DTC Participants and Persons that may hold interests through DTC
Participants, to take any action which a Holder is entitled to take under this Agreement or the
Class A Certificates.

          (f) Neither the Company, nor the Trustee, nor the Registrar, nor the Paying Agent shall have
any responsibility or liability for: (i) any aspect of the records relating to or payments made on
account of beneficial ownership interests in the Global Certificates, (ii) maintaining, supervising
or reviewing any records relating to such beneficial ownership interests or (iii) the performance
by DTC, any DTC Participant or any Indirect Participant of their respective obligations under the
rules, regulations and procedures creating and affecting DTC and its operation or any other
statutory, regulatory, contractual or customary procedures governing their obligations.

ARTICLE V

DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS

          Section 5.01 Statements to Certificateholders. (a) On each Regular Distribution Date
and Special Distribution Date, the Trustee will include with each distribution to the Class A
Certificateholders a statement, giving effect to the distribution to be made on such Regular
Distribution Date or Special Distribution Date, setting forth the following information (per $1,000
aggregate face amount of Class A Certificates as to (ii), (iii), (iv) and (v) below):

     (i) the aggregate amount of funds distributed on such Distribution Date under this
Agreement and the Escrow Agreement, indicating the amount, if any, allocable to each source
(including any portion thereof paid by the Class A Liquidity Provider);

     (ii) the amount of such distribution under this Agreement allocable to principal and
the amount allocable to Premium (if any);

     (iii) the amount of such distribution under this Agreement allocable to interest
(including any portion thereof paid by the Class A Liquidity Provider);

     (iv) the amount of such distribution under the Escrow Agreement allocable to interest,
if any;

     (v) the amount of such distribution under the Escrow Agreement allocable to unused
Deposits, if any; and

     (vi) the Pool Balance and the Pool Factor.

Trust Supplement No. 2010-1A

(2010-1 EETC)

14

 

          With respect to the Class A Certificates registered in the name of DTC or its nominee, on the
Record Date prior to each Regular Distribution Date and Special Distribution Date, the Trustee will
request that such Clearing Agency post on its Internet bulletin board a securities position listing
setting forth the names of all the DTC Participants reflected on DTC’s books as holding interests
in the Class A Certificates on such Record Date. On each Regular Distribution Date and Special
Distribution Date, the Trustee will mail to each such DTC Participant whose name has been provided
by DTC the statement described above and will make available additional copies as requested by such
DTC Participants for forwarding to holders of interests in the Class A Certificates.

          (b) Within a reasonable period of time after the end of each calendar year but not later than
the latest date permitted by law, the Trustee shall furnish to each Person who at any time during
such calendar year was a Class A Certificateholder of record a statement containing the sum of the
amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such
calendar year or, in the event such Person was a Class A Certificateholder of record during a
portion of such calendar year, for the applicable portion of such year, and such other items as are
readily available to the Trustee and which a Class A Certificateholder may reasonably request as
necessary for the purpose of such Certificateholder’s preparation of its United States federal
income tax returns or foreign income tax returns. With respect to Class A Certificates registered
in the name of DTC or its nominee, such statement and such other items shall be prepared on the
basis of information supplied to the Trustee by the DTC Participants and shall be delivered by the
Trustee to such DTC Participants to be available for forwarding by such DTC Participants to the
holders of interests in the Class A Certificates.

     (c) Promptly following:

     (i) the Delivery Period Termination Date, or, if later, the date of any Final
Withdrawal (the later of such dates, the “Escrow Period Termination Date”), if there has
been, on or prior to the Escrow Period Termination Date, (A) any change in the information
set forth in clauses (y) and (z) below from that set forth on page S-40 of the Prospectus
Supplement, or (B) any early redemption or purchase of, or any default in the payment of
principal or interest in respect of, any of the Series A Equipment Notes held in the Class A
Trust, any Event of Loss Withdrawal or any Final Withdrawal, and

     (ii) the date of any early redemption or purchase of, or any default in the payment of
principal or interest in respect of, any of the Series A Equipment Notes held in the Class A
Trust, in either case described in this clause (ii), occurring after the Escrow Period
Termination Date,

     the Trustee shall furnish to Class A Certificateholders of record on such date a statement
setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date
following the Delivery Period Termination Date, (y) the related Pool Factors for such Regular
Distribution Dates and (z) the expected principal distribution schedule of the Series A Equipment
Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the
Class A Certificates registered in the name of DTC, on the Delivery Period Termination Date, the
Trustee will request from DTC a securities position listing setting forth the names of all DTC
Participants reflected on DTC’s books as holding interests in the Class A Certificates on such

Trust Supplement No. 2010-1A

(2010-1 EETC)

15

 

date. The Trustee will mail to each such DTC Participant the statement described above and
will make available additional copies as requested by such DTC Participant for forwarding to
holders of interests in the Class A Certificates.

          (d) If the aggregate principal payments scheduled for a Regular Distribution Date prior to the
Delivery Period Termination Date differ from the amount thereof set forth for the Class A
Certificates on page S-40 of the Prospectus Supplement, by no later than the 15th day prior to such
Regular Distribution Date, the Trustee shall mail written notice of the actual amount of such
scheduled payments to the Class A Certificateholders of record as of a date within 15 Business Days
prior to the date of mailing.

          (e) The provisions of this Section 5.01 supersede and replace the provisions of Section 4.03
of the Basic Agreement in their entirety with respect to Class A Trust.

ARTICLE VI

DEFAULT

          Section 6.01 Purchase Rights of Certificateholders. (a) By acceptance of its Class A
Certificate, each Class A Certificateholder agrees that at any time after the occurrence and during
the continuation of a Certificate Buy-Out Event:

     (i) if any Class B Certificates are issued, each Class B Certificateholder (other than
the Company or any of its Affiliates) shall have the right to purchase all, but not less
than all, of the Class A Certificates upon ten days’ prior written irrevocable notice to the
Trustee, the Class B Trustee and each other Class B Certificateholder, on the third Business
Day following the expiration of such ten-day notice period, provided that (A) if
prior to the end of such ten-day period any other Class B Certificateholder(s) (other than
the Company or any of its Affiliates) notifies such purchasing Class B Certificateholder
that such other Class B Certificateholder(s) want(s) to participate in such purchase, then
such other Class B Certificateholder(s) may join with the purchasing Class B
Certificateholder to purchase all, but not less than all, of the Class A Certificates pro
rata based on the Fractional Undivided Interest in the Class B Trust held by each such Class
B Certificateholder and (B) upon consummation of such purchase no Class B Certificateholder
shall have a right to purchase the Class A Certificates pursuant to this Section 6.01(a)(i)
during the continuance of such Certificate Buy-Out Event; and

     (ii) if any Refinancing Certificates are issued, each Refinancing Certificateholder
shall have the same right (subject to the same terms and conditions) to purchase
Certificates pursuant to this Section 6.01(a) (and to receive notice in connection
therewith) as the Certificateholders of the Class that such Refinancing Certificates
refinanced.

