Document:

EX-10.26

 

Exhibit 10.26

RTI International Metals, Inc.

Board of Directors Compensation Program

Effective January 1, 2007

	•	 	Target compensation of $120,000 for non-employee directors other than the Chairman and
$180,000 for the non-employee Chairman. Paid 50% in restricted stock and 50% in cash. No
fees for regular board or committee meetings.
	 
	•	 	Premiums for committee chairs:
	 
	•	 	- Audit - $20,000
	 
	•	 	- Other - $ 7,500
	 
	•	 	Meeting fees for extraordinarily frequent Board meetings (required to consider transactions
or other special circumstances, as determined by the Chairman): $1,000 per meeting. (Note:
Usage of this feature is expected to be extremely infrequent.)
	 
	•	 	Committee chair fees. The cash portion of target compensation and special meeting fees are
payable in cash quarterly.
	 
	•	 	Restricted stock will be awarded at beginning of a plan year (commencing with annual
shareholders’ meeting) and vest at end of plan year. Partial vesting for directors who leave
before their term is up will be at discretion of the Compensation Committee of the Board.
	 
	•	 	Restricted stock will be held in custody by RTI until restriction is terminated and then a
certificate, free of all restrictions, shall be issued in the Grantee’s name (or a trust as he
or she shall designate). Grantee shall be entitled to vote the restricted stock.

Adopted by the Board of Directors: October 27, 2006

Stock Ownership Guidelines

Each non-employee director is expected to own, at a minimum, shares of RTI common stock equal to
three (3) times their annual retainer. This level of ownership is to be achieved within three
years from the approval of this proposal for existing directors and five years of first joining the
Board for new directors elected after the approval of this proposal. Once a Director reaches this
level of stock ownership, the Director will remain in compliance of this expectation, regardless of
market fluctuations, as long as the Director does not sell shares at a time when the aggregate
value is less than the expected level.

Adopted by the Board of Directors: July 27, 2007EX-10.28

 

Exhibit 10.28

CREDIT AGREEMENT

Dated as of February 25, 2008

between

THE ANDERSONS, INC.

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Article I. DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	1.01 Defined Terms
	 	 	1	 
	1.02 Other Interpretive Provisions
	 	 	5	 
	1.03 Accounting Terms
	 	 	5	 
	1.04 References to Agreements and Laws
	 	 	5	 
	Article II. THE LOAN, COMMITMENTS AND CREDIT EXTENSIONS
	 	 	6	 
	2.01 Loans
	 	 	6	 
	2.02 Prepayments
	 	 	6	 
	2.03 Repayment of Loan
	 	 	6	 
	2.04 Interest
	 	 	6	 
	2.05 Fees
	 	 	6	 
	2.06 Computation of Interest and Fees
	 	 	6	 
	2.07 Evidence of Debt
	 	 	6	 
	2.08 Payments Generally
	 	 	7	 
	2.09 Use of Proceeds
	 	 	7	 
	Article III. CONDITIONS PRECEDENT TO THE LOANS
	 	 	7	 
	3.01 Conditions of the Loan
	 	 	7	 
	Article IV. REPRESENTATIONS AND WARRANTIES
	 	 	8	 
	4.01 Existence, Qualification and Power; Compliance with Laws
	 	 	8	 
	4.02 Authorization; No Contravention
	 	 	8	 
	4.03 Governmental Authorization
	 	 	8	 
	4.04 Binding Effect
	 	 	8	 
	4.05 Financial Statements; No Material Adverse Effect
	 	 	9	 
	4.06 No Default
	 	 	9	 
	4.07 Insurance
	 	 	9	 
	4.08 Taxes
	 	 	9	 
	4.09 ERISA Compliance
	 	 	9	 
	4.10 Disclosure
	 	 	10	 
	4.11 Compliance with Laws
	 	 	10	 
	4.12 Margin Regulations; Investment Company Act; Public Utility Holding Company Act
	 	 	10	 
	4.13 Tax Shelter Regulations
	 	 	10	 
	Article V. AFFIRMATIVE COVENANTS
	 	 	10	 
	Article VI. NEGATIVE COVENANTS
	 	 	11	 
	Article VII. EVENTS OF DEFAULT AND REMEDIES
	 	 	11	 
	7.01 Events of Default
	 	 	11	 
	7.02 Remedies Upon Event of Default
	 	 	11	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	7.03 Application of Funds
	 	 	11	 
	Article VIII. MISCELLANEOUS
	 	 	11	 
	8.01 Amendments, Etc.
	 	 	11	 
	8.02 Notices and Other Communications; Facsimile Copies
	 	 	11	 
	8.03 No Waiver; Cumulative Remedies
	 	 	12	 
	8.04 Attorney Costs, Expenses and Taxes
	 	 	12	 
	8.05 Indemnification by Borrower
	 	 	12	 
	8.06 Payments Set Aside
	 	 	13	 
	8.07 Successors and Assigns
	 	 	13	 
	8.08 Confidentiality
	 	 	13	 
	8.09 Set-off
	 	 	14	 
	8.10 Interest Rate Limitation
	 	 	14	 
	8.11 Counterparts
	 	 	15	 
	8.12 Integration
	 	 	15	 
	8.13 Survival of Representations and Warranties
	 	 	15	 
	8.14 Severability
	 	 	15	 
	8.15 Governing Law; Submission to Jurisdiction
	 	 	15	 
	8.16 Waiver of Right to Trial by Jury
	 	 	15	 
	8.17 Time of the Essence
	 	 	16	 
	SIGNATURES
	 	 	S-1	 

ii

 

SCHEDULES

	 	8.02	 	Addresses, Etc.

EXHIBITS

	 	 	 	Form of
	 
	 	A	 	Note

CREDIT AGREEMENT

     This CREDIT AGREEMENT (“Agreement”) is entered into as of February 25, 2008, between THE
ANDERSONS, INC., an Ohio corporation (“Borrower”) and WELLS FARGO BANK, National Association (the
"Bank”).

