Document:

EX-10.1

EXECUTION VERSION

	 	 	 
	Published CUSIP Number:

Revolving Credit CUSIP Number:

	 	45171QAC4

45171QAD2

$200,000,000

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of June 28, 2006,

by and among

IKON OFFICE SOLUTIONS, INC.,

as Borrower,

the Lenders referred to herein,

as Lenders,

DEUTSCHE BANK SECURITIES INC.,

as Syndication Agent,

PNC BANK NATIONAL ASSOCIATION,

as Syndication Agent,

THE ROYAL BANK OF SCOTLAND PLC,

as Documentation Agent,

LASALLE BANK NATIONAL ASSOCIATION,

as Documentation Agent,

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

Collateral Agent,

Swingline Lender and Issuing Lender

WACHOVIA CAPITAL MARKETS, LLC

as Sole Lead Arranger and Sole Book Manager

1

TABLE OF CONTENTS

Page

	 	 	 
	ARTICLE I DEFINITIONS

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 1.1

	 	Definitions
	
 
	 	 
	SECTION 1.2

	 	Other Definitions and Provisions
	
 
	 	 
	SECTION 1.3

	 	Accounting Terms.
	
 
	 	 
	SECTION 1.4

	 	Rounding
	
 
	 	 
	SECTION 1.5

	 	References to Agreement and Laws
	
 
	 	 
	SECTION 1.6

	 	Times of Day
	
 
	 	 
	SECTION 1.7

	 	UCC Terms
	
 
	 	 

	 	 	 
	ARTICLE II REVOLVING CREDIT FACILITY

	 
	 	 
	 

	 
	 	 
	SECTION 2.1

	 	Revolving Credit Loans
	
 
	 	 
	SECTION 2.2

	 	Intentionally Omitted
	
 
	 	 
	SECTION 2.3

	 	Swingline Loans
	
 
	 	 
	SECTION 2.4

	 	Procedure for Advances of Revolving Credit Loans and Swingline Loans
	
 
	 	 
	SECTION 2.5

	 	Repayment of Loans
	
 
	 	 
	SECTION 2.6

	 	Permanent Reduction of the Aggregate Commitment
	
 
	 	 
	SECTION 2.7

	 	Termination of Credit Facility
	
 
	 	 
	SECTION 2.8

	 	Increase of Aggregate Commitment
	
 
	 	 

	 	 	 
	ARTICLE III LETTER OF CREDIT FACILITY
	SECTION 3.1	 	L/C Commitment
	SECTION 3.2	 	Procedure for Issuance of Letters of Credit
	SECTION 3.3	 	Commissions and Other Charges
	SECTION 3.4	 	L/C Participations
	SECTION 3.5	 	Reimbursement Obligation of the Borrower
	SECTION 3.6	 	Obligations Absolute
	SECTION 3.7

	 	Effect of Application
	
 
	 	 
	SECTION 3.8

	 	Letter of Credit Amounts
	
 
	 	 

	 	 	 
	ARTICLE IV GENERAL LOAN PROVISIONS
	SECTION 4.1	 	Interest
	SECTION 4.2	 	Notice and Manner of Conversion or Continuation of Loans
	SECTION 4.3	 	Fees
	SECTION 4.4	 	Manner of Payment
	SECTION 4.5	 	Adjustments
	SECTION 4.6	 	Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the Administrative Agent
	SECTION 4.7

	 	Intentionally Omitted
	
 
	 	 
	SECTION 4.8

	 	Changed Circumstances.
	
 
	 	 
	SECTION 4.9

	 	Indemnity
	
 
	 	 
	SECTION 4.10

	 	Capital Requirements
	
 
	 	 
	SECTION 4.11

	 	Taxes
	
 
	 	 
	SECTION 4.12

	 	Mitigation Obligations; Replacement of Lenders
	
 
	 	 
	SECTION 4.13

	 	Security
	
 
	 	 
	SECTION 4.14

	 	Evidence of Indebtedness
	
 
	 	 
	SECTION 4.16

	 	Know Your Customer Checks.
	
 
	 	 

	 	 	 
	ARTICLE V CLOSING; CONDITIONS OF CLOSING AND BORROWING

	 
	 	 
	 

	 
	 	 
	SECTION 5.1

	 	Closing
	
 
	 	 
	SECTION 5.2

	 	Conditions to Closing and Initial Extensions of Credit
	
 
	 	 
	SECTION 5.3

	 	Conditions to All Extensions of Credit
	
 
	 	 

	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE BORROWER

	 
	 	 
	 

	 
	 	 
	SECTION 6.1

	 	Representations and Warranties
	
 
	 	 
	SECTION 6.2

	 	Survival of Representations and Warranties, Etc
	
 
	 	 

	 	 	 
	ARTICLE VII FINANCIAL INFORMATION AND NOTICES

	 
	 	 
	 

	 
	 	 
	SECTION 7.1

	 	Financial Statements and Projections
	
 
	 	 
	SECTION 7.2

	 	Officer’s Compliance Certificate
	
 
	 	 
	SECTION 7.3

	 	Intentionally Omitted
	
 
	 	 
	SECTION 7.4

	 	Other Reports
	
 
	 	 
	SECTION 7.5

	 	Notice of Litigation and Other Matters
	
 
	 	 
	SECTION 7.6

	 	Accuracy of Information
	
 
	 	 

	 	 	 
	ARTICLE VIII AFFIRMATIVE COVENANTS

	 
	 	 
	 

	 
	 	 
	SECTION 8.1

	 	Preservation of Corporate Existence and Related Matters
	
 
	 	 
	SECTION 8.2

	 	Maintenance of Property
	
 
	 	 
	SECTION 8.3

	 	Insurance
	
 
	 	 
	SECTION 8.4

	 	Accounting Methods and Financial Records
	
 
	 	 
	SECTION 8.5

	 	Payment and Performance of Obligations
	
 
	 	 
	SECTION 8.6

	 	Compliance With Laws and Approvals
	
 
	 	 
	SECTION 8.7

	 	Environmental Laws
	
 
	 	 
	SECTION 8.8

	 	Compliance with ERISA
	
 
	 	 
	SECTION 8.9

	 	Visits and Inspections
	
 
	 	 
	SECTION 8.10

	 	Additional Subsidiaries
	
 
	 	 
	SECTION 8.11

	 	Use of Proceeds
	
 
	 	 
	SECTION 8.12

	 	Further Assurances
	
 
	 	 
	SECTION 8.13

	 	Release of Collateral; Reinstatement of Released Collateral.
	
 
	 	 

	 	 	 	 	 
	ARTICLE IX FINANCIAL COVENANTS
	SECTION 9.1	 	Leverage Ratio
	SECTION 9.2	 	Interest Coverage Ratio
	SECTION 9.3	 	Capital Expenditures

	 	 	 
	ARTICLE X NEGATIVE COVENANTS
	SECTION 10.1Limitations on Indebtedness
	SECTION 10.2Limitations on Liens
	SECTION 10.3Limitations on Loans, Advances, Investments and Acquisitions
	SECTION 10.4Limitations on Mergers and Liquidation
	SECTION 10.5Limitations on Sale of Assets
	SECTION 10.6Restricted Payments.
	SECTION 10.7Limitations on Exchange and Issuance of Capital Stock
	SECTION 10.8Transactions with Affiliates.

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 10.9Certain Accounting Changes; Organizational Documents

	 
	 	 
	 

	 
	 	 
	SECTION 10.10

	 	Amendments; Payments and Prepayments of Subordinated Indebtedness
	
 
	 	 
	SECTION 10.11

	 	Restrictive Agreements
	
 
	 	 
	SECTION 10.12

	 	Nature of Business.
	
 
	 	 
	SECTION 10.13

	 	Impairment of Security Interests
	
 
	 	 
	SECTION 10.14

	 	Ratings Trigger Event
	
 
	 	 
	SECTION 10.15

	 	IKON Office Solutions Foundation, Inc
	
 
	 	 

	 	 	 
	ARTICLE XI. Intentionally Omitted

	 
	 	 
	 

	 
	 	 
	ARTICLE XII DEFAULT AND REMEDIES

	 
	 	 
	 

	 
	 	 
	SECTION 12.1

	 	Events of Default
	
 
	 	 
	SECTION 12.2

	 	Remedies
	
 
	 	 
	SECTION 12.3

	 	Rights and Remedies Cumulative; Non-Waiver; etc
	
 
	 	 
	SECTION 12.4

	 	Crediting of Payments and Proceeds
	
 
	 	 
	SECTION 12.5

	 	Administrative Agent May File Proofs of Claim
	
 
	 	 

	 	 	 
	ARTICLE XIII THE ADMINISTRATIVE AGENT

	 
	 	 
	 

	 
	 	 
	SECTION 13.1

	 	Appointment and Authority
	
 
	 	 
	SECTION 13.2

	 	Rights as a Lender
	
 
	 	 
	SECTION 13.3

	 	Exculpatory Provisions
	
 
	 	 
	SECTION 13.4

	 	Reliance by the Administrative Agent
	
 
	 	 
	SECTION 13.5

	 	Delegation of Duties
	
 
	 	 
	SECTION 13.6

	 	Resignation of Administrative Agent
	
 
	 	 
	SECTION 13.7

	 	Non-Reliance on Administrative Agent and Other Lenders
	
 
	 	 
	SECTION 13.8

	 	No Other Duties, etc
	
 
	 	 
	SECTION 13.9

	 	Collateral and Guaranty Matters
	
 
	 	 

	 	 	 
	ARTICLE XIV MISCELLANEOUS

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.1Notices

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.2Expenses; Indemnity

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.3Right of Set-off

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.5Jurisdiction and Venue

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.6Waiver of Jury Trial

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.7Reversal of Payments

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.8Injunctive Relief; Punitive Damages

	 
	 	 
	 

	 
	 	 
	SECTION 14.9Accounting Matters

	 	

	 
	 	 
	 

	 
	 	 
	SECTION 14.10

	 	Successors and Assigns; Participants
	
 
	 	 
	SECTION 14.11

	 	Amendments, Waivers and Consents
	
 
	 	 
	SECTION 14.12

	 	Performance of Duties
	
 
	 	 
	SECTION 14.13

	 	All Powers Coupled with Interest
	
 
	 	 
	SECTION 14.14

	 	Survival of Indemnities
	
 
	 	 
	SECTION 14.15

	 	Titles and Captions
	
 
	 	 
	SECTION 14.16

	 	Severability of Provisions
	
 
	 	 
	SECTION 14.17

	 	Counterparts
	
 
	 	 
	SECTION 14.18

	 	Term of Agreement
	
 
	 	 
	SECTION 14.19

	 	Advice of Counsel
	
 
	 	 
	SECTION 14.20

	 	No Strict Construction
	
 
	 	 
	SECTION 14.21

	 	Inconsistencies with Other Documents; Independent Effect of Covenants
	
 
	 	 
	SECTION 14.22

	 	Integration
	
 
	 	 
	SECTION 14.23

	 	Amendment and Restatement; No Novation.
	
 
	 	 
	 
	 	 

2

EXHIBITS AND SCHEDULES

EXHIBITS

	 	 	 	 	 
	Exhibit A-1

Exhibit A-2

Exhibit B

Exhibit C

Exhibit D

Exhibit E

Exhibit F

Exhibit G

Exhibit H

Exhibit I

	 	-

-

-

-

-

-

-

-

-

-
	 	Form of Revolving Credit Note

Form of Swingline Note

Form of Notice of Borrowing

Form of Notice of Account Designation

Form of Notice of Prepayment

Form of Notice of Conversion/Continuation

Form of Officer’s Compliance Certificate

Form of Assignment and Assumption

Form of Guaranty Agreement

Form of Collateral Agreement
	 
	 	 	 	 
	SCHEDULES

	 	

	 	

	 

	 	

	 	

	 
	 	 	 	 
	Schedule 1.1(a)

Schedule 1.1(b)

Schedule 6.1(a)

Schedule 6.1(b)

Schedule 6.1(m)

Schedule 6.1(o)

Schedule 6.1(t)

Schedule 10.1

Schedule 10.2

Schedule 10.3

Schedule 10.8

Schedule 10.11

	 	-

-

-

-

-

-

-

-

-

-

-

-
	 	Lenders and Commitments

Existing Letters of Credit

Jurisdictions of Organization

Subsidiaries and Capitalization

Labor and Collective Bargaining Agreements

Additional Obligations

Litigation

Existing Indebtedness and Guaranty Obligations

Existing Liens

Existing Loans, Advances and Investments

Transactions with Affiliates

Restrictive Agreements

3

AMENDED AND RESTATED CREDIT AGREEMENT, dated as of June 28, 2006, by and among IKON OFFICE
SOLUTIONS, INC., an Ohio corporation (the “Borrower”), the lenders who are or may become a
party to this Agreement, as Lenders, and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, as Administrative Agent for the Lenders and as Collateral Agent for the Lenders.

Statement of Purpose

The Borrower has requested, and the Lenders have agreed, to extend certain credit facilities
to the Borrower on the terms and conditions of this Agreement. The credit facilities extended
hereunder shall amend and restate the prior credit facilities that were extended to the Borrower
and certain of its Subsidiaries pursuant to that certain Credit Agreement dated July 28, 2004 by
and among the Borrower and IKON Office Solutions Group PLC, as borrowers, the lenders party
thereto, as lenders (the “Existing Lenders”) and Wachovia Bank, National Association, as
administrative agent (as in effect on the date hereof, the “Existing Credit Agreement”).

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, such parties hereby agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1 Definitions. The following terms when used in this Agreement shall have
the meanings assigned to them below:

“Administrative Agent” means Wachovia in its capacity as Administrative Agent
hereunder, and any successor thereto appointed pursuant to Section 13.6 (and, for the
purposes of this Agreement, including, without limitation, Articles XII, XIII and
XIV, shall include Wachovia in its capacity as Collateral Agent).

“Administrative Agent’s Office” means the office of the Administrative Agent specified
in or determined in accordance with the provisions of Section 14.1(c).

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

“Affiliate” means, with respect to any Person, any other Person (other than the
Borrower or any Subsidiary thereof) which directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such first Person
or any Subsidiary thereof. The term “control” means the possession, directly or indirectly, of any
other power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise; provided, that for purposes of
Section 10.6(a) only, beneficial ownership of 10% or more of the voting stock of a Person shall be
deemed to be control.

“Aggregate Commitment” means the aggregate amount of the Lenders’ Commitments
hereunder, as such amount may be reduced or otherwise modified at any time or from time to time
pursuant to the terms hereof. On the Closing Date, the Aggregate Commitment shall be Two Hundred
Million Dollars ($200,000,000).

“Agreement” means this Amended and Restated Credit Agreement, as amended, restated,
supplemented or otherwise modified from time to time.

“Applicable Foreign Subsidiary Documents” shall have the meaning assigned thereto in
Section 6.1(x).

“Applicable Law” means all applicable provisions of constitutions, laws, statutes,
ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders
of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators.

“Applicable Margin” means the corresponding percentages per annum as set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pricing Level	 	Leverage Ratio	 	LIBOR Rate Loans	 	Base Rate Loans	 	Commitment Fee
	1

	 	Greater than or equal

to 2.50 to 1.00
	 	

1.500%
	 	

0.500%
	 	

0.350%

	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2

	 	Greater than or equal

to 2.00 to 1.00, but

less than 2.50 to

1.00
	 	

1.250%
	 	

0.250%
	 	

0.300%

	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3

	 	Greater than or equal

to 1.50 to 1.00, but

less than 2.00 to

1.00
	 	

1.000%
	 	

0.000%
	 	

0.250%

	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4

	 	Less than 1.50 to 1.00
	 	 	0.875	%	 	 	0.000	%	 	 	0.225	%
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

The Applicable Margin shall be determined and adjusted quarterly on the date (each a
“Calculation Date”) ten (10) Business Days after the date by which the Borrower is required
to provide an Officer’s Compliance Certificate pursuant to Section 7.2 for the most
recently ended fiscal quarter of the Borrower; provided, however, that (a) the
Applicable Margin shall be based on Pricing Level 2 until the first Calculation Date occurring
after the Fiscal Year ending September 30, 2006 and, thereafter the Pricing Level shall be
determined by reference to the Leverage Ratio as of the last day of the most recently ended fiscal
quarter of the Borrower preceding the applicable Calculation Date, and (b) if the Borrower fails to
provide the Officer’s Compliance Certificate as required by Section 7.2 for the most
recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, the
Applicable Margin from such Calculation Date shall be based on Pricing Level 1 until such time as
an appropriate Officer’s Compliance Certificate is provided, at which time the Pricing Level shall
be determined by reference to the Leverage Ratio as of the last day of the most recently ended
fiscal quarter of the Borrower preceding such Calculation Date. The Applicable Margin shall be
effective from one Calculation Date until the next Calculation Date. Any adjustment in the
Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently
made or issued.

“Application” means an application, in the form specified by the Issuing Lender from
time to time, requesting the Issuing Lender to issue a Letter of Credit.

“Approved Fund” means any Person (other than a natural Person), including, without
limitation, any special purpose entity, that is (or will be) engaged in making, purchasing, holding
or otherwise investing in commercial loans and similar extensions of credit in the ordinary course
of its business; provided, that such Approved Fund must be administered 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.

“Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 14.10), and accepted by the Administrative Agent, in substantially the form of
Exhibit G or any other form approved by the Administrative Agent.

“Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared in accordance with GAAP, (b) in respect of any Synthetic Lease, the capitalized amount or
principal amount of the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared in accordance with GAAP if such lease were accounted for as a
Capital Lease and (c) in respect of a Sale and Leaseback Transaction means, at the time of
determination, (i) if such Sale and Leaseback Transaction is treated as a Capital Lease, the amount
determined in accordance with clause (a) above, and (ii) in all other instances, the present value
of the obligation of the lessee for net rental payments during the remaining term of the lease
included in such Sale and Leaseback Transaction, including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value shall be calculated
using a discount rate equal to the rate of interest implicit in such transaction, determined in
accordance with GAAP.

“Available Commitment” means, as to any Lender at any time, an amount equal to (a)
such Lender’s Commitment less (b) such Lender’s Extensions of Credit.

“Bankruptcy Event of Default” means any Event of Default pursuant to Sections
12.1(i) or (j).

“Base Rate” means, at any time, the higher of (a) the Prime Rate and (b) the Federal
Funds Rate plus 1/2 of 1%; each change in the Base Rate shall take effect simultaneously
with the corresponding change or changes in the Prime Rate or the Federal Funds Rate.

“Base Rate Loan” means any Loan bearing interest at a rate based upon the Base Rate
plus the Applicable Margin as provided in Section 4.1(a).

“Borrower” shall have the meaning assigned thereto in the preamble.

“Business Day” means (a) for all purposes other than as set forth in clause (b) below,
any day other than a Saturday, Sunday or legal holiday on which banks in Charlotte, North Carolina
and New York, New York, are open for the conduct of their domestic or international commercial
banking business, as applicable and (b) with respect to all notices and determinations in
connection with, and payments of principal and interest on, any LIBOR Rate Loan, any day that is a
Business Day described in clause (a) and that is also a day for trading by and between banks in
Dollar deposits in the London interbank market.

“Calculation Date” shall have the meaning assigned thereto in the definition of
Applicable Margin.

“Capital Asset” means, with respect to the Borrower and its Subsidiaries, any asset
that should be classified and accounted for as a capital asset on a Consolidated balance sheet of
the Borrower and its Subsidiaries prepared in accordance with GAAP; provided that Capital Assets
shall not include Operating Leases.

“Capital Expenditures” means, with respect to the Borrower and its Subsidiaries for
any period, the aggregate cost of all Capital Assets acquired by the Borrower and its Subsidiaries
during such period, as determined in accordance with GAAP.

“Capital Lease” means any lease of any property by the Borrower or any Subsidiary
thereof, as lessee, that should be classified and accounted for as a capital lease on a
Consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP.

“Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case
of an association or business entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of capital stock, (c) in the case of a partnership,
partnership interests (whether general or limited), (d) in the case of a limited liability company,
membership interests and (e) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

“Cash Equivalents” shall have the meaning assigned thereto in Section 10.3(b).

“Change in Control” shall have the meaning assigned thereto in Section
12.1(h).

“Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority.

“Closing Date” means the date of this Agreement or such later Business Day upon which
each condition described in Section 5.2 shall be satisfied or waived in all respects in a
manner acceptable to the Administrative Agent, in its sole discretion.

“Code” means the Internal Revenue Code of 1986, and the rules and regulations
thereunder, each as amended or modified from time to time.

“Collateral” means the collateral security for the Obligations pledged or granted
pursuant to the Security Documents.

“Collateral Agent” means Wachovia in its capacity as Collateral Agent, security
trustee or secured party, as applicable, under the Security Documents, and any successor thereto
appointed pursuant to the terms thereof.

“Collateral Agreement” means the amended and restated collateral agreement of even
date executed by the Borrower and the Guarantors in favor of the Collateral Agent, for the benefit
of itself and the other Secured Parties substantially in the form of Exhibit I, as amended,
restated, supplemented or otherwise modified from time to time.

“Commitment” means, as to any Lender, the obligation of such Lender to make Loans
(including, without limitation, to participate in Swingline Loans) to and issue or participate in
Letters of Credit issued for the account of the Borrower hereunder, in an aggregate principal or
face amount at any time outstanding not to exceed the amount set forth opposite such Lender’s name
on Schedule 1.1(a) hereto, as the same may be reduced or modified at any time or from time
to time pursuant to the terms hereof.

“Commitment Increase” has the meaning assigned thereto in Section 2.8(a).

“Commitment Percentage” means, as to any Lender at any time, the ratio of (a) the
amount of the Commitment of such Lender to (b) the Aggregate Commitment of all of the Lenders. If
the Commitment of such Lender has been terminated pursuant to the terms hereof or if the Aggregate
Commitment has expired, then the Commitment Percentage of such Lender shall be determined based on
the Commitment Percentage of such Lender most recently in effect, giving effect to any subsequent
assignments.

“Consolidated” means, when used with reference to financial statements or financial
statement items of the Borrower and its Subsidiaries, such statements or items on a consolidated
basis in accordance with applicable principles of consolidation under GAAP.

“Consolidated Cash Flow” means, with respect to the Borrower and its Restricted
Subsidiaries for any period, the Consolidated Net Income of the Borrower and its Restricted
Subsidiaries for such period plus (a) provision for taxes based on income or profits of the
Borrower and its Restricted Subsidiaries for such period, to the extent that such provision for
taxes was deducted in computing such Consolidated Net Income; plus (b) Fixed Charges of the
Borrower and its Restricted Subsidiaries for such period to the extent that such Fixed Charges were
deducted in computing such Consolidated Net Income; plus (c) depreciation, amortization
(including amortization of goodwill and other intangibles but excluding amortization of prepaid
cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such
non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any
future period) of the Borrower and its Restricted Subsidiaries for such period to the extent that
such depreciation, amortization and other non-cash expenses were deducted in computing such
Consolidated Net Income; minus (d) non-cash items increasing such Consolidated Net Income
for such period, other than the accrual of revenue consistent with past practice and any items
which represent the reversal of any accrual of, or reserve for, anticipated cash charges or asset
valuation adjustments made in any prior period, in each case, on a consolidated basis and
determined in accordance with GAAP.

Notwithstanding the preceding, the provision for taxes based on the income or profits of, the
Fixed Charges of, and the depreciation and amortization and other non-cash expenses of, a
Restricted Subsidiary of the Borrower shall be added to Consolidated Net Income to compute
Consolidated Cash Flow of the Borrower only to the extent that a corresponding amount of
Consolidated Net Income of such Restricted Subsidiary would be permitted at the date of
determination to be dividended to the Borrower by such Restricted Subsidiary without prior
governmental approval (that has not been obtained), and without direct or indirect restriction
pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders,
statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders.

“Consolidated Net Income” means, with respect to the Borrower and its Restricted
Subsidiaries for any period, the aggregate of the Net Income of the Borrower and its Restricted
Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP;
provided that: (a) the Net Income for such period of any Person that is not a Subsidiary,
of any Unrestricted Subsidiary or that is accounted for by the equity method of accounting shall be
excluded, provided that, to the extent not previously included in Consolidated Net Income,
Consolidated Net Income of the Borrower shall be increased by the amount of dividends or
distributions or other payments that are actually paid in cash (or to the extent converted into
cash) to the Borrower or a Restricted Subsidiary thereof in respect of such period; (b) the income
reported as “finance income” and the interest expense reported as “finance interest expense” in the
notes to the Borrower’s Consolidated financial statements, together with the related provision for
taxes on such amounts calculated using the same effective tax rate as the consolidated effective
tax rate for the same period, shall be excluded (except to the extent included pursuant to clause
(a) above); (c) the Net Income of a Restricted Subsidiary shall be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that
Net Income is not at the date of determination permitted without any prior governmental approval
(that has not been obtained) or, directly or indirectly, by operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Restricted Subsidiary or its equity holders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived;
provided that, to the extent not previously included in Consolidated Net Income,
Consolidated Net Income of the Borrower shall be increased by the amount of dividends or
distributions or other payments that are actually paid in cash (or to the extent converted into
cash) to the Borrower or a Restricted Subsidiary thereof (subject to the provisions of this clause
(c)) in respect of such period; (d) the Net Income of any Person acquired during the specified
period for any period prior to the date of such acquisition shall be excluded; (e) the cumulative
effect of a change in accounting principles shall be excluded; (f) restructuring charges related to
actions taken prior to July 1, 2005, together with the related provision for taxes on such charges
calculated using the same effective tax rate as the consolidated effective tax rate for the same
period, shall be excluded; (g) non-cash compensation charges, including any such charges arising
from stock options, restricted stock grants or other equity-incentive programs, shall be excluded;
and (h) unrealized gains and losses from obligations under Hedging Agreements that do not
constitute Indebtedness shall be excluded.

“Corporate EBITDA” means, for any period, (a) EBITDA for such period less (b)
Finance Income for such period.

“Covenant Suspension Period” means the period of time following the date upon which
(a) the September 2015 Notes have been repaid, defeased or repurchased in full, (b) the provisions
of the September 2015 Notes Indenture are amended or (c) the covenants set forth in the September
2015 Notes Indenture are suspended pursuant to Section 4.20(a) of the September 2015 Notes
Indenture or defeased pursuant to Section 8.02 or 8.03 of the September 2015 Notes Indenture, in
each case of items (a), (b) and (c) above such that the restrictions set forth in Section 4.07 of
the September 2015 Notes Indenture are either (i) no longer applicable to the Borrower and its
Subsidiaries or (ii) are amended such that Section 4.07(b)(1) and Section 4.07(b)(9) of the
September 2015 Notes Indenture are no more restrictive than Section 10.6(b)(i) and
Section 10.6(b)(ix); provided that a “Covenant Suspension Period” shall terminate
on the date (such date, the “Reversion Date”) the Borrower and its Subsidiaries are again
subject to Section 4.07 of the September 2015 Notes Indenture (or Section 4.07 of the September
2015 Notes Indenture is again more restrictive than Section 10.6(b)(i) and Section
10.6(b)(ix)), either through a reversion pursuant to Section 4.20(b) of the September 2015
Notes Indenture, a reinstatement pursuant to Section 8.07 of the September 2015 Notes Indenture or
otherwise. Compliance with Section 10.6 with respect to Restricted Payments made after the
Reversion Date will be calculated in accordance with Section 10.6 as if such Covenant
Suspension Period had not occurred (provided that no Default or Event of Default will be deemed to
have occurred as a result of a failure to comply with the limitations in Section
10.6(b)(i)(B) or the first proviso of Section 10.6(b)(ix) during such Covenant
Suspension Period).

“Credit Facility” means, collectively, the Revolving Credit Facility, the Swingline
Facility and the L/C Facility.

“Debt Rating” means, as of any date of determination, the Borrower’s (a) issuer credit
rating as determined by S&P and (b) corporate family rating as determined by Moody’s, in each case,
in effect as of such date.

“Default” means any of the events specified in Section 12.1 which with the
passage of time, the giving of notice or any other condition, would constitute an Event of Default.

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Revolving Credit Loans, participations in L/C Obligations or participations in Swingline Loans
required to be funded by it hereunder within one Business Day of the date required to be funded by
it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within one (1) Business Day of the date when
due, unless such amount is the subject of a good faith dispute, or (c) has been deemed insolvent or
become the subject of a bankruptcy or insolvency proceeding.

“Departing Lender” has the meaning assigned thereto in Section 5.2(f).

“Disposition” means, with respect to any property, any sale, lease, Sale and Leaseback
Transaction, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and
“Disposed of” shall have correlative meanings.

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of
any security into which it is convertible, or for which it is exchangeable, in each case at the
option of the holder thereof), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder thereof, in whole or in part, on or prior to the date that is one year after the Revolving
Credit Maturity Date. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right to require the
Borrower to repurchase such Capital Stock upon the occurrence of a change of control or an asset
sale shall not constitute Disqualified Stock if (a) the “asset sale” or “change of control”
provisions applicable to such Capital Stock are not more favorable to the holders of such Capital
Stock than the terms applicable to the September 2015 Notes and described in Section 4.10 and
Section 4.14 of the September 2015 Notes Indenture and (b) any such requirement only becomes
operative after compliance with such terms applicable to the September 2015 Notes, including the
purchase of any September 2015 Notes tendered pursuant thereto.

The term “Disqualified Stock” shall also include any options, warrants or other rights that
are convertible into Disqualified Stock or that are redeemable at the option of the holder, or
required to be redeemed, prior to the date that is one year after the Revolving Credit Maturity
Date. The amount of any Disqualified Stock that does not have a fixed redemption, repayment or
repurchase price will be calculated in accordance with the terms of such Disqualified Stock as if
such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of
such Disqualified Stock is to be determined pursuant hereto; provided, however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such
determination, the redemption, repayment or repurchase price will be the book value of such
Disqualified Stock as reflected in the most recent financial statements of such Person.

“Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency of the
United States.

“Domestic Subsidiary” means any Subsidiary organized under the laws of any political
subdivision of the United States.

“EBITDA” means, for any period, the sum of the following determined on a Consolidated
basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP: (a) Net
Income for such period plus (b) the sum of the following to the extent deducted in
determining Net Income: (i) income taxes for such period, (ii) Interest Expense for such period,
(iii) amortization, depreciation and other non-cash charges for such period, (iv) any extraordinary
or non-recurring non-cash expenses or losses for such period, (v) expenses and non-cash charges
incurred during such period in connection with the extinguishment of Indebtedness, (vi)
non-recurring cash expenses which, with the exception of real estate lease related payments, were
recorded no later than September 30, 2005 in an aggregate amount not to exceed $45,000,000 for all
applicable periods of determination with respect to severance costs, lease termination payments and
related expenditures associated with the closure of certain business documentation service centers,
the closure of certain legal documentation service centers, the closure of certain sales
marketplaces and post-closing adjustments, if any, with respect to the sale of any of the
Collateral contemplated by that certain release of Collateral permitted pursuant to the First
Amendment and Consent dated as of March 24, 2005 to the Existing Credit Agreement and (vii)
non-cash stock-based compensation charges less (c) any extraordinary or non-recurring
income or gains.

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund, and (d) any other Person (other than a natural person) approved by (i) the Administrative
Agent, (ii) the Swingline Lender and the Issuing Lender, and (iii) unless an Event of Default has
occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or
delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include the Borrower or any of the Affiliates or Subsidiaries of the Borrower.

“Employee Benefit Plan” means any employee benefit plan within the meaning of Section
3(3) of ERISA which (a) is maintained for employees of the Borrower or any ERISA Affiliate or (b)
is a Pension Plan or Multiemployer plan that has at any time within the preceding six (6) years
been maintained for the employees of the Borrower or any current or former ERISA Affiliate.

“English Security Documents” means security agreements, debentures, pledge agreements,
and other similar documents and agreements securing the Obligations with Collateral located in
England or Wales, each as may be amended, restated, supplemented or otherwise modified from time to
time.

“Environmental Claims” means any and all administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of
noncompliance or violation, investigations (other than internal reports prepared by any Person in
the ordinary course of business and not in response to any third party action or request of any
kind) or proceedings relating in any way to any actual or alleged violation of or liability under
any Environmental Law or relating to any permit issued, or any approval given, under any such
Environmental Law, including, without limitation, any and all claims by Governmental Authorities
for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution,
indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials
or arising from alleged injury or threat of injury to human health or the environment.

“Environmental Laws” means any and all federal, foreign, state, provincial and local
laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and
orders of courts or Governmental Authorities, relating to the protection of human health or the
environment, including, but not limited to, requirements pertaining to the manufacture, processing,
distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing,
permitting, investigation or remediation of Hazardous Materials.

“Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable
for, Capital Stock) of any Person.

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and
regulations thereunder, each as amended or modified from time to time.

“ERISA Affiliate” means any Person who together with the Borrower is treated as a
single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section
4001(b) of ERISA.

“Eurodollar Reserve Percentage” means, for any day, the percentage (expressed as a
decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for
such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor)
for determining the maximum reserve requirement (including without limitation any basic,
supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category
of liabilities for a member bank of the Federal Reserve System in New York City.

“Event of Default” means any of the events specified in Section 12.1;
provided that any requirement for passage of time, giving of notice, or any other
condition, has been satisfied.

“Excess Dividend Payments” shall have the meaning assigned thereto in Section
10.6(b)(ix).

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the
Issuing 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 (however
denominated), and franchise taxes imposed on it by the United States of America or the United
Kingdom or by the jurisdiction (or any political subdivision thereof) under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Lender,
in which its applicable lending office is located, (b) any branch profits taxes imposed by the
United States or any similar tax imposed by any other jurisdiction in which such Lender is located
and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the
Borrower under Section 4.12), any withholding tax that is imposed on amounts payable to
such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new
Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with Section 4.11(e), 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 4.11(a).

“Existing Credit Agreement” has the meaning assigned thereto in the preamble.

“Existing Letters of Credit” means all letters of credit identified on Schedule
1.1(b).

“Existing Loans” has the meaning assigned thereto in Section 5.2(f).

“Extensions of Credit” means, as to any Lender at any time, (a) an amount equal to the
sum of (i) the aggregate principal amount of all Revolving Credit Loans made by such Lender then
outstanding, (ii) such Lender’s Commitment Percentage of the L/C Obligations then outstanding and
(iii) such Lender’s Commitment Percentage of the Swingline Loans then outstanding or (b) the making
of any Loan or participation in any Letter of Credit by such Lender, as the context requires.

“Fair Market Value” means the price that would be paid in an arm’s-length transaction
between an informed and willing seller under no compulsion to sell and an informed and willing
buyer under no compulsion to buy, as determined in good faith by the Borrower or, if such amount
exceeds $20,000,000, by the board of directors (or equivalent governing body), whose determination
shall be conclusive.

“FDIC” means the Federal Deposit Insurance Corporation, or any successor thereto.

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers on such day (or, if such day is not a Business Day, on the
immediately preceding Business Day), as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day, provided that if such rate is not so published for
any day which is a Business Day, the average of the quotations for such day on such transactions
received by the Administrative Agent from three Federal Funds brokers of recognized standing
selected by the Administrative Agent.

“Fee Letter” shall have the meaning assigned thereto in Section 4.3(b).

“Finance Income” means, with respect to the Borrower and its Subsidiaries, for any
period of determination, the finance income of the Borrower and its Subsidiaries for such period,
determined on a Consolidated basis in accordance with GAAP (and calculated in a manner consistent
with the calculation of finance income in the Consolidated financial statements of the Borrower and
its Subsidiaries contained in its Annual Report on Form 10-K for the 2005 Fiscal Year).

“Finance Interest Expense” means, with respect to the Borrower and its Subsidiaries,
for any period of determination, the finance interest expense of the Borrower and its Subsidiaries
for such period, determined on a Consolidated basis in accordance with GAAP (and calculated in a
manner consistent with the calculation of finance interest expense in the Consolidated financial
statements of the Borrower and its Subsidiaries contained in its Annual Report on Form 10-K for the
2005 Fiscal Year with respect to all outstanding Indebtedness (including all commissions, discounts
and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing
and net costs under Hedging Agreements in respect of interest rates to the extent such net costs
are allocable to such period in accordance with GAAP).

“Finance Subsidiary” means (i) each Subsidiary identified as a Finance Subsidiary on
Schedule 6.1(a) and (ii) each other Subsidiary created or acquired after the Closing Date
and identified on the most recently delivered Officer’s Compliance Certificate, in each case the
primary business of which is the leasing or other financing of products distributed by the Borrower
and its Subsidiaries.

“Fiscal Year” means the fiscal year of the Borrower and its Subsidiaries ending on
September 30.

“Fixed Charge Coverage Ratio” means with respect to the Borrower and its Restricted
Subsidiaries for any period, the ratio of the Consolidated Cash Flow of the Borrower and its
Restricted Subsidiaries for such period to the Fixed Charges of the Borrower and its Restricted
Subsidiaries for such period. In the event that the Borrower or any of its Restricted Subsidiaries
incurs, assumes, guarantees, repays, repurchases or redeems any Indebtedness or issues, repurchases
or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge
Coverage Ratio is being calculated and on or prior to the date on which the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect to such
incurrence, assumption, guarantee, repayment, repurchase or redemption of Indebtedness, or such
issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom as if
the same had occurred at the beginning of the applicable four-quarter reference period.

In addition, for purposes of calculating the Fixed Charge Coverage Ratio: (i) acquisitions and
dispositions of business entities or property and assets constituting a division or line of
business of the Borrower or any of its Restricted Subsidiaries and investments that have been made
by the Borrower or any of its Restricted Subsidiaries, including through mergers or consolidations
and including any related financing transactions, during the four-quarter reference period or
subsequent to such reference period and on or prior to the Calculation Date shall be given
pro forma effect as if they had occurred on the first day of the four-quarter
reference period and Consolidated Cash Flow for such reference period shall be calculated on a
pro forma basis in accordance with Regulation S-X under the Securities Act of 1933,
as amended; (ii) the Consolidated Cash Flow attributable to discontinued operations, as determined
in accordance with GAAP, shall be excluded; and (iii) the Fixed Charges attributable to
discontinued operations, as determined in accordance with GAAP, shall be excluded, but only to the
extent that the obligations giving rise to such Fixed Charges will not be obligations of the
Borrower or any of its Subsidiaries following the Calculation Date.

For purposes of making the computation referred to above, interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based
upon the average daily balance of such Indebtedness during the applicable period.

“Fixed Charges” means, for any period, the sum, without duplication, of: (a) the
consolidated interest expense of the Borrower and its Restricted Subsidiaries for such period,
including, without limitation, amortization of debt issuance costs and original issue discount,
non-cash interest, the interest component of any deferred payment obligations, the interest
component of all payments associated with Capital Leases, imputed interest with respect to items
under clause (c) of Attributable Indebtedness, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of
all payments made or received pursuant to Interest Rate Contracts; (b) the consolidated interest
expense of the Borrower and its Restricted Subsidiaries that was capitalized during such period;
(c) any interest expense on Indebtedness of another Person that is a Guaranty Obligation of the
Borrower or one of its Restricted Subsidiaries or secured by a Lien on assets of the Borrower or
one of its Restricted Subsidiaries, whether or not such Guaranty Obligation or Lien is called upon;
(d) the product of (i) all dividends, whether paid or accrued and whether or not in cash, on any
series of Disqualified Stock or preferred stock of the Borrower or any of its Restricted
Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the
Borrower (other than Disqualified Stock) or to the Borrower or a Restricted Subsidiary of the
Borrower, multiplied by (ii) a fraction, the numerator of which is one (1) and the
denominator of which is one minus the then current combined federal, state and local statutory tax
rate of the Borrower, expressed as a decimal, in each case, on a consolidated basis and in
accordance with GAAP; provided that in no event shall interest expense reported as “finance
interest expense” in the notes to the Borrower’s Consolidated financial statements be included
within Fixed Charges.

“Foreign Lender” means, with respect to the Borrower, any Lender that is organized
under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes. For purposes of this definition, the United States, each State thereof and the District
of Columbia shall be deemed to constitute a single jurisdiction.

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

“GAAP” means generally accepted accounting principles, as recognized by the American
Institute of Certified Public Accountants and the Financial Accounting Standards Board,
consistently applied and maintained on a consistent basis for Borrower and its Subsidiaries
throughout the period indicated and (subject to Section 14.9) consistent with the prior
financial practice of the Borrower and its Subsidiaries.

“GE Accounts Receivable” means the amount of accounts receivable owing, but not yet
paid, to the Borrower and its Subsidiaries by General Electric Capital Corporation or G.E. Capital
Information Technology Solutions, Inc. or any Affiliates of or successors to either of them
pursuant to the terms of the GE Program Agreements.

“GE Purchase Agreements” means (a) the Asset Purchase Agreement dated December 11,
2003 by and among the Borrower, General Electric Capital Corporation and IOS Capital, LLC (as
previously amended by that certain First Amendment to the Asset Purchase Agreement dated March 31,
2004 by and among General Electric Capital Corporation and the Borrower in its own capacity and as
successor by merger to IOS Capital LLC); (b) the Asset Purchase Agreement dated March 31, 2004 by
and among IKON Canada and Heller Financial Canada; and (c) the Asset Purchase Agreement effective
as of April 1, 2006 by and between the Borrower and General Electric Capital Corporation, in each
case as such documents may be amended, restated, supplemented or otherwise modified in any manner
which could not reasonably be expected to materially adversely affect the rights or interests of
the Administrative Agent and the Lenders.

“GE Program Agreements” means (a) the Amended and Restated Program Agreement effective
as of April 1, 2006 by and among General Electric Capital Corporation, GE Capital Information
Technology Solutions, Inc. and the Borrower and (b) the Canadian Rider dated as of June 30, 2004 by
and among GE VFS Canada Limited Partnership and IKON Canada, in each case as such documents may be
amended, restated, supplemented or otherwise modified in any manner which could not reasonably be
expected to materially adversely affect the rights or interests of the Administrative Agent and the
Lenders

“Governmental Approvals” means all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

“Governmental Authority” means the government of the United States or any other
nation, or of 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 (including any supra-national bodies such as the European Union or the European Central
Bank).

“Guarantors” means each Domestic Subsidiary of the Borrower in existence on the
Closing Date (other than a Subsidiary SPC) or which becomes a party to a Guaranty Agreement
pursuant to Section 8.10.

“Guaranty Agreement” means the amended and restated unconditional guaranty agreement
of even date executed by the Guarantors in favor of the Administrative Agent, for the ratable
benefit of itself and the Lenders, substantially in the form of Exhibit H, as amended,
restated, supplemented or otherwise modified from time to time.

“Guaranty Obligation” means, with respect to the Borrower and its Subsidiaries,
without duplication, any obligation, contingent or otherwise, of any such Person pursuant to which
such Person has directly or indirectly guaranteed any Indebtedness or other obligation of any other
Person and, without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of
partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or
services, to take-or-pay, or to maintain financial statement condition or otherwise) or (b) entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness or other
obligation of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); provided, that the term Guaranty Obligation shall not include

(i) endorsements for collection or deposit in the ordinary course of business; or

	 	(ii)	 	any indemnification rights, indemnification obligations,
reimbursement rights or reimbursement obligations of the Borrower and its
Subsidiaries (other than those set forth in subsection (g) of Section
10.1) under (A) the GE Program Agreements, (B) the GE Purchase Agreements
or (C) other similar program and purchase agreements (1) which are executed in
connection with leasing or financing arrangements by third parties of products
distributed by the Borrower and its Subsidiaries and (2) which contain terms
and provisions (including, without limitation, indemnification obligations)
which are no broader in scope and obligation than the terms and provisions
contained in the GE Program Agreements and GE Purchase Agreements, unless in
each case the indemnification obligations referred to in this clause (ii)
would be accounted for as indebtedness in accordance with GAAP or reflected on
the Consolidated balance sheet of the Borrower and its Subsidiaries.

“Hazardous Materials” means any substances or materials (a) which are defined as
hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures
or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive,
flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to human health or
the environment and are or become regulated by any Governmental Authority, (c) the presence of
which require investigation or remediation under any Environmental Law or common law, (d) the
discharge or emission or release of which requires a permit or license under any Environmental Law
or other Governmental Approval, (e) which are deemed to constitute a nuisance or a trespass which
pose a health or safety hazard to Persons or neighboring properties, (f) which consist of
underground or aboveground storage tanks, whether empty, filled or partially filled with any
substance, or (g) which contain, without limitation, asbestos, polychlorinated biphenyls, urea
formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude
oil, nuclear fuel, natural gas or synthetic gas.

“Hedging Agreement” means any agreement with respect to any Interest Rate Contract,
forward rate agreement, commodity swap, forward foreign exchange agreement, currency swap
agreement, cross-currency rate swap agreement, currency option agreement or other agreement or
arrangement designed to alter the risks of any Person arising from fluctuations in interest rates,
currency values or commodity prices, all as amended, restated, supplemented or otherwise modified
from time to time.

“Hedging Obligations” means all existing or future payment and other obligations owing
by the Borrower or any Guarantor under any Hedging Agreement (which such Hedging Agreement is
permitted hereunder) with any Person that is a Lender or an Affiliate of a Lender (or if such
Person, or the Lender with whom such Person is affiliated, ceases to be a Lender, then any Hedging
Agreement with that Person entered into prior to the date the applicable party ceased to be a
Lender).

“IKON Canada” means IKON Office Solutions, Inc., an Ontario corporation.

