Document:

Supply Agreement

 Exhibit 10.41 
  
 SUPPLY AGREEMENT 
  
 This Supply Agreement is effective as of December 22, 2005 (“Effective Date”) by and between Dendreon Corporation, a
corporation organized under the laws of the State of Delaware, and having a place of business at 3005 First Avenue, Seattle, Washington 98121 (“DENDREON”), and Diosynth RTP, a corporation organized under the laws of the State of Delaware
and having a place of business at 101 J. Morris Commons Lane, Morrisville, NC 27560 (“DIOSYNTH”) (each individually a “Party” and collectively the “Parties”). 
  
 WITNESSETH: 
  
 Whereas, DENDREON and DIOSYNTH are parties to that certain Bioprocessing Services
Agreement dated March 16, 2001, as amended by the First Amendment to Bioprocessing Services Agreement dated May 8, 2003 and the Second Amendment to Bioprocessing Services Agreement dated October 27, 2004 (as amended, the
“BSA”) for the provision of services for the production of the Ancillary Component, which is used in the manufacture of Drug Product; and 
  
 Whereas, DENDREON wishes to continue to purchase Ancillary Component from DIOSYNTH, and DIOSYNTH wishes to continue to sell and manufacture Ancillary Component for
DENDREON under the following terms of this Supply Agreement. 
  
 Now,
Therefore, in consideration of the mutual covenants and promises set forth herein, the parties agree as follows: 
  

	1.	Definitions 

  
 All defined terms used in this Agreement have the meanings assigned to them in Schedule 1. 
  

	2.	Supply of Ancillary Component 

  

	 	2.1.	During the term of this Agreement, DIOSYNTH will manufacture Ancillary Component for DENDREON at the Facility and in the quantities required under this Agreement.

  

	 	2.2.	DIOSYNTH will manufacture the Ancillary Component for DENDREON only at its facility located in Research Triangle Park, North Carolina (the “Facility”).

  

	 	2.3.	During the Term, DENDREON will order a minimum of one [***] Campaign in accordance with the requirements of Section 6 (Forecasts/Orders). DIOSYNTH shall produce at least the
following Campaign Quantities of Ancillary Component during each Campaign (as increased under Section 2.4, the “Minimum Gram Guarantee”): 

  
 [***] 
  
 (Each of the above amounts are the “Original Minimum Gram Guarantees”). 
  
 For purposes of determining whether the Minimum Gram Guarantee is satisfied, the mass of Ancillary Component produced shall
be determined with respect to final, purified bulk Ancillary Component that is dispositioned, and shall include from each 

  

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Campaign samples pulled during filling. The mass is calculated by multiplying the Ancillary Component concentration by the volume of Ancillary Component. The
Joint Operating Committee will maintain a register of mass of Ancillary Component for each Campaign. 
  

	 	2.4.	If in any Campaign (“First Campaign”) DIOSYNTH produces and DENDREON Accepts more than the Minimum Gram Guarantee applicable to the First Campaign (such additional amount
being referred to as “Additional Production”), other than as a result of extension of the First Campaign to meet the Minimum Gram Guarantee, the Minimum Gram Guarantee for the next Campaign shall be increased as follows: The Minimum Gram
Guarantee shall equal the greater of (i) the Minimum Gram Guarantee applicable to the immediately prior Campaign of equal length (or if no such Campaign has occurred, the Original Minimum Gram Guarantee for that length Campaign) or (ii) [
*** ] of the total production of Accepted Ancillary Component during the First Campaign (proportionally adjusted, where the First Campaign was not of equal length, by multiplying [ *** ] of the total production of Accepted Ancillary Component during
the First Campaign by the Appropriate Adjustment Ratio). For clarity, the following examples demonstrate the intended application of the provisions of this Section 2.4: 

  

	 	a)	Example of Consecutive Campaigns of the Same Lengths: 

  
 Campaign #1 = [ *** ] months. 
  
 Minimum Gram Guarantee = [ *** ] grams. 
  
 [ *** ] grams Accepted. 
  
 Campaign #2 = [ *** ] months. 
  
 Minimum Gram Guarantee = Greater of (i) [ *** ] grams and (ii) [ *** ] grams = [ *** ] grams. Thus, the Minimum Gram Guarantee is now [ *** ]
grams. 
  
 [ *** ] grams Accepted (As the [ *** ] month Campaign
yielded less than [ *** ] grams, the Campaign was extended to produce at least [ *** ] grams, [ *** ] actually Accepted). 
  
 Campaign #3 = [ *** ] months. 
  
 Minimum Gram Guarantee = Greater of (i) [ *** ] grams and (ii) [ *** ] x [ *** ] grams. Thus, the Minimum Gram Guarantee is still [ *** ]
grams. 
  

	 	b)	Example of Consecutive Campaigns of Different Lengths: 

  
 Campaign #1 = [ *** ] months. 
  
 Minimum Gram Guarantee = [ *** ] grams. 
  
 [ *** ] grams Accepted 
  
 Campaign #2 = [ *** ] months. 
  
 Minimum Gram Guarantee = Greater of (i) [ *** ] grams and (ii) [ *** ] grams x the Appropriate Adjustment Ratio [ *** ] grams. 
  

	 	2.5.	Process Consumables required in connection with the production and testing of Ancillary Component under this Agreement shall be acquired as set forth in Schedule 2, which
sets forth each of the Parties’ roles and responsibilities with respect to the Process Consumables. 

  

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	 	2.6.	For clarification purposes, except as set forth in the first sentence of Section 0, nothing in this Agreement shall be construed as creating a “requirements”
contract or otherwise to limit DENDREON’s right to manufacture Ancillary Component for itself or to obtain Ancillary Component from third parties. 

  

	3.	Term and Termination 

  

	 	3.1.	The term of this Agreement shall commence on the Effective Date and shall continue for a term of [ *** ] with automatic renewal for additional [ *** ] terms unless either Party
gives written notice at least [ *** ] months prior to the expiration of such year term, or unless terminated sooner pursuant to Sections 3.2, 3.3 or 3.4 below (“Term”). 

  

	 	3.2.	This Agreement may be terminated by either Party in the event of the material breach or default by the other Party of the terms and conditions hereof; provided however, that the
other Party shall first give to the defaulting Party written notice of the proposed termination or cancellation of the Agreement, specifying the grounds therefor. Upon receipt of such notice, the defaulting party shall have [ *** ] days to cure such
breach or default, except with respect to DIOSYNTH’S failure to meet the minimum gram guarantee or production of non-conforming Product, which shall be governed by Sections 8.1 and 8.4 of this Agreement. If the defaulting Party fails to cure
such breach or default within the time set forth above, then the other Party may immediately terminate this Agreement. Termination of this Agreement pursuant to this Article 3.2 shall not affect any other rights or remedies which may be available to
the non-defaulting Party subject to the limitations contained in Article 15. 

  

	 	3.3.	This Agreement may be terminated by either Party if the other Party makes an assignment for the benefit of its creditors, or is placed in receivership, liquidation, or bankruptcy.

  

	 	3.4.	This Agreement may be terminated immediately at DIOSYNTH’S option if DENDREON fails to place an Order for at least a [ *** ] -month Campaign and purchase the Ancillary
Component from that [ *** ] month Campaign in any [ *** ] month period following the first Order. 

  

	 	3.5.	It is anticipated that approval of the current Ancillary Component manufacturing process will be sought by Biologics License Application (“BLA”) with the FDA in the third
quarter of 2006. This Agreement assumes the BLA will be accepted for review, and approved by the FDA using the current Ancillary Component manufacturing process as defined in the batch records and deliverables from the BSA. Should the FDA require
material changes to the process, the parties will negotiate appropriate amendments to this Agreement in good faith. 

  

	 	3.6.	The right of either Party to terminate this Agreement as provided in Sections 3.2, 3.3 or 3.4 shall not be affected in any way by its waiver of, or failure to take action
with respect to, any other default. 

  

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	 	3.7.	Termination of this Agreement for any reason shall not relieve the other Party of any liability or from any obligations which have accrued under this Agreement prior to such
termination; provided that DENDREON may, at its option, cancel any outstanding orders for Ancillary Component without charge or other liability upon termination of this Agreement by DENDREON for DIOSYNTH’S material breach or default under
Section 3.2. 

  

	 	3.8.	The following Sections shall survive expiration or termination of this Agreement: Sections 3.7, 3.8 and 5.2, and Articles 9 through 17 and 21. 

  

	4.	Price, Invoicing and Payment 

  

	 	4.1.	The price per Campaign to produce Ancillary Component manufactured hereunder shall be determined as set forth in Schedule 3 attached hereto, which is incorporated herein by
reference. If DIOSYNTH produces Additional Production during any Campaign, DENDREON shall purchase [ *** ] of such Additional Production at a price per gram equal to the Additional Production Price. Effective for all invoices issued for Accepted
Product on or after January 1, 2008 and each year thereafter, the price per Campaign and the price for Additional Production shall be increased annually by the percentage equal to the percentage increase in the Producer Price Index from the
previous calendar year. 

  

	 	4.2.	Following receipt of an Order that complies with the terms of this Agreement, DIOSYNTH may invoice DENDREON as follows: 

  

	 	(a)	[ *** ] percent [ *** ] of the Campaign Base Price (as set forth in Schedule 3, based on the assumption of delivery of the then-current Minimum Gram Guarantee) upon the later
of (i) receipt of the order, or (ii) the date which is [ *** ] months before the Order Campaign Start Date; provided that for the first Order DIOSYNTH may invoice DENDREON this amount as of April 1, 2006; 

  

	 	(b)	[ *** ] percent [ *** ] of the Estimated Consumables Payment (each as set forth in Schedule 2, based on the assumption of delivery of the then-current Minimum Gram Guarantee)
upon the later of (i) receipt of the order, or (ii) the date which is [ *** ] months before the Order Campaign Start Date; 

  

	 	(c)	A further [ *** ] of the Campaign Base Price and the remaining [ *** ] percent [ *** ] of the Estimated Consumables Payment (as set forth in Schedules 2 and 3, based on the
assumption of delivery of the then-current Minimum Gram Guarantee) upon the Campaign Start Date; and 

  

	 	(d)	The remaining [ *** ] percent [ *** ] of the Campaign Base Price shall be paid by DENDREON on a per-gram basis, until the Minimum Gram Guarantee is met as such Ancillary Component
is Accepted by DENDREON under this Agreement, at a price equal to [ *** ] percent [ *** ] of the ratio of the Campaign Base Price divided by the Minimum Gram Guarantee. 

  

	 	(e)	After the Minimum Gram Guarantee is met, subsequent Additional Production will be invoiced on a per-gram basis as such Ancillary Component is Accepted by DENDREON at the Additional
Production Price. 

  

	 	(f)	 As Process Consumables are purchased, DIOSYNTH will issue a statement to DENDREON reconciling such purchases against the Estimated Consumables 

  

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Payment pursuant to Schedule 2 and section 4.2(b). The reconciliation against Actual Consumables Payment will result in either: (i) a credit for
overpayment compared to the Estimated Consumables Payment which DIOSYNTH will credit against the Campaign Base Price, or (ii) an invoice to DENDREON for the additional costs compared to the Estimated Consumables Payment.

  

	 	(g)	For the first [ *** ] months of manufacturing under this Agreement, DIOYSNTH will invoice DENDREON on a monthly basis for manufacturing support by DIOSYNTH’S process
development group. Such manufacturing support will be priced at the Manufacturing Support Price per month as specified in Schedule 3. For clarity, the following example demonstrates the intended application of the provisions of this Section:

  

	 	i.	DENDREON’s Initial Order is for a [ *** ] month Campaign: DIOSYNTH will invoice DENDREON at the Manufacturing Support Price at the Campaign Start Date and for the subsequent [
*** ] monthly invoices 

  

	 	ii.	DENDREON’s next Order is for a [ *** ] month Campaign: DIOSYNTH will invoice at the Manufacturing Support Price at the Campaign Start Date and for the subsequent [ *** ]
monthly invoices. 

  

	 	4.3.	DENDREON shall pay DIOSYNTH in U.S. dollars within thirty (30) days from the date of invoice. Invoiced amounts not paid within such thirty (30) day period, and not
disputed under Section 4.7, are subject to interest at the lesser rate of one percent (1%) per month, or the maximum rate amount permitted by law. 

  

	 	4.4.	Any Ancillary Component stored by DIOSYNTH for more than sixty (60) days after Acceptance by DENDREON is subject to a storage charge of [ *** ] per Lot per day.

  

	 	4.5.	Except as provided in Section 4.7, any amounts owed for more than sixty (60) days past due, and not disputed under Section 4.7, constitute a material breach of this Agreement.

  

	 	4.6.	Notwithstanding the DENDREON Process Consumables Payment Percentage set forth in Schedule 2, DENDREON shall bear 100% of the costs related to changes in availability or
catalog/custom status of the cell culture medium (currently Sf900II) or chromatography resins. 

  

	 	4.7.	DENDREON shall notify DIOSYNTH in writing of any good faith dispute with respect to any invoice within thirty (30) calendar days after the date of such invoice, and the Parties
shall promptly attempt in good faith to amicably resolve such disagreement. In the event that DENDREON disagrees with part of any invoice pursuant to this Section 4.7 DENDREON shall pay the part of that invoice not subject to disagreement.

  

	5.	Title and Risk of Loss 

  

	 	5.1.	DIOSYNTH shall deliver Ancillary Component to DENDREON FCA (according to INCO Terms 2000) the Facility. Delivery of Ancillary Component by DIOSYNTH shall be deemed to have taken
place upon delivery to a DENDREON-designated carrier at the Facility. 

  

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	 	5.2.	Title and risk of loss to the Ancillary Component sold hereunder shall pass to DENDREON upon delivery of Ancillary Component to a DENDREON-designated carrier at DIOSYNTH’S
facility consistent with Section 5.1. 

  

	6.	Forecasts/Orders 

  

	 	6.1.	Within ten (10) business days after the Effective Date, and thereafter within ten (10) business days after the start of each Quarter during the Term, DENDREON shall submit
to DIOSYNTH a [ *** ] rolling forecast for its anticipated requirements for Ancillary Component for the succeeding [ *** ] Quarters (beginning with the Quarter in which the forecast is due). Notwithstanding the provisions of this Section 6.1, the
forecasts that DENDREON is to provide hereunder need not extend beyond this Agreement’s Term. 

  

	 	6.2.	DENDREON shall submit to DIOSYNTH a binding Order for the first Campaign by January 1, 2006. DENDREON does not anticipate placing an additional Order until[ *** ]; accordingly,
DIOSYNTH shall be free to fill its intermediate scale cell culture facility with other customers from[ *** ]. In addition, following DENDREON’s placement of any Order for a [ *** ] month Campaign, DIOSYNTH shall be free to fill its intermediate
scale cell culture facility with other customers for the [ *** ] month period beginning [ *** ] months after the Order Campaign Start Date for that [ *** ] month Campaign and following DENDREON’s placement of any Order for a [ *** ] -month
Campaign, DIOSYNTH shall be free to fill its intermediate scale cell culture facility with other customers for the [ *** ] -month period beginning [ *** ] months after the Order Campaign Start Date for that [ *** ] month Campaign.

  

	 	6.3.	DENDREON’s first Order for a Campaign under Section 6.2, and all subsequent Orders, shall be submitted to DIOSYNTH at least [ *** ] months prior to the requested Campaign Start
Date that is specified in the Order (such specified Campaign Start Date, the “Order Campaign Start Date”). 

  

	 	6.4.	Each Order shall be for a [ *** ] month Campaign and shall specify (i) the Order Campaign Start Date; (ii) the length of the Campaign; and (iii) the designated
carrier for delivery of Ancillary Component. 

  

	 	6.5.	DIOSYNTH shall respond to a written Order from DENDREON within ten (10) business days (an “Order Acceptance”) to accept the Order and confirm an estimated Campaign
Start Date, which shall be no later than the Order Campaign Start Date, and which shall be confirmed in writing at least six (6) month prior to the Order Campaign Start Date, and the Estimated Campaign Completion Date, and which shall include
the applicable Minimum Gram Guarantee for the Campaign. 

  

	 	6.6.	 After receiving an Order for a Campaign, DENDREON shall have the right and option to extend the Campaign for up to an additional [ *** ] months; provided that
DIOSYNTH has available manufacturing capacity and raw materials. If the Campaign is extended from a [ *** ] month Campaign to a [ *** ] month Campaign, 

  

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then DIOSYNTH may invoice DENDREON as if the extension was a new Order for a [ *** ] month Campaign (provided that DENDREON shall receive a credit for any
amounts previously paid by DENDREON on the original Order for the [ *** ] month Campaign). Likewise, if the Campaign is extended from either a [ *** ] month Campaign to a[ *** ] month Campaign, then DIOSYNTH may invoice DENDREON as if the extension
was a new Order for a [ *** ] month Campaign (provided that DENDREON shall receive a credit for any amounts previously paid by DENDREON on the original Order for the [ *** ] month Campaign). 

  

	 	6.7.	The Parties recognize that this Agreement is for the manufacturing and delivery of Ancillary Component and that there is an interval of approximately [ *** ] weeks between
completion of manufacture of Ancillary Component and Disposition of Ancillary Component. 

  

	 	6.8.	Once an Order has been placed, it shall be binding on both Parties (except as provided in Section 3.7) and (i) DENDREON shall be responsible for payment of the price of such
Order as set forth in Section 4.2, subject to DENDREON’s cancellation rights under Section 6.9, and (ii) DIOSYNTH shall be responsible to fulfill the Order by the dates set forth therein. 

  

	 	6.9.	With the exception of the first Order, DENDREON shall have the right to cancel any Orders submitted hereunder, subject to the following: 

  

	 	(a)	If the cancellation occurs [ *** ] months or more before the Order Campaign Start Date, the cancellation shall be without charge or other liability to DENDREON.

  

	 	(b)	If the cancellation occurs at least [ *** ] months, but no more than [ *** ] months, before the Order Campaign Start Date, DENDREON shall be responsible for a percentage of the
Campaign Base Price of the Campaign specified in the Order (as set forth in Schedule 2, based on the assumption of delivery of the then-current Minimum Gram Guarantee) and one hundred percent (100%) of the Actual Consumables Payment. The
cancellation fee will be determined as follows: 

  

	 	i.	[ *** ] month Campaign –[ *** ] of the Campaign Base Price will be paid by DENDREON. 

  

	 	ii.	[ *** ] Month Campaign [ *** ] of the Campaign Base Price will be paid by DENDREON. 

  

	 	iii.	[ *** ] Month Campaign [ *** ] of the Campaign Base Price will be paid by DENDREON. 

  

	 	(c)	If the cancellation occurs before the Order Campaign Start Date, but no more than [ *** ] before the Order Campaign Start Date, DENDREON shall be responsible for a percentage of the
Campaign Base Price of the Campaign specified in the Order (as set forth in Schedule 2, based on the assumption of delivery of the then-current Minimum Gram Guarantee) and one hundred percent (100%) of the Actual Consumables Payment. The
cancellation fee will be applied as follows: 

  

	 	i.	[ *** ] month Campaign –[ *** ] of the Campaign Base Price will be paid by DENDREON. 

  

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	 	ii.	[ *** ] Month Campaign [ *** ] of the Campaign Base Price will be paid by DENDREON. 

  

	 	iii.	[ *** ] Month Campaign [ *** ] of the Campaign Base Price will be paid by DENDREON. 

  

	 	(d)	If the cancellation occurs on or after the Order Campaign Start Date, DENDREON shall be responsible for [ *** ] of the Campaign Base Price plus the higher value of the Estimated
Consumables Payment or the Actual Consumables Payment. 