     Borrower has requested that the Bank provide a loan, and the Bank is willing to do so on the
terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS

     1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings
set forth below:

     “Affiliate” means, with respect to any Person, another Person that directly or
indirectly through one or more intermediaries, Controls, or is Controlled by or is under common
Control with, the Person specified. “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. Without
limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another
Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the
securities having ordinary voting power for the election of directors, managing general partners
or equivalent governing body of such Person.

     “Agreement” means this Credit Agreement.

     “Applicable Rate” means, from time to time, the Prime Rate, minus one percent
(1.00%) per annum.

     “Attorney Costs” means and includes all fees, expenses and disbursements of any law
firm or other external counsel of the Bank.

     “Audited Financial Statements” means the audited consolidated balance sheet of
Borrower and its Subsidiaries for the fiscal year 2006, and the related consolidated statements
of income or operations, shareholders’ equity and cash flows for such fiscal year of Borrower and
its Subsidiaries, including the notes thereto.

     “Bank’s Office” means Bank’s address and, as appropriate, account as set forth on
Schedule 8.02, or such other address or account as the Bank may from time to time notify
Borrower.

     “Bank-Related Person” means the Bank, together with its Affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.

     “Borrower” has the meaning specified in the introductory paragraph hereto.

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

1

 

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Bank’s Office is located.

     “Closing Date” means the first date all the conditions precedent in Section
3.01 are satisfied or waived in accordance with Section 8.01 (or, in the case of
Section 3.01(b), waived by the Person entitled to receive the applicable payment).

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

     “Commitment” means, as to the Bank, its obligation to make the Loans to Borrower
pursuant to Section 2.01 in the amount of One Hundred Million Dollars ($100,000,000).

     “Contractual Obligation” means, as to any Person, any provision of any security
issued by such Person or of any agreement, instrument or other undertaking to which such Person
is a party or by which it or any of its property is bound.

     “Control” has the meaning specified in the definition of “Affiliate”.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

     “Default Rate” means an interest rate equal to the Applicable Rate, plus 5%
per annum to the fullest extent permitted by applicable Laws.

     “Designated Individual” shall mean any one of Gary Smith, Nicholas C. Conrad, Russ
Mitchell or Catherine Shelnick and any other person authorized by a Responsible Officer to
request Loans under the terms of this Agreement.

     “Dollar” and “$” mean lawful money of the United States.

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

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with Borrower 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 Borrower 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 that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 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 might reasonably be expected
to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, upon Borrower or any ERISA Affiliate.

     “Event of Default” has the meaning specified in Section 7.01.

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

2

 

     “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute
of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the
date of determination, consistently applied.

     “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court,
administrative tribunal, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government.

     “Indemnified Liabilities” has the meaning specified in Section 8.05.

     “Indemnitees” has the meaning specified in Section 8.05.

     “Information” has the meaning specified in Section 8.08.

     “IRS” means the United States Internal Revenue Service.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof,
and all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security
interest or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, and any financing lease having substantially the same
economic effect as any of the foregoing).

     “Loan” has the meaning specified in Section 2.01.

     “Loan Documents” means this Agreement, the Note and all other agreements, documents,
instruments, and certificates of the Borrowers delivered to, or in favor of, the Bank under this
Agreement or in connection herewith or therewith, including, without limitation, all agreements,
documents, instruments, certificates and delivered in connection with the extension of the Loans
by the Bank hereunder.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual and contingent),
condition (financial or otherwise) or prospects of Borrower or Borrower and its Subsidiaries
taken as a whole; (b) a material impairment of the ability of the Borrower to perform its
obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability against the Borrower of any Loan
Document to which it is a party.

     “Maximum Rate” has the meaning set forth in Section 8.10.

     “Modified Asset Coverage Ratio” shall mean, for any date of determination, the
“Asset Coverage Ratio” as defined in the U.S. Bank Credit Agreement, except there shall be added
to the sums described in clause (a) of such definition the aggregate principal amount of the
Loans then outstanding and the aggregate principal amount of the Loan or Loans then requested.

     “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which Borrower or any ERISA Affiliate makes or is obligated to
make contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

3

 

     “Note” means promissory note made by Borrower in favor of the Bank evidencing of the
Loans made by the Bank, substantially in the form of Exhibit A.

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, the Borrower arising under any Loan Document or otherwise with respect to the
Loan, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of
any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company,
the certificate or articles of formation and operating agreement; and (c) with respect to any
partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation and any agreement, instrument, filing or
notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

     “Participant” has the meaning specified in Section 8.07(b).

     “Payment Date” means the last Business Day of each month and the Termination Date.

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer
or other plan described in Section 4064(a) of ERISA, has made contributions at any time during
the immediately preceding five plan years.