“Indebtedness” means, with respect to any Person at any date and without duplication,
all of the following, whether or not included as indebtedness or liabilities in accordance with
GAAP:

(a) all liabilities, obligations and indebtedness for borrowed money including, but not
limited to, obligations evidenced by bonds, debentures, notes or other similar instruments
of any such Person;

(b) all obligations to pay the deferred purchase price of property or services of any
such Person (including, without limitation, all obligations under non-competition, earn-out
or similar agreements), except trade payables arising in the ordinary course of business;

(c) the Attributable Indebtedness of such Person with respect to such Person’s
obligations in respect of Capital Leases and Synthetic Leases (regardless of whether
accounted for as indebtedness under GAAP);

(d) all Indebtedness of any other Person secured by a Lien on any asset owned or being
purchased by such Person (including indebtedness arising under conditional sales or other
title retention agreements), whether or not such indebtedness shall have been assumed by
such Person or is limited in recourse;

(e) all Guaranty Obligations of any such Person;

(f) all obligations, contingent or otherwise, of any such Person relative to the face
amount of letters of credit, whether or not drawn, including, without limitation, any
Reimbursement Obligation, and banker’s acceptances issued for the account of any such
Person;

(g) all obligations of any such Person to redeem, repurchase, exchange, defease or
otherwise make payments in respect of Capital Stock of such Person;

(h) all net obligations incurred by any such Person pursuant to Hedging Agreements; and

(i) the outstanding attributed principal amount under any asset securitization program
(including any Permitted Asset Securitization).

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Hedging Agreement on any date shall be deemed to be the Termination Value thereof as of such
date.

“Indemnified Taxes” means Taxes and Other Taxes other than Excluded Taxes.

“Insurance and Condemnation Proceeds” has the meaning assigned thereto in Section
2.6(b)(iii).

“Interest Coverage Ratio” means, for any date of determination, the ratio of (a)
EBITDA for the period of twelve (12) consecutive calendar months ending on or immediately prior to
such date to (b) Interest Expense for the period of twelve (12) consecutive calendar months ending
on or immediately prior to such date. For purposes of calculating the Interest Coverage Ratio,
EBITDA shall be adjusted on a pro forma basis to include, as of the first day of
any applicable period, any Permitted Acquisitions and any sale or other disposition or series of
related sales or dispositions of assets constituting a division or line of business by the Borrower
or any Subsidiary thereof closed during such period, including, without limitation, adjustments
reflecting any non-recurring costs and any extraordinary expenses of any Permitted Acquisitions and
any such asset disposition closed during such period calculated on a basis consistent with GAAP and
Regulation S-X of the Securities Act of 1933, as amended, or as approved by the Administrative
Agent.

“Interest Expense” means, with respect to the Borrower and its Subsidiaries for any
period, the gross interest expense (including, without limitation, Finance Interest Expense,
interest expense attributable to Capital Leases and all net payment obligations pursuant to Hedging
Agreements) of the Borrower and its Subsidiaries, all determined for such period on a Consolidated
basis, without duplication, in accordance with GAAP.

“Interest Period” shall have the meaning assigned thereto in Section 4.1(b).

“Interest Rate Contract” means any interest rate swap agreement, interest rate cap
agreement, interest rate floor agreement, interest rate collar agreement, interest rate option or
any other agreement regarding the hedging of interest rate risk exposure executed in connection
with hedging the interest rate exposure of any Person and any confirming letter executed pursuant
to such agreement, all as amended, restated, supplemented or otherwise modified from time to time.

“Investment” (a) means, solely with respect to Section 10.6, with respect to
any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans or other extensions of credit (including Guarantees or other
arrangements, but excluding advances to customers or suppliers in the ordinary course of business
that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on
the balance sheet of the Borrower or any of its Restricted Subsidiaries and endorsements for
collection or deposit arising in the ordinary course of business), advances, excluding commission,
travel and similar advances to officers and employees made consistent with past practices, capital
contributions (by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), purchases or other acquisitions for
consideration of Indebtedness, Equity Interests or other securities, together with all items that
are or would be classified as investments on a balance sheet prepared in accordance with GAAP.

If the Borrower or any Restricted Subsidiary of the Borrower sells or otherwise disposes of
any Equity Interests of any direct or indirect Restricted Subsidiary of the Borrower such that,
after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the
Borrower, the Borrower shall be deemed to have made an Investment on the date of any such sale or
disposition equal to the portion (proportionate to the Borrower’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of such former Restricted Subsidiary at the
time of such sale or other disposition.

(b) with respect to all other provisions of this Agreement, has the meaning assigned thereto
in Section 10.3.

“ISP 98” means the International Standby Practices (1998 Revision, effective January
1, 1999), International Chamber of Commerce Publication No. 590.

“Issuing Lender” means Wachovia, in its capacity as issuer of any Letter of Credit, or
any successor thereto.

“L/C Commitment” means the lesser of (a) One Hundred Million Dollars ($100,000,000)
and (b) the Aggregate Commitment.

“L/C Facility” means the letter of credit facility established pursuant to Article
III.

“L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate
undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount
of drawings under Letters of Credit which have not then been reimbursed pursuant to Section
3.5.

“L/C Participants” means the collective reference to all the Lenders other than the
Issuing Lender.

“Lender” means each Person executing this Agreement as a Lender (including, without
limitation, the Issuing Lender and the Swingline Lender unless the context otherwise requires) set
forth on the signature pages hereto and each Person that hereafter becomes a party to this
Agreement as a Lender pursuant to Section 2.8 or Section 14.10.

“Lending Office” means, with respect to any Lender, the office of such Lender
maintaining such Lender’s Commitment Percentage of the Extensions of Credit.

“Letters of Credit” shall have the meaning assigned thereto in Section 3.1 and
shall include, without limitation, the Existing Letters of Credit.

“Leverage Ratio” means, for any date of determination, the ratio of (a) Net Corporate
Indebtedness on such date to (b) Corporate EBITDA for the period of twelve (12) consecutive
calendar months ending on or immediately prior to such date. For purposes of calculating the
Leverage Ratio, Corporate EBITDA shall be adjusted on a pro forma basis to include,
as of the first day of any applicable period, any Permitted Acquisitions and any sale or other
disposition or series of related sales or dispositions of assets constituting a division or line of
business by the Borrower or any Subsidiary thereof closed during such period, including, without
limitation, adjustments reflecting any non-recurring costs and any extraordinary expenses of any
Permitted Acquisitions and any such asset disposition closed during such period calculated on a
basis consistent with GAAP and Regulation S-X of the Securities Act of 1933, as amended, or as
approved by the Administrative Agent.

“LIBOR” means the rate of interest per annum determined on the basis of the rate for
deposits in Dollars for a period equal to the applicable Interest Period which appears on the
Telerate Page 3750, or, if such rate does not appear on Telerate Page 3750, the applicable Reuters
Screen Page, as determined by the Administrative Agent in its sole discretion, at approximately
11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest
Period (rounded upward, if necessary, to the nearest 1/100th of 1%). If, for any
reason, such rate does not appear on Telerate Page 3750, or the applicable Reuters Screen Page,
then “LIBOR” shall be determined by the Administrative Agent to be the arithmetic average of the
rate per annum at which deposits in Dollars would be offered by first class banks in the London
interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2)
Business Days prior to the first day of the applicable Interest Period for a period equal to such
Interest Period. Each calculation by the Administrative Agent of LIBOR shall be conclusive and
binding for all purposes, absent manifest error.

“LIBOR Rate” means a rate per annum (rounded upwards, if necessary, to the next higher
1/100th of 1%) determined by the Administrative Agent pursuant to the following formula:

	 
	 

	LIBOR Rate = LIBOR              

	 

	1.00-Eurodollar Reserve Percentage

“LIBOR Rate Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate
plus the Applicable Margin as provided in Section 4.1(a).

“Lien” means, with respect to any asset, any mortgage, leasehold mortgage, lien,
pledge, charge, security interest, hypothecation or encumbrance of any kind in respect of such
asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any
asset which it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, Capital Lease or other title retention agreement relating to such
asset.

“Loan Documents” means, collectively, this Agreement, the Notes, the Applications, the
Guaranty Agreement, the Security Documents, and any other document, instrument, certificate and
agreement executed and delivered by the Borrower or any Subsidiary thereof in connection with this
Agreement or otherwise referred to herein or contemplated hereby (excluding any Hedging Agreement),
all as may be amended, restated, supplemented or otherwise modified from time to time.

“Loans” means the collective reference to the Revolving Credit Loans and the Swingline
Loans and “Loan” means any of such Loans.

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

“Material Contract” means (a) any contract or other agreement, written or oral, of the
Borrower or any Subsidiary thereof involving monetary liability of or to any such Person in an
amount in excess of $25,000,000 per annum, or (b) any other contract or agreement, written or oral,
of the Borrower or any Subsidiary thereof the failure to comply with which could reasonably be
expected to have a Material Adverse Effect.

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto.

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of
ERISA to which the Borrower or any ERISA Affiliate is making, or is accruing an obligation to make,
or has accrued an obligation to make, contributions within the preceding six (6) years.

“Net Cash Proceeds” means, as applicable, (a) with respect to any sale or other
disposition of assets, the gross cash proceeds received by the Borrower or any Subsidiary thereof
from such sale less the sum of (i) all income taxes and other taxes assessed by a
Governmental Authority or otherwise payable or reasonably anticipated by the Borrower or any
Subsidiary thereof to be payable as a result of such sale or other disposition and any fees and
expenses incurred in connection therewith and (ii) the principal amount of, premium, if any, and
interest on any Indebtedness secured by a Lien on the assets (or a portion thereof) sold, which
Indebtedness is required to be repaid in connection with such sale, (b) with respect to any
issuance of Indebtedness, the gross cash proceeds received by the Borrower or any Subsidiary
thereof from such issuance less all legal, underwriting and other fees and expenses
incurred in connection therewith and (c) with respect to any payment under an insurance policy or
in connection with a condemnation proceeding, the amount of cash proceeds received by the Borrower
or any Subsidiary thereof from an insurance company or Governmental Authority, as applicable, net
of all expenses of collection.

“Net Corporate Indebtedness” means,

(a) solely with respect to the calculation of the Leverage Ratio for purposes of determining
the Applicable Margin:

As of any date of determination with respect to the Borrower and its Subsidiaries on a
Consolidated basis without duplication, (i) all Indebtedness of the Borrower and its Subsidiaries
less (ii) the aggregate principal amount of all Indebtedness of the Finance Subsidiaries
less (iii) the aggregate amount of unrestricted cash of the Borrower and its Subsidiaries
in excess of $50,000,000 as of the date of determination less (iv) Guaranty Obligations of
the Borrower or its Subsidiaries less (v) all net obligations incurred by the Borrower or
its Subsidiaries pursuant to Hedging Agreements less (vi) the outstanding attributed
principal amount under any Permitted Lease Receivable Securitization so long as such securitization
is non-recourse to the Borrower or any Subsidiary less (vii) to the extent constituting
Indebtedness, obligations supporting unsold residual value (as set forth on the Borrower’s
financial statements) less (viii) all outstanding Indebtedness incurred pursuant to
Section 10.1(p) and less (ix) an aggregate face amount of up to $50,000,000 of
obligations, contingent or otherwise, of Borrower or its Subsidiaries relative to the face amount
of letters of credit, whether or not drawn, including, without limitation, any Reimbursement
Obligation, and banker’s acceptances issued for the account of the Borrower and its Subsidiaries,
in each case as set forth on the Consolidated balance sheet of the Borrower and its Subsidiaries
prepared in accordance with GAAP; or

(b) with respect to all other provisions of this Agreement, (including, without limitation,
the calculation of the Leverage Ratio for all purposes other than determining the Applicable
Margin):

As of any date of determination with respect to the Borrower and its Subsidiaries on a
Consolidated basis without duplication, (i) all Indebtedness of the Borrower and its Subsidiaries
less (ii) the aggregate principal amount of all Indebtedness of the Finance Subsidiaries
less (iii) the aggregate amount, as of any date of determination, of the sum of (A)
unrestricted cash of the Borrower and its Subsidiaries plus (B) 90% of the GE Accounts
Receivable (solely to the extent by which such aggregate amount of the sum of (A) and (B) exceeds
$50,000,000 as of such date of determination) less (iv) Guaranty Obligations of the
Borrower or its Subsidiaries less (v) all net obligations incurred by the Borrower or its
Subsidiaries pursuant to Hedging Agreements less (vi) the outstanding attributed principal
amount under any Permitted Lease Receivable Securitization so long as such securitization is
non-recourse to the Borrower or any Subsidiary less (vii) to the extent constituting
Indebtedness, obligations supporting unsold residual value (as set forth on the Borrower’s
financial statements) less (viii) all outstanding Indebtedness incurred pursuant to
Section 10.1(p) and less (ix) an aggregate face amount of up to $50,000,000 of
obligations, contingent or otherwise, of Borrower or its Subsidiaries relative to the face amount
of letters of credit, whether or not drawn, including, without limitation, any Reimbursement
Obligation, and banker’s acceptances issued for the account of the Borrower and its Subsidiaries,
in each case as set forth on the Consolidated balance sheet of the Borrower and its Subsidiaries
prepared in accordance with GAAP.

“Net Income” means, (a) except as set forth in clause (b) below, with respect to the
Borrower and its Subsidiaries, for any period of determination, the net income (or loss) of the
Borrower and its Subsidiaries for such period, determined on a Consolidated basis in accordance
with GAAP; provided that there shall be excluded from Net Income (i) the net income (or
loss) of any Person (other than a Subsidiary which shall be subject to clause (iii) below), in
which the Borrower or any Subsidiary thereof has a joint interest with a third party, except to the
extent such net income is actually paid to the Borrower or any Subsidiary thereof by dividend or
other distribution during such period, (ii) the net income (or loss) attributable to discontinued
operations in an amount not to exceed $10,000,000 as net income or loss for such period, and (iii)
the net income (if positive) of any Subsidiary to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary to the Borrower or any Subsidiary thereof of
such net income is not at the time permitted by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute rule or governmental regulation applicable
to such Subsidiary or (b) only for purposes of the definition of “Consolidated Net Income” means,
with respect to the Borrower and its Restricted Subsidiaries, the net income (loss) of the Borrower
and its Restricted Subsidiaries for such period, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding, however: (i) any gain (or loss),
together with any related provision for taxes on such gain (or loss), realized in connection with:
(A) any asset sale outside the ordinary course of business of the Borrower or its Restricted
Subsidiaries; or (B) the disposition of any securities by the Borrower or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of the Borrower or any of its Restricted
Subsidiaries; and (ii) any extraordinary gain or loss of the Borrower or its Restricted
Subsidiaries, together with any related provision for taxes on such extraordinary gain (or loss).

“Net Leverage Ratio” means, for the Borrower as of any date (the “Leverage
Calculation Date”), the ratio of (i) an amount equal to (a) Indebtedness of the Borrower and
its Subsidiaries on the Leverage Calculation Date less (b) the cash and marketable
securities of the Borrower and its Subsidiaries on the Leverage Calculation Date, determined on a
pro forma basis, to (ii) Consolidated Cash Flow for the four most recently ended
fiscal quarters for which financial statements are available. For purposes of calculating the Net
Leverage Ratio, acquisitions and dispositions of business entities or property and assets
constituting a division or line of business of the Borrower and investments that have been made by
the Borrower or any of its Subsidiaries, including through mergers or consolidations and including
any related financing transactions, subsequent to the commencement of the period for which the Net
Leverage Ratio is being calculated and on or prior to the Leverage Calculation Date during the
four-quarter reference period or subsequent to such reference period and on or prior to the
Leverage Calculation Date, shall be given pro forma effect as if they had occurred
on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference
period shall be calculated on a pro forma basis in accordance with Regulation S-X
under the Securities Act of 1933, as amended.

“Notes” means the collective reference to the Revolving Credit Notes and the Swingline
Note and “Note” means any of such Notes.

“Notice of Account Designation” shall have the meaning assigned thereto in Section
2.4(b).

“Notice of Borrowing” shall have the meaning assigned thereto in Section
2.4(a).

“Notice of Conversion/Continuation” shall have the meaning assigned thereto in
Section 4.2.

“Notice of Prepayment” shall have the meaning assigned thereto in Section
2.5(c).

“Obligations” means, in each case, whether now in existence or hereafter arising: (a)
the principal of and interest on (including interest accruing after the filing of any bankruptcy or
similar petition) the Loans, (b) the L/C Obligations, (c) all Hedging Obligations and (d) all other
fees and commissions (including attorneys’ fees), charges, indebtedness, loans, liabilities,
financial accommodations, obligations, covenants and duties owing by Borrower or any Subsidiary
thereof to the Lenders or the Administrative Agent, in each case under or in respect of this
Agreement, any Note, any Letter of Credit or any of the other Loan Documents of every kind, nature
and description, direct or indirect, absolute or contingent, due or to become due, contractual or
tortious, liquidated or unliquidated, and whether or not evidenced by any note.

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

“Officer’s Compliance Certificate” shall have the meaning assigned thereto in
Section 7.2.

“Operating Lease” means, as to any Person as determined in accordance with GAAP, any
lease of property (whether real, personal or mixed) by such Person as lessee which is not a Capital
Lease.

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

“Payment Event of Default” means any Event of Default pursuant to Sections
12.1(a) or (b).

“Participant” has the meaning assigned to such term in clause (d) of Section
14.10.

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

“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which
is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is
maintained for the employees of the Borrower or any ERISA Affiliate or (b) has at any time within
the preceding six (6) years been maintained for the employees of the Borrower or any ERISA
Affiliate.

“Permitted Acquisition” means any acquisition permitted pursuant to Section
10.3(c).

“Permitted Acquisition Consideration” means the aggregate amount of the purchase price
(including, but not limited to, any assumed debt, earn-outs (valued at the maximum amount payable
thereunder), deferred payments, or Capital Stock of the Borrower, net of the applicable acquired
company’s cash (including Cash Equivalents) balance as shown on its most recent financial
statements delivered in connection with the applicable Permitted Acquisition) to be paid on a
singular basis in connection with any applicable Permitted Acquisition as set forth in the
applicable acquisition documents executed by the Borrower or any of its Subsidiaries in order to
consummate the applicable Permitted Acquisition.

“Permitted Asset Securitization” means each Permitted Lease Receivable Securitization
and each Permitted Trade Receivable Securitization.

“Permitted Investment” means those Investments permitted pursuant to Section
10.3 (other than clause (m) thereof).

“Permitted Lease Receivable Securitization” means, with respect to the Borrower and
its Subsidiaries, any pledge, sale, transfer, contribution, conveyance or other disposition of
accounts, chattel paper or related rights (each as defined in the UCC) and associated collateral,
lockbox and other collection accounts, records and/or proceeds relating to lease receivables of the
Finance Subsidiaries, directly or indirectly through a Subsidiary SPC, which such sale, transfer,
contribution, conveyance or other disposition is funded by the recipient of such assets in whole or
in part by borrowings or the issuance of instruments or securities that are paid principally from
the cash derived from such assets or interests in such assets; provided that the aggregate
amount of gross proceeds available to the Borrower or any Subsidiary in connection with all such
transactions shall not at any time exceed $150,000,000.

“Permitted Trade Receivable Securitization” means, with respect to the Borrower and
its Subsidiaries, any pledge, sale, transfer, contribution, conveyance or other disposition of
accounts, chattel paper or related rights (each as defined in the UCC) and associated collateral,
lockbox and other collection accounts, records and/or proceeds relating to trade receivables of the
Borrower and its Subsidiaries, directly or indirectly through a Subsidiary SPC, which such sale,
transfer, contribution, conveyance or other disposition is funded by the recipient of such assets
in whole or in part by borrowings or the issuance of instruments or securities that are paid
principally from the cash derived from such assets or interests in such assets; provided
that the aggregate amount of gross proceeds available to the Borrower or any Subsidiary in
connection with all such transactions shall not at any time exceed $100,000,000.

“Permitted Liens” means the Liens permitted pursuant to Section 10.2.

“Person” means an individual, corporation, limited liability company, partnership,
association, trust, business trust, joint venture, joint stock company, pool, syndicate, sole
proprietorship, unincorporated organization, Governmental Authority or any other form of entity or
group thereof.

“Prime Rate” means, at any time, the rate of interest per annum publicly announced
from time to time by Wachovia as its prime rate. Each change in the Prime Rate shall be effective
as of the opening of business on the day such change in such prime rate occurs. The parties hereto
acknowledge that the rate announced publicly by Wachovia as its prime rate is an index or base rate
and shall not necessarily be its lowest or best rate charged to its customers or other banks.

“Rating Agencies” means the collective reference to S&P and Moody’s.

“Ratings Trigger Event” means, with respect to any debt instrument, asset
securitization, derivative transaction or other financial arrangement to which the Borrower or any
Subsidiary thereof is a party, any term or provision providing that the obligations thereunder
shall become due prior to its Stated Maturity as a consequence of a downgrade in any one or more of
the credit ratings of the Borrower or any Subsidiary thereof; provided that any Turbo
Provision of any Permitted Asset Securitization shall not constitute a Ratings Trigger Event.

“Register” shall have the meaning assigned thereto in Section 14.10(c).

“Reimbursement Obligation” means the obligation of the Borrower to reimburse the
Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit.

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

“Rental Pool Capital Expenditures” means, with respect to the Borrower and its
Subsidiaries for any period, all expenditures of such Persons which are made in connection with the
acquisition, replacement or repair of any equipment that will be revenue producing and rented or
leased (including by means of Operating Leases) to customers of such Persons.

“Required Lenders” means, at any date, any combination of Lenders whose Commitment
Percentages aggregate more than fifty percent (50%) of the Aggregate Commitment or, if the Credit
Facility has been terminated pursuant to Section 12.2, any combination of Lenders holding
more than fifty percent (50%) of the aggregate Extensions of Credit (with the aggregate amount of
each Lender’s risk participation and funded participation in Swingline Loans and L/C Obligations
being deemed “held” by such Lender for the purposes of this definition).

“Responsible Officer” means any of the following: the vice president-controller, vice
president-treasurer, chief executive officer or chief financial officer of the Borrower or any
Subsidiary thereof, as applicable, or any other officer of such Person reasonably acceptable to the
Administrative Agent.

“Restricted Indebtedness” means any Indebtedness for borrowed money of the Borrower or
any Subsidiary thereof other than (a) Indebtedness of the Borrower to any Subsidiary, (b)
Indebtedness of any Subsidiary to the Borrower or any other Subsidiary and (c) the Obligations.

“Restricted Investment” means any Investment other than a Permitted Investment.

“Restricted Payment” shall have the meaning assigned thereto in Section
10.6(a).

“Restricted Subsidiary” means any Subsidiary of the Borrower that is not an
Unrestricted Subsidiary.

“Revolving Credit Facility” means the revolving credit and swingline facilities
established pursuant to Article II.

“Revolving Credit Loans” means any revolving credit loan made to the Borrower pursuant
to Section 2.1, and all such revolving credit loans collectively as the context requires.

“Revolving Credit Maturity Date” means the earliest to occur of: (a) June 28, 2011,
(b) the date of termination in full of the Commitments by the Borrower pursuant to Section
2.6(a) or (c) the date of termination by the Administrative Agent on behalf of the Lenders
pursuant to Section 12.2(a).

“Revolving Credit Note” means a promissory note made by the Borrower in favor of a
Lender evidencing Revolving Credit Loans made by such Lender, substantially in the form of
Exhibit A-1 hereto, and any amendments, supplements and modifications thereto, any
substitutes therefor, and any replacements, restatements, renewals or extensions thereof, in whole
or in part; “Revolving Credit Note” means any of such Revolving Credit Notes.

“Rights Agreement” means the Amended and Restated Rights Agreement dated as of
June 18, 1997 between the Borrower and National City Bank, as Rights Agent, as amended, restated,
supplemented or otherwise modified from time to time.

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor thereto.

“Sale and Leaseback Transaction” means, with respect to any Person, any transaction
involving any of the assets or properties of such Person whether now owned or hereafter acquired
(other than transient ownership of equipment to be subject to an Operating Lease after its
acquisition), whereby such Person sells or transfers such assets or properties and then or
thereafter leases such assets or properties or any part thereof or any other assets or properties
which such Person intends to use for substantially the same purpose or purposes as the assets or
properties sold or transferred.

“Sanctioned Entity” shall mean (i) an agency of the government of, (ii) an
organization directly or indirectly controlled by, or (iii) a person resident in, a country that is
subject to a sanctions program identified on the list maintained and published by OFAC and
available at http://www.treas.gov/offices/enforcement/ofac/programs, or as otherwise
published from time to time as such program may be applicable to such agency, organization or
person.

“Sanctioned Person” shall mean a person named on the list of Specially Designated
Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/

enforcement/ofac/sdn/index.html, or as otherwise published from time to time.

“Secured Parties” shall have the meaning assigned thereto in the Collateral Agreement.

“Security Documents” means the collective reference to the Guaranty Agreement, the
Collateral Agreement, the English Security Documents and each other agreement or writing pursuant
to which the Borrower or any Subsidiary thereof purports to pledge or grant a security interest in
any property or assets securing the Obligations or any such Person purports to guaranty the payment
and/or performance of the Obligations, in each case, as amended, restated, supplemented or
otherwise modified from time to time.

“September 2015 Notes” means the 7.75% senior notes of the Borrower due September
2015, issued pursuant to the September 2015 Notes Indenture.

“September 2015 Notes Indenture” means the certain Indenture dated as of September 21,
2005 between the Borrower and The Bank of New York, as trustee (as amended, restated, supplemented
or modified).

“Solvent” means, (a) as to the Borrower and its Subsidiaries (other than any
Subsidiary thereof organized under the laws of England and Wales, Scotland or Northern Ireland) on
a particular date, that any such Person (i) has capital sufficient to carry on its business and
transactions and all business and transactions in which it is about to engage and is able to pay
its debts as they mature, (i) owns property having a value, both at fair valuation and at present
fair saleable value, greater than the amount required to pay its probable liabilities (including
contingencies), and (iii) does not believe that it will incur debts or liabilities beyond its
ability to pay such debts or liabilities as they mature and (b) as to each Subsidiary thereof
organized under the laws of England and Wales, on a particular date, that such Person is able to
pay its debts within the meaning of Section 123 of the Insolvency Act of 1986.

“Stated Maturity” means, with respect to any installment of interest or principal on
any series of Indebtedness, the date on which such payment of interest or principal was scheduled
to be paid in the original documentation governing such Indebtedness, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof.

“Subordinated Indebtedness” means (a) solely with respect to Section 10.6,
Indebtedness of the Borrower that is subordinate or junior in right of payment to the September
2015 Notes pursuant to a written agreement to that effect, and (b) with respect to all other
provisions of this Agreement, the collective reference to any Indebtedness of the Borrower or any
Subsidiary subordinated in right and time of payment to the Obligations and containing such other
terms and conditions, in each case, as are reasonably satisfactory to the Administrative Agent.

“Subsidiary” means, as to any Person, any corporation, partnership, limited liability
company or other entity of which more than fifty percent (50%) of the outstanding Capital Stock
having ordinary voting power to elect a majority of the board of directors or other managers of
such corporation, partnership, limited liability company or other entity is at the time owned by or
the management is otherwise controlled by such Person (irrespective of whether, at the time,
Capital Stock of any other class or classes of such corporation, partnership, limited liability
company or other entity shall have or might have voting power by reason of the happening of any
contingency). Unless otherwise qualified references to “Subsidiary” or “Subsidiaries” herein shall
refer to those of the Borrower.

“Subsidiary SPC” means each Finance Subsidiary and each other Subsidiary organized as
a special purpose entity solely (a) to acquire accounts, chattel paper or related rights from the
Borrower or its Subsidiaries pursuant to one or more Permitted Asset Securitizations, and (b) to
sell, convey, pledge or otherwise transfer such assets, any interests therein and any assets
related thereto, to one or more trusts, partnerships, corporations or other entities under such
Permitted Asset Securitizations.

“Swingline Commitment” means the lesser of (a) Fifteen Million Dollars ($15,000,000)
and (b) the Aggregate Commitment.

“Swingline Facility” means the swingline facility established pursuant to Section
2.3.

“Swingline Lender” means Wachovia in its capacity as swingline lender hereunder.

“Swingline Loan” means any swingline loan made by the Swingline Lender to the Borrower
pursuant to Section 2.3, and all such swingline loans collectively as the context requires.

“Swingline Note” means a promissory note made by the Borrower in favor of the
Swingline Lender evidencing the Swingline Loans made by the Swingline Lender, substantially in the
form of Exhibit A-2 hereto, and any amendments, supplements and modifications thereto, any
substitutes therefor, and any replacements, restatements, renewals or extensions thereof, in whole
or in part.

“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 all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

“Termination Event” means except for any such event or condition that could not
reasonably be expected to have a Material Adverse Effect: (a) a “Reportable Event” described in
Section 4043 of ERISA for which the notice requirement has not been waived by the PBGC, or (b) the
withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which
it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, or (c) the termination
of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of
a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not
sufficient to pay all plan liabilities, or (d) the institution of proceedings to terminate, or the
appointment of a trustee with respect to, any Pension Plan by the PBGC, or (e) any other event or
condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or
the appointment of a trustee to administer, any Pension Plan, or (f) the imposition of a Lien
pursuant to Section 412 of the Code or Section 302 of ERISA, or (g) the partial or complete
withdrawal of the Borrower of any ERISA Affiliate from a Multiemployer Plan if withdrawal liability
is asserted by such plan, or (h) any event or condition which results in the reorganization or
insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA, or (i) any event or
condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or
the institution by the PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of
ERISA.

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

“Turbo Provision” means a provision of an agreement with respect to a Permitted Asset
Securitization which requires, once such provision has been triggered as a result of a downgrade in
any one or more of the credit ratings of the Borrower or any Subsidiary thereof, that proceeds
available from such Permitted Asset Securitization from time to time in excess of amounts required
for scheduled debt service and other required payments under such Permitted Asset Securitization be
applied to prepay indebtedness under such Permitted Asset Securitization rather than being made
available to the Borrower or such Subsidiary, but does not otherwise require or permit the
acceleration of such remaining indebtedness.

“UCC” means the Uniform Commercial Code as in effect in the State of New York, as
amended or modified from time to time.

“Uniform Customs” means the Uniform Customs and Practice for Documentary Credits (1993
Revision), effective January 1994 International Chamber of Commerce Publication No. 500.

“United States” means the United States of America.

“Unrestricted Subsidiary” means any Subsidiary of the Borrower that is designated by
the board of directors of the Borrower as an Unrestricted Subsidiary pursuant to a board resolution
in compliance with Section 4.16 of the September 2015 Notes Indenture, and any Subsidiary of such
Subsidiary.

“Wachovia” means Wachovia Bank, National Association, a national banking association,
and its successors.

“Wholly-Owned” means, with respect to a Subsidiary, that all of the shares of Capital
Stock of such Subsidiary are, directly or indirectly, owned or controlled by the Borrower and/or
one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or other
shares required by Applicable Law to be owned by a Person other than the Borrower).

SECTION 1.2 Other Definitions and Provisions. With reference to this Agreement and
each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a)
the definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined, (b) whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms, (c) the words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”, (d) the word “will” shall be construed to
have the same meaning and effect as the word “shall”, (e) 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),
(f) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (g) 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,
(h) 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, (i) 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, (j) the term “documents” includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced, whether
in physical or electronic form, (k) in the computation of periods of time from a specified date to
a later specified date, the word “from” means “from and including;” the words “to” and “until” each
mean “to but excluding;” and the word “through” means “to and including”, and (l) Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not
affect the interpretation of this Agreement or any other Loan Document.

SECTION 1.3 Accounting Terms. All accounting terms not specifically or completely
defined herein shall be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to this Agreement shall
be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the audited financial statements
required by Section 7.1(b), except as otherwise specifically prescribed herein.

SECTION 1.4 Rounding. Any financial ratios required to be maintained by the Borrower
pursuant to this Agreement shall be calculated by dividing the appropriate component by the other
component, carrying the result to one place more than the number of places by which such ratio is
expressed herein and rounding the result up or down to the nearest number (with a rounding-up if
there is no nearest number).

SECTION 1.5 References to Agreement and Laws. Unless otherwise expressly provided
herein, (a) references to formation documents, governing documents, agreements (including the Loan
Documents) and other contractual instruments shall be deemed to include all subsequent amendments,
restatements, extensions, supplements and other modifications thereto, but only to the extent that
such amendments, restatements, extensions, supplements and other modifications are not prohibited
by any Loan Document; and (b) references to any Applicable Law shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such
Applicable Law.

SECTION 1.6 Times of Day. Unless otherwise specified, all references herein to times
of day shall be references to Eastern time (daylight or standard, as applicable).

SECTION 1.7 UCC Terms. Terms defined in the UCC in effect on the Closing Date and not
otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided
by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of
determination, to the UCC then in effect.

ARTICLE II

REVOLVING CREDIT FACILITY

SECTION 2.1 Revolving Credit Loans. Subject to the terms and conditions of this
Agreement, and in reliance upon the representations and warranties set forth herein, each Lender
severally agrees to make Revolving Credit Loans to the Borrower in Dollars from time to time from
the Closing Date through, but not including, the Revolving Credit Maturity Date as requested by the
Borrower in accordance with the terms of Section 2.4; provided that (a) the
aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to any
amount requested and any prepayments) shall not exceed the Aggregate Commitment less the
sum of all outstanding Swingline Loans and L/C Obligations and (b) the aggregate principal amount
of all outstanding Revolving Credit Loans from any Lender to the Borrower shall not at any time
exceed such Lender’s Commitment less such Lender’s Commitment Percentage of the aggregate
principal amount of all outstanding Swingline Loans and L/C Obligations. Each Revolving Credit
Loan by a Lender shall be in a principal amount equal to such Lender’s Commitment Percentage of the
aggregate principal amount of Revolving Credit Loans requested on such occasion. Subject to the
terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans
hereunder until the Revolving Credit Maturity Date.

	 	 	 
	SECTION 2.2

	 	Intentionally Omitted.
	
 
	 	 
	 
	 	 
	SECTION 2.3

	 	Swingline Loans.
	
 
	 	 

(a) Availability. Subject to the terms and conditions of this Agreement, and in
reliance upon the representations and warranties set forth herein, the Swingline Lender agrees to
make Swingline Loans to the Borrower in Dollars from time to time from the Closing Date through,
but not including, the Revolving Credit Maturity Date as requested by the Borrower in accordance
with the terms of Section 2.4; provided that the aggregate principal amount of all
outstanding Swingline Loans (after giving effect to any amount requested), shall not exceed the
lesser of (i) the Aggregate Commitment less the sum of the aggregate principal amount of
all outstanding Revolving Credit Loans and L/C Obligations and (ii) the Swingline Commitment.
Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Swingline
Loans hereunder until the Revolving Credit Maturity Date.

(b) Refunding.

(i) Swingline Loans shall be refunded by the Lenders on demand by the Swingline Lender. Such
refundings shall be made by the Lenders in accordance with their respective Commitment Percentages
and shall thereafter be reflected as Revolving Credit Loans of the Lenders on the books and records
of the Administrative Agent. Each Lender shall fund its respective Commitment Percentage of
Revolving Credit Loans as required to repay Swingline Loans outstanding to the Swingline Lender
upon demand by the Swingline Lender but in no event later than 1:00 p.m. on the next succeeding
Business Day after such demand is made. No Lender’s obligation to fund its respective Commitment
Percentage of a Swingline Loan shall be affected by any other Lender’s failure to fund its
Commitment Percentage of a Swingline Loan, nor shall any Lender’s Commitment Percentage be
increased as a result of any such failure of any other Lender to fund its Commitment Percentage of
a Swingline Loan.

(ii) The Borrower shall pay to the Swingline Lender on demand the amount of such Swingline
Loans to the extent amounts received from the Lenders are not sufficient to repay in full the
outstanding Swingline Loans requested or required to be refunded. In addition, the Borrower hereby
authorizes the Administrative Agent to charge any account maintained by the Borrower with the
Swingline Lender (up to the amount available therein) in order to immediately pay the Swingline
Lender the amount of such Swingline Loans to the extent amounts received from the Lenders are not
sufficient to repay in full the outstanding Swingline Loans requested or required to be refunded.
If any portion of any such amount paid to the Swingline Lender shall be recovered by or on behalf
of the Borrower from the Swingline Lender in bankruptcy or otherwise, the loss of the amount so
recovered shall be ratably shared among all the Lenders in accordance with their respective
Commitment Percentages (unless the amounts so recovered by or on behalf of the Borrower pertain to
a Swingline Loan extended after the occurrence and during the continuance of an Event of Default of
which the Administrative Agent has received notice in the manner required pursuant to Section
7.5 and which such Event of Default has not been waived by the Required Lenders or the Lenders,
as applicable).

(iii) Each Lender acknowledges and agrees that its obligation to refund Swingline Loans in
accordance with the terms of this Section 2.3 is absolute and unconditional and shall not
be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the
conditions set forth in Article V. Further, each Lender hereby agrees and acknowledges
that if prior to the refunding of any outstanding Swingline Loans pursuant to this Section
2.3, any Bankruptcy Event of Default shall have occurred, each Lender will, on the date the
applicable Revolving Credit Loan would have been made, purchase an undivided participating interest
in the Swingline Loan to be refunded in an amount equal to its Commitment Percentage of the
aggregate amount of such Swingline Loan. Each Lender will immediately transfer to the Swingline
Lender, in immediately available funds, the amount of its participation. Whenever, at any time
after the Swingline Lender has received from any Lender such Lender’s participating interest in a
Swingline Loan, the Swingline Lender receives any payment on account thereof, the Swingline Lender
will distribute to such Lender its participating interest in such 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).

(iv) In the event that any Lender fails to make payment to the Swingline Lender of any amount
due under this Section 2.3, the Administrative Agent, on behalf of the Swingline Lender,
shall be entitled to receive, retain and apply against such obligation the principal and interest
otherwise payable to such Lender hereunder until the Swingline Lender receives such payment from
such Lender or such obligation is otherwise fully satisfied. In addition to the foregoing, if for
any reason any Lender fails to make payment to the Swingline Lender of any amount due under this
Section 2.3, such Lender shall be deemed, at the option of the Administrative Agent, to
have unconditionally and irrevocably purchased from the Swingline Lender, without recourse or
warranty, an undivided interest and participation in the applicable Swingline Loan, and such
interest and participation may be recovered from such Lender together with interest thereon at the
Federal Funds Rate for each day during the period commencing on the date of demand and ending on
the date such amount is received.

SECTION 2.4 Procedure for Advances of Revolving Credit Loans and Swingline Loans.

(a) Requests for Borrowing. The Borrower shall give the Administrative Agent
irrevocable prior written notice substantially in the form attached hereto as Exhibit B (a
“Notice of Borrowing”) not later than (i) 11:00 a.m. on the same Business Day as each Base
Rate Loan and each Swingline Loan and (ii) 11:00 a.m. at least three (3) Business Days before each
LIBOR Rate Loan, of its intention to borrow, specifying:

(A) the date of such borrowing, which shall be a Business Day;

(B) whether such Loan is to be a Revolving Credit Loan or a Swingline Loan;

(C) if such Loan is a Revolving Credit Loan, whether such Revolving Credit Loan shall
be a LIBOR Rate Loan or a Base Rate Loan;

(D) the amount of such borrowing, which shall be in an amount equal to the amount of
the Aggregate Commitment or the Swingline Commitment, as applicable, then available to the
Borrower, or if less, (1) with respect to Base Rate Loans (other than Swingline Loans), in
an aggregate principal amount of $3,000,000 or a whole multiple of $1,000,000 in excess
thereof, (2) with respect to LIBOR Rate Loans, in an aggregate principal amount of
$3,000,000 or a whole multiple of $1,000,000 in excess thereof, and (3) with respect to
Swingline Loans, in an aggregate principal amount of $100,000 or a whole multiple of
$100,000 in excess thereof, and

(F) in the case of a LIBOR Rate Loan, the duration of the Interest Period applicable
thereto.

A Notice of Borrowing received after the times set forth above shall be deemed received on the next
Business Day. The Administrative Agent shall promptly notify the Lenders of each Notice of
Borrowing.

(b) Disbursement of Revolving Credit Loans and Swingline Loans.

(i) Not later than 2:00 p.m. on the proposed borrowing date for any Revolving Credit Loan,
each Lender will make available to the Administrative Agent, for the account of the Borrower, at
the office of the Administrative Agent in Dollars in funds immediately available to the
Administrative Agent, such Lender’s Commitment Percentage of the Revolving Credit Loan to be made
on such borrowing date.

(ii) Not later than 2:00 p.m. on the proposed borrowing date for any Swingline Loan, the
Swingline Lender will make available to the Administrative Agent, for the account of the Borrower,
at the office of the Administrative Agent in Dollars in funds immediately available to the
Administrative Agent, the Swingline Loan to be made on such borrowing date.

(iii) The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the
proceeds of each borrowing requested pursuant to this Section 2.4 in immediately available
funds by crediting such proceeds to the deposit account of the Borrower at the Administrative Agent
identified in the most recent notice substantially in the form of Exhibit C hereto (a
“Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or
as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time.
Subject to Section 4.6, the Administrative Agent shall not be obligated to disburse any
amount with respect to any Revolving Credit Loan requested pursuant to this Section 2.4 to
the extent that such amount has not been made available by the applicable Lender to the
Administrative Agent.

(iv) Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be
made by the Lenders as provided in Section 2.3(b).

SECTION 2.5 Repayment of Loans.

(a) Repayment on the Revolving Credit Maturity Date. Subject to the provisions of
Section 2.7, the Borrower shall repay the outstanding principal amount of (i) all Revolving
Credit Loans in full in Dollars on the Revolving Credit Maturity Date and (ii) all Swingline Loans
in accordance with Section 2.3(b) or, if earlier, on the Revolving Credit Maturity Date,
together, in each case, with all accrued but unpaid interest thereon.

(b) Mandatory Prepayments. If at any time the outstanding principal amount of all
Revolving Credit Loans plus the sum of all outstanding Swingline Loans and L/C Obligations exceeds
the Aggregate Commitment, the Borrower agrees to repay immediately upon notice from the
Administrative Agent, by payment to the Administrative Agent for the account of the Lenders,
Extensions of Credit in an amount equal to such excess with each such repayment applied
first to the principal amount of outstanding Swingline Loans, second to the
principal amount of outstanding Revolving Credit Loans and third, with respect to any
Letters of Credit then outstanding, a payment of cash collateral into a cash collateral account
opened by the Administrative Agent, for the benefit of the Lenders, in an amount equal to the
aggregate then undrawn and unexpired amount of such Letters of Credit (such cash collateral to be
applied in accordance with Section 12.2(b)).

(c) Optional Repayments. The Borrower may at any time and from time to time repay the
Loans, in whole or in part, (i) upon at least three (3) Business Days’ irrevocable notice to the
Administrative Agent with respect to LIBOR Rate Loans, (ii) upon one (1) Business Day irrevocable
notice with respect to Base Rate Loans (other than Swingline Loans), and (iii) by 11:00 a.m.
(Chicago time) on the same Business Day irrevocable notice with respect to Swingline Loans,
substantially in the form attached hereto as Exhibit D (a “Notice of Prepayment”),
specifying (A) the date of repayment, (B) the amount of repayment, (C) whether the repayment is of
Revolving Credit Loans, Swingline Loans or a combination thereof, and, if of a combination thereof,
the amount allocable to each and (D) whether the repayment is of LIBOR Rate Loans, Base Rate Loans,
or a combination thereof, and, if of a combination thereof, the amount allocable to each. Upon
receipt of such notice, the Administrative Agent shall promptly notify each Lender. If any such
notice is given, the amount specified in such notice shall be due and payable on the date set forth
in such notice. Partial repayments shall be in an aggregate amount of (i) $3,000,000 or a whole
multiple of $1,000,000 in excess thereof with respect to Base Rate Loans (other than Swingline
Loans), (ii) $3,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to LIBOR
Rate Loans and (iii) $100,000 or a whole multiple of $100,000 in excess thereof with respect to
Swingline Loans. Each such repayment shall be accompanied by any amount required to be paid
pursuant to Section 4.9.

(d) Limitation on Repayment of LIBOR Rate Loans. The Borrower may not repay any LIBOR
Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless
such repayment is accompanied by any amount required to be paid pursuant to Section 4.9.

(e) Payment of Interest. Each repayment pursuant to this Section 2.5 (other
than repayment of a Base Rate Loan) shall be accompanied by accrued interest on the amount repaid.

(f) Hedging Agreements. No repayment or prepayment pursuant to this Section
2.5 shall affect any obligations of the Borrower under any Hedging Agreement.

SECTION 2.6 Permanent Reduction of the Aggregate Commitment.

(a) Voluntary Reduction. The Borrower shall have the right at any time and from time
to time, upon at least five (5) Business Days prior written notice to the Administrative Agent, to
permanently reduce, without premium or penalty, (i) the entire Aggregate Commitment at any time or
(ii) portions of the Aggregate Commitment, from time to time, in an aggregate principal amount not
less than $5,000,000 or any whole multiple of $1,000,000 in excess thereof.

(b) Mandatory Commitment Reductions.