          The purchase price with respect to the Class A Certificates shall be equal to the Pool Balance
of the Class A Certificates, together with accrued and unpaid interest in respect thereof to the
date of such purchase, and any other amounts then due and payable to the Class A Certificateholders
under this Agreement, the Intercreditor Agreement, the Escrow Agreement,

Trust Supplement No. 2010-1A

(2010-1 EETC)

16

 

any Series A Equipment Note held as the property of the Class A Trust or the related Indenture
and Participation Agreement or on or in respect of the Class A Certificates but without any
Premium, provided, however, that if such purchase occurs after (x) a record date
specified in Section 2.03 of the Escrow Agreement relating to the distribution of unused Deposits
and/or accrued and unpaid interest on Deposits and prior to or on the related distribution date
under the Escrow Agreement, such purchase price shall be reduced by the aggregate amount of unused
Deposits and/or interest to be distributed under the Escrow Agreement (which deducted amounts shall
remain distributable to, and may be retained by, the Class A Certificateholders as of such record
date) or (y) the Record Date relating to any Distribution Date, such purchase price shall be
reduced by the amount to be distributed hereunder on such related Distribution Date (which deducted
amounts shall remain distributable to, and may be retained by, the Class A Certificateholders as of
such Record Date); provided further that no such purchase of Class A Certificates
pursuant to this Section 6.01(a) shall be effective unless the purchaser(s) shall certify to the
Trustee that contemporaneously with such purchase, such purchaser(s) is purchasing, pursuant to the
terms of this Agreement, the Class B Trust Agreement or the applicable Refinancing Trust Agreement
(as the case may be), and the Intercreditor Agreement, all of the Class A Certificates. Each
payment of the purchase price of the Class A Certificates referred to in the first sentence of this
paragraph shall be made to an account or accounts designated by the Trustee and each such purchase
shall be subject to the terms of this Section 6.01(a). Each Class A Certificateholder agrees by
its acceptance of its Class A Certificate that it will, upon payment from such Class B
Certificateholder(s) or Refinancing Certificateholder(s), as the case may be, of the purchase price
set forth in the first sentence of this paragraph, forthwith sell, assign, transfer and convey to
the purchaser(s) thereof (without recourse, representation or warranty of any kind except as to its
own acts) all of the right, title, interest and obligation of such Class A Certificateholder in
this Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor Agreement, the Class
A Liquidity Facility, the NPA, the Note Documents and all Class A Certificates and Escrow Receipts
held by such Class A Certificateholder (excluding all right, title and interest under any of the
foregoing to the extent such right, title or interest is with respect to an obligation not then due
and payable as respects any action or inaction or state of affairs occurring prior to such sale)
and the purchaser(s) shall assume all of such Class A Certificateholder’s obligations under this
Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor Agreement, the Class A
Liquidity Facility, the NPA, the Note Documents and all such Class A Certificates and Escrow
Receipts. The Class A Certificates will be deemed to be purchased on the date payment of the
purchase price is made notwithstanding the failure of any Class A Certificateholder to deliver any
Class A Certificate and, upon such a purchase, (i) the Class A Certificateholders shall have no
further rights with respect to the Class A Certificates and (ii) if the purchaser(s) shall so
request, each such Class A Certificateholder will comply with all the provisions of Section 3.04 of
the Basic Agreement and the applicable provisions of this Trust Supplement to enable new Class A
Certificates to be issued to the purchaser(s) in such denominations otherwise authorized under this
Agreement as
 it shall request. All charges and expenses in connection with the issuance of any
such new Class A Certificates shall be borne by the purchaser(s) thereof.

          (b) This Section 6.01 supplements and, to the extent inconsistent with any provision of
Section 6.01(d) of the Basic Agreement, replaces the provisions of Section 6.01(d) of the Basic
Agreement. Notwithstanding anything to the contrary set forth herein or in any Operative
Agreement, the provisions of this Section 6.01 may not be amended in any manner

Trust Supplement No. 2010-1A

(2010-1 EETC)

17

 

without the consent of each Class A Certificateholder and each Class B Certificateholder or,
as the case may be, Refinancing Certificateholder (in each case, other than the Company or any of
its Affiliates in its respective capacity as a Certificateholder) that would be adversely affected
thereby; provided that the purchase price under this Section 6.01 (as in effect on the date
hereof) for any Certificate held by the Company or any of its Affiliates shall not be modified
without the prior written consent of the Company. For the avoidance of doubt, if a Certificate
Buy-Out Event ceases to exist and another Certificate Buy-Out Event occurs and is continuing, the
purchase rights set forth in Section 6.01(a) shall be revived notwithstanding any exercise of such
rights during the continuance of any preceding Certificate Buy-Out Event.

ARTICLE VII

THE TRUSTEE

          Section 7.01 Delivery of Documents; Delivery Dates. (a) The Trustee is hereby
directed (i) to execute and deliver the Intercreditor Agreement, the Escrow Agreement and the NPA
on or prior to the date of the initial issuance of the Class A Certificates (the “Issuance Date”),
each in the form delivered to the Trustee by the Company, and (ii) subject to the respective terms
thereof, to perform its obligations thereunder. Upon request of the Company and the satisfaction
or waiver of the closing conditions specified in the Underwriting Agreement, the Trustee shall
execute, deliver, authenticate, issue and sell Class A Certificates in authorized denominations
equaling in the aggregate the amount set forth, with respect to the Class A Trust, in Schedule I to
the Underwriting Agreement evidencing the entire ownership interest in the Class A Trust, which
amount equals the maximum aggregate principal amount of Series A Equipment Notes which may be
purchased from time to time by the Trustee pursuant to the NPA. Except as provided in Sections
3.03, 3.04, 3.05 and 3.06 of the Basic Agreement or Section 4.03 of this Trust Supplement, the
Trustee shall not execute, authenticate or deliver Class A Certificates in excess of the aggregate
amount specified in this paragraph. The provisions of this Section 7.01(a) supersede and replace
the first three sentences of Section 2.02(a) of the Basic Agreement and the first sentence of
Section 3.02(a) of the Basic Agreement, with respect to the Class A Trust.

          (b) On or after the Issuance Date, the Company may deliver from time to time, and in
accordance with Section 1(b) of the NPA, to the Trustee a Funding Notice relating to one or more
Series A Equipment Notes. After receipt of such a Funding Notice and in any case no later than one
Business Day prior to a Funding Date as to which such Funding Notice relates (the “Applicable
Funding Date”), the Trustee shall (as and when specified in the Funding Notice) deliver to the
Escrow Agent the Withdrawal Certificates and related Applicable Notices of Purchase Withdrawal, as
contemplated by Section 1.02(c) of the Escrow Agreement and by such Funding Notice. The Trustee
shall (as and when specified in such Funding Notice), subject to the conditions set forth in
Section 2 of the NPA, enter into and perform its obligations under the Participation Agreement
specified in such Funding Notice (the “Applicable Participation Agreement”) and cause such
certificates, documents and legal opinions relating to the Trustee to be duly delivered as required
by the Applicable Participation Agreement. If at any time prior to the Applicable Funding Date,
the Trustee receives from the Company a notice pursuant to the first sentence of Section 1(f) of
the NPA, then the Trustee shall give notice to the Depositary (with a copy to the Escrow Agent) of
the cancellation of such Notice of Purchase Withdrawal

Trust Supplement No. 2010-1A

(2010-1 EETC)

18

 

relating to such Deposit or Deposits on such Applicable Funding Date as contemplated by
Section 2.3 of the Deposit Agreement. Upon satisfaction of the conditions specified in the NPA and
the Applicable Participation Agreement, the Trustee shall purchase the applicable Series A
Equipment Notes with the proceeds of the withdrawals of one or more Deposits made on the Applicable
Funding Date in accordance with the terms of the Deposit Agreement and the Escrow Agreement. The
purchase price of such Series A Equipment Notes shall equal the principal amount of such Series A
Equipment Notes. Amounts withdrawn from such Deposit or Deposits in excess of the purchase price
of the Series A Equipment Notes or to the extent not applied on the Applicable Funding Date to the
purchase price of the Series A Equipment Notes shall be re-deposited by the Trustee with the
Depositary on the Applicable Funding Date in accordance with the terms of the Deposit Agreement.
The provisions of this Section 7.01(b) supersede and replace the provisions of Section 2.02 of the
Basic Agreement with respect to the Class A Trust, and no provisions of the Basic Agreement
relating to Postponed Notes and Section 2.02 of the Basic Agreement shall apply to the Class A
Trust.

          (c) With respect to the Class A Trust, Section 4.01(b) of the Basic Agreement is superseded
and replaced in its entirety with the following: “The Trustee shall establish and maintain on
behalf of the Class A Certificateholders a Special Payments Account as one or more accounts, which
shall be non-interest bearing except as provided in Section 4.04 of the Basic Agreement. The
Trustee shall hold the Special Payments Account in trust for the benefit of the Class A
Certificateholders and shall make or permit withdrawals therefrom only as provided in the Agreement
or the Intercreditor Agreement. On each day when one or more Special Payments are made to the
Trustee under the Intercreditor Agreement, the Trustee, upon receipt thereof, shall immediately
deposit the aggregate amount of such Special Payments in the Special Payments Account.”