     “Person” means any individual, trustee, corporation, general partnership, limited
partnership, limited liability company, joint stock company, trust, unincorporated organization,
bank, business association, firm, joint venture or Governmental Authority.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by Borrower or, with respect to any such plan that is subject to Section 412
of the Code or Title IV of ERISA, any ERISA Affiliate.

     “Prime Rate” means at any time the rate of interest most recently announced within
Bank at its principal office as its Prime Rate, with the understanding that the Prime Rate is one
of Bank’s base rates and serves as the basis upon which effective rates of interest are
calculated for those loans making reference thereto, and is evidenced by the recording thereof
after its announcement in such internal publication or publications as Bank may designate.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Responsible Officer” means either of Gary Smith, Vice President-Finance and
Treasurer, or Nicholas Conrad, Assistant Treasurer of the Borrower. Any document delivered
hereunder that is signed by one or more Responsible Officers of the Borrower shall be
conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of the Borrower and such Responsible
Officer shall be conclusively presumed to have acted on behalf of the Borrower.

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

4

 

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or
other interests having ordinary voting power for the election of directors or other governing
body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary or Subsidiaries of Borrower.

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such
Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

     “Termination Date” shall mean the earlier of: (a) the date on which Bank makes
demand for repayment of the Loan, or (b) April 25, 2008.

     “Unfunded Pension Liability” means the excess of a Pension Plan’s benefit
liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension 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.

     “U.S. Bank Credit Agreement” means the Amended and Restated Loan Agreement dated as
of February 21, 2008, by and among U.S. Bank National Association, as Agent, the Lenders who are
parties thereto and the Borrower.

     “United States,” and “U.S.” mean the United States of America.

     1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

     (a) The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms.

     (b) (i) The words “herein”, “hereto”, “hereof” and “hereunder” and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any
particular provision thereof; (ii) Article, Section, Exhibit and Schedule references are to the
Loan Document in which such reference appears; (iii) the term “including” is by way of example
and not limitation; and (iv) the term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings, however
evidenced, whether in physical or electronic form.

     (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) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03 Accounting Terms. (a) All accounting terms not specifically or completely defined herein shall be construed
in conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner
consistent with that used in preparing the Audited Financial Statements, except as
otherwise specifically prescribed herein.

     (b) If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either Borrower or the Bank shall so request, the
Bank and

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

5

 

Borrower shall negotiate in good faith to amend such ratio or requirement to preserve
the original intent thereof in light of such change in GAAP (subject to the approval of the
Bank); provided that, until so amended, (i) such ratio or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (ii) Borrower
shall provide to the Bank financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP.

     1.04 References to Agreements and Laws. Unless otherwise expressly provided herein, (a)
references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by
any Loan Document; and (b) references to any Law shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Law.

ARTICLE II. THE LOAN, COMMITMENTS AND CREDIT EXTENSIONS.

     2.01 Loans. Subject to the terms and conditions set forth herein, the Bank agrees, from
time to time, to make loans (such loan, a “Loan” or in the aggregate “Loans”) to Borrower in
multiple advances, in an aggregate amount not to exceed at any time outstanding the amount of the
Commitment. Within the limits of the Commitment, the Borrower may borrow, repay pursuant to
Section 2.02 hereof, and reborrow under this Section 2.01. Loans shall be made only in the
minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof. In the
absence of manifest error, the books and records of the Bank shall be conclusive and binding upon
the Borrower as to the amount of each Loan, the principal balance of the Loans outstanding at any
time and the amount of accrued interest thereon. Each Loan shall be made on notice from the
Borrower to Bank by a Designated Individual delivered before 12:00 noon (Chicago time) on the
requested date of such Loan. A Loan Request shall include the following information: (i) the
amount of the Loan; and (ii) the requested date of the Loan (which shall be a Business Day). Any
Loan Request received after 12:00 noon (Chicago time) on a Business Day shall be treated as
though received on the next Business Day. Subject to the timely delivery of a Loan Request, and
upon fulfillment of the applicable conditions set forth in Article III, the Bank will make such
Loan available to the Borrower in same day funds at the Bank’s address referred to in Section
8.02 and shall wire such funds to the account of the Borrower identified on Schedule
8.02. The Bank may rely without further investigation on any Loan Request. Each Loan
Request shall be irrevocable and binding on the Borrower and the Borrower shall indemnify the
Bank against any loss or expense the Bank may incur as a result of any failure (including any
failure resulting from the failure to fulfill on or before the date specified for such Loan the
applicable conditions set forth in Article Ill) of the Borrower to borrow any Loan after a Loan
Request has been submitted, including, without limitation, any loss or expense incurred by reason
of the liquidation or reemployment of deposits or other funds acquired by the Bank to fund such
Loan when such Loan, as a result of such failure, is not made on such date.

     2.02 Prepayments. Borrower may, upon notice to the Bank, at any time or from time to time
voluntarily prepay the Loans in whole or in part, without premium or penalty; provided
that such notice must be received by the Bank not later than 12:00 noon, Chicago, Illinois time,
on any date of prepayment. Each such notice shall specify the date and amount of such
prepayment. If such notice is given by Borrower, Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified therein.

     2.03 Repayment of Loan. Borrower shall repay to the Bank the principal amount of the Loans
at the earlier of (a) demand by the Bank or (b) the Termination Date.

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

6

 

     2.04 Interest.

     (a) Subject to the provisions of subsection (b) below, the Loans shall bear interest
on the outstanding principal amount thereof at a rate per annum equal to the Applicable Rate.