(i) Debt Proceeds. The Aggregate Commitment shall be automatically and permanently
reduced in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds
received by the Borrower or any of its Subsidiaries arising from any incurrence of Indebtedness by
the Borrower or any Subsidiary thereof that is not permitted pursuant to Section 10.1 but
is otherwise consented to by Required Lenders, such reduction to occur on the third
(3rd) Business Day following receipt of such Net Cash Proceeds; provided that no
commitment reduction shall be required under this Section 2.6(b)(i) if (A) the Leverage
Ratio (calculated on a pro forma basis as of the date of the proposed incurrence of
Indebtedness and after giving effect thereto) shall be less than 2.50 to 1.00 and (B) no Default or
Event of Default shall have occurred or be continuing or would result from such incurrence of
Indebtedness. This provision shall not be deemed to permit any incurrence of Indebtedness by the
Borrower or any of its Subsidiaries not otherwise permitted hereunder.

(ii) Asset Sale Proceeds. The Aggregate Commitment shall be automatically and
permanently reduced in an amount equal to one hundred percent (100%) of aggregate Net Cash Proceeds
received by the Borrower or any of its Domestic Subsidiaries from the sale or other disposition or
series of related sales or other dispositions of assets by the Borrower or any of its Domestic
Subsidiaries on the third (3rd) Business Day following receipt of such Net Cash
Proceeds; provided that, no commitment reductions shall be required hereunder in connection
with:

(A) Net Cash Proceeds received from sales or other dispositions of assets permitted
pursuant to Section 10.5 (other than Section 10.5(n)); or

(B) So long as no Event of Default has occurred and is continuing, Net Cash Proceeds
received from (1) sales or other dispositions permitted pursuant to Section 10.5(n)
or (2) sales or other dispositions not permitted pursuant to Section 10.5 but
otherwise consented to by the Required Lenders to the extent, in each such case, that such
Net Cash Proceeds are reinvested within three hundred sixty (360) days after receipt thereof
by the Borrower or any of its Domestic Subsidiaries (or within four hundred fifty (450) days
after receipt thereof if an agreement with respect to such application is executed within
three hundred sixty (360) days after receipt of such Net Cash Proceeds) in assets used or
useful in the business of the Borrower or any of its Domestic Subsidiaries.

This provision shall not be deemed to permit any sale or disposition of assets by the Borrower or
any of its Subsidiaries not otherwise permitted hereunder.

(iii) Insurance and Condemnation Proceeds. The Aggregate Commitment shall be
automatically and permanently reduced in an amount equal to one hundred percent (100%) of the
aggregate Net Cash Proceeds received by the Borrower or any of its Domestic Subsidiaries under any
of the insurance policies maintained pursuant to Section 8.3 or from any condemnation
proceeding (the “Insurance and Condemnation Proceeds”) on the third (3rd)
Business Day following receipt of such Net Cash Proceeds; provided that, so long as no
Event of Default has occurred and is continuing, no commitment reductions shall be required
hereunder in connection with:

(A) up to $5,000,000 of the aggregate Insurance and Condemnation Proceeds in any Fiscal
Year; or

(B) Insurance and Condemnation Proceeds (other than Insurance and Condemnation Proceeds
covered under clause (A) of this Section 2.6(b)(iii)) which are reinvested by the
Borrower or any of its Domestic Subsidiaries in assets used or useful in the business of the
Borrower or any of its Domestic Subsidiaries within three hundred sixty (360) days after
receipt of such Insurance and Condemnation Proceeds (or within four hundred fifty (450) days
after receipt thereof if an agreement with respect to such application is executed within
three hundred sixty (360) days after receipt of such Insurance Condemnation Proceeds).

(iv) Permitted Trade Receivable Securitization. The Aggregate Commitment shall be
automatically and permanently reduced in an amount equal to fifty percent (50%) of the aggregate
Net Cash Proceeds received by the Borrower or any of its Subsidiaries from any Permitted Trade
Receivable Securitization on the third (3rd) Business Day following receipt of such Net
Cash Proceeds. This provision shall not be deemed to permit any Permitted Asset Securitization by
the Borrower or any of its Subsidiaries not otherwise permitted hereunder.

(c) Corresponding Payments. Each permanent reduction permitted or required pursuant
to this Section 2.6 shall be accompanied by a payment of principal sufficient to reduce the
aggregate amount of all outstanding Revolving Credit Loans, Swingline Loans and L/C Obligations, as
applicable, after such reduction to the Aggregate Commitment as so reduced. If the Aggregate
Commitment as so reduced is less than the aggregate amount of all L/C Obligations then outstanding,
the Borrower shall be required to deposit cash collateral in a cash collateral account opened by
the Administrative Agent in an amount equal to the aggregate then undrawn and unexpired amount of
such Letters of Credit. Any reduction of the Aggregate Commitment to zero shall be accompanied by
payment of all outstanding Loans (and furnishing of cash collateral satisfactory to the
Administrative Agent for all L/C Obligations) and shall result in the termination of the
Commitments and the Credit Facility. Such cash collateral shall be applied in accordance with
Section 12.2(b). If the reduction of the Aggregate Commitment requires the repayment of
any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant
to Section 4.9.

SECTION 2.7 Termination of Credit Facility. The Credit Facility shall terminate on the
Revolving Credit Maturity Date.

SECTION 2.8 Increase of Aggregate Commitment.

(a) At any time prior to the Revolving Credit Maturity Date, the Borrower shall have the
right, by written notice to the Administrative Agent, to request an increase in the Aggregate
Commitment (each a “Commitment Increase”); provided that (i) no Lender shall have
any obligation to participate in any Commitment Increase, (ii) in no event shall the aggregate
amount of all Commitment Increases exceed $50,000,000, (iii) there shall be no more than two
Commitment Increases during the term of the Credit Facility and each Commitment Increase shall be
in a minimum principal amount of $10,000,000 and $5,000,000 increments in excess thereof, (iv) no
Default or Event of Default shall have occurred and be continuing or would result from the proposed
Commitment Increase and (v) the Borrower shall have delivered to the Administrative Agent such
documents and certificates (including, without limitation, resolutions) reasonably requested by the
Administrative Agent.

(b) The Administrative Agent shall promptly (and in any event within five (5) Business Days)
give notice of any requested increase to the Lenders. Each Lender shall notify the Administrative
Agent within five (5) Business Days (or such longer period of time as may be agreed upon by the
Administrative Agent and the Borrower and communicated to the Lenders) from the date of delivery of
such notice to the Lenders whether or not it agrees to increase its Commitment and, if so, by what
maximum amount. Any Lender not responding within such time period shall be deemed to have declined
to increase its Commitment. The Administrative Agent shall notify the Borrower of the Lenders’
responses to the requested increase. The Borrower may also invite additional Eligible Assignees
which meet the requirements set forth in Section 14.10(b) to become Lenders pursuant to a
joinder agreement in form and substance reasonably satisfactory to the Administrative Agent.

(c) Upon the completion of each Commitment Increase, (i) the Aggregate Commitment will be
deemed to have increased by the amount of such Commitment Increase, (ii) entries in the Register
will be revised to reflect the revised Commitments and Commitment Percentages of each of the
Lenders (including each new Lender) and (iii) the outstanding Revolving Credit Loans will be
reallocated on the effective date of such increase among the Lenders in accordance with their
revised Commitment Percentages and the Lenders (including each new Lender) agree to make all
payments and adjustments necessary to effect such reallocation and the Borrower shall pay any and
all costs required pursuant to Section 4.9 in connection with such reallocation as if such
reallocation were a repayment; provided, that the Administrative Agent agrees to cooperate
with the Borrower with respect to the timing of such reallocation so as to minimize any incurrence
by the Borrower of costs required pursuant to Section 4.9.

ARTICLE III

LETTER OF CREDIT FACILITY

SECTION 3.1 L/C Commitment. Subject to the terms and conditions hereof, the Issuing
Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a),
agrees to issue standby letters of credit (“Letters of Credit”) for the account of the
Borrower on any Business Day from the Closing Date through but not including the Revolving Credit
Maturity Date 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, (a) the L/C Obligations would exceed the lesser
of (i) the L/C Commitment or (ii) the Aggregate Commitment less the aggregate principal
amount of all outstanding Loans or (b) the Available Commitment of any Lender would be less than
zero. Each Letter of Credit shall (i) be denominated in Dollars in a minimum amount of $100,000 or
a lesser amount acceptable to the Issuing Lender, (ii) be a standby letter of credit issued to
support obligations of the Borrower or any Subsidiary thereof, contingent or otherwise, incurred in
the ordinary course of business, (iii) expire on a date no later than the earlier of (A) one year
after its date of issuance (unless renewed in accordance with the terms thereof) or (B) five (5)
Business Days prior to the Revolving Credit Maturity Date and (iv) be subject to the Uniform
Customs and/or ISP 98, as set forth in the Application or as determined by the Issuing Lender, and,
to the extent not inconsistent therewith, the laws of the State of New York. The Issuing Lender
shall not at any time be obligated to issue any Letter of Credit hereunder if such issuance would
conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by,
any Applicable Law. References herein to “issue” and derivations thereof with respect to Letters
of Credit shall also include extensions or modifications of any existing Letters of Credit, unless
the context otherwise requires. The Existing Letters of Credit shall be deemed to be Letters of
Credit issued and outstanding under this Agreement on and after the Closing Date.

SECTION 3.2 Procedure for Issuance of Letters 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 the Administrative Agent’s Office 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 shall 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, subject to
Section 3.1 and Article V hereof, 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 (3) 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 by the Issuing
Lender and the Borrower. The Issuing Lender shall promptly furnish to the Borrower a copy of such
Letter of Credit and promptly notify each Lender of the issuance and upon request by any Lender,
furnish to such Lender a copy of such Letter of Credit and the amount of such Lender’s
participation therein.

SECTION 3.3 Commissions and Other Charges.

(a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender
and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an
amount equal to the face amount of such Letter of Credit multiplied by the Applicable Margin with
respect to LIBOR Rate Loans (determined on a per annum basis). Such commission shall be payable
quarterly in arrears on the last Business Day of each calendar quarter and on the Revolving Credit
Maturity Date. The Administrative Agent shall, promptly following its receipt thereof, distribute
to the Issuing Lender and the L/C Participants all commissions received pursuant to this
Section 3.3(a) in accordance with their respective Commitment Percentages.

(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative
Agent, for the account of the Issuing Lender, an issuance fee with respect to each Letter of Credit
in an amount equal to the face amount of such Letter of Credit multiplied by one eighth of one
percent (0.125%) per annum. Such issuance fee shall be payable quarterly in arrears on the last
Business Day of each calendar quarter commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Revolving Credit Maturity Date and thereafter on demand
of the Issuing Lender (through the Administrative Agent).

(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the
Issuing Lender for such normal costs and expenses as are incurred or charged by the Issuing Lender
in issuing, transferring, effecting payment under, amending or otherwise administering any Letter
of Credit.

SECTION 3.4 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 hereunder, each L/C Participant
irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender,
on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an
undivided interest equal to such L/C Participant’s Commitment Percentage in the Issuing Lender’s
obligations and rights under and in respect of each Letter of Credit issued hereunder and the
amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant unconditionally
and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit
for which the Issuing Lender is not reimbursed in full by the Borrower through a Revolving Credit
Loan or otherwise 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 Commitment Percentage of the amount of such draft, or any
part thereof, which is not so reimbursed.

(b) Upon becoming aware of any amount required to be paid by any L/C Participant to the
Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any
payment made by the Issuing Lender under any Letter of Credit, the Issuing Lender shall notify each
L/C Participant of the amount and due date of such required payment and such L/C Participant shall
pay to the Issuing Lender the amount specified on the applicable due date. If any such amount is
paid to the Issuing Lender after the date such payment is due, such L/C Participant shall pay to
the Issuing Lender on demand, in addition to such amount, the product of (i) such amount,
times (ii) the daily average Federal Funds Rate as determined by the Administrative Agent
during the period from and including the date such payment is due 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. A
certificate of the Issuing Lender with respect to any amounts owing under this Section
3.4(b) shall be conclusive in the absence of manifest error. With respect to payment to the
Issuing Lender of the unreimbursed amounts described in this Section 3.4(b), if the L/C
Participants receive notice that any such payment is due (A) prior to 1:00 p.m. on any Business
Day, such payment shall be due that Business Day, and (B) after 1:00 p.m. on any Business Day, such
payment shall be due on the following Business Day.

(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 Commitment Percentage of such payment in accordance
with this Section 3.4, the Issuing Lender receives any payment related to such Letter of
Credit (whether directly from the Borrower or otherwise), or any payment of interest on account
thereof, the Issuing Lender will distribute to such L/C Participant its pro rata
share thereof; provided, 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 3.5 Reimbursement Obligation of the Borrower. In the event of any drawing
under any Letter of Credit, the Borrower agrees to reimburse (either with the proceeds of a
Revolving Credit Loan as provided for in this Section 3.5 or with funds from other
sources), in same day funds, the Issuing Lender on each date on which the Issuing Lender notifies
the Borrower of the date and amount of a draft paid under any Letter of Credit for the amount of
(a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by the
Issuing Lender in connection with such payment. Unless the Borrower shall immediately notify the
Issuing Lender that the Borrower intends to reimburse the Issuing Lender for such drawing from
other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to
the Administrative Agent requesting that the Lenders make a Revolving Credit Loan bearing interest
at the Base Rate on such date in the amount of (a) such draft so paid and (b) any amounts referred
to in Section 3.3(c) incurred by the Issuing Lender in connection with such payment, and
the Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount,
the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the
related drawing and costs and expenses. Each Lender acknowledges and agrees that its obligation to
fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse the Issuing
Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the
conditions set forth in Section 2.4(a) or Article V. If the Borrower has elected to
pay the amount of such drawing with funds from other sources and shall fail to reimburse the
Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at
the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the
date such amounts become payable (whether at Stated Maturity, by acceleration or otherwise) until
payment in full.

SECTION 3.6 Obligations Absolute. The Borrower’s obligations under this Article
III (including, without limitation, the Reimbursement Obligation) shall be absolute and
unconditional under any and all circumstances and irrespective of any set-off, counterclaim or
defense to payment which the Borrower may have or have had against the Issuing Lender or any
beneficiary of a Letter of Credit or any other Person. The Borrower also agrees that the Issuing
Lender and the L/C Participants shall not be responsible for, and the Borrower’s Reimbursement
Obligation under Section 3.5 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 caused by the
Issuing Lender’s gross negligence or willful misconduct. 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 or any L/C
Participant to the Borrower. 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 in conformity with such Letter of Credit.

SECTION 3.7 Effect of Application. 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.

SECTION 3.8 Letter of Credit Amounts. Unless otherwise specified, all references
herein to the amount of a Letter of Credit at any time shall be deemed to mean the maximum face
amount of such Letter of Credit after giving effect to all increases thereof contemplated by such
Letter of Credit or the Application therefor, whether or not such maximum face amount is in effect
at such time, less any permanent reductions thereof.

ARTICLE IV

GENERAL LOAN PROVISIONS

SECTION 4.1 Interest.

(a) Interest Rate Options. Subject to the provisions of this Section 4.1, at
the election of the Borrower:

(i) Revolving Credit Loans shall bear interest at (A) the Base Rate plus the
Applicable Margin or (B) the LIBOR Rate plus the Applicable Margin; and

(ii) Swingline Loans shall bear interest at the Base Rate plus the Applicable
Margin;

provided that the LIBOR Rate shall not be available until three (3) Business Days after the
Closing Date. The Borrower shall select the rate of interest and Interest Period, if any,
applicable to any Loan at the time a Notice of Borrowing is given pursuant to Section 2.4
or 3.5 or at the time a Notice of Conversion/Continuation is given pursuant to Section
4.2. Any Revolving Credit Loan or any portion thereof as to which the Borrower has not duly
specified an interest rate as provided herein shall be deemed a Base Rate Loan. Any LIBOR Rate
Loan or any portion thereof as to which the Borrower has not duly specified an interest rate as
provided herein shall be deemed a LIBOR Rate Loan with an Interest Period of one (1) month.

(b) Interest Periods. In connection with each LIBOR Rate Loan, the Borrower, by
giving notice at the times described in Section 4.1(a), shall elect an interest period
(each, an “Interest Period”) to be applicable to such Loan, which Interest Period shall be
a period of one (1), two (2), three (3), or six (6) months with respect to each LIBOR Rate Loan;
provided that:

(i) the Interest Period shall commence on the date of advance of or conversion to any
LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive
Interest Period shall commence on the date on which the immediately preceding Interest
Period expires;

(ii) if any Interest Period would otherwise expire on a day that is not a Business Day,
such Interest Period shall expire on the next succeeding Business Day; provided,
that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a
day that is not a Business Day but is a day of the month after which no further Business Day
occurs in such month, such Interest Period shall expire on the immediately preceding
Business Day;

(iii) any Interest Period with respect to a LIBOR Rate Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of the relevant calendar month at the end of such Interest Period;

(iv) no Interest Period shall extend beyond the Revolving Credit Maturity Date; and

(v) there shall be no more than six (6) Interest Periods in effect at any time.

(c) Default Rate. Subject to Section 12.3, upon the occurrence and during the
continuance of a Payment Event of Default or Bankruptcy Event of Default, or, as directed by the
Required Lenders upon the occurrence and during the continuance of an Event of Default other than a
Payment Event of Default or Bankruptcy Event of Default, (i) the Borrower shall no longer have the
option to request LIBOR Rate Loans or Swingline Loans, (ii) all outstanding LIBOR Rate Loans shall
bear interest at a rate per annum two percent (2%) in excess of the rate then applicable to such
LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to
two percent (2%) in excess of the rate then applicable to Base Rate Loans, and (iii) all
outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan
Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate
then applicable to Base Rate Loans. Interest shall continue to accrue on the Obligations after the
filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any act
or law pertaining to insolvency or debtor relief, whether state, federal or foreign.

(d) Interest Payment and Computation. Interest on each Base Rate Loan shall be due
and payable in arrears on the last Business Day of each calendar quarter commencing September 30,
2006 and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest
Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of
each three (3) month interval during such Interest Period. Interest on LIBOR Rate Loans and all
fees and commissions payable hereunder shall be computed on the basis of a 360-day year and
assessed for the actual number of days elapsed and interest on Base Rate Loans shall be computed on
the basis of a 365/66-day year and assessed for the actual number of days elapsed.

(e) Maximum Rate. In no contingency or event whatsoever shall the aggregate of all
amounts deemed interest hereunder or under any of the Notes charged or collected pursuant to the
terms of this Agreement or pursuant to any of the Notes exceed the highest rate permissible under
any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem
applicable hereto. In the event that such a court determines that the Lenders have charged or
received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder
shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders
shall at the Administrative Agent’s option (i) promptly refund to the Borrower any interest
received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the
principal balance of the Obligations on a pro rata basis. It is the intent hereof
that the Borrower not pay or contract to pay, and that neither the Administrative Agent nor any
Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in
excess of that which may be paid by the Borrower under Applicable Law.

SECTION 4.2 Notice and Manner of Conversion or Continuation of Loans. Provided that
no Default or Event of Default has occurred and is then continuing, the Borrower shall have the
option to (a) convert at any time following the third Business Day after the Closing Date all or
any portion of any outstanding Base Rate Loans (other than Swingline Loans) in a principal amount
equal to $3,000,000 or any whole multiple of $1,000,000 in excess thereof into one or more LIBOR
Rate Loans, (b) upon the expiration of any Interest Period, convert all or any part of its
outstanding LIBOR Rate Loans in a principal amount equal to $3,000,000 or a whole multiple of
$1,000,000 in excess thereof into Base Rate Loans (other than Swingline Loans) or (c) upon the
expiration of any Interest Period, continue any LIBOR Rate Loan in a principal amount of $3,000,000
or any whole multiple of $1,000,000 in excess thereof as a LIBOR Rate Loan. Whenever the Borrower
desires to convert or continue Loans as provided above, the Borrower shall give the Administrative
Agent irrevocable prior written notice in the form attached as Exhibit E (a “Notice of
Conversion/Continuation”) not later than 11:00 a.m. three (3) Business Days before the day on
which a proposed conversion or continuation of such Loan is to be effective specifying (A) the
Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or
continued, the last day of the Interest Period therefor, (B) the effective date of such conversion
or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be
converted or continued, and (D) the Interest Period to be applicable to such converted or continued
LIBOR Rate Loan. The Administrative Agent shall promptly notify the Lenders of such Notice of
Conversion/Continuation.

SECTION 4.3 Fees.

(a) Commitment Fee. Commencing on the Closing Date, the Borrower shall pay to the
Administrative Agent, for the account of the Lenders, a non-refundable commitment fee at a rate per
annum equal to the Applicable Margin on the average daily unused portion of the Aggregate
Commitment; provided that the amount of outstanding Swingline Loans shall not be considered
usage of the Aggregate Commitment for the purpose of calculating such commitment fee. The
commitment fee shall be payable in arrears on the last Business Day of each calendar quarter during
the term of this Agreement commencing on September 30, 2006, and on the Revolving Credit Maturity
Date. Such commitment fee shall be distributed by the Administrative Agent to the Lenders
pro rata in accordance with the Lenders’ respective Commitment Percentages.

(b) Administrative Agent’s and Other Fees. In order to compensate the Administrative
Agent for structuring and syndicating the Loans and for its obligations hereunder, the Borrower
agree to pay to the Administrative Agent, for its account, the fees set forth in the separate fee
letter agreement executed by the Borrower and the Administrative Agent dated May 23, 2006 (the
“Fee Letter”).

SECTION 4.4 Manner of Payment. Each payment by the Borrower on account of the
principal of or interest on any Loan or of any fee, commission or other amounts (including the
Reimbursement Obligation) payable to the Lenders under this Agreement or any Note (except as set
forth in Section 4.4(b)) shall be made in Dollars not later than 1:00 p.m. on the date specified
for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office
for the account of the Lenders (other than as set forth below) pro rata in accordance with their
respective Commitment Percentages (except as specified below) in immediately available funds and
shall be made without any set-off, counterclaim or deduction whatsoever. Any payment received
after such time but before 5:00 p.m. on such day shall be deemed a payment on such date for the
purposes of Section 12.1, but for all other purposes shall be deemed to have been made on the next
succeeding Business Day. Any payment received after 5:00 p.m. shall be deemed to have been made on
the next succeeding Business Day for all purposes. Upon receipt by the Administrative Agent of
each such payment, the Administrative Agent shall distribute to each Lender at its address for
notices set forth herein its pro rata share of such payment in accordance with such Lender’s
Commitment Percentage (except as specified below) and shall wire advice of the amount of such
credit to each Lender. Each payment to the Administrative Agent of the Issuing Lender’s fees or
L/C Participants’ commissions shall be made in like manner, but for the account of the Issuing
Lender or the L/C Participants, as the case may be. Each payment to the Administrative Agent of
Administrative Agent’s fees or expenses shall be made for the account of the Administrative Agent.
Each payment to the Administrative Agent with respect to the Swingline Note (including, without
limitation, the Swingline Lender’s fees or expenses) shall be made for the account of the Swingline
Lender. Any amount payable to any Lender under Sections 4.8, 4.9, 4.10, 4.11 or 14.2 shall be paid
to the Administrative Agent for the account of the applicable Lender. Subject to Section
4.1(b)(ii), if any payment under this Agreement or any Note shall be specified to be made upon a
day which is not a Business Day, it shall be made on the next succeeding day which is a Business
Day and such extension of time shall in such case be included in computing any interest if payable
along with such payment.

SECTION 4.5 Adjustments. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its
Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion
of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other
than pursuant to Sections 4.8, 4.9 or 14.2 hereof) greater than its
pro rata share thereof as provided herein, then the Lender receiving such greater
proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at
face value) participations in the Loans and such other obligations of the other Lenders, or make
such other adjustments as shall be equitable, 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 and other amounts owing them; 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 (x) any payment made
by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans, Swingline Loans and Letters of Credit to any assignee or participant, other than
to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall
apply).

The Borrower and each Guarantor 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 and each Guarantor rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower and each Guarantor in the amount of such participation.

SECTION 4.6 Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by
the Administrative Agent. The obligations of the Lenders under this Agreement to make the
Loans and issue or participate in Letters of Credit are several and are not joint or joint and
several. Unless the Administrative Agent shall have received notice from a Lender prior to a
proposed borrowing date that such Lender will not make available to the Administrative Agent such
Lender’s ratable portion of the amount to be borrowed on such date (which notice shall not release
such Lender of its obligations hereunder), the Administrative Agent may assume that such Lender has
made such portion available to the Administrative Agent on the proposed borrowing date in
accordance with Section 2.4(b) and the Administrative Agent may, in reliance upon such
assumption, make available to the Borrower on such date a corresponding amount. If such amount is
made available to the Administrative Agent on a date after such borrowing date, such Lender shall
pay to the Administrative Agent on demand an amount, until paid, equal to the product of (a) the
amount not made available by such Lender in accordance with the terms hereof, times (b) the
daily average Federal Funds Rate during such period as determined by the Administrative Agent,
times (c) a fraction the numerator of which is the number of days that elapse from and
including such borrowing date to the date on which such amount not made available by such Lender in
accordance with the terms hereof shall have become immediately available to the Administrative
Agent and the denominator of which is 360. A certificate of the Administrative Agent with respect
to any amounts owing under this Section 4.6 shall be conclusive, absent manifest error. If
such Lender’s Commitment Percentage of such borrowing is not made available to the Administrative
Agent by such Lender within three (3) Business Days after such borrowing date, the Administrative
Agent shall be entitled to recover such amount made available by the Administrative Agent with
interest thereon at the rate per annum applicable to Base Rate Loans hereunder, on demand, from the
Borrower. The failure of any Lender to make available its Commitment Percentage of any Loan
requested by the Borrower shall not relieve it or any other Lender of its obligation, if any,
hereunder to make its Commitment Percentage of such Loan available on the borrowing date, but no
Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage
of such Loan available on the borrowing date. Notwithstanding anything set forth herein to the
contrary, any Lender that fails to make available its Commitment Percentage of any Loan shall not
(a) have any voting or consent rights under or with respect to any Loan Document (except that the
Commitment of such Lender may not be increased or extended without the consent of such Lender) or
(b) constitute a “Lender” (or be included in the calculation of Required Lenders hereunder) for any
voting or consent rights under or with respect to any Loan Document.

	 	 	 	 	 
	SECTION 4.7

	 	 	 	Intentionally Omitted.
	
 
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.8

	 	 	 	Changed Circumstances.
	
 
	 	 	 	 

(a) Circumstances Affecting LIBOR Rate. If, with respect to any Interest Period for
any LIBOR Rate Loan, the Administrative Agent or any Lender (after consultation with the
Administrative Agent) shall determine that by reason of circumstances affecting the foreign
exchange and interbank markets generally, deposits in Eurodollars in the applicable amounts are not
being quoted via Telerate Page 3750 or offered to the Administrative Agent or such Lender for such
Interest Period, then the Administrative Agent shall forthwith give notice thereof to the Borrower.
Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer
exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to
convert any Loan to or continue any Loan as a LIBOR Rate Loan shall be suspended, and (i) the
Borrower shall repay in full (or cause to be repaid in full) the then outstanding principal amount
of each such LIBOR Rate Loan together with accrued interest thereon, on the last day of the then
current Interest Period applicable to such LIBOR Rate Loan, or (ii) solely with respect to
Revolving Credit Loans which are LIBOR Rate Loans, convert the then outstanding principal amount of
each such LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest Period;
provided that if the Borrower elect to make such conversion, the Borrower shall pay to the
Administrative Agent and the Lenders any and all costs, fees and other expenses incurred by the
Administrative Agent and the Lenders in effecting such conversion.

(b) Laws Affecting LIBOR Rate. If, after the date hereof, the introduction of, or any
change in, any Applicable Law or any change in the interpretation or administration thereof by any
Governmental Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any of the Lenders (or any of their respective Lending
Offices) with any request or directive (whether or not having the force of law) of any such
Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for
any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder
to make or maintain any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the
Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and
the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such
circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans, and the
right of the Borrower to convert any Loan or continue any Loan as a LIBOR Rate Loan shall be
suspended and thereafter the Borrower may select only Revolving Credit Loans which are Base Rate
Loans hereunder, and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate
Loan to the end of the then current Interest Period applicable thereto as a LIBOR Rate Loan then
such LIBOR Rate Loans shall immediately be converted to a Base Rate Loan for the remainder of such
Interest Period; provided that the Borrower shall pay to the Administrative Agent and the
Lenders any and all costs, fees and other expenses incurred by the Administrative Agent and the
Lenders in effecting such conversion or repayment, including, without limitation, any amounts
required to be paid under Section 4.9.

(c) Increased Costs Generally. If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or advances,
loans or other credit extended or participated in by, any Lender (except any reserve requirement
reflected in the LIBOR Rate) or the Issuing Lender (or any of their respective Lending Offices);

(ii) subject any Lender or the Issuing Lender (or any of their respective Lending Offices) to
any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any
participation in a Letter of Credit or any LIBOR Rate Loan made by it, or change the basis of
taxation of payments to such Lender or the Issuing Lender (or any of their respective Lending
Offices) in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section
4.9(e)); or

(iii) impose on any Lender or the Issuing Lender (or any of their respective Lending Offices)
or the London interbank market any other condition, cost or expense affecting this Agreement or
LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making,
converting into or maintaining any LIBOR Rate Loan (or of maintaining its obligation to make any
such Loan), or to increase the cost to such Lender or the Issuing Lender of participating in,
issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or
to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such
Lender or the Issuing Lender hereunder (whether of principal, interest or any other amount) then,
upon request of such Lender or the Issuing Lender, the Borrower shall promptly pay to any such
Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will
compensate such Lender or the Issuing Lender, as the case may be, for such additional costs
incurred or reduction suffered.

(d) Certificates for Reimbursement. A certificate of a Lender or the Issuing Lender
setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or
its holding company, as the case may be, as specified in paragraph (c) of this Section 4.8
and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay
such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such
certificate within ten (10) days after receipt thereof.

(e) Delay in Requests. Failure or delay on the part of any Lender or the Issuing
Lender to demand compensation pursuant to this Section 4.8 shall not constitute a waiver of
such Lender’s or the Issuing Lender’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this
Section 4.8 for any increased costs incurred or reductions suffered more than nine months
prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the
Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the nine-month period referred to
above shall be extended to include the period of retroactive effect thereof).

SECTION 4.9 Indemnity. The Borrower hereby indemnifies each of the Lenders against
any loss or expense (including, without limitation, any foreign exchange costs) which may arise or
be attributable to each Lender’s obtaining, liquidating or employing deposits or other funds
acquired to effect, fund or maintain any Loan (a) as a consequence of any failure by the Borrower
to make any payment when due of any amount due hereunder in connection with a LIBOR Rate Loan, (b)
due to any failure of the Borrower to borrow, continue or convert on a date specified therefor in a
Notice of Borrowing or Notice of Conversion/Continuation or (c) due to any payment, prepayment or
conversion of any LIBOR Rate Loan on a date other than the last day of the Interest Period
therefor. The amount of such loss or expense shall be determined by the applicable Lender based
upon the assumption that such Lender funded its Commitment Percentage of the LIBOR Rate Loans in
the London interbank market and using any reasonable attribution or averaging methods which such
Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for
determining such amount or amounts necessary to compensate such Lender shall be forwarded to the
Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for
manifest error.

SECTION 4.10 Capital Requirements. If any Lender or the Issuing Lender determines
that any Change in Law affecting such Lender or the Issuing Lender or any Lending Office of such
Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s or the
Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding
company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans
made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit
issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such
Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such
Lender’s or the Issuing Lender’s holding company with respect to capital adequacy), then from time
to time the Borrower shall promptly pay to such Lender or the Issuing Lender, as the case may be,
such additional amount or amounts as will compensate such Lender or the Issuing Lender or such
Lender’s or the Issuing Lender’s holding company for any such reduction suffered. A certificate of
a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such
Lender or the Issuing Lender or its holding company, as the case may be, as specified in this
Section 4.10 and delivered to the Borrower shall be conclusive absent manifest error. The
Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due
on any such certificate within ten (10) days after receipt thereof. Failure or delay on the part
of any Lender or the Issuing Lender to demand compensation pursuant to this Section 4.10
shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such
compensation; provided that the Borrower shall not be required to compensate a Lender or
the Issuing Lender pursuant to this Section 4.10 for any increased costs incurred or
reductions suffered more than nine months prior to the date that such Lender or the Issuing Lender,
as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the nine-month period referred to above shall be extended to include the period
of retroactive effect thereof).

SECTION 4.11 Taxes.

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of the Borrower hereunder or under any other Loan Document shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes; provided that if the Borrower
shall be required by Applicable Law to deduct any Indemnified Taxes (including any 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 4.11) the Administrative Agent, Lender or Issuing 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 timely pay the full amount
deducted to the relevant Governmental Authority in accordance with Applicable Law.

(b) Payment of Other Taxes by the Borrower. Without limiting the provisions of
paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with Applicable Law.

(c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent, each Lender and the Issuing Lender, within thirty (30) days after demand therefor, for the
full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section 4.11) paid by
the Administrative Agent, such Lender or the Issuing Lender, as the case may be, and any 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.
Notwithstanding the foregoing, the Borrower shall not be obligated to make payment to the
Administrative Agent, each Lender and the Issuing Lender, as applicable, with respect to penalties,
interest and expenses if (i) written demand therefor was not made within ninety (90) days from the
date on which such Administrative Agent, Lender or Issuing Lender, as applicable, received written
notice of the imposition of Indemnified Taxes or Other Taxes or (ii) such amounts arose or accrued
after the Borrower’s satisfaction of the indemnification obligations for which the applicable
written demand was made pursuant to clause (i) above. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender or the Issuing Lender (with a copy to
the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender or the Issuing Lender, shall be conclusive absent manifest error.

(d) Evidence of Payments. 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) Status of Lenders. Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdictions in which the Borrower is resident
for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under 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 or reasonably requested by
the Borrower or the Administrative Agent, such properly completed and executed documentation
prescribed by Applicable Law as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or
reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Without limiting the generality of the foregoing, in the event
that the Borrower is a resident for tax purposes in the United States, any Foreign Lender shall
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the request of the Borrower or the
Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of
the following is applicable:

(i) duly completed copies of Internal Revenue Service Form W-8BEN (or successor form) claiming
eligibility for benefits of an income tax treaty to which the United States is a party,

(ii) duly completed copies of Internal Revenue Service Form W-8ECI (or successor form),

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender
is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly
completed copies of Internal Revenue Service Form W-8BEN (or successor form), or

(iv) any other form prescribed by Applicable Law as a basis for claiming exemption from or a
reduction in United States Federal withholding tax duly completed together with such supplementary
documentation as may be prescribed by Applicable Law to permit the Borrower to determine the
withholding or deduction required to be made.

(f) Treatment of Certain Refunds. If the Administrative Agent, a Lender or the Issuing
Lender determines, in its reasonable 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 4.11, it shall pay to the
Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 4.11 with respect to the Taxes
or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative
Agent, such Lender or the Issuing Lender, as the case may be, 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, such Lender or the Issuing Lender,
agree 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, such Lender or the
Issuing Lender in the event the Administrative Agent, such Lender or the Issuing Lender is required
to repay such refund to such Governmental Authority. This paragraph shall not be construed to
require the Administrative Agent, any Lender or the Issuing 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.

(g) Survival. Without prejudice to the survival of any other agreement of the
Borrower hereunder, the agreements and obligations of the Borrower contained in this Section
4.11 shall survive the payment in full of the Obligations and the termination of the
Commitments.

SECTION 4.12 Mitigation Obligations; Replacement of Lenders.

(a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 4.8 or Section 4.10, or requires the Borrower to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 4.11, then such Lender shall use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender,
such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 4.8, Section 4.10 or Section 4.11, as the case may be, in the
future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment.

(b) Replacement of Lenders. If any Lender requests compensation under Section
4.8 or Section 4.10, 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
4.11, 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, and consents required by, Section 14.10), all of its interests,
rights and obligations under this Agreement and the related Loan Documents to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that

(i) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 14.10,

(ii) such Lender shall have received payment of an amount equal to the outstanding principal
of its Revolving Credit Loans and participations in Swingline Loans and Letters of Credit, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other
Loan Documents (including any amounts under Section 4.9) 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),

(iii) in the case of any such assignment resulting from a claim for compensation under
Section 4.8 or Section 4.10 or payments required to be made pursuant to Section
4.11, such assignment will result in a reduction in such compensation or payments thereafter,
and

(iv) such assignment does not conflict with Applicable Law.

A Lender shall not be required to make any such assignment or 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.

SECTION 4.13 Security. The Obligations shall be secured as provided in the Security
Documents.

SECTION 4.14 Evidence of Indebtedness.

(a) Extensions of Credit. The Extensions of Credit made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative
Agent and each Lender shall be conclusive absent manifest error of the amount of the Extensions of
Credit made by the Lenders to the Borrower and the interest and payments thereon. Any failure to
so record or any error in doing so shall not, however, limit or otherwise affect the obligation of
the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records
of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any
Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Revolving Credit Note and/or Swingline Note, as applicable,
which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may
attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and
payments with respect thereto.

(b) Participations. In addition to the accounts and records referred to in subsection
(a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice
accounts or records evidencing the purchases and sales by such Lender of participations in Letters
of Credit and Swingline Loans. In the event of any conflict between the accounts and records
maintained by the Administrative Agent and the accounts and records of any Lender in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of
manifest error.

SECTION 4.15 USA Patriot Act. The Administrative Agent and ach Lender hereby notifies
the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower and Guarantors, which information includes the name
and address of the Borrower and Guarantor and other information that will allow such Lender to
identify the Borrower or Guarantor in accordance with the Act.

	 	 	 	 	 
	
 
	 	SECTION 4.16
	 	Know Your Customer Checks.
	
 
	 	 	 	 
	(a)

	 	If:
	 	

(i) the introduction of or any change in (or in the interpretation, administration or
application of) any Applicable Law made after the date of this Agreement;

(ii) any change in the status of the Borrower or any Subsidiary thereof or any Guarantor after
the date of this Agreement; or

(iii) a proposed assignment or transfer by a Lender of any of its rights and obligations under
this Agreement to a party that is not a Lender prior to such assignment or transfer;

obliges the Administrative Agent or any Lender (or, in the case of paragraph (iii) above, any
prospective new Lender) to comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it, such relevant parties
shall promptly upon the request of the Administrative Agent or any Lender supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Administrative
Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the
event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the
Administrative Agent, such Lender or, in the case of the event described in paragraph (iii) above,
any prospective new Lender to carry out and be satisfied it has complied with all necessary “know
your customer” or other similar checks under all Applicable Laws pursuant to the transactions
contemplated in the Loan Documents.

(b) Each Lender shall promptly upon the request of the Administrative Agent supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Administrative
Agent (for itself) in order for the Administrative Agent to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all Applicable Laws
pursuant to the transactions contemplated in the Loan Documents.

ARTICLE V

CLOSING; CONDITIONS OF CLOSING AND BORROWING

SECTION 5.1 Closing. The closing shall take place at the offices of Kennedy Covington
Lobdell & Hickman, L.L.P. at 10:00 a.m. on June 28, 2006, or on such other date and time as the
parties hereto shall mutually agree.

SECTION 5.2 Conditions to Closing and Initial Extensions of Credit. The obligation of
the Lenders to close this Agreement and to make the initial Loan or issue or participate in the
initial Letter of Credit, if any, is subject to the satisfaction of each of the following
conditions:

(a) Executed Loan Documents. This Agreement, a Revolving Credit Note in favor of each
Lender requesting a Revolving Credit Note, a Swingline Note in favor of the Swingline Lender (if
requested thereby), the Security Documents and any other applicable Loan Documents, shall have been
duly authorized, executed and delivered to the Administrative Agent by the parties thereto, shall
be in full force and effect and no Default or Event of Default shall exist hereunder or thereunder.

(b) Closing Certificates; etc.

(i) Officer’s Certificate of the Borrower. The Administrative Agent shall have
received a certificate from a Responsible Officer of the Borrower, in form and substance
satisfactory to the Administrative Agent, to the effect that all representations and warranties of
the Borrower and the Guarantors contained in this Agreement and the other Loan Documents are true,
correct and complete in all material respects as of the Closing Date, except for any representation
and warranty made as of an earlier date, which representation and warranty shall remain true and
correct as of such earlier date; provided that any representation and warranty that is
qualified by materiality or by reference to Material Adverse Effect shall be true, correct and
complete in all respects as of the Closing Date; that the Borrower is not in violation of any of
the covenants contained in this Agreement and the other Loan Documents; that, after giving effect
to the transactions contemplated by this Agreement, no Default or Event of Default has occurred and
is continuing; and that the Borrower has satisfied each of the closing conditions to be satisfied
by the Borrower (other than those conditions which are subject to the approval of the
Administrative Agent).

(ii) Certificate of Secretary of the Borrower. The Administrative Agent shall have
received a certificate of the secretary or assistant secretary of the Borrower and each Guarantor
certifying as to the incumbency and genuineness of the signature of each officer of the Borrower or
Guarantor executing Loan Documents to which it is a party and certifying that attached thereto is a
true, correct and complete copy of (A) the articles of incorporation (or equivalent document) of
such Person and all amendments thereto, certified as of a recent date by the appropriate
Governmental Authority in its jurisdiction of incorporation, (B) the bylaws (or equivalent
document) of such Person as in effect on the date of such certifications, (C) resolutions duly
adopted by the board of directors or equivalent governing body of such Person authorizing the
borrowings contemplated hereunder and the execution, delivery and performance of this Agreement and
the other Loan Documents to which it is a party, and (D) each certificate required to be delivered
pursuant to Section 5.2(b)(iii).

(iii) Certificates of Good Standing. The Administrative Agent shall have received
certificates as of a recent date of the good standing of the Borrower and each Guarantor under the
laws of its jurisdiction of organization and, to the extent requested by the Administrative Agent,
each other jurisdiction where such Person is qualified to do business and a certificate of the
relevant taxing authorities of such jurisdictions certifying that such Person has filed required
tax returns and owes no delinquent taxes.

(iv) Opinions of Counsel. The Administrative Agent shall have received favorable
opinions of counsel to the Borrower addressed to the Administrative Agent and the Lenders with
respect to the Borrower and the Guarantors, the Loan Documents and such other matters as the
Lenders shall request, including favorable opinions of foreign counsel to the Borrower, the
Guarantors and their Subsidiaries with respect to any Foreign Subsidiary whose ownership interests
are pledged pursuant to Section 5.2(c)(iii).

(c) Collateral.

(i) Filings and Recordings. All filings and recordations that are necessary to
perfect the security interests of the Lenders in the collateral described in the Security Documents
shall have been made or shall have been received by the Administrative Agent and the Administrative
Agent shall have received evidence satisfactory to the Administrative Agent that upon such filings
and recordations such security interests will constitute valid and perfected first priority Liens
therein (subject to Permitted Liens).

(ii) Pledged Collateral. The Administrative Agent shall have received (A) original
stock certificates or other certificates evidencing the Capital Stock pledged pursuant to the
Collateral Agreement, together with an undated stock power for each such certificate duly executed
in blank by the registered owner thereof and (B) each original promissory note pledged pursuant to
the Collateral Agreement, together with an undated endorsement for each such promissory note duly
executed in blank by the holder thereof.

(iii) Foreign Security Interests and Filings. Notwithstanding the provisions of the
foregoing subsections (c)(i) and (ii), with regard to any Foreign Subsidiary whose share capital or
other ownership interests are to be pledged hereunder (it being acknowledged that for the purposes
of this Section 5.2 such Foreign Subsidiaries shall be limited to the first-tier Foreign
Subsidiaries of the Borrower or any Domestic Subsidiary which are organized under the laws of
Canada or the United Kingdom), the Borrower may evidence compliance with such subsections by
providing a perfected first priority security interest (or the equivalent thereof pursuant to the
Applicable Laws and practices of any relevant foreign jurisdiction) in the relevant indicia of
ownership of such Foreign Subsidiary; provided, however, that the Borrower shall
cause to be provided an opinion of counsel in form and substance satisfactory to the Administrative
Agent as to the perfection, validity and binding nature of the security interests so obtained.

(iv) Lien Search. The Administrative Agent shall have received the results of an
updated Lien search made against the Borrower and each Guarantor under the Uniform Commercial Code
as in effect in the jurisdiction of incorporation or formation of such Person, indicating among
other things that its assets are free and clear of any Lien except for Permitted Liens.

(v) Hazard and Liability Insurance. The Administrative Agent shall have received
certificates of insurance in the form required under the Security Documents and otherwise in form
and substance reasonably satisfactory to the Administrative Agent.

(d) Consents; Defaults.

(i) Governmental and Third Party Approvals. The Borrower shall have obtained all
necessary approvals, authorizations and consents of any Person and of all Governmental Authorities
and courts having jurisdiction with respect to the transactions contemplated by this Agreement and
the other Loan Documents.

(ii) No Injunction, Etc. No action, proceeding, investigation, regulation or
legislation shall have been instituted, threatened or proposed before any Governmental Authority to
enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related
to or arises out of this Agreement or the other Loan Documents or the consummation of the
transactions contemplated hereby or thereby, or which, in the Administrative Agent’s good faith
judgment, would make it inadvisable to consummate the transactions contemplated by this Agreement
and such other Loan Documents.

(iii) No Event of Default. No Default or Event of Default shall have occurred and be
continuing.

(e) Financial Matters.