  

	 	(e)	DIOSYNTH shall use all reasonable efforts to mitigate its losses where DENDREON cancels an Order, including, among other things, using the Process Consumables for other customers of
DIOSYNTH and returning Process Consumables for cash or credit wherever possible. DIOSYNTH shall promptly notify DENDREON of any losses it is able to mitigate, and DENDREON’S payment obligations under this Section 6.9 shall be reduced to the
extent that DIOSYNTH mitigates its losses in this regard. 

  

	 	(f)	Any amounts paid by DENDREON for a Campaign under Section 4 shall be fully credited against amounts due under this Section 6.9. To the extent amounts paid under Section 4
exceed amounts payable under this Section 6.9, DIOSYNTH shall promptly refund the difference to DENDREON. 

  

	 	6.10. 	DENDREON shall have the right to reduce any Order submitted hereunder, subject to the following: 

  

	 	(a)	DENDREON may not change the Order Campaign Start Date. 

  

	 	(b)	DENDREON may reduce any Order to a shorter Campaign without penalty no less than [ *** ] months prior to the Order Campaign Start Date. 

  

	 	(c)	DENDREON may reduce any Order from [ *** ] months prior to the Order Campaign Start Date through the Campaign Start Date, subject to the following: 

  

	 	i.	Campaign reduction fees to be paid by DENDREON will be calculated based on reduced Campaign length in increments of [ *** ] months. 

  

	 	ii.	For a reduction of [ *** ] months from a [ *** ] month to a [ *** ] month Campaign, DENDREON shall pay to DIOSYNTH [ *** ] [ *** ] of the difference in Campaign Base Prices (as set
forth in Schedule 2, based on the assumption of delivery of the then-current Minimum Gram Guarantee). 

  

	 	iii.	For a reduction of [ *** ] months from a [ *** ] month to a[ *** ] month Campaign, DENDREON shall pay to DIOSYNTH [ *** ] of the difference in Campaign Base Prices (as set forth in
Schedule 2, based on the assumption of delivery of the then-current Minimum Gram Guarantee. 

  

	 	iv.	For a reduction of [ *** ] months from a [ *** ] month to a [ *** ] month Campaign DENDREON shall pay to DIOSYNTH a reduction fee equal to [ *** ] of the difference in the Campaign
Base Prices (as set forth in Schedule 2, based on the assumption of delivery of the then-current Minimum Gram Guarantee). 

  

	 	v.	DENDREON shall pay to DIOSYNTH the Actual Consumables Payment for the reduced Order, including payment for any surplus consumable irrevocably committed by DIOSYNTH for the Original
Order Campaign. 

  

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	7.	Facilities Visits 

  
 DENDREON shall have the right to visit DIOSYNTH’S facilities in accordance with the guidelines set forth in Schedule 5 attached to this
Agreement. DENDREON agrees to comply with these guidelines and shall bear responsibility for any failure of its representatives to so comply. 
  

	8.	Non-Conforming Ancillary Component 

  

	 	8.1.	If during the performance of a Campaign DIOSYNTH reasonably anticipates that the Campaign Quantity of Acceptable Ancillary Component that will be produced in such Campaign may not
meet the applicable Minimum Gram Guarantee, DIOSYNTH shall promptly notify DENDREON in writing and shall extend the Campaign as reasonably necessary to meet the Minimum Gram Guarantee, unless DENDREON otherwise notifies DIOSYNTH in its discretion.
In the event that DIOSYNTH reasonably anticipates during the Campaign that the Campaign Quantity of Acceptable Ancillary Component will meet the Minimum Gram Guarantee, but the Campaign does not actually produce sufficient Acceptable Ancillary
Component to meet the Minimum Gram Guarantee, then DIOSYNTH shall promptly produce, at its sole cost, such additional Ancillary Component as is necessary to meet the Minimum Gram Guarantee[ *** ] The remedies set forth in this Section 8.1 shall be
DENDREON’s sole remedy in the case of failure to meet the Minimum Gram Guarantee. 

  

	 	8.2.	Subject to Section 6.7, after the completion of a Lot, DIOSYNTH shall use commercially reasonable efforts to Disposition the Ancillary Component to DENDREON along with the
certificate of analysis, other associated manufacturing, testing and process documentation, and supporting data, required to be provided by DIOSYNTH under the Quality Agreement. 

  

	 	8.3.	Ancillary Component shall be considered non-conforming, and may be rejected by DENDREON, if it fails to conform to the warranties set forth in section 16.1.

  

	 	8.4.	In the event that any Ancillary Component is Dispositioned by DIOSYNTH and not Accepted by DENDREON pursuant to written notification, DIOSYNTH shall not ship such Ancillary
Component. In such case, and if DIOSYNTH concurs with DENDREON’s basis for not Accepting the Ancillary Component, DIOSYNTH shall replace the non-conforming Ancillary Component up to the Minimum Gram Guarantee[ *** ] The replacement of
non-conforming Ancillary Component as provided in this paragraph shall constitute DENDREON’S sole remedy for the production of non-conforming Ancillary Component, subject to Sections 4.2(d) and (e) (pursuant to which certain DENDREON
payment obligations that are conditioned upon Acceptance of Ancillary Component), and without limiting DIOSYNTH’s obligations or DENDREON’s rights under Sections 9 (Recall of Marketed Drug Product), and 12 (Indemnification).

  

	 	8.5.	If DENDREON and DIOSYNTH are unable to agree as to whether such Ancillary Component meets the warranties set forth in Section 17.1(a), then the matter shall be[ *** ] If DENDREON
and DIOSYNTH are unable to agree as to whether such Ancillary Component meets the warranties set forth in Section 17.1(b)-(e), then[ *** ] 

  

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	9.	Recall of the Marketed Drug Product 

  
 Each party shall promptly notify the other party (in any event within 48 hours) of obtaining knowledge of any information that might reasonably result in
the recall, seizure or other enforcement action relating to the Drug Product. If Drug Product must be recalled by reason of failure to meet any regulatory requirement, or DENDREON reasonably determines that all or specified quantities of the Drug
Product should be recalled, DENDREON shall have the sole responsibility to effect the recall. However, DIOSYNTH shall cooperate as reasonably requested by DENDREON. DENDREON shall reimburse DIOSYNTH for any costs reasonably expended by DIOSYNTH
unless the recall is due to negligent or intentionally wrongful act or omission of DIOSYNTH, or a failure of DIOSYNTH to conform in all material respects to the Specifications or the provisions of this Agreement or the Quality Agreement, then
DIOSYNTH shall reimburse DENDREON for all costs reasonably expended by DENDREON to effect the removal of Drug Product from the supply chain. 
  

	10.	DIOSYNTH Disclaimer 

  
 EXCEPT FOR EXPRESS WARRANTIES PROVIDED IN THIS AGREEMENT, DIOSYNTH HEREBY EXPRESSLY DISCLAIMS ANY WARRANTIES, EXPRESS OR IMPLIED, WITH REGARD TO THE
SERVICES AND PRODUCTS PROVIDED UNDER THIS AGREEMENT AND THE MANUFACTURE OF ANCILLARY COMPONENT, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. EXCEPT FOR EXPRESS WARRANTIES DESCRIBED IN
SECTION 17.1 , DIOSYNTH FURTHER DISCLAIMS ANY WARRANTY THAT THE ANCILLARY COMPONENT SUPPLIED TO DENDREON HEREUNDER WILL SATISFY THE REQUIREMENTS OF ANY REGULATORY AGENCY AT THE TIME OF A REGULATORY SUBMISSION TO SUCH AGENCIES. 
  

	11.	Confidentiality 

  

	 	11.1. 	Except as otherwise provided in this Article 11, during the initial Term of this Agreement, including any renewals thereof, and for a period of [ *** ]years thereafter:

  

	 	(a)	DIOSYNTH will retain in confidence and use only for purposes of this Agreement any Confidential Information disclosed by DENDREON or on behalf of DENDREON to DIOSYNTH under this
Agreement; and 

  

	 	(b)	DENDREON will retain in confidence and use only for purposes of this Agreement any Confidential Information disclosed by DIOSYNTH or on behalf of DIOSYNTH to DENDREON under this
Agreement. 

  

	 	11.2. 	 To the extent it is reasonably necessary or appropriate to fulfill its obligations or exercise its rights under this Agreement or any such rights which survive
termination or expiration hereof, each Party may disclose Confidential Information to its Affiliates, consultants, outside contractors, or clinical investigators on condition that such entities or persons agree i) to keep the Confidential
Information confidential 

  

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for the same time periods and to the same extent as each Party is required to keep the Confidential Information confidential, and ii) to use the
Confidential Information only for such purposes as such Party is entitled to use the Confidential Information. 

  

	 	11.3. 	To the extent a Party is required by any law, rule, regulation, subpoena, order, decree, or decision or other process of law to disclose the Confidential Information of the other
Party, the Party subject to the disclosure requirement may so disclose the Confidential Information of the other Party provided it informs the other Party in a timely manner of the disclosure requirement and uses its best efforts to limit the
disclosure and maintain confidentiality to the extent possible and permits the other Party to attempt by appropriate legal means to limit such disclosure. 

  

	12.	Indemnification 

  

	 	12.1. 	Indemnification by DENDREON. DENDREON shall indemnify, defend and hold DIOSYNTH, its Affiliates and their respective directors, officers, employees, agents, successors and
assigns harmless from and against any damages, judgments, claims, suits, actions, liabilities, costs and expenses (including, but not limited to, reasonable attorneys’ fees) arising out of or connected with (i) [ *** ] (ii) DENDREON
‘s breach of any of its obligations, warranties or representations hereunder; or (iii) DENDREON ‘s negligent acts or omissions or willful misconduct; provided that DENDREON shall have no liability for any damages, judgments, claims,
suits, actions, liabilities, costs and expenses covered by DIOSYNTH’S indemnification obligations under Section 12.2. 

  

	 	12.2. 	Indemnification by DIOSYNTH. DIOSYNTH shall indemnify, defend and hold DENDREON, its Affiliates and their respective directors, officers, employees, agents, successors and
assigns harmless from and against any damages, judgments, claims, suits, actions, liabilities, costs and expenses (including, but not limited to, reasonable attorneys’ fees) arising out of or connected with (i)[ *** ];
(ii) DIOSYNTH’S breach of any of its obligations, warranties or representations hereunder; or (iii) DIOSYNTH’S negligent acts or omissions or willful misconduct; provided that DIOSYNTH shall have no liability for any damages,
judgments, claims, suits, actions, liabilities, costs and expenses covered by DENDREON’S indemnification obligations under Section 12.1. 

  

	 	12.3. 	 A Party (the “Indemnitee”) which intends to claim indemnification under this Article shall promptly notify the other Party (the
“Indemnitor”) in writing of any action, claim or other matter in respect of which the Indemnitee or any of its Affiliates, or any of their respective directors, officers, employees or agents intend to claim such indemnification; provided,
however, the failure to provide such notice within a reasonable period of time shall not relieve the Indemnitor of any of its obligations hereunder except to the extent the Indemnitor is prejudiced by such failure. The Indemnitee shall permit, and
shall cause its Affiliates, and their respective directors, officers, employees and agents to permit, the Indemnitor, at its discretion, to settle any such action, claim or other matter. The Indemnitee agrees to the complete control of such defense
or settlement by the Indemnitor; provided, however, such settlement does not adversely affect the Indemnitee’s rights hereunder 

  

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 Page 11 of 27 

	 	 
or impose any obligations on the Indemnitee in addition to those set forth herein in order for it to exercise such rights. No such action, claim or other
matter shall be settled without the prior written consent of the Indemnitor, and the Indemnitor shall not be responsible for any attorneys’ fees or other costs incurred other than as provided herein. The Indemnitee, its Affiliates, and their
respective directors, officers, employees and agents shall cooperate fully with the Indemnitor and its legal representatives in the investigation and defense of any action, claim or other matter covered by this indemnification. The Indemnitee shall
have the right, but not the obligation, to be represented by counsel of its own selection and at its own expense. 

  

	13.	Regulatory Filings. 

  

	 	13.1. 	DIOSYNTH has filed and maintains a Type V drug master file (“DMF”) in the United States. For regulatory purposes, including the submission of regulatory filings,
amendments thereto and equivalents thereof, DENDREON shall be allowed to reference the DMF in its regulatory filings, and to other similar documents and DIOSYNTH will give DENDREON written authorization for FDA to review the DMF, and other similar
documents, that are necessary to complete regulatory filings that are related to the Ancillary Component and the Drug Product. DIOSYNTH shall also cooperate with DENDREON in obtaining regulatory approval to commercialize Drug Product in the United
States and in other countries at DENDREON’s sole expense. 

  

	 	13.2. 	As between the Parties, DENDREON shall be the sole owner of all U.S. and foreign regulatory filings and all related approvals obtained from FDA and other regulatory authorities with
respect to the Ancillary Component and Drug Product, subject to the terms of Section 13.1. 

  

	14.	Inventions and Patents 

  

	 	14.1. 	As between the Parties, DENDREON owns all right, title and interest in and to all Product Inventions. DIOSYNTH hereby exclusively assigns, including to the exclusion of DIOSYNTH, to
DENDREON all rights (including patent and intellectual property rights) in all Product Inventions, and DIOSYNTH shall promptly notify DENDREON of the discovery of each Product Invention and cooperate and cause its employees to cooperate with
DENDREON in perfecting DENDREON’S right, title and interest in and to Product Inventions, including the execution of applications, assignments and other instruments and the giving of testimony which may be appropriate to apply for and obtain
Letters Patent of the U.S. or of any foreign country with respect to the Product Invention, and DENDREON shall compensate DIOSYNTH for the time reasonably devoted to such activities and reimburse it for reasonable expenses incurred.

  

	 	14.2. 	As between the Parties, DIOSYNTH shall retain all rights to any Process Inventions, subject to DENDREON’s rights and licenses under this Article 14. 

 

	 	14.3. 	DIOSYNTH hereby grants to DENDREON without charge a[ *** ] Except as hereinafter described, DENDREON has no right, express or implied, to sub-license any Process Invention without
the prior written permission of DIOSYNTH. 

  

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 Page 12 of 27 

	 	14.4. 	The license granted to DENDREON in Section 14.3 is and shall be exclusive with respect to [ *** ] 

  

	 	14.5. 	The license granted to DENDREON in Section 14.3 includes the right for DENDREON to grant sublicenses (but not to authorize further sublicenses) under the rights granted to DENDREON
to use and practice the Process Inventions, but solely to DENDREON Collaborators, to make and have made[ *** ] 

  

	 	14.6. 	For any DENDREON Collaborator, contract manufacturer and/or other Third Party to whom DENDREON discloses Process Inventions in connection with a grant of a sublicense or
DENDREON’s exercise of “have made” rights, DENDREON shall obtain a written agreement in which the DENDREON Collaborator, contract manufacturer and/or other Third Party agrees to be bound by all of the applicable terms and conditions
of this Agreement, including the provisions of this Section 14 as well as the confidentiality provisions contained in Section 11 hereof. 

  

	 	14.7. 	In addition, DIOSYNTH will grant to DENDREON without charge, upon written request, a perpetual non-exclusive, royalty-free, worldwide license, to include additional terms
substantially the same as those set forth in Appendix Three, to use Process Inventions for the development and commercialization [ *** ] 

  

	 	14.8. 	In the event that DENDREON intends to utilize any Third Party to provide services for the development or commercialization of the Product similar to those being provided by DIOSYNTH
hereunder or for the development or commercialization of Other Products and wishes to employ Process Inventions for such development or commercialization, DENDREON shall grant to DIOSYNTH a right of first negotiation for such a period of 90 days
from the date DENDREON notifies DIOSYNTH of DENDREON’s intent to utilize such Third Party to perform such services under commercially reasonable terms. If despite their good-faith efforts, DENDREON and DIOSYNTH are unable to agree on terms for
such services during the 90-day negotiation period, then DENDREON shall have no further obligation under this Section 14.8 and shall be free to utilize any Third Party for the performance of such services. 

  

	 	14.9. 	DIOSYNTH reserves and shall have the right to utilize data generated during the course of the performance of this Agreement to support applications, assignments or other instruments
necessary to apply for and obtain Letters Patent of the U.S. or any foreign country with respect to Process Inventions so long as no information which DIOSYNTH is required to keep confidential under this Agreement is disclosed in any such
application, assignment or other instrument. DIOSYNTH shall notify DENDREON 90 days in advance of DENDREON’s intent to file, make or create any such application, assignment or other instrument. 

  

	 	14.10.	  During the Term of this Agreement, and for a period of [ *** ] months after its expiration or any termination, DIOSYNTH shall, at DENDREON’s sole
expense, cooperate, subject to the availability of resources in DIOSYNTH’s reasonable determination, in[ *** ] DIOSYNTH shall also provide copies of batch records, 

  

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development reports, project correspondence, process validation protocols, process drawings, product-specific test methods, applicable subcontractor reports,
or other Process Inventions and information related to and reasonably necessary for [ *** ] (which may include know how that otherwise constitutes Confidential Information of DIOSYNTH). DIOSYNTH may invoice DENDREON for the time expended in
performing its obligations under this Section 14.10, at a mutually agreed upon hourly rate, plus any direct expenses. 

  

	15.	Limitation of Liability 

  
 EXCEPT FOR DAMAGES ARISING OUT OF A DIOSYNTH’S BREACH OF CONFIDENTIALITY OBLIGATIONS UNDER ARTICLE 11, IN NO EVENT SHALL DIOSYNTH BE LIABLE TO
DENDREON FOR AN AMOUNT THAT, IN THE AGGREGATE, EXCEEDS $25 MILLION. EXCEPT FOR DAMAGES ARISING OUT OF A BREACH OF CONFIDENTIALITY OBLIGATIONS UNDER ARTICLE 11, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR INCIDENTAL, INDIRECT, SPECIAL OR
CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, ANY CLAIM FOR DAMAGES BASED UPON LOST PROFITS ARISING IN CONNECTION WITH ANY DEFAULT OR BREACH OF SUCH OTHER PARTY’S OBLIGATIONS UNDER THIS AGREEMENT OR ANY ATTACHMENT, SCHEDULE OR EXHIBIT
HERETO. 
  

	16.	Representations, Warranties and Covenants by DENDREON 

  
 DENDREON represents, warrants and covenants to DIOSYNTH as follows: 
  

	 	16.1. 	DENDREON has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by DENDREON of
this Agreement has been duly and validly authorized, and no additional consent is required in connection with the execution, delivery and performance of this Agreement. 

  

	 	16.2. 	To DENDREON’S knowledge, as of the Effective Date, neither the execution of the manufacturing process as transferred to DIOSYNTH nor DENDREON’S use or sale of the
Ancillary Component, will violate or infringe on the patents, trademarks, tradenames, servicemarks, copyrights or other intellectual property rights of any Third Party. 

  

	 	16.3. 	DENDREON will maintain in effect during the term of this Agreement any and all federal, state and/or local licenses, regulatory approvals, registrations and permits which may be
required to be maintained by DENDREON in order for DENDREON to use, market and sell Ancillary Component manufactured hereunder that is used, marketed and sold by DENDREON. 

  

	 	16.4. 	DENDREON’s signature on cGMP documentation constitutes a warranty that these documents do not conflict with DENDREON’s regulatory filings. 

  

	 	16.5. 	In its performance of this Agreement, DENDREON will comply with all applicable federal, state and local laws, regulations and executive orders and amendments thereto and all
regulatory requirements. 

  

	 	16.6. 	DENDREON will not knowingly take any action or knowingly omit to take any action that would unreasonably or illegally interfere with DIOSYNTH’S ability to manufacture the
Ancillary Component in accordance with this Agreement. 