          (d) With respect to the Class A Trust, the second sentence of Section 4.02(c) of the Basic
Agreement shall be superseded and replaced in its entirety with the following sentence: “Subject
to the provisions of the Intercreditor Agreement: (i) in the event of redemption or purchase of
Series A Equipment Notes held in the Class A Trust, such notice shall be mailed not less than 15
days prior to the Special Distribution Date for the Special Payment resulting from such redemption
or purchase, which Special Distribution Date shall be the date of such redemption or purchase; and
(ii) in the case of any other Special Payments, such notice of Special Payment shall be mailed as
soon as practicable after the Trustee has confirmed that it has received funds for such Special
Payment and shall state the Special Distribution date for such Special Payment, which shall occur
15 days after the date of such notice of Special Payment or (if such 15th day is not practicable)
as soon as practicable thereafter.”

          (e) With respect to the Class A Trust, clause (ii) of the third sentence of Section 4.02(c) of
the Basic Agreement shall be amended by deleting in its entirety the parenthetical phrase “(taking
into account any payment to be made by the Responsible Party pursuant to Section 2.02(b)).”

          Section 7.02 Withdrawal of Deposits. If any Deposits remain outstanding on the
Business Day next succeeding the Cut-off Date, the Trustee shall promptly give the Escrow Agent
notice, as contemplated by clause (ii) of Section 1.02(f) of the Escrow Agreement, that the

Trust Supplement No. 2010-1A

(2010-1 EETC)

19

 

Trustee’s obligation to purchase Series A Equipment Notes under the NPA has terminated and the
Cut-off Date has occurred.

          Section 7.03 The Trustee. (a) Subject to Section 7.04 of this Trust Supplement and
Section 7.15 of the Basic Agreement, the Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Trust Supplement, the Intercreditor
Agreement, the Deposit Agreement, the NPA or the Escrow Agreement or the due execution hereof or
thereof by the Company or the other parties thereto (other than the Trustee), or for or in respect
of the recitals and statements contained herein or therein, all of which recitals and statements
are made solely by the Company or the other parties thereto (other than the Trustee), except that
the Trustee hereby represents and warrants that each of this Trust Supplement, the Basic Agreement,
each Class A Certificate, the Intercreditor Agreement, the NPA and the Escrow Agreement has been
executed and delivered by one of its officers who is duly authorized to execute and deliver such
document on its behalf.

          (b) The Trustee shall at all times be a bank or trust company, organized and doing business
under the laws of the United States or any state thereof, a substantial part of the business of
which consists of (i) receiving deposits and making loans or (ii) exercising fiduciary powers
similar to those permitted to national banks by the Comptroller of the Currency, and which is
subject to supervision and examination by state or federal authority having supervision over
banking institutions.

          Section 7.04 Representations and Warranties of the Trustee. The Trustee hereby
represents and warrants that:

          (a) the Trustee has full power, authority and legal right to execute, deliver and perform this
Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents
to which it is or is to become a party and has taken all necessary action to authorize the
execution, delivery and performance by it of this Trust Supplement, the Intercreditor Agreement,
the Escrow Agreement, the NPA and the Note Documents to which it is or is to become a party;

          (b) the execution, delivery and performance by the Trustee of this Trust Supplement, the
Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is
to become a party (i) will not violate any provision of any United States federal law or the law of
the state of the United States where it is located governing the banking and trust powers of the
Trustee or any order, writ, judgment, or decree of any court, arbitrator or governmental authority
applicable to the Trustee or any of its assets, (ii) will not violate any provision of the articles
of association or by-laws of the Trustee, and (iii) will not violate any provision of, or
constitute, with or without notice or lapse of time, a default under, or result in the creation or
imposition of any lien on any properties included in the Trust Property pursuant to the provisions
of, any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or lien could reasonably be expected to have an adverse effect on the Trustee’s
performance or ability to perform its duties hereunder or thereunder or on the transactions
contemplated herein or therein;

Trust Supplement No. 2010-1A

(2010-1 EETC)

20

 

          (c) the execution, delivery and performance by the Trustee of this Trust Supplement, the
Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is
to become a party will not require the authorization, consent, or approval of, the giving of notice
to, the filing or registration with, or the taking of any other action in respect of, any
governmental authority or agency of the United States or the state of the United States where it is
located regulating the banking and corporate trust activities of the Trustee; and

          (d) this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and the
Note Documents to which it is or is to become a party have been, or will be, as applicable, duly
executed and delivered by the Trustee and constitute, or will constitute, as applicable, the legal,
valid and binding agreements of the Trustee, enforceable against it in accordance with their
respective terms; provided, however, that enforceability may be limited by (i)
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights
of creditors generally and (ii) general principles of equity.

          Section 7.05 Trustee Liens. The Trustee in its individual capacity agrees, in
addition to the agreements contained in Section 7.17 of the Basic Agreement, that it will at its
own cost and expense promptly take any action as may be necessary to duly discharge and satisfy in
full any Trustee’s Liens on or with respect to the Trust Property which are attributable to the
Trustee in its individual capacity and which are unrelated to the transactions contemplated by the
Intercreditor Agreement or the NPA.

ARTICLE VIII

ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS

          Section 8.01 Amendment of Section 5.02 of the Basic Agreement. Section 5.02 of the
Basic Agreement shall be amended, with respect to the Class A Trust, by (i) replacing the phrase
“of this Agreement” set forth in paragraph (a) thereof with the phrase “of the Note Documents, of
the NPA and of this Agreement” and (ii) replacing the phrase “under this Agreement” set forth in
paragraph (b) thereof with the phrase “under this Agreement, the NPA and any Note Document”.

          Section 8.02 Supplemental Agreements Without Consent of Class A Certificateholders.
Without limitation of Section 9.01 of the Basic Agreement, under the terms of, and subject to the
limitations contained in, Section 9.01 of the Basic Agreement, the Company may (but will not be
required to), and the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the
Company’s request, at any time and from time to time, enter into (or, in the case of the Deposit
Agreement, consent to) and, if applicable, request the Escrow Agent and Escrow Paying Agent to
enter into (i) one or more agreements supplemental to the Escrow Agreement, the NPA or the Deposit
Agreement, for any of the purposes set forth in clauses (1) through (14) of such Section 9.01, and
(without limitation of the foregoing or Section 9.01 of the Basic Agreement) (a) clauses (2) and
(3) of such Section 9.01 shall also be deemed to include the Company’s obligations under (in the
case of clause (2)), and the Company’s rights and powers conferred by (in the case of clause (3)),
the NPA, (b) references in clauses (4), (5) and (7) of such Section 9.01 to “any Intercreditor
Agreement or any Liquidity Facility” shall also be deemed to

Trust Supplement No. 2010-1A

(2010-1 EETC)

21

 