(i) Financial Statements. The Administrative Agent shall have received (A) the
audited Consolidated balance sheet of the Borrower and its Subsidiaries as of September 30, 2005
and the related audited statements of income, cash flows and changes in shareholders’ equity for
the Fiscal Year then ended and (B) unaudited Consolidated balance sheet of the Borrower and its
Subsidiaries as of March 31, 2006 and related unaudited interim statements of income and cash
flows, all in form and substance reasonably satisfactory to the Administrative Agent and prepared
in accordance with GAAP (and, with respect to all audited financial statements, to be audited by
PricewaterhouseCoopers LLC or another independent registered public accounting firm of recognized
national standing).

(ii) Financial Projections. The Administrative Agent shall have received financial
projections with respect to the Borrower and its Subsidiaries prepared by a Responsible Officer of
the Borrower, in form reasonably satisfactory to the Administrative Agent, of balance sheets,
income statements and cash flow statements on a quarterly basis for the first year following the
Closing Date and an annual basis for the next three years thereafter.

(iii) Financial Condition Certificate. The Borrower shall have delivered to the
Administrative Agent a certificate, in form and substance satisfactory to the Administrative Agent,
and certified as accurate by a Responsible Officer of the Borrower, that (A) attached thereto are
calculations evidencing compliance with the covenants contained in Article IX hereof and
(B) the financial projections previously delivered to the Administrative Agent represent the good
faith estimates (utilizing reasonable assumptions) of the financial condition and operations of the
Borrower and its Subsidiaries.

(iv) Payment at Closing; Fee Letter. The Borrower shall have paid to the
Administrative Agent and the Lenders the fees set forth or referenced in Section 4.3 and
any other accrued and unpaid fees or commissions due hereunder (including, without limitation,
legal fees and expenses) and to any other Person such amount as may be due thereto in connection
with the transactions contemplated hereby, including all taxes, fees and other charges in
connection with the execution, delivery, recording, filing and registration of any of the Loan
Documents.

(f) Refinance of Amounts Outstanding under Existing Credit Agreement. On the Closing
Date, (i) all outstanding “Revolving Credit Loans” and “Alternative Currency Loans” (each as
defined under the Existing Credit Agreement) (the “Existing Loans”) made by any Existing
Lender which is not a Lender hereunder (each a “Departing Lender”) shall be repaid in full
and the commitments and other obligations and rights of each such Departing Lender shall be
terminated (except as expressly set forth in the Existing Credit Agreement), (ii) all outstanding
Existing Loans not being repaid under clause (i) above shall be deemed Revolving Credit Loans in
Dollars hereunder and the Administrative Agent shall make such transfers of funds as are necessary
in order that the outstanding balance of such Revolving Credit Loans together with any Revolving
Credit Loans funded on the Closing Date, are in accordance with the Commitment Percentages of the
Lenders hereunder, (iii) all outstanding “Swingline Loans” (as defined under the Existing Credit
Agreement) shall be Swingline Loans hereunder, (iv) all outstanding “Letters of Credit” (as defined
under the Existing Credit Agreement) shall be Letters of Credit hereunder, (v) there shall have
been paid in cash in full all accrued but unpaid interest due on the Existing Loans to the Closing
Date, (vi) there shall have been paid in cash in full all accrued but unpaid fees under the
Existing Credit Agreement due to the Closing Date and all other amounts, costs and expenses then
owing to any of the Existing Lenders and/or Wachovia, as administrative agent under the Existing
Credit Agreement, and (vii) all outstanding promissory notes issued by the Borrower to the Existing
Lenders under the Existing Credit Agreement shall be promptly returned to the Administrative Agent
which shall forward such notes to the Borrower for cancellation. Each of the Departing Lenders
hereby consents to the terms of this Agreement.

(g) Miscellaneous.

(i) Notice of Borrowing. The Administrative Agent shall have received a Notice of
Borrowing from the Borrower in accordance with Section 2.4(a), and a Notice of Account
Designation specifying the account or accounts to which the proceeds of any Loans made after the
Closing Date are to be disbursed.

(ii) Due Diligence. The Administrative Agent shall have completed, to its reasonable
satisfaction, all legal, environmental and other due diligence with respect to the business,
assets, liabilities, operations and condition (financial or otherwise) of the Borrower and the
Guarantors and the transactions contemplated hereby in scope and determination reasonably
satisfactory to the Administrative Agent.

(iii) Other Documents. All opinions, certificates and other instruments and all
proceedings in connection with the transactions contemplated by this Agreement shall be reasonably
satisfactory in form and substance to the Administrative Agent. The Administrative Agent shall
have received copies of all other documents, certificates and instruments reasonably requested
thereby with respect to the transactions contemplated by this Agreement.

SECTION 5.3 Conditions to All Extensions of Credit. The obligations of the Lenders to
make any Extensions of Credit (including the initial Extension of Credit, but excluding any
conversion or continuation of an existing Loan that does not increase the aggregate amount of the
outstanding Extensions of Credit) and/or the Issuing Lender to issue or extend any Letter of Credit
are subject to the satisfaction of the following conditions precedent on the relevant borrowing,
conversion, continuation, issuance or extension date:

(a) Continuation of Representations and Warranties. The representations and
warranties contained in Article VI shall be true and correct in all material respects on
and as of such borrowing, issuance or extension date with the same effect as if made on and as of
such date, except for any representation and warranty made as of an earlier date, which
representation and warranty shall remain true and correct as of such earlier date; provided
that any representation or warranty that is qualified by materiality or by reference to Material
Adverse Effect shall be true and correct in all respects on and as of such borrowing, issuance or
extension date.

(b) No Existing Default. No Default or Event of Default shall have occurred and be
continuing (i) on the borrowing, conversion or continuation date with respect to such Loan or after
giving effect to the Loans to be made, converted or continued on such date or (ii) on the issue
date with respect to such Letter of Credit or after giving effect to the issuance or extension of
such Letter of Credit on such date.

(c) Notices. The Administrative Agent shall have received a Notice of Borrowing from
the Borrower in accordance with Section 2.4(a).

(d) Additional Documents. The Administrative Agent shall have received each
additional document, instrument, legal opinion or other item reasonably requested by it.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES OF THE BORROWER

SECTION 6.1 Representations and Warranties. To induce the Administrative Agent and
the Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit,
the Borrower hereby represents and warrants to the Administrative Agent and Lenders both before and
after giving effect to the transactions contemplated hereunder that:

(a) Organization; Power; Qualification. Each of the Borrower and its Subsidiaries is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or formation, has the power and authority to own its properties and to carry on its
business as now being and hereafter proposed to be conducted and is duly qualified and authorized
to do business in each jurisdiction in which the character of its properties or the nature of its
business requires such qualification and authorization, except where the failure to be qualified or
authorized, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. The jurisdictions in which the Borrower and its Subsidiaries are organized as of
the Closing Date are described on Schedule 6.1(a).

(b) Ownership. Each Subsidiary of the Borrower as of the Closing Date is listed on
Schedule 6.1(b) (and each Finance Subsidiary and Subsidiary SPC as of the Closing Date is
designated as such on Schedule 6.1(b)). As of the Closing Date, the capitalization of each
Domestic Subsidiary and each Foreign Subsidiary that is a first-tier Subsidiary of the Borrower or
any Domestic Subsidiary consists of the number of shares authorized, issued and outstanding, of
such classes and series, with or without par value, described on Schedule 6.1(b). All
outstanding shares have been duly authorized and validly issued and are fully paid and
nonassessable, with no personal liability attaching to the ownership thereof, and not subject to
any preemptive or similar rights. The shareholders of each Domestic Subsidiary and each Foreign
Subsidiary that is a first-tier Subsidiary of the Borrower or any Domestic Subsidiary and the
number of shares owned by each as of the Closing Date are described on Schedule 6.1(b). As
of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options,
securities, instruments or other rights of any type or nature whatsoever, which are convertible
into, exchangeable for or otherwise provide for or permit the issuance of Capital Stock of each
Domestic Subsidiary and each Foreign Subsidiary that is a first-tier Subsidiary of the Borrower or
any Domestic Subsidiary, except as described on Schedule 6.1(b).

(c) Authorization of Agreement, Loan Documents and Borrowing. Each of the Borrower and
its Subsidiaries has the right, power and authority and has taken all necessary corporate and other
action to authorize the execution, delivery and performance of this Agreement and each of the other
Loan Documents to which it is a party in accordance with their respective terms. This Agreement
and each of the other Loan Documents have been duly executed and delivered by the duly authorized
officers of the Borrower and each Subsidiary thereof party thereto, and each such document
constitutes the legal, valid and binding obligation of the Borrower or its Subsidiary party
thereto, enforceable in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws
from time to time in effect which affect the enforcement of creditors’ rights in general and the
availability of equitable remedies.

(d) Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc. The
execution, delivery and performance by the Borrower and its Subsidiaries of the Loan Documents to
which each such Person is a party, in accordance with their respective terms, the Extensions of
Credit hereunder and the transactions provided for herein do not and will not, by the passage of
time, the giving of notice or otherwise, (i) require any Governmental Approval or violate any
Applicable Law relating to the Borrower or any Subsidiary thereof, (ii) conflict with, result in a
breach of or constitute a default under the articles of incorporation, bylaws or other
organizational documents of the Borrower or any Subsidiary thereof or any indenture, agreement or
other instrument to which such Person is a party or by which any of its properties may be bound or
any Governmental Approval relating to such Person, (iii) result in or require the creation or
imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such
Person other than Liens arising under the Loan Documents or (iv) require any consent or
authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority
(except for (A) filings of financing statements under the Uniform Commercial Code or (B) filings
with respect to the pledge of the ownership interests of any Foreign Subsidiary) and no consent of
any other Person is required in connection with the execution, delivery, performance, validity or
enforceability of this Agreement.

(e) Compliance with Law; Governmental Approvals. Each of the Borrower and its
Subsidiaries (i) has all Governmental Approvals required by any Applicable Law for it to conduct
its business, each of which is in full force and effect, is final and not subject to review on
appeal and is not the subject of any pending or, to the best of its knowledge, threatened attack by
direct or collateral proceeding, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect, (ii) is in
compliance with each Governmental Approval applicable to it and in compliance with all other
Applicable Laws relating to it or any of its respective properties, except where the failure to
comply, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect, and (iii) has timely filed all material reports, documents and other materials
required to be filed by it under all Applicable Laws with any Governmental Authority and has
retained all material records and documents required to be retained by it under Applicable Law,
except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect.

(f) Tax Returns and Payments. Each of the Borrower and its Subsidiaries has duly
filed or caused to be filed all federal, state, local and other material tax returns required by
Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all
federal, state, local and other material taxes, assessments and governmental charges or levies upon
it and its property, income, profits and assets which are due and payable (other than (i) any
amount the validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided for on the books of
the Borrower and its Subsidiaries or (ii) to the extent that the failure to file such tax returns
or pay or make adequate provision for such taxes could not reasonably be expected to have a
Material Adverse Effect). Such returns accurately reflect in all material respects all liability
for taxes of the Borrower and its Subsidiaries for the periods covered thereby. There is to the
knowledge of the Borrower no ongoing audit or examination or other investigation by any
Governmental Authority of the tax liability of the Borrower and its Subsidiaries in each case,
except as could not reasonably be expected to have a Material Adverse Effect. No Governmental
Authority has asserted any Lien or other claim against the Borrower or any Subsidiary thereof with
respect to unpaid taxes which has not been discharged or resolved (other than (i) any amount the
validity of which is currently being contested in good faith by appropriate proceedings and with
respect to which reserves in conformity with GAAP have been provided for on the books of the
Borrower and its Subsidiaries or (ii) Liens which could not reasonably be expected to have a
Material Adverse Effect). The charges, accruals and reserves on the books of the Borrower and its
Subsidiaries in respect of federal, state, local and other material taxes for all Fiscal Years and
portions thereof since the organization of the Borrower and its Subsidiaries are in the judgment of
the Borrower adequate, and the Borrower do not anticipate any material amount of additional taxes
or assessments for any of such years.

(g) Intellectual Property Matters. Each of the Borrower and its Subsidiaries owns or
possesses rights to use all franchises, licenses, copyrights, copyright applications, patents,
patent rights or licenses, patent applications, trademarks, trademark rights, service marks,
service mark rights, trade names, trade name rights, copyrights and rights with respect to the
foregoing which are required to conduct its business, except as could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect. No event has occurred which
permits, or after notice or lapse of time or both would permit, the revocation or termination of
any such rights, and neither the Borrower nor any Subsidiary thereof is liable to any Person for
infringement under Applicable Law with respect to any such rights as a result of its business
operations, except any such revocation termination or liability as could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect.

(h) Environmental Matters.

(i) The properties owned, leased or operated by the Borrower and its Subsidiaries now or in
the past do not contain, and to their knowledge have not previously contained, any Hazardous
Materials in amounts or concentrations which (A) constitute or constituted a violation of
applicable Environmental Laws or (B) could give rise to liability under applicable Environmental
Laws, except where such violation or liability could not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect;

(ii) The Borrower, each Subsidiary and such properties and all operations conducted in
connection therewith are in compliance, and have been in compliance, with all applicable
Environmental Laws, and there is no contamination at, under or about such properties or such
operations which could interfere with the continued operation by the Borrower or any Subsidiary of
such properties or, with respect to properties owned by the Borrower or any Subsidiary, impair the
fair saleable value thereof, except for any such noncompliance or contamination that could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;

(iii) Neither the Borrower nor any Subsidiary thereof has received any notice of violation,
alleged violation, non-compliance, liability or potential liability of, under or with any
applicable Environmental Laws, nor does the Borrower or any Subsidiary thereof have knowledge that
any such notice will be received or is being threatened, except where such violation, alleged
violation, non-compliance, liability or potential liability which is the subject of such notice
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect;

(iv) Hazardous Materials have not been transported or disposed of to or from the properties
owned, leased or operated by the Borrower and its Subsidiaries in violation of, or in a manner or
to a location which could give rise to liability under, Environmental Laws, nor have any Hazardous
Materials been generated, treated, stored or disposed of at, on or under any of such properties in
violation of, or in a manner that could give rise to liability under, any applicable Environmental
Laws, except where such violation or liability could not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect;

(v) No judicial proceedings or governmental or administrative action is pending, or, to the
knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any
Subsidiary thereof is or will be named as a potentially responsible party with respect to such
properties or operations conducted in connection therewith, nor are there any consent decrees or
other decrees, consent orders, administrative orders or other orders, or other legally-binding
administrative or judicial requirements outstanding under any Environmental Law with respect to
Borrower, any Subsidiary or such properties or such operations, except where such proceeding,
action, decree, order or other requirement could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect; and

(vi) There has been no release, or to the best of the knowledge of the Borrower, threat of
release, of Hazardous Materials at or from properties owned, leased or operated by the Borrower or
any Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give
rise to liability under Environmental Laws, except where such violation or liability could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

(i) ERISA.

(i) The Borrower and each ERISA Affiliate is in material compliance with all applicable
provisions of ERISA and the regulations and published interpretations thereunder with respect to
all Employee Benefit Plans except for any required amendments for which the remedial amendment
period as defined in Section 401(b) of the Code has not yet expired and except where a failure to
so comply could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect. No liability has been incurred by the Borrower or any ERISA Affiliate which remains
unsatisfied for any taxes or penalties with respect to any Employee Benefit Plan or any
Multiemployer Plan except for a liability that, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect;

(ii) Except where the failure of any of the following representations to be correct could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, as of
the Closing Date, (A) no accumulated funding deficiency (as defined in Section 412 of the Code) has
been incurred (without regard to any waiver granted under Section 412 of the Code), (B) no funding
waiver from the Internal Revenue Service has been received or requested with respect to any Pension
Plan, (C) neither the Borrower nor any ERISA Affiliate has failed to make any contributions or to
pay any amounts due and owing as required by Section 412 of the Code, Section 302 of ERISA or the
terms of any Pension Plan prior to the due dates of such contributions under Section 412 of the
Code or Section 302 of ERISA, and (D) there has not been any event requiring any disclosure under
Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan;

(iii) Except where the failure of any of the following representations to be correct in all
material respects could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect, neither the Borrower nor any ERISA Affiliate has: (A) engaged in a
nonexempt prohibited transaction described in Section 406 of the ERISA or Section 4975 of the Code,
(B) incurred any liability to the PBGC which remains outstanding other than the payment of premiums
and there are no premium payments which are due and unpaid or (C) failed to make a required
contribution or payment to a Multiemployer Plan;

(iv) No Termination Event has occurred or is reasonably expected to occur; and

(v) Except where the failure of any of the following representations to be correct in all
material respects could not reasonably be expected to have a Material Adverse Effect, no
proceeding, claim (other than a benefits claim in the ordinary course of business), lawsuit and/or
investigation is existing or, to the best knowledge of the Borrower after due inquiry, threatened
concerning or involving any (A) employee welfare benefit plan (as defined in Section 3(1) of ERISA)
currently maintained or contributed to by the Borrower or any ERISA Affiliate, (B) Pension Plan or
(C) Multiemployer Plan.

(j) Margin Stock. Neither the Borrower nor any Subsidiary thereof is engaged
principally or as one of its activities in the business of extending credit for the purpose of
“purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or
indirectly, in Regulation U of the Board of Governors of the Federal Reserve System). No part of
the proceeds of any of the Loans or Letters of Credit will be used for purchasing or carrying
margin stock or for any purpose which violates, or which would be inconsistent with, the provisions
of Regulation T, U or X of such Board of Governors.

(k) Government Regulation. Neither the Borrower nor any Subsidiary thereof is an
“investment company” or a company “controlled” by an “investment company” (as each such term is
defined or used in the Investment Company Act of 1940, as amended) and neither the Borrower nor any
Subsidiary thereof is, or after giving effect to any Extension of Credit will be, subject to
regulation under the Interstate Commerce Act, as amended, or any other Applicable Law which limits
its ability to incur or consummate the transactions contemplated hereby.

(l) Material Contracts. As of the Closing Date, each Material Contract is, and after
giving effect to the consummation of the transactions contemplated by the Loan Documents will be,
in full force and effect in accordance with the terms thereof. Neither the Borrower nor any
Subsidiary (nor, to the knowledge of the Borrower, any other party thereto) is, as of the Closing
Date, in breach of or in default under any Material Contract in any material respect.

(m) Employee Relations. Each of the Borrower and its Subsidiaries has a stable work
force in place and is not, as of the Closing Date, party to any collective bargaining agreement nor
has any labor union been recognized as the representative of its employees except as set forth on
Schedule 6.1(m). The Borrower know of no pending, threatened or contemplated strikes, work
stoppage or other collective labor disputes involving its employees or those of its Subsidiaries
that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect.

(n) Burdensome Provisions. No Subsidiary is party to any agreement or instrument or
otherwise subject to any restriction or encumbrance that restricts or limits its ability to make
dividend payments or other distributions in respect of its Capital Stock to the Borrower or any
Subsidiary or to transfer any of its assets or properties to the Borrower or any other Subsidiary
in each case other than as permitted by Section 10.11.

(o) Financial Statements. The audited and unaudited financial statements delivered
pursuant to Section 5.2(e)(i), copies of which have been furnished to the Administrative
Agent and each Lender, are complete and correct and fairly present, in all material respects, on a
Consolidated basis the assets, liabilities and financial position of the Borrower and its
Subsidiaries as at such dates, and the results of the operations and changes of financial position
for the periods then ended (other than customary, year end adjustments for the unaudited financial
statements). All such financial statements, including the related schedules and notes thereto,
have been prepared in accordance with GAAP, except, in the case of the unaudited financial
statements, for the absence of footnote disclosure. As of the Closing Date, the Borrower and its
Subsidiaries have no Indebtedness, obligation or other unusual forward or long-term commitment
which is not fairly reflected in the foregoing financial statements or in the notes thereto, except
for obligations incurred since the date of the most recent of such financial statements (i) in the
ordinary course of business as permitted by Section 10.1 or (ii) as otherwise set forth on
Schedule 6.1(o).

(p) No Material Adverse Change. Except as disclosed prior to the Closing Date in
publicly available filings made by the Borrower with the United States Securities and Exchange
Commission, since September 30, 2005, there has been no material adverse change in the properties,
business, operations, or condition (financial or otherwise) of the Borrower and its Subsidiaries,
taken as a whole, and no event has occurred or condition arisen that would reasonably be likely to
have a Material Adverse Effect.

(q) Solvency. As of the Closing Date and after giving effect to each Extension of
Credit made hereunder, the Borrower and each Subsidiary thereof will be Solvent.

(r) Titles to Properties. Each of the Borrower and each Subsidiary thereof has good
record and marketable title in fee simple to, or valid leasehold interests in, all real property
necessary or used in the ordinary conduct of its business, except for such defects in title or in
leasehold interests as could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

(s) Liens. None of the properties and assets of the Borrower or any Subsidiary
thereof is subject to any Lien, except Permitted Liens. No financing statement under the Uniform
Commercial Code of any state which names the Borrower or any Subsidiary thereof or any of their
respective trade names or divisions as debtor and which has not been terminated, has been filed in
any state or other jurisdiction and neither the Borrower nor any Subsidiary thereof has signed any
such financing statement or any security agreement authorizing any secured party thereunder to file
any such financing statement, except to perfect Permitted Liens.

(t) Litigation. Except for matters existing on the Closing Date and set forth on
Schedule 6.1(t), there are no actions, suits or proceedings pending nor, to the knowledge
of the Borrower, threatened against or in any other way relating adversely to or affecting the
Borrower or any Subsidiary thereof or any of their respective properties in any court or before any
arbitrator of any kind or before or by any Governmental Authority that (a) purport to affect or
pertain to this Agreement or any other Loan Document, or any of the transactions provided for
herein or therein, or (b) either individually or in the aggregate, if determined adversely, could
reasonably be expected to have a Material Adverse Effect.

(u) Ratings Trigger Events. As of the date hereof, neither the Borrower nor any
Subsidiary thereof is party to any agreement or other arrangement which contains Ratings Trigger
Events.

(v) Accuracy and Completeness of Information. All written information, reports and
other papers and data produced by or on behalf of the Borrower or any Subsidiary thereof (other
than financial projections, which shall be subject to the standard set forth in subsection (x)
below) and furnished to the Lenders were, at the time the same were so furnished, true and correct
in all material respects as of the date so furnished to the Lenders.

(w) Disclosure. The Borrower has disclosed to the Administrative Agent and the
Lenders all agreements, instruments and corporate or other restrictions to which the Borrower or
any of its Subsidiaries are subject, and all other matters known to it, that, individually or in
the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial
statement, material report, material certificate or other material information, taken as a whole,
furnished (whether in writing or orally) by or on behalf of the Borrower or any Subsidiary thereof
to the Administrative Agent or any Lender in connection with the transactions contemplated hereby
and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial information,
pro forma financial information, estimated financial information and other projected or estimated
information, the Borrower represent only that such information was prepared in good faith based
upon assumptions believed to be reasonable at the time.

(x) OFAC. None of the Borrower, any Subsidiary of the Borrower or any Affiliate of
the Borrower: (i) is a Sanctioned Person, (ii) has more than 10% of its assets in Sanctioned
Entities, or (iii) derives more than 10% of its operating income from investments in, or
transactions with Sanctioned Persons or Sanctioned Entities. The proceeds of any Loan will not be
used and have not been used to fund any operations in, finance any investments or activities in, or
make any payments to, a Sanctioned Person or a Sanctioned Entity.

SECTION 6.2 Survival of Representations and Warranties, Etc. All representations and
warranties set forth in this Article VI and all representations and warranties contained in
any certificate, or any of the Loan Documents (including but not limited to any such representation
or warranty made in or in connection with any amendment thereto) shall constitute representations
and warranties made under this Agreement. All representations and warranties made under this
Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are
expressly made as of a specific date), shall survive the Closing Date and shall not be waived by
the execution and delivery of this Agreement, any investigation made by or on behalf of the Lenders
or any borrowing hereunder.

ARTICLE VII

FINANCIAL INFORMATION AND NOTICES

Until all the Obligations have been paid and satisfied in full and the Commitments terminated,
unless consent has been obtained in the manner set forth in Section 14.11, the Borrower
will furnish or cause to be furnished to the Administrative Agent at the Administrative Agent’s
Office at the address set forth in Section 14.1 and to the Lenders at their respective
addresses as set forth on Schedule 1.1(a), or such other office as may be designated by the
Administrative Agent and Lenders from time to time:

SECTION 7.1 Financial Statements and Projections.

(a) Quarterly Financial Statements. As soon as practicable and in any event within
forty-five (45) days after the end of each of the first three fiscal quarters of each Fiscal Year
(or, if earlier, the date of any required public filing thereof), an unaudited Consolidated balance
sheet of the Borrower and its Subsidiaries as of the close of such fiscal quarter, an unaudited
Consolidated statement of income for the fiscal quarter then ended and unaudited Consolidated
statements of income and cash flows for that portion of the Fiscal Year then ended, including the
notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures
as of the end of and for the corresponding period in the preceding Fiscal Year and prepared by the
Borrower in accordance with GAAP and, if applicable, containing disclosure of the effect on the
financial position or results of operations of any change in the application of accounting
principles and practices during the period, and certified by the chief financial officer of the
Borrower to present fairly in all material respects the financial condition of the Borrower and its
Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of
the Borrower and its Subsidiaries for the respective periods then ended, subject to normal year end
adjustments, including the absence of notes (other than as required by any rules or regulations of
the United States Securities and Exchange Commission).

(b) Annual Financial Statements. As soon as practicable and in any event within
ninety (90) days after the end of each Fiscal Year (or if earlier, the date of any required public
filing thereof), an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of
the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and
cash flows for the Fiscal Year then ended, including the notes thereto, all in reasonable detail
setting forth in comparative form the corresponding figures as of the end of and for the preceding
Fiscal Year and audited by PricewaterhouseCoopers LLP or another independent registered public
accounting firm of recognized national standing in accordance with GAAP and, if applicable,
containing disclosure of the effect on the financial position or results of operations of any
change in the application of accounting principles and practices during the year, and accompanied
by a report thereon by such certified public accountants that is not qualified with respect to
scope limitations imposed by the Borrower or any Subsidiary thereof or with respect to accounting
principles followed by the Borrower or any Subsidiary thereof not in accordance with GAAP.

(c) Information required to be delivered pursuant to this Section 7.1 shall be deemed
to have been delivered if such information, or one or more annual, quarterly or other reports
containing such information, shall have been posted on the Borrower’s website on the internet at
http://www.IKON.com or by the Administrative Agent on an IntraLinks, SyndTrak Online or similar
site to which the Lenders have been granted access or shall be available on the website of the
Securities and Exchange Commission at http://www.sec.gov; provided that the Borrower shall
deliver paper copies of such information to the Administrative Agent or any Lender that requests
such delivery; and provided further that such information shall only be deemed to
have been delivered when posted on any such website upon notification by the Borrower to the
Administrative Agent and the Lenders of such posting.

SECTION 7.2 Officer’s Compliance Certificate. As soon as practicable and in any event
within fifteen (15) days after the date that financial statements are required to be delivered
pursuant to Sections 7.1(a) or (b), a certificate of the chief financial officer or
the treasurer of the Borrower in the form of Exhibit F attached hereto (an “Officer’s
Compliance Certificate”).

	 	 	 
	SECTION 7.3

	 	Intentionally Omitted.
	
 
	 	 
	 
	 	 
	SECTION 7.4

	 	Other Reports.
	
 
	 	 

(a) Promptly after becoming available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of the Borrower generally, and
copies of all annual, regular, periodic and special reports and registration statements which the
Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent
pursuant hereto; and

(b) Such other information regarding the operations, business affairs and financial condition
of the Borrower or any Subsidiary thereof as the Administrative Agent or any Lender may reasonably
request.

SECTION 7.5 Notice of Litigation and Other Matters. Prompt (but in no event later
than ten (10) days after obtaining knowledge thereof) telephonic and written notice of:

(a) any Default or Event of Default;

(b) any matter, including, without limitation, (i) breach or non-performance of, or any
default under, any Material Contract of the Borrower or any Subsidiary thereof, (ii) any dispute,
litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary thereof
and any Governmental Authority, or (iii) the filing or commencement of, or any material development
in, any litigation, proceeding or investigation affecting the Borrower or any Subsidiary thereof,
including pursuant to any applicable Environmental Laws, that has resulted or could reasonably be
expected to result in a Material Adverse Effect;

(c) (i) any unfavorable determination letter from the Internal Revenue Service regarding the
qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy
thereof), (ii) all notices received by the Borrower or any ERISA Affiliate of the PBGC’s intent to
terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all
notices received by the Borrower or any ERISA Affiliate from a Multiemployer Plan sponsor
concerning the imposition of withdrawal liability pursuant to Section 4202 of ERISA and (iv) the
Borrower obtaining knowledge or reason to know that the Borrower or any ERISA Affiliate has filed
or intends to file a notice of intent to terminate any Pension Plan under a distress termination
within the meaning of Section 4041(c) of ERISA, in each case that has resulted or could reasonably
be expected to result in a Material Adverse Effect; and

(d) any material change in accounting policies or financial reporting practices by the
Borrower or any Subsidiary thereof.

Each notice pursuant to this Section 7.5 shall be accompanied by a statement of a
Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and
stating what action the Borrower or any Subsidiary thereof, as applicable, has taken and proposes
to take with respect thereto. Each notice pursuant to Section 7.5(a) shall describe with
particularity any and all provisions of this Agreement and any other Loan Document that have been
breached.

SECTION 7.6 Accuracy of Information. All written information, reports, statements and
other papers and data furnished by or on behalf of the Borrower to the Administrative Agent or any
Lender whether pursuant to this Article VII or any other provision of this Agreement or any
of the Security Documents, shall, at the time the same is so furnished, comply with the
representations and warranties set forth in Section 6.1(v) and (w).

ARTICLE VIII

AFFIRMATIVE COVENANTS

Until all of the Obligations have been paid and satisfied in full and the Commitments
terminated, unless consent has been obtained in the manner provided for in Section 14.11,
the Borrower will, and will cause each Subsidiary thereof to:

SECTION 8.1 Preservation of Corporate Existence and Related Matters. Except as
permitted by Section 10.4, preserve and maintain its separate corporate existence and all
rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify
and remain qualified as a foreign corporation and authorized to do business in each jurisdiction
where the nature and scope of its activities require it to so qualify under Applicable Law, except
to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect.

SECTION 8.2 Maintenance of Property. In addition to the requirements of any of the
Security Documents, protect and preserve all properties necessary and material to its business,
including copyrights, patents, trade names, service marks and trademarks; maintain in good working
order and condition all buildings, equipment and other tangible real and personal property; and
from time to time make or cause to be made all renewals, replacements and additions to such
property necessary for the conduct of its business, so that the business carried on in connection
therewith may be conducted in a commercially reasonable manner, except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect.

SECTION 8.3 Insurance. Maintain insurance with financially sound and reputable
insurance companies against such risks and in such amounts as are customarily maintained by similar
businesses and as may be required by Applicable Law and as are required by any Security Documents
(including, without limitation, hazard and business interruption insurance), and on the Closing
Date and from time to time thereafter deliver to the Administrative Agent upon its request a
detailed list of the insurance then in effect, stating the names of the insurance companies, the
amounts and limits of the insurance, the dates of the expiration thereof and the properties and
risks covered thereby.

SECTION 8.4 Accounting Methods and Financial Records. Maintain a system of
accounting, and keep such books, records and accounts (which shall be true and complete in all
material respects) as may be required or as may be necessary to permit the preparation of financial
statements in accordance with GAAP and in compliance with the regulations of any Governmental
Authority having jurisdiction over it or any of its properties, except where the failure to comply
could not reasonably be expected to have a Material Adverse Effect.

SECTION 8.5 Payment and Performance of Obligations. Pay and perform (a) all material
taxes, assessments and other governmental charges levied or assessed upon it or any of its
property, and (b) all material lawful claims which, if unpaid, would by law become a Lien upon its
property, unless the same are being contested in good faith by appropriate proceedings diligently
conducted and adequate reserves are maintained with respect thereto in accordance with GAAP.

SECTION 8.6 Compliance With Laws and Approvals. Observe and remain in compliance in all
material respects with all Applicable Laws and maintain in full force and effect all Governmental
Approvals, in each case applicable to the conduct of its business, except where the failure to so
comply or maintain such Governmental Approval could not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect.

SECTION 8.7 Environmental Laws. In addition to and without limiting the generality of
Section 8.6, (a) comply with, and use commercially reasonable efforts to ensure such
compliance by all tenants and subtenants of the Borrower or any Subsidiary, if any, with all
applicable Environmental Laws and obtain, comply with and maintain, and use commercially reasonable
efforts to ensure that all tenants and subtenants of the Borrower or any Subsidiary, if any,
obtain, comply with and maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws for the operations of the Borrower and its
Subsidiaries as currently conducted, except where the failure to do so could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect and (b) conduct and
complete all investigations, studies, sampling and testing, and all remedial, removal and other
actions required under Environmental Laws, and promptly comply with all lawful orders and
directives of any Governmental Authority regarding Environmental Laws except where the failure to
conduct or complete such actions, or comply with such orders or directions, could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect.

SECTION 8.8 Compliance with ERISA. In addition to and without limiting the generality
of Section 8.6, (a) except where the failure to so comply could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, comply with all material
applicable provisions of ERISA and the Code with respect to all Employee Benefit Plans and (b)
furnish to the Administrative Agent upon the Administrative Agent’s request such additional
information about any Employee Benefit Plan as may be reasonably requested by the Administrative
Agent.

SECTION 8.9 Visits and Inspections. Permit representatives of the Administrative
Agent or any Lender, from time to time upon reasonable prior notice and during normal business
hours, to visit and inspect its properties; inspect, copy and make extracts from its books, records
and files, including, but not limited to, management letters prepared by independent accountants;
and discuss with its principal officers, and its independent accountants, its business, assets,
liabilities, financial condition, results of operations and business prospects (provided such
Person shall be provided with the opportunity to participate in any discussions with its
independent accountants). Upon the occurrence and during the continuance of any Event of Default,
the Administrative Agent or any Lender may do any of the foregoing at any time during normal
business hours without notice.

SECTION 8.10 Additional Subsidiaries.

(a) Additional Domestic Subsidiaries. Except with respect to any newly created or
acquired Subsidiary SPC, notify the Administrative Agent of the creation or acquisition of any
Domestic Subsidiary and promptly thereafter (and in any event within thirty (30) days), cause such
Person to (i) become a Guarantor by delivering to the Administrative Agent a duly executed
supplement to the Guaranty Agreement or such other document as the Administrative Agent shall deem
appropriate for such purpose, (ii) to the extent required by Section 8.13, pledge a
security interest in all Collateral owned by such Domestic Subsidiary by delivering to the
Administrative Agent a duly executed supplement to each Security Document or such other document as
the Administrative Agent shall deem appropriate for such purpose and comply with the terms of each
Security Document, (iii) deliver to the Administrative Agent such documents and certificates
referred to in Section 5.2 as may be reasonably requested by the Administrative Agent, (iv)
if the pledge of a security interest is required pursuant to Section 8.10(a)(ii) above,
deliver to the Administrative Agent such Capital Stock or other certificates and stock or other
transfer powers evidencing the Capital Stock of such Person, (v) deliver to the Administrative
Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with
respect to such Person and (vi) deliver to the Administrative Agent such other documents
(including, without limitation, favorable legal opinions) as may be reasonably requested by the
Administrative Agent, all in form, content and scope reasonably satisfactory to the Administrative
Agent.

(b) Additional Foreign Subsidiaries. Except with respect to any newly created or
acquired Subsidiary SPC, notify the Administrative Agent at the time that any Person becomes a
first tier Foreign Subsidiary of Borrower or any Domestic Subsidiary, and promptly thereafter (and
in any event within forty-five (45) days after notification), (i) to the extent required by
Section 8.13, cause the Borrower or the applicable Domestic Subsidiary to deliver to the
Administrative Agent Security Documents, pledging sixty-five percent (65%) of the total outstanding
voting Capital Stock of such new Foreign Subsidiary, one hundred percent (100%) of the total
outstanding non-voting Capital Stock and a consent thereto executed by such new Foreign Subsidiary
(including, without limitation, if applicable, original stock certificates or other certificates
(or the equivalent thereof pursuant to the Applicable Laws and practices of any relevant foreign
jurisdiction) evidencing the capital stock or other ownership interests of such new Foreign
Subsidiary, together with an appropriate undated stock power for each certificate duly executed in
blank by the registered owner thereof), (ii) cause such Person to deliver to the Administrative
Agent such documents and certificates referred to in Section 5.2 as may be reasonably
requested by the Administrative Agent, (iii) deliver to the Administrative Agent such updated
Schedules to the Loan Documents as requested by the Administrative Agent with respect to such
Person and (iv) cause such Person to deliver to the Administrative Agent such other documents
(including, without limitation, favorable legal opinions) as may be reasonably requested by the
Administrative Agent, all in form, content and scope reasonably satisfactory to the Administrative
Agent.

(c) Existing Foreign Subsidiaries. Promptly upon the request of the Administrative
Agent (and in any event within forty-five (45) days after such request) cause the Borrower or the
applicable Domestic Subsidiary to deliver each of the documents referred to in subsection (b) above
with respect to any first-tier Foreign Subsidiary of the Borrower or a Domestic Subsidiary which
exists as of the Closing Date but whose ownership interests have not been previously pledged to the
Administrative Agent and the Lenders.

SECTION 8.11 Use of Proceeds. The Borrower shall use the proceeds of the Extensions
of Credit (a) to refinance Indebtedness under the Existing Credit Agreement and (b) for working
capital and other general corporate purposes of the Borrower and its Subsidiaries, including the
payment of certain fees and expenses incurred in connection with the transactions contemplated
hereby.

SECTION 8.12 Further Assurances. Make, execute and deliver all such additional and further
acts, things, deeds and instruments as the Administrative Agent or the Required Lenders (through
the Administrative Agent) may reasonably require to document and consummate the transactions
contemplated hereby and to vest completely in and insure the Administrative Agent and the Lenders
their respective rights under this Agreement, the Notes, the Letters of Credit and the other Loan
Documents.

SECTION 8.13 Release of Collateral; Reinstatement of Released Collateral.

(a) Upon notification to the Administrative Agent that the Borrower has obtained a Debt Rating
of (i) BB+ or higher from S&P and (ii) Ba1 or higher from Moody’s, in each case with a stable or
better outlook, the Administrative Agent shall promptly notify the Collateral Agent and the
Lenders. Following such notice, the Administrative Agent and the Collateral Agent shall, at the
sole expense of the Borrower, execute and deliver such releases and terminations as reasonably
requested by the Borrower to release the Liens of the Administrative Agent and the Collateral Agent
on the Collateral.

(b) If, at any time after the release of the Liens on the Collateral pursuant to clause (a)
above, the Debt Rating of the Borrower shall (i) fall below BB+ from S&P or cease to have a stable
or better outlook at such Debt Rating or (ii) fall below Ba1 from Moody’s or cease to have a stable
or better outlook at such Debt Rating, then within thirty (30) days after such event (or ninety
(90) days after such event with respect to any English Security Document and any pledges of share
capital or ownership interests of Foreign Subsidiaries) (in either case, as such applicable periods
may be extended by the Administrative Agent in its sole discretion), if the Debt Ratings remain
below such level or levels and/or outlook or outlooks for such applicable period, the Borrower
shall, at the sole expense of the Borrower, execute and deliver to the Administrative Agent all
Security Documents and take all other actions deemed necessary or appropriate by the Administrative
Agent to grant to the Administrative Agent, for the benefit of itself and the Lenders, a first
priority Lien (subject to Permitted Liens) on all items and classifications of Collateral held by
the Administrative Agent prior to such release (including, without limitation, the actions set
forth in Section 5.2(c)) and shall deliver such other opinions, certificates, documents and
instruments reasonably requested by the Administrative Agent, each in form and substance reasonably
satisfactory to the Administrative Agent.

ARTICLE IX

FINANCIAL COVENANTS

Until all of the Obligations have been paid and satisfied in full and the Commitments
terminated, unless consent has been obtained in the manner set forth in Section 14.11, the
Borrower and its Subsidiaries on a Consolidated basis will not:

SECTION 9.1 Leverage Ratio: As of any fiscal quarter end, permit the Leverage Ratio to
be greater than the corresponding ratio set forth below:

	 	 	 
	Period	 	Ratio
	Closing Date through September 29, 2008

	 	3.25 to 1.00
	 
	 	 
	Thereafter

	 	2.75 to 1.00

SECTION 9.2 Interest Coverage Ratio: As of any fiscal quarter end, permit the Interest
Coverage Ratio to be less than the corresponding ratio set forth below:

	 	 	 
	Period	 	Ratio
	Closing Date through September 29, 2008

	 	2.00 to 1.00
	 
	 	 
	Thereafter

	 	2.75 to 1.00

SECTION 9.3 Capital Expenditures. Permit the aggregate amount of Capital Expenditures
(other than Rental Pool Capital Expenditures) made during any Fiscal Year to exceed $50,000,000
(such amount, the “baseline amount”); provided that, notwithstanding the foregoing,
so long as no Default or Event of Default has occurred and is continuing or would result from any
such Capital Expenditure, the maximum amount of such Capital Expenditures permitted during any
Fiscal Year may be increased by an amount equal to the amount by which the baseline amount for the
prior Fiscal Year exceeds the amount of such Capital Expenditures made during the prior Fiscal
Year.

ARTICLE X

NEGATIVE COVENANTS

Until all of the Obligations have been paid and satisfied in full and the Commitments
terminated, unless consent has been obtained in the manner set forth in Section 14.11, the
Borrower will not and will not permit any Subsidiary thereof to:

SECTION 10.1 Limitations on Indebtedness. Create, incur, assume or suffer to exist
any Indebtedness except:

(a) the Obligations (excluding Hedging Obligations permitted pursuant to Section
10.1(b));

(b) Indebtedness in connection with Hedging Agreements which are non-speculative;

(c) Indebtedness existing on the Closing Date and not otherwise permitted under this
Section 10.1, as set forth on Schedule 10.1, and the renewal, refinancing,
extension and replacement (but not the increase in the aggregate principal amount) thereof;

(d) purchase money Indebtedness and Indebtedness incurred in connection with Capital Leases in
an aggregate amount not to exceed $50,000,000 on any date of determination;

(e) Guaranty Obligations with respect to Indebtedness permitted pursuant to subsections (a)
through (d) of this Section 10.1;

(f) Guaranty Obligations with respect to Operating Lease payments;

(g) Guaranty Obligations arising in connection with:

(i) the GE Program Agreements; or

(ii) other similar program agreements (A) which are executed in connection with leasing
or financing arrangements by third parties of products distributed by the Borrower and its
Subsidiaries (which leasing or financing arrangements, in the absence of such Guaranty
Obligations, do not meet the leasing, financing or other applicable criteria of the
applicable third party lessor or financier contained in the applicable program agreement)
and (B) which contain terms and provisions (including, without limitation, Guaranty
Obligations) which are no broader in scope and obligation than the terms and provisions
contained in the GE Program Agreements;

in an aggregate amount for this clause (g) not to exceed $75,000,000 at any time;

(h) Indebtedness of the Borrower or its Subsidiaries relating to Rental Pool Capital
Expenditures in an aggregate amount not to exceed $125,000,000 at any time;

(i) Indebtedness owed (i) by the Borrower to any Guarantor, (ii) by any Guarantor to the
Borrower, (iii) by any Guarantor to any other Guarantor or (iv) by any Subsidiary that is not a
Guarantor to any other Subsidiary that is not a Guarantor;

(j) Indebtedness of any Finance Subsidiary or Subsidiary SPC to a third Person;
provided that such Indebtedness shall be non-recourse to, and shall not otherwise be
guaranteed by (other than performance guarantees not involving a monetary obligation with respect
to collection, servicing or similar functions in connection with such Indebtedness), the Borrower
or any Domestic Subsidiary thereof;

(k) Indebtedness of any Foreign Subsidiary to a third Person; provided that such
Indebtedness shall be non-recourse to, and shall not otherwise be guaranteed by (other than
performance guarantees not involving a monetary obligation in connection with such Indebtedness),
the Borrower or any Domestic Subsidiary thereof;

(l) Indebtedness incurred by the Borrower or any Subsidiary thereof arising from agreements
providing for indemnification, adjustment of purchase price or similar obligations incurred or
assumed in connection with any Permitted Acquisition;

(m) Indebtedness of any Person that becomes a Subsidiary of the Borrower after the Closing
Date in connection with any Permitted Acquisition and the refinancing, refunding, renewal and
extension (but not the increase in the aggregate principal amount) thereof; 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) notwithstanding
anything to the contrary contained in this Agreement, neither the Borrower nor any other Subsidiary
thereof (other than such Person) shall have any liability or other obligation with respect to such
Indebtedness;

(n) Indebtedness of any Subsidiary of the Borrower to the Borrower or to any other Subsidiary
of the Borrower where the loan, advance or extension of credit to such Subsidiary is permitted
pursuant to Section 10.3;

(o) Indebtedness incurred in connection with a Permitted Asset Securitization;

(p) Indebtedness incurred to purchase assets that are to be leased to customers by the
Borrower or a Subsidiary; provided that the holders of such Indebtedness shall have
recourse for the payment thereof only to such assets and to the rights of the Borrower and the
Subsidiaries under the related leases (including rental and other payments received or to be
received thereunder), and such Indebtedness shall otherwise be non-recourse to the Borrower or any
Subsidiary (it being agreed that liability of the Borrower and the Subsidiaries for representations
and warranties, indemnities, non-monetary performance obligations and other matters customary in
such transactions will not prevent such Indebtedness from being considered to be non-recourse to
the Borrower or any Subsidiary); and

(q) Indebtedness of the Borrower or any Guarantor thereof not otherwise permitted pursuant to
this Section 10.1 in an aggregate amount not to exceed $200,000,000; provided, that
the amount of Indebtedness for borrowed money incurred pursuant to this Section 10.1(q)
which matures on or before the date that is 6 months after the Revolving Credit Maturity Date shall
not exceed $50,000,000 in the aggregate.