     (b) If any amount payable by Borrower under any Loan Document is not paid when due (taking
into account any applicable grace periods), whether at stated maturity by acceleration or
otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
Furthermore, while any Event of Default exists (or after acceleration), Borrower shall pay
interest on the principal amount of all outstanding Obligations then payable at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

     (c) Interest on the Loans shall be due and payable in arrears on each Payment Date and at
such other times as may be specified herein. Interest hereunder shall be due and payable in
accordance with the terms hereof before and after judgment, and before and after the commencement
of any proceeding under any Debtor Relief Law.

     2.05 Fees. The Borrower shall pay to the Bank:

     (a) upon execution of this Agreement, a fee in the amount of $75,000;

     (b) Upon the extension of the first Loan, a fee in the amount of $75,000.

     (c) From and after the extension of the first Loan, a non-use fee on the daily unused
portion of the Commitment from the date of the first Loan until the Termination Date at the rate
equal to one quarter of one percent (0.25%) per annum, payable in arrears on each Payment Date
and on the Termination Date. For any purposes of this Agreement, the unused portion of a
Commitment for any measurement period shall be the positive difference, if any, of (i) the daily
amount of the Commitment, minus (ii) daily average outstanding Loans.

     2.06 Computation of Interest and Fees. Computations of interest on the Loans and fees shall
be made on the basis of a year of 360 days and the actual number of days elapsed.

     2.07 Evidence of Debt. The Loans made by the Bank shall be evidenced by one or more
accounts or records maintained by the Bank in the ordinary course of business. The accounts or
records maintained by the Bank shall be conclusive absent manifest error of the amount of the
Loans made by the Borrower and the interest and payments thereon. Any failure to so record or
any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower
hereunder to pay any amount owing with respect to the Obligations. The Bank may attach schedules
to the Notes and endorse thereon the date, amount and maturity of the Term and payments with
respect thereto.

     2.08 Payments Generally.

     (a) All payments to be made by Borrower shall be made without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all
payments by Borrower hereunder shall be made to the Bank at the Bank’s Office in Dollars and in
immediately available funds not later than 12:00 noon, Chicago, Illinois time, on the date
specified herein. All payments received by the Bank after 12:00 noon, Chicago, Illinois time,
shall be deemed received on the next succeeding Business Day and any applicable interest or fee
shall continue to accrue.

     (b) If any payment to be made by Borrower shall come due on a day other than a Business Day,
payment shall be made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be.

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     (c) Unless Borrower has notified the Bank, prior to the date any payment is required to be
made by it to the Bank hereunder, that Borrower will not make such payment, the Bank may assume
that Borrower has timely made such payment and may (but shall not be so required to), in reliance
thereon, make available a corresponding amount to the Person entitled thereto. If and to the
extent that such payment was not in fact made to the Bank in immediately available funds.

Use of Proceeds. The Loans shall be used only for general corporate purposes.

ARTICLE III. CONDITIONS PRECEDENT TO THE LOANS

     3.01 Conditions of the Loan. The obligation of the Bank to make the Loan hereunder is
subject to satisfaction of the following conditions precedent:

     (a) The Bank’s receipt of the following, each of which shall be originals or facsimiles
(followed promptly by originals) unless otherwise specified, each properly executed by a
Responsible Officer of the Borrower, each dated the Closing Date (or, in the case of certificates
of governmental officials, a recent date before the Closing Date) and each in form and substance
satisfactory to the Bank and its legal counsel:

     (i) executed counterparts of this Agreement, sufficient in number for distribution to
the Bank and Borrower;

     (ii) the Note executed by Borrower;

     (iii) such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of the Borrower as the Bank may require
evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this Agreement and the other
Loan Documents to which the Borrower is a party;

     (iv) such documents and certificates as the Bank may reasonably require to evidence
that the Borrower is duly organized or formed and that Borrower is, validly existing, in
good standing and qualified to engage in business in each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect;

     (v) a favorable opinion of counsel to the Borrower acceptable to the Bank, addressed
to the Bank, as to such matters concerning the Borrower and the Loan Documents in form and
substance reasonably satisfactory to the Bank; and

     (vi) such other assurances, certificates, documents, consents, or opinions as the
Bank reasonably may require.

     (b) Any fees required to be paid on or before the Closing Date shall have been paid.

     (c) Borrower shall have paid all Attorney Costs of the Bank to the extent invoiced prior to
or on the Closing Date, plus such additional amounts of Attorney Costs as shall constitute its
reasonable estimate of Attorney Costs incurred or to be incurred by it through the closing
proceedings (provided that such estimate shall not thereafter preclude a final settling of
accounts between Borrower and the Bank).

     (d) The Closing Date shall have occurred on or before February 28, 2008.