refer to “the Intercreditor Agreement, the Class A Liquidity Facility, the Escrow Agreement,
the NPA, any Participation Agreement or the Deposit Agreement”, (c) references to “any
Intercreditor Agreement, any Participation Agreement, any Indenture or any Liquidity Facility” and
to “any Intercreditor Agreement or any Liquidity Facility” in clause (8) of such Section 9.01 shall
also be deemed to refer to “the Intercreditor Agreement, the NPA, any Indenture, the Class A
Liquidity Facility, the Escrow Agreement, the Deposit Agreement or any Participation Agreement”,
and (d) the reference to “this Basic Agreement or any Trust Supplement” in clause (13) of such
Section 9.01 shall also be deemed to refer to “the NPA or any Participation Agreement”, (ii) one
or more agreements supplemental to any Operative Agreement, the NPA, the Escrow Agreement or the
Deposit Agreement to provide for the formation of the Class B Trust, the issuance of Class B
Certificates, the purchase by the Class B Trust of Series B Equipment Notes and other matters
incidental thereto or as otherwise contemplated by Section 2.01(b) of the Basic Agreement, all as
provided in Section 4(a)(v) of the NPA and Section 8.01(d) of the Intercreditor Agreement, and
(iii) one or more agreements supplemental to any Operative Agreement, the NPA, the Escrow Agreement
or the Deposit Agreement to provide for the formation of one or more Refinancing Trusts, the
issuance of Refinancing Certificates, the purchase by any Refinancing Trust of applicable
Refinancing Equipment Notes and other matters incidental thereto or as otherwise contemplated by
Section 2.01(b) of the Basic Agreement, all as provided in Section 4(a)(v) of the NPA and Section
8.01(c) of the Intercreditor Agreement. In addition, the following provisions of Section 9.01 of
the Basic Agreement shall be amended, with respect to the Class A Trust, as follows: (A) Section
9.01(6) of the Basic Agreement shall be amended by inserting the phrase “(or to facilitate any
listing of any Certificates on any exchange or quotation system) or any requirement of DTC or like
depositary,” after the phrase “any exchange or quotation system on which the Certificates of any
series are listed” but before the phrase “or of any regulatory body”; (B) Section 9.01(7) of the
Basic Agreement shall be amended by inserting the phrase “to establish or” after the phrase “to
such extent as shall be necessary” but before the phrase “to continue”; and (C) Section 9.01(8) of
the Basic Agreement shall be amended by replacing the phrase “and to add to or change” with the
phrase “, or to evidence the substitution of a Liquidity Provider with a Replacement Liquidity
Provider or to provide for a Replacement Liquidity Facility, all as provided in any Intercreditor
Agreement; or to evidence the substitution of a Depositary with a Replacement Depositary or to
provide for a Replacement Deposit Agreement, all as provided in the NPA; or to evidence and provide
for the acceptance of appointment by a successor Escrow Agent or successor Escrow Paying Agent
under the Escrow Agreement; or to provide multiple Liquidity Facilities with respect to one or more
Trusts; or to add to or change”.

          Section 8.03 Supplemental Agreements with Consent of Class A Certificateholders.
Without limitation of Section 9.02 of the Basic Agreement, the provisions of Section 9.02 of the
Basic Agreement shall apply to agreements or amendments for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of the Escrow Agreement, the Deposit
Agreement, the Class A Liquidity Facility or the NPA or modifying in any manner the rights and
obligations of the Class A Certificateholders under the Escrow Agreement, the Deposit Agreement,
the Class A Liquidity Facility or the NPA; provided that the provisions of Section 9.02(1)
of the Basic Agreement shall be deemed to include reductions in any manner of, or delay in the
timing of, any receipt by the Class A Certificateholders of payments upon the Deposits.

Trust Supplement No. 2010-1A

(2010-1 EETC)

22

 

          Section 8.04 Consent of Holders of Certificates Issued under Other Trusts.
Notwithstanding any provision in Section 8.02 or Section 8.03 of this Trust Supplement to the
contrary, no amendment or modification of Section 6.01 of this Trust Supplement shall be effective
unless the trustee for each Class of Certificates affected by such amendment or modification shall
have consented thereto.

          Section 8.05 Amendment of Section 7.12(c) of the Basic Agreement. For purposes of
this Agreement, references to the term “corporation” as used in Section 7.12(c) of the Agreement
shall be deemed to include a bank or trust company.

          Section 8.06 Class B Related Terms. The Parties hereto acknowledge that the Class B
Related Terms have been included herein and in the other Operative Agreements in contemplation of
the issuance of Class B Certificates pursuant to Section 8.01(d) of the Intercreditor Agreement.
The parties hereto agree that prior to such issuance, other than with respect to Section 8.02(ii)
hereof, the Class B Related Terms shall be of no effect and shall be disregarded.

ARTICLE IX

MISCELLANEOUS PROVISIONS

          Section 9.01 Final Termination Date. The respective obligations and responsibilities
of the Company and the Trustee created hereby and the Class A Trust created hereby shall terminate
upon the distribution to all Class A Certificateholders and the Trustee of all amounts required to
be distributed to them pursuant to this Agreement and the disposition of all property held as part
of the Trust Property; provided, however, that in no event shall the Trust created hereby
continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, Sr., the father of John F. Kennedy, former President of the United States,
living on the date of this Trust Supplement.

          Section 9.02 Basic Agreement Ratified. Except and so far as herein expressly
provided, all of the provisions, terms and conditions of the Basic Agreement are in all respects
ratified and confirmed; and the Basic Agreement and this Trust Supplement shall be taken, read and
construed as one and the same instrument. To the extent that any provisions of the Basic Agreement
are superseded by any provisions of this Trust Supplement, any reference to such provisions of the
Basic Agreement herein or in the Basic Agreement shall be deemed to be such provisions of this
Trust Supplement.

          Section 9.03 Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW
YORK AND THIS AGREEMENT AND THE CLASS A CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE.

          Section 9.04 Counterparts. This Trust Supplement may be executed in any number of
counterparts (and each of the parties shall not be required to execute the same counterpart). Each
counterpart of this Trust Supplement including a signature page or pages

Trust Supplement No. 2010-1A

(2010-1 EETC)

23

 

executed by each of the parties hereto shall be an original counterpart of this Trust
Supplement, but all of such counterparts together shall constitute one instrument.

          Section 9.05 Intention of Parties. The parties hereto intend that the Class A Trust
be classified for United States federal income tax purposes as a grantor trust under Subpart E,
Part I, Subchapter J, Chapter 1 of Subtitle A of the Code, and not as a trust or association
taxable as a corporation or as a partnership. Each Certificateholder of, and each Person acquiring
a beneficial interest in, a Class A Certificate, by its acceptance of its Class A Certificate or a
beneficial interest therein, agrees to treat the Class A Trust as a grantor trust for all United
States federal, state and local income tax purposes. The Trustee shall not be authorized or
empowered to do anything that would cause the Class A Trust to fail to qualify as a grantor trust
for such tax purposes (including as subject to this restriction, acquiring any Aircraft by bidding
the Equipment Notes relating thereto or otherwise, or taking any action with respect to any such
Aircraft once acquired).

Trust Supplement No. 2010-1A

(2010-1 EETC)

24 

 

          IN WITNESS WHEREOF, the parties have caused this Trust Supplement to be duly executed by their
respective officers thereto duly authorized as of the date first written above.

	 	 	 	 	 
	 	DELTA AIR LINES, INC.

 	 
	 	By:  	/s/ Paul A. Jacobson
 	 
	 	 	Name:  	Paul A. Jacobson 	 
	 	 	Title:  	Senior Vice President & Treasurer 	 
	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Alison D.B. Nadeau
 	 
	 	 	Name:  	Alison D.B. Nadeau 	 
	 	 	Title:  	Vice President 	 
	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

EXHIBIT A to

TRUST SUPPLEMENT NO. 2010-1A

FORM OF CERTIFICATE

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF A
PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE BEEN USED TO ACQUIRE THIS
CERTIFICATE OR AN INTEREST HEREIN OR (B) THE PURCHASE AND HOLDING OF THIS
CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED
TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR MATERIALLY SIMILAR PROVISIONS OF
SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR
ADMINISTRATIVE EXEMPTIONS. CERTAIN TERMS USED IN THIS PARAGRAPH SHALL HAVE THE
MEANINGS SPECIFIED IN THE AGREEMENT.

 

			
	1	 	This legend to appear on Book-Entry
Certificates to be deposited with The Depositary Trust Company.

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

[GLOBAL
CERTIFICATE]1

DELTA AIR LINES PASS THROUGH TRUST 2010-1A

DELTA AIR LINES PASS THROUGH CERTIFICATE, SERIES 2010-1A

Final Expected Regular Distribution Date: July 2, 2018

	 	 	 	 	 

	 	 	evidencing a fractional undivided interest in the Trust,
the property of which includes or will include, among
other things, certain Equipment Notes each secured by an
Aircraft owned by Delta Air Lines, Inc.
	 