SECTION 10.2 Limitations on Liens. Create, incur, assume or suffer to exist, any Lien
on or with respect to any of its assets or properties (including, without limitation, shares of
Capital Stock), real or personal, whether now owned or hereafter acquired, except:

(a) Liens for taxes, assessments and other governmental charges or levies not yet due or as to
which the period of grace, if any, related thereto has not expired or which are being contested in
good faith and by appropriate proceedings if adequate reserves are maintained to the extent
required by GAAP;

(b) Liens of materialmen, mechanics, carriers, warehousemen, processors, repairmen or
landlords in the ordinary course of business, (i) which are not overdue for a period of more than
thirty (30) days, (ii) which are being contested in good faith and by appropriate proceedings or
(iii) for which a sufficient bond has been posted in lieu of such Lien;

(c) Liens consisting of deposits or pledges made in the ordinary course of business in
connection with, or to secure payment of, obligations under workers’ compensation, unemployment
insurance or similar legislation;

(d) Liens constituting encumbrances in the nature of zoning restrictions, easements and rights
or restrictions of record on the use of real property, which in the aggregate are not substantial
in amount and which do not, in any case, materially detract from the value of such property or
materially impair the use thereof in the ordinary conduct of business;

(e) deposits to secure the performance of bids, tenders, trade contracts, liability to
insurance carriers and leases (other than Indebtedness), statutory obligations, surety bonds (other
than bonds related to judgments or litigation), performance bonds, contractual or warranty
obligations and other obligations of a like nature incurred in the ordinary course of business;

(f) Liens of a collecting bank arising in the ordinary course of business under Section 4-208
of the Uniform Commercial Code in effect in the relevant jurisdiction;

(g) Liens deemed to exist in connection with leases of assets by or to the Borrower and the
Subsidiaries under Operating Leases;

(h) Liens of the Collateral Agent for the benefit of the Collateral Agent and the Secured
Parties;

(i) Liens not otherwise permitted by this Section 10.2 and in existence on the Closing
Date and described on Schedule 10.2 and any renewals or extensions thereof,
provided that the property covered thereby is not increased and any renewal or extension of
the obligations secured or benefited thereby is permitted by Section 10.1(c);

(j) Liens not otherwise permitted pursuant to this Section 10.2 securing Indebtedness
permitted under Section 10.1; provided that the aggregate principal amount of all
Indebtedness secured by such Liens shall at no time exceed $50,000,000; provided that, upon
the release of the Liens on the Collateral pursuant to Section 8.13(a), any Liens incurred
pursuant to this clause (j) shall be released and no additional Liens may be incurred pursuant to
this clause (j);

(k) Liens on property or assets of any Subsidiary acquired pursuant to a Permitted
Acquisition, or on property or assets of any Subsidiary which are in existence at the time that
such Subsidiary is acquired pursuant to a Permitted Acquisition (provided that such Liens
(i) are not incurred in connection with, or in anticipation of, such Permitted Acquisition and (ii)
do not attach to any other property or assets of the Borrower and its Subsidiaries);

(l) Liens securing judgments for the payment of money not constituting an Event of Default
under Section 12.1(m) or securing appeal or other surety bonds related to such judgments;

(m) Liens on trade receivables of the Borrower or assets of Finance Subsidiaries or Subsidiary
SPCs arising pursuant to a Permitted Asset Securitization (which Liens shall be limited to
accounts, including lease receivables, and chattel paper therein);

(n) Liens securing Indebtedness permitted under Sections 10.1(d) and (h);
provided that (i) such Liens do not at any time encumber any property other than the
property financed by such Indebtedness and (ii) the principal amount of Indebtedness secured by any
such Lien shall at no time exceed one hundred percent (100%) of the original purchase price or
lease payment amount of such property at the time it was acquired;

(o) Liens granted to GE Capital Information Technology Solutions, Inc. or any of its
Affiliates by the Borrower or to GE VFS Canada Limited Partnership or any of its Affiliates by IKON
Canada pursuant to and in accordance with the GE Program Agreements; provided that such Liens do
not at any time encumber any property other than the equipment, contracts and payment rights
subject to the GE Program Agreements; and

(p) Liens on the assets of Foreign Subsidiaries in connection with Indebtedness permitted
pursuant to Section 10.1(k).

(q) Liens securing Indebtedness permitted under Section 10.1(p); provided that
such Liens do not at any time encumber any property other than the assets financed by such
Indebtedness and the rights of the Borrower and the Subsidiaries under the related leases
(including rental and other payments received thereunder).

SECTION 10.3 Limitations on Loans, Advances, Investments and Acquisitions. Purchase,
own, invest in or otherwise acquire, directly or indirectly, any Capital Stock, interests in any
partnership or joint venture (including, without limitation, the creation or capitalization of any
Subsidiary), evidence of Indebtedness or other obligation or security, substantially all or a
portion of the business or assets of any other Person or any other investment or interest
whatsoever in any other Person, or make or permit to exist, directly or indirectly, any loans,
advances or extensions of credit to, or any investment in cash or by delivery of property in, any
Person (all such actions described above being collectively referred to as “Investments”)
except:

(a) (i) Investments or interests existing on the Closing Date in Subsidiaries, (ii) the other
loans, advances and Investments existing on the Closing Date which are described on Schedule
10.3 and (iii) Investments or interests in Subsidiaries formed after the Closing Date and made
in accordance with the terms and conditions of this Agreement (including this Section
10.3);

(b) Investments in the following (such investments, “Cash Equivalents”):

(i)  marketable direct obligations issued or unconditionally guaranteed by the United
States of America or any agency thereof maturing within one (1) year from the date of
acquisition thereof,

(ii)  commercial paper maturing no more than two hundred seventy (270) days from the
date of creation thereof and currently having the highest rating obtainable from either
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. or Moody’s
Investors Service, Inc.,

(iii)  domestic and eurodollar certificates of deposit maturing no more than one
hundred eighty (180) days from the date of creation thereof issued by commercial banks
incorporated under the laws of the United States of America, the United Kingdom or Canada,
each having combined capital, surplus and undivided profits (less any undivided losses) of
not less than $500,000,000 and having a rating of “A” or better by a nationally recognized
rating agency; provided, that the aggregate amount invested in such certificates of
deposit shall not at any time exceed $150,000,000 for any one such bank,

(iv)  time deposits maturing no more than one hundred eighty (180) days from the date
of creation thereof with (A) commercial banks or savings banks or savings and loan
associations organized under the laws of the United States or any State thereof each having
membership either in the FDIC or the deposits of which are insured by the FDIC and in
amounts not exceeding the maximum amounts of insurance thereunder or (B) commercial banks
organized under the laws of the United Kingdom or Canada satisfying the criteria described
in clause (iii); provided, that the aggregate amount invested in such time deposits
with commercial banks pursuant to clause (B) above shall not at any time exceed $150,000,000
for any one such bank,

(v) money market funds that (A) comply with the criteria set forth in the United States
Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (B)
are rated AAA by Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and Aaa by Moody’s Investors Service, Inc. and (C) have portfolio assets of
at least $500,000,000,

(vi) fully collateralized repurchase agreements with a term of not more than thirty
(30) days for securities described in clause (i) above and entered into with a financial
institution satisfying the criteria described in clause (iii) above; and

(vii) tax-free variable rate demand notes which are fully supported by letters of
credit with a financial institution satisfying the criteria described in clause (iii) above;

(c) Investments by the Borrower or any Subsidiary thereof in the form of acquisitions of all
or substantially all of the business or a line of business (whether by the acquisition of Capital
Stock, assets or any combination thereof) of any other Person if each such acquisition meets all of
the following requirements (such acquisitions being, “Permitted Acquisitions”):

(i) the Person to be acquired shall be engaged in a business, or the assets to be acquired
shall be used in a business, permitted pursuant to Section 10.12;

(ii) the Borrower or any Subsidiary (including any entity being acquired that becomes a
Subsidiary) shall be the surviving Person and no Change of Control shall have been effected
thereby;

(iii) the Person to be acquired shall not be subject to any material pending litigation which
could reasonably be expected to have a Material Adverse Effect;

(iv) the Borrower shall have delivered written notice of such proposed acquisition to the
Administrative Agent and the Lenders, which notice shall include the proposed closing date of such
proposed acquisition and a description of the acquisition in the form customarily prepared by the
Borrower, not less than five (5) Business Days prior to such proposed closing date;

(v) such acquisition is approved by the board of directors (or a majority of the holders of
the Capital Stock of such Person) of the Person whose assets or Capital Stock are being acquired
pursuant to such acquisition;

(vi) no Default or Event of Default shall have occurred and be continuing both before and
after giving effect to such proposed acquisition;

(vii) the Borrower shall have demonstrated to the Administrative Agent pro
forma compliance (as of the date of the proposed acquisition and after giving effect
thereto and any Extensions of Credit made or to be made in connection therewith) with each covenant
contained in, and in the manner set forth in, Article IX (provided that, with
respect to Section 9.1, the Borrower shall have demonstrated to the Administrative Agent
that the Leverage Ratio is at least 0.25 below the applicable ratio set forth therein);

(viii) the Borrower shall have delivered to the Administrative Agent such documents reasonably
requested by the Administrative Agent or the Required Lenders (through the Administrative Agent)
pursuant to Section 8.10 to be delivered at the time required pursuant to Section
8.10;

(ix) the Borrower shall have obtained the prior written consent of the Administrative Agent
and the Required Lenders prior to the consummation of such proposed acquisition if the aggregate
amount of Permitted Acquisition Consideration payable in cash with respect to such proposed
acquisition or series of related acquisitions, together with the aggregate amount of Permitted
Acquisition Consideration paid in cash with respect to all acquisitions or series of related
acquisitions consummated since the Closing Date, exceeds $300,000,000; and

(x) for any such acquisition involving an Investment by the Borrower or any Guarantor in a
Subsidiary that is not a Guarantor, such Investment must be permitted pursuant to Section
10.3(i);

(d) Hedging Agreements permitted pursuant to Section 10.1;

(e) purchases of assets in the ordinary course of business;

(f) Investments in the form of loans and advances to employees in the ordinary course of
business (including for travel, entertainment and relocation expenses), which, in the aggregate, do
not exceed at any time $10,000,000;

(g) intercompany loans and advances permitted pursuant to Section 10.1(i);

(h) equity Investments (i) by the Borrower in any Guarantor, (ii) by any Subsidiary in the
Borrower, (iii) by any Subsidiary in any Guarantor or (iv) by any Subsidiary that is not a
Guarantor in any other Subsidiary that is not a Guarantor;

(i) equity Investments by the Borrower or any Guarantor in, and loans and advances by the
Borrower or any Guarantor to, Subsidiaries that are not Guarantors in an aggregate amount not to
exceed $200,000,000 at any time;

(j) Investments by Finance Subsidiaries in any Subsidiary SPC used to effect a Permitted Asset
Securitization;

(k) intercompany Investments, loans and advances arising in connection with pooled cash
management activities of the Borrower and its Subsidiaries;

(l) Investments accepted by the Borrower or any Subsidiary in the ordinary course of business
in satisfaction of unpaid obligations owed to it, and other de minimis Investments acquired in the
ordinary course of business;

(m) Investments constituting Restricted Payments permitted by Section 10.6; and

(n) other additional Investments not otherwise permitted pursuant to this Section 10.3
not exceeding $10,000,000 in the aggregate at any time.

SECTION 10.4 Limitations on Mergers and Liquidation. 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) assets
(including the Capital Stock of Subsidiaries) constituting all or substantially all of the assets
of the Borrower and its Subsidiaries, taken as a whole (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 or Event of Default shall have occurred and be continuing (i) any Person may
merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii)
any Person may merge into any Guarantor in a transaction in which the surviving entity is a
Guarantor, (iii) any Person (other than the Borrower or a Guarantor) may merge into a Subsidiary
that is not a Guarantor in a transaction in which the surviving entity is a Subsidiary, (iv) asset
transfers permitted by Section 10.5 may be effected by means of mergers and (v) any
Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation
or dissolution is in the best interests of the Borrower and is not materially disadvantageous to
the Lenders; 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 10.3.

SECTION 10.5 Limitations on Sale of Assets. Dispose of any of its property, business
or assets (including, without limitation, the sale of any receivables and leasehold interests and
any Sale and Leaseback Transaction or similar transaction), whether now owned or hereafter acquired
except:

(a) the sale and leasing of inventory in the ordinary course of business;

(b) the Disposition of damaged, obsolete, unusable, worn out or surplus assets no longer used
or usable in the business of the Borrower or any Subsidiary thereof;

(c) the Disposition of property by the Borrower or any Subsidiary thereof to the Borrower or
any Guarantor;

(d) the Disposition of property by any Subsidiary that is not a Guarantor to any other
Subsidiary that is not a Guarantor;

(e) other Dispositions of property by the Borrower or any Guarantor to any Subsidiary that is
not a Guarantor, but only to the extent permitted by Section 10.4;

(f) Investments, loans, advances and acquisitions permitted by Section 10.3 and
restricted payments permitted by Section 10.6;

(g) the transfer of equipment and related agreements to Finance Subsidiaries for sale or
leasing to customers in the ordinary course of business;

(h) the sale or discount without recourse of accounts receivable arising in the ordinary
course of business in connection with the compromise or collection thereof;

(i) the Disposition of any Hedging Agreement;

(j) sales of accounts, chattel paper or related rights pursuant to (i) a Permitted Asset
Securitization or (ii) an asset securitization permitted pursuant to Section 10.1(k);

(k) Dispositions of Cash Equivalents;

(l) sales or assignments of contracts or payment rights thereunder (and related equipment)
relating to the lease or rental of equipment to customers in the ordinary course of business
pursuant to the GE Program Agreements or other similar program agreements which are executed in
connection with leasing or financing arrangements by third parties of products distributed by the
Borrower and its Subsidiaries and which contain terms and provisions which are no broader in scope
and obligation than the terms and provisions contained in the GE Program Agreements;

(m) Dispositions of all or any portion of the property, business or assets of, or arising out
of the businesses conducted by, IKON Office Solutions Dublin Limited and IKON Capital PLC or other
Foreign Subsidiaries engaged in financing or leasing businesses; and

(n) Dispositions of property (including Sale and Leaseback Transactions) not otherwise
permitted by this Section 10.5 having a fair market value not to exceed $25,000,000 in the
aggregate during any Fiscal Year.

SECTION 10.6 Restricted Payments.

(a) Directly or indirectly:

(i) Declare or pay any dividend or make any other payment or distribution on account of
the Borrower’s or any of its Subsidiaries’ Equity Interests (including, without limitation,
any payment in connection with any merger or consolidation involving the Borrower or any of
its Subsidiaries) or to the direct or indirect holders of the Borrower’s or any of its
Subsidiaries’ Equity Interests in their capacity as such (other than dividends, payments or
distributions payable in (A) Equity Interests (other than Disqualified Stock) of the
Borrower or (B) to the Borrower or any other Subsidiary (and if such Subsidiary is not a
Wholly-Owned Subsidiary, to its other holders of Equity Interests on a pro rata basis) so
long as, in the case of any dividend or distribution payable on or in respect of any class
or series of Equity Interests issued by a Subsidiary other than a Wholly-Owned Subsidiary,
the Borrower or a Subsidiary receives at least its pro rata share of such dividend or
distribution in accordance with its ownership in such class or series of Equity Interests)
of the Borrower);

(ii) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Borrower) any
Equity Interests of the Borrower (other than any such Equity Interests owned by any of the
Borrower’s Subsidiaries) or any Equity Interests of any of its Subsidiaries (other than any
such Equity Interests owned by the Borrower or any of its Subsidiaries) that are held by an
Affiliate of the Borrower;

(iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise
acquire or retire for value any Subordinated Indebtedness, except (A) payment of interest or
principal at the Stated Maturity thereof, or to satisfy a scheduled sinking fund or
amortization or other installment obligation thereon or (B) the purchase, redemption or
other acquisition or retirement of any such Subordinated Indebtedness purchased in
anticipation of satisfying a payment at the Stated Maturity thereof or a sinking fund or
amortization or other installment obligation, in each case due within one year of the date
of acquisition; or

(iv) make any Restricted Investment (other than a Permitted Acquisition) (all such
payments and other actions described in these clauses (i) through (iv) being collectively
referred to as “Restricted Payments”);

provided, that the Borrower or any of its Subsidiaries may make a Restricted Payment if, at
the time of and after giving effect to such Restricted Payment:

(A) no Default or Event of Default shall have occurred and be continuing or
would occur as a consequence thereof; and

(B) the Borrower would, at the time of such Restricted Payment and after giving
pro forma effect thereto as if such Restricted Payment had been made
at the beginning of the applicable four-quarter period, have a Fixed Charge Coverage
Ratio of not less than 2.00 to 1.00 for the Borrower’s most recently ended four full
fiscal quarters for which financial statements are available immediately preceding
the date on which such Restricted Payment is to made; and

(C) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Borrower and its Subsidiaries after September 21,
2005 (excluding Restricted Payments permitted by clauses (i), (iii), (iv), (v),
(vi), (vii), (viii), (ix), (x), (xi) and (xii) of Section 10.6(b)), is less
than the sum, without duplication, of:

(1) 50% of the Consolidated Net Income of the Borrower for the period
(taken as one accounting period) from the beginning of the first fiscal
quarter commencing after September 21, 2005 to the end of the Borrower’s
most recently ended fiscal quarter for which financial statements are
available at the time of such Restricted Payment (or, if such Consolidated
Net Income for such period is a deficit, less 100% of such deficit);
plus

(2) 100% of the aggregate net cash proceeds and the Fair Market Value
of property and assets (other than Indebtedness) received by the Borrower
since September 21, 2005 as a contribution to its common equity capital or
from the issue or sale of Equity Interests of the Borrower (other than
Disqualified Stock) or from the issue or sale of convertible or exchangeable
Disqualified Stock or convertible or exchangeable debt securities of the
Borrower that have been converted into or exchanged for such Equity
Interests (other than Equity Interests (or Disqualified Stock or debt
securities) sold to a Subsidiary of the Borrower); plus

(3) to the extent that any Restricted Investment that was made after
September 21, 2005 is sold for cash or otherwise liquidated or repaid for
cash, the lesser of (a) the cash return of capital with respect to such
Restricted Investment (less the cost of disposition, if any) and (b) the
initial amount of such Restricted Investment; provided,
however, that no amount shall be included under this clause (c) to
the extent it is already included in Consolidated Net Income; plus

(4) in the case of the redesignation of an Unrestricted Subsidiary
pursuant to the terms of the September 2015 Notes Indenture as a Subsidiary
or the merger or consolidation of an Unrestricted Subsidiary into the
Borrower or a Subsidiary or the transfer of assets of an Unrestricted
Subsidiary to the Borrower or a Subsidiary, the Fair Market Value of the
Investment in such Unrestricted Subsidiary, as determined by the Borrower in
good faith at the time of the redesignation of such Unrestricted Subsidiary
as a Subsidiary or at the time of such merger, consolidation or transfer of
assets (other than to the extent the Investment in such Unrestricted
Subsidiary constituted a Permitted Investment).

(b) The provisions of Section 10.6(a) shall not prohibit:

(i) the redemption, repurchase, retirement or other acquisition of Capital Stock of the
Borrower in an amount not to exceed (A) during any Covenant Suspension Period, $300,000,000
less the aggregate amount of all Excess Dividend Payments made pursuant to
clause (ix) below and (B) at all other times, $75,000,000; provided that the
Borrower may repurchase additional Capital Stock, in an aggregate amount not to exceed an
additional $75,000,000  during the term of this Agreement, if the Net Leverage Ratio
determined as of the end of the Borrower’s most recently ended fiscal quarter preceding the
date of such proposed redemption, repurchase, retirement or other acquisition for which
financial statements are available would have been no greater than 2.00 to 1.00;

(ii) the payment of any dividend within sixty (60) days after the date of declaration
thereof, provided that on the date of such declaration such payment would have complied with
the provisions of this Agreement;

(iii) the redemption, repurchase, retirement, defeasance or other acquisition of any
Subordinated Indebtedness of the Borrower or of any Equity Interests of the Borrower in
exchange for, or out of the net cash proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Borrower) of, Equity Interests of the Borrower (other than
Disqualified Stock);

(iv) the defeasance, redemption, repurchase or other acquisition of Subordinated
Indebtedness of the Borrower with the net cash proceeds from an incurrence of Subordinated
Indebtedness in accordance with (A) Section 4.09 of the September 2015 Notes Indenture and
(B) Section 10.1 of this Agreement;

(v) Investments acquired as a capital contribution to, or in exchange for, or out of
the net cash proceeds of a substantially concurrent offering of, Capital Stock (other than
Disqualified Stock) of the Borrower;

(vi) the redemption, repurchase, retirement or other acquisition of Capital Stock of
the Borrower deemed to occur upon the exercise of options or warrants if such Capital Stock
represents all or a portion of the exercise price thereof;

(vii) so long as no Default or Event of Default has occurred and is continuing or would
be caused thereby, the repurchase, redemption or other acquisition or retirement for value
of any Equity Interests of the Borrower held by any current or former employees or directors
of the Borrower pursuant to any management equity subscription agreement, employee agreement
or stock option agreement approved by the board of directors (or equivalent governing body)
of the Borrower; provided that the aggregate price paid for all such repurchased,
redeemed, acquired or retired Equity Interests in any Fiscal Year shall not exceed the sum
of (a) $2,000,000 and (b) the amount of Restricted Payment permitted but not made pursuant
to this clause (vii) in the immediately preceding Fiscal Year;

(viii) dividends paid on shares of Disqualified Stock of the Borrower issued in
accordance with Section 4.09 of the September 2015 Notes Indenture;

(ix) so long as no Default or Event of Default has occurred and is continuing or would
be caused thereby, the declaration and payment of dividends on the Borrower’s issued and
outstanding common stock (other than Disqualified Stock) in an amount not to exceed $0.04
per share (as adjusted for stock splits and similar transactions after September 21, 2005)
per fiscal quarter; provided that the aggregate amount of all dividends declared or
paid pursuant to this clause (ix) shall not exceed $22,000,000 in any Fiscal Year;
provided further that, during any Covenant Suspension Period, the Borrower
may declare and pay additional cumulative dividends pursuant to this clause (ix) in
an aggregate amount not to exceed $300,000,000 less the amount of all redemptions,
repurchases, retirements or other acquisitions of Capital Stock of the Borrower made
pursuant to clause (i) above (such additional dividend payments, “Excess
Dividend Payments”);

(x) the defeasance, redemption, repurchase or other acquisition of the Borrower’s 5.0%
Convertible Subordinated Notes due 2007 with the proceeds of the offering of the September
2015 Notes;

(xi) redemption by the Borrower of the rights to purchase the Borrower’s Series 12
Preferred Stock in accordance with the terms of the Rights Agreement; and

(xii) so long as no Default or Event of Default has occurred and is continuing or would
be caused thereby, Restricted Payments in an aggregate amount not to exceed $25,000,000.

(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on
the date of the Restricted Payment of the assets proposed to be transferred by the Borrower or such
Subsidiary, as the case may be, pursuant to the Restricted Payment.

SECTION 10.7 Limitations on Exchange and Issuance of Capital Stock. Issue, sell or
otherwise dispose of any class or series of Capital Stock that, by its terms or by the terms of any
security into which it is convertible or exchangeable, is, or upon the happening of an event or
passage of time would be, (a) convertible or exchangeable into Indebtedness prior to the date that
is 6 months after the Revolving Credit Maturity Date or (b) required to be redeemed or repurchased,
including at the option of the holder, in whole or in part, or has, or upon the happening of an
event or passage of time would have, a redemption or similar payment due prior to the date that is
6 months after the Revolving Credit Maturity Date.

SECTION 10.8 Transactions with Affiliates. Except for Permitted Asset Securitizations,
transactions permitted by Sections 10.3, 10.6, 10.7 and those
transactions existing on the Closing Date and identified on Schedule 10.8 directly or
indirectly (a) make any loan or advance to, or purchase or assume any note or other obligation to
or from, any of its officers, directors, shareholders or other Affiliates, or to or from any member
of the immediate family of any of its officers, directors, shareholders or other Affiliates, or
subcontract any operations to any of its Affiliates or (b) enter into, or be a party to, any other
transaction not described in clause (a) above with any of its Affiliates, except pursuant to the
reasonable requirements of its business and upon fair and reasonable terms that are no less
favorable to it than it would obtain in a comparable arm’s length transaction with a Person not its
Affiliate.

SECTION 10.9 Certain Accounting Changes; Organizational Documents.

(a) Permit the Borrower or any Domestic Subsidiary to change its Fiscal Year end, or make any
change in its accounting treatment and reporting practices except as required by GAAP; or

(b) Amend, modify or change its articles of incorporation (or corporate charter or other
similar organizational documents) or amend, modify or change its bylaws (or other similar
documents) in any manner adverse in any respect to the rights or interests of the Lenders.

SECTION 10.10 Amendments; Payments and Prepayments of Subordinated Indebtedness.

(a) Amend or modify (or permit the modification or amendment of) any of the terms or
provisions of any Subordinated Indebtedness in any manner adverse in any material respect to the
rights and interests of the Lenders, or cancel or forgive, make any voluntary or optional payment
or prepayment on, or redeem or acquire for value (including, without limitation, by way of
depositing with any trustee with respect thereto money or securities before due for the purpose of
paying when due) any Subordinated Indebtedness, other than as permitted by Section 10.6.

(b) Make any voluntary or optional prepayment on, or redeem or acquire for value (including,
without limitation, by way of depositing with any trustee with respect thereto money or securities
before due for the purpose of paying when due) any Restricted Indebtedness; provided that,
so long as no Default or Event of Default shall have occurred and be continuing at the time of or
after giving effect to such transactions:

(i) the Borrower or any Subsidiary thereof may make any such prepayment of Restricted
Indebtedness that matures prior to the Revolving Credit Maturity Date;

(ii) the Borrower or any Subsidiary thereof may make any such prepayment of
Indebtedness under any revolving credit facility, revolving line of credit or similar
arrangement;

(iii) the Borrower or any Subsidiary thereof may make any such prepayment of Restricted
Indebtedness with excess cash not required for working capital or for the satisfaction of
mandatory payment obligations (provided that (A) neither the Borrower nor any
Subsidiary thereof shall incur additional Indebtedness (including under this Agreement) to
make any such voluntary or optional prepayment of such Restricted Indebtedness and (B) there
shall be no outstanding Extensions of Credit under this Agreement (other than L/C
Obligations then outstanding in an aggregate amount not to exceed $100,000,000) at the time
of such prepayment); and

(iv) the Borrower or any Subsidiary thereof may make any such prepayment of Restricted
Indebtedness with the proceeds of Indebtedness incurred to refinance such Restricted
Indebtedness (“Refinancing Indebtedness”) so long as such Refinancing Indebtedness
(A) either (1) matures after the Revolving Credit Maturity Date or (2) has a weighted
average life to maturity not less than that of the Indebtedness being refinanced and (B)
contains terms and conditions in respect of mandatory prepayment or redemption events and
events of default and priority ranking which are not less favorable to the Lenders than the
Indebtedness being refinanced.

SECTION 10.11 Restrictive Agreements.

(a) Enter into any Indebtedness (i) which contains any negative pledge more restrictive than
the provisions of Section 10.2 hereof, or (ii) which restricts, limits or otherwise
encumbers its ability to incur Liens on or with respect to any of its assets or properties other
than the assets or properties securing such Indebtedness or (b) enter into or permit to exist any
agreement or instrument which by its terms impairs, restricts, limits or otherwise encumbers (by
covenant or otherwise) the ability of any Subsidiary of the Borrower to make any payment to the
Borrower or any Subsidiary thereof (in the form of dividends, distributions or intercompany loans
or advances) for the purpose of enabling the Borrower to pay the Obligations; provided
that:

(A) the foregoing shall not apply to restrictions and conditions imposed by law or by
the Loan Documents;

(B) the foregoing shall not apply to restrictions and conditions existing on the date
hereof identified on Schedule 10.11 (but shall apply to any amendment or
modification expanding the scope of any such restriction or condition);

(C) the foregoing shall not apply to customary restrictions and conditions contained in
agreements relating to the sale of a Subsidiary or of any assets pending such sale
(provided that such restrictions and conditions apply only to the Subsidiary or
assets, as the case may be, to be sold and such sale is permitted hereunder);

(D) clause (a)(ii) 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;

(E) clause (a)(ii) of the foregoing shall not apply to customary provisions in leases
and other contracts restricting the assignment thereof; and

(F) the foregoing will not prohibit customary restrictions and conditions imposed by
any agreement relating to any Permitted Asset Securitization or securitizations by Foreign
Subsidiaries permitted by Section 10.1(k), including restrictions on the transfer or
encumbrance of the assets subject to any such transaction or on dividends, distributions or
other transfers by any trust, partnership, corporation or other entity used to facilitate
any such transaction.

SECTION 10.12 Nature of Business. Engage to any material extent in any business other
than businesses of the type conducted by the Borrower and its Subsidiaries on the Closing Date and
businesses reasonably related thereto.

SECTION 10.13 Impairment of Security Interests. Take or omit to take any action, which
might or would have the result of materially impairing the security interests in favor of the
Collateral Agent with respect to the Collateral or grant to any Person (other than the Collateral
Agent for the benefit of itself and the Secured Parties pursuant to the Security Documents) any
interest whatsoever in the Collateral, except for Permitted Liens and asset transfers permitted
under Section 10.5.

SECTION 10.14 Ratings Trigger Event. Enter into, incur or permit to exist any
agreement or other arrangement which contains Ratings Trigger Events.

SECTION 10.15 IKON Office Solutions Foundation, Inc.

(a) Permit IKON Office Solutions Foundation, Inc. to engage in any business, operations or
activities other than as a charitable foundation in accordance with the requirements of Section
501(c)(3) of the Code.

(b) (i) Make any Investment in IKON Office Solutions Foundation, Inc., (ii) make or permit to
exist, directly or indirectly, any loans, advances or extensions of credit to, or any Investment in
cash in, or by delivery of property to, IKON Office Solutions Foundation, Inc. or (iii) incur any
Indebtedness (including any Guaranty Obligations) with respect to any Indebtedness of IKON Office
Solutions Foundation, Inc.; provided that the Borrower may make capital contributions to
IKON Office Solutions Foundation, Inc. during any Fiscal Year in an amount not to exceed one
percent (1%) of the Net Income of the Borrower and its Subsidiaries for the prior Fiscal Year, so
long as no Default or Event of Default shall have occurred and be continuing both before and after
giving effect to any such capital contribution.

ARTICLE XI. Intentionally Omitted.

ARTICLE XII

DEFAULT AND REMEDIES

SECTION 12.1 Events of Default. Each of the following shall constitute an Event of
Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment or order of any court or any order, rule
or regulation of any Governmental Authority or otherwise:

(a) Default in Payment of Principal of Loans and Reimbursement Obligations. The
Borrower shall default in any payment of principal of any Loan, Note or Reimbursement Obligation
when and as due (whether at maturity, by reason of acceleration or otherwise).

(b) Other Payment Default. The Borrower shall default in the payment when and as due
(whether at maturity, by reason of acceleration or otherwise) of interest on any Loan, Note or
Reimbursement Obligation or the payment of any other Obligation, and such default shall continue
for a period of three (3) Business Days.

(c) Misrepresentation. Any representation or warranty made or deemed to be made by
the Borrower or any Subsidiary thereof under this Agreement, any other Loan Document or any
amendment hereto or thereto, shall at any time prove to have been incorrect or misleading in any
material respect when made or deemed made.

(d) Default in Performance of Certain Covenants. The Borrower shall (i) default in
the performance or observance of any covenant or agreement contained in Sections 7.2 or
7.5(a) or Articles IX or X of this Agreement or (ii) default in the
performance or observance of any of the covenants or agreements contained in Section 7.1
and such default shall continue for a period of fifteen (15) days.

(e) Default in Performance of Other Covenants and Conditions. The Borrower or any
Subsidiary thereof shall default in the performance or observance of any term, covenant, condition
or agreement contained in this Agreement (other than as specifically provided for otherwise in this
Section 12.1) or any other Loan Document and such default shall continue for a period of
thirty (30) days after written notice thereof has been given to the Borrower by the Administrative
Agent.

(f) Indebtedness Cross-Default. The Borrower or any Subsidiary thereof shall (i)
default in the payment of any Indebtedness (other than the Loans or Notes or any Reimbursement
Obligation) the aggregate outstanding amount of which Indebtedness is in excess of $20,000,000
beyond the period of grace if any, provided in the instrument or agreement under which such
Indebtedness was created, or (ii) default in the observance or performance of any other agreement
or condition relating to any Indebtedness (other than the Loans or Notes or any Reimbursement
Obligation) the aggregate outstanding amount of which Indebtedness is in excess of $20,000,000 or
contained in any instrument or agreement evidencing, securing or relating thereto or any other
event shall occur or condition exist, the effect of which default or other event or condition is to
cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of
such holder or holders) to cause, with the giving of notice if required, any such Indebtedness to
become due or to require the prepayment, repurchase, redemption or defeasance thereof prior to its
Stated Maturity (any applicable grace period having expired); provided that this clause (f) 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.

(g) Other Cross-Defaults. The Borrower or any Subsidiary thereof shall default in the
payment when due, or in the performance or observance, of any obligation or condition of any
Material Contract unless such default would not be reasonably likely, individually or in the
aggregate, to have a Material Adverse Effect.

(h) Change in Control. (i) Any person or group of persons (within the meaning of
Section 13(d) of the Securities Exchange Act of 1934, as amended), other than any pension or other
benefit plan for officers, employees or directors of the Borrower and its Subsidiaries, shall
obtain ownership or control in one or more series of transactions of more than thirty percent (30%)
of the common stock or thirty percent (30%) of the voting power of the Borrower entitled to vote in
the election of members of the board of directors of the Borrower or (ii) the occupation of a
majority of the seats (other than vacant seats) on the board of directors of the Borrower by
Persons who were neither (A) nominated by the board of directors of the Borrower nor (B) appointed
by directors so nominated (each such event, a “Change in Control”).

(i) Voluntary Bankruptcy Proceeding. The Borrower or any Subsidiary thereof shall (i)
commence a voluntary case under the federal bankruptcy laws (as now or hereafter in effect) or
other proceeding seeking liquidation, reorganization or other relief with respect to itself or its
debts, (ii) file a petition, make an application or take any action seeking to take advantage of
any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding
up, composition, assignment or arrangement for adjustment of debts, (iii) consent to or fail to
contest in a timely and appropriate manner any petition filed or application made against it in an
involuntary case under such bankruptcy laws or other laws, (iv) apply for or consent to, or fail to
contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a
receiver, custodian, trustee, administrator, administrative receiver, manager or liquidator of
itself or of a substantial part of its property, domestic or foreign, (v) admit in writing its
inability to pay its debts as they become due, (vi) make a general assignment for the benefit of
creditors, or (vii) take any corporate action for the purpose of authorizing any of the foregoing.

(j) Involuntary Bankruptcy Proceeding.

(i) a case or other proceeding shall be commenced against the Borrower or any Subsidiary
thereof in any court of competent jurisdiction seeking (A) relief under the federal bankruptcy laws
(as now or hereafter in effect) or under any other laws, domestic or foreign, relating to
bankruptcy, insolvency, reorganization, winding up or adjustment of debts, or (b) the appointment
of a trustee, receiver, custodian, liquidator, administrator, administrative receiver, manager or
the like for the Borrower or any Subsidiary thereof or for all or any substantial part of their
respective assets, domestic or foreign, and such case (save in the case of the appointment of an
administrator) or proceeding shall continue without dismissal or stay for a period of sixty (60)
consecutive days, or an order granting the relief requested in such case or proceeding (including,
but not limited to, an order for relief under such federal bankruptcy laws) shall be entered;

(ii) any Subsidiary organized under the laws of England and Wales or Scotland is deemed unable
to pay its debts within the meaning of Section 123 of the Insolvency Act 1986 or becomes unable to
pay its debts as they become due or otherwise becomes insolvent; or

(iii) any order is made or any resolution passed for the winding-up or administration of any
Subsidiary except for the purposes of a solvent amalgamation or reconstruction previously approved
by the Required Lenders in writing.

(k) Failure of Agreements. Any provision of this Agreement or any provision of any
other Loan Document shall for any reason cease to be valid and binding on the Borrower or
Subsidiary party thereto or any such Person shall so state in writing, or this Agreement or any
other Loan Document shall for any reason cease to create a valid and perfected first priority Lien
on, or security interest in, any of the collateral purported to be covered thereby, in each case
other than in accordance with the express terms hereof or thereof.

(l) Termination Event. The occurrence of any of the following events: (i) the
Borrower or any ERISA Affiliate fails to make full payment when due of all amounts which, under the
provisions of any Pension Plan or Section 412 of the Code, the Borrower or any ERISA Affiliate is
required to pay as contributions thereto and the failure to pay such amount could reasonably be
expected to have a Material Adverse Effect, (ii) an accumulated funding deficiency in excess of
$15,000,000 occurs or exists, whether or not waived, with respect to any Pension Plan, (iii) a
Termination Event or (iv) the Borrower or any ERISA Affiliate as employers under one or more
Multiemployer Plans makes a complete or partial withdrawal from any such Multiemployer Plan and the
plan sponsor of such Multiemployer Plans notifies such withdrawing employer that such employer has
incurred a withdrawal liability requiring payments in an amount exceeding $15,000,000.

(m) Judgment. One or more judgments or orders for the payment of money in an
aggregate amount in excess of $20,000,000 shall be rendered against the Borrower or any
Subsidiary thereof and the same shall remain undischarged for a period of thirty (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 US Borrower or any Subsidiary to
enforce any such judgment.

(n) Environmental. Any one or more Environmental Claims shall have been asserted
against the Borrower or any Subsidiary thereof; the Borrower and its Subsidiaries would be
reasonable likely to incur liability as a result thereof; and such liability would be reasonably
likely, individually or in the aggregate, to have a Material Adverse Effect.

SECTION 12.2 Remedies. Upon the occurrence of an Event of Default, with the consent
of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders,
the Administrative Agent shall, by notice to the Borrower:

(a) Acceleration; Termination of Facilities. Declare the principal of and interest on
the Loans, the Notes and the Reimbursement Obligations at the time outstanding, and all other
amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the
other Loan Documents (including, without limitation, all L/C Obligations, whether or not the
beneficiaries of the then outstanding Letters of Credit shall have presented or shall be entitled
to present the documents required thereunder) and all other Obligations (other than Hedging
Obligations), to be forthwith due and payable, whereupon the same shall immediately become due and
payable without presentment, demand, protest or other notice of any kind, all of which are
expressly waived, anything in this Agreement or the other Loan Documents to the contrary
notwithstanding, and terminate the Credit Facility and any right of the Borrower to request
borrowings or Letters of Credit thereunder; provided, that upon the occurrence of a
Bankruptcy Event of Default, the Credit Facility shall be automatically terminated and all
Obligations (other than Hedging Obligations) shall automatically become due and payable without
presentment, demand, protest or other notice of any kind, all of which are expressly waived,
anything in this Agreement or in any other Loan Document to the contrary notwithstanding.

(b) Letters of Credit. With respect to all Letters of Credit with respect to which
presentment for honor shall not have occurred at the time of an acceleration pursuant to the
preceding paragraph, require the Borrower at such time to, and the Borrower shall, deposit in a
cash collateral account opened by the Administrative Agent an amount equal to the aggregate then
undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral
account shall be deposited by the Administrative Agent in overnight or short-term Cash Equivalents
selected by the Administrative Agent at its sole discretion. Amounts earned from such investments
shall be deposited in the cash collateral account and shall be applied by the Administrative Agent
in accordance with this clause (b). Amounts held in such cash collateral account shall be applied
by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the
unused portion thereof after all such Letters of Credit shall have expired or been fully drawn
upon, if any, shall be applied to repay the other Obligations on a pro rata basis.
After all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement
Obligation shall have been satisfied and all other Obligations shall have been paid in full, the
balance, if any, in such cash collateral account shall be returned to the Borrower.

(c) Rights of Collection. Exercise on behalf of the Lenders all of its other rights
and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy
all of the Borrower’s Obligations.

SECTION 12.3 Rights and Remedies Cumulative; Non-Waiver; etc. The enumeration of the
rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not
intended to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right
or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be
cumulative, and shall be in addition to any other right or remedy given hereunder or under the
other Loan Documents or that may now or hereafter exist at law or in equity or by suit or
otherwise. No delay or failure to take action on the part of the Administrative Agent or any
Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right, power or privilege preclude any other or further
exercise thereof or the exercise of any other right, power or privilege or shall be construed to be
a waiver of any Event of Default. No course of dealing between the Borrower, the Administrative
Agent and the Lenders or their respective agents or employees shall be effective to change, modify
or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a
waiver of any Event of Default.

SECTION 12.4 Crediting of Payments and Proceeds. In the event that the Borrower shall
fail to pay any of the Obligations when due and the Obligations have been accelerated pursuant to
Section 12.2, all payments received by the Lenders upon the Obligations and all net
proceeds from the enforcement of the Obligations shall be applied:

First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts, including attorney fees, payable to the Administrative Agent in its
capacity as such and the Issuing Lender in its capacity as such (ratably among the Administrative
Agent and the Issuing Lender in proportion to the respective amounts described in this clause
First payable to them);

Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders, including attorney
fees (ratably among the Lenders in proportion to the respective amounts described in this clause
Second payable to them);

Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and Reimbursement Obligations and any Hedging Obligations (including any
termination payments and any accrued and unpaid interest thereon) (ratably among the Lenders in
proportion to the respective amounts described in this clause Third payable to them);

Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and Reimbursement Obligations (ratably among the Lenders in proportion to the respective
amounts described in this clause Fourth held by them);

Fifth, to the Administrative Agent for the account of the Issuing Lender, to cash
collateralize any L/C Obligations then outstanding; and

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

SECTION 12.5 Administrative Agent May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Borrower or any Subsidiary thereof, the
Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

(a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, the L/C Obligations and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and
their respective agents and counsel and all other amounts due the Lenders and the Administrative
Agent under Sections 3.3, 4.3 and 14.3) allowed in such judicial proceeding; and

(b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 4.3 and
14.3.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

ARTICLE XIII

THE ADMINISTRATIVE AGENT

SECTION 13.1 Appointment and Authority.

(a) Each of the Lenders and the Issuing Lender hereby irrevocably appoints Wachovia to act on
its behalf as the Administrative Agent hereunder and under the other Loan Documents 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 or thereof, together with such actions
and powers and trusts as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender, and neither
the Borrower nor any Subsidiary thereof shall have rights as a third party beneficiary of any of
such provisions.

(b) For the avoidance of doubt, as set forth in the definition of Administrative Agent, (i)
each reference thereto in this Agreement, including, without limitation, Articles XII,
XIII and XIV, shall include Wachovia in its capacity Collateral Agent and (ii) the
appointment and authorization set forth in subsection (a) above shall include the appointment of
Wachovia to act as the Collateral Agent under this Agreement and the other Loan Documents
(including, without limitation, the Security Documents) and the authorization for the Collateral
Agent to take such actions on behalf of the Lenders and to exercise such powers and trusts and
perform such duties as are delegated to the Collateral Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto.

SECTION 13.2 Rights as a Lender. The Person 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 the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such
Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrower
or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders.

SECTION 13.3 Exculpatory Provisions. The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein, in the other Loan Documents
(including its duties, solely in its capacity as security trustee, under the English Security
Documents). Without limiting the generality of the foregoing, the Administrative Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing (other than its duties, solely in its capacity as security
trustee, under the English Security Documents);

(b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except (i) to the extent required to be taken, solely in its capacity as security trustee,
under the English Security Documents and (ii) discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to
exercise as directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents), provided
that the Administrative Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or Applicable Law; and

(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of their Affiliates that is communicated to or obtained by the Person serving
as the 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 (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 14.11 and Section 12.2)
or (ii) 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 notice describing such
Default is given to the Administrative Agent by the Borrower, a Lender or the Issuing Lender.

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 this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article V or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

SECTION 13.4 Reliance by 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 (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated 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 have
been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance of a
Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the
Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such
Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the
contrary from such Lender or the Issuing Lender prior to the making of such Loan or the issuance of
such Letter of Credit. 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.

SECTION 13.5 Delegation of Duties. The Administrative Agent may perform any and all
of its duties and exercise its rights, powers and trusts hereunder or under any other Loan Document
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 of its duties and exercise its rights, powers
and trusts by or through their respective Related Parties. The exculpatory provisions of this
Article 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.

SECTION 13.6 Resignation of Administrative Agent.