  

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	17.	Representations, Warranties and Covenants by DIOSYNTH 

  
 DIOSYNTH represents, warrants and covenants to DENDREON as follows: 
  

	 	17.1. 	With regard to the Ancillary Component: 

  

	 	(a)	It will[ *** ]; 

  

	 	(b)	It has been manufactured, bulk packaged, bulk labeled, stored and shipped in conformity in all material respects with all cGMP requirements and documentation, and applicable rules
and regulations relating to the environment and health and safety; 

  

	 	(c)	It has been manufactured, bulk packaged and stored in facilities that are approved or subject to pre-approval inspection by the applicable US regulatory authorities for the
manufacture of Ancillary Component at the time of such manufacture, bulk packaging and storage, to the extent such approval is required by law; 

  

	 	(d)	It will be manufactured, bulk packaged and stored in accordance with all applicable laws and regulations in effect for the location of such activities; 

  

	 	(e)	It has not been adulterated or misbranded within the meaning of the Act or any other applicable US federal or state law, including any and all applicable US regulatory guidances.

  

	 	17.2. 	DIOSYNTH also warrants: that it does not to the best of its knowledge, and will not knowingly, use in any capacity the services of any person, or organization that employs any
person, who has been debarred under section 306 of the Act in connection with the manufacture of the Ancillary Component. 

  

	 	17.3. 	DIOSYNTH has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by DIOSYNTH of
this Agreement has been duly and validly authorized, and no additional consent is required in connection with the execution, delivery and performance of this Agreement. 

  

	 	17.4. 	To DIOSYNTH’s knowledge, as of the Effective Date, [ *** ] transferred by DENDREON to DIOSYNTH [ *** ] will not violate or infringe on the patents, trademarks, tradenames,
servicemarks, copyrights or other intellectual property rights of any Third Party. 

  

	 	17.5. 	In its performance of this Agreement, DIOSYNTH will comply with all applicable federal, state and local laws, regulations and executive orders and amendments thereto and all
applicable regulatory requirements. 

  

	 	17.6. 	DIOSYNTH will maintain in effect during the term of this Agreement, any and all federal, state and/or local licenses, applicable regulatory approvals, registrations and permits
which may be required to be maintained by DIOSYNTH in order to manufacture the Ancillary Component hereunder. 

  

	 	17.7. 	DIOSYNTH will not knowingly take any action or knowingly omit to take any action that would unreasonably or illegally interfere with DENDREON’s ability to use, market and sell
the Ancillary Component, Drug Product or Other Product. 

  

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	 	17.8. 	Other than the materials, documentation, know-how and Process Inventions that DIOSYNTH is required to transfer and deliver to DENDREON under Section 14.10, DIOSYNTH does not possess
any materials, documentation, know-how or inventions that would be reasonably necessary for DENDREON to make Ancillary Component at an alternate site, and other than the rights in the Process Inventions licensed to DENDREON under Section 14.3,
DIOSYNTH does not own or have the right to license any patent or other intellectual property rights used in or reasonably necessary for such manufacturing. 

  

	18.	Insurance 

  

	 	18.1. 	DENDREON shall secure and maintain in full force and effect throughout the term of this Agreement and for three (3) years thereafter policies of insurance for (a) general
liability and (b) product liability having policy limits, deductibles and other terms appropriate to the conduct of DENDREON’S business in DENDREON’S reasonable judgment. 

  

	 	18.2. 	DIOSYNTH shall secure and maintain in full force and effect throughout the term of this Agreement and for three (3) years thereafter policies of insurance for
(a) workmen’s compensation, (b) general liability, (c) automobile liability, and (d) product liability having policy limits, deductibles and other terms appropriate to the conduct of DIOSYNTH’S business in
DIOSYNTH’S reasonable judgment. 

  

	19.	Force Majeure 

  
 Either Party shall be excused from performing its respective obligations under this Agreement if its performance is delayed or prevented by any
unforeseeable event beyond such Party’s reasonable control, such as acts of God, fire, explosion, disease, war, insurrection, civil strife, riots, government action, or acts of terrorism, provided that such performance shall be excused only to
the extent of and during such disability. The Party subject to such event shall promptly notify the other Party of the occurrence thereof and, if known, the expected duration. Any time specified or estimated for completion of performance in this
Agreement falling due during or subsequent to the occurrence of any or such events shall be automatically extended for a period of time to recover from such disability. DIOSYNTH will promptly notify DENDREON if, by reason of any of the events
referred to herein, DIOSYNTH is unable to meet any such time for performance specified or estimated in this Agreement. If any part of the services performed under this Agreement is rendered invalid as a result of such disability, DIOSYNTH will, upon
written request from DENDREON, but at DENDREON’S sole cost and expense, repeat the services affected by the disability. 
  

	20.	Joint Steering Committee 

  

	 	20.1. 	 Effective immediately, DENDREON and DIOSYNTH shall establish a Joint Steering Committee (the “Joint Steering Committee”) comprised of three
(3) representatives designated by DENDREON and three (3) representatives designated 

  

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by DIOSYNTH, each of whom shall have experience and seniority sufficient to enable him or her to make decisions on behalf of the party he or she represents.
The initial members of the Joint Steering Committee shall be the Vice President of Marketing and Sales, the Chief Operating Officer and the General Counsel from DIOSYNTH and the Chief Financial Officer, Vice President of Manufacturing and General
Counsel from DENDREON. 

  

	 	20.2. 	Effective immediately, DENDREON and DIOSYNTH shall also establish a Joint Operations Committee (the “Joint Operations Committee”) comprised of three
(3) representatives designated by DENDREON and three (3) representatives designated by DIOSYNTH, each of whom shall have experience and seniority sufficient to enable him or her to make decisions on behalf of the party he or she
represents. The initials members of the Joint Operations Committee shall be the Vice President of Quality and Regulatory, the Vice President, Operations and the Customer Project Leader from DIOSYNTH and the Vice President of Regulatory, Vice
President of Quality and Head of Supply Operations from DENDREON. 

  

	 	20.3. 	Each party shall appoint one person to serve as an Alliance Manager (each, an “Alliance Manager”) with responsibility for being the primary point of contact between the
parties with respect to the activities contemplated by this Agreement. The Alliance Managers shall report to the Joint Steering Committee. The Alliance Manager for DIOSYNTH shall be George Koch. The Alliance Manager for DENDREON shall be Joanna
Ward. 

  

	 	20.4. 	Each party shall be free to replace its representative members on the Joint Steering Committee, Joint Operations Committee or its Alliance Manager with new appointees who have
authority to act on behalf of such party, on notice to the other party. 

  

	 	20.5. 	The Joint Steering Committee shall be responsible for overseeing and directing the parties’ interaction and performance of their respective obligations under this Agreement.
Without limiting the generality of the foregoing, its duties shall include: 

  

	 	(a)	Monitoring the performance of each Party under this Agreement and 

  

	 	(b)	Resolving disagreements that arise under the Agreement. 

  

	 	20.6. 	The Joint Operations Committee shall be responsible for overseeing the day-to-day activities of the parties with respect to the activities contemplated by this Agreement.

  

	 	20.7. 	 The Joint Steering and Joint Operations Committees shall meet at such times as each respective committee determines to resolve issues arising hereunder and to
perform its responsibilities under this Agreement, provided that the Joint Steering Committee shall meet not less than four (4) times in the first calendar year following the Effective Date, and as necessary in the determination of the Joint
Operations Committee, thereafter, and the Joint Operations Committee shall meet not less than one time per month, unless otherwise mutually agreed. Such meetings may be in person or by telephone as agreed by the respective committees. To the extent
that meetings are held in person, they shall alternate between the offices of the Parties unless the Parties agree otherwise. The Alliance Managers shall attend all meetings 

  

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of the committees. The Joint Steering Committee and Joint Operations Committee shall act by unanimous agreement. 

  

	 	20.8. 	The chairperson of the each committee shall be designated every three months on an alternating basis between the Parties. The initial chairperson will be selected by DIOSYNTH. The
chairperson shall be responsible for calling meetings, sending notices of meetings and for leading such meetings. 

  

	 	20.9. 	Within fifteen (15) days after each committee meeting, the Alliance Manager for the party whose representative chaired the committee meeting shall prepare and distribute
minutes of the meeting, which shall provide a description in reasonable detail of the discussions had at the meeting and a list of any actions, decisions or determinations approved by the committee. Minutes shall be approved or disapproved and
revised, as necessary, at the next minutes. Final minutes shall be distributed to the members of the committee. 

  

	 	20.10. 	In the event that the Joint Steering Committee cannot reach agreement with respect to any material issue, then the Chief Executive Officers of DIOSYNTH and DENDREON shall meet as
promptly as practicable after notice of such dispute to resolve in good faith such dispute. This meeting shall occur within thirty 30 days of the time the dispute arises. 

  

	 	20.11. 	Neither the Joint Steering Committee nor the Joint Operations Committee is empowered to amend the terms of this Agreement. 

  

	 	20.12. 	The Parties shall first attempt to settle any conflicts amicably between themselves in accordance with this Article 20. Should they fail to do so then within forty-five days of the
first meeting of the Chief Executive Officers pursuant to Section 20.10, the parties shall attempt to settle the dispute by formal mediation. If the parties cannot agree upon a mediator and the place of mediation, the mediation shall be administered
by the American Arbitration Association in Research Triangle Park, North Carolina. Notwithstanding the foregoing dispute resolution provisions, the Parties shall each retain the right to seek judicial injunctive and other equitable relief where
appropriate. 

  

	 	20.13. 	If DIOSYNTH shall be required to provide testimony or records in connection with the performance of activities under this Agreement pursuant to any legal or administrative process
or proceeding by reason of DENDREON’s involvement therein, (other than one which arises out of the conduct of DIOSYNTH as opposed to DENDREON’s Drug Product or the activities performed hereunder), then DENDREON will reimburse DIOSYNTH for
its expenses, plus a mutually agreed hourly rate for DIOSYNTH’S employees or representatives participating in such process or proceeding. 

  

	21.	Miscellaneous 

  

	 	21.1. 	 This Agreement and any amendment or supplement hereto may be executed in any number of counterparts and any Party hereto may execute any such counterpart, each

  

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of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same
instrument. The execution of this Agreement and any such amendment or supplement by any Party hereto will not become effective until counterparts hereof have been executed by both Parties hereto. 

  

	 	21.2. 	Governing Law. The validity, interpretation and performance of this Agreement shall be governed and construed in accordance with the laws of the State of New York without regard to
the conflicts of laws provisions thereof. 

  

	 	21.3. 	Compliance with Laws. Each Party shall comply in all material respects with all applicable law and regulations including, but not limited to, those concerning drugs or drug
manufacture regulatory requirements, the Drug Product in particular, protection of the environment and health and safety of its workers. 

  

	 	21.4. 	Press Releases. Any press release, publicity or other form of public written disclosure related to this Agreement prepared by one Party shall be submitted to the other Party for
review and comment prior to release. The Parties agree to reasonably cooperate in connection with the publication or presentation of scientific data. 

  

	 	21.5. 	Independent Contractors. The relationship between DENDREON and DIOSYNTH is that of independent contractors and nothing herein shall be deemed to constitute the relationship of
partners, joint venturers, nor of principal and agent between DENDREON and DIOSYNTH. Neither Party shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party or to bind the
other Party to any contract, agreement or undertaking with any Third Party. 

  

	 	21.6. 	Assignment. This Agreement may not be assigned or otherwise transferred by either Party without the prior written consent of the other Party; provided, however, either Party may,
without such consent, assign this Agreement: (i) in connection with the transfer or sale of all or substantially all of the assets of such Party or the line of business or drug product of which this Agreement forms a part; (ii) in the
event of the merger or consolidation of a Party hereto with another company; or (iii) to any Affiliate of the assigning Party. Any purported assignment in violation of the preceding sentence shall be void. Any permitted assignee shall assume
all obligations of its assignor under this Agreement. No assignment shall relieve either Party of responsibility for the performance of any obligation which accrued prior to the effective date of such assignment. 

  

	 	21.7. 	Continuing Obligations. Termination, assignment or expiration of this Agreement shall not relieve either Party from full performance of any obligations incurred prior thereto.

  

	 	21.8. 	Waiver. Neither Party’s waiver of any breach or failure to enforce any of the terms and conditions of this Agreement, at any time, shall in any way affect, limit or waive such
Party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement. 

  

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	 	21.9. 	Schedules. All schedules referred to herein form an integral part of this Agreement and are incorporated into this Agreement by such reference. 

  

	 	21.10. 	Notices. All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be delivered personally or sent by
i) registered or certified mail, return receipt requested, ii) a nationally-recognized courier service guaranteeing next-day delivery, charges prepaid or iii) facsimile (with the original promptly sent by any of the foregoing
manners), and shall be deemed to have been given upon mailing or upon transmission by facsimile, as the case may be. Any such notices shall be addressed to the receiving Party at such Party’s address set forth below, or at such other address as
may from time to time be furnished by similar notice by either Party: 

  
 If to DIOSYNTH: 
  
 Diosynth RTP
Inc. 
 101 J. Morris Commons Lane 
 Morrisville, NC 27560 
 Attn: Vice President of Marketing & Sales 
 cc: General Counsel 
 Diosynth RTP Inc.

 101 J. Morris Commons Lane 
 Morrisville, NC 27560 
  
 If to DENDREON: 
  
 DENDREON Corporation 
 3005 First Avenue 
 Seattle, WA 98121

 Attention: 
 cc: General
Counsel 
 DENDREON Corporation 
 3005 First Avenue 
 Seattle, WA 98121 
  

	 	21.11. 	Entire Agreement. This document constitutes the full understanding of the Parties and a complete and exclusive statement of the terms of their agreement. No terms, conditions,
understanding, or agreement purporting to modify or vary the terms of this Agreement shall be binding unless hereafter made in writing and signed by both Parties. No modification to this Agreement shall be affected by the acknowledgment or
acceptance of any purchase order or shipping instruction forms or similar documents containing terms or conditions at variance with or in addition to those set forth herein. 

  
 In witness whereof, the Parties have caused this Agreement to be executed by
their respective duly authorized representatives as of the day and year first above written. 
  

									
	 DENDREON CORPORATION
	 	 	 	 DIOSYNTH RTP INC.

					
	 By:
	 	 /s/ Mitchell H. Gold
	 	 	 	 By:
	 	 /s/ Chris van Eeckelen

	 Title:
	 	 President and CEO
	 	 	 	 Title:
	 	 Chief Operating Officer

	 Date:
	 	 December 22, 2005
	 	 	 	 Date:
	 	 December 22, 2005

					
	 	 	 	 	 	 	 By:
	 	 /s/ Frank Tielens

	 	 	 	 	 	 	 Title:
	 	 President

	 	 	 	 	 	 	 Date:
	 	 December 22, 2005

  

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 Page 20 of 27 

  
 SCHEDULE 1- DEFINITIONS

  

	1.1.	“Acceptance” or “Accepted” or “Accepts” means that DENDREON has reviewed the certificate of analysis, other associated manufacturing, testing and
process documentation, and supporting data, required to be provided by DIOSYNTH under the Quality Agreement, and that DENDREON has determined that the Ancillary Component meets the requirements of section 17.1. 

  

	1.2.	“Acceptable Ancillary Component” means Ancillary Component that satisfies the warranties set forth in Section 17.1. 

  

	1.3.	“Act” means the United States Federal Food, Drug and Cosmetics Act, as amended. 

  

	1.4.	“Actual Consumables Payment” shall be the actual amount invoiced by a Third Party and paid by DIOSYNTH for Process Consumables or DIOSYNTH’s standard costs for common
stock items or, as applicable, a proportionate part thereof and other charges, for a single Campaign as described in Schedule 2. 

  

	1.5.	“Additional Production” has the meaning set forth in Section 2.4. 

  

	1.6.	“Additional Production Price” shall be the price to DENDREON for Ancillary Product produced beyond the Minimum Gram Guarantee as specified in Schedule 3.

  

	1.7.	“Affiliate” means any corporation or non-corporate entity that controls, is controlled by, or is under common control with a Party. A corporation or non-corporate entity
shall be regarded as in control of another corporation if it owns, or directly or indirectly controls at least fifty percent (50%) of the voting stock of the other corporation or in the case of a non-corporate entity, the power to direct or
cause the direction of the management and policies of such corporation or non-corporate entity, as applicable. 

  

	1.8.	“Agreement” means the body of the Supply Agreement and any Schedules appended thereto, as may be amended from time to time as mutually agreed by the Parties, it being
understood that if there is a conflict between the terms of the body of the Supply Agreement and any Schedules appended thereto, the terms of the body of the Supply Agreement control and govern. 

  

	1.9.	“Ancillary Component” means the material known as PA2024, a recombinant prostate tumor antigen, in bulk-filled form. 

  

	1.10. 	“Appendix Three” means Appendix Three to the BSA. 

  

	1.11. 	“Appropriate Adjustment Ratio” means the adjustment factor used for calculation of the Minimum Gram Guarantee for Campaigns of different lengths. By means of explanation,
these ratios are not linear, as the amounts produced in a longer Campaign are proportionately greater. The Appropriate Adjustment Ratio equals: [ *** ] 

  

	1.12. 	“BLA” has the meaning set forth in Section 3.5. 

  

	1.13. 	“BSA” has the meaning set forth in the preamble. 

  

	1.14. 	“Campaign” means the continuous (with the exception of required annual facility shutdown) and dedicated manufacture of Ancillary Component over a defined period[ *** ],
plus any extension undertaken to meet the Minimum Gram Guarantee. The defined period assumes a minimum utilization as follows: 

  

	1.15. 	[ *** ] “Campaign Base Price” has the meaning set forth in Schedule 2. 

  

	1.16. 	“Campaign Quantity” means the quantity of Ancillary Component of homogeneous quality produced from a Campaign. 

  

	1.17. 	“Campaign Start Date” means the date of initial vial break in the performance of a Campaign. 

  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 21 of 27 

	1.18. 	“Confidential Information” means all proprietary information, data, know-how and all other business, technical and financial data disclosed hereunder (or prior to the date
of this Agreement under the BSA between the Parties) by one Party or any of its Affiliates to the other Party or any of its Affiliates, except any portion thereof which: 

  

	 	(a)	At the time of disclosure is in the public knowledge; 

  

	 	(b)	After disclosure, becomes part of the public knowledge by publication or otherwise, except by breach of this Agreement by the recipient; 

  

	 	(c)	The recipient can demonstrate by its written records was in the recipient’s possession at the time of such disclosure, and which was not acquired, directly or indirectly, from
the disclosing party, or its affiliates; 

  

	 	(d)	Is lawfully disclosed to the recipient on a non-confidential basis by a Third Party who is not obligated to the disclosing Party or any other Third Party to retain such Confidential
Information in confidence; or 

  

	 	(e)	Results from research and development by the recipient independently of such disclosure. 

  

	1.19. 	“Consumables Payment” has the meaning set forth in Schedule 2. 

  

	1.20. 	“DENDREON Collaborator” means any entity with which DENDREON has entered into or enters into an agreement, a purpose of which is to market or otherwise commercialize Drug
Product or Other Products. 

  

	1.21. 	“Disposition” means DIOSYNTH has tendered Ancillary Product to DENDREON for Acceptance testing following DIOSYNTH’S manufacture and determination that such Ancillary
Product meets the Specifications, cGMPs and other the requirements of this Agreement. 

  

	1.22. 	“Drug Product” means DENDREON’s active immunotherapy product known as Provenge. 

  

	1.23. 	“Effective Date” has the meaning set forth in the preamble to this Agreement 

  

	1.24. 	“Estimated Campaign Completion Date” means the date that DIOSYNTH estimates upstream and downstream production of Ancillary Component will be complete as provided in the
Order Acceptance. 

  

	1.25. 	“Estimated Consumables Payment” shall be the estimated payment for Process Consumables for a single Campaign as described in Schedule 2. 

  

	1.26. 	“Facility” has the meaning set forth in Section 2.2. 