	Certificate No. ___

	 	$                     Fractional
Undivided Interest
representing
0.000222222222222222% of the
Trust per $1,000 face amount
	 	CUSIP No. 24736V AA0

          THIS CERTIFIES THAT                     , for value received, is the registered owner of a $                     (        
            
dollars) Fractional Undivided Interest (or such lesser amounts as shall be the aggregate
outstanding face amount hereof as set forth in the records of the Trustee) in the Delta Air Lines
Pass Through Trust, Series 2010-1A (the “Trust”) created by U.S. BANK TRUST NATIONAL ASSOCIATION,
as successor trustee (together with any successor in interest and any successor or other trustee
appointed pursuant to the Trust Supplement referred to below, the “Trustee”) under a Pass Through
Trust Agreement, dated as of November 16, 2000 (the “Basic Agreement”), between U.S. Bank Trust
National Association (as successor in interest to State Street Bank and Trust Company of
Connecticut, National Association) and Delta Air Lines, Inc., a Delaware corporation ( together
with any successor in interest pursuant to Section 5.02 of the Basic Agreement, the “Company”), as
supplemented by Trust Supplement No. 2010-1A thereto dated as of July 2, 2010 (collectively, and as
may be amended from time to time, the “Agreement”), between the Trustee and the Company, a summary
of certain of the pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to them in the
Agreement. This Certificate is one of the duly authorized Certificates designated as “Delta Air
Lines Pass Through Certificates, Series 2010-1A” (herein called the “Certificates”). This
Certificate is issued under and is subject to the terms, provisions and conditions of the
Agreement. By virtue of its acceptance hereof, the Certificateholder of this Certificate assents
to and agrees to be bound by all of the provisions of the Agreement and the Intercreditor
Agreement, including the subordination provisions of Section 9.09 of the Intercreditor Agreement.
The Trust Property is expected to include certain Equipment Notes and includes all rights of the
Trust and the Trustee, on behalf of the Trust, to receive any payments under the Intercreditor
Agreement and the Class A Liquidity Facility. Each issue of the Equipment Notes will be secured
by, among other things, a security interest in the Aircraft owned by the Company.

 

			
	1	 	To be included on the face of each Global
Certificate.

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

          The Certificates represent Fractional Undivided Interests in the Trust and the Trust Property,
and will have no rights, benefits or interest in respect of any other separate trust established
pursuant to the terms of the Basic Agreement for any other series of certificates issued pursuant
thereto.

          Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement,
from funds then available to the Trustee, there will be distributed on each January 2 and July 2
(each, a “Regular Distribution Date”), commencing on January 2, 2011, to the Person in whose name
this Certificate is registered at the close of business on the 15th day preceding the Regular
Distribution Date, an amount in respect of the Scheduled Payments on the Series A Equipment Notes
due on such Regular Distribution Date, the receipt of which has been confirmed by the Trustee,
equal to the product of the percentage interest in the Trust evidenced by this Certificate and an
amount equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of
the Agreement and the Intercreditor Agreement, in the event that Special Payments on the Series A
Equipment Notes are received by the Trustee, from funds then available to the Trustee, there shall
be distributed on the applicable Special Distribution Date, to the Person in whose name this
Certificate is registered at the close of business on the 15th day preceding the applicable Special
Distribution Date, an amount in respect of such Special Payments on the Series A Equipment Notes,
the receipt of which has been confirmed by the Trustee, equal to the product of the percentage
interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Special
Payments so received. If a Regular Distribution Date or Special Distribution Date is not a Business
Day, distribution shall be made on the immediately following Business Day and no interest shall
accrue during the intervening period. The Trustee shall mail notice of each Special Payment and
the Special Distribution Date therefor to the Certificateholder of this Certificate.

          Distributions on this Certificate will be made by the Trustee by check mailed to the Person
entitled thereto, without the presentation or surrender of this Certificate or the making of any
notation hereon, except that with respect to Certificates registered on the Record Date in the name
of a Clearing Agency (or its nominee), such distributions shall be made by wire transfer. Except
as otherwise provided in the Agreement and notwithstanding the above, the final distribution on
this Certificate will be made after notice mailed by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Trustee specified in such notice.

          The Certificates do not represent a direct obligation of, or an obligation guaranteed by, or
an interest in, the Company, the Trustee, the Subordination Agent, any Loan Trustee or any
Affiliate of any thereof. The Certificates are limited in right of payment, all as more
specifically set forth on the face hereof and in the Agreement. All payments or distributions made
to Certificateholders under the Agreement shall be made only from the Trust Property and only to
the extent that the Trustee shall have sufficient income or proceeds from the Trust Property to
make such payments in accordance with the terms of the Agreement. Each Certificateholder of this
Certificate, by its acceptance hereof, agrees that it will look solely to the income and proceeds
from the Trust Property to the extent available for any payment or distribution to such
Certificateholder pursuant to the terms of the Agreement and that it will not have any recourse to
the Company, the Trustee, the Loan Trustees or any Affiliate of any thereof except as otherwise
expressly provided in the Agreement, in any Note Document or in the

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

Intercreditor Agreement. This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby. A copy of the Agreement may be examined during
normal business hours at the principal office of the Trustee, and at such other places, if any,
designated by the Trustee, by any Certificateholder upon request.

          The Agreement permits, with certain exceptions therein provided, the amendment thereof, and
the modification of the rights and obligations of the Company and the rights of the
Certificateholders under the Agreement, at any time by the Company and the Trustee with the consent
of the Certificateholders holding Certificates evidencing Fractional Undivided Interests
aggregating not less than a majority in interest in the Trust. Any such consent by the
Certificateholder of this Certificate shall be conclusive and binding on such Certificateholder and
upon all future Certificateholders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Certificateholders of any of the Certificates.

          As provided in the Agreement and subject to certain limitations set forth therein, the
transfer of this Certificate is registrable in the Register upon surrender of this Certificate for
registration of transfer at the offices or agencies maintained by the Trustee in its capacity as
Registrar, or by any successor Registrar, duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Registrar, duly executed by the
Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and
thereupon one or more new Certificates of authorized denominations evidencing the same aggregate
Fractional Undivided Interest in the Trust will be issued to the designated transferee or
transferees.

          The Certificates are issuable only as registered Certificates without coupons in minimum
denominations of $2,000 (or such other denomination that is the lowest integral multiple of $1,000
that is, at the time of issuance, equal to at least 1,000 euros) Fractional Undivided Interest and
multiples of $1,000 in excess thereof except that one Certificate may be issued in a different
denomination. As provided in the Agreement and subject to certain limitations therein set forth,
the Certificates are exchangeable for new Certificates of authorized denominations evidencing the
same aggregate Fractional Undivided Interest in the Trust, as requested by the Certificateholder
surrendering the same.

          No service charge will be made for any such registration of transfer or exchange, but the
Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable
in connection therewith.

          The Company, the Trustee, the Registrar and any Paying Agent shall deem and treat the Person
in whose name this Certificate is registered as the owner hereof for all purposes, and none of the
Company, the Trustee, the Registrar or any such agent shall be affected by any notice to the
contrary.

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

          Each Certificateholder and Person with a beneficial interest herein, by its acceptance of this
Certificate or such interest, agrees to treat the Trust as a grantor trust for all U.S. federal,
state and local income tax purposes.

          The obligations and responsibilities created by the Agreement and the Trust created thereby
shall terminate upon the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to the Agreement and the disposition of all property held as part of
the Trust Property.

          Any Person acquiring or accepting this Certificate or an interest herein will, by such
acquisition or acceptance, be deemed to represent and warrant to the Company, the Loan Trustees and
the Trustee that either: (i) no assets of a Plan or any trust established with respect to a Plan,
have been used to acquire this Certificate or an interest herein or (ii) the purchase and holding
of this Certificate or interest herein by such Person are exempt from the prohibited transaction
restrictions of ERISA and the Code or materially similar provisions of Similar Law pursuant to one
or more prohibited transaction statutory or administrative exemptions.

          THIS CERTIFICATE AND THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

          Unless the certificate of authentication hereon has been executed by the Trustee, by manual
signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid
for any purpose.

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

	 	 	 	 	 
	 	DELTA AIR LINES PASS THROUGH TRUST 2010-1A

By: U.S. BANK TRUST NATIONAL 	 
	 	 	ASSOCIATION, 

as Trustee	 
	 	 	 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

Dated:

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Certificates referred to in the within-mentioned Agreement.