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders,
the Issuing Lender and the Borrower. Upon receipt of any such notice of resignation, the Required
Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an
office in the United States. If no such 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 and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications
set forth above provided that if the Administrative Agent shall notify the Borrower and the Lenders
that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
become effective in accordance with such notice and (1) the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the
Lenders or the Issuing Lender under any of the Loan Documents, the retiring Administrative Agent
shall continue to hold such collateral security until such time as a successor Administrative Agent
is appointed) and (2) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender
directly, until such time as the Required Lenders appoint a successor Administrative Agent as
provided for above in this paragraph. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, trusts, privileges and duties of the retiring (or retired) Administrative Agent,
and the retiring Administrative Agent shall be discharged from all of its duties and obligations
hereunder or under the other Loan Documents (if not already discharged therefrom as provided above
in this paragraph). 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 retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article and Section 14.2 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 the retiring
Administrative Agent was acting as Administrative Agent.

(b) Any resignation by Wachovia as Administrative Agent pursuant to this Section 13.6
shall also constitute its resignation as Issuing Lender and Swingline Lender. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to
and become vested with all of the rights, powers, trusts, privileges and duties of the retiring
Issuing Lender and Swingline Lender, (b) the retiring Issuing Lender and Swingline Lender shall be
discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents, and (c) the successor Issuing Lender shall issue letters of credit in substitution for
the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement
satisfactory to the retiring Issuing Lender to effectively assume the obligations of the retiring
Issuing Lender with respect to such Letters of Credit.

SECTION 13.7 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and
the Issuing Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties 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 and the Issuing Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

SECTION 13.8 No Other Duties, etc. Anything herein to the contrary notwithstanding,
none of the syndication agents, documentation agents, co-agents, book manager, lead manager,
arranger, lead arranger or co-arranger listed on the cover page or signature pages hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent (including, without
limitation, in its capacity as the Collateral Agent), a Lender or the Issuing Lender hereunder.

SECTION 13.9 Collateral and Guaranty Matters. The Lenders irrevocably authorize the
Administrative Agent, at its option and in its discretion:

(a) to release any Lien on any Collateral granted to or held by the Administrative Agent, for
the ratable benefit of itself and the Lenders, under any Loan Document (i) upon repayment of the
outstanding principal of and all accrued interest on the Loans, payment of all outstanding fees and
expenses hereunder, the termination of the Lenders’ Commitments and the expiration or termination
of all Letters of Credit, (ii) that is sold or to be sold as part of or in connection with any sale
permitted hereunder or under any other Loan Document, (iii) pursuant to Section 8.13(a) or
(iv) subject to Section 14.11, if approved, authorized or ratified in writing by the
Required Lenders;

(b) to subordinate any Lien on any Collateral granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such Collateral that is permitted by
Section 10.2(n);

(c) to release any Guarantor from its obligations under the Guaranty Agreement if such Person
ceases to be a Subsidiary as a result of a transaction permitted hereunder; and

(d) in the event that the Borrower enters into a Permitted Asset Securitization and notifies
the Administrative Agent of such transaction and the need for an intercreditor agreement or similar
arrangement, to negotiate in good faith with the Borrower, and the Borrower agrees to negotiate in
good faith with the Administrative Agent, mutually satisfactory intercreditor agreements and other
arrangements solely with respect to any control agreements relating to deposit accounts to which
the Borrower and the Administrative Agent are parties and to execute and deliver release documents,
in each case to the extent necessary to provide for the identification and segregation of the
proceeds of any sold receivables that are the subject of such Permitted Asset Securitization and
the transfer thereof, free and clear of any Liens in favor of the Administrative Agent, to the
purchasers thereof.

Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the
Administrative Agent’s authority to release or subordinate its interest in particular types or
items of property, to enter into intercreditor agreements or to release any Guarantor from its
obligations under the Guaranty Agreement pursuant to this Section 13.9.

ARTICLE XIV

MISCELLANEOUS

SECTION 14.1 Notices.

(a) Method of Communication. Except as otherwise provided in this Agreement, all
notices and communications hereunder shall be in writing (for purposes hereof, the term “writing”
shall include information in electronic format such as electronic mail and internet web pages), or
by telephone subsequently confirmed in writing. Any notice shall be effective if delivered by hand
delivery or sent via electronic mail, posting on an internet web page, telecopy, recognized
overnight courier service or certified mail, return receipt requested, and shall be presumed to be
received by a party hereto (i) on the date of delivery if delivered by hand or sent by electronic
mail, posting on an internet web page, telecopy, (ii) on the next Business Day if sent by
recognized overnight courier service and (iii) on the third Business Day following the date sent by
certified mail, return receipt requested. A telephonic notice to the Administrative Agent as
understood by the Administrative Agent will be deemed to be the controlling and proper notice in
the event of a discrepancy with or failure to receive a confirming written notice.

(b) Addresses for Notices. Notices to any party shall be sent to it at the following
addresses, or any other address as to which all the other parties are notified in writing.

	 	 	 	 	 
	If to the Borrower:	 	IKON Office Solutions, Inc.

	 
	 	 	 	 
	
 
	 	70 Valley Stream Parkway
	 	

	 
	 	 	 	 
	 	 	Malvern, Pennsylvania 19355

	 
	 	 	 	 
	
 
	 	Attn:
	 	Richard J. Obetz,

Vice President and Treasurer

Telephone No.: (610) 408-7165

Telecopy No.: (610) 408-7022

	 	 	 	 	 
	With copies to:	 	Cravath, Swaine & Moore LLP

	 
	 	 	 	 
	
 
	 	Worldwide Plaza

825
	 	

Eighth Avenue

New York, New York 10019

Attention: James D. Cooper

Telephone No.: (212) 474-1326

Telecopy No.: (212) 474-3700

	 	 	 
	If to Wachovia as

Administrative Agent:

	 	Wachovia Bank, National Association

Charlotte Plaza, CP-8

201 South College Street

Charlotte, North Carolina 28288-0680

Attention: Syndication Agency Services

Telephone No.: (704) 374-2698

Telecopy No.: (704) 383-0288
	 
	 	 
	With copies to:

	 	Wachovia Bank, National Association

One Wachovia Center

Charlotte, North Carolina 28288

Attention: Mark B. Felker

Telephone No.: (704) 374-7074

Telecopy No.: (704) 383-7611
	 
	 	 
	If to any Lender:

	 	To the address set forth on Schedule 1.1(a)
	
 
	 	 

(c) Administrative Agent’s Office. The Administrative Agent hereby designates its
office located at the address set forth above, or any subsequent office which shall have been
specified for such purpose by written notice to the Borrower, and Lenders, as the Administrative
Agent’s Office referred to herein, to which payments due are to be made and at which Loans will be
disbursed and Letters of Credit issued. Notwithstanding the foregoing, the Administrative Agent
shall be entitled to perform its obligations and duties hereunder and under the other Loan
Documents from any of its respective offices.

SECTION 14.2 Expenses; Indemnity.

(a) Costs and Expenses. 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
syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses
incurred by the Administrative Agent, any Lender or the Issuing Lender (including the reasonable
fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the
Issuing Lender) in connection with the enforcement or protection of its rights (A) in connection
with this Agreement and the other Loan Documents, including its rights under this Section
14.2, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans or Letters of Credit.

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender and the Issuing 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 (including, without limitation, any
civil penalties or fines assessed by OFAC resulting from the conduct of the Borrower), damages,
liabilities and related expenses (including the reasonable fees, charges and disbursements of any
counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any
third party or by the Borrower or any Subsidiary thereof arising out of, in connection with, or as
a result of (i) the execution or delivery of this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of
their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the
proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under
a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of
Hazardous Materials on or from any property owned or operated by the Borrower or any of its
Subsidiaries, or any Environmental Claim related in any way to the Borrower or any of its
Subsidiaries, 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, whether
brought by a third party or by the Borrower or any Guarantor, 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 (x) are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted directly from the gross negligence or willful misconduct of such
Indemnitee or (y) result from a claim brought by the Borrower or any Guarantor against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other
Loan Document, if the Borrower or such Guarantor has obtained a final and nonappealable judgment in
its favor on such claim as determined by a court of competent jurisdiction.

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under paragraph (a) or (b) of this Section 14.2 to be
paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent), the Issuing Lender or such Related Party, as the case may be, such
Lender’s Commitment 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 (or any such sub-agent) or the Issuing
Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the
Administrative Agent (or any such sub-agent) or Issuing Lender in connection with such capacity.
The obligations of the Lenders under this paragraph (c) are subject to the provisions of
Section 4.6.

(d) Waiver of Consequential Damages, Etc. To the fullest 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, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.
No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the
use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

(e) Payments. All amounts due under this Section 14.2 shall be payable after
demand therefor.

SECTION 14.3 Right of Set-off. If an Event of Default shall have occurred and be
continuing, each Lender, the Issuing Lender, the Swingline Lender and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted
by Applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever
currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or any such
Affiliate to or for the credit or the account of the Borrower or any Guarantor against any and all
of the obligations of the Borrower or such Guarantor now or hereafter existing under this Agreement
or any other Loan Document to such Lender, the Issuing Lender or the Swingline Lender, irrespective
of whether or not such Lender, the Issuing Lender or the Swingline Lender shall have made any
demand under this Agreement or any other Loan Document and although such obligations of the
Borrower or such Guarantor may be contingent or unmatured or are owed to a branch or office of such
Lender, the Issuing Lender or the Swingline Lender different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Lender, the Issuing Lender, the
Swingline Lender and their respective Affiliates under this Section 14.3 are in addition to
other rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender,
the Swingline Lender or their respective Affiliates may have. Each Lender, the Issuing Lender and
the Swingline Lender agrees to notify the Borrower and the Administrative Agent promptly after any
such setoff and application; provided that the failure to give such notice shall not affect
the validity of such setoff and application.

SECTION 14.4 Governing Law. This Agreement and the other Loan Documents, unless
otherwise expressly set forth therein, shall be governed by, construed and enforced in accordance
with the laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General
Obligations Law of the State of New York), without reference to any other conflicts of law
principles thereof.

SECTION 14.5 Jurisdiction and Venue.

(a) Jurisdiction. The Borrower hereby irrevocably consents to the personal
jurisdiction of the state and federal courts located in New York, New York (and any courts from
which an appeal from any of such courts must or may be taken), in any action, claim or other
proceeding arising out of any dispute in connection with this Agreement, the Notes and the other
Loan Documents, any rights or obligations hereunder or thereunder, or the performance of such
rights and obligations. The Borrower hereby irrevocably consents to the service of a summons and
complaint and other process in any action, claim or proceeding brought by the Administrative Agent
or any Lender in connection with this Agreement, the Notes or the other Loan Documents, any rights
or obligations hereunder or thereunder, or the performance of such rights and obligations, on
behalf of itself or its property, in the manner specified in Section 14.1. Nothing in this
Section 14.5 shall affect the right of the Administrative Agent or any Lender to serve
legal process in any other manner permitted by Applicable Law or affect the right of the
Administrative Agent or any Lender to bring any action or proceeding against the Borrower or its
properties in the courts of any other jurisdictions.

(b) Venue. The Borrower hereby irrevocably waives any objection it may have now or in
the future to the laying of venue in the aforesaid jurisdiction in any action, claim or other
proceeding arising out of or in connection with this Agreement, any other Loan Document or the
rights and obligations of the parties hereunder or thereunder. The Borrower irrevocably waives, in
connection with such action, claim or proceeding, any plea or claim that the action, claim or other
proceeding has been brought in an inconvenient forum.

SECTION 14.6 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14.6.

SECTION 14.7 Reversal of Payments. To the extent the Borrower makes a payment or
payments to the Administrative Agent for the ratable benefit of the Lenders or the Administrative
Agent receives any payment or proceeds of the collateral which payments or proceeds or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or
federal law, common law or equitable cause, then, to the extent of such payment or proceeds repaid,
the Obligations or part thereof intended to be satisfied shall be revived and continued in full
force and effect as if such payment or proceeds had not been received by the Administrative Agent.

SECTION 14.8 Injunctive Relief; Punitive Damages.

(a) The Borrower recognizes that, in the event the Borrower fails to perform, observe or
discharge any of its obligations or liabilities under this Agreement, any remedy of law may prove
to be inadequate relief to the Lenders. Therefore, the Borrower agrees that the Lenders, at the
Lenders’ option, shall be entitled to temporary and permanent injunctive relief in any such case
without the necessity of proving actual damages.

(b) The Administrative Agent, the Lenders and the Borrower (on behalf of itself and its
Subsidiaries) hereby agree that no such Person shall have a remedy of punitive or exemplary damages
against any other party to a Loan Document and each such Person hereby waives any right or claim to
punitive or exemplary damages that they may now have or may arise in the future in connection with
any dispute, whether such dispute is resolved through arbitration or judicially.

SECTION 14.9 Accounting Matters. 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 therewith.

SECTION 14.10 Successors and Assigns; Participants.

(a) Successors and Assigns Generally. 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 neither the Borrower nor any Guarantor may assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of
the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
paragraph (b) of this Section 14.10, (ii) by way of participation in accordance with the
provisions of paragraph (d) of this Section 14.10 or (iii) by way of pledge or assignment
of a security interest subject to the restrictions of paragraph (f) of this Section 14.10
(and any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in paragraph (d) of this Section 14.10 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) Assignments by Lenders. Any Lender may at any time 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 Commitment and the Loans at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

(i) Minimum Amounts.

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

(B) in any case not described in paragraph (b)(i)(A) of this Section 14.10, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder)
or, if the applicable Commitment is not then in effect, the principal outstanding balance of the
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
or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than $1,000,000, unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to
be unreasonably withheld or delayed);

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of
a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with
respect to the Loan or the Commitment assigned;

(iii) Required Consents. No consent shall be required for any assignment except to
the extent required by paragraph (b)(i)(B) of this Section 14.10 and, in addition:

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed)
shall be required unless (x) an Event of Default has occurred and is continuing at the time of such
assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or
delayed) shall be required for assignments in respect of the Revolving Credit Facility if such
assignment is to a Person that is not a Lender with a Commitment in respect of such facility, an
Affiliate of such Lender or an Approved Fund with respect to such Lender; and

(C) the consents of the Issuing Lender and the Swingline Lender (such consents not to be
unreasonably withheld or delayed) shall be required for any assignment that increases the
obligation of the assignee to participate in exposure under one or more Letters of Credit (whether
or not then outstanding) or for any assignment in respect of the Revolving Credit Facility.

(iv) Assignment and Assumption. 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 for each assignment, and the assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

(v) No Assignment to Borrower. No such assignment shall be made to the Borrower or
any of the Borrower’s Affiliates or Subsidiaries.

(vi) No Assignment to Natural Persons. No such assignment shall be made to a natural
person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c)
of this Section 14.10, from and after the effective date specified in each Assignment and
Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of Sections 4.8, 4.9, 4.10, 4.11 or 14.2 with
respect to facts and circumstances occurring prior to the effective date of such assignment. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with paragraph (d) of this
Section 14.10.

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at one of its offices in Charlotte, North Carolina, a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitment of, and principal amounts 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.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lender, the
Swingline Lender 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 Section 14.11 that
directly affects such Participant and could not be affected by a vote of the Required Lenders.
Subject to paragraph (e) of this Section 14.10, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 4.8, 4.9, 4.10 and
4.11 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section 14.10. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 14.3 as though it were a
Lender, provided such Participant agrees to be subject to Section 4.5 as though it were a
Lender.

(e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Sections 4.8, 4.9, 4.10 and 4.11
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 4.11 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 4.11(e) as though it were a Lender.

(f) Certain Pledges. 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; provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

(g) Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing
Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, advisors and other representatives (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by Applicable Laws or regulations or by any subpoena or similar legal process,
(d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or
under any other Loan Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section 14.10, 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 (x) becomes publicly
available other than as a result of a breach of this Section 14.10 or (y) becomes available
to the Administrative Agent, any Lender, the Issuing Lender or any of their respective Affiliates
on a nonconfidential basis from a source other than the Borrower. For purposes of this Section
14.10, “Information” means all information received from the Borrower or any of its
Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective
businesses, other than any such information that is available to the Administrative Agent, any
Lender or the Issuing Lender on a nonconfidential basis prior to disclosure by the Borrower or any
of its Subsidiaries, provided that, in the case of information received from the Borrower
or any of its Subsidiaries after the date hereof, such information is clearly identified at the
time of delivery as confidential or is of a nature that the recipient should reasonably believe to
be confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section 14.10 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 14.11 Amendments, Waivers and Consents. Except as set forth below or as
specifically provided in any Loan Document, any term, covenant, agreement or condition of this
Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any
consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing
signed by the Required Lenders (or by the Administrative Agent with the consent of the Required
Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the
Borrower; provided, that no amendment, waiver or consent shall:

(a) waive any condition set forth in Section 5.2 without the written consent of each
Lender;

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 12.2) or the amount of Loans of any Lender without the written consent
of such Lender;

(c) postpone any date fixed by this Agreement or any other Loan Document for any payment of
principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or
mandatory reduction of the Commitments hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby;

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or
Reimbursement Obligation, or (subject to clause (iv) of the second proviso to this Section
14.11) any fees or other amounts payable hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby; provided that only the consent of
the Required Lenders shall be necessary (i) to waive any obligation of the Borrower to pay interest
at the rate set forth in Section 4.1(c) during the continuance of an Event of Default, or
(ii) to amend any financial covenant hereunder (or any defined term used therein) even if the
effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to
reduce any fee payable hereunder;

(e) change Section 4.4 or Section 12.4 in a manner that would alter the
pro rata sharing of payments required thereby without the written consent of each
Lender;

(f) change any provision of this Section 14.11 or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to amend,
waive or otherwise modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender;

(g) release all of the Guarantors or release Guarantors comprising substantially all of the
credit support for the Obligations, in either case, from the Guaranty Agreement (other than as
authorized in Section 13.9), without the written consent of each Lender; or

(h) release all or a material portion of the Collateral or release any Security Document
(other than as authorized in Section 8.13 or Section 13.9 or as otherwise
specifically permitted or contemplated in this Agreement or the applicable Security Document)
without the written consent of each Lender;

provided further, that (i) no amendment, waiver or consent shall, unless in writing
and signed by the Issuing Lender in addition to the Lenders required above, affect the rights or
duties of the Issuing Lender under this Agreement or any Application relating to any Letter of
Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or
duties of the Swingline Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document; and (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a
writing executed only by the parties thereto. Notwithstanding the foregoing, any provision of this
Agreement may be amended by an agreement in writing entered into by the Borrower, the Required
Lenders and the Administrative Agent if (i) by the terms of such agreement any remaining
Commitments and/or Extensions of Credit of each Lender not consenting to the amendment provided for
therein shall terminate upon the effectiveness of such amendment and (ii) at the time such
amendment becomes effective, each Lender not consenting thereto receives payment in full of the
principal of and interest accrued on each Loan made by it and all other amounts owing to it or
accrued for its account under this Agreement. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the Commitment of such Lender may not be increased or extended without the
consent of such Lender.

SECTION 14.12 Performance of Duties. The Borrower’s obligations under this Agreement
and each of the other Loan Documents shall be performed by the Borrower at its sole cost and
expense.

SECTION 14.13 All Powers Coupled with Interest. All powers of attorney and other
authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the
Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other
Loan Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of
the Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit
Facility has not been terminated.

SECTION 14.14 Survival of Indemnities. Notwithstanding any termination of this
Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the
provisions of this Article XIV and any other provision of this Agreement and the other Loan
Documents shall continue in full force and effect and shall protect the Administrative Agent and
the Lenders against events arising after such termination as well as before.

SECTION 14.15 Titles and Captions. Titles and captions of Articles, Sections and
subsections in, and the table of contents of, this Agreement are for convenience only, and neither
limit nor amplify the provisions of this Agreement.

SECTION 14.16 Severability of Provisions. Any provision of this Agreement or any
other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions hereof or thereof or
affecting the validity or enforceability of such provision in any other jurisdiction.

SECTION 14.17 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and shall be binding upon all parties, their successors
and assigns, and all of which taken together shall constitute one and the same agreement.

SECTION 14.18 Term of Agreement. This Agreement shall remain in effect from the
Closing Date through and including the date upon which all Obligations arising hereunder or under
any other Loan Document shall have been indefeasibly and irrevocably paid and satisfied in full and
all Commitments have been terminated. No termination of this Agreement shall affect the rights and
obligations of the parties hereto arising prior to such termination or in respect of any provision
of this Agreement which survives such termination.

SECTION 14.19 Advice of Counsel. Each of the parties represents to each other party
hereto that it has discussed this Agreement with its counsel.

SECTION 14.20 No Strict Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement.

SECTION 14.21 Inconsistencies with Other Documents; Independent Effect of Covenants.

(a) In the event there is a conflict or inconsistency between this Agreement and any other
Loan Document, the terms of this Agreement shall control; provided, that any provision of
the Security Documents which imposes additional burdens on the Borrower or its Subsidiaries or
further restricts the rights of the Borrower or its Subsidiaries or gives the Administrative Agent
or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this
Agreement and shall be given full force and effect.

(b) The Borrower expressly acknowledges and agrees that each covenant contained in
Articles VIII, IX, or X hereof shall be given independent effect.
Accordingly, the Borrower shall not engage in any transaction or other act otherwise permitted
under any covenant contained in Articles VIII, IX, or X if, before
or after giving effect to such transaction or act, the Borrower shall or would be in breach of any
other covenant contained in Articles VIII, IX, or X.

SECTION 14.22 Integration. This Agreement, together with the other Loan Documents,
comprises the complete and integrated agreement of the parties on the subject matter hereof and
thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event
of any conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document
shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint
participation of the respective parties thereto and shall be construed neither against nor in favor
of any party, but rather in accordance with the fair meaning thereof.

SECTION 14.23 Amendment and Restatement; No Novation. This Agreement constitutes an
amendment and restatement of the Existing Credit Agreement effective from and after the Closing
Date. The execution and delivery of this Agreement shall not constitute a novation of any
indebtedness or other obligations owing to the Lenders or the Administrative Agent under the
Existing Credit Agreement based on any facts or events occurring or existing prior to the execution
and delivery of this Agreement.

[Signature pages to follow]

4

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

BORROWER:

IKON OFFICE SOLUTIONS, INC.,

as Borrower

By: /s/ RICHARD J. OBETZ

Name: Richard J. Obetz

Title: Vice President and Treasurer

Consented to by:

IKON OFFICE SOLUTIONS GROUP PLC,

as UK Borrower under the Existing Credit Agreement

By: /s/ DAVID MILLS

Name: David Mills

Title: Director

[Signature pages continue]

5

ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDERS:

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Collateral Agent and Lender

By: /s/ MARK B. FELKER

Name: Mark B. Felker

Title: Managing Director

[Signature pages continue]

6

PNC BANK NATIONAL ASSOCIATION,

as Syndication Agent and Lender

By: /s/ FRANK A. PUGLIESE

Name: Frank A. Pugliese

Title: Senior Vice President

7

DEUTSCHE BANK AG NEW YORK BRANCH,

as Lender

By: /s/ FREDRICK LAIRD

Name: Fredrick Laird

Title: Managing Director

By: /s/ VINCENT WONG

Name: Vincent Wong

Title: Vice President

DEUTSCHE BANK SECURITIES INC.,

as Syndication Agent

By: /s/ FREDRICK LAIRD

Name: Fredrick Laird

Title: Managing Director

By: /s/ VINCENT WONG

Name: Vincent Wong

Title: Vice President

8

LaSalle Bank National Association,

as Documentation Agent and Lender

By: /s/ NICK LOTZ

Nick Lotz

Assistant Vice President

9

THE ROYAL BANK OF SCOTLAND,

as Documentation Agent and Lender

By: /s/ EDDIE DEC

Name: Eddie Dec

Title: Vice President

10

BANK OF AMERICA, N.A., as Lender

By: /s/ JOHN B. DESMOND

Name: John B. Desmond

Title: Managing Director

11

The Bank of Nova Scotia, as Lender

By: /s/ TODD MELLER

Name: Todd Meller

Title: Managing Director

12

FIFTH THIRD BANK, as Lender

By: /s/ CHRISTINE L. WAGNER

Name: Christine L. Wagner

Title: Vice President

13

Consented to by:

GENERAL ELECTRIC CAPITAL CORPORATION,

as a Departing Lender and Lender

under the Existing Credit Agreement

	 	 	 
	By: /s/ REBECCA A. FORD

	 	

	 
	 	 
	 

	 
	 	 
	Name:

	 	Rebecca A. Ford
	
 
	 	 
	Title:

	 	Duly Authorized Signatory
	
 
	 	 
	 
	 	 

14

Consented to by:

WELLS FARGO FOOTHILL, LLC,

as a Departing Lender and Lender

under the Existing Credit Agreement

	 	 	 
	By: /s/ KAREN HILAIRE

	 	

	 
	 	 
	 

	 
	 	 
	Name:

	 	Karen Hilaire
	
 
	 	 
	Title:

	 	Assistant Vice President
	
 
	 	 
	 
	 	 

15

Consented to by:

LEHMAN COMMERCIAL PAPER INC.,

as a Departing Lender and Lender

under the Existing Credit Agreement

	 	 	 
	By: /s/ MICHAEL E. MASTERS

	 
	 	 
	 

	 
	 	 
	Name:

	 	Michael E. Masters
	
 
	 	 
	Title:

	 	Authorized Signatory
	
 
	 	 
	 
	 	 

16

Consented to by:

THE BANK OF NEW YORK,

as a Departing Lender and Lender

under the Existing Credit Agreement

	 	 	 
	By: /s/ DAVID CSATARI

	 	

	 
	 	 
	 

	 
	 	 
	Name:

	 	David Csatari
	
 
	 	 
	Title:

	 	Vice President
	
 
	 	 
	 
	 	 

17

Consented to by:

RZB FINANCE LLC,

as a Departing Lender and Lender

under the Existing Credit Agreement

	 	 	 
	By: /s/ NADIA NEDELCHEVA

	 
	 	 
	 

	 
	 	 
	Name:

	 	Nadia Nedelcheva
	
 
	 	 
	Title:

	 	Vice President
	
 
	 	 

18

	 	 	 
	 	 	By: /s/ CHRISTOPH HOEDL
	 	 	Name:	 	 	Christoph Hoedl
	 	 	Title:	 	 	Group Vice President

Consented to by:

ISREAL DISCOUNT BANK OF NEW YORK,

as a Departing Lender and Lender

under the Existing Credit Agreement

	 	 	 
	By: /s/ RONALD BONGIOVANNI

	 
	 	 
	 

	 
	 	 
	Name:

	 	Ronald Bongiovanni
	
 
	 	 
	Title:

	 	Senior Vice President
	
 
	 	 

	 	 	 
	 	 	

                      By: /s/ ANDY BALLTA                }

                      Name:                 Andy Ballta  }

                      Title:                Vice President

By: /s/ ANDY BALLTA
	 	 	Name:	 	 	Andy Ballta
	 	 	Title:	 	 	Vice President

19EX-10.19

REAL ESTATE PURCHASE AGREEMENT

RICHARD P. ANDERSON and FRANCES H. ANDERSON, husband and wife (“Purchaser”) hereby offer and
agree to purchase from THE ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited liability company,
of 480 W. Dussel Drive, Maumee, Ohio 43537 (“Seller”), the real estate commonly addressed as 1833
South Holland-Sylvania Road, Maumee, Ohio 43537 and legally described on the attached Exhibit A
(the “Premises”), subject to the following terms and conditions. The Premises includes all
buildings, improvements, fixtures, licenses, easements, privileges and appurtenances belonging to
the Premises. The Premises specifically includes the rights of access provided to and from the
Premises under the Driveway Access Easement attached hereto as Exhibit B (the “Driveway Easement”).

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree
as follows:

1. Agreement to Sell. Seller at closing (as hereinafter defined) shall sell, transfer
and convey to Purchaser, and Purchaser shall purchase, all of Seller’s right, title and interest in
the Premises.

2. Purchase Price and Payment. The purchase price for the Premises is $760,000.00
(the “Purchase Price”), which shall be payable as follows:

A. $421,154.00 credited at closing by Seller to Purchaser against the Purchase Price (the
“Life Estate Credit”); and

B. The balance of the Purchase Price, minus the Life Estate Credit, by certified check, or
bank check or wire transfer at closing.

C. The amount of the Life Estate Credit is set through June 30, 2006, and if closing occurs
after June 30, 2006 the Life Estate Credit must be recalculated for the lives of both Purchasers in
accordance with U.S. Treasury Regulation Section 25.2512-S by multiplying the Purchase Price by the
applicable factors derived from IRS Publication 1457 using the applicable Internal Revenue Code
Section 7520 rate of interest applicable as of the closing.

3. Conditions Precedent to Purchaser’s Obligations. Purchaser’s obligations under this
Agreement are subject to the satisfaction of the following conditions:

A. Title to the Premises shall be marketable in accordance with the title standards of the
Ohio State Bar Association.

B. Within fifteen (15) days of acceptance hereof, Seller shall furnish Purchaser, and
Purchaser shall approve, a commitment for an owner’s policy of title insurance issued by Port
Lawrence Title and Trust Company in the amount of the purchase price, showing good and marketable
fee simple title to the Premises in Seller, free and clear of all liens or encumbrances, except
those to be paid at closing, and subject to existing easements, agreements, reservations and
restrictions, of record, including, without limitation, a Declaration of Covenants, Easements,
Restrictions and Assessment Lien for The Andersons Farm Development Co. attached hereto as Exhibit
C (the “Restrictions”); government ordinances and zoning regulations; and real estate taxes and
assessments, both general and special, which are a lien but are no yet due and payable. Seller
shall pay the cost of a guaranteed certificate of title only. Purchaser shall pay all additional
title expense. If, based on the foregoing, Purchaser objects to the title to the Premises within
seven (7) days of its receipt thereof, Seller shall have ten (10) days to remove such title defect
from date of written notice or obtain title protection through such defect; or thereafter, Seller
or Purchaser may terminate this Agreement. Absent Seller’s actual receipt of written notice of a
title defect within the seven (7) day period, the terms and conditions of this Paragraph 3B shall
be deemed waived and satisfied.

C. Prior to closing, Purchaser shall approve the terms and conditions of the Lake License
Agreement attached hereto as Exhibit D and the Water Facilities License Agreement attached hereto
as Exhibit E.

4. Title.

A. Seller shall furnish Purchaser with a general warranty deed conveying the Premises to
Purchaser, or Purchaser’s assignee, in recordable form at closing, subject to the Driveway
Easement, the Restrictions and all other existing easements, agreements, reservations and
restrictions, of record; governmental ordinances and zoning regulations; and real estate taxes and
assessments, both general and special, which are a lien but not yet due and payable. Seller shall
execute and deliver at closing the Lake License Agreement and the Water Facilities License
Agreement. Seller shall record, if necessary, the Driveway Easement and the Restrictions prior to
recording of the Deed.

B. Purchaser acknowledges Seller may convey the Premises to Purchaser prior to Seller
recording necessary utility easements burdening the Premises and for the benefit of other lots in
the Seller’s subdivision. In consideration thereof, Purchaser agrees to execute and deliver to
Seller any utility easements burdening the Premises reasonably required by Seller for the use and
development of the Premises and all other parcels or lots with the Seller’s subdivision, provided
such future easements do not unreasonably interfere with the use and enjoyment of the Premises.
This obligation shall survive closing and delivery of the deed for the Premises.

5. Prorations and Charges. All real estate taxes and assessments affecting the
Premises are paid by Purchaser according to the Lease (hereinafter defined). There shall be no tax
proration between the parties for real estate tax and assessments at closing. Seller has no
obligation to pay any unpaid real estate taxes and assessments specifically attributable to the
Premises.

6. Risk of Casualty Loss. Until closing, Purchaser shall bear the sole risk of loss
due to fire or other casualty at the Premises. If the Premises shall be damaged or destroyed by
fire or other cause between the date this Offer is accepted and the date the transaction closes,
Purchaser shall be entitled to all insurance proceeds and Purchaser and Seller shall proceed with
the transaction.

7. Miscellaneous.

A. This offer (sometimes referred to as Agreement) is subject to acceptance by the Purchaser
and when accepted by Purchaser it shall constitute a contract binding Purchaser and Seller, their
respective heirs, executors, administrators, successors and assigns, for the purchase and sale of
the Premises upon the terms and conditions herein set forth.

B. This transaction shall close on or before June 30, 2006; which date shall be known as the
“closing date or closing” for the purposes of this Offer.

C. If this Agreement is at any time cancelled or terminated through the failure of any
conditions herein, this Agreement shall become null and void with no further liability on the part
of either party.

D. This offer shall expire on midnight of the tenth (10th) business day following the day this
offer is delivered to Seller, unless accepted by Seller and delivered to Purchaser by that time.

E. Purchaser has constructed, maintained, repaired and replaced all buildings, structures and
improvements now located on the Premises pursuant to a long-term lease agreement dated January 2,
1979 (the “Lease”). Seller has no knowledge of the condition of the Premises. Purchaser
acknowledges Seller is unable, for lack of information, to provide Purchaser any residential real
estate seller disclosure form required by Ohio law. No representations or warranties have been
made by Seller with respect to the condition of the Premises, the boundary lines or acreage of the
Premises. Purchaser is purchasing the Premises in its present “AS IS” condition and “WHERE IS.”

F. This Agreement contains the entire agreement between the parties and there are no
agreements, representations or warranties, oral or written, which are not set forth herein. This
Agreement may not be amended or modified except by a writing signed by both parties. Upon delivery
and acceptance of the deed conveying the Premises to Purchaser, as provided in Paragraph 4 hereof,
the Lease shall automatically and immediately terminate.

G. Any written notices required hereunder may be personally delivered, telecopied, express
mailed or mailed by certified mail, return receipt requested, to each party’s address listed above,
and shall be effective on actual receipt.

H. This Agreement shall not be assigned or transferred by Purchaser without Seller’s prior
written consent.

I. Purchaser warrants to Seller that Purchaser has had no dealings with any real estate
broker, salesman, agent or finder, so as to entitle such party to a commission or fee in connection
with the transaction contemplated by this Agreement. If for any reason such a commission or fee is
due or claimed to be due as a result of Purchaser’s dealings, Purchaser shall pay such commission
or fee, and Purchaser shall indemnify and hold Seller harmless from any and all claims, causes of
action, liability, expense, damage or attorney’s fees related thereto. This indemnification and
hold harmless agreement shall survive the closing and delivery of the deed.

PURCHASER:

     

Richard P. Anderson

     

Frances H. Anderson

Date:      

1

ACCEPTANCE

The undersigned, Seller, hereby accepts the foregoing offer and agrees to sell the Premises
and to otherwise comply with the Agreement.

SELLER:

THE ANDERSONS FARM DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 
	By:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, its sole member

By:      

Title:      

Date:      

2

EXHIBIT A

LEGAL DESCRIPTION

Lot 3

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 352.94 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 31o45’52” And A Chord Of South 10o39’58” West 348.44 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 121.64 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.18 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 364.26 Feet To A Capped 5/8” Rod Set;

Thence North 16o09’33” East A Distance Of 311.54 Feet To A Point On The Meander Line Of A Lake;

Thence Along Said Meander Line The Next 4 Courses:

South 74o38’38” East A Distance Of 42.66 Feet To A Point;

North 89o15’01” East A Distance Of 215.51 Feet To A Point;

South 70o42’36” East A Distance Of 105.95 Feet To A Point;

South 37o13’48” East A Distance Of 154.34 Feet To A Point;

Thence South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

Thence South 84o05’50” West A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 436.84 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.95 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 123.30 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.11 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’37” And A Chord Of North 27o00’12” East 10.11 Feet To The Point Of
Beginning, Containing 3.085 Acres More Or Less Of Which 303.281 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On A Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

3

EXHIBIT B

DRIVEWAY ACCESS EASEMENT AGREEMENT

THIS DRIVEWAY ACCESS EASEMENT AGREEMENT (the “Agreement”) is entered into between THE
ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited liability company (“Grantor”) and THE
ANDERSONS FARM OWNERS ASSOCIATION, INC., an Ohio non-profit corporation (“Grantee”), effective on
the latest date set forth below:

RECITALS: WHEREAS,

A. Grantee is the owners association required by the Declaration of Covenants, Easements,
Restrictions and Assessment Lien recorded at Lucas County Official Record      (the
“Declaration”) affecting the real property legally described on Exhibit A attached hereto and made
a part hereof (collectively, the “Subdivision Property”);

B. Grantor is the fee simple owner of the Subdivision Property and those portions of the
Subdivision Property on which paved roads are located; which portions of the Subdivision Property
and more land are legally described on Exhibit B attached hereto and made a part hereof (the
“Driveway Property”);

C. Grantor desires to grant an easement to Grantee and to each subsequent owner of each parcel
of the Subdivision Property over and across Driveway Property for purposes of ingress to and egress
from the Subdivision Property and the adjacent public road known as Holland-Sylvania Road, in the
City of Toledo, Lucas County, Ohio; and

D. The parties desire that their rights and obligations with respect to the easement in, over
and across Driveway Property be specifically set forth and defined.

NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions contained
herein, and for other good and valuable consideration paid and received, the parties, intending to
be legally bound, agree as follows:

1. Incorporation of Recitals. The above recitals are hereby incorporated herein by
reference.

2. Grant of Easement. Grantor grants and conveys to Grantee, its successors and
assigns, and for the benefit of each owner and occupant of any parcel of the Subdivision Property,
a perpetual, non-exclusive easement and right of way in and over the Driveway Property to and from
the Subdivision Property and to and from the public street known as Holland-Sylvania Road, in
Toledo, Lucas County, Ohio, for motor vehicle, bicycle, other vehicle and pedestrian travel. Each
party understands and agrees that the Driveway Property is to be used for these purposes by Grantee
and the owners and occupants each parcel of the Subdivision Property, and all of their respective
agents, employees, customers, guests, licensees and invitees (collectively the “Beneficiaries”),
and that the Beneficiaries shall, at all times, have equal access to and enjoyment of the Driveway
Property for such purposes. No Beneficiaries shall exercise their rights with respect to the
Driveway Property to the exclusion of any other Beneficiary or to such an extent that it will have
the effect of unreasonably interfering with the rights of any other Beneficiary in and to the
Driveway Property. None of the Beneficiaries shall park or permit the parking of any automobiles
or other vehicles on the Driveway Property.

3. Maintenance and Repair of Grantor Property. Grantee shall maintain, repair and
replace the Driveway Property in accordance with the terms and conditions of the Declaration. No
Beneficiary shall have any right or obligation to maintain, repair or replace the Driveway
Property. However, any damage to the paved road on the Driveway Property caused solely by the
negligence or intentional misconduct of one of the Beneficiaries’ shall be repaired or
reconstructed by that party at its sole cost and expense; which cost and expense shall be
enforceable and collectible by Grantee as a special individual Lot assessment in accordance with
the Declaration.

4. Condition of Road. Grantee acknowledges the current condition of the paved road
located on the Driveway Property and accepts the condition of the paved road “AS IS.” Grantee, for
itself and on behalf of all other Beneficiaries, releases Grantor from any and all claims related
to the construction or condition of the paved road on the Driveway Property.

5. Easements and Covenants Running with the Land. The easements, covenants, rights
and agreements contained in this Agreement shall run with the land known as the Subdivision
Property and shall be binding on and inure to the benefit of the Subdivision Property, and each
parcel of the Subdivision Property. Grantee acknowledges and expects Grantor to grant easements to
each subsequent owner of each parcel of the Subdivision Property according to the terms and
conditions of this Agreement. Grantee shall not grant, convey, assign or otherwise transfer to any
other person or entity any of its right, title or interest in the Driveway Property or its
liabilities or obligations under this Agreement, unless such transfer is part of its transfer of
all of its right, title and interest in the Subdivision Property, and as permitted by the
Declaration. The covenants, easements and agreements contained in this Agreement shall be binding
upon and inure to the benefit of Grantor, Grantee, the Beneficiaries and their respective heirs,
representatives, successors and assigns.

6. Entire Agreement. This Agreement contains the entire agreement of the parties.
This Agreement shall not be amended, changed, modified or any other provisions waived or
discharged, in whole or in part, unless that amendment is in writing and duly signed by the parties
hereto.

7. Governing Law. The terms and conditions of this Agreement shall be governed by and
construed in accordance with the laws of the State of Ohio.

[the remainder of this page left intentionally blank]

4

The parties hereto have executed this Agreement on the dates set forth below.

GRANTOR:

THE ANDERSONS FARM DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 	 	 	 	 	 	 
	By:	 	THE ANDERSONS, INC.,	 	 	 	 
	   an Ohio corporation, its sole member

	   By:
	 	 	—	 
	   Title:
	 	 	—	 
	   Date:
	 	 	—	 

GRANTEE:

THE ANDERSONS FARM OWNERS ASSOCIATION, INC.,

an Ohio non-profit corporation

	 	 	 	 	 	 	 	 	 	 	 	 	 
	      By:
	 	 	—	 
	      Title:
	 	 	—	 
	      Date:
	 	 	—	 

5

	 	 	 	 	 	 	 	 	 	 	 	 	 
	STATE OF OHIO
	 	 	)	 	 	 	 	 	 	 	 	 
	 
	 	) ss:	 	 	 	 	 	 	 	 
	COUNTY OF LUCAS
	 	 	)	 	 	 	 	 	 	 	 	 

The foregoing instrument was acknowledged before me this      day of      ,
200     , by      , as      of The Andersons Farm Development Co., LLC,
an Ohio limited liability company, on behalf of the company.

	 	 	 	 	 	 	 	 	 
	(SEAL)
	 	 	 	 	 	 	—	 
	      Notary Public

	      My Commission Expires: ____________________

	STATE OF OHIO
	 	 	)	 	 	 	 	 
	 
	 	) ss:	 	 	 	 
	COUNTY OF LUCAS
	 	 	)	 	 	 	 	 

The foregoing instrument was acknowledged before me this      day of      ,
200     , by      , as      of The Andersons Farm Owners Association,
Inc., an Ohio non-profit corporation, on behalf of the corporation.

(SEAL)      

Notary Public

My Commission Expires:      

This Instrument Prepared By:

Steven D. Reinbolt, Attorney-at-Law

EASTMAN & SMITH LTD.