     3.02 Conditions Precedent to All Loans. The obligation of the Bank to make each Loan
(including any initial Loan) shall be subject to the further conditions precedent that on the
date of such Loan:

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     (a) The following statements shall be true (and the receipt by the Borrower of the proceeds of
such Loan shall be deemed to constitute a representation and warranty by the Borrower that such
statements are true on such date):

     (1) The representations and warranties contained in the Loan Documents are correct on
and as of the date of such Loan as though made on and as of such date; and

     (2) no event has occurred and is continuing, or would result from such Loan which
constitutes an Event of Default or would constitute an Event of Default but for any
requirement that notice be given or time elapse or both; and

     (3) the total amount of Loans outstanding, together with all Loans described in any
pending Loan Request, does not exceed the Commitment; and

     (4) All amounts available to be drawn under the terms of the U.S. Bank Credit Agreement
have been fully advanced (i.e., the “Commitments”, as defined in the U.S. Bank Credit
Agreement, have been fully utilized);

     (5) The Borrower maintains a Modified Asset Coverage Ratio of not more than 65%; and

     (b) The Bank shall have received such other approvals, opinions or documents as the Bank may
reasonably request.

ARTICLE IV. REPRESENTATIONS AND WARRANTIES

     Borrower represents and warrants to the Bank that:

     4.01 Existence, Qualification and Power; Compliance with Laws. The Borrower (a) is duly
organized or formed, validly existing and in good standing under the Laws of the jurisdiction of
its incorporation or organization, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on
its business and (ii) execute, deliver, and perform its obligations under the Loan Documents to
which it is a party, and (c) is duly qualified and is licensed and in good standing under the
Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of
its business requires such qualification or licenses, except in each case referred to in
clause (b)(i) or (c), to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect.

     4.02 Authorization; No Contravention. The execution, delivery and performance by each Loan
Document to which it is a party, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any of such Person’s
Organization Documents; (b) conflict with or result in any breach or contravention of, or the
creation of any Lien under, (i) any Contractual Obligation to which it is a party or (ii) any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which it
or its property is subject; or (c) violate any Law, in each case, the result of which could cause
a Material Adverse Effect.

     4.03 Governmental Authorization. No approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person is
necessary or required in connection with the execution, delivery or performance by, or
enforcement against, the Borrower of this Agreement or any other Loan Document.

     4.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by the Borrower that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of the Borrower, enforceable against the Borrower that is
party thereto in accordance with its terms, except as may by bankruptcy, solvency, fraudulent
conveyance or transfer or similar laws affecting creditors rights generally and principles of
equity.

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     4.05 Financial Statements; No Material Adverse Effect.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly present the financial condition of Borrower and its Subsidiaries as of the date thereof
and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein; and (iii) show or refer to all material indebtedness and other liabilities, direct or
contingent, of Borrower and its Subsidiaries as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness.

     (b) The unaudited consolidated financial statements of Borrower and its Subsidiaries dated
September 30, 2007, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared
in accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein, and; (ii) fairly present the financial condition of Borrower
and its Subsidiaries as of the date thereof and their results of operations for the period
covered thereby, subject in the case of clauses (i) and (ii), to the absence of
footnotes and to normal year-end audit adjustments.

     (c) Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be
expected to have a Material Adverse Effect.

     4.06 No Default. Neither Borrower nor any Subsidiary is in default under or with respect to
any Contractual Obligation that could either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan
Document. Without limitation of the generality of the foregoing, no Default or Matured Default
exists under the U.S. Bank Credit Agreement.

     4.07 Insurance. The properties of Borrower and its Subsidiaries are insured with
financially sound and reputable insurance companies not Affiliates of Borrower (except as
described below), in such amounts, after giving effect to any self-insurance compatible with the
following standards, with such deductibles and covering such risks as are customarily carried by
companies engaged in similar businesses and owning similar properties in localities where
Borrower or the applicable Subsidiary operates.

     4.08 Taxes. Borrower and its Subsidiaries have filed all Federal, state and other material
tax returns and reports required to be filed, and have paid all Federal, state and other material
taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except those which are being contested in
good faith by appropriate proceedings diligently conducted and for which adequate reserves have
been provided in accordance with GAAP. There is no proposed tax assessment against Borrower or
any Subsidiary that would, if made, have a Material Adverse Effect.

     4.09 ERISA Compliance.

     (a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under
Section 401(a) of the Code has received a favorable determination letter from the IRS or
an application for such a letter is currently being processed by the IRS with respect thereto
and, to the best knowledge of Borrower, nothing has occurred which would prevent, or cause the
loss of, such qualification. Borrower and each ERISA Affiliate have made all required
contributions to each 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 the best knowledge of Borrower, threatened claims, actions
or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary

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responsibility rules with respect to any Plan that 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) neither Borrower 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) neither
Borrower 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 Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and
(v) neither Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject
to Sections 4069 or 4212(c) of ERISA.

     4.10 Disclosure. Borrower has disclosed to the Bank all agreements, instruments and
corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other
matters known to it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. No report, financial statement, certificate or other
information furnished (whether in writing or orally) by or on behalf of the Borrower in
connection with any Loan Document to the Bank in connection with the transactions contemplated
hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented
by other information so furnished) contains any material misstatement of fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading.

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

     4.12 Margin Regulations; Investment Company Act; Public Utility Holding Company Act.

     (a) Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the Federal Reserve Bank), or extending credit for the purpose of
purchasing or carrying margin stock.

     (b) None of Borrower, any Person Controlling Borrower, or any Subsidiary (i) is a “holding
company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding
company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public
Utility Holding Company Act of 1935, or (ii) is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.

     4.13 Tax Shelter Regulations. Borrower intends not to treat the Loans and related
transactions as being a “reportable transaction” (within the meaning of Treasury Regulation
Section 1.6011-4). In the event Borrower determines to take any action inconsistent with such
intention, it will promptly notify the Bank thereof.