  

	1.27. 	“FDA” means the United States Food and Drug Administration or any successor entity thereof 

  

	1.28. 	“cGMP” means all laws, guidelines and regulations applicable to the manufacture of Ancillary Component including the current Good Manufacturing Practice regulations as
promulgated under the Act at 21 CFR (chapters 210, 211, 600 and 610), as the same may be amended or re-enacted from time to time 

  

	1.29. 	“Lot” means the quantity of Ancillary Component of homogeneous quality that results from a single fermentation run of the Process. 

  

	1.30. 	“Manufacturing Support Price” shall mean the month price for manufacturing support services provided by DIOSYNTH’S process development staff during the first [ ***
]months of manufacture under this agreement. The value of this price is specified in Schedule 3. 

  

	1.31. 	“Minimum Gram Guarantee” has the meaning set forth in Section 0, as increased under Section 2.4. 

  

	1.32. 	“Order” means a commitment in writing made by DENDREON to purchase Ancillary Component, issued under Section 6.2 or 6.3, and meeting the requirements of Section 6.4.

  

	1.33. 	“Order Acceptance” has the meaning set forth in section 6.5. 

  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 22 of 27 

	1.34. 	“Order Campaign Start Date” has the meaning set forth in section 6.3. 

  

	1.35. 	“Other Products” means singularly and collectively, the DENDREON active immunotherapy products APC8024, APC80NY, APC80TR, APC80MN, AOC80CEA and APC80HT, and antigens used
in the manufacture of such DENDREON active immunotherapy products. 

  

	1.36. 	“Process” means the cGMP-compliant process for the manufacture of Ancillary Component at the Facility on a 2000L scale, as developed under the BSA.

  

	1.37. 	“Process Consumables” means media, resins, raw materials, filters, membranes, disposable analytical test kits, disposable bags and other items consumed in connection with
the production and testing of Ancillary Component. 

  

	1.38. 	“Process Inventions” means inventions and know-how relating to manufacturing methods and processes discovered by DIOSYNTH in performing the services under this Agreement
or the BSA, whether invented before or after this Agreement’s Effective Date. 

  

	1.39. 	“Producer Price Index” means the national, all-commodities producer price index published by the U.S. Department of Labor, Department of Statistics.

  

	1.40. 	“Product Inventions” means inventions and know how relating to Ancillary Component and Drug Product discovered by DIOSYNTH in performing services under this Agreement or
the BSA, whether invented before or after this Agreement’s Effective Date. 

  

	1.41. 	“Quality Agreement means the Quality Agreement attached hereto as Schedule 4. In the event of a conflict between the terms of this Agreement and the Quality Agreement,
the terms of this Agreement shall govern. 

  

	1.42. 	“Quarter” means the period of three consecutive calendar months ending 31 March, 30 June, 30 September and 31 December. 

  

	1.43. 	“Specifications” means product quality attributes as defined in the Ancillary Component Item Specification, as approved by DIOSYNTH and DENDREON. 

 

	1.44. 	“Term” has the meaning set forth in Section 3.1. 

  

	1.45. 	“Third Party” means any party other than DENDREON, DIOSYNTH, and their Affiliates. 

  

	1.46. 	“Unnamed Other Products” means products other than the Drug Product and Other Products, and antigens used in the manufacture of such products. 

  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 23 of 27 

  
 SCHEDULE 2- PROCESS
CONSUMABLES 
  
 [***] 
  
  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 24 of 27 

  
 SCHEDULE 3- PRICE

  
 [***] 
  
  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 25 of 27 

  
 SCHEDULE 4 

 
 QUALITY AGREEMENT 
  
 [***] 
  
  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 26 of 27 

  
 SCHEDULE 5 

 
 GUIDELINES FOR VISITS TO DIOSYNTH FACILITIES 
  
 [***] 
  
  

	[***]	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION 

  
 Page 27 of 27Credit Agreement

 Exhibit 10.1 
  

  
 CREDIT AGREEMENT 
  
 dated as of 
  
 December 22, 2005 
  
 among 
  
 JUPITERMEDIA CORPORATION 
  
 The Lenders Party Hereto, 
  
 LASALLE BANK NATIONAL ASSOCIATION, 
  
 as Syndication Agent, 
  
 KEYBANK NATIONAL ASSOCIATION, 
  
 as Documentation Agent 
  
 and

  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  

 Table of Contents 
  

					
	 	  	 	  	Page

	ARTICLE I.	  	 
		
	Definitions	  	 
			
	 SECTION 1.01.
	  	Defined Terms	  	1
	 SECTION 1.02.
	  	Classification of Loans and Borrowings	  	21
	 SECTION 1.03.
	  	Terms Generally	  	21
	 SECTION 1.04.
	  	Accounting Terms; GAAP	  	21
		
	ARTICLE II.	  	 
		
	The Credits	  	 
			
	 SECTION 2.01.
	  	Term Commitments	  	22
	 SECTION 2.02.
	  	Procedure for Term Loan Borrowings	  	22
	 SECTION 2.03.
	  	Revolving Commitments	  	22
	 SECTION 2.04.
	  	Procedure for Revolving Loan Borrowing	  	23
	 SECTION 2.05.
	  	Swingline Commitment	  	24
	 SECTION 2.06.
	  	Procedure for Swingline Borrowing, Refunding of Swingline Loans	  	24
	 SECTION 2.07.
	  	Interest Elections	  	26
	 SECTION 2.08.
	  	Repayment of Loans; Evidence of Debt.	  	27
	 SECTION 2.09.
	  	Termination or Reduction of Revolving Commitments	  	28
	 SECTION 2.10.
	  	Optional Prepayments	  	28
	 SECTION 2.11.
	  	Mandatory Prepayments	  	28
	 SECTION 2.12.
	  	Fees	  	29
	 SECTION 2.13.
	  	Interest	  	29
	 SECTION 2.14.
	  	Alternate Rate of Interest	  	30
	 SECTION 2.15.
	  	Increased Costs	  	30
	 SECTION 2.16.
	  	Break Funding Payments	  	31
	 SECTION 2.17.
	  	Taxes	  	32
	 SECTION 2.18.
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	33
	 SECTION 2.19.
	  	Mitigation Obligations; Replacement of Lenders	  	35

  

 i 

					
	ARTICLE III.	  	 
		
	Letters of Credit	  	 
			
	 SECTION 3.01.
	  	L/C Commitment	  	36
	 SECTION 3.02.
	  	Procedure for Issuance of Letter of Credit	  	37
	 SECTION 3.03.
	  	Fees and Other Charges	  	37
	 SECTION 3.04.
	  	L/C Participations	  	37
	 SECTION 3.05.
	  	Reimbursement Obligation of the Borrower	  	38
	 SECTION 3.06.
	  	Obligations Absolute	  	39
	 SECTION 3.07.
	  	Letter of Credit Payments	  	39
	 SECTION 3.08.
	  	Applications	  	39
		
	ARTICLE IV.	  	 
		
	Representations and Warranties	  	 
			
	 SECTION 4.01.
	  	Organization; Powers	  	40
	 SECTION 4.02.
	  	Authorization; Enforceability	  	40
	 SECTION 4.03.
	  	Governmental Approvals; No Conflicts	  	40
	 SECTION 4.04.
	  	Financial Condition; No Material Adverse Change	  	40
	 SECTION 4.05.
	  	Properties	  	41
	 SECTION 4.06.
	  	Litigation and Environmental Matters	  	41
	 SECTION 4.07.
	  	Compliance with Laws and Agreements	  	42
	 SECTION 4.08.
	  	Investment and Holding Company Status	  	42
	 SECTION 4.09.
	  	Taxes	  	42
	 SECTION 4.10.
	  	ERISA	  	42
	 SECTION 4.11.
	  	Disclosure	  	42
	 SECTION 4.12.
	  	Security Documents	  	43
	 SECTION 4.13.
	  	Solvency	  	43
		
	ARTICLE V.	  	 
		
	Conditions	  	 
			
	 SECTION 5.01.
	  	Conditions to Initial Extension of Credit	  	43
	 SECTION 5.02.
	  	Conditions to Each Extension of Credit	  	46
		
	ARTICLE VI.	  	 
		
	Affirmative Covenants	  	 
			
	 SECTION 6.01.
	  	Financial Statements and Other Information	  	46
	 SECTION 6.02.
	  	Notices of Material Events	  	47
	 SECTION 6.03.
	  	Existence; Conduct of Business	  	48
	 SECTION 6.04.
	  	Payment of Obligations	  	48
	 SECTION 6.05.
	  	Maintenance of Properties; Insurance	  	48
	 SECTION 6.06.
	  	Books and Records; Inspection Rights	  	49
	 SECTION 6.07.
	  	Compliance with Laws	  	49
	 SECTION 6.08.
	  	Use of Proceeds	  	49
	 SECTION 6.09.
	  	Additional Material Subsidiaries	  	49

  

 ii 

					
	 SECTION 6.10.
	  	Further Assurances	  	50
		
	ARTICLE VII.	  	 
		
	Negative Covenants	  	 
			
	 SECTION 7.01.
	  	Indebtedness	  	50
	 SECTION 7.02.
	  	Liens	  	51
	 SECTION 7.03.
	  	Fundamental Changes	  	52
	 SECTION 7.04.
	  	Investments, Loans, Advances, Guarantees and Acquisitions	  	53
	 SECTION 7.05.
	  	Swap Agreements	  	54
	 SECTION 7.06.
	  	Restricted Payments	  	54
	 SECTION 7.07.
	  	Disposition of Assets	  	55
	 SECTION 7.08.
	  	Transactions with Affiliates	  	55
	 SECTION 7.09.
	  	Restrictive Agreements	  	55
	 SECTION 7.10.
	  	Issuances of Equity Interests by Subsidiaries	  	56
	 SECTION 7.11.
	  	Amendment of Material Documents	  	56
	 SECTION 7.12.
	  	Changes in Fiscal Periods	  	56
	 SECTION 7.13.
	  	Leases	  	56
	 SECTION 7.14.
	  	Capital Expenditures	  	56
	 SECTION 7.15.
	  	Leverage Ratio	  	57
	 SECTION 7.16.
	  	No Net Losses	  	57
	 SECTION 7.17.
	  	Net Worth	  	57
		
	ARTICLE VIII.	  	 
		
	Events of Default	  	 
		
	ARTICLE IX.	  	 
		
	The Administrative Agent	  	 
		
	ARTICLE X.	  	 
		
	Miscellaneous	  	 
			
	 SECTION 10.01.
	  	Notices	  	62
	 SECTION 10.02.
	  	Waivers; Amendments	  	63
	 SECTION 10.03.
	  	Expenses; Indemnity; Damage Waiver	  	64
	 SECTION 10.04.
	  	Successors and Assigns	  	65
	 SECTION 10.05.
	  	Survival	  	67
	 SECTION 10.06.
	  	Counterparts; Integration; Effectiveness	  	68
	 SECTION 10.07.
	  	Severability	  	68
	 SECTION 10.08.
	  	Right of Setoff	  	68

  

 iii 

					
	 SECTION 10.09.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	68
	 SECTION 10.10.
	  	WAIVER OF JURY TRIAL	  	69
	 SECTION 10.11.
	  	Headings	  	69
	 SECTION 10.12.
	  	Confidentiality	  	69
	 SECTION 10.13.
	  	Interest Rate Limitation	  	70
	 SECTION 10.14.
	  	USA PATRIOT Act	  	70

  
 SCHEDULES: 
  
 Schedule 2.01
— Commitments 
 Schedule 4.01 — Subsidiaries 
 Schedule 4.06 — Disclosed Matters 
 Schedule 7.01 — Existing Indebtedness 
 Schedule 7.02 — Existing Liens 

Schedule 7.04 — Existing Investments 
 Schedule 7.09 — Existing Restrictions 
 Schedule 7.10 — Existing Equity Interest Commitments 
  
 EXHIBITS: 
  
 Exhibit A – Form of Assignment and Assumption 
 Exhibit B1 – Form of Opinion of Counsel to the Loan Parties 
 Exhibit B2 – Form of Opinion of Delaware Counsel to the Loan Parties 
 Exhibit B3 – Form of Opinion of Arizona Counsel to the Loan Parties 
 Exhibit B4 – Form of Opinion of California Counsel to the Loan Parties 
 Exhibit C – Form of Guarantee Agreement 
 Exhibit D – Form of Security Agreement 
 Exhibit E – Form of Pledge Agreement 
 Exhibit F-1 – Form of New Lender Supplement 
 Exhibit F-2 – Form of Increased
Revolving Facility Activation Notice 
 Exhibit G – Form of Borrowing Request 
 Exhibit H – Form of Compliance Certificate 
  

 iv 

 CREDIT AGREEMENT, dated as of December 22, 2005, among JUPITERMEDIA CORPORATION, LASALLE BANK
NATIONAL ASSOCIATION, as Syndication Agent, KEYBANK NATIONAL ASSOCIATION, as Documentation Agent, the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
  
 The parties hereto hereby agree as follows: 
  
 ARTICLE I. 
  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
  
 “Act” has the meaning assigned to such term
in Section 10.14. 
  
 “Adjusted LIBO
Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by
(b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

  
 “Affiliate” means, with
respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
  
 “Agreement” means this Credit Agreement,
dated as of December 22, 2005, among the Borrower, the Lenders and the Administrative Agent, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Aggregate Exposure” means with respect to any Lender at any time, an amount equal to
(a) until the Effective Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans and (ii) the amount
of such Lender’s Revolving Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding. 
  
 “Aggregate Exposure Percentage” means with
respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 
  
 “Applicable Rate” means the rate determined pursuant to the Pricing Grid. 

 “Application” means an application, in such form as the Issuing Lender
may specify from time to time, requesting the Issuing Lender to open a Letter of Credit. 
  
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender. 
  
 “Asset Sale” means any Disposition of property or series of related Dispositions of property (excluding any such Disposition permitted by clause (a), (b) or (c) of Section 7.07) that yields gross proceeds to the
Borrower or any Subsidiary (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $500,000.

  
 “Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form
approved by the Administrative Agent. 
  
 “Available Revolving Commitment” means as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such
Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to
Section 2.12(b), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero. 
  
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” means Jupitermedia Corporation,
a Delaware corporation. 
  
 “Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 
  
 “Borrowing Date” means any Business Day
specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder. 
  
 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Sections 2.02 or 2.04, as the case
may be, substantially in the form of, and containing the information prescribed by, Exhibit G, delivered to the Administrative Agent. 
  
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain 
  

 2 

 closed; provided that, when used in connection with a Eurodollar Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
  
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
  
 “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 Alan Meckler or any member of his immediate family or any
Affiliate of any of them, any trust established for the benefit of any of them or of which any of them is trustee (collectively, the “AM Group”) of Equity Interests representing more than 30% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of the Borrower and the percentage of aggregate voting power owned by such Person or group exceeds the percentage of ordinary voting power owned by the AM Group; (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; or (c) the
occurrence of a “change of control” (or similar event, howsoever defined) under and as defined in any indenture or other agreement in respect of any Material Indebtedness to which any Loan Party is a party. 
  
 “Change in Law” means (a) the adoption
of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
by any Lender (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s holding company, if any) 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. 
  
 “Charges” has the meaning set forth in Section 10.13. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral” means all of the right, title
and interest of each Loan Party in and to the property in which such Person has granted a Lien to the Administrative Agent for its benefit and the ratable benefit of the Lenders under any Loan Document. 
  
 “Commitment” means, with respect to each
Lender, such Lender’s Revolving Credit Commitment and Term Loan Commitment. 
  
 “Commitment Fee” has the meaning assigned to such term in Section 2.12. 
  

 3 

 “Commitment Fee Rate” means the commitment fee rate as determined by the
Pricing Grid. 
  
 “Compliance
Certificate” means a certificate duly executed by a Financial Officer of the Borrower, substantially in the form of Exhibit H. 
  
 “Consolidated Adjusted Net Income” means, for any period, Consolidated Net Income for such period plus, to the extent
deducted from revenues in determining Consolidated Net Income for such period, the aggregate amount of non-cash restricted stock and stock option expense, all as determined on a consolidated basis with respect to the Borrower and the Subsidiaries in
accordance with GAAP. 
  
 “Consolidated
Capital Expenditures” means, for any period, the dollar amount of gross expenditures (including cash payments during such period in respect to Capital Lease Obligations but excluding Permitted Acquisitions) made by the Borrower and the
Subsidiaries for the acquisition of any fixed assets, real property, plant and equipment, and all renewals, improvements and replacements thereto incurred during such period in each case which are required to be capitalized for financial reporting
purposes in accordance with GAAP. 
  
 “Consolidated EBITDA” means, for any period, Consolidated Adjusted Net Income for such period, plus, without duplication and to the extent deducted from revenues in determining Consolidated Adjusted Net Income for such
period, the sum of (a) the aggregate amount of Consolidated Interest Expense for such period (plus the amortization of loan acquisition costs), plus (b) the aggregate amount of income tax expense for such period, plus (c) the
aggregate amount of depreciation and amortization for such period, plus (d) any non-recurring fees, cash charges and other cash expenses (including restructuring and integration costs) made or incurred in connection with the Dynamic Acquisition
or the PictureArts Acquisition that are paid or otherwise accounted for within 180 days of the consummation of the Dynamic Acquisition or the PictureArts Acquisition, as the case may be, but not to exceed $2,000,000 in the aggregate, all as
determined on a consolidated basis with respect to the Borrower and the Subsidiaries in accordance with GAAP. For the purposes of determining Consolidated EBITDA for any period during which there was an acquisition of a Person (or part thereof),
Consolidated EBITDA for such period shall be calculated after giving pro forma effect to such acquisition as though it had occurred on the first day of such period. 
  
 “Consolidated Indebtedness” means, as of any date of determination, the aggregate principal
amount of Indebtedness of the Borrower and the Subsidiaries outstanding as of such date, as determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Interest Expense” means, for any period, the interest expense, both expensed and capitalized (including the
interest component in respect of Capital Lease Obligations), accrued or paid by the Borrower and the Subsidiaries during such period, as determined on a consolidated basis in accordance with GAAP. 
  

 4 

 “Consolidated Net Income” means, for any period, net income or loss of
the Borrower and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income attributable to interests in minority investments, except to the extent of the
amount of dividends or other distributions actually paid to a member of the Borrower’s consolidated group during such period and (b) any foreign exchange gains and losses. 
  
 “Consolidated Net Worth” means, at any date of determination thereof, the result of
(a) all assets as shown on a consolidated balance sheet of the Borrower and the Subsidiaries, minus (b) all liabilities as shown on a consolidated balance sheet of the Borrower and the Subsidiaries, as determined on a consolidated basis in
accordance with GAAP. 
  
 “Consolidated
Subordinated Indebtedness” means any Indebtedness (including any convertible Indebtedness) of the Borrower having no scheduled principal payments prior to the Term Maturity Date and that is otherwise subordinated to the obligations owed to
each of the Lenders on terms and conditions acceptable to the Required Lenders in their reasonable discretion. 
  
 “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. 
  
 “Default” means any event or condition
which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
  
 “Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in
Schedule 4.06. 
  
 “Disposition” means with respect to any property, any sale, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall
have correlative meanings. 
  
 “Documentation Agent” means KeyBank National Association, in its capacity as documentation agent hereunder. 
  
 “dollars” or “$” refers to lawful money of the United States of America. 
  
 “Domestic Plan” means any employee pension
benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any jurisdiction in the United States.

  

 5 

 “Dynamic Acquisition” means the acquisition by JupiterImages
Corporation, a Wholly-Owned Subsidiary of the Borrower, of 100% of the outstanding membership interests of Creatas, L.L.C. from Moffly-Creatas Investors, LLC, MCG Capital Corporation and Creatas Management Investors LLC. 
  
 “Effective Date” means the date on which
the conditions specified in Article V are satisfied (or waived in accordance with Section 10.02). 
  