	 	 	 	 	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

[FORM OF TRANSFER NOTICE]

          FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto

          Insert Taxpayer Identification No.

                                                                      

Please print or typewrite name and address including zip code of assignee

                                                                      

the within Certificate and all rights thereunder, hereby irrevocably constituting and
appointing                                                                             
     attorney to transfer said Certificate on the books of the
Trustee with full power of substitution in the premises.

	 	 	 
	Date:

	 	 
	
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within-mentioned instrument in every particular, without alteration or any change
whatsoever.
	 
	 	 
	 

	 	SIGNATURE GUARANTEE:                                         

          Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

EXHIBIT B to

TRUST SUPPLEMENT NO. 2010-1A

DTC LETTER OF REPRESENTATIONS

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

SCHEDULE I-A to

TRUST SUPPLEMENT NO. 2010-1A

SERIES A EQUIPMENT NOTE

PRINCIPAL PAYMENTS

N377DA

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	631,960.87	 
	January 2, 2012

	 	 	616,018.00	 
	July 2, 2012

	 	 	654,131.36	 
	January 2, 2013

	 	 	635,328.36	 
	July 2, 2013

	 	 	616,525.38	 
	January 2, 2014

	 	 	647,923.39	 
	July 2, 2014

	 	 	648,084.19	 
	January 2, 2015

	 	 	675,271.01	 
	July 2, 2015

	 	 	646,618.83	 
	January 2, 2016

	 	 	617,966.66	 
	July 2, 2016

	 	 	630,880.03	 
	January 2, 2017

	 	 	598,646.33	 
	July 2, 2017

	 	 	566,412.64	 
	January 2, 2018

	 	 	534,178.93	 
	July 2, 2018

	 	 	3,887,054.02	 

N379DA

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	615,432.32	 
	January 2, 2012

	 	 	599,501.23	 
	July 2, 2012

	 	 	637,059.47	 
	January 2, 2013

	 	 	618,896.59	 
	July 2, 2013

	 	 	600,733.70	 
	January 2, 2014

	 	 	631,805.21	 
	July 2, 2014

	 	 	611,047.63	 
	January 2, 2015

	 	 	639,690.77	 
	July 2, 2015

	 	 	632,524.72	 
	January 2, 2016

	 	 	604,847.94	 
	July 2, 2016

	 	 	618,311.55	 
	January 2, 2017

	 	 	587,175.17	 
	July 2, 2017

	 	 	556,038.80	 
	January 2, 2018

	 	 	524,902.42	 
	July 2, 2018

	 	 	3,861,032.48	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N381DN

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	635,883.82	 
	January 2, 2012

	 	 	620,246.72	 
	July 2, 2012

	 	 	659,197.59	 
	January 2, 2013

	 	 	640,433.25	 
	July 2, 2013

	 	 	621,668.93	 
	January 2, 2014

	 	 	653,918.26	 
	July 2, 2014

	 	 	632,473.31	 
	January 2, 2015

	 	 	654,152.29	 
	July 2, 2015

	 	 	655,058.73	 
	January 2, 2016

	 	 	626,465.46	 
	July 2, 2016

	 	 	640,573.46	 
	January 2, 2017

	 	 	608,406.03	 
	July 2, 2017

	 	 	576,238.61	 
	January 2, 2018

	 	 	544,071.18	 
	July 2, 2018

	 	 	4,010,212.36	 

N383DN

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	641,984.24	 
	January 2, 2012

	 	 	626,009.45	 
	July 2, 2012

	 	 	665,490.39	 
	January 2, 2013

	 	 	646,600.71	 
	July 2, 2013

	 	 	627,711.02	 
	January 2, 2014

	 	 	660,445.65	 
	July 2, 2014

	 	 	638,857.44	 
	January 2, 2015

	 	 	646,343.32	 
	July 2, 2015

	 	 	662,313.35	 
	January 2, 2016

	 	 	633,529.06	 
	July 2, 2016

	 	 	648,091.11	 
	January 2, 2017

	 	 	615,708.78	 
	July 2, 2017

	 	 	583,326.46	 
	January 2, 2018

	 	 	550,944.14	 
	July 2, 2018

	 	 	4,075,644.88	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N385DN

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	625,116.71	 
	January 2, 2012

	 	 	609,576.25	 
	July 2, 2012

	 	 	648,156.63	 
	January 2, 2013

	 	 	629,802.35	 
	July 2, 2013

	 	 	611,448.10	 
	January 2, 2014

	 	 	643,473.37	 
	July 2, 2014

	 	 	622,497.08	 
	January 2, 2015

	 	 	618,161.18	 
	July 2, 2015

	 	 	645,870.80	 
	January 2, 2016

	 	 	617,902.40	 
	July 2, 2016

	 	 	632,343.03	 
	January 2, 2017

	 	 	600,878.58	 
	July 2, 2017

	 	 	569,414.13	 
	January 2, 2018

	 	 	537,949.68	 
	July 2, 2018

	 	 	3,991,409.71	 

N387DA

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	660,412.19	 
	January 2, 2012

	 	 	643,606.77	 
	July 2, 2012

	 	 	684,602.25	 
	January 2, 2013

	 	 	665,299.44	 
	July 2, 2013

	 	 	645,996.64	 
	January 2, 2014

	 	 	680,098.26	 
	July 2, 2014

	 	 	658,037.91	 
	January 2, 2015

	 	 	635,977.57	 
	July 2, 2015

	 	 	678,859.20	 
	January 2, 2016

	 	 	654,329.24	 
	July 2, 2016

	 	 	670,077.87	 
	January 2, 2017

	 	 	636,987.35	 
	July 2, 2017

	 	 	603,896.82	 
	January 2, 2018

	 	 	570,806.30	 
	July 2, 2018

	 	 	4,258,012.19	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N389DA

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	666,952.78	 
	January 2, 2012

	 	 	650,757.26	 
	July 2, 2012

	 	 	692,640.83	 
	January 2, 2013

	 	 	673,249.58	 
	July 2, 2013

	 	 	653,858.33	 
	January 2, 2014

	 	 	688,816.44	 
	July 2, 2014

	 	 	666,655.02	 
	January 2, 2015

	 	 	644,493.58	 
	July 2, 2015

	 	 	652,233.61	 
	January 2, 2016

	 	 	664,796.65	 
	July 2, 2016

	 	 	681,551.10	 
	January 2, 2017

	 	 	648,308.95	 
	July 2, 2017

	 	 	615,066.81	 
	January 2, 2018

	 	 	581,824.65	 
	July 2, 2018

	 	 	4,377,794.41	 

N391DA

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	667,145.78	 
	January 2, 2012

	 	 	650,285.06	 
	July 2, 2012

	 	 	692,246.63	 
	January 2, 2013

	 	 	672,901.02	 
	July 2, 2013

	 	 	653,555.40	 
	January 2, 2014

	 	 	688,607.81	 
	July 2, 2014

	 	 	666,498.54	 
	January 2, 2015

	 	 	644,389.26	 
	July 2, 2015

	 	 	643,200.49	 
	January 2, 2016

	 	 	665,115.40	 
	July 2, 2016

	 	 	682,065.83	 
	January 2, 2017

	 	 	648,901.92	 
	July 2, 2017

	 	 	615,738.02	 
	January 2, 2018

	 	 	582,574.10	 
	July 2, 2018

	 	 	4,392,774.74	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N393DA

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	666,688.08	 
	January 2, 2012

	 	 	650,039.33	 
	July 2, 2012

	 	 	692,228.68	 
	January 2, 2013

	 	 	672,961.35	 
	July 2, 2013

	 	 	653,694.02	 
	January 2, 2014

	 	 	689,002.16	 
	July 2, 2014

	 	 	666,982.36	 
	January 2, 2015

	 	 	644,962.54	 
	July 2, 2015

	 	 	623,714.43	 
	January 2, 2016

	 	 	666,665.02	 
	July 2, 2016

	 	 	684,076.99	 
	January 2, 2017

	 	 	651,047.26	 
	July 2, 2017

	 	 	618,017.55	 
	January 2, 2018

	 	 	584,987.82	 
	July 2, 2018

	 	 	4,431,932.41	 

N395DN

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	664,678.71	 
	January 2, 2012