ARTICLE V. AFFIRMATIVE COVENANTS

     So long as any Loan or other Obligation shall remain unpaid or unsatisfied or Bank shall
have any
Commitment hereunder, Borrower shall comply with all Affirmative Covenants set forth in the
U.S. Bank Credit Agreement.

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ARTICLE VI. NEGATIVE COVENANTS

     So long as any Loan or other Obligation shall remain unpaid or unsatisfied or Bank shall
have any Commitment hereunder, Borrower shall comply with all Negative Covenants set forth in the
U.S. Bank Credit Agreement.

ARTICLE VII. EVENTS OF DEFAULT AND REMEDIES

     7.01 Events of Default. Any of the following shall constitute an Event of Default:

     (a) Non-Payment. Borrower fails to pay when and as required to be paid herein, any
amount of principal or interest of the Loan, any Commitment or other fee due hereunder when due;
or

     (b) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of Borrower in any other Loan Document, or
in any document delivered in connection herewith or therewith shall be materially incorrect or
materially misleading when made or deemed; or

     (c) Cross-Default. Any Default or Matured Default as provided for in the U.S. Bank
Credit Agreement.

     7.02 Remedies Upon Event of Default. From and after the occurrence of any nonpayment of any
amounts due hereunder or noncompliance with any term or condition hereof, as applicable, the Bank
may, at its option, suspend the making of Loans. Upon the occurrence of any Event of Default the
Bank may, by notice to the Borrower, declare its obligation to make Loans to be terminated or
suspended as the Bank may determine (whether or not any Loan Request shall then be pending),
whereupon the same shall forthwith terminate, and may, by notice to the Borrower, declare the
Loans, all interest thereon and all other amounts payable under this Agreement and the other Loan
Documents to be forthwith due and payable, whereupon the such amounts shall become and be
forthwith due and payable, without presentment, demand, protest or further notice of any kind,
all of which are hereby expressly waived by the Borrower; and may exercise all rights and
remedies provided herein and in the Loan Documents and/or by applicable law, provided, however,
that in the event of an actual or deemed entry of an order for relief with respect to the
Borrower under the Federal Bankruptcy Code, (x) the obligation of the Bank to make Loans shall
automatically be terminated and (y) the Loans, all such interest and all such amounts shall
automatically become due and payable, without presentment, demand, protest or any notice of any
kind, all of which are hereby expressly waived by the Borrower.

     7.03 Application of Funds. After the exercise of remedies provided for in Section
7.02 (or after the Loan has automatically become immediately due and payable as set forth in
the proviso to Section 7.02), any amounts received on account of the Obligations may be
applied by the Bank in such order as determined by the Bank.

ARTICLE VIII. MISCELLANEOUS

     8.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any
other Loan Document, and no consent to any departure by Borrower shall be effective unless in
writing signed by the Bank and Borrower and acknowledged by the Bank, and each such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which
given.

     8.02 Notices and Other Communications; Facsimile Copies.

     (a) General. Unless otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including by facsimile transmission).
All such written notices shall be mailed, faxed or delivered, to the applicable address,
facsimile number or (subject to subsection (c) below) electronic mail address, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be
made to the applicable telephone number, specified for such Person on Schedule 8.02 or to

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such other address, facsimile number, electronic mail address or telephone number as shall be
designated by such party in a notice to the other parties. All such notices and other
communications shall be deemed to be given or made upon the earlier to occur of (i) actual
receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, upon
delivery; (B) if delivered by mail, four Business Days after deposit in the mails, postage
prepaid; (C) if delivered by facsimile, when sent and the sender has received electronic
confirmation of error free receipt; and (D) if delivered by electronic mail (which form of
delivery is subject to the provisions of subsection (c) below), when delivered;
provided, however, that notices and other communications to the Bank pursuant to
Article II shall not be effective until actually received by the Bank. In no event shall
a voicemail message be effective as a notice, communication or confirmation hereunder.

     (b) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be
transmitted and/or signed by facsimile. The effectiveness of any such documents and signatures
shall, subject to applicable Law, have the same force and effect as manually-signed originals and
shall be binding on the Borrower and the Bank. The Bank may also require that any such documents
and signatures be confirmed by a manually-signed original thereof; provided,
however, that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile document or signature.

     (c) Limited Use of Electronic Mail. Electronic mail and internet and intranet
websites may be used only to distribute routine communications, such as financial statements, and
to distribute Loan Documents for execution by the parties thereto, and may not be used for any
other purpose.

     (d) Reliance by the Bank. The Bank shall be entitled to rely and act upon any
notices (including telephonic Notices) purportedly given by or on behalf of Borrower even if (i)
such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. Borrower shall indemnify each
Bank-Related Person and the Bank from all losses, costs, expenses and liabilities resulting from
the reliance by such Person on each notice purportedly given by or on behalf of Borrower. All
telephonic notices to and other communications with the Bank may be recorded by the Bank, and
each of the parties hereto hereby consents to such recording.