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions,
notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous
Material or to health and safety matters. 
  
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly
or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

  
 “Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated
as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  
 “ERISA Event” means (a) any
“reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Domestic Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to
any Domestic Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or
Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Domestic Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any Domestic Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an 
  

 6 

 intention to terminate any Domestic Plan or Domestic Plans or to appoint a trustee to administer any
Domestic Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Domestic Plan or Multiemployer Plan; (g) the receipt by the Borrower or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA; or (h) any Foreign Plan Event. 
  
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
  
 “Event of Default” has the meaning assigned to such term in Article VIII. 
  
 “Excluded Taxes” means, with respect to the
Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) its net income by the United States of America (or any
political subdivision thereof), or its worldwide gross or net income by the jurisdiction under the laws of which such recipient is organized, in which such recipient is deemed to be doing business, or in which its principal office is located or, in
the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction and (c) in the case of a Lender or the
Administrative Agent (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any withholding tax that is (i) imposed on amounts payable to a Foreign Lender at the time such Foreign Lender becomes a party to
this Agreement (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding tax pursuant to Section 2.17(a) or (ii) attributable to such Lender’s or the Administrative Agent’s failure to comply with Section 2.17(e). 
  
 “Existing Credit Agreement” means the
Amended and Restated Credit Agreement, dated as of July 18, 2005, among the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 
  
 “Facility” means each of (a) the Term Commitments and the Term Loans made thereunder
(the “Term Facility”) and (b) the Revolving Commitments and the extensions of credit made thereunder (the “Revolving Facility”). 
  
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards,
if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent
from three Federal funds brokers of recognized standing selected by it. 
  

 7 

 “Fee Letter” means the fee letter, dated October 5, 2005, between
the Borrower, JPMorgan Chase Bank, N.A. and J.P. Morgan Securities Inc. 
  
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 
  
 “Fiscal Quarter Net Worth Increase Amounts” means, with respect to each fiscal quarter of
the Borrower, the sum of (a) the greater of (i) Zero Dollars ($0) and (ii) 50% of Consolidated Net Income for such fiscal quarter, plus (b) 50% of the proceeds (net of underwriting commissions and discounts and fees and expenses)
from the issuance of Equity Interests of the Borrower or any Wholly-Owned Subsidiary during such fiscal quarter, plus (c) 50% of the aggregate market value of Equity Interests of the Borrower issued in a Permitted Acquisition during such fiscal
quarter. 
  
 “Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
  
 “Foreign Plan” means any pension plan or other deferred compensation plan, program or arrangement maintained by any Foreign Subsidiary which is subject to funding rules comparable to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA. 
  
 “Foreign Plan Event” means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, (b) the failure to make
the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Plan
or to appoint a trustee to administer any such Foreign Plan, or to the insolvency of any such Foreign Plan, or (d) the incurrence of any liability of the Borrower or any Subsidiary under applicable law on account of the complete or partial
termination of such Foreign Plan or the complete or partial withdrawal of any participating employer therein. 
  
 “Foreign Subsidiary” means any Subsidiary that is not organized under the laws of any jurisdiction in the United States
of America. 
  
 “Funding Office”
means the office of the Administrative Agent specified in Section 10.01 or such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 
  
 “GAAP” means generally accepted accounting
principles in the United States of America. 
  

 8 

 “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government. 
  
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other material obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other material obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other material obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other material obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation;
provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 
  
 “Guarantee Agreement” means the Guarantee Agreement, substantially in the form of Exhibit C, dated as of
December 22, 2005, among the Guarantors party thereto and the Administrative Agent, as amended, supplemented, restated or otherwise modified from time to time, whereby such Guarantors guarantee the obligations under the Loan Documents.

  
 “Guarantors” means the
Subsidiaries that are or become parties to the Guarantee Agreement. 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos
or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
  
 “Increased Revolving Facility Activation
Notice” means a notice substantially in the form of Exhibit F-2. 
  
 “Increased Revolving Facility Effective Date” means any Business Day designated as such in an Increased Revolving Facility Activation Notice. 
  
 “Increasing Lender” has the meaning
assigned to such term in Section 2.03(b). 
  
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person under 
  

 9 

 conditional sale or other title retention agreements relating to property acquired by such Person,
(d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred 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 such Person, whether or not the Indebtedness secured thereby has been assumed (it being understood that,
unless such Person shall have assumed such obligations, the amount of such Indebtedness shall be the lesser of (x) the fair market value of the property securing such Indebtedness and (y) the stated principal amount of such Indebtedness),
(f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person and all obligations of such Person under Synthetic Leases, (h) all obligations, contingent or otherwise, of such Person as
an account party in respect of letters of credit and letters of guaranty, (i) the net obligations of such Person in respect of Swap Agreements, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances and (k) all obligations of such Person arising with respect to Equity Interests which are redeemable by such Person. The Indebtedness of any Person shall include the Indebtedness of any 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. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section
2.07. 
  
 “Interest Payment
Date” means (a) with respect to any Prime Loan (other than any Swingline Loan), the last day of each March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to
the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three
months’ duration after the first day of such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 
  
 “Interest Period” means (a) with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, or nine or twelve months thereafter if available to all Lenders, as the Borrower
may elect, provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest 
  

 10 

 Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing
is made and, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
  
 “Issuing Lender” means JPMorgan Chase Bank, N.A., or any affiliate thereof, in its capacity as issuer of any Letter of
Credit. 
  
 “Letters of Credit”
has the meaning assigned to such term in Section 3.01. 
  
 “L/C Commitment” means $2,000,000. 
  
 “L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount
of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.05. 
  
 “L/C Participants” means all the Revolving Lenders other than the Issuing Lender. 
  
 “Lenders” means the Persons listed on
Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  
 “Leverage Ratio” means the ratio of
(a) Consolidated Indebtedness as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date. 
  
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the
rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of
such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO
Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
  
 “Lien” means, with respect to any asset,
(a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same 
  

 11 

 economic effect as any of the foregoing) relating to such asset and (c) in the case of securities,
any purchase option, call or similar right of a third party with respect to such securities. 
  
 “Loan” means any loan made by any Lender pursuant to this Agreement. 
  
 “Loan Documents” means this Agreement, the
Guarantee Agreement, each Security Document, each promissory note issued pursuant to Section 2.08(f) and each Swap Agreement between a Loan Party and a Lender or an Affiliate of a Lender, as each may be amended or supplemented from time to
time. 
  
 “Loan Parties” means
the Borrower and the Guarantors. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, results of operations, properties or financial condition of the Borrower and the Subsidiaries taken as a whole, (b) the ability of any
Loan Party to perform, or the enforceability of any Loan Party of, any of its obligations under any Loan Document or (c) the rights of or benefits available to the Lenders under any Loan Document. 
  
 “Material Indebtedness” means Indebtedness
(other than the Loans), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $1,000,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be zero prior to the time any counterparty to such Swap Agreement shall be entitled to terminate such Swap Agreement
and, thereafter, shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
  
 “Material Subsidiary” means any Subsidiary,
including its subsidiaries, which meets either of the following conditions: (i) for the period of four consecutive fiscal quarters of the Borrower most recently ended, the gross revenues of such Subsidiary (and its subsidiaries) and all other
Subsidiaries that are not Material Subsidiaries exceed fifteen percent (15%) of the gross revenues of the Borrower and the Subsidiaries, as determined in accordance with GAAP or (ii) as of the end of the most recently ended fiscal quarter
of the Borrower, the gross assets of such Subsidiary (and its subsidiaries) and all other Subsidiaries that are not Material Subsidiaries exceed fifteen percent (15%) of the total assets of the Borrower and the Subsidiaries, as determined in
accordance with GAAP. 
  
 “Maximum
Rate” has the meaning set forth in Section 10.13. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  

 12 

 “New Lenders” has the meaning assigned to such term in Section 2.03(c).

  
 “New Lender Supplement” has
the meaning assigned to such term in Section 2.03(c). 
  
 “Other Taxes” means any and all present or future recording, stamp, documentary, excise or property or similar taxes, charges or levies (but not any tax on any transfer or assignment of, or any participation in, the Loans
(or a portion thereof) or this Agreement) arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 
  
 “Participant” has the meaning set forth in
Section 10.04. 
  
 “PBGC” means
the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Permitted Acquisition” means (a) any acquisition, whether by purchase, merger, consolidation or otherwise, if
immediately after giving effect thereto: (i) such acquisition is of all or substantially all the assets of, or Equity Interests in, a Person or division or line of business or other business unit of a Person and relates to the business
conducted by the Borrower and the Subsidiaries as of the date hereof or in a business reasonably related thereto; (ii) no Default shall have occurred and be continuing or would result therefrom; (iii) all transactions related thereto shall
be consummated in accordance with applicable laws; (iv) any acquired or newly formed Person shall be a Subsidiary and all actions required to be taken, if any, with respect to such acquired or newly formed Subsidiary under Section 6.09 shall
have been taken; and (v) the Borrower and the Subsidiaries shall be in compliance, on a pro forma basis after giving effect to such acquisition or formation, with the covenants contained in Section 7.15 through Section 7.17, inclusive,
recomputed as at the last day of the most recently ended fiscal quarter of the Borrower as if, for the purposes of calculating Consolidated Indebtedness, Consolidated Adjusted Net Income, Consolidated Net Worth and Consolidated EBITDA, such
acquisition and related financings or other transactions had occurred on the first day of the period for testing such compliance and (b) the acquisition of Stock Image SAS or Animation Factory, Inc., whether by purchase, merger, consolidation
or otherwise; provided that, the conditions in clauses (a)(ii) through (a)(v) above are met with respect to such acquisition and provided further that the aggregate consideration (including concurrent repayment or assumption on
any indebtedness and related investments) paid in respect of such acquisitions shall not exceed $22,500,000. 
  
 “Permitted Encumbrances” means: 
  

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 6.04; 
  
 (b) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 6.04;

  

 13 

 (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations; 
  
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature, in each case in the ordinary course of business; 
  
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VIII; 

 
 (f) easements, zoning restrictions, rights-of-way and
similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of the Borrower or any Subsidiary; 
  
 (g) any interest or title of a licensor, lessor or sublessor under any license or lease agreement pursuant to which rights are granted to the Borrower or any Subsidiary; 
  
 (h) licenses, leases or subleases granted by the Borrower or any Subsidiary to third persons in the ordinary
course of business not interfering in any material respect with the business of the Borrower or any Subsidiary; 
  
 (i) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the
Borrower or any Subsidiary in the ordinary course of business; 
  
 (j) Liens that are contractual or statutory setoff rights arising in the ordinary course of business with financial institutions, relating to pooled deposit accounts or sweep accounts of the Borrower and the
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business or relating to purchase orders or other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary
course of business; and 
  
 (k) Liens solely on
any cash earnest money deposits by the Borrower or any Subsidiary in connection with any letter of intent or purchase agreement permitted under this Agreement; 
  

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 
  
 “Permitted Investments” means: 

 
 (a) 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 from the date of acquisition thereof; 
  

 14 

 (b) investments in commercial paper maturing within one year from the date of acquisition
thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
  
 (c) investments in certificates of deposit, overnight bank deposits or banker’s acceptances and time deposits maturing within one
year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any
State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 
  
 (d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and
entered into with a financial institution satisfying the criteria described in clause (c) above; 
  
 (e) money market funds that (i) comply with the criteria set forth in Securities and 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 $5,000,000,000; 
  
 (f) with respect to a Foreign Subsidiary, securities issued by any foreign government or any political subdivision of any foreign
government or any public instrumentality thereof in the jurisdiction of domicile of such Foreign Subsidiary having maturities of not more than one year from the date of acquisition thereof and, at the time of acquisition, having the highest credit
rating obtainable from S&P or from Moody’s; and 
  
 (g) solely with respect to any Foreign Subsidiary, non-dollar denominated (i) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under
the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term
commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank being an “Approved Foreign Bank”) and maturing within 12 months of the date of
acquisition and (ii) equivalents of demand deposit accounts which are maintained with an Approved Foreign Bank. 
  
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
  
 “PictureArts Acquisition” means the acquisition by JupiterImages Corporation, a Wholly-Owned Subsidiary of the Borrower, of 100% of the outstanding membership interests of PictureArts Corporation from Jeffrey Burke and
Lorraine Triolo. 
  

 15 

 “Pledge Agreement” means the Pledge Agreement, substantially in the form
of Exhibit D, dated as of December 22, 2005, among the Borrower, the Subsidiaries party thereto and the Administrative Agent, as amended, supplemented, restated or otherwise modified from time to time, whereby the Borrower and the
Subsidiaries party thereto grant to the Administrative Agent a first-priority Lien on Indebtedness and Equity Interests held by them to secure the obligations under the Loan Documents. 
  
 “Pricing Grid” means the table set forth below: 
  

										
	 Leverage Ratio

	  	Eurodollar
Margin

	 	 	Prime Margin

	 	 	Commitment
Fee

	 
	 < 0.50 to 1.0
	  	1.50	%	 	0.50	%	 	0.25	%
	 > 0.50 to 1.0 but < 1.0 to 1.0
	  	1.75	%	 	0.75	%	 	0.25	%
	 > 1.0 to 1.0 but < 1.50 to 1.0
	  	2.25	%	 	1.25	%	 	0.375	%
	 > 1.50 to 1.0
	  	2.75	%	 	1.75	%	 	0.50	%

  
 “Prime”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Prime Rate. 
  
 “Prime Rate” means, for any day, the rate
of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect on such day at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective. 
  
 “Recovery Event” means any settlement of or payment in excess of $500,000 in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or any Subsidiary.

  
 “Refunded Swingline Loans”
has the meaning set forth in Section 2.06. 
  
 “Register” has the meaning set forth in Section 10.04. 
  
 “Regulation S-X” means Regulation S-X of the Securities Act of 1933, as amended. 
  
 “Reinvestment Deferred Amount” means with
respect to any Reinvestment Event, the aggregate net cash proceeds received by the Borrower or any Wholly-Owned Subsidiary in connection therewith that are not applied to prepay the Term Loans as a result of the delivery of a Reinvestment Notice.

  
 “Reinvestment Event” means
any Asset Sale or Recovery Event in respect of which the Borrower has delivered a Reinvestment Notice. 
  

 16 

 “Reinvestment Notice” means a written notice executed by a Responsible
Officer stating that no Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified portion of the net cash proceeds of an Asset Sale or Recovery
Event to acquire or repair assets useful in its business. 
  
 “Reinvestment Prepayment Amount” means with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment
Date to acquire or repair assets useful in the Borrower’s business. 
  
 “Reinvestment Prepayment Date” means with respect to any Reinvestment Event, the earlier of (a) the date occurring one year after such Reinvestment Event and (b) the date on which the
Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business with all or any portion of the relevant Reinvestment Deferred Amount. 
  
 “Related Parties” means, with respect to
any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  
 “Required Lenders” means, at any time, the holders of more than 50% of (a) until the
Effective Date, the Commitments then in effect and (b) thereafter, the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding and (ii) the Total Revolving Commitments then in effect or, if the Revolving
Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding. 
  
 “Requirement of Law” means, as to any Person, the Certificate of Incorporation and By-Laws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such
Person or any of its property is subject. 
  
 “Responsible Officer” means the chief executive officer, president or chief financial officer of the Borrower, but in any event, with respect to financial matters, the chief financial officer of the Borrower. 
  
 “Restricted Payment” means any dividend or
other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower or
any Subsidiary. 
  
 “Revolving
Borrowing” means a Borrowing comprised of Revolving Loans. 
  

 17 

 “Revolving Commitment” means, as to any Lender, the obligation of such
Lender, if any, to make Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such
Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Revolving
Commitments is $50,000,000. 
  
 “Revolving Commitment Period” means the period from and including the Effective Date to the Revolving Termination Date. 
  
 “Revolving Extensions of Credit” means as to any Revolving Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate
principal amount of Swingline Loans then outstanding. 
  
 “Revolving Lender” means each Lender that has a Revolving Commitment or that holds Revolving Loans. 
  
 “Revolving Loan” has the meaning assigned to such term in Section 2.03. 
  
 “Revolving Percentage” means, as to any
Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the
aggregate principal amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal amount of the Revolving Loans then outstanding, provided, that, in the event that the Revolving Loans are paid in full
prior to the reduction to zero of the Total Revolving Extensions of Credit, the Revolving Percentages shall be determined in a manner designed to ensure that the other outstanding Revolving Extensions of Credit shall be held by the Revolving Lenders
on a comparable basis. 
  
 “Revolving
Termination Date” means December 22, 2008. 
  
 “S&P” means Standard & Poor’s Rating Services. 
  
 “SEC Documents” means the Borrower Annual Report on Form 10-K for the year ended December 31, 2004 and all forms,
reports, schedules, statements and other documents required to be filed by the Borrower under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, from and after the filing thereof. 
  
 “Security Agreement” means the Security
Agreement, substantially in the form of Exhibit E, dated as of December 22, 2005, among the Borrower, the Subsidiaries party thereto and the Administrative Agent, as amended, supplemented, restated or otherwise modified from time to time,
whereby the Borrower and the Subsidiaries party thereto each grant to the Administrative Agent a first-priority Lien on its personal property to secure the obligations under the Loan Documents. 
  

 18 

 “Security Documents” means the Security Agreement, the Pledge Agreement
and each other security agreement, document and instrument from time to time executed and delivered to the Administrative Agent, pursuant to the terms of the Loan Documents. 
  
 “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 to which
the Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those
imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  
 “subsidiary” means, with respect to any
Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
  

“Subsidiary” means any subsidiary of the Borrower. 
  
 “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors,
officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 
  
 “Swingline Commitment” means the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.05 in
an aggregate principal amount at any one time outstanding not to exceed $5,000,000. 
  

 19 

 “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as
the lender of Swingline Loans. 
  
 “Swingline Loans” has the meaning assigned to such term in Section 2.05. 
  
 “Swingline Participation Amount” has the meaning assigned to such term in Section 2.06. 
  
 “Syndication Agent” means LaSalle Bank
National Association, in its capacity as syndication agent hereunder. 
  
 “Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money
indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP. 
  
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority. 
  
 “Term
Lender” means each Lender that has a Term Commitment or that holds a Term Loan. 
  
 “Term Loan” has the meaning assigned to such term in Section 2.01. 
  
 “Term Loan Borrowing” means a Borrowing
comprised of Term Loans. 
  
 “Term Loan
Commitment” means, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder as set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender assumed its Term
Commitment, as applicable. The original aggregate amount of the Term Loan Commitments is $50,000,000. 
  
 “Term Maturity Date” means December 22, 2008. 
  
 “Term Percentage” means, as to any Term Lender at any time, the percentage which such
Lender’s Term Commitment then constitutes of the aggregate Term Commitments (or, at any time after the Effective Date, the percentage which the aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the
aggregate principal amount of the Term Loans then outstanding). 
  
 “Total Revolving Commitments” means, at any time, the aggregate amount of the Revolving Commitments then in effect. 
  
 “Total Revolving Extensions of Credit” means, at any time, the aggregate amount of the
Revolving Extensions of Credit of the Revolving Lenders outstanding at such time. 
  

 20 

 “Transactions” means the execution, delivery and performance by each of
the Loan Parties of each of the Loan Documents to which it is a party, the borrowing of Loans and the use of the proceeds thereof. 
  
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Prime Rate. 
  
 “Wholly-Owned Subsidiary” means a Subsidiary all the Equity Interests of which (other than directors’ qualifying
shares) are owned by the Borrower and/or one or more other Wholly-Owned Subsidiaries. 
  
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a
“Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 
  
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
  
 SECTION 1.04.
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
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

  

 21 

 ARTICLE II. 
  