One SeaGate, 24th Floor

P.O. Box 10032

Toledo, Ohio 43604

6

EXHIBIT A

Parcel 2

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 342.80 Feet Along A Curve To The Right Southwest Having A Radius Of
636.62 Feet And A Central Angle Of 30o51’07” And A Chord Of North 10o12’35” West 338.67 Feet To The
Point Of Beginning;

Thence South 54o22’36” East A Distance Of 120.15 Passing Through A Capped 5/8” Rod Set On The
Southeasterly Right Of Way Line Of Holland Sylvania Road To A Point (Found 3/4” Pipe 0.45 Feet North
And 0.54 Feet East);

Thence South 89o34’54” East A Distance Of 234.54 Feet To A Capped 5/8” Rod Set;

Thence North 71o14’29” East A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 17o57’25” East A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence North 62o57’25” East A Distance Of 78.60 Feet To A Point On The Meander Line Of A Lake;

Thence South 54o04’38” East A Distance Of 135.76 Feet Along Said Meander Line To A Point;

Thence South 74o38’38” East A Distance Of 81.28 Feet Continuing Along Said Meander Line To A Point;

Thence South 16o09’33” West A Distance Of 311.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 364.26 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.18 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 121.64 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.14 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’45” And A Chord Of North 26o05’31” East 10.14 Feet To The Point Of
Beginning, Containing 2.051 Acres More Or Less Of Which 304.017 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 3

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 352.94 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 31o45’52” And A Chord Of South 10o39’58” West 348.44 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 121.64 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.18 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 364.26 Feet To A Capped 5/8” Rod Set;

Thence North 16o09’33” East A Distance Of 311.54 Feet To A Point On The Meander Line Of A Lake;

Thence Along Said Meander Line The Next 4 Courses:

South 74o38’38” East A Distance Of 42.66 Feet To A Point;

North 89o15’01” East A Distance Of 215.51 Feet To A Point;

South 70o42’36” East A Distance Of 105.95 Feet To A Point;

South 37o13’48” East A Distance Of 154.34 Feet To A Point;

Thence South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

Thence South 84o05’50” West A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 436.84 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.95 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 123.30 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.11 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’37” And A Chord Of North 27o00’12” East 10.11 Feet To The Point Of
Beginning, Containing 3.085 Acres More Or Less Of Which 303.281 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On A Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 4

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 363.05 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 32o40’29” And A Chord Of South 11o07’16” West 358.15 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 123.30 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.95 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 436.84 Feet To A Capped 5/8” Rod Set;

Thence North 84o05’50” East A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 412.19 Feet To A Capped 5/8” Rod Set;

Thence North 79o24’09” West A Distance Of 211.29 Feet To A Mag Nail Set;

Thence North 06o12’52” East A Distance Of 340.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence North 89o34’54” West A Distance Of 257.73 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 125.12 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.09 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’30” And A Chord Of North 27o54’45” East 10.09 Feet To The Point Of
Beginning, Containing 2.033 Acres More Or Less Of Which 302.623 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 5

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 373.14 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 33o34’59” And A Chord Of South 11o34’31” West 367.83 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 125.12 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 257.73 Feet To A Capped 5/8” Rod Set;

Thence South 62o35’52” East A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence South 06o12’52” West A Distance Of 340.07 Feet To A Mag Nail Set;

Thence North 79o24’09” West A Distance Of 73.68 Feet To A Mag Nail Set;

Thence North 62o13’40” West A Distance Of 219.35 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 345.62 Feet Along A Curve To The Left Having A Radius Of 304.88 Feet, A
Central Angle Of 64o57’05” And A Chord Of North 21°37’32” West 327.40 feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.83 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 127.10 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.07 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’23” And A Chord Of North 28o49’12” East 10.07 Feet To The Point Of
Beginning, Containing 2.424 Acres More Or Less Of Which 302.041 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 6

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road;

Thence Southwest A Distance Of 413.33 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 37o11’ 59” And A Chord Of South 13o23’01” West 406.11 Feet To The Point
Of Beginning;

Thence South 54o22’ 36” East A Distance Of 133.99 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Capped 5/8” Rod Set;

Thence South 89o34’ 54” East A Distance Of 259.48 Feet To Mag Nail Set;

Thence Southeast A Distance Of 300.64 Feet Along A Curve To The Right Having A Radius Of 274.88
Feet A Central Angle Of 62o39’57” And A Chord Of South 20o48’51” East 285.88 Feet To A Mag Nail
Set;

Thence South 17o 04’ 45” West A Distance Of 91.40 Feet To A Mag Nail Set;

Thence South 49o 19’ 14” West A Distance Of 75.96 Feet To A Capped 5/8” Rod Set;

Thence South 74o 34’ 00” West A Distance Of 430.18 Feet To A Capped 5/8” Rod Set On The West Line
Of Said Section 23;

Thence North 00o 14’ 11” East A Distance Of 558.94 Feet Along The West Line Of Said Section 23
Passing Through A 5/8” Rod Set At 507.90 Feet On The Easterly Right Of Way Line Of Holland Sylvania
Road To A Point On The Centerline Of Holland Sylvania Road;

Thence North 36o14’03” East A Distance Of 0.61 Feet Along The Centerline Of Holland Sylvania Road
To A 1” Bar Found In A Monument Box;

Thence Northeast A Distance Of 47.22 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 04o15’03” And A Chord Of North 34o06’32” East 47.22 Feet To The Point Of
Beginning, Containing 5.084 Acres More Or Less Of Which 2059.248 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 7

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 383.22 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 34o29’22” And A Chord Of South 12o01’42” West 377.46 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 127.10 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.83 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 345.62 Feet Along A Curve To The Right Having A Radius Of 304.88
Feet, A Central Angle Of 64o57’05” And A Chord Of S21°37’32” East 327.40 Feet To A Capped 5/8” Rod
Set;

Thence South 17o04’45” West A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 219.35 Feet To A Mag Nail Set;

Thence South 79o24’09” East A Distance Of 284.97 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 15.15 Feet To A Capped 5/8” Rod Set;

Thence South 12o36’45” West A Distance Of 294.61 Feet Along The West Line Of Land Owned By Metro
Park District Of Toledo Tax Parcel #26-26772 To A Point On The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The North Line Of Land Owned By Metro Park
District Of Toledo Tax Parcel #26-26772 The Next 3 Courses:

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

Thence North 16o08’42” East A Distance Of 291.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o13’40” West A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 330.56 Feet Along A Curve To The Left Having A Radius Of 294.88 Feet, A
Central Angle Of 64o13’47” And A Chord Of North 21°22’10” West 313.53 Feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 129.24 Feet To A Mag Nail Set;

Thence Northeast A Distance Of 10.05 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’17” And A Chord Of North 29o43’32” East 10.05 Feet To The Point Of
Beginning, Containing 2.484 Acres More Or Less Of Which 301.534 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 8

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 393.27 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 35o23’39” And A Chord Of South 12o28’51” West 387.05 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 129.24 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 330.56 Feet Along A Curve To The Right Having A Radius Of 294.88
Feet, A Central Angle Of 64o13’47” And A Chord Of South 21°22’10” East 313.53 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence South 16o08’42” West A Distance Of 291.07 Feet To The Centerline Of Swan Creek;

Thence Along the Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 8 Courses:

North 79o47’59” West A Distance Of 45.57 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 20.49 Feet To A Point;

Thence North 10o44’37” East A Distance Of 401.01 Feet To A Capped 5/8” Rod Set;

Thence North 39o29’26” West A Distance Of 202.36 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 118.88 Feet To A Mag Nail Set;

Thence North A Distance Of 315.57 Feet Along A Curve To The Left Having A Radius Of 284.88 Feet, A
Central Angle Of 63o28’08” And A Chord Of North 21°05’58” West 299.68 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 259.66 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 131.54 Feet To The Centerline Of Holland Sylvania Road;

Thence Northeast A Distance Of 10.04 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet,
A Central Angle Of 00o54’12” And A Chord Of North 30o37’47” East 10.04 Feet To The Point Of
Beginning, Containing 2.396 Acres More Or Less Of Which 301.102 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 9

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 403.30 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 36o17’51” And A Chord Of South 12o55’57” West 396.60 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 131.54 Feet To A Capped 5/8” Rod Set;

Thence South 89o34’54” East A Distance Of 259.66 Feet To A Mag Nail Set;

Thence Southeast A Distance Of 315.57 Feet Along A Curve To The Right Having A Radius Of 284.88
Feet, A Central Angle Of 63o28’08” And A Chord Of South 21°05’58” East 315.57 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 118.88 Feet To A Mag Nail Set;

Thence South 39o29’26” West A Distance Of 202.36 Feet To A Capped 5/8” Rod Set;

Thence South 10o44’37” West A Distance Of 401.01 Feet To The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 7 Courses:

North 64o07’46” West A Distance Of 76.31 Feet To A Point;

North 73o10’39” West A Distance Of 71.77 Feet To A Point;

South 51o03’55” West A Distance Of 63.15 Feet To A Point;

South 00o18’04” West A Distance Of 65.59 Feet To A Point;

South 05o58’18” West A Distance Of 151.96 Feet To A Point;

South 37o22’38” West A Distance Of 99.49 Feet To A Point;

North 85o20’04” West A Distance Of 10.36 Feet To The West Line Of Said Section 23;

Thence North 00o14’11” East A Distance Of 695.37 Feet Along Said West Line Of Section 23 To A
Capped 5/8” Rod Set;

Thence North 74o34’00” East A Distance Of 430.18 Feet To A Capped 5/8” Rod Set;

Thence North 49o19’14” East A Distance Of 75.96 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 91.40 Feet To A Mag Nail Set;

Thence North A Distance Of 300.64 Feet Along A Curve To The Left Having A Radius Of 274.88 Feet, A
Central Angle Of 62o39’57” And A Chord Of North 20°48’51” West 285.88 Feet To A Mag Nail Set;;

Thence North 89o34’54” West A Distance Of 259.48 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 133.99 Feet To The Centerline Of Holland Sylvania Road.

Thence Northeast A Distance Of 10.03 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’08” And A Chord Of North 31o31’57” East 10.03 Feet To The Point Of
Beginning, Containing 4.019 Acres More Or Less Of Which 300.742 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

7

EXHIBIT B

[DRIVEWAY EASEMENT LEGAL DESCRIPTIONS]

8

EXHIBIT C

THE ANDERSONS FARM

DECLARATION OF COVENANTS, EASEMENTS,

RESTRICTIONS AND ASSESSMENT LIEN

This Declaration of Covenants, Easements, Restrictions and Assessment Lien is made on the
     day of      , 2006, by The Andersons Farm Development Co., LLC, an Ohio limited
liability (the “Developer”).

BACKGROUND

A. Developer is the owner in fee simple of the Property described herein.

B. Developer intends to provide single family homes and lots for the construction of
single-family homes on the Lots (as defined herein) located in Toledo, Lucas County, Ohio, together
with a single, pre-existing commercial use.

C. Developer desires to create a plan of restrictions, easements and covenants with respect to
the Lots, and establish the right to impose liens upon the Lots, which shall be binding upon and
inure to the benefit of the Developer, the Association (as defined herein), and all future owners
and occupants of the Lots.

DEFINITIONS

The terms used in this document shall have these meanings, unless the context requires
otherwise:

1. “Activities Building” has the meaning set forth in Article IX.

2. “Architectural Control Committee” means the committee composed of not less than three (3)
and not more than seven (7) members, all of whom shall be appointed by the Developer until such
time as the Developer shall have sold and conveyed all of the Lots in the Subdivision (as defined
herein) to others and residences shall have been erected on all of the Lots in the Subdivision or
such earlier relinquishment of such right as Developer, in its sole discretion, may determine.
Thereafter, the Association shall have the right to appoint the members of the Architectural
Control Committee. Members of the Architectural Control Committee need not be Lot Owners (as
defined herein) or Occupants (as defined herein).

3. “Articles” means the Articles of Incorporation, filed, or to be filed, with the Secretary
of State of Ohio, incorporating Andersons Farm Owners’ Association, Inc. (or such other similar
name as may then be available) as a corporation not-for-profit under the provisions of Chapter 1702
of the Revised Code of Ohio, as the same may be lawfully amended from time to time.

4. “Association” and “The Andersons Farm Owners’ Association, Inc.” mean the corporation
not-for-profit created by the filing of the Articles.

5. “Association Organizational Documents” means this Declaration of Covenants, Easements,
Restrictions and Assessment Lien, the Articles and By-Laws of the Association.

6. “Board” and “Board of Directors” mean those persons who, as a group, serve as the board of
directors of the Association.

7. “By-Laws” mean the By-Laws of the Association, as the same may be lawfully amended from
time to time, which serve as the code of regulations of the Association under and pursuant to the
provisions of Chapter 1702.

8. “Common Areas” mean those portions of the Property which are subject to and burdened by
easements as hereinafter described for the common use and enjoyment of the Lot Owners, including,
but not limited to, the Driveways (as hereinafter defined). This real and personal property, if
any, includes, but is not limited to, easement rights in land comprising the property within the
Lots themselves, together with any of the following that may be located on such land: private
streets, sewer systems, common utility lines and facilities, and other facilities. Lot 5 is not
Common Area.

9. “Declaration” means this Declaration of Covenants, Easements, Restrictions and Assessment
Lien.

10. “Developer” means The Andersons Farm Development Co., LLC, an Ohio limited liability
company, and its successors and assigns, provided that the rights specifically reserved to
Developer under this Declaration, or under any other Association Organizational Documents shall
accrue only to such successors and assigns as are designated in writing by Developer as successors
and assigns of such rights.

11. “Director” and “Directors” mean that person or those persons serving at the time
pertinent, as a director or directors of the Board of Directors of the Association.

12. “Driveway” shall mean that portion of each of the Lots on which there are now paved
streets and the easement area associated with those streets as created by that certain Driveway
Access Easement Agreement by the Developer to the Association and recorded prior to the Declaration
at Lucas County Deed Record      (the “Access Easement”) to be maintained, repaired
and replaced by the Association according to such easement.

9

13. “Eligible holder of a first mortgage lien” means the holder of a valid recorded first
mortgage on a Lot, which holder has given written notice to the Association stating the holder’s
name, address and Lot or Lots subject to its mortgage.

14. “Lot” or “Lots” mean one or more specific parcels of the Property designated as Lots 2
through 9, and legally described on Exhibit B attached hereto and made a part hereof.

15. “Lot Owner” and “Lot Owners” mean that Person or those Persons owning a fee-simple
interest in a Lot or Lots, each of whom is also a “member” of the Association, as defined in Ohio’s
non-profit corporation statutes.

16. “Occupant” means a person lawfully residing on a Lot, regardless of whether that person is
a Lot Owner.

17. “Person” means a natural individual, corporation, limited liability company, partnership,
trustee, or other legal entity capable of holding title to real property.

18. “Subdivision” means all of the Lots and the Common Area.

19. “Turnover Date” the date selected by the Developer, in its sole discretion, for the
Developer to relinquish control over the selection of the Association’s Directors.

20. “Unit” means the single family residential building constructed on a Lot.

DECLARATION OF COVENANTS, EASEMENTS,

RESTRICTIONS AND ASSESSMENT LIEN

The Developer hereby declares that the following described property shall be held, sold,
conveyed and occupied subject to the following covenants, easements and restrictions, and lien for
assessments, which are for the purpose of protecting the values and desirability of, and which
shall run with, the land and each part thereof, and shall be binding on all parties having any
right, title or interest in the land, and each part thereof, and their respective heirs, successors
and assigns, and shall inure to the benefit of and be enforceable by the Developer, the
Association, each Lot Owner, and the respective heirs, successors and assigns:

See Exhibit A attached hereto and made a part hereof (the “Property”).

The provisions of this Declaration as from time to time amended, shall be considered to be a
part of, and incorporated within, each deed hereinafter conveying the Lots, or any portion thereof.

10

ARTICLE I

PURPOSES; RESTRICTIONS

Section 1. Purposes. This Declaration is being made to establish covenants, easements, and
restrictions for the Subdivision, to provide for an Association for the ownership and operation of
the Common Areas; to provide for and promote the benefit, enjoyment and well-being of Lot Owners
and Occupants; to administer and enforce the covenants, easements, charges and restrictions
hereinafter set forth; and to raise funds through assessments to accomplish these purposes.

Section 2. Restrictions. The Lots shall be subject to the following restrictions:

(a) Lot Uses. Except as otherwise specifically provided in this Declaration, including,
without limitation, the commercial use of the Activities Building described in Article IX, no Lot
shall be used for any purpose other than that of single family residential dwelling with attached
garage, one outbuilding and for purposes customarily incidental thereto. Single family residential
structures must equal or exceed 3,500 square feet of living space and include an attached garage to
accommodate at least two automobiles. Living space, for purposes of this Declaration, is enclosed
space within a residential dwelling, finished, heated, and habitable. Notwithstanding the
foregoing: (i) a Lot Owner may use a portion of a dwelling for his or her office or studio so long
as those activities do not interfere with the quiet enjoyment or comfort of any other Lot Owner or
Occupant, and so long as those activities do not increase the normal flow of traffic or number of
individuals in and out of the property or in and out of that dwelling; and (ii) a Lot Owner or
Occupant maintaining a personal or professional library, keeping personal business or professional
records or accounts, or conducting personal business or professional telephone calls or
correspondence, in or from a dwelling constructed on a Lot is engaging in a use expressly declared
customarily incidental to principal residential use and is not in violation of these restrictions.

No portion of any Lot shall be used for any purpose other than that of a single family
dwelling or a lawn, except for the commercial use of the Activities Building, except nothing herein
contained, however, shall be construed to prevent the use of a portion of a Lot for any approved
sidewalk, driveway, walkway, the planting of trees and shrubbery, landscaping or for the purpose of
beautifying the Lot. No weeds, underbrush or other unsightly growth shall be permitted to grow or
remain anywhere within the Subdivision and no unsightly objects shall be allowed to be placed or
suffered to remain anywhere thereon. No fence, hedge, wall or enclosure of any kind, for any
purposes shall be erected, placed or suffered to remain upon any Lot without the advance written
consent of the Developer or the Association, except for any fence, hedge, wall or enclosure of any
kind located on a Lot as of the date of this Declaration. Notwithstanding the foregoing, that
portion of each Lot not containing a dwelling or structure, shall be landscaped in accordance with
a landscape plan submitted to and approved by the Developer or the Association, and each such
landscaped area shall thereafter be maintained in accordance with such plan. Any landscaping on
any Lot existing as of the date of this Declaration is approved.

No basketball backboards shall be attached to any dwelling in the Subdivision. A basketball
pole backboard shall be permitted in the rear yard of a Lot, subject to rules and regulations
adopted by the Developer or the Association. Playground equipment for children may be installed
only in a rear yard of a Lot. No such poles, backboards or equipment shall be visible from the
Driveways.

No clothes, sheets, blankets or other articles shall be hung out or exposed on any part of any
Lot or the Common Areas. No laundry of any kind shall be exposed or hung for drying in the Common
Areas or from any porch, patio or balcony visible from the Common Areas.

No boat, boat trailer, house trailer, campers, motor home, mobile home, motorcycle, delivery
vans, tractor-trailer rigs, closed trucks, recreation vehicles, snowmobiles, all terrain vehicles
or truck of any type shall be parked, kept or stored on any portion of the Subdivision unless
completely within an enclosed garage. The word “truck” shall include every type of motor vehicle
other than passenger cars and other than any pickup truck or van that is used as a primary source
of transportation by a Lot Owner or Occupant. No vehicle or equipment shall be displayed on a Lot
for purposes of its sale or rental. Visitors to a Lot may park vehicles temporarily on one side of
a private driveway only so as to allow passage of other vehicles.

Unless located on a Lot as of the date of this Declaration, no fence, trailer, tent, shed,
pool, pool house, barn or outbuilding or, children’s play structures or equipment of any type shall
be permitted on any portion of the Subdivision unless approved in advance by the Developer or the
Association.

All rubbish and debris, combustible and non-combustible, and all garbage shall be stored and
maintained in containers, entirely within the garage or dwelling. Additional regulations for the
storage, maintenance and disposal of rubbish, debris, leaves and garbage may, from time to time, be
established by the Developer or Association.

Unless located on a Lot as of the date of this Declaration, and except during December and
October, lighting effects shall be approved by the Developer or the Association, and other than in
connection with the occasional customary uses of the Activities Building.

(b) Common Area Uses. Upon conveyance of easement rights in the Common Areas to the
Association, the Common Areas shall be operated by the Association for the benefit of the
Developer, Lot Owners, Occupants and their agents, servants, customers, invitees and licensees,
subject to such rules and regulations as the Association may adopt from time to time.

(c) Antennas. Except to the extent pre-empted by law, no television, satellite, or radio
antenna, receiver, or transmitter, shall be placed on a Lot or Unit, unless approved in advance by
the Developer or the Association, and subject to such rules and regulations as the Association may
adopt from time to time.

(d) Nuisances. No noxious or offensive activity shall be permitted on any Lot, or upon the
Common Areas, nor shall either be used in any way or for any purpose, which might endanger the
health of, or unreasonably disturb, any other Lot Owner or Occupant. The prior customary use of the
Activities Building shall be deemed not to constitute a nuisance for purposes hereof.

(e) Vehicles. The Association may promulgate regulations restricting the parking of
automobiles, inoperable vehicles, trucks, boats and recreational vehicles on the Lots and Common
Areas, and may enforce such regulations or restrictions by levying fines or enforcement charges,
having such vehicles towed away, or taking such other actions as it, in its sole discretion, deems
appropriate. The current parking use associated with the Activities Building is permitted.

(f) Signs. No sign of any kind, including, but not limited to, signs affixed in anyway to
vehicles, shall be displayed to the public view on the Lots, except: (a) on the Lots, one
professionally prepared sign advertising the Lot for sale; and (b) on the Common Areas and Lots,
signs advertising the sale of Lots by the Developer during the initial sales period, which shall
continue until all Lots have been sold to parties unrelated to the Developer. No sign of any kind
shall be displayed to the public view on or within the Unit unless approved by the Developer or
Association. All existing signage, and replacements thereof that are no more extensive, indicating
directions to the Activities Building are permitted.

(g) Animals. Except as hereinafter provided, no animals, livestock or poultry of any kind
shall be raised, bred or kept on any Lot or on the Common Areas. Notwithstanding the foregoing,
household domestic pets, not bred or maintained for commercial purposes, may be maintained in a
Unit, provided that: (i) no animals shall be permitted in any portion of the Common Areas except on
a leash maintained by a responsible person; (ii) no animals shall be left unattended on a Lot or
any portion of the Common Areas; (iii) Lot Owners or Occupants shall keep the Common Areas and
their Lots clean; (iv) no outside shelter, house, box, run, kennel, cage or line for any such
animal may be constructed or maintained on a Lot without prior written approval of the Association;
(v) the permitting of such animals in the Subdivision shall be subject to such rules and
regulations as the Association may adopt from time to time, including, without limitation, the
right to place limitations on the size, number and type of such pets, and the right to levy fines
and enforcement charges against persons who do not clean up after their pets; and (vi) the right of
a Lot Owner or Occupant to maintain such an animal shall be subject to termination if the
Association, in its sole discretion, determines that the animal constitutes a nuisance, hindrance,
safety concern, or creates a detrimental effect on the Subdivision or other Lot Owners or
Occupants.

(h) Conveyances. Each Lot shall be conveyed subject to the terms, conditions and provisions
of this Declaration. To enable the Association to maintain accurate records of the names and
addresses of Lot Owners, each Lot Owner agrees to notify the Association, in writing, within five
(5) days after an interest in that Lot Owner’s Lot has been transferred to another person. In
addition, each Lot Owner agrees to provide to a purchaser of that owner’s Lot a copy of the
Association Organizational Documents and all effective rules and regulations. No Lot may be
subdivided without the prior written consent of the Developer or the Association.

(i) Discrimination. No action shall at any time be taken by the Association which in any
manner would illegally discriminate against any Lot Owner in favor of another. The current uses
of, and structures and improvements on, the Lots, including the Activities Building, which may
conflict with, or may not be approved in accordance with, the terms of this Declaration, shall not
be deemed a basis for discrimination with regard to any future use or development of a Lot.

(j) Arbitration. The interpretation of the Developer as to the application of or any rule or
regulation adopted by the Association, shall be binding upon all Lot Owners and Occupants until the
Developer has sold and conveyed all Lots. Thereafter, in the event of any dispute between Lot
Owners as to the application of these restrictions or any rule or regulation adopted by the
Association, the party aggrieved shall submit a complaint in writing to the Association specifying
the dispute. The Association shall set a time, date and place for a hearing within sixty (60) days
thereafter, and give written notice to each party no less than three (3) days in advance of the
hearing. The Association shall hear such evidence on the dispute as the Association deems proper
and render a written decision on the matter within thirty (30) days of the hearing. No action at
law may be instituted by either party to such a dispute until after this arbitration process.

(k) Mailboxes. Developer shall establish a standard design for mailboxes in the Subdivision.
All mailboxes shall conform to such standard design, unless advance written approval of Developer
is obtained.

(l) Swimming Pools. Swimming pools shall be permitted within the Subdivision; provided,
however any swimming pool constructed within the Subdivision shall be in-ground and shall only be
permitted within the rear yard of a Lot, unless another location is approved by the Developer or
the Association. Only one swimming pool shall be permitted per Lot. The rear yard surrounding a
swimming pool shall be enclosed by a solid wall or fence no less than the height required by local
zoning laws. Swimming pool filtration and heating equipment shall be enclosed in the garage or
other enclosed storage area of the residence. For purposes of this Declaration, a swimming pool
means a swimming pool, tank or other fabricated structure containing at least two (2) feet of
water, with a capacity for seven (7) or more persons, intended for recreational swimming by its
owner.

(m) Outdoor Saunas/Tubs. Outdoor saunas/tubs shall be permitted within the Subdivision. Any
pool with a capacity of six (6) or fewer persons shall be classified as an outdoor sauna or tub.
Outdoor saunas and tubs, when constructed as a connected and integral part of a swimming pool,
shall be constructed to the standards for a swimming pool. Stand-alone outdoor saunas and tubs
shall be located no more than twenty (20) feet from the primary residence. Outdoor saunas and tubs
shall have privacy screens, either as an integral part of the unit, or constructed as part of a
screen or fence around a yard as for a swimming pool. Such screen or fence shall extend not less
than six (6) feet above the primary floor surface or grade upon which the sauna or tub is mounted.

(n) Flagpoles. Each Lot is permitted to have a single ground mounted flagpole for the purpose
of flying the official flag of the United States of America or the State of Ohio. The flagpole on
a residential lot shall be properly proportioned and scaled to the size of the building and
surrounding property as approved by the Developer or the Association. Only flags of the United
States of America or the State of Ohio are permitted to be flown within the Subdivision. No other
flag (i.e. commercial logos, sports teams, seasonal decoration, etc.) may be flown from any
flagpole within the Subdivision. Wall mounted flagpoles are permitted up to a maximum of two (2)
per single-family structure, and may fly flags with seasonal decoration, sports teams and college
names.

(o) Location of Structures. All dwellings or outbuildings in the Subdivision shall be erected
wholly within the Lot lines and no closer to the Driveways than the buildings or structures on the
adjacent Lots, if any. A front yard setback line of seventy-five (75) feet measured from the
nearest edge of the Driveway to the facia or the front entrance of a building or structure is
established on each Lot. A side yard set back ten (10) from the side of a building or structure
and the side Lot lines are established on each Lot. A rear yard for each Lot is measured from the
facia of the back of the building on a Lot to the rear Lot line. If approved by the Architectural
Control Committee or the Association, and subject to applicable laws and regulations, roof
overhangs, gutters, bay windows, chimneys, patios, open porches, decks, walk ways, driveways and
shrubbery may extend into the front yard setback. Any side yard which faces the front yard of any
adjacent Lot shall have a setback of seventy-five (75) feet.

	 	 	 	Section 3. Architectural Control.

(a) Architectural Standards; Harmonious Plan. In requiring the submission of detailed plans
and specifications as herein set forth, the Developer intends to assure the development of the
Subdivision as an architecturally harmonious, artistically desirable residential subdivision
following a common landscape theme, with individual residences to be constructed in such
architectural styles, with uniform building heights, roof lines, of such materials, and such
colors, and located in such manner as to, in the judgment of the Architectural Control Committee,
complement one another and promote the harmony and desirability of the Subdivision as a whole. In
approving or withholding its approval of any plans and specifications, the Architectural Control
Committee shall have the right to consider the suitability of the proposed building or structure
and of the materials of which it is to be built to the building site upon which it is to be erected
and the appropriateness and harmony of the contemplated improvements in relations to improvements
on adjacent Lots and in relation to the general plan for the development of the Subdivision as well
as the artistic and architectural merits of the proposed building or structure, its effect on the
view and outlook from neighboring Lots, the extent to which its location and configuration
preserves the natural attributes, including the trees thereon, of the Lot, and such other matters
as may be deemed to be in the interest of the Lot Owners in the Subdivision as a whole. Any
determination made by the Architectural Control Committee, in good faith, shall be binding on all
parties in interest. Garage doors shall not face the front yard of a Lot. The parties acknowledge
that the Activities Building is, and shall remain (including, without limitation, any remodeling
thereof from time to time), architecturally distinct from the residential properties. While the Lot
Owner of the Activities Building shall be required to maintain the building in good working order,
and to keep an attractive appearance, the standard to be applied shall be that of a comparable
commercial use building, and not a residential home.

(b) Submission and Approval of Plans and Specifications. The plans and specifications for all
buildings, structures or other improvements (including, but not limited to outbuildings, fences,
decks, patios, private driveways, hedges, garages and other enclosures) to be constructed within
the Subdivision shall be submitted for examination to the Architectural Control Committee. Written
approval of the Architectural Control Committee to such plans and specifications shall be obtained
before any building, structure or improvement shall be constructed or placed upon any Lot and
before any addition, change or alteration may be made to any building, structure or other
improvements situated on a Lot. The Architectural Control Committee shall approve, reject or
approve with modifications all submissions within twenty (20) days after submission of the plans
and specifications required hereunder to the Architectural Control Committee. Failure of the
Architectural Control Committee to so respond within such period shall be deemed to be approval of
the submission. The plans and specifications to be submitted shall show the size, location, type,
elevations, roofline, architectural design, quality, use, construction materials and color scheme
of the proposed building, structure, improvements or alteration, the grading plan for the building
site and the finished grade elevation thereof. Such plans and specifications shall be prepared by
a competent architect or draftsman and shall be furnished to the Architectural Control Committee in
sufficient numbers so that the Architectural Control Committee may retain a true copy thereof with
its records. The Architectural Control Committee, when reviewing any plans from time to time
submitted for changes to the Activities Building, shall consider such plans with the point of view
that the owners of the Activities Building shall be entitled to continue the same type of use of
the building as previously enjoyed, and shall be entitled to remodel, repair, upgrade and, within
reasonable limitation, increase the size of its operations.

(c) Construction in Violation of Approved Plan. In all instances where plans and
specifications are required to be submitted to and approved by the Architectural Control Committee,
if subsequent to receiving such approval there shall be any variance from the approved plans and
specifications in the actual construction or location of the improvement or subsequent to the
completion of construction, including any change in exterior colors or materials, without the
written consent of the Architectural Control Committee, such variance shall be deemed a violation
of this Declaration and the Association may seek injunctive relief.

(d) Voting by Architectural Control Committee; Non-Liability for Determinations.
Determinations by the Architectural Control Committee shall be made by a majority of the members
present at any meeting. Unless waived by all members of the Committee, not less than two (2) days
notice of a meeting shall be given each member in writing or by telephone at his residence. A
majority of the Architectural Control Committee shall constitute a quorum. Although the
Architectural Control Committee and Developer are granted by this Declaration certain discretion
and rights of approval, disapproval and interpretation, the owners of Lots in the Subdivision, as
further consideration for the conveyance to them of such Lots, do, for themselves, their heirs,
personal representatives, successors and assigns, and their successors in ownership of such Lots,
by their acceptance of the conveyance of such Lots, release and forever discharge the Architectural
Control Committee and developer from any claims they may have against either the Architectural
Control Committee or Developer arising out of their exercise of such discretion and such rights of
approval, disapproval and interpretation and/or for their failure to exercise such discretion,
rights of approval, disapproval and interpretation.

(e) Commencement of Construction of Structures; Completion of Structures. Except for
circumstances beyond the control of a Lot Owner, all buildings, structures or other improvements
must be completed within one (1) year following the commencement of construction. No sod, dirt or
gravel other than that incidental to construction of approved buildings, structures or other
improvements shall be removed from Lots without the written approval in advance from the
Architectural Control Committee. No building or structure erected in the Subdivision shall be used
as a residence until the exterior thereof has been completed in accordance with the detailed plans
and specifications approved therefore by the Architectural Control Committee. No trailer,
basement, tent, shack, garage, barn, mobile home or other temporary shelter or housing devise shall
be maintained or used as a residence, temporarily or permanently, in the Subdivision.

(f) The Association may decide not to appoint members of the Architectural Control Committee.
In the event no such members are appointed, then the Association shall have all of the rights,
power and authority of the Architectural Control Committee. Any meetings or decision of the
Association when acting pursuant to its rights, powers and authority of the Architectural Control
Committee shall, however, be governed by its Bylaws and not Section 3(d) of this Article I.

ARTICLE II

OWNERS’ ASSOCIATION

Section 1. Establishment of Association. The Association will be formed to serve as the
owners’ association for the Subdivision. The Developer is presently the sole member of the
Association.

Section 2. Membership. Membership in the Association shall be limited to the Developer and
the Lot Owners. Every Person who is or becomes a record title owner of a fee simple interest in a
Lot is a Lot Owner and shall be a member of the Association. The foregoing is not intended to
include Persons who hold an interest merely as security for the performance of an obligation.
Membership shall be appurtenant to and may not be separated from ownership of any Lot, and transfer
of a Lot shall automatically transfer membership in the Association to the transferee of the Lot.

Section 3. Voting Rights. Prior to the Turnover Date, all voting power in the Association
shall be vested in the Developer. From and after the Turnover Date, the owner or owners of each
Lot shall be entitled to one (1) vote. An owner of more than one Lot (which shall include the
Developer with respect to any unsold Lots or Lots which the Developer chooses not to sell) shall
have one vote for each Lot owned. An owner who does not choose to build on his Lot shall still
have one vote for such Lot. Any Lot Owner may cast this one (1) vote. Where a vote is cast by one
(1) of two (2) or more owners of any Lot, the Association shall not be obligated to look to the
authority of the owner casting the one (1) vote.

Section 4. Board of Directors. The Board initially shall be those three (3) persons named as
the initial Directors pursuant to the provisions of the Articles, or such other person or persons
as may from time to time be substituted by Developer. The Developer shall continue to control the
elections of Directors to the Board until the Turnover Date. From and after the Turnover Date,
there shall be three (3) Directors elected by the Lot Owners, one (1) of which shall include the
Developer as the owner of any unsold Lots. The terms of the three (3) Directors shall be staggered
so that the terms of one-third of the Directors will expire and successors be elected at each
annual meeting of the Association. Thereafter, at such annual meetings, successors to the
Directors whose terms then expire shall be elected to serve three-year terms.

Section 5. Authority. The Association shall have the following powers and rights:

(a) To manage, operate, maintain, improve, repair and replace the Common Areas, including, but
not limited to, paving, scaling, resurfacing, and patching the Driveways, snow and ice removal,
repairing or replacing any utility lines, general maintenance and lawn care, if any.

(b) To promote and seek to maintain the attractiveness, value and character of the Lots
through enforcement of the terms, conditions, provisions and restrictions set forth in this
Declaration, or in any regulations promulgated by the Association pursuant hereto.

(c) To collect and dispose of funds as provided in Article VI hereof.

(d) If the Association is organized and operating as an Ohio non-profit corporation, to
perform all acts and functions as are generally authorized by law to be performed by such
corporation.

(e) To acquire the Common Areas from the Developer.

(f) To adopt rules and regulations of general application governing the use, maintenance,
insurance and upkeep of the Common Areas and the Lots.

(g) To carry out all other purposes for which it was organized and to exercise all rights
which it may be granted under this Declaration.

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ARTICLE III

MAINTENANCE AND REPAIR

Section 1. Association Responsibility. The Association shall maintain, repair and replace the
Common Areas, and other property owned by the Association, including and not limited to the
following items located on Common Areas: all private streets, all improvements and landscaping in
the Common Areas, if any; all entry-way landscaping, the decorative improvements and subdivision
signage located at the entry-way, if any; and all utility lines not owned by public authorities.

Section 2. Lot Owners’ Responsibility. Each Lot Owner will keep the Unit on said lot in a
good state of repair and maintenance and will maintain the Unit and the exterior thereof in a neat
and clean condition.

Section 3. Refuse Services by the Association. The Association may elect to contract for
regular refuse pickup for all Lot Owners if such service is not provided by the local municipal
government on a non-fee basis. If the Association elects to furnish this service, all Lot Owners
shall comply with the reasonable instructions of the Association with respect to the day and time
of pickup, the types of containers to be used, and the location where each Lot Owner shall place
refuse for pickup. In addition, if the Association elects to furnish this service, the Association
shall have the right to enter into an exclusive contract with the provider of the refuse pickup
service and to exclude all other providers from servicing the subject Lots.

ARTICLE IV

INSURANCE

Section 1. Liability Insurance. The Association shall obtain and maintain a comprehensive
policy of general liability insurance covering all of the Common Areas, insuring the Association
and the Directors, with such limits as the Board may determine, but no less than the greater of (a)
the amounts generally required by private institutional mortgage investors for projects similar in
construction, location and use, and (b) $1,000,000, for bodily injury, including deaths of persons,
and property damage, bodily injuries and deaths of persons in connection with the operation,
maintenance or use of the Common Areas, and legal liability arising out of lawsuits related to
employment contracts of the Association. Each such policy must provide that it may not be canceled
or substantially modified by any party, without at least (10) days’ prior written notice to the
Association and to each eligible holder of a mortgage on a Lot.

Section 2. Other Association Insurance. In addition, the Association may purchase and
maintain contractual liability insurance, directors’ and officers’ liability insurance, and such
other insurance as the Board may determine.

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ARTICLE V

GRANTS AND RESERVATIONS OF RIGHTS AND EASEMENTS

Section 1. Easements of Enjoyment; Limitations. Every Lot Owner shall have a right and
easement of enjoyment in, over and upon the Common Areas, which rights and easements shall be
appurtenant to and shall pass with the title to a Lot, subject to the right of the Association to
make reasonable rules and regulations concerning the use and management of the Common Areas. In
addition to the easements granted by this Declaration each Lot Owner shall have the rights and
obligations as to the Driveways as established by the Access Easement executed and recorded as part
of the development plan implemented by this Declaration.

Section 2. Right of Entry for Repair, Maintenance and Restoration. The Association shall have
a right of entry and access to, over, upon and through all of the Lots to enable the Association to
perform its obligations, rights and duties pursuant hereto with regard to maintenance, repair, and
replacement of any Common Areas or property owned by the Association or maintained by the
Association.

Section 3. Easements for Utilities. There is hereby created upon, over and under all of the
Lots, which does not now, or hereafter, contain a building or structure, for the erection,
construction, use, maintenance, repair, relocation and replacement of underground utility lines,
poles, drains, pipes, and any other appliances, fixtures or equipment for the provision of utility
service, (including, without limitation, cable television), to the Lots or others. It shall be
expressly permissible for the Association to grant easements, to the providing company, to
construct and maintain the necessary lines, poles, equipment, wires, circuits and conduits on,
above, across and under the Lots, so long as such lines, poles, equipment, wires, circuits and
conduits do not unreasonably interfere with the use and enjoyment of the Lots. Should any utility
company furnishing a service request a specific easement by separate recordable document, the
Association shall have the right to grant such easement without conflicting with the terms hereof.

In addition, a non-exclusive perpetual easement is hereby reserved to Developer, its
successors, and assigns, for their benefit and the benefit of Lot Owners for pedestrian and
vehicular access over private roadways within the Subdivision, for ingress and egress to and from
the Lots and a public street. Additionally, Developer, for itself and its successors and assigns,
reserves the right to extend and tie into utility and sewer lines in the Lots and Common Areas, as
permitted by public authority and the utility company involved, to extend such lines into other
Lots in the Subdivision. Additionally, Developer reserves the right and easement for itself, its
successors and assigns, to enter upon the Common Areas in order to install, maintain, repair,
replace and use pipes, wires, antennas, cables, towers, conduits and other lines and facilities for
the purpose of providing water, sanitary sewer, storm sewer, electrical, gas, telephone, television
and other utility or quasi-utility services to part or all of any Lots; to enter upon the Common
Areas to the extent necessary in order to construct residential units and/or other improvements on
any Lots; and to use all streets and drives within the Common Areas for purposes of ingress and
egress to such Lots.

Section 4. Easement for Encroachments. Each Lot shall be subject to an easement for
encroachments created by construction, settling and overhangs, as designed or constructed by the
Developer or other parties. A valid easement for said encroachments and for the maintenance of
such encroaching improvements so long as such encroachment exists, shall and does exist. In the
event a structure on a Lot is partially or totally destroyed, and then rebuilt, the Lot Owners of
the properties so affected agree that minor encroachments of parts of the adjacent structures shall
be permitted and that a valid easement for said encroachment and the maintenance thereof shall
exist.

Section 5. Power of Attorney. Each Lot Owner, by acceptance of a deed to a Lot, hereby
irrevocably appoints the President of the Association, as his, her or its attorney-in-fact, to
execute, deliver, acknowledge and record, for and in the name of such Lot Owner, such deeds of
easement and other instruments as may be necessary or desirable, in the sole discretion of the
Association, to further establish or effectuate the foregoing easements. This power is for the
benefit of each and every Lot Owner, the Association, and the real estate to which it is
applicable, runs with the land, is coupled with an interest, and is irrevocable.

Section 6. Private Roadway. All the roadways within the Subdivision are private streets or
ways. Developer shall execute and deliver the Access Easement to the Association and shall assign
any additional easement rights created by this Declaration to the Association shortly after the
sale and conveyance by it of the last Lot in the Subdivision. The Driveways shall be and hereby
are designated as a vehicular and pedestrian roadway for the perpetual non-exclusive use and
enjoyment of all Lot Owners within the Subdivision to and from the public street named
Holland-Sylvania Road. The Driveways shall be maintained, repaired and replaced by the Association
as a Common Area, as provided herein.

Section 7. General. The easements and grants provided herein shall in no way affect any other
recorded grant or easement now and hereafter.

ARTICLE VI

ASSESSMENTS AND ASSESSMENT LIENS

Section 1. Types of Assessments. The Developer, for each Lot, hereby covenants and each Lot
Owner, by acceptance of a deed to a Lot (whether or not it shall be so expressed in such deed), is
deemed to covenant and agree, to pay to the Association: (1) annual operating assessments, (2)
special assessments for capital improvements, and (3) special individual Lot assessments. All of
such assessments to be established and collected as hereinafter provided.

Section 2. Elements; Apportionment; Due Dates.

(a) Annual Operating Assessments Prior to Turnover Date. The Annual Operating Assessment is
established for the benefit and use of the Association and shall be used in covering all of the
costs of the operation, maintenance, and repair of the Driveways, landscaping and other portions of
the property that the Association is obligated to repair and maintain under this Declaration, and
the performance of all other duties and obligations to be performed by the Association under this
Declaration.

(b) Annual Operating Assessments After the Turnover Date.

(i) Prior to the beginning of each fiscal year of the Association, the Association shall
estimate, and divide equally among the Lots, the expenses of the Association consisting of the
following:

(1) the estimated next fiscal year’s cost of the maintenance, repair, replacement, and other
services to be provided by the Association;

(2) the estimated next fiscal year’s costs for insurance to be provided and paid for by the
Association;

(3) the estimated next fiscal year’s costs for utility services charged to or otherwise
properly payable by the Association, including, without limitation, utility costs in connection
with the operation of any private street lighting system;

(4) the estimated amount required to be collected to maintain a general operating reserve to
assure availability of funds for normal operations of the Association, in an amount deemed adequate
by the Association;

(5) an amount deemed adequate by the Association to maintain a reserve for the cost of
unexpected repairs and replacements of capital improvements and for the repair and replacement of
major improvements for which cash reserves over a period of time in excess of one year ought to be
maintained; and

(6) the estimated next fiscal year’s costs for the operation, management and administration of
the Association, including, but not limited to, fees for legal and accounting services, costs of
mailing, postage, supplies and materials for operating the Association, and the salaries, wages,
payroll charges and other costs to perform these services, and any other costs constituting common
expenses not otherwise herein specifically excluded.

(ii) The Association shall thereupon allocate such expense equally among all Lots, and thereby
establish the annual operating assessment for each separate Lot.

(iii) The annual operating assessment shall be payable in advance, in equal monthly
installments. Nothing shall prohibit any Lot Owner from prepaying assessments in annual,
semi-annual, or quarterly increments. The due dates of any such installments shall be established
by the Association.

(iv) If the amounts so collected are, at any time, insufficient to meet all obligations for
which those funds are to be used, the deficiency shall be assessed by the Association among the
Lots on an equal basis.

(v) If assessments collected during any fiscal year are in excess of the funds necessary to
meet the anticipated expenses for which the same have been collected, the excess shall be retained
as reserves, and shall in no event be deemed profits nor available, except on dissolution of the
Association, for distribution to Lot Owners.

(d) Special Assessments for Capital Improvements.

(i) In addition to the annual operating assessments, the Association may levy, in any fiscal
year, special assessments to construct, reconstruct or replace capital improvements on or
constituting a part of the Common Areas and/or personal property to the extent that reserves
therefor are insufficient, provided that new capital improvements not replacing existing
improvements shall not be constructed nor funds assessed therefor, if the cost thereof in any
fiscal year would exceed an amount equal to five percent (5%) of that fiscal year’s budget, without
the prior consent of Lot Owners exercising no less than seventy-five percent (75%) of the voting
power of Lot Owners.

(ii) Any such assessment shall be divided equally among all Lots, and shall become due and
payable on such date or dates as the Association determines following written notice to the Lot
Owners.

(e) Special Individual Lot Assessments. The Association may levy an assessment against an
individual Lot to reimburse the Association for those costs incurred properly chargeable by the
terms hereof to a particular Lot (such as, but not limited to, the cost of enforcement of the
Access Easement, or any other covenants and restrictions against a particular Lot, or arbitration
costs properly chargeable against such Lot Owner.) Any such assessment shall become due and
payable on such date as the Association determines and gives written notice to the Lot Owners
subject thereto.

Section 3. Effective Date of Assessments. Any assessment created pursuant hereto shall be
effective on the date determined by the Association. Written notice of the amount of any
assessment shall be sent by the Association to the Lot Owner subject thereto at least ten (10) days
prior to the due date thereof, or the due date of the first installment thereof, if to be paid in
installments. Written notice shall be mailed or delivered to a Lot Owner’s Lot unless the Lot
Owner has delivered written notice to the Association of a different address for such notices, in
which event the Association shall mail such notice to the last designated address. Failure to
receive such notice, for whatever reason, shall not be a defense to the Lot Owner’s obligations to
pay such assessment.

Section 4. Effect of Nonpayment of Assessment; Remedies of the Association.

(a) If any assessment or any installment of any assessment is not paid within ten (10) days
after the same has become due, the Association, at its option, without demand or notice, may (i)
declare the entire unpaid balance of the assessment immediately due and payable; (ii) charge
interest on the entire unpaid balance (or on an overdue installment, alone, if the Association has
not exercised its option to declare the entire unpaid balance due and payable), at the highest rate
of interest then permitted by law, or at such lower rate as the Association may from time to time
determine; and (iii) charge a reasonable, uniform late fee, as determined from time to time by the
Association.

(b) Annual operating and both types of special assessments, together with interest, late
charges and costs, shall be a charge and a continuing lien in favor of the Association upon the Lot
against which each such assessment is made.

(c) At any time after an installment of an assessment levied pursuant hereto remains unpaid
for ten (10) or more days after the same has become due and payable, an affidavit of lien regarding
the non-payment of Assessments, may be filed with the Recorder of Lucas County, Ohio, pursuant to
authorization given by the Association, against such Lot. The affidavit of lien shall contain a
description of the Lot for which Assessments are unpaid, the name or names of the record owner or
owners thereof, and the amount of the unpaid portion of the assessments, and shall be signed by an
officer of the Association. The lien shall remain valid for a period of five (5) years from the
date of filing, unless sooner paid or satisfied. The Association liens may be foreclosed in the
same manner as a mortgage.

(d) Each such assessment together with interest and costs shall also be the joint and several
personal obligation of the Lot Owners who owned the Lot, provided, however, that the right of the
Association to any lien upon the Lot for non-payment of assessments, shall not be impaired or
abridged by reason of the transfer ownership of a Lot.

