Document:

Credit Agreement dated July 22, 2003

 Exhibit 10.1 
  

  
 CREDIT AGREEMENT 
  
 Dated as of 
  
 July 22, 2003 
  
 Among 
  
 CRANE CO. 
  
 The Borrowing Subsidiaries Party Hereto 
  
 The Lenders Party Hereto 
  
 JPMORGAN CHASE BANK, 
 as Administrative Agent 
  
 FLEET NATIONAL BANK 
 and 
 KEYBANK NATIONAL ASSOCIATION, 
 as Syndication Agents 
  
 and

  
 THE BANK OF NEW YORK, 
 as Documentation Agent 
  

  
 J.P. MORGAN SECURITIES, INC., 
 as Lead Arranger and Sole Bookrunner 
  

  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 ARTICLE I     DEFINITIONS
	  	1
			
	 	  	SECTION 1.01.    Defined Terms	  	1
	 	  	SECTION 1.02.    Classification of Loans and Borrowings	  	15
	 	  	SECTION 1.03.    Terms Generally	  	15
	 	  	SECTION 1.04.    Accounting Terms; GAAP	  	16
		
	 ARTICLE II     THE CREDITS
	  	16
			
	 	  	SECTION 2.01.    Commitments	  	16
	 	  	SECTION 2.02.    Loans and Borrowings	  	16
	 	  	SECTION 2.03.    Requests for Revolving Borrowings	  	17
	 	  	SECTION 2.04.    Competitive Bid Procedure	  	17
	 	  	SECTION 2.05.    Funding of Borrowings	  	20
	 	  	SECTION 2.06.    Interest Elections	  	20
	 	  	SECTION 2.07.    Termination and Reduction of Commitments	  	21
	 	  	SECTION 2.08.    Repayment of Loans; Evidence of Debt	  	22
	 	  	SECTION 2.09.    Prepayment of Loans	  	23
	 	  	SECTION 2.10.    Fees	  	23
	 	  	SECTION 2.11.    Interest	  	24
	 	  	SECTION 2.12.    Alternate Rate of Interest	  	25
	 	  	SECTION 2.13.    Increased Costs	  	26
	 	  	SECTION 2.14.    Break Funding Payments	  	27
	 	  	SECTION 2.15.    Taxes	  	28
	 	  	SECTION 2.16.    Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	28
	 	  	SECTION 2.17.    Mitigation Obligations; Replacement of Lenders	  	30
	 	  	SECTION 2.18.    Borrowing Subsidiaries	  	31
		
	 ARTICLE III     REPRESENTATIONS AND WARRANTIES
	  	31
			
	 	  	SECTION 3.01.    Organization; Powers	  	31
	 	  	SECTION 3.02.    Authorization; Enforceability	  	31
	 	  	SECTION 3.03.    Governmental Approvals; No Conflicts	  	31
	 	  	SECTION 3.04.    Financial Condition; No Material Adverse Change	  	32
	 	  	SECTION 3.05.    Properties	  	32
	 	  	SECTION 3.06.    Litigation and Environmental Matters	  	32
	 	  	SECTION 3.07.    Compliance with Laws and Agreements	  	33
	 	  	SECTION 3.08.    Investment and Holding Company Status	  	33
	 	  	SECTION 3.09.    Taxes	  	33
	 	  	SECTION 3.10.    ERISA	  	33
	 	  	SECTION 3.11.    Disclosure	  	33

  

 i 

	 ARTICLE IV     CONDITIONS
	  	34
			
	 	  	SECTION 4.01.     Effective Date	  	34
	 	  	SECTION 4.02.     Each Credit Event	  	35
	 	  	SECTION 4.03.     Each Borrowing Subsidiary Credit Event	  	35
		
	 ARTICLE V     AFFIRMATIVE COVENANTS
	  	36
			
	 	  	SECTION 5.01.     Financial Statements and Other Information	  	36
	 	  	SECTION 5.02.     Notices of Material Events	  	37
	 	  	SECTION 5.03.     Existence; Conduct of Business	  	37
	 	  	SECTION 5.04.     Payment of Obligations	  	37
	 	  	SECTION 5.05.     Maintenance of Properties; Insurance	  	38
	 	  	SECTION 5.06.     Books and Records; Inspection Rights	  	38
	 	  	SECTION 5.07.     Compliance with Laws	  	38
	 	  	SECTION 5.08.     Use of Proceeds	  	38
		
	 ARTICLE VI     NEGATIVE COVENANTS
	  	38
			
	 	  	SECTION 6.01.    Indebtedness	  	38
	 	  	SECTION 6.02.    Liens	  	39
	 	  	SECTION 6.03.    Fundamental Changes	  	40
	 	  	SECTION 6.04.    Transactions with Affiliates	  	41
	 	  	SECTION 6.05.    Hedging Agreements	  	41
	 	  	SECTION 6.06.    Borrowing Subsidiaries	  	41
	 	  	SECTION 6.07.    Interest Coverage Ratio	  	41
	 	  	SECTION 6.08.    Leverage Ratio	  	41
		