 The Credits 
  
 SECTION 2.01. Term Commitments. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a term loan (a
“Term Loan”) to the Borrower on the Effective Date in a principal amount equal to such Lender’s Term Commitment. The Term Loans may from time to time be Eurodollar Loans or Prime Loans or a combination thereof, as determined by
the Borrower and notified to the Administrative Agent in accordance with Sections 2.02 and 2.07. Immediately following the making of the Term Loans, the Term Commitments shall be terminated on the Effective Date and shall not be reinstated.

  
 SECTION 2.02. Procedure for Term Loan Borrowings.
(a) The Borrower shall provide the Administrative Agent an irrevocable written Borrowing Request (which notice must by received by (x) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three
Business Days before the Effective Date or (y) in the case of a Prime Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the Effective Date), requesting that the Term Lenders make the Term Loans on the
Effective Date. 
  
 (b) Upon receipt of the Borrowing Request, the
Administrative Agent shall promptly notify each Term Lender thereof. Each Term Lender shall make the Term Loan or Term Loans to be made by it hereunder on the Effective Date by wire transfer of immediately available funds by 12:00 noon, New York
City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Term Lenders. The Administrative Agent will make such Term Loans available to the Borrower by promptly crediting the amounts so
received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the Borrowing Request. 
  
 SECTION 2.03. Revolving Commitments. 
  
 (a) Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make revolving credit
loans (“Revolving Loans”) to the Borrower from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Revolving Lender’s Revolving Percentage of
(i) the L/C Obligations then outstanding and (ii) the aggregate principal amount of the Swingline Loans then outstanding, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Commitment Period the
Borrower may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurodollar Loans or
Prime Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.04 and 2.07. 
  

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 (b) The Borrower (subject to the approval of its board of directors (or any committee thereof)) and any
one or more Lenders (including New Lenders) may, at any time after the Effective Date, so long as no Default or Event of Default shall have occurred and be continuing, agree that each such Lender shall increase the amount of its Revolving Commitment
(any Lender so increasing the amount of its Revolving Commitment, an “Increasing Lender”) or obtain a new Revolving Commitment by executing and delivering to the Administrative Agent an Increased Revolving Facility Activation Notice
specifying (i) the amount of such increase and (ii) the applicable Increased Revolving Facility Effective Date. Notwithstanding the foregoing, (i) the Total Revolving Commitments may not be increased by more than $20,000,000 and
(ii) each increase effected pursuant to this paragraph shall be in a minimum amount of at least $3,000,000. No Lender shall have any obligation to participate in any increase described in this paragraph unless it agrees in writing to do so in
its sole discretion. 
  
 (c) Any additional bank, financial
institution or other entity which, with the consent of the Borrower and the Administrative Agent (which consent shall not be unreasonably withheld), elects to become a “Revolving Lender” under this Agreement in connection with any
transaction described in Section 2.03(b) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit F-1, whereupon such bank, financial institution or other entity (a “New
Lender”) shall become a Revolving Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. 
  
 (d) If, immediately prior to any increase pursuant to Section 2.03(b) above,
there are any Revolving Extensions of Credit outstanding, the Administrative Agent with the consent of the Borrower, shall be permitted to adjust the provisions hereof relating to borrowings, continuations and conversions, Interest Periods and
prepayments in order to effect within a reasonable period of time ratable participation by each Increasing Lender and each New Lender with the other Revolving Lenders in the outstanding Revolving Extensions of Credit, including each tranche of the
Revolving Loans. Any prepayment of Revolving Loans that are Eurodollar Loans as a result of any such adjustments or otherwise shall in any event be subject to the provisions of Section 2.16. 
  
 SECTION 2.04. Procedure for Revolving Loan Borrowing. The Borrower may
borrow under the Revolving Commitments during the Revolving Commitment Period on any Business Day, provided that the Borrower shall provide the Administrative Agent an irrevocable written Borrowing Request (which notice must by received by
the Administrative Agent (x) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the requested Borrowing Date or (y) in the case of a Prime Borrowing, not later than 11:00
a.m., New York City time, one Business Day before the requested Borrowing Date), (provided that any such notice of a borrowing of Prime Loans under the Revolving Facility to finance payments required by Section 3.05 may be given not
later than 10:00 a.m., New York City time, on the date of the proposed borrowing). Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of Prime Loans, $500,000 or an integral multiple of $100,000 in
excess of $500,000 (or, if the then aggregate Available Revolving Commitments are less than $500,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or an integral multiple of $500,000 in excess of $1,000,000;
provided, that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are Prime Loans in other amounts pursuant to Section 2.06. 
  

 23 

 SECTION 2.05. Swingline Commitment. (a) Subject to the terms and conditions hereof,
the Swingline Lender agrees to make a portion of the credit otherwise available to the Borrower under the Revolving Commitments from time to time during the Revolving Commitment Period by making swing line loans (“Swingline Loans”)
to the Borrower; provided that (i) the aggregate principal amount of Swingline Loans outstanding at any time shall not exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when
aggregated with the Swingline Lender’s other outstanding Revolving Loans, may exceed the Swingline Commitment then in effect) and (ii) the Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if, after
giving effect to the making of such Swingline Loan, the aggregate amount of the Available Revolving Commitments would be less than zero. During the Revolving Commitment Period, the Borrower may use the Swingline Commitment by borrowing, repaying and
reborrowing, all in accordance with the terms and conditions hereof. Swingline Loans shall be Prime Loans only. 
  
 (b) The Borrower shall repay to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Termination
Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that a Revolving Loan is borrowed, the
Borrower shall repay all Swingline Loans then outstanding. 
  
 SECTION 2.06. Procedure for Swingline Borrowing, Refunding of Swingline Loans. (a) Whenever the Borrower desires that the Swingline Lender make Swingline Loans it shall give the Swingline Lender irrevocable telephonic notice
confirmed promptly in writing (which telephonic notice must be received by the Swingline Lender not later than 1:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested
Borrowing Date (which shall be a Business Day during the Revolving Commitment Period). Each borrowing under the Swingline Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 3:00 P.M.,
New York City time, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount
of the Swingline Loan to be made by the Swingline Lender. The Administrative Agent shall make the proceeds of such Swingline Loan available to the Borrower on such Borrowing Date by depositing such proceeds in the account of the Borrower with the
Administrative Agent on such Borrowing Date in immediately available funds. 
  
 (b) The Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), on one
Business Day’s notice given by the Swingline Lender no later than 12:00 Noon, New York City time, request each Revolving Lender to make, and each Revolving Lender hereby agrees to make, a Revolving Loan, in an amount equal to such Revolving
Lender’s Revolving Percentage of the aggregate amount of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice, to repay the Swingline 
  

 24 

 Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to the Administrative Agent at the
Funding Office in immediately available funds, not later than 10:00 A.M., New York City time, one Business Day after the date of such notice. The proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to the
Swingline Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loans. The Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s accounts with the Administrative Agent (up to the
amount available in each such account) in order to immediately pay the amount of such Refunded Swingline Loans to the extent amounts received from the Revolving Lenders are not sufficient to repay in full such Refunded Swingline Loans. 

 
 (c) If prior to the time a Revolving Loan would have otherwise been made
pursuant to Section 2.06(b), one of the events described in Article VIII(h) or VIII(i) shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion,
Revolving Loans may not be made as contemplated by Section 2.06(b), each Revolving Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.06(b), purchase for cash an undivided
participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) such Revolving Lender’s Revolving Percentage times
(ii) the sum of the aggregate principal amount of Swingline Loans then outstanding that were to have been repaid with such Revolving Loans. 
  
 (d) Whenever, at any time after the Swingline Lender has received from any Revolving Lender such Lender’s Swingline Participation Amount, the
Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not sufficient to
pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Revolving Lender will return to the Swingline
Lender any portion thereof previously distributed to it by the Swingline Lender. 
  
 (e) Each Revolving Lender’s obligation to make the Loans referred to in Section 2.06(b) and to purchase participating interests pursuant to Section 2.06(c) shall be absolute and unconditional and shall not be
affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason
whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article V, (iii) any adverse change in the condition (financial or otherwise) of the
Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other Revolving Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the
foregoing. 
  

 25 

 SECTION 2.07. Interest Elections. (a) The initial Borrowings shall be of the Types specified
in the initial Borrowing Request and, in the case of a Eurodollar Borrowing, shall have initial Interest Periods as specified in the initial Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowings to different Types or to
continue such Borrowings and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowings, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
  
 (b) To make an election pursuant to this Section, the Borrower shall notify
the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Sections 2.02 or 2.04, as applicable, if the Borrower were requesting a Borrowing of the Type resulting from such election to be made
on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form
approved by the Administrative Agent and signed by the Borrower. 
  
 (c) Each telephonic and written Interest Election Request shall specify the following information: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  
 (ii) the effective date of the election made pursuant to
such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be a Prime Borrowing or a Eurodollar Borrowing; and 
  
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  
 (d) Promptly following receipt of an Interest Election
Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period
applicable thereto, then, 
  

 26 

 unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted
to a Prime Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of
Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to a Prime Borrowing at the end of the Interest Period
applicable thereto. 
  
 (f) At the commencement of each Interest
Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000. At the time that each Prime Borrowing is made, such Borrowing shall be in an aggregate amount
that is not less than $500,000. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of ten Eurodollar Borrowings outstanding. 
  
 (g) Notwithstanding any other provision of this Agreement, the Borrower shall
not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Term Maturity Date or Revolving Termination Date, as applicable. 
  
 SECTION 2.08. Repayment of Loans; Evidence of Debt. 

 
 (a) The Borrower hereby unconditionally promises to pay to the
Administrative Agent for the account of each Term Lender the aggregate principal amount of the Term Loans in 12 consecutive quarterly installments of (i) $4,000,000, in the case of each of the first 11 installments, each such installment to be
payable on the last day of each March, June, September and December commencing on March 31, 2006 and ending on September 30, 2008 and (ii) $6,000,000, in the case of the 12th installment, payable on the Term Maturity Date. 
  
 (b) The Borrower shall repay all outstanding Revolving Loans in full on the Revolving Termination Date. 
  
 (c) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (d) The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder
and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
  
 (e) The entries made in the accounts maintained pursuant to paragraph (a) or (b) of this Section shall be prima facie evidence of
the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to
repay the Loans in accordance with the terms of this Agreement. 
  

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 (f) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the
Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the order of the payee
named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.09. Termination or Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than three Business Days’
notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of the Revolving Commitments shall be
permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction
shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect. 
  
 SECTION 2.10. Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay, without penalty, any Borrowing
in whole or in part, upon irrevocable notice delivered to the Administrative Agent by telephone (confirmed by telecopy) no later than 11:00 a.m., New York City time, three Business Days prior thereto, in the case of a Eurodollar Borrowing, and no
later than 11:00 a.m., New York City time, one Business Day prior thereto, in the case of a Prime Borrowing, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or Prime Loans;
provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.16. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans
that are Prime Loans and Swingline Loans) accrued interest to such date on the amount prepaid. Each optional partial prepayment of Term Loans or Revolving Loans shall be in an amount that would be permitted in the case of an advance of a Borrowing
of Term Loans or Revolving Loans of the same Type as provided in Sections 2.02 or 2.04, as applicable. Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $100,000 or a whole multiple thereof. Prepayments shall be
accompanied by accrued interest to the extent required by Section 2.13. 
  
 SECTION 2.11. Mandatory Prepayments. The following amounts shall be applied to prepay the Term Loans: 
  
 (i) On the date on which the Borrower or any Wholly-Owned Subsidiary shall receive cash consideration from the sale or issuance of any
Equity Interests in the Borrower or any Subsidiary (other than any such sale or 
  

 28 

 issuance in connection with the exercise of options by employees, directors and consultants for cash
consideration of up to $3,000,000 in any fiscal year), 50% of the net cash proceeds thereof; provided that the foregoing percentage shall be reduced to (i) 25% if, on a pro forma basis after giving effect to such sale or issuance, the
Leverage Ratio on the date of such sale or issuance is not greater than 1.0 to 1.0 and (ii) 0% if such Leverage Ratio is not greater than 0.5 to 1.0. 
  
 (ii) On the date any Indebtedness shall be issued or incurred by the Borrower or any Wholly-Owned Subsidiary (excluding any Indebtedness
incurred in accordance with Section 7.01), an amount equal to 100% of the net cash proceeds thereof. 
  
 (iii) On the date the Borrower or any Wholly-Owned Subsidiary shall receive cash consideration from any Asset Sale or Recovery Event then,
unless a Reinvestment Notice shall be delivered in respect thereof, 100% of the net cash proceeds thereof; provided, that, notwithstanding the foregoing, (i) the aggregate net cash proceeds of Asset Sales that may be excluded from the
foregoing requirement pursuant to a Reinvestment Notice shall not exceed $1,250,000 in any fiscal year of the Borrower and (ii) on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the
relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans. 
  
 SECTION 2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in the Fee letter and in any other fee agreements with the
Administrative Agent and to perform any other obligations contained therein. 
  
 (b) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee (the “Commitment Fee”) for the period from and including the date hereof to the
last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period for which payment is made, payable quarterly in arrears. 

 
 (c) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent. Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.13. Interest. 
  
 (a) The Loans comprising each Prime Borrowing shall bear interest at the Prime Rate plus the Applicable Rate. 
  
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the
Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
  
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid
when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as 
  

 29 

 well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the
rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to Prime Loans as provided in paragraph (a) of this Section. 
  
 (d) Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan and on the Term Maturity Date or Revolving Termination Date, as applicable; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Borrowing
prior to the end of the current Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion. 
  
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Prime Rate shall be
computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Prime Rate, Adjusted LIBO Rate or
LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  
 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
  
 (a) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
  
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an a Prime
Borrowing. 
  
 SECTION 2.15. Increased Costs.

  
 (a) If any Change in Law shall: 
  
 (i) impose, modify or deem applicable any reserve, special
deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
  

 30 

 (ii) impose on any Lender or the London interbank market any other condition affecting
this Agreement or Eurodollar Loans made by such Lender; 
  
 and the result of any
of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender of participating in, or to reduce the amount
of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred
or reduction suffered. 
  
 (b) If any Lender determines that any
Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans
made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

  
 (c) A certificate of a Lender setting forth the amount or
amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right
to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the
Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar 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 Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto, or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a
request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. 
  

 31 

 Such loss, cost or expense to any Lender shall be deemed to include an amount equal to the excess, as reasonably
determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject of such breakage event for the period from the date of such breakage event to the last day of the Interest Period in effect (or that would
have been in effect) for such Eurodollar Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such breakage event for such period, but such loss shall not, in
any event, include any lost profit or loss of applicable margin. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 SECTION 2.17. Taxes. 
  
 (a) Any and all payments by or on account of any obligation of the Borrower hereunder or under any Loan Document shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, or Lender (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law. 
  
 (c)
The Borrower shall indemnify the Administrative Agent, and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, or such Lender, as the case may be,
on or with respect to any payment by or on account of any obligation of the Borrower or under any Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided, however, that
the Borrower shall not be obligated to make payment pursuant to this Section in respect of penalties, interest or expenses attributable to any Indemnified Taxes or Other Taxes if (i) written demand for indemnity hereunder for such Indemnified
Taxes or Other Taxes has not been made by such Administrative Agent or Lender within 60 days from the date on which such Administrative Agent or Lender received written notice of the imposition of such Indemnified Taxes or Other Taxes by the
relevant Governmental Authority, or (ii) such penalties, interest or expenses are attributable to the gross negligence or the willful misconduct of such Administrative Agent or Lender. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender (accompanied by official receipts of the relevant Governmental Authority evidencing payment of Indemnified Taxes or Other Taxes by
Lender or Administrative Agent, a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to the Borrower), shall be conclusive absent manifest error. 
  

 32 

 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent. 
  
 (e) Any Lender or Administrative Agent that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with
respect to payments under this Agreement or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation
prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate thereof. 
  

(f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which
it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 2.17 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.
This Section 2.17(f) shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person.

  
 SECTION 2.18. Payments Generally; Pro Rata Treatment;
Sharing of Set-offs. (a) Each Loan Party shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York
City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except that payments pursuant to Sections 2.15, 2.16 or 2.17 and
10.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any
payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of
such extension. All payments under any Loan Document shall be made in dollars. 
  

 33 

 (b) Each Borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of
any Commitment Fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Term Percentages or Revolving Percentages, as the case may be, of the relevant Lenders. 
  
 (c) Each payment (including each prepayment) by the Borrower on account of
principal of and interest on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Term Lenders; provided that mandatory prepayments of the Term Loans
shall be applied, first, to the scheduled installments of principal due within 12 months of the prepayment in direct order, and, then, pro rata to the remaining installments of principal of the Term Loans. Amounts prepaid on account of the Term
Loans may not be reborrowed. 
  
 (d) Each payment (including each
prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders.

  
 (e) If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal then due to such parties. 
  
 (f) If any Lender shall,
by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans
and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and
all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be
construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. 
  

 34 

 (g) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders under any Loan Document that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in
accordance herewith and may, but shall not be required to, in reliance upon such assumption, distribute to the Lenders, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  
 (h) Unless the Administrative Agent shall have been notified in writing by
any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available
to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the
Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to
any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three
Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Prime Loans under the relevant Facility, on demand, from the Borrower.

  
 (i) If any Lender shall fail to make any payment required to
be made by it pursuant to Sections 2.01, 2.03, 2.18(g), 2.18(h) or 10.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for
the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject 
  

 35 

 such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender, with the prior written approval of the Borrower, in connection with any such designation or assignment. In addition, the Administrative Agent and each Lender
shall take all reasonable actions reasonably requested by the Borrower that are without material risk and cost to such Administrative Agent or Lender, and consistent with the internal policies of such Administrative Agent or Lender and applicable
legal and regulatory restrictions, in order to maintain all exemptions, if any, available to it from withholding taxes (whether available by treaty or existing administrative waiver) and otherwise to minimize any amounts payable by the Borrower
under Section 2.17. 
  
 (b) If any Lender requests
compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to
fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in Section 10.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and
(iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.
A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

  
 ARTICLE III. 
  
 Letters of Credit 
  
 SECTION 3.01. L/C Commitment. 
  
 (a) Subject to the terms and conditions hereof, the Issuing Lender, in
reliance on the agreements of the other Revolving Lenders set forth in Section 3.04(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Commitment
Period in such form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations
would exceed the L/C Commitment or (ii) the aggregate amount of the Available Revolving Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of
(x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for
additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above). 
  

 36 

 (b) The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance
would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 
  
 SECTION 3.02. Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that the Issuing Lender issue a Letter of
Credit by delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the
Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary
procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all
such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing
Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the
issuance of each Letter of Credit (including the amount thereof). 
  
 SECTION 3.03. Fees and Other Charges. 
  
 (a) The
Borrower will pay a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility, shared ratably among the Revolving Lenders and payable
quarterly in arrears. In addition, the Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.25% per annum on the undrawn and unexpired amount of each Letter of Credit, payable quarterly in arrears. 
  
 (b) In addition to the foregoing fees, the Borrower shall pay or reimburse
the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 
  
 SECTION 3.04. L/C Participations. 
  
 (a) The Issuing Lender irrevocably agrees to grant and hereby grants to each
L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions set forth below, for
such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and the amount of each
draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not 
  

 37 

 reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the
Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C
Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have
against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article V,
(iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
  
 (b) If any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.04(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of
Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily
average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the
number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.04(a) is not made available to the Issuing Lender by such L/C Participant
within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to
Prime Loans under the Revolving Facility. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. 
  
 (c) Whenever, at any time after the Issuing Lender has made payment under any
Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.04(a), the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the
Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof;
provided, however, that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously
distributed by the Issuing Lender to it. 
  