	 	 	648,341.14	 
	July 2, 2012

	 	 	690,499.34	 
	January 2, 2013

	 	 	671,305.36	 
	July 2, 2013

	 	 	652,111.38	 
	January 2, 2014

	 	 	687,414.59	 
	July 2, 2014

	 	 	665,478.62	 
	January 2, 2015

	 	 	643,542.64	 
	July 2, 2015

	 	 	621,606.67	 
	January 2, 2016

	 	 	659,742.08	 
	July 2, 2016

	 	 	683,026.09	 
	January 2, 2017

	 	 	650,122.13	 
	July 2, 2017

	 	 	617,218.17	 
	January 2, 2018

	 	 	584,314.22	 
	July 2, 2018

	 	 	4,433,598.86	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N697DL

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	521,607.12	 
	January 2, 2012

	 	 	508,292.10	 
	July 2, 2012

	 	 	540,052.13	 
	January 2, 2013

	 	 	524,628.10	 
	July 2, 2013

	 	 	509,204.08	 
	January 2, 2014

	 	 	535,455.52	 
	July 2, 2014

	 	 	517,828.07	 
	January 2, 2015

	 	 	549,306.48	 
	July 2, 2015

	 	 	535,707.46	 
	January 2, 2016

	 	 	512,204.19	 
	July 2, 2016

	 	 	523,458.00	 
	January 2, 2017

	 	 	497,016.82	 
	July 2, 2017

	 	 	470,575.62	 
	January 2, 2018

	 	 	444,134.43	 
	July 2, 2018

	 	 	3,259,529.88	 

N699DL

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	528,721.05	 
	January 2, 2012

	 	 	515,136.39	 
	July 2, 2012

	 	 	547,486.46	 
	January 2, 2013

	 	 	531,902.02	 
	July 2, 2013

	 	 	516,317.59	 
	January 2, 2014

	 	 	543,101.79	 
	July 2, 2014

	 	 	525,291.01	 
	January 2, 2015

	 	 	543,296.15	 
	July 2, 2015

	 	 	544,048.99	 
	January 2, 2016

	 	 	520,301.28	 
	July 2, 2016

	 	 	532,018.46	 
	January 2, 2017

	 	 	505,302.31	 
	July 2, 2017

	 	 	478,586.14	 
	January 2, 2018

	 	 	451,869.97	 
	July 2, 2018

	 	 	3,330,620.39	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N6701

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	528,474.10	 
	January 2, 2012

	 	 	514,803.70	 
	July 2, 2012

	 	 	547,225.16	 
	January 2, 2013

	 	 	531,677.66	 
	July 2, 2013

	 	 	516,130.18	 
	January 2, 2014

	 	 	542,998.95	 
	July 2, 2014

	 	 	525,230.40	 
	January 2, 2015

	 	 	535,325.48	 
	July 2, 2015

	 	 	544,338.76	 
	January 2, 2016

	 	 	520,647.35	 
	July 2, 2016

	 	 	532,534.19	 
	January 2, 2017

	 	 	505,881.35	 
	July 2, 2017

	 	 	479,228.52	 
	January 2, 2018

	 	 	452,575.69	 
	July 2, 2018

	 	 	3,343,928.51	 

N6703D

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	547,974.87	 
	January 2, 2012

	 	 	534,145.91	 
	July 2, 2012

	 	 	568,196.61	 
	January 2, 2013

	 	 	552,184.71	 
	July 2, 2013

	 	 	536,172.82	 
	January 2, 2014

	 	 	564,504.97	 
	July 2, 2014

	 	 	546,205.66	 
	January 2, 2015

	 	 	527,906.36	 
	July 2, 2015

	 	 	561,232.57	 
	January 2, 2016

	 	 	543,247.88	 
	July 2, 2016

	 	 	556,370.86	 
	January 2, 2017

	 	 	528,921.90	 
	July 2, 2017

	 	 	501,472.93	 
	January 2, 2018

	 	 	474,023.97	 
	July 2, 2018

	 	 	3,538,437.98	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N6705Y

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	553,622.98	 
	January 2, 2012

	 	 	539,656.72	 
	July 2, 2012

	 	 	574,358.37	 
	January 2, 2013

	 	 	558,268.55	 
	July 2, 2013

	 	 	542,178.74	 
	January 2, 2014

	 	 	571,134.02	 
	July 2, 2014

	 	 	552,745.66	 
	January 2, 2015

	 	 	534,357.31	 
	July 2, 2015

	 	 	543,357.28	 
	January 2, 2016

	 	 	551,067.48	 
	July 2, 2016

	 	 	564,901.32	 
	January 2, 2017

	 	 	537,318.78	 
	July 2, 2017

	 	 	509,736.23	 
	January 2, 2018

	 	 	482,153.71	 
	July 2, 2018

	 	 	3,625,142.85	 

N6707A

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	545,092.34	 
	January 2, 2012

	 	 	531,733.77	 
	July 2, 2012

	 	 	566,129.96	 
	January 2, 2013

	 	 	550,335.80	 
	July 2, 2013

	 	 	534,541.62	 
	January 2, 2014

	 	 	563,297.04	 
	July 2, 2014

	 	 	545,246.57	 
	January 2, 2015

	 	 	527,196.08	 
	July 2, 2015

	 	 	519,267.06	 
	January 2, 2016

	 	 	544,485.02	 
	July 2, 2016

	 	 	558,507.58	 
	January 2, 2017

	 	 	531,431.86	 
	July 2, 2017

	 	 	504,356.14	 
	January 2, 2018

	 	 	477,280.42	 
	July 2, 2018

	 	 	3,606,098.74	 

N6709

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	550,195.15	 
	January 2, 2012

	 	 	536,753.49	 
	July 2, 2012

	 	 	571,744.04	 
	January 2, 2013

	 	 	555,879.31	 
	July 2, 2013

	 	 	540,014.58	 
	January 2, 2014

	 	 	569,339.15	 
	July 2, 2014

	 	 	551,208.02	 
	January 2, 2015

	 	 	533,076.90	 
	July 2, 2015

	 	 	514,945.79	 
	January 2, 2016

	 	 	539,545.33	 
	July 2, 2016

	 	 	566,291.04	 
	January 2, 2017

	 	 	539,094.35	 
	July 2, 2017

	 	 	511,897.66	 
	January 2, 2018

	 	 	484,700.99	 
	July 2, 2018

	 	 	3,685,314.20	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N6711M

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	557,627.11	 
	January 2, 2012

	 	 	543,769.90	 
	July 2, 2012

	 	 	579,403.60	 
	January 2, 2013

	 	 	563,385.61	 
	July 2, 2013

	 	 	547,367.59	 
	January 2, 2014

	 	 	577,280.59	 
	July 2, 2014

	 	 	558,974.29	 
	January 2, 2015

	 	 	540,668.00	 
	July 2, 2015

	 	 	522,361.71	 
	January 2, 2016

	 	 	532,615.21	 
	July 2, 2016

	 	 	575,423.44	 
	January 2, 2017

	 	 	547,964.00	 
	July 2, 2017

	 	 	520,504.56	 
	January 2, 2018

	 	 	493,045.13	 
	July 2, 2018

	 	 	3,764,609.26	 

N6713Y

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	563,374.01	 
	January 2, 2012

	 	 	549,259.15	 
	July 2, 2012

	 	 	585,376.96	 
	January 2, 2013

	 	 	569,233.49	 
	July 2, 2013

	 	 	553,090.01	 
	January 2, 2014

	 	 	583,442.31	 
	July 2, 2014

	 	 	564,992.62	 
	January 2, 2015

	 	 	546,542.94	 
	July 2, 2015

	 	 	528,093.26	 
	January 2, 2016

	 	 	528,628.43	 
	July 2, 2016

	 	 	582,390.60	 
	January 2, 2017

	 	 	554,716.07	 
	July 2, 2017

	 	 	527,041.56	 
	January 2, 2018

	 	 	499,367.02	 
	July 2, 2018

	 	 	3,823,451.57	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N1603

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	971,056.09	 
	January 2, 2012