Section 5. Subordination of the Lien to First Mortgages. The lien of the assessments and
charges provided for in this Declaration shall be subject and subordinate to the lien of any duly
executed first mortgage on a Lot recorded prior to the date on which such lien of the Association
arises, and any holder of such first mortgage which comes into possession of a Lot pursuant to the
remedies provided in the mortgage, foreclosure of the mortgage, or deed or assignment in lieu of
foreclosure, and any purchaser at a foreclosure sale, shall take the property free of any claims
for unpaid installments of assessments or charges against the mortgaged Lot which become due and
payable prior to the time such older or purchaser took title to that Lot, provided that the
Association has been made a party to such mortgage foreclosure action.

Section 6. Certificate Regarding Assessments. The Association shall, upon demand, for a
reasonable charge, furnish a certificate signed by an officer or designated representative of the
Association, setting forth whether the assessments on a specified Lot have been paid. This
certificate shall be conclusive evidence of payment of any assessment therein stated to have been
paid.

13

ARTICLE VII

AMENDMENTS

Section 1. Power to Amend. Except as herein provided, amendment of the Declaration (or the
Articles of the Association) shall require the consent of Lot Owners exercising not less than
seventy-five percent (75%) of the voting power of Lot Owners. Notwithstanding the foregoing:

(a) the consent of one hundred percent (100%) of the Lot Owners shall be required for any
amendment to this Declaration effecting a change in:

(i) the method of allocating liability for common expenses;

	 	(ii)	 	the number of votes in the Association
appertaining to any Lot; or

	 	(iii)	 	the fundamental purposes to which the Common
Areas or Lots are restricted;

(b) the consent of eligible holders of first mortgages on Lots to which at least seventy-five
percent (75%) of the votes of Lots subject to mortgages held by eligible holders of first mortgage
liens appertain shall be required to terminate the Association;

(c) amendments which solely or disproportionately affect the Activities Building shall require
the consent of the Lot Owner of the Activities Building;

(d) in any event, Developer reserves the right and power, and each Lot Owner by acceptance of
a deed to a Lot is deemed to and does give and grant to Developer a power of attorney, which right
and power is coupled with an interest with the title to the land and is irrevocable (except by
Developer), for a period of five (5) years from the date of the filing of this Declaration, to
amend the Association Organizational Documents, to the extent necessary to conform to the
requirements then governing the purchase or insurance of mortgages by The Mortgage Corporation,
Federal National Mortgage Association, Government National Mortgage Association, Mortgage Guaranty
Insurance Corporation, the Federal Housing Administration, the Veterans Administration, or any
other such agency or organization, or to correct typographical errors or obvious factual errors the
correction of which would not impair the interest of any Lot Owner or mortgagee.

Section 2. Method of Amend. An amendment to this Declaration, adopted with the consents
hereinbefore provided, shall be executed with the same formalities as this Declaration by two
officers of the Association and shall contain their certification that the amendment was duly
adopted in accordance with the foregoing provisions. Any amendment adopted by the Developer or a
duly empowered successor Developer pursuant to authority granted it pursuant to this Declaration
shall be duly executed by them with the same formalities as the execution of this Declaration and
shall contain the certification of such signors that such amendment is made pursuant to authority
vested in the Developer or any duly empowered successor Developer by this Declaration. Any
amendment duly adopted and executed in accordance with the foregoing provisions shall be effective
upon the filing of the same with the County Recorder’s Office.

ARTICLE VIII

ACTIVITIES BUILDING

Section 1. Activities Building. A multi-purpose activity center/conference building (the
“Activities Building”) is now located on Lot 6 described on Exhibit B. The use and operation of
the activity center Lot is limited to the special use permit issued by the City of Toledo for this
Lot. The current uses of the Activities Building includes, without limitation, daytime and evening
use for business, civic and social meetings, use by civic, church, athletic and social
organizations, meals and picnicking, both inside the Activities Building and on the lawn, and on
Lot 5 described on Exhibit B. Membership in the Association grants no rights to use of the
Activities Building or Lot 5. Notwithstanding any restrictions or limitations in this Declaration
with regard to the use or development of this Lot 6 to the contrary, Lot 6 may be used by the owner
of Lot 6 for the uses allowed by the special use permit. In addition, temporary, daily parking of
multiple vehicles on the lawn of this Activities Building Lot, and, prior to its residential
development, on Lot 5, is permitted by these Declarations.

The Activities Building may be remodeled, upgraded, and reasonably expanded in size in accordance
with this Declaration.

ARTICLE IX

GENERAL PROVISIONS

Section 1. Covenants Running With the Land. The covenants, conditions, restrictions,
easements, reservations, liens and charges created hereunder or hereby shall run with and bind the
Property, and each part thereof, and shall be binding upon and inure to the benefit of all parties
having any right, title or interest in or to all or any part of the Property, the Subdivision, and
any Lot and on the Association, the Developer, and their respective heirs, executors,
administrators, successors and assigns.

Section 2. Enforcement. In addition to any other remedies provided in this Declaration, the
Developer, the Association, and each Lot Owner, shall have the right to enforce, by any proceeding
at law or in equity, all restrictions, conditions, covenants, easements, reservations, liens and
charges set forth herein or in the Association Organizational Documents as now or hereafter imposed
by or through the Association’s rules and regulations. Failure by Developer, the Association or by
any Lot Owner to proceed with such enforcement shall in no event be deemed a waiver of the right to
enforce at a later date the original violation or a subsequent violation, nor shall the doctrine of
laches nor any statute of limitations bar the enforcement of any such restriction, condition,
covenant, reservation, easement, lien or charge. Further, the Association and each Lot Owner shall
have rights of action against each other for failure to comply with the provisions of the
Association Organizational Documents, rules and regulations, and applicable law, and with respect
to decisions made pursuant to authority granted thereunder, and the Association shall have the
right to assess reasonable charges against a Lot Owner who fails to comply with the same, including
the right to assess charges for the costs of enforcement and arbitration. Notwithstanding the
foregoing, in the event of any dispute between the Association and any Lot Owner or Occupant, other
than with regard to assessments, that cannot be settled by an agreement between them, the matter
shall first be submitted to arbitration in accordance with and pursuant to the arbitration law of
Ohio then in effect (presently Chapter 2711 of the Revised Code of Ohio), by a single independent
arbitrator selected by the Association.

Section 3. Severability. Invalidation of any one or more of these covenants, conditions,
restrictions or easements by judgment or court order shall in no way affect any other provisions,
which provisions shall remain in full force and effect.

Section 4. Gender and Grammar. The singular wherever used herein shall be construed to mean
the plural when applicable, and the necessary grammatical changes required to make the provisions
hereof apply either to corporations, partnerships, limited liability companies, men or women, shall
in all cases be assumed as though in such case fully expressed.

Section 5. Captions. The captions of the various provisions of this Declaration are not part
of the context hereof, but are merely labels to assist in locating the various provisions hereof.

Section 6. Term. This Declaration shall be binding upon the Developer, the Association, and
all persons claiming under or through Developer or the Association until the first day of January,
2030, at which time this Declaration shall be automatically extended for a successive periods of
ten (10) years, until terminated as provided herein.

Section 7. Developer’s Rights Assignable; Interpretation of Restrictions. The rights,
privileges and powers granted by this Declaration to, and/or reserved by, Developer shall be
assignable at any time and shall inure to the benefit of the successors and assigns of Developer,
and such assignment by Developer shall be in writing and shall be recorded in the office of the
County Recorder’s Office. Developer shall have the right to enforce, construe and interpret this
Declaration and its construction and interpretation, made in good faith, shall be final and binding
as to all persons and property benefited by this Declaration. Developer reserves the right to
relinquish its power to construe, interpret and enforce this Declaration by written instrument
delivered to the Association whereupon all rights with respect thereto shall thereafter be
exercised by the Association and all obligations of Developer hereunder shall terminate.

Section 8. Limitation of Warranties. By acceptance and recording of a deed to a Lot in the
Subdivision, each Lot Owner shall be deemed to have acknowledged and agreed that there are no
representations or warranties, by the Developer to the Association or by the Developer to any Lot
Owner or Occupant, or by the Association to any Lot Owner or Occupant with respect to: (a) the
merchantability, fitness, or suitability of the Lots for the construction of residences or any
other purpose, (b) any improvements to or for the benefit of the Subdivision whether constructed by
or at the direction of Developer or under Developer’s supervision, or (c) any other aspect or
feature of the Subdivision other than as expressly stated in writing (i) by the Developer to the
Lot Owner or (ii) in this Declaration, or (iii) in the Association Organizational Documents.

The undersigned Developer has caused this instrument to be executed in its behalf on this day
of      , 2006.

THE ANDERSONS FARM

DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 
	BY:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, Its sole member

By:      

Title:      

	 	 	 	 	 
	STATE OF OHIO
	 	 	)	 
	 
	 	) ss:
	COUNTY OF LUCAS
	 	 	)	 

The foregoing instrument was acknowledged before me this      day of      ,
2006, by      , as      of The Andersons, Inc., the sole member of
The Andersons Farm Development Co., LLC, an Ohio limited liability company, on behalf of the
company.

Notary Public

My Commission Expires:

This instrument was prepared by:

Steven D. Reinbolt, Esq.

Eastman & Smith Ltd.

One SeaGate, 24th Floor

P.O. Box 10032

Toledo, Ohio 43699-0032

14

EXHIBIT A

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o51’45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line Also
Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod Set At
30.13 Feet On The East Right Of Way Line Of Holland Sylvania Road To A Point On The Meander Line Of
A Lake;

Thence Along Said Meander Line The Next 13 Courses;

North 08o04’27” East A Distance Of 98.93 Feet To A Point;

North 52o07’32” East A Distance Of 107.91 Feet To A Point;

North 76o30’15” East A Distance Of 128.55 Feet To A Point;

North 85o08’08” East A Distance Of 235.85 Feet To A Point;

South 82o24’19” East A Distance Of 378.32 Feet To A Point;

South 55o10’32” East A Distance Of 140.09 Feet To A Point;

South 04o11’06” East A Distance Of 205.55 Feet To A Point;

South 11o26’58” West A Distance Of 403.02 Feet To A Point;

South 08o58’22” East A Distance Of 192.35 Feet To A Point;

North 69o40’37” West A Distance Of 143.96 Feet To A Point;

North 35o32’16” East A Distance Of 43.01 Feet To A Point;

North 53o36’56” West A Distance Of 118.00 Feet To A Point;

North 28o55’36” West A Distance Of 116.63 Feet To A Point;

Thence Along The Westerly And Southerly Line Of Land Owned By Metro Park District Of Toledo Tax
Parcel #26-26772 The Next 20 Courses;

South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

South 06o13’25” West A Distance Of 427.34 Feet To A Capped 5/8” Rod Set;

South 12o36’45” West A Distance Of 294.61 Feet To The Centerline Of Swan Creek;

Continuing Along The Centerline Of Said Swan Creek The Next 17 Courses;

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

North 79o47’59” West A Distance Of 99.64 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 96.80 Feet To A Point;

North 73o10’39” West A Distance Of 71.77 Feet To A Point;

South 51o03’55” West A Distance Of 63.15 Feet To A Point;

South 00o18’04” West A Distance Of 65.59 Feet To A Point;

South 05o58’18” West A Distance Of 151.96 Feet To A Point;

South 37o22’38” West A Distance Of 99.49 Feet To A Point;

North 85o20’04” West A Distance Of 10.36 Feet To The West Line Of Said Section 23;

Thence North 00o14’11” East A Distance Of 1254.31 Feet Along Said West Line Of Section 23 Passing
Through A Capped 5/8” Rod Set At 1203.27 Feet On The Southeasterly Right Of Way Line Of Holland
Sylvania Road To The Centerline Of Holland Sylvania Road;

Thence North 36°14’03” East 0.61 Feet To A 1” Bar Found In Monument Box At The Point Of Curve;

Thence Along A Curve To The Left Having A Radius Of 636.62 Feet Through A Central

Angle Of 41o27’03” For An Arc Length Of 460.56 Feet, Said Curve Having A Chord Bearing

North 15o30’33” East For A Distance Of 450.59 Feet To The Point Of Beginning, Containing

39.916 Acres More Or Less Of Which 0.338 Acres More Or Less Lies Within The Right Of Way Of Holland
Sylvania Road.

Less and excepting therefrom all of the following described real property:

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o 51’ 45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line
Also Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod
Set At 30.13 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Point On The
Meander Line Of A Lake;

Thence Along Said Meander Line The Next 18 Courses;

North 08o 04’ 27” East A Distance Of 98.93 Feet To A Point;

North 52o 07’ 32” East A Distance Of 107.91 Feet To A Point;

North 76o 30’ 15” East A Distance Of 128.55 Feet To A Point;

North 85o 08’ 08” East A Distance Of 235.85 Feet To A Point;

South 82o 24’ 19” East A Distance Of 378.32 Feet To A Point;

South 55o 10’ 32” East A Distance Of 140.09 Feet To A Point;

South 04o 11’ 06” East A Distance Of 205.55 Feet To A Point;

South 11o 26’ 58” West A Distance Of 403.02 Feet To A Point;

South 08o 58’ 22” East A Distance Of 192.35 Feet To A Point;

North 69o 40’ 37” West A Distance Of 143.96 Feet To A Point;

North 35o 32’ 16” East A Distance Of 43.01 Feet To A Point;

North 53o 36’ 56” West A Distance Of 118.00 Feet To A Point;

North 28o 55’ 36” West A Distance Of 116.63 Feet To A Point;

North 37o 13’ 48” West A Distance Of 154.34 Feet To A Point;

North 70o 42’ 36” West A Distance Of 105.95 Feet To A Point;

South 89o 15’ 01” West A Distance Of 215.51 Feet To A Point;

North 74o 38’ 38” West A Distance Of 123.94 Feet To A Point;

North 54o 04’ 38” West A Distance Of 135.76 Feet To A Point;

Thence South 62o 57’ 25” West A Distance Of 78.60 Feet To A Capped 5/8” Rod Set;

Thence South 17o 57’ 25” West A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence South 71o 14’ 29” West A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 89o 34’ 54” West A Distance Of 234.54 Feet To A Point (Found 3/4” Pipe 0.45’North And
0.54’ East);

Thence North 54o 22’ 36” West A Distance Of 120.15 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania To A Point On The Centerline Of
Holland Sylvania Road;

Thence Northeast A Distance Of 342.80 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 30o 51’ 07” And A Chord Of North 10o12’35” East 338.67 Feet To The Point Of
Beginning, Containing 16.340 Acres More Or Less Of Which 0.243 Acres More Or Less Lies Within The
Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And Restrictions. The
Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas County Tax Parcel
#26-26771 And Is The Same Land Described In Option To Purchase Agreement Recorded 95-592B02. This
Description Was Prepared On January 24, 2006 From A Survey Of The Premises.

15

EXHIBIT B

Lot 2

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 342.80 Feet Along A Curve To The Right Southwest Having A Radius Of
636.62 Feet And A Central Angle Of 30o51’07” And A Chord Of North 10o12’35” West 338.67 Feet To The
Point Of Beginning;

Thence South 54o22’36” East A Distance Of 120.15 Passing Through A Capped 5/8” Rod Set On The
Southeasterly Right Of Way Line Of Holland Sylvania Road To A Point (Found 3/4” Pipe 0.45 Feet North
And 0.54 Feet East);

Thence South 89o34’54” East A Distance Of 234.54 Feet To A Capped 5/8” Rod Set;

Thence North 71o14’29” East A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 17o57’25” East A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence North 62o57’25” East A Distance Of 78.60 Feet To A Point On The Meander Line Of A Lake;

Thence South 54o04’38” East A Distance Of 135.76 Feet Along Said Meander Line To A Point;

Thence South 74o38’38” East A Distance Of 81.28 Feet Continuing Along Said Meander Line To A Point;

Thence South 16o09’33” West A Distance Of 311.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 364.26 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.18 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 121.64 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.14 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’45” And A Chord Of North 26o05’31” East 10.14 Feet To The Point Of
Beginning, Containing 2.051 Acres More Or Less Of Which 304.017 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

16

Lot 3

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 352.94 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 31o45’52” And A Chord Of South 10o39’58” West 348.44 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 121.64 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.18 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 364.26 Feet To A Capped 5/8” Rod Set;

Thence North 16o09’33” East A Distance Of 311.54 Feet To A Point On The Meander Line Of A Lake;

Thence Along Said Meander Line The Next 4 Courses:

South 74o38’38” East A Distance Of 42.66 Feet To A Point;

North 89o15’01” East A Distance Of 215.51 Feet To A Point;

South 70o42’36” East A Distance Of 105.95 Feet To A Point;

South 37o13’48” East A Distance Of 154.34 Feet To A Point;

Thence South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

Thence South 84o05’50” West A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 436.84 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.95 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 123.30 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.11 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’37” And A Chord Of North 27o00’12” East 10.11 Feet To The Point Of
Beginning, Containing 3.085 Acres More Or Less Of Which 303.281 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On A Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

17

Lot 4

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 363.05 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 32o40’29” And A Chord Of South 11o07’16” West 358.15 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 123.30 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.95 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 436.84 Feet To A Capped 5/8” Rod Set;

Thence North 84o05’50” East A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 412.19 Feet To A Capped 5/8” Rod Set;

Thence North 79o24’09” West A Distance Of 211.29 Feet To A Mag Nail Set;

Thence North 06o12’52” East A Distance Of 340.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence North 89o34’54” West A Distance Of 257.73 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 125.12 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.09 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’30” And A Chord Of North 27o54’45” East 10.09 Feet To The Point Of
Beginning, Containing 2.033 Acres More Or Less Of Which 302.623 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 5

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 373.14 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 33o34’59” And A Chord Of South 11o34’31” West 367.83 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 125.12 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 257.73 Feet To A Capped 5/8” Rod Set;

Thence South 62o35’52” East A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence South 06o12’52” West A Distance Of 340.07 Feet To A Mag Nail Set;

Thence North 79o24’09” West A Distance Of 73.68 Feet To A Mag Nail Set;

Thence North 62o13’40” West A Distance Of 219.35 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 345.62 Feet Along A Curve To The Left Having A Radius Of 304.88 Feet, A
Central Angle Of 64o57’05” And A Chord Of North 21°37’32” West 327.40 feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.83 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 127.10 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.07 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’23” And A Chord Of North 28o49’12” East 10.07 Feet To The Point Of
Beginning, Containing 2.424 Acres More Or Less Of Which 302.041 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 6

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road;

Thence Southwest A Distance Of 413.33 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 37o11’ 59” And A Chord Of South 13o23’01” West 406.11 Feet To The Point
Of Beginning;

Thence South 54o22’ 36” East A Distance Of 133.99 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Capped 5/8” Rod Set;

Thence South 89o34’ 54” East A Distance Of 259.48 Feet To Mag Nail Set;

Thence Southeast A Distance Of 300.64 Feet Along A Curve To The Right Having A Radius Of 274.88
Feet A Central Angle Of 62o39’57” And A Chord Of South 20o48’51” East 285.88 Feet To A Mag Nail
Set;

Thence South 17o 04’ 45” West A Distance Of 91.40 Feet To A Mag Nail Set;

Thence South 49o 19’ 14” West A Distance Of 75.96 Feet To A Capped 5/8” Rod Set;

Thence South 74o 34’ 00” West A Distance Of 430.18 Feet To A Capped 5/8” Rod Set On The West Line
Of Said Section 23;

Thence North 00o 14’ 11” East A Distance Of 558.94 Feet Along The West Line Of Said Section 23
Passing Through A 5/8” Rod Set At 507.90 Feet On The Easterly Right Of Way Line Of Holland Sylvania
Road To A Point On The Centerline Of Holland Sylvania Road;

Thence North 36o14’03” East A Distance Of 0.61 Feet Along The Centerline Of Holland Sylvania Road
To A 1” Bar Found In A Monument Box;

Thence Northeast A Distance Of 47.22 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 04o15’03” And A Chord Of North 34o06’32” East 47.22 Feet To The Point Of
Beginning, Containing 5.084 Acres More Or Less Of Which 2059.248 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 7

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of
Toledo, Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 383.22 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 34o29’22” And A Chord Of South 12o01’42” West 377.46 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 127.10 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.83 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 345.62 Feet Along A Curve To The Right Having A Radius Of 304.88
Feet, A Central Angle Of 64o57’05” And A Chord Of S21°37’32” East 327.40 Feet To A Capped 5/8” Rod
Set;

Thence South 17o04’45” West A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 219.35 Feet To A Mag Nail Set;

Thence South 79o24’09” East A Distance Of 284.97 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 15.15 Feet To A Capped 5/8” Rod Set;

Thence South 12o36’45” West A Distance Of 294.61 Feet Along The West Line Of Land Owned By Metro
Park District Of Toledo Tax Parcel #26-26772 To A Point On The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The North Line Of Land Owned By Metro Park
District Of Toledo Tax Parcel #26-26772 The Next 4 Courses:

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

North 79°47’59” West A Distance Of 54.06 Feet To A Point;

Thence North 16o08’42” East A Distance Of 291.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o13’40” West A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 330.56 Feet Along A Curve To The Left Having A Radius Of 294.88 Feet, A
Central Angle Of 64o13’47” And A Chord Of North 21°22’10” West 313.53 Feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 129.24 Feet To A Mag Nail Set;

Thence Northeast A Distance Of 10.05 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’17” And A Chord Of North 29o43’32” East 10.05 Feet To The Point Of
Beginning, Containing 2.484 Acres More Or Less Of Which 301.534 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 8

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 393.27 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 35o23’39” And A Chord Of South 12o28’51” West 387.05 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 129.24 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 330.56 Feet Along A Curve To The Right Having A Radius Of 294.88
Feet, A Central Angle Of 64o13’47” And A Chord Of South 21°22’10” East 313.53 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence South 16o08’42” West A Distance Of 291.07 Feet To The Centerline Of Swan Creek;

Thence Along the Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 8 Courses:

North 79o47’59” West A Distance Of 45.57 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 20.49 Feet To A Point;

Thence North 10o44’37” East A Distance Of 401.01 Feet To A Capped 5/8” Rod Set;

Thence North 39o29’26” West A Distance Of 202.36 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 118.88 Feet To A Mag Nail Set;

Thence North A Distance Of 315.57 Feet Along A Curve To The Left Having A Radius Of 284.88 Feet, A
Central Angle Of 63o28’08” And A Chord Of North 21°05’58” West 299.68 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 259.66 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 131.54 Feet To The Centerline Of Holland Sylvania Road;

Thence Northeast A Distance Of 10.04 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet,
A Central Angle Of 00o54’12” And A Chord Of North 30o37’47” East 10.04 Feet To The Point Of
Beginning, Containing 2.396 Acres More Or Less Of Which 301.102 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 9

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 403.30 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 36o17’51” And A Chord Of South 12o55’57” West 396.60 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 131.54 Feet To A Capped 5/8” Rod Set;

Thence South 89o34’54” East A Distance Of 259.66 Feet To A Mag Nail Set;

Thence Southeast A Distance Of 315.57 Feet Along A Curve To The Right Having A Radius Of 284.88
Feet, A Central Angle Of 63o28’08” And A Chord Of South 21°05’58” East 315.57 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 118.88 Feet To A Mag Nail Set;

Thence South 39o29’26” West A Distance Of 202.36 Feet To A Capped 5/8” Rod Set;

Thence South 10o44’37” West A Distance Of 401.01 Feet To The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 7 Courses:

North 64o07’46” West A Distance Of 76.31 Feet To A Point;

North 73o10’39” West A Distance Of 71.77 Feet To A Point;

South 51o03’55” West A Distance Of 63.15 Feet To A Point;

South 00o18’04” West A Distance Of 65.59 Feet To A Point;

South 05o58’18” West A Distance Of 151.96 Feet To A Point;

South 37o22’38” West A Distance Of 99.49 Feet To A Point;

North 85o20’04” West A Distance Of 10.36 Feet To The West Line Of Said Section 23;

Thence North 00o14’11” East A Distance Of 695.37 Feet Along Said West Line Of Section 23 To A
Capped 5/8” Rod Set;

Thence North 74o34’00” East A Distance Of 430.18 Feet To A Capped 5/8” Rod Set;

Thence North 49o19’14” East A Distance Of 75.96 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 91.40 Feet To A Mag Nail Set;

Thence North A Distance Of 300.64 Feet Along A Curve To The Left Having A Radius Of 274.88 Feet, A
Central Angle Of 62o39’57” And A Chord Of North 20°48’51” West 285.88 Feet To A Mag Nail Set;;

Thence North 89o34’54” West A Distance Of 259.48 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 133.99 Feet To The Centerline Of Holland Sylvania Road.

Thence Northeast A Distance Of 10.03 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’08” And A Chord Of North 31o31’57” East 10.03 Feet To The Point Of
Beginning, Containing 4.019 Acres More Or Less Of Which 300.742 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

18

EXHIBIT D

LAKE LICENSE AGREEMENT

THIS LAKE LICENSE AGREEMENT (the “License”) is made this      day of      , 2006
(the “Effective Date”) between THE ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited liability
company (the “Company”), of 480 W. Dussel Drive, P.O. Box 119, Maumee, Ohio 43537-0119, the BOARD
OF PARK COMMISSIONERS OF THE METROPOLITAN PARK DISTRICT OF THE TOLEDO AREA, a park district created
by Ohio Revised Code Section 1545.01 et seq. (the “Metroparks”), of 5100 W. Central Avenue, Toledo,
Ohio 43615 and RICHARD P. ANDERSON and FRANCES H. ANDERSON (collectively, the “Licensee”) of 1833
S. Holland-Sylvania Road, Toledo, Ohio 43615.

RECITALS; WHEREAS:

A. The Company owns the real property legally described on Exhibit A attached hereto and made
a part hereof (the “Company Property”), on which is located an approximate 12 acre man-made lake
(the “Lake”);

B. Licensee owns the real property legally described Exhibit B attached hereto and made a part
hereof, which is immediately adjacent to the southern boundary of the Company Property (“Licensee’s
Property”);

C. Licensee desires limited access to the Lake directly from Licensee’s Property over the
Company Property for appropriate recreational use and enjoyment of the Lake; and

D. The Company Property is subject to the terms and conditions of a certain Reciprocal
Easement and Option Agreement between the predecessor of the Company and the Metroparks recorded on
December 8, 1995 at Lucas County Deed Record 95-592B02 (the “Option”).

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Recitals. All of the recitals set forth above are incorporated herein by
reference.

2. License. The Company, and upon the exercise of the Option the Metroparks, grant to
Licensee a nonexclusive license to access the Lake directly from Licensee’s Property over and
across that portion of the adjacent Company Property. The purpose of this License is to allow
Licensee, and Licensee’s invitees, to have access to the Lake and to use the Lake for personal
swimming, fishing and non-motorized boating. Notwithstanding the foregoing, Licensee may use a
boat with an electric, trolling motor. Licensee, and their successors and assigns, shall be
allowed to continue to maintain the dock now located on the Company Property and attached to
Licensee’s Property, and shall be required to maintain said dock in good condition.

3. Condition of the Lake. Licensee accepts the condition if the Lake in its present
“AS IS” condition and that the Company has made no representations as to the condition of the Lake
or its fitness for any purpose.

4. Assumption of Risk. Licensee, and Licensee’s invitees, shall use the Lake and this
License at Licensee’s sole risk. Licensee assumes all risks related to the use of the License, the
Company Property and the Lake, whether foreseeable, unforeseeable, or caused by any act or omission
of the Company. Licensee hereby fully releases and discharges the Company, and its agents,
employees, members, officers and contractors from any and all claims, actions, demands, damages,
liabilities, costs and expenses whatsoever Licensee may hereafter have against any of the foregoing
parties arising out of or in any way relating to this License, the Company Property, the Lake or
Licensee’s interaction with such parties.

5. Term.

A. This License shall run with the land known as the Licensee’s Property and shall be binding
on and inure to the benefit of Licensee, the Company, the Metroparks and their respective heirs,
successors and assigns. Licensee shall not grant, convey, assign or otherwise transfer to any
other person or entity any of Licensee’s right, title or interest in the Lake or Company Property,
or its liabilities or obligations under this License, unless such transfer is part of Licensee’s
transfer of all the Licensee’s Property.

B. Prior to the Metroparks’ exercise of the Option, if: (i) Licensee’s Property is owned by a
third party who is not a lineal descendant of Licensee; or (ii) if any Licensee, or any of
Licensee’s invitees, commit one or more acts or omissions on the Lake or the Company Property,
which in the Company’s discretion is not permitted by this License; then the Company may suspend
indefinitely this License effective immediately on written notice to Licensee. Any such suspension
shall terminate on the Metroparks’ exercise of the Option.

C. Following the Metroparks’ exercise of the Option, this License may be revoked only upon
violation of reasonable rules and regulations of the Metroparks that are not cured to the sole
satisfaction of the Metroparks within thirty (30) days following receipt by Licensee of written
notice from the Metroparks.

6. Insurance. Licensee, at its sole cost and expense, shall maintain for the mutual
benefit of Licensee, the Company and the Metroparks, a policy of general public liability insurance
against claims for personal injury, death and property damage, occurring upon, in or about the Lake
and the Company Property, or arising out of Licensee’s activities on the Lake and the Company
Property, in amounts of not less than $1,000,000 with respect to injury or death to a single
person, $2,000,000 with respect to any one occurrence, and $500,000 with respect to property
damage. Upon request, Licensee shall furnish a certificate of insurance to the Company and the
Metroparks for the insurance policy required by this Section 5. Licensee shall maintain the
insurance policies in full force and effect from the date hereof until the termination of this
License. The Company and the Metroparks shall be named as an additional insured in all such
insurance policies maintained by Licensee. The Company and the Metroparks, on written notice to
Licensee, may require Licensee to increase the amounts of insurance coverages to commercially
reasonable amounts at the time of the notice.

7. Indemnification. Licensee, and Licensee’s heirs, executors, administrators,
personal representatives and assigns, shall defend, indemnify and hold harmless, the Company, its
members, officers, employees, successors and assigns, from and against any and all claims, demands,
losses, costs, damages or liabilities of any kind, including, without limitation, costs of
reasonable attorney’s fees, incident to or resulting in any way from, any injury or death to
persons or damage to property, arising out of Licensee’s use or activities in or on the Lake and
the Company Property, including the use or activities of Licensee’s tenants, guests, invitees,
visitors, employees, agents or contractors. This defense and indemnification obligation shall
survive termination of this License.

8. Amendment. This License may be amended, modified or changed only pursuant to a
written instrument executed by both Licensee and the Company.

9. Entire Agreement. This License contains the entire agreement between the parties
and there are no agreements, representations or warranties, oral or written, which are not set
forth herein. This License shall be governed by the laws of the State of Ohio.

10. Notices. All notices required under this License shall be in writing and signed
by the sender and delivered or mailed to the addresses set forth above, or to any replacement
address provided by a party in writing.

11. Counterparts. This License may be executed in several counterparts, each of which
shall be deemed an original and all such counterparts together shall constitute one and the same
instrument.

19

Licensee and the Company have executed this License Agreement as of the Effective Date.

THE ANDERSONS FARM

DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 
	By:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, its sole member

By:      

Title:      

	 	 	 	 	 
	STATE OF OHIO
	 		)	
	 
	 	) ss:
	COUNTY OF LUCAS
	 		)	

The foregoing instrument was acknowledged before me this      day of      , 2006,
by      , as      of The Andersons Farm Development Co., LLC, an
Ohio limited liability company, on behalf of the company.

	 	 	 
	(SEAL)

	 	     

Notary Public

My Commission Expires:      
	 
	 	 
	
 
	 	LICENSEE:

     

Richard P. Anderson

     

Frances H. Anderson

	 	 	 	 	 
	STATE OF OHIO
	 		)	
	 
	 	) ss:
	COUNTY OF LUCAS
	 		)	

The foregoing instrument was acknowledged before me this      day of      , 2006,
by Richard P. Anderson and Frances H. Anderson.

	 	 	 
	(SEAL)

	 	     

Notary Public

My Commission Expires:      
	 
	 	 

20

	 	 	 
	 
	 	 
	
 
	 	BOARD OF PARK COMMISSIONERS OF THE

METROPOLITAN PARKS DISTRICT OF THE

TOLEDO AREA,

an Ohio park district

By:      

Jack E. Gallon, President

By:      

James Spengler, Executive Director

	 	 	 	 	 
	STATE OF OHIO
	 	 	)	 
	 
	 	) ss:
	COUNTY OF LUCAS
	 	 	)	 

The foregoing instrument was acknowledged before me this      day of      , 2006,
by Jack E. Gallon, as President and James Spengler, as Executive Director, of the Board of Park
Commissioners of the Metropolitan Parks District of the Toledo Area, an Ohio park district, on
behalf of the park district.

(SEAL)      

Notary Public

My Commission Expires:      

EXHIBIT A

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of
Toledo, Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o 51’ 45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line
Also Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod
Set At 30.13 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Point On The
Meander Line Of A Lake;

Thence Along Said Meander Line The Next 18 Courses;

North 08o 04’ 27” East A Distance Of 98.93 Feet To A Point;

North 52o 07’ 32” East A Distance Of 107.91 Feet To A Point;

North 76o 30’ 15” East A Distance Of 128.55 Feet To A Point;

North 85o 08’ 08” East A Distance Of 235.85 Feet To A Point;

South 82o 24’ 19” East A Distance Of 378.32 Feet To A Point;

South 55o 10’ 32” East A Distance Of 140.09 Feet To A Point;

South 04o 11’ 06” East A Distance Of 205.55 Feet To A Point;

South 11o 26’ 58” West A Distance Of 403.02 Feet To A Point;

South 08o 58’ 22” East A Distance Of 192.35 Feet To A Point;

North 69o 40’ 37” West A Distance Of 143.96 Feet To A Point;

North 35o 32’ 16” East A Distance Of 43.01 Feet To A Point;

North 53o 36’ 56” West A Distance Of 118.00 Feet To A Point;

North 28o 55’ 36” West A Distance Of 116.63 Feet To A Point;

North 37o 13’ 48” West A Distance Of 154.34 Feet To A Point;

North 70o 42’ 36” West A Distance Of 105.95 Feet To A Point;

South 89o 15’ 01” West A Distance Of 215.51 Feet To A Point;

North 74o 38’ 38” West A Distance Of 123.94 Feet To A Point;

North 54o 04’ 38” West A Distance Of 135.76 Feet To A Point;

Thence South 62o 57’ 25” West A Distance Of 78.60 Feet To A Capped 5/8” Rod Set;

Thence South 17o 57’ 25” West A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence South 71o 14’ 29” West A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 89o 34’ 54” West A Distance Of 234.54 Feet To A Point (Found 3/4” Pipe 0.45’North And
0.54’ East);

Thence North 54o 22’ 36” West A Distance Of 120.15 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania To A Point On The Centerline Of
Holland Sylvania Road;

Thence Northeast A Distance Of 342.80 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 30o 51’ 07” And A Chord Of North 10o12’35” East 338.67 Feet To The Point Of
Beginning, Containing 16.340 Acres More Or Less Of Which 0.243 Acres More Or Less Lies Within The
Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And Restrictions. The
Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas County Tax Parcel
#26-26771 And Is The Same Land Described In Option To Purchase Agreement Recorded 95-592B02. This
Description Was Prepared On January 24, 2006 From A Survey Of The Premises.

21

EXHIBIT B

Lot 3

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 352.94 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 31o45’52” And A Chord Of South 10o39’58” West 348.44 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 121.64 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.18 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 364.26 Feet To A Capped 5/8” Rod Set;

Thence North 16o09’33” East A Distance Of 311.54 Feet To A Point On The Meander Line Of A Lake;

Thence Along Said Meander Line The Next 4 Courses:

South 74o38’38” East A Distance Of 42.66 Feet To A Point;

North 89o15’01” East A Distance Of 215.51 Feet To A Point;

South 70o42’36” East A Distance Of 105.95 Feet To A Point;

South 37o13’48” East A Distance Of 154.34 Feet To A Point;

Thence South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

Thence South 84o05’50” West A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 436.84 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.95 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 123.30 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.11 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’37” And A Chord Of North 27o00’12” East 10.11 Feet To The Point Of
Beginning, Containing 3.085 Acres More Or Less Of Which 303.281 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On A Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

 

22

EXHIBIT E

WATER FACILITIES EASEMENT AGREEMENT

THIS WATER FACILITIES EASEMENT AGREEMENT (the “Easement”) is made this      day of
     , 2006 (the “Effective Date”), between THE ANDERSONS FARM DEVELOPMENT CO., LLC, an
Ohio limited liability company (the “Company”), of 480 W. Dussel Drive, P.O. Box 119, Maumee, Ohio
43537-0119, and RICHARD P. ANDERSON and FRANCES H. ANDERSON (collectively, the “Owner”) of 1833
S. Holland-Sylvania Road, Toledo, Ohio 43615.

RECITALS; WHEREAS:

A. The Company owns the real property legally described on Exhibit A attached hereto and made
a part hereof (the “Company Property”);

B. Owner owns the real property legally described Exhibit B attached hereto and made a part
hereof (“ Owner’s Property”);

C. An underground waterline, water pump and related electrical facilities and equipment are
located on the Company Property (the “Water Facilities”) and provide water from Swan Creek to
operate the underground lawn sprinkler system located on Owner’s Property (the “Sprinkler System”);
and

D. Owner desires the right to continue to use the Water Facilities to operate the Sprinkler
System.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Recitals. All of the recitals set forth above are incorporated herein by
reference.

2. Easement. The Company grants and conveys to Owner, their successors and assigns, a
non-exclusive easement over a five (5) foot wide portion of the Company Property in which the Water
Facilities are now located. The purpose of this Easement is to allow Owner to withdraw water from
Swan Creek and transport that water to the Sprinkler System. Owner acknowledges the Company has
made no representations as to the condition of the Water Facilities, its fitness for any purpose or
the legality of the withdrawal of water from Swan Creek. Owner, at Owner’s sole cost and expense,
shall maintain and repair the Water Facilities, and shall replace and restore any damage or harm to
the Company Property as a result thereof.

3. Assumption of Risk. Owner, and Owner’s invitees, shall use the Water Facilities
and this Easement at Owner’s sole risk. Owner assumes all risks related to the use of the
Easement, the Company Property, the Water Facilities and the withdrawal of water from Swan Creek,
whether foreseeable, unforeseeable, or caused by any act or omission of the Company. Owner hereby
fully releases and discharges the Company, and its agents, employees, members, officers and
contractors from any and all claims, actions, demands, damages, liabilities, costs and expenses
whatsoever Owner may hereafter have against any of the foregoing parties arising out of or in any
way relating to this Easement, the Company Property, the Water Facilities or the withdrawal of
water from Swan Creek.

4. Relocation and Abandonment. Owner acknowledges the Company may transfer and convey
ownership of each parcel of the Company Property to one or more third parties (the “New Owner”).
In the event the New Owner of a parcel of the Company Property notifies the Owner in writing of the
New Owner’s desire, for any reason, to relocate any part of the Water Facilities, such New Owner
may relocate the Water Facilities to any other location on the parcel of the Company Property owned
by such New Owner, all at the Owner’s sole cost and expense (the “Relocation Cost”). In the event
the Owner no longer uses the Water Facilities for the Sprinkler System for more than three (3) full
years, the Company or the New Owner may remove the Water Facilities at the Owner’s sole cost and
expense (the “Removal Cost”). The New Owner shall notify Owner in writing of the Relocation Cost
or the Removal Cost, which shall be paid in full by owner within thirty (30) days of such written
notice and shall accrue interest thereafter at the rate of ten percent (10%) per annum until paid
in full.

5. Electricity. Any electricity used to operate the Water Facilities shall be billed
to and paid in full by the Owner.

6. Indemnification. Owner, and Owner’s heirs, executors, administrators, personal
representatives and assigns, shall defend, indemnify and hold harmless, the Company and the New
Owner, and their respective members, officers, employees, successors and assigns, from and against
any and all claims, demands, losses, costs, damages or liabilities of any kind, including, without
limitation, costs of reasonable attorney’s fees, incident to or resulting in any way from, any
injury or death to persons or damage to property, arising out of Owner’s use or activities in or on
the Company Property, including the use or activities of Owner’s tenants, guests, invitees,
visitors, employees, agents or contractors. This defense and indemnification obligation shall
survive termination of this Easement.

7. Amendment. This Easement may be amended, modified or changed only pursuant to a
written instrument executed by both Owner and the Company.

8.  Easements and Covenants Running with the Land. The easements,
covenants, rights and agreements contained in this Easement shall run with the land known as the
Company Property, shall be binding on the Company Property, and each parcel of the Company
Property, and shall be binding on and inure the benefit of the Owner’s Property. Owner shall not
grant, convey, assign or otherwise transfer to any other person or entity any of its right, title
or interest in the Company Property or Owner’s liabilities or obligations under this Easement,
unless such transfer is part of Owner’s transfer of all of Owner’s right, title and interest in the
Owner Property. The covenants, easements and agreements contained in this Easement shall be
binding upon and inure to the benefit of the Company, Owner and their respective heirs,
representatives, successors and assigns.

9. Entire Agreement. This Easement contains the entire agreement between the parties
and there are no agreements, representations or warranties, oral or written, which are not set
forth herein. This Easement shall be governed by the laws of the State of Ohio.

10. Notices. All notices required under this Easement shall be in writing and signed
by the sender and delivered or mailed to the addresses set forth above, or to any replacement
address provided by a party in writing.

11. Counterparts. This Easement may be executed in several counterparts, each of
which shall be deemed an original and all such counterparts together shall constitute one and the
same instrument.

Owner and the Company have executed this Easement Agreement as of the Effective Date.

THE ANDERSONS FARM

DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 
	By:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, its sole member

By:      

Title:      

	 	 	 	 	 
	STATE OF OHIO
	 		)	
	 
	 	) ss:
	COUNTY OF LUCAS
	 		)	

The foregoing instrument was acknowledged before me this      day of      , 2006,
by      , as      of The Andersons Farm Development Co., LLC, an
Ohio limited liability company, on behalf of the company.

	 	 	 
	(SEAL)

	 	     

Notary Public

My Commission Expires:      
	 
	 	 
	
 
	 	OWNER:

     

Richard P. Anderson

     

Frances H. Anderson

	 	 	 	 	 
	STATE OF OHIO
	 		)	
	 
	 	) ss:
	COUNTY OF LUCAS
	 		)	

The foregoing instrument was acknowledged before me this      day of      , 2006,
by Richard P. Anderson and Frances H. Anderson.

	 	 	 
	(SEAL)

	 	     

Notary Public

My Commission Expires:      

23

EXHIBIT A

Parcel 5

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 373.14 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 33o34’59” And A Chord Of South 11o34’31” West 367.83 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 125.12 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 257.73 Feet To A Capped 5/8” Rod Set;

Thence South 62o35’52” East A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence South 06o12’52” West A Distance Of 340.07 Feet To A Mag Nail Set;

Thence North 79o24’09” West A Distance Of 73.68 Feet To A Mag Nail Set;

Thence North 62o13’40” West A Distance Of 219.35 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 345.62 Feet Along A Curve To The Left Having A Radius Of 304.88 Feet, A
Central Angle Of 64o57’05” And A Chord Of North 21°37’32” West 327.40 feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.83 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 127.10 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.07 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’23” And A Chord Of North 28o49’12” East 10.07 Feet To The Point Of
Beginning, Containing 2.424 Acres More Or Less Of Which 302.041 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Parcel 8

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 393.27 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 35o23’39” And A Chord Of South 12o28’51” West 387.05 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 129.24 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 330.56 Feet Along A Curve To The Right Having A Radius Of 294.88
Feet, A Central Angle Of 64o13’47” And A Chord Of South 21°22’10” East 313.53 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence South 16o08’42” West A Distance Of 291.07 Feet To The Centerline Of Swan Creek;

Thence Along the Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 8 Courses:

North 79o47’59” West A Distance Of 45.57 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 20.49 Feet To A Point;

Thence North 10o44’37” East A Distance Of 401.01 Feet To A Capped 5/8” Rod Set;

Thence North 39o29’26” West A Distance Of 202.36 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 118.88 Feet To A Mag Nail Set;

Thence North A Distance Of 315.57 Feet Along A Curve To The Left Having A Radius Of 284.88 Feet, A
Central Angle Of 63o28’08” And A Chord Of North 21°05’58” West 299.68 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 259.66 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 131.54 Feet To The Centerline Of Holland Sylvania Road;

Thence Northeast A Distance Of 10.04 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet,
A Central Angle Of 00o54’12” And A Chord Of North 30o37’47” East 10.04 Feet To The Point Of
Beginning, Containing 2.396 Acres More Or Less Of Which 301.102 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

24

EXHIBIT B

Lot 3

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 352.94 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 31o45’52” And A Chord Of South 10o39’58” West 348.44 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 121.64 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.18 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 364.26 Feet To A Capped 5/8” Rod Set;

Thence North 16o09’33” East A Distance Of 311.54 Feet To A Point On The Meander Line Of A Lake;

Thence Along Said Meander Line The Next 4 Courses:

South 74o38’38” East A Distance Of 42.66 Feet To A Point;

North 89o15’01” East A Distance Of 215.51 Feet To A Point;

South 70o42’36” East A Distance Of 105.95 Feet To A Point;

South 37o13’48” East A Distance Of 154.34 Feet To A Point;

Thence South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

Thence South 84o05’50” West A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 436.84 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.95 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 123.30 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.11 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’37” And A Chord Of North 27o00’12” East 10.11 Feet To The Point Of
Beginning, Containing 3.085 Acres More Or Less Of Which 303.281 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On A Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

25

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