 SECTION 3.05.
Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of Credit, the Borrower shall reimburse the Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or
expenses incurred by the Issuing Lender in connection with such payment, not later than 12:00 Noon, New York City time, on (i) the Business Day that the Borrower receives notice of such draft, if such notice is received on such day prior to
10:00 A.M., New York City time, or (ii) if clause (i) above does not apply, the 
  

 38 

 Business Day immediately following the day that the Borrower receives such notice. Each such payment shall be made to the
Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth
in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.13(a) and (y) thereafter, Section 2.13(c). 
  
 SECTION 3.06. Obligations Absolute. The Borrower’s obligations under this Article III shall be absolute and unconditional under any and all
circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing
Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.05 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements
thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be
transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery
of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or
willful misconduct, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 
  
 SECTION 3.07. Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly
notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly
provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

  
 SECTION 3.08. Applications. To the extent that any
provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply. 
  
 ARTICLE IV. 
  
 Representations and Warranties 
  
 The Borrower represents and warrants to the Lenders that as of the date hereof and as of the Effective Date: 
  
 SECTION 4.01. Organization; Powers. Each of the Borrower and its
Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all 
  

 39 

 requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. Schedule 4.01 sets forth
the correct and complete list of each Subsidiary indicating (a) its jurisdiction of organization, (b) its ownership (by holder and percentage interest), (c) its business and primary geographic scope of operation, (d) the gross
revenues and total assets of such Subsidiary and (e) whether such Subsidiary is a Material Subsidiary. 
  
 SECTION 4.02. Authorization; Enforceability. The Transactions to be entered by each Loan Party are with such Loan Party’s corporate,
partnership or limited liability company powers and have been duly authorized by all necessary corporate, partnership or limited liability company and, if required, stockholder, partner or member action. Each Loan Document to which any Loan Party is
a party has been duly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
  
 SECTION 4.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval
of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or
other organizational documents of the Borrower or any of the Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or
any of the Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of the Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries. 
  
 SECTION 4.04.
Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders the consolidated balance sheet and the related statements of income, stockholders’ equity and cash flows (i) as of and
for the fiscal years ended December 31, 2002, December 31, 2003 and December 31, 2004, reported on by Deloitte & Touche LLP, independent public accountants, (ii) as of and for the fiscal quarter ended March 31,
2005, certified by its chief financial officer, (iii) as of and for the fiscal quarter and the portion of the fiscal year ended June 30, 2005, certified by its chief financial officer and (iv) as of and for the fiscal quarter and the
portion of the fiscal year ended September 30, 2005, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower
and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clauses (ii), (iii) and
(iv) above. 
  
 (b) The Borrower has heretofore furnished to
the Lenders all financial statements for completed or pending acquisitions that would be required under Regulation S-X of the Securities Act of 1933, as amended (“Regulation S-X”) for an offering of registered securities as of
the date hereof. 
  

 40 

 (c) The Borrower has heretofore furnished to the Lenders a pro forma consolidated balance sheet of the
Borrower and its Subsidiaries as at September 30, 2005 and a pro forma statement of operations for the most recent fiscal year and interim period and for the 12-month period ending on the last day of such interim period, in each case adjusted
to give effect to the consummation of the Transactions as if the Transactions, with respect to the pro forma balance sheet, had occurred on such date or with respect to the pro forma statements of operations, had occurred on the first day of the
most recently completed fiscal year. 
  
 (d) Since
December 31, 2004, there has been no material adverse change in the business, results of operations, properties or financial condition of the Borrower and the Subsidiaries, taken as a whole. 
  
 SECTION 4.05. Properties. (a) Each of the Borrower and the
Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or
to utilize such properties for their intended purposes. 
  
 (b)
Each of the Borrower and the Subsidiaries owns, has the right to use or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and the
Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 4.06. Litigation and Environmental Matters. (a) There are
no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of the Subsidiaries (i) as to which there is a
reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve
this Agreement or the Transactions. 
  
 (b) Except with respect to
any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of the Subsidiaries (i) to the knowledge of the Borrower, has failed to comply with
any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) to the knowledge of the Borrower, has become subject to any Environmental Liability, (iii) has
received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 
  
 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted
in, or materially increased the likelihood of, a Material Adverse Effect. 
  
 SECTION 4.07. Compliance with Laws and Agreements. Each of the Borrower and the Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property
and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has
occurred and is continuing. 
  

 41 

 SECTION 4.08. Investment and Holding Company Status. Neither the Borrower nor any of the
Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility
Holding Company Act of 1935. 
  
 SECTION 4.09. Taxes. Each
of the Borrower and the Subsidiaries 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 the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to
result in a Material Adverse Effect. 
  
 SECTION 4.10.
ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse
Effect. The present value of all accumulated benefit obligations under each Domestic Plan and Foreign Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed by more than $1,000,000 the fair market value of the assets of such Domestic Plan and Foreign Plan, and the present value of all accumulated benefit obligations of all underfunded Domestic
Plans and Foreign Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $1,000,000
the fair market value of the assets of all such underfunded Plans. 
  
 SECTION 4.11. Disclosure. The Borrower has disclosed to the Lenders 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. Neither the SEC Documents nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the
Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, to the extent any such reports, financial statements, certificates or other information
was based upon or constitutes a forecast or projection, the Borrower represents only that such reports, financial statements, certificates or other information was prepared in good faith based upon assumptions believed to be reasonable at the time,
and it is understood that actual results may differ from forecasts or projections. 
  
 SECTION 4.12. Security Documents. The Security Documents are effective to create in favor of the Administrative Agent for its benefit and the ratable benefit of the Lenders a legal, valid and enforceable
perfected first-priority Lien on the Collateral as security for the Obligations. 
  

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 SECTION 4.13. Solvency. Immediately after the consummation of the Transactions (a) the fair
value of the assets of each Loan Party at a fair valuation will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of each Loan Party will be greater than the amount that
will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, considering all financing alternatives and potential asset
sales reasonably available to such Loan Party; (c) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, considering all financing
alternatives and potential asset sales reasonably available to such Loan Party; and (d) each Loan Party will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is
proposed to be conducted following the Effective Date. 
  
 ARTICLE
V. 
  
 Conditions 
  
 SECTION 5.01. Conditions to Initial Extension of Credit. The
obligations of each Lender to make the initial extensions of credit requested to be made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Effective Date, of the following conditions
precedent: 
  
 (a) The Administrative Agent (or
its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of
a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
  
 (b) The Administrative Agent (or its counsel) shall have received from each Guarantor either (i) a counterpart of the Guarantee
Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of the Guarantee Agreement) that such Guarantor has signed
a counterpart of the Guarantee Agreement. 
  
 (c)
The Administrative Agent (or its counsel) shall have received from each Loan Party either (i) a counterpart of the Security Agreement signed on behalf of such Loan Party or (ii) written evidence reasonably satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed signature page of the Security Agreement) that such Loan Party has signed a counterpart of the Security Agreement. 
  
 (d) The Administrative Agent (or its counsel) shall have
received from each Loan Party either (i) a counterpart of the Pledge Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy transmission of a signed
signature page of the Pledge Agreement) that such Loan Party has signed a counterpart of the Pledge Agreement. 
  

 43 

 (e) To the extent not previously delivered or filed in connection with the Existing
Credit Agreement, the Administrative Agent shall have received (i) all documents and instruments, including Uniform Commercial Code financing statements and patent, trademark and copyright assignments required by law or reasonably requested by
the Administrative Agent to be filed, registered or recorded so that the Administrative Agent, for its benefit and the ratable benefit of the Lenders, shall have a legal, valid and enforceable perfected first-priority Lien on the Collateral, except
to the extent contemplated by the Security Agreement to be delivered after the Effective Date, (ii) searches of the Uniform Commercial Code, patent, trademark and copyright searches made with respect to the Loan Parties and evidence that all
Liens indicated by such filings not otherwise permitted hereunder shall have terminated pursuant to appropriate release documentation, and (iii) available certificates or other instruments representing all Indebtedness and Equity Interests
constituting Collateral, together with instruments of transfer with respect thereto endorsed in blank. 
  
 (f) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and
dated the Effective Date) of (i) Willkie Farr & Gallagher LLP, counsel for the Loan Parties, in the form of Exhibit B1, (ii) Potter Anderson & Corroon LLP, special Delaware counsel for the Loan Parties in the form of
Exhibit B2, (iii) Mesch, Clark, Rothschild, P.C., special Arizona counsel for the Loan Parties, in the form of Exhibit B3 and (iv) Fulbright & Jaworski L.L.P., special California counsel for the Loan Parties, in the form of
Exhibit B4. The Borrower hereby requests such counsel to deliver such opinion. 
  
 (g) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Loan Parties, the authorization of the Transactions and any other legal matters relating to the Loan Parties, the Loan Documents or the Transactions, all in form and substance
satisfactory to the Administrative Agent and its counsel. 
  
 (h) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions
set forth in this Section 5.01. 
  
 (i) The
Administrative Agent shall have received certified complete and correct copies of each of the financial statements referred to in Section 4.04. 
  
 (j) The Lenders shall have received projections through 2008. 
  
 (k) Pro forma Consolidated EBITDA of the Borrower for the latest 12-month period ended on September 30,
2005 shall equal at least $38,000,000 from planned continuing operations, and the Borrower shall provide support for such calculation of a nature that is satisfactory to the Administrative Agent. 
  
 (l) The pro forma Leverage Ratio shall not exceed 2.00 to
1.00 as of September 30, 2005 (calculated using the most recent pro forma balance sheet delivered 
  

 44 

 pursuant to Section 4.04 and the pro forma statement of operations for the 12-month period ending on
September 30, 2005), and the Borrower shall provide support for such calculation of a nature that is satisfactory to the Administrative Agent. 
  
 (m) The Administrative Agent shall have received evidence of the repayment of substantially all existing Indebtedness of the Borrower and
its Subsidiaries (including Indebtedness under the Existing Credit Agreement), on terms satisfactory to the Administrative Agent, and the termination of all commitments and Liens related thereto. 
  
 (n) There shall not exist any action, suit, investigation,
litigation or proceeding pending or threatened in any court or before any arbitrator or governmental authority that has or could reasonably be expected to have a material adverse effect on the Borrower and its Subsidiaries, taken as a whole, or any
of the transactions contemplated hereby. 
  
 (o)
To the extent not previously delivered in connection with the Existing Credit Agreement, the Administrative Agent shall have received certificates or other evidence of casualty insurance policies with appropriate loss payable endorsements indicating
assignment of proceeds thereunder to the Administrative Agent for its benefit and the ratable benefit of the Lenders and certificates or other evidence of liability insurance with appropriate endorsements indicating the coverage of the
Administrative Agent for its benefit and the ratable benefit of the Lenders as an additional insured. 
  
 (p) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
  
 (q) All governmental consents and third party approvals necessary to be obtained in connection with the financing contemplated hereby
shall have been obtained on satisfactory terms and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise
impose adverse conditions on the Transactions. 
  
 (r) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct on and as of the date of the Effective Date. 
  
 (s) At the time of and immediately after giving effect to the Loans pursuant to Article II, no Default shall
have occurred and be continuing. 
  
 The Administrative Agent shall notify the
Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions
is satisfied (or waived pursuant to Section 10.02) at or prior to 3:00 p.m., New York City time, on December 30, 2005 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

  

 45 

 SECTION 5.02. Conditions to Each Extension of Credit. The agreement of each Lender to make any
extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
  
 (a) Representations and Warranties. Each of the representations and warranties made by any Loan Party
in or pursuant to the Loan Documents shall be true and correct on and as of such date as if made on and as of such date. 
  
 (b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the
extensions of credit requested to be made on such date. 
  
 Each borrowing by and
issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.02 have been satisfied.

  
 ARTICLE VI. 
  
 Affirmative Covenants 
  
 Until the Commitments have expired or been terminated and the principal of
and interest on each Loan and all fees and other obligations payable under the Loan Documents shall have been paid in full, the Borrower covenants and agrees with the Lenders that: 
  
 SECTION 6.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent and
each Lender: 
  
 (a) within 90 days after
the end of each fiscal year of the Borrower, the audited consolidated and, if requested, consolidating balance sheets of the Borrower and the Subsidiaries and related statements of operations, stockholders’ equity and, in the case of the
consolidated statements, cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all such consolidated financial statements reported on by Deloitte & Touche LLP
or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and the Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
  
 (b) within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower, the consolidated and, if requested, consolidating balance sheets and related statements of operations, stockholders’ equity and, in the case of the consolidated statements, cash flows
as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end
of) the previous fiscal year, all certified by one of its Financial Officers as 
  

 46 

 presenting fairly in all material respects the financial condition and results of operations of the
Borrower and the Subsidiaries in accordance with GAAP consistently applied, subject to year-end audit adjustments and the absence of footnotes; 
  
 (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating compliance with Section 7.13 through Section 7.17, inclusive, and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in
Section 4.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 
  
 (d) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported
on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

  
 (e) promptly after the same become publicly
available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of
said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; and 
  
 (f) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of
the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
  
 SECTION 6.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the
following: 
  
 (a) the occurrence of any Default;

  
 (b) the filing or commencement of any action,
suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
  
 (c) the occurrence of any ERISA Event that, alone or
together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and the Subsidiaries in an aggregate amount exceeding $1,000,000; and 
  
 (d) any other development that results in, or could
reasonably be expected to result in, a Material Adverse Effect. 
  

 47 

 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive
officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 6.03. Existence; Conduct of Business. 
  
 (a) The Borrower will, and will cause each of the Subsidiaries to, do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.03. 
  
 (b) The Borrower will, and will cause each of the Subsidiaries to, do or
cause to be done all things necessary to preserve, renew and keep in full force and effect the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 7.03. 
  
 SECTION 6.04. Payment of Obligations. The Borrower will, and will cause each of the Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in
a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 6.05. Maintenance of Properties; Insurance. The Borrower will,
and will cause each of the Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or
similar businesses operating in the same or similar locations. 
  
 SECTION 6.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of the Subsidiaries to, keep proper books of record and account in which full, true and correct entries in conformity with GAAP and
requirements of law are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each of the Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender,
upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested (but not, except during the continuance of an Event of Default, more than two times per fiscal year). 
  
 SECTION 6.07. Compliance with Laws. The Borrower will, and will cause each of the Subsidiaries to, comply with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

 48 

 SECTION 6.08. Use of Proceeds. The proceeds of the Loans will be used only for the payment of
certain existing Indebtedness of the Borrower and its Subsidiaries (including under the Existing Credit Agreement), to pay fees and expenses related to the Transactions and for the working capital needs and general corporate purposes of the Borrower
and its Subsidiaries (including acquisitions). No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

  
 SECTION 6.09. Additional Material Subsidiaries.

  
 (a) Promptly upon any Domestic Subsidiary becoming a Material
Subsidiary, the Borrower will (i) cause such Domestic Subsidiary to guarantee the obligations under the Loan Documents, pursuant to a Guarantee substantially in the form of the Guarantee Agreement or otherwise reasonably satisfactory to the
Administrative Agent, (ii) cause the obligations under the Loan Documents to be secured be a perfected first-priority lien on all of the personal property of such Domestic Subsidiary, pursuant to the Security Agreement, the Pledge Agreement and
other documents and instruments consistent with those delivered under Sections 5.01(c), (d) and (e), (iii) cause all outstanding Equity Interests of such Domestic Subsidiary owned directly or indirectly by any Loan Party to be subject to a
perfected first-priority Lien, pursuant to the Pledge Agreement and (iv) deliver such proof of corporate, partnership or limited liability company action, incumbency of officers, opinions of counsel and other documents as is consistent with
those delivered pursuant to Article V or as the Administrative Agent shall have reasonably requested. 
  
 (b) Promptly upon any Foreign Subsidiary becoming a Material Subsidiary, the Borrower and each other Material Subsidiary will (i) cause all of the
Equity Interests of such Foreign Subsidiary to be pledged and delivered (or, in the case of adverse tax consequences for the Borrower or the Subsidiaries, (x) if such Equity Interests are held directly by a Domestic Subsidiary, cause 65% of the
voting Equity Interests of such Foreign Subsidiary to be pledged and delivered and (y) if such Equity Interests are held directly by a Foreign Subsidiary, cause the highest percentage of such Equity Interests that shall not create adverse tax
consequences for the Borrower or the Subsidiaries to be pledged and delivered) to the Administrative Agent for its benefit and the ratable benefit of the Lenders, pursuant to the Pledge Agreement and (ii) deliver such proof of corporate,
partnership or limited liability company action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered pursuant to Article V or as the Administrative Agent shall have reasonably requested. 

 
 SECTION 6.10. Further Assurances. The Borrower will, and will cause
each of the Subsidiaries to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), which may be
required under any applicable law, or which the Administrative Agent may reasonably request, to cause the Administrative Agent, for the benefit of itself and the ratable benefit of the Lenders, to maintain a legal, valid and enforceable perfected
first priority Lien on the Collateral (subject to the limitations, exceptions and qualifications set forth in the Loan 
  

 49 

 Documents), all at the expense of the Borrower. The Borrower will, and will cause each of the Subsidiaries to, provide to
the Administrative Agent, from time to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 
  
 ARTICLE VII. 
  
 Negative Covenants 
  
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees and other obligations payable under the Loan
Documents have been paid in full, the Borrower covenants and agrees with the Lenders that: 
  
 SECTION 7.01. Indebtedness. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 
  
 (a) Indebtedness created under the Loan Documents;

  
 (b) Indebtedness existing on the date hereof
and set forth in Schedule 7.01, but not any extensions, renewals or replacements of any such Indebtedness; 
  
 (c) Indebtedness of the Borrower to any Wholly-Owned Subsidiary and of any Wholly-Owned Subsidiary to the Borrower or any other
Wholly-Owned Subsidiary; provided that, upon request of the Required Lenders, such Indebtedness shall be evidenced by a promissory note in form and substance reasonably acceptable to the Required Lenders; 
  
 (d) Indebtedness of the Borrower or any Subsidiary incurred
to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets
prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or within 120
days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (d) shall not exceed $2,000,000 at any time outstanding; 
  
 (e) Indebtedness of any Person that becomes a Subsidiary
after the date hereof; provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the aggregate
principal amount of Indebtedness permitted by this clause (e) shall not exceed $2,000,000 at any time outstanding; 
  
 (f) Indebtedness of the Borrower or any Subsidiary as an account party in respect of trade letters of credit; 
  

 50 

 (g) Indebtedness under completion guarantees, performance or surety bonds or with respect
to workers’ compensation claims, in each case incurred in the ordinary course of business consistent with past practice; 
  
 (h) Indebtedness under or in respect of Swap Agreements that are not speculative in nature; 
  
 (i) Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is extinguished within three Business Days of the incurrence thereof;

  
 (j) Indebtedness incurred by the Borrower or
any Subsidiary constituting reimbursement obligations with respect to letters of credit issued in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or
other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; provided, that (i) upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed
within 30 days following such drawing or incurrence and (ii) such letters of credit are not provided to secure the repayment of other Indebtedness of the Borrower or any Subsidiary; 
  
 (k) other Indebtedness of the Borrower and the Subsidiaries in an aggregate principal amount not exceeding
$2,000,000 at any time outstanding; and 
  
 (l)
Consolidated Subordinated Indebtedness. 
  
 SECTION 7.02.
Liens. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including
accounts receivable) or rights in respect of any thereof, except: 
  
 (a) Permitted Encumbrances; 
  
 (b) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 7.02; provided that (i) such Lien shall not apply to any other property or
asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof; 
  
 (c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any
property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or
such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of
such acquisition or the date such Person becomes a Subsidiary, as the case may be; 
  

 51 

 (d) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or
any Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (d) of Section 7.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 120 days after such
acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall
not apply to any other property or assets of the Borrower or any Subsidiary; and 
  
 (e) any Lien created under any Loan Document. 
  