     8.03 No Waiver; Cumulative Remedies. No failure by the Bank to exercise, and no delay by
any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

     8.04 Attorney Costs, Expenses and Taxes. Borrower agrees (a) to pay or reimburse the Bank
for all reasonable costs and expenses incurred in connection with the development, preparation,
negotiation and execution of this Agreement and the other Loan Documents and any amendment,
waiver, consent or other modification of the provisions hereof and thereof (whether or not the
transactions contemplated hereby or thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including all Attorney Costs
and costs and expenses in connection with the use of IntraLinks, Inc. or other similar
information transmission systems in connection with this Agreement, and (b) to pay or reimburse
the Bank for all costs and expenses incurred in connection with the enforcement, attempted
enforcement, or preservation of any rights or remedies under this Agreement or the other Loan
Documents (including all such costs and expenses incurred during any “workout” or restructuring
in respect of the Obligations and during any legal proceeding, including any proceeding under any
Debtor Relief Law), including all Attorney Costs. The foregoing costs and expenses shall include
all search, filing, recording, title insurance and appraisal charges and fees and taxes related
thereto, and other out-of-pocket expenses incurred by the Bank and the cost of
independent public accountants and other outside experts retained by the Bank. The
agreements in this Section shall survive the termination of the Commitments and repayment of all
other Obligations.

     8.05 Indemnification by Borrower. Whether or not the transactions contemplated hereby are
consummated, Borrower shall indemnify and hold harmless the Bank-Related Person, and their
respective

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Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact
(collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements
(including Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on,
incurred by or asserted against any such Indemnitee in any way relating to or arising out of or
in connection with (a) the execution, delivery, enforcement, performance or administration of any
Loan Document or any other agreement, letter or instrument delivered in connection with the
transactions contemplated thereby or the consummation of the transactions contemplated thereby,
(b) any Commitment, Loan or the use or proposed use of the proceeds therefrom, (c) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and
regardless of whether Indemnitee is a party thereto (all the foregoing, collectively, the
"Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such liabilities, obligations, losses, damages, penalties,
claims, demand, actions, judgments, suits, costs, expenses or disbursements are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any
damages arising from the use by others of any information or other materials obtained through
IntraLinks or other similar information transmission systems in connection with this Agreement,
nor shall any Indemnitee have any liability for any indirect or consequential damages relating to
this Agreement or any other Loan Document or arising out of its activities in connection herewith
or therewith (whether before or after the Closing Date). The agreements in this Section shall
survive the termination of the Commitments and the repayment, satisfaction or discharge of all
the other Obligations. All amounts due under this Section 8.05 shall be payable within
ten Business Days after demand therefor.

     8.06 Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made
to the Bank or the Bank exercises its right of set-off, and such payment or the proceeds of such
set-off or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by the
Bank in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such set-off had not
occurred.

     8.07 Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of the Bank and no Bank may assign or
otherwise transfer any of its rights or obligations hereunder except (i) by way of participation
in accordance with the provisions of subsection (b) of this Section, or (ii) by way of
pledge or assignment of a security interest subject to the restrictions of subsection (c)
of this Section (and any other attempted assignment or transfer by any party hereto shall be null
and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon
any Person (other than the parties hereto, their respective successors and assigns permitted
hereby and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

     (b) The Bank may, without the consent of, or notice to, Borrower, sell participations to any
Person (other than a natural person or Borrower or any of Borrower’s Affiliates or Subsidiaries
(each a “Participant”) in all or a portion of the Bank’s rights and/or obligations under this
Agreement (including all or a portion of the Loan.

     (c) The Bank may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including under its Note, if any) to secure obligations of the
Bank, including any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no such
pledge or assignment shall release the Bank from any of its obligations hereunder or substitute
any such pledgee or assignee for the Bank as a party hereto.

     8.08 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

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such Information
confidential); (b) to the extent requested by any regulatory authority; (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process; (d) to
any other party to this Agreement; (e) in connection with the exercise of any remedies hereunder
or any other Loan Document or any suit, action or proceeding relating to this Agreement or any
other Loan Document or the enforcement of rights hereunder or under any other Loan Document; (f)
subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any Participant in, or any prospective Participant in, any of its rights or obligations under
this Agreement or (ii) any direct or indirect contractual counterparty or prospective
counterparty (or such contractual counterparty’s or prospective counterparty’s professional
advisor) to any credit derivative transaction relating to obligations of the Borrower; (g) with
the consent of Borrower; (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 Borrower; or (i) to the National Association of
Insurance Commissioners or any other similar organization. In addition, the Bank may disclose
the existence of this Agreement and information about this Agreement to market data collectors,
similar service providers to the lending industry, and service providers to the Bank in
connection with the administration and management of this Agreement, the other Loan Documents and
the Commitments. For the purposes of this Section, “Information” means all information received
from the Borrower relating to the Borrower or its business, other than any such information that
is available to the Bank on a nonconfidential basis prior to disclosure by the Borrower. 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. In addition, the Bank may disclose to any agency or
organization that assigns standard identification numbers to loan facilities such basic
information describing the facilities provided hereunder as is necessary to assign unique
identifiers (and, if requested, supply a copy of this Agreement), it being understood that the
Person to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to make available to the public only such Information as such person
normally makes available in the course of its business of assigning identification numbers.
Notwithstanding anything herein to the contrary, “Information” shall not include, and the Bank
may disclose to any and all Persons, without limitation of any kind, any information with respect
to the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury
Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of any
kind (including opinions or other tax analyses) that are provided to the Bank relating to such
tax treatment and tax structure; provided that with respect to any document or similar
item that in either case contains information concerning the tax treatment or tax structure of
the transaction as well as other information, this sentence shall only apply to such portions of
the document or similar item that relate to the tax treatment or tax structure of the Loans and
transactions contemplated hereby.