	 	 	946,052.50	 
	July 2, 2012

	 	 	1,003,896.03	 
	January 2, 2013

	 	 	974,818.50	 
	July 2, 2013

	 	 	945,740.95	 
	January 2, 2014

	 	 	993,199.65	 
	July 2, 2014

	 	 	1,054,613.95	 
	January 2, 2015

	 	 	1,032,567.74	 
	July 2, 2015

	 	 	988,259.10	 
	January 2, 2016

	 	 	943,950.49	 
	July 2, 2016

	 	 	962,458.56	 
	January 2, 2017

	 	 	912,611.35	 
	July 2, 2017

	 	 	862,764.15	 
	January 2, 2018

	 	 	812,916.95	 
	July 2, 2018

	 	 	5,854,093.99	 

N1605

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	964,804.69	 
	January 2, 2012

	 	 	940,719.72	 
	July 2, 2012

	 	 	999,044.20	 
	January 2, 2013

	 	 	970,365.62	 
	July 2, 2013

	 	 	941,687.06	 
	January 2, 2014

	 	 	989,769.18	 
	July 2, 2014

	 	 	979,219.19	 
	January 2, 2015

	 	 	1,031,996.06	 
	July 2, 2015

	 	 	988,295.37	 
	January 2, 2016

	 	 	944,594.68	 
	July 2, 2016

	 	 	964,548.30	 
	January 2, 2017

	 	 	915,385.03	 
	July 2, 2017

	 	 	866,221.75	 
	January 2, 2018

	 	 	817,058.47	 
	July 2, 2018

	 	 	5,956,290.68	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N1607B

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	July 2, 2011

	 	$	1,069,220.68	 
	January 2, 2012

	 	 	1,042,712.59	 
	July 2, 2012

	 	 	1,109,868.28	 
	January 2, 2013

	 	 	1,078,810.78	 
	July 2, 2013

	 	 	1,047,753.26	 
	January 2, 2014

	 	 	1,103,817.00	 
	July 2, 2014

	 	 	1,068,322.71	 
	January 2, 2015

	 	 	1,032,828.40	 
	July 2, 2015

	 	 	1,041,493.28	 
	January 2, 2016

	 	 	1,065,543.49	 
	July 2, 2016

	 	 	1,092,476.43	 
	January 2, 2017

	 	 	1,039,234.98	 
	July 2, 2017

	 	 	985,993.55	 
	January 2, 2018

	 	 	932,752.09	 
	July 2, 2018

	 	 	7,022,172.48	 

N709DN

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	January 2, 2011

	 	$	2,634,369.75	 
	July 2, 2011

	 	 	2,942,037.81	 
	January 2, 2012

	 	 	2,887,205.88	 
	July 2, 2012

	 	 	3,172,941.18	 
	January 2, 2013

	 	 	3,442,226.89	 
	July 2, 2013

	 	 	3,365,462.19	 
	January 2, 2014

	 	 	3,288,697.48	 
	July 2, 2014

	 	 	3,211,932.77	 
	January 2, 2015

	 	 	3,135,168.07	 
	July 2, 2015

	 	 	3,058,403.36	 
	January 2, 2016

	 	 	3,283,823.53	 
	July 2, 2016

	 	 	3,196,092.43	 
	January 2, 2017

	 	 	3,108,361.35	 
	July 2, 2017

	 	 	3,306,365.54	 
	January 2, 2018

	 	 	3,207,668.07	 
	July 2, 2018

	 	 	32,509,243.70	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

N710DN

	 	 	 	 	 
	 	 	Scheduled Principal
	Payment Date	 	Payments
	January 2, 2011

	 	$	2,634,170.72	 
	July 2, 2011

	 	 	2,941,848.02	 
	January 2, 2012

	 	 	2,887,025.28	 
	July 2, 2012

	 	 	3,172,773.49	 
	January 2, 2013

	 	 	3,442,074.86	 
	July 2, 2013

	 	 	3,365,323.06	 
	January 2, 2014

	 	 	3,288,571.24	 
	July 2, 2014

	 	 	3,211,819.45	 
	January 2, 2015

	 	 	3,135,067.63	 
	July 2, 2015

	 	 	3,058,315.83	 
	January 2, 2016

	 	 	3,283,759.03	 
	July 2, 2016

	 	 	3,196,042.69	 
	January 2, 2017

	 	 	3,108,326.33	 
	July 2, 2017

	 	 	3,306,358.17	 
	January 2, 2018

	 	 	3,207,677.28	 
	July 2, 2018

	 	 	32,510,846.92	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

SCHEDULE I-B to

TRUST SUPPLEMENT NO. 2010-1A

AGGREGATE SERIES A EQUIPMENT NOTE PRINCIPAL PAYMENTS

	 	 	 	 	 
	Payment Date	 	Scheduled Principal Payments
	January 2, 2011

	 	$	5,268,540.47	 
	July 2, 2011

	 	 	20,261,911.52	 
	January 2, 2012

	 	 	19,791,648.31	 
	July 2, 2012

	 	 	21,254,749.64	 
	January 2, 2013

	 	 	21,372,569.91	 
	July 2, 2013

	 	 	20,798,286.63	 
	January 2, 2014

	 	 	21,386,114.03	 
	July 2, 2014

	 	 	20,890,242.47	 
	January 2, 2015

	 	 	20,652,287.76	 
	July 2, 2015

	 	 	20,410,120.65	 
	January 2, 2016

	 	 	20,725,773.30	 
	July 2, 2016

	 	 	20,974,510.96	 
	January 2, 2017

	 	 	20,077,748.98	 
	July 2, 2017

	 	 	19,752,470.53	 
	January 2, 2018

	 	 	18,833,777.63	 
	July 2, 2018

	 	 	157,549,247.21	 

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

SCHEDULE II to

TRUST SUPPLEMENT NO. 2010-1A

SERIES A EQUIPMENT NOTES,

PRINCIPAL AMOUNTS, MATURITIES AND AIRCRAFT

	 	 	 	 	 	 	 
	Principal Amount of	 	 	 	 	 	 
	Series A Equipment	 	 	 	 	 	Aircraft
	Notes         	 	Maturity	 	Aircraft	 	Registration Number
	$12,607,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N377DA
	$12,339,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N379DA
	$12,779,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N381DN
	$12,923,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N383DN
	$12,604,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N385DN
	$13,347,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N387DA
	$13,559,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N389DA
	$13,566,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N391DA
	$13,597,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N393DA
	$13,573,000

	 	July 2, 2018
	 	Boeing 737-832
	 	N395DN
	$10,449,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N697DL
	$10,614,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N699DL
	$10,621,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6701
	$11,081,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6703D
	$11,240,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6705Y
	$11,105,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6707A
	$11,250,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6709
	$11,425,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6711M
	$11,559,000

	 	July 2, 2018
	 	Boeing 757-232
	 	N6713Y
	$19,259,000

	 	July 2, 2018
	 	Boeing 767-332ER
	 	N1603
	$19,270,000

	 	July 2, 2018
	 	Boeing 767-332ER
	 	N1605
	$21,733,000

	 	July 2, 2018
	 	Boeing 767-332ER
	 	N1607B
	$79,750,000

	 	July 2, 2018
	 	Boeing 777-232LR
	 	N709DN
	$79,750,000

	 	July 2, 2018
	 	Boeing 777-232LR
	 	N710DN

Trust Supplement No. 2010-1A

(2010-1 EETC)

 

 

SCHEDULE III to

TRUST SUPPLEMENT NO. 2010-1A

NOTE DOCUMENTS

Participation Agreement

Indenture and Security Agreement

Manufacturer’s Consent

For each of the aircraft listed in Schedule II.

Trust Supplement No. 2010-1A

(2010-1 EETC)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]