 SECTION 7.03. Fundamental Changes. (a) The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other
Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any substantial part of its assets, or all or substantially all of
the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing
(i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Subsidiary may merge into any Wholly-Owned Subsidiary in a transaction in which the surviving entity is a
Wholly-Owned Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to a Wholly-Owned Subsidiary, (iv) any Subsidiary (other than a Loan Party) may liquidate or dissolve or sell,
transfer, lease or otherwise dispose of its assets in compliance with Section 7.07 if the Borrower determines in good faith that such liquidation, dissolution, sale, transfer, lease or other disposition is in the best interests of the Borrower
and is not materially disadvantageous to the Lenders, (v) any Wholly-Owned Subsidiary may merge into any Person in order to consummate a Permitted Acquisition permitted by Section 7.04(f) so long as after giving effect thereto the Person
surviving such merger is a Wholly-Owned Subsidiary; provided that any such merger involving a Person that is not a Wholly-Owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 7.04.

  
 (b) The Borrower will not, and will not permit any Subsidiary
to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and the Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 
  
 SECTION 7.04. Investments, Loans, Advances, Guarantees and
Acquisitions. The Borrower will not, and will not permit any Subsidiary to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly-Owned Subsidiary prior to such merger) any Equity Interest, evidences
of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any
other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any Person that is not the Borrower or a Subsidiary constituting a business unit (or any material portion thereof),
except: 
  
 (a) Permitted Investments;

  

 52 

 (b) investments by the Borrower and the Subsidiaries existing on the date hereof and set forth on
Schedule 7.04; 
  
 (c) investments made by the
Borrower and the Subsidiaries in the Equity Interests of any Subsidiary; provided that such Equity Interests shall be pledged pursuant to the Pledge Agreement to the extent required by this Agreement; 
  
 (d) loans or advances made by the Borrower to any Subsidiary
and made by any Subsidiary to the Borrower or any other Subsidiary; provided that all such loans or advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Pledge Agreement; 
  
 (e) Guarantees constituting Indebtedness permitted by
Section 7.01 and Guarantees by the Borrower of Indebtedness of any Subsidiary permitted by Section 7.01; 
  
 (f) Permitted Acquisitions so long as the aggregate cash consideration (including the concurrent repayment or assumption on any
indebtedness and related investments) paid by the Borrower and the Subsidiaries in respect of any such Permitted Acquisition and all prior Permitted Acquisitions (other than any Permitted Acquisition described in clause (b) of the definition
thereof) during the same fiscal quarter of the Borrower and the prior three fiscal quarters of the Borrower since the Effective Date does not exceed $25,000,000; 
  
 (g) investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent
accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; 
  
 (h) the Borrower and the Subsidiaries may make loans and advances in the ordinary course of business to their respective employees so long
as the aggregate principal amount thereof at any time outstanding (determined without regard to any write-downs or write-offs of such loans and advances) shall not exceed $1,000,000 in the case of cash loans and advances at any time and advances in
the ordinary course of business of payroll payments to employees; 
  
 (i) the Borrower may enter into Swap Agreements that are not speculative in nature; 
  
 (j) the Borrower and the Subsidiaries may acquire and hold receivables owing to it, if created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms (including the dating of receivables) of the Borrower or such Subsidiary; 
  
 (k) the Borrower and the Subsidiaries may acquire and hold non-cash consideration issued by the purchaser of assets in connection with a
sale of such assets to the extent permitted by this Agreement; 
  

 53 

 (l) investments by the Borrower or any Subsidiary after the Effective Date in joint
ventures that do not exceed $500,000 in any single transaction or $1,000,000 in the aggregate at any time outstanding; and 
  
 (m) in addition to investments permitted by paragraphs (a) through (l) above, additional investments, loans and advances by the
Borrower and the Subsidiaries so long as the aggregate amount invested, loaned or advanced pursuant to this paragraph (m) (determined without regard to any write-downs or write-offs of such investments, loans and advances but taking into
account repayments, redemptions, return of capital, etc.) does not exceed $2,000,000 in the aggregate at any one time outstanding. 
  
 SECTION 7.05. Swap Agreements. The Borrower will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap
Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any Subsidiary or Consolidated Subordinated Indebtedness, and
(b) Swap Agreements 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 the Borrower or any Subsidiary. 
  
 SECTION 7.06.
Restricted Payments. 
  
 (a) The Borrower will not, and
will not permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (i) the Borrower may declare and pay dividends with respect to its common stock payable solely in additional
shares of its common stock, (ii) any Subsidiary may declare and pay dividends ratably to its equity holders and (iii) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans
for management or employees of the Borrower and the Subsidiaries. 
  
 (b) The Borrower will not, and will not permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or
interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any Indebtedness, except (i) payment of Indebtedness created under the Loan Documents; (ii) so long as no Default shall have occurred or would result therefrom, payment of regularly scheduled interest and principal payments
as and when due in respect of any Indebtedness (subject to any subordination provisions thereof); (iii) prepayment at the consummation of any Permitted Acquisition of Indebtedness assumed in connection with such Permitted Acquisition; and
(iv) payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness and otherwise permitted under the Loan Documents. 
  
 SECTION 7.07. Disposition of Assets. The Borrower will not, and will
not permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including Equity Interests, except: 
  
 (a) sales of inventory and used or surplus equipment in the ordinary course of business; 
  

 54 

 (b) the sale and leaseback of the real property acquired in the Dynamic Acquisition;

  
 (c) sales, transfers and dispositions
permitted by Section 7.03; 
  
 (d) the sale,
transfer or sale and leaseback of the real property acquired in the PictureArts Acquisition; and 
  
 (e) sales, transfers and dispositions of assets (other than Equity Interests of a Subsidiary) that are not permitted by any other clause
of this Section 7.07 so long as the fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this clause (e) shall not exceed $1,000,000 during any four consecutive fiscal quarters of the Borrower.

  
 SECTION 7.08. Transactions with Affiliates. The
Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with,
any of its Affiliates, except (a) in the ordinary course of business, (b) transactions between or among the Borrower and the Wholly-Owned Subsidiaries not involving any other Affiliate (in each case to the extent not otherwise prohibited
by other provisions of this Agreement) and (c) Restricted Payments permitted by Section 7.06. 
  
 SECTION 7.09. Restrictive Agreements. The Borrower will not, and will not permit any of Subsidiary to, directly or indirectly, enter into, incur or
permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or
(b) the ability of any Subsidiary to pay dividends or other distributions with respect to any Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any
other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by any of the Loan Documents, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof
identified on Schedule 7.09 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary provisions in leases and
other contracts entered into in the ordinary course of business consistent with past practice restricting the assignment thereof, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in
leases restricting the assignment thereof. 
  
 SECTION 7.10.
Issuances of Equity Interests by Subsidiaries. The Borrower will not permit any Subsidiary to issue any additional Equity Interests other than (a) to a Loan Party, (b) if such Subsidiary is not a Loan Party, to a Wholly-Owned
Subsidiary, (c) any such issuance that does not change the Borrower’s direct or indirect percentage ownership interest in such Subsidiary and (d) any such issuance that is permitted pursuant to Section 7.03 or Section 7.04
or required by any agreement listed on Schedule 7.10 hereto. 
  

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 SECTION 7.11. Amendment of Material Documents. The Borrower will not, and will not permit any
Subsidiary to, amend, modify, waive or exercise (a) any of its rights under its certificate of incorporation, by-laws, partnership agreement, operating agreement or other organizational documents, in each case in any respect materially adverse to
the Lenders or (b) any of the terms of any Consolidated Subordinated Indebtedness, in each case in any respect materially adverse to the Lenders (for the purposes of this Section 7.11(b) and without limitation of the scope of the definition of
“materially adverse”, any amendment to increase the principal amount, the interest rate or fees or other amounts payable, to advance the dates upon which payments are made or to alter any subordination provision (or any definition related
thereto) shall be deemed to be “materially adverse”). 
  
 SECTION 7.12. Changes in Fiscal Periods. The Borrower will neither permit its fiscal year to end on a day other than December 31 nor change its method of determining fiscal quarters. 
  
 SECTION 7.13. Leases. The Borrower will not, and will not permit any
Subsidiary to, be or become liable as a lessee under any lease of real or personal property (other than existing leases and renewals of existing leases) if the annual rentals under such lease would exceed $1,000,000. 
  
 SECTION 7.14. Capital Expenditures. The Borrower will not permit
Consolidated Capital Expenditures for any fiscal year of the Borrower to exceed $2,000,000; provided, that the amount of Consolidated Capital Expenditures permitted in any fiscal year commencing with the fiscal year ending December 31, 2006
shall be increased by the amount of unused permitted Consolidated Capital Expenditures for the immediately preceding fiscal year. Consolidated Capital Expenditures made pursuant to this Section 7.14 shall be deemed made first in respect of
amounts carried over from the previous fiscal year. 
  
 SECTION
7.15. Leverage Ratio. The Borrower will not permit the Leverage Ratio as determined as of the end of any fiscal quarter of the Borrower ending on or about any date set forth below to be equal to or greater than the ratio set forth opposite
such date: 
  

			
	 Fiscal Quarter End Date

	 	 Leverage Ratio

	December 31, 2005	 	2.75 to 1.00
	March 31, 2006	 	2.50 to 1.00
	June 30, 2006	 	2.25 to 1.00
	September 30, 2006 and thereafter	 	2.00 to 1.00

  
 SECTION 7.16. No
Net Losses. The Borrower will not permit Consolidated Adjusted Net Income to be less than $0 in each of any two fiscal quarters of the Borrower during any period of four fiscal quarters commencing with the fiscal quarter ending December 31,
2005. 
  
 SECTION 7.17. Net Worth. The Borrower will not
permit Consolidated Net Worth at any time to be less than the sum of (a) $175,000,000, plus (b) the aggregate sum of the Fiscal Quarter Net Worth Increase Amounts calculated for each completed fiscal quarter of the Borrower commencing with
the fiscal quarter ending December 31, 2005. 
  

 56 

 ARTICLE VIII. 
  
 Events of Default 
  
 If any of the following events (“Events of Default”) shall occur: 
  
 (a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and
payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
  
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount payable under any Loan Document, when and as
the same shall become due and payable and such default shall continue unremedied for a period of three Business Days; 
  
 (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with any Loan
Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or
waiver thereunder, shall prove to have been false or misleading in any material respect when made, deemed made or furnished; 
  
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Sections 6.01, 6.02(a), 6.03(a) or
6.08 or in Article VII; 
  
 (e) the Borrower or
any Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a
period of 30 days; 
  
 (f) the Borrower or any
Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable or within any applicable grace period; 

 
 (g) any event or condition occurs that results in any
Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
  
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, 
  

 57 

 under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or
petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
  
 (i) the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for
the purpose of effecting any of the foregoing; 
  
 (j) the Borrower or any Material Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
  

(k) one or more judgments for the payment of money in an aggregate amount in excess of $1,000,000 (net of amounts covered by
independent third party insurance as to which the insurer has been notified of such judgment or order and does not deny coverage and of amounts covered by an indemnity from a Person that, in the reasonable judgment of the Administrative Agent, is
creditworthy) shall be rendered against the Borrower, any Material Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 
  
 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in an immediate liability of the Borrower and the Subsidiaries in an aggregate amount exceeding $1,000,000; 
  
 (m) (i) any Security Document shall for any reason cease to create in favor of the Administrative Agent
for its benefit and the ratable benefit of the Lenders a legal, valid and enforceable perfected first-priority Lien on the Collateral as security for the obligations under the Loan Documents; or (ii) any Loan Document executed by any Loan Party
shall at any time for any reason cease to be in full force and effect or shall be declared null and void, or the validity or enforceability thereof shall be contested by the Borrower or any Subsidiary or the Borrower or any Subsidiary shall deny in
writing it has any further liability or obligation thereunder; 
  

 58 

 (n) the subordination provisions relating to any Consolidated Subordinated Indebtedness
shall fail to be enforceable by the Administrative Agent or the Lenders in accordance with the terms thereof or the obligations under the Loan Documents shall fail to constitute “senior indebtedness” (or any other similar term) under any
document, instrument or other agreement evidencing any such Consolidated Subordinated Indebtedness; 
  
 (o) the Required Lenders shall have reasonably determined that a material adverse change has occurred in the business, results of
operations, properties or financial condition of the Borrower and the Subsidiaries taken as a whole which materially impairs the ability of the Borrower to perform its obligations under the Loan Documents; or 
  
 (p) a Change in Control shall occur; 
  
 then, and in every such event (other than an event with respect to the Borrower described in
clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the
following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) enforce its rights under the
Guarantee Agreement and the Security Document on behalf of itself as Administrative Agent and the Lenders; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall
automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued under the Loan Documents (other than under a Swap Agreement), shall
automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
  
 ARTICLE IX. 
  
 The Administrative Agent 
  
 Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 
  
 The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as
if it were not the Administrative Agent hereunder. 
  

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 The Administrative Agent shall not have any duties or obligations except those expressly set forth in the
Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the
Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to
exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), and (c) except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving
as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary under the circumstances as provided in Section 10.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless
and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth
in Article V or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be
made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the
Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply
to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Administrative Agent. 
  

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 Subject to the appointment and acceptance of a successor Administrative Agent as provided in this
paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the
Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this
Article and Section 10.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent. 
  
 Each Lender acknowledges that
it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder. 
  
 Subject to the foregoing provisions of this Article IX, the Administrative Agent shall, on behalf of the Lenders,
(i) execute each Loan Document on behalf of the Lenders, (ii) hold and apply the Collateral, and the proceeds thereof, at any time received by it in accordance with the provisions of the Loan Documents, (iii) exercise any and all
rights, powers and remedies of the Lenders under the Loan Documents, including the giving of any consent or waiver or the entering into of any amendment, subject to the provisions of Section 10.02, (iv) execute, deliver and file financing
statements, assignments and other such agreements, and possess instruments on behalf of the Lenders and (v) in the event of acceleration of the obligations of the Borrower hereunder, exercise the rights of the Lenders under the Loan Documents
upon and at the direction of the Required Lenders. 
  
 ARTICLE X.

  
 Miscellaneous 
  
 SECTION 10.01. Notices. (a) Except in the case of notices and
other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy, as follows: 
  
 (i) if to the Borrower, to it at Jupitermedia Corporation, 23 Old Kings Highway South, Darien, Connecticut 06820, Attention of Christopher J. Baudouin (Telecopy No. 203-655-4686); 
  

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 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 277 Park Avenue,
16th Floor, New York, New York 10172, Attention of Anthony Galea, with a copy to JPMorgan Chase Bank, N.A., 2
Corporate Drive, Suite 730, Shelton, Connecticut, 06484, Attention of David Nackley (Telecopy No. 203-944-8496); and 
  
 (iii) if to any Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 
  
 (b) Notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and
the applicable Lender. The Administrative Agent or the Borrower 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. 
  
 (c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given on the date of receipt. 
  
 SECTION 10.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the Administrative Agent and the Lenders under the Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure
by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

  
 (b) Neither any Loan Document (other than a Swap Agreement)
nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the
Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or

  

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 reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the
scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without
the written consent of each Lender affected thereby, (iv) release any Guarantor from its Guarantee under the Guarantee Agreement or limit its liability in respect of such Guarantee or the Guarantee Agreement or its obligation to enter into and
provide a Guarantee pursuant to the Guarantee Agreement, without the written consent of each Lender, (v) release of the Lien of the Administrative Agent on all or substantially all of the Collateral, without the written consent of each Lender,
(vi) change Sections 2.18(b) through (f) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (vii) amend, modify or waive any provision of Section 2.05 or
Section 2.06 without the written consent of the Swingline Lender, (viii) amend, modify or waive any provision of Article III without the written consent of the Issuing Lender or (ix) change any of the provisions of this Section or the
definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the
written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent.
Notwithstanding the foregoing, the Administrative Agent is hereby irrevocably authorized by each Lender to take any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations to the extent necessary to
permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with this Section 10.02. 
  
 SECTION 10.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the preparation and administration of the Loan Documents or any amendments, modifications
or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees,
charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with
the Loans made hereunder, including all such reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 
  
 (b) The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements
of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated hereby, the
performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, 
  

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 (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by
the Borrower or any Subsidiary, or any Environmental Liability related in any way to the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses 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 or from a breach of this Agreement by such Indemnitee.

  
 (c) To the extent that the Borrower fails to pay any amount
required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Aggregate Exposure Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent in its capacity as such. 
  
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, any Loan Document or any agreement or instrument contemplated thereby, the Transactions, any Loan or the use of the proceeds thereof. 
  
 (e) All amounts due under this Section shall be payable promptly after
written demand therefor. 
  
 SECTION 10.04. Successors and
Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 
  
 (A) the Borrower, provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a
Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 
  

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 (B) the Administrative Agent, provided that no consent of the Administrative Agent
shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund; and 
  
 (C) the Issuing Lender; provided that no consent of the Issuing Lender shall be required for an assignment of all or any portion of
a Term Loan. 
  
 (ii) Assignments shall be
subject to the following additional conditions: 
  
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 (in the case of the Term Facility) and
$2,000,000 (in the case of the Revolving Facility), in each case unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred
and is continuing; 
  
 (B) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
  
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500; and 
  
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
  
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date
specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17, and 10.03). Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this Section 10.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of
this Section. 
  

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 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
  
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and
record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Sections 2.01, 2.03, 2.18(g) or 10.03(c), the
Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  
 (c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities
(a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to 
  

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 paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(g) as though it were a Lender. 
  
 (ii) A Participant shall not be entitled to receive any greater payment under Sections 2.15 or 2.17 than the applicable Lender would have been entitled
to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender
shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though it
were a Lender. 
  
 (d) Any Lender may at any time pledge or assign
a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not
apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such
Lender as a party hereto. 
  
 SECTION 10.05. Survival. All
covenants, agreements, representations and warranties made by the Borrower in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by
the other parties thereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent
or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on
any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17, and 10.03 and Article IX shall survive and
remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.

  
 SECTION 10.06. Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. The
Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  

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 SECTION 10.07. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 10.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by
such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under any Loan Document held by such Lender, irrespective of whether or not such Lender
shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

  
 SECTION 10.09. Governing Law; Jurisdiction; Consent to
Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the
State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to any Loan Document against the Borrower or its properties in the courts of
any jurisdiction. 
  
 (c) The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any
court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
  
 (d) Each party to this Agreement irrevocably consents
to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  

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 SECTION 10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED 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. 
  
 SECTION 10.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 10.12. Confidentiality. Each of the Administrative Agent and
the Lenders 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, (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 under
any Loan Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the
Borrower and its obligations, (g) with the consent of the Borrower 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
Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. 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 Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof,
such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  
 SECTION 10.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed 
  

 69 

 the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved
by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or
periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
  
 SECTION 10.14. USA PATRIOT Act. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
  

 70 

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

			
	JUPITERMEDIA CORPORATION
		
	By	 	 /s/ Christopher J. Baudouin

	Name:	 	Christopher J. Baudouin
	Title:	 	 Executive Vice President and Chief
 Financial
Officer

	
	 JPMORGAN CHASE BANK, N.A., as
 Administrative
Agent and as a Lender

		
	By	 	 /s/ David F. Gibbs

	Name:	 	David F. Gibbs
	Title:	 	Senior Vice President
	
	 LASALLE BANK NATIONAL ASSOCIATION,
 as
Syndication Agent and as a Lender

		
	By	 	 /s/ Tricia L. Somoles

	Name:	 	Tricia L. Somoles
	Title:	 	 
	
	 KEYBANK NATIONAL ASSOCIATION, as
 Documentation Agent and as a Lender

		
	By	 	 /s/ Jennifer A. O’Brien

	Name:	 	Jennifer A. O’Brien
	Title:	 	 

  
 SIGNATURE PAGE
TO CREDIT AGREEMENT

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