     8.09 Set-off. In addition to any rights and remedies of the Bank provided by law, upon the
occurrence and during the continuance of any Event of Default, the Bank is authorized at any time
and from time to time, without prior notice to Borrower, any such notice being waived by Borrower
(on its own behalf and on behalf of the Borrower) to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand, provisional or final) at
any time held by, and other indebtedness at any time owing by, the Bank to or for the credit or
the account of the Borrower against any and all Obligations owing to the Bank hereunder or under
any other Loan Document to the extent of the Borrower’s liability therefor, now or hereafter
existing, irrespective of whether or not the Bank shall have made demand under this Agreement or
any other Loan Document and although such Obligations may be contingent or unmatured or
denominated in a currency different from that of the applicable deposit or Indebtedness. The Bank
agrees promptly to notify Borrower after any such set-off and application made by the Bank;
provided, however, that the failure to give such notice shall not affect the
validity of such set-off and application.

     8.10 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed
the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Bank shall receive interest in an amount that exceeds the Maximum Rate, the excess interest
shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to Borrower. In determining whether the interest contracted for, charged, or received by the
Bank in excess of the Maximum Rate, such Person may, to the extent permitted by applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate,
allocate, and

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

15

 

spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder.

     8.11 Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     8.12 Integration. This Agreement, together with the other Loan Documents, comprises the
complete and integrated agreement of the parties on the subject matter hereof and thereof and
supersedes all prior agreements, written or oral, on such subject matter. In the event of any
conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Bank in any other Loan Document shall not be deemed a conflict
with this Agreement. Each Loan Document was drafted with the joint participation of the
respective parties thereto and shall be construed neither against nor in favor of any party, but
rather in accordance with the fair meaning thereof.

     8.13 Survival of Representations and Warranties. All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto
or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. Such representations and warranties have been or will be relied upon by the Bank,
regardless of any investigation made by the Bank or on its behalf and notwithstanding that the
Bank may have had notice or knowledge of any Default at the time of the Loan, and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain
unpaid or unsatisfied.

     8.14 Severability. If any provision of this Agreement or the other Loan Documents is held
to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     8.15 Governing Law; Submission to Jurisdiction.

     (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF ILLINOIS APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE;
PROVIDED THAT THE BANK SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

     (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF ILLINOIS SITTING IN CHICAGO, ILLINOIS OR OF THE
UNITED STATES FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, BORROWER AND THE BANK CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE
NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. BORROWER AND THE BANK IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN
SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED
THERETO. BORROWER AND THE BANK WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER
PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

     8.16 Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES
ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO OR ANY OF THEM WITH RESPECT TO ANY

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

16

 

LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR
OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     8.17 Time of the Essence. Time is of the essence of the Loan Documents.

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

17

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 	 	 
	 	 	THE ANDERSONS, INC., an Ohio corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary Smith	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Gary Smith	 	 
	 

	 	Title:
	 	Vice President, Finance and Treasurer	 	 

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

18

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Edward L. Cooper, III 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Edward L. Cooper, III	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Senior Vice President 	 	 
	 

	 	 	 	 	 	 

Wells Fargo Bank/The Andersons, Inc. Credit Agreement

19

 

SCHEDULE 8.02

ADDRESSES FOR NOTICES

WIRE TRANSFER INSTRUCTIONS

BORROWER’S ADDRESS:

480 W. Dussel Dr.

P.O. Box 119

Maumee, OH 43537

BORROWER’S WIRE TRANSFER INSTRUCTIONS FOR FUNDING LOANS:

[ATTACHED]

BANK’S ADDRESS:

BANK’S WIRE TRANSFER INSTRUCTIONS FOR PAYMENTS:

[ATTACHED]

i

 

EXHIBIT A

FORM OF NOTE

			
	 	 	 
	$100,000,000
	 	February 25, 2008

     FOR VALUE RECEIVED, the undersigned, THE ANDERSONS, INC., an Ohio corporation (the
"Borrower”), hereby promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION or
registered assigns (the “Bank”), in accordance with the provisions of the Credit Agreement (as
hereinafter defined) the principal amount of the Loans from time to time made by the Bank to
Borrower under that certain Credit Agreement, dated as of February 25, 2008 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit
Agreement;” the terms defined therein being used herein as therein defined), among Borrower and
the Bank.

     Borrower promises to pay principal and interest on the unpaid principal amount of the Loans
from the date of the such Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Credit Agreement. All payments of principal and
interest shall be made to the Bank in Dollars in immediately available funds at the Bank’s
Office. If any amount is not paid in full when due hereunder (taking into account any applicable
grace period), such unpaid amount shall bear interest, to be paid upon demand, from the due date
thereof until the date of actual payment (and before as well as after judgment) computed at the
per annum rate set forth in the Credit Agreement.

     This Note is the Note referred to in the Credit Agreement, is entitled to the benefits
thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. Upon the occurrence and continuation of one or more of the Events of Default specified
in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be
declared to be, immediately due and payable all as provided in the Credit Agreement. The Loans
may be evidenced by one or more loan accounts or records maintained by the Bank in the ordinary
course of business. The Bank may also attach schedules to this Note and endorse thereon the
date, amount and maturity of its Loans and payments with respect thereto.

     Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
ILLINOIS.

	 	 	 	 	 
	 	 	THE ANDERSONS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	(Sample — Do Not Sign)
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

ii

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