	 ARTICLE VII      EVENTS OF DEFAULT
	  	41
		
	 ARTICLE VIII     THE ADMINISTRATIVE AGENT
	  	43
		
	 ARTICLE IX       GUARANTEE
	  	45
		
	 ARTICLE X         MISCELLANEOUS
	  	48
			
	 	  	SECTION 10.01.    Notices	  	48
	 	  	SECTION 10.02.    Waivers; Amendments	  	48
	 	  	SECTION 10.03.    Expenses; Indemnity; Damage Waiver	  	49
	 	  	SECTION 10.04.    Successors and Assigns	  	50
	 	  	SECTION 10.05.    Survival	  	52
	 	  	SECTION 10.06.    Counterparts; Integration; Effectiveness	  	53
	 	  	SECTION 10.07.    Severability	  	53
	 	  	SECTION 10.08.    Right of Setoff	  	53
	 	  	SECTION 10.09.    Governing Law; Jurisdiction; Consent to Service of Process	  	53
	 	  	SECTION 10.10.    WAIVER OF JURY TRIAL	  	54
	 	  	SECTION 10.11.    Headings	  	54
	 	  	SECTION 10.12.    Confidentiality	  	54
	 	  	SECTION 10.13.    Interest Rate Limitation	  	55

  

 ii 

 CREDIT AGREEMENT dated as of July 22, 2003, among CRANE CO., the BORROWING SUBSIDIARIES party hereto, the
LENDERS party hereto, and JPMORGAN CHASE BANK, as Administrative Agent. 
  
 The parties hereto agree as follows: 
  
 ARTICLE I

  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following
terms have the meanings specified below: 
  
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
  
 “Acquisition” means any transaction, or any series of
related transactions, consummated on or after the date of this Agreement, by which the Company or any Subsidiary (a) acquires any ongoing business or all or substantially all of the assets of any firm, corporation, partnership, limited liability
company or division thereof, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes)
of the Capital Stock of a corporation, partnership, or limited liability company which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency). 

 
 “Adjusted LIBO Rate” means, with respect to any
Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means JPMorgan Chase Bank, in its
capacity as administrative agent for the Lenders hereunder. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified. 
  
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Base CD Rate in effect on such day plus 1% and (c) the Federal
Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change
in the Prime Rate, the Base CD Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate, the Base CD Rate or the Federal Funds Effective Rate, respectively. 

 

 “Applicable Percentage” means, with respect to any Lender, the percentage of the total
Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

 
 “Applicable Rate” means, for any day, with respect to any
ABR Loan or Eurodollar Revolving Loan, or with respect to the facility fees or utilization fees payable hereunder, as the case may be, the applicable rate per annum set forth below (expressed in basis points) under the caption “ABR
Spread”, “Eurodollar Spread”, “Facility Fee Rate”, or “Utilization Fee Rate”, as the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt:

  

	Categories

	  	 Index Debt Ratings: (Moody’s/S&P)

	  	ABR
Spread

	  	 Eurodollar
 Spread

	  	 Facility Fee
 Rate

	  	Utilization
Fee Rate

	 I
	  	 Greater than or equal to A-/A3
	  	0.0	  	37.5	  	12.5	  	12.5
	 II
	  	 Greater than or equal to BBB+/Baa1 but less than A-/A3
	  	0.0	  	47.5	  	15.0	  	12.5
	 III
	  	 Greater than or equal to BBB/Baa2 but less than BBB+/Baa1
	  	0.0	  	57.5	  	17.5	  	12.5
	 IV
	  	 Greater than or equal to BBB-/Baa3 but less than BBB/Baa2
	  	25.0	  	67.5	  	20.0	  	12.5
	 V
	  	 Less than BBB-/Baa3
	  	50.0	  	75.0	  	25.0	  	12.5

  
 For purposes of the
foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have
established a rating in Category V; (ii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two
ratings, unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next above that of the lower of the two ratings; and (iii) if the ratings
established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on
which it is first announced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next
such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Lenders shall negotiate in good faith to amend
this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of 
  

 2 

 any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to
such change or cessation. 
  
 “Assessment Rate”
means, for any day, the annual assessment rate in effect on such day that is payable by a member of the Bank Insurance Fund classified as “well-capitalized” and within supervisory subgroup “B” (or a comparable successor risk
classification) within the meaning of 12 C.F.R. Part 327 (or any successor provision) to the Federal Deposit Insurance Corporation for insurance by such Corporation of time deposits made in dollars at the offices of such member in the United States;
provided that if, as a result of any change in any law, rule or regulation, it is no longer possible to determine the Assessment Rate as aforesaid, then the Assessment Rate shall be such annual rate as shall be determined by the
Administrative Agent to be representative of the cost of such insurance to the Lenders. 
  
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the
Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the
date of termination of the Commitments. 
  
 “Base CD
Rate” means the sum of (a) the Three-Month Secondary CD Rate multiplied by the Statutory Reserve Rate plus (b) the Assessment Rate. 
  
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” means the Company or any Borrowing Subsidiary.

  
 “Borrowing” means (a) Revolving Loans of the
same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Competitive Loan or group of Competitive Loans of the same Type made on the same date and as to
which a single Interest Period is in effect. 
  
 “Borrowing Request” means a request by a Borrower for a Revolving Borrowing in accordance with Section 2.03. 
  
 “Borrowing Subsidiary” means, at any time, each Wholly-Owned Subsidiary designated as a Borrowing Subsidiary by the Company pursuant to
Section 2.18, in each case until such Person has ceased to be a Borrowing Subsidiary pursuant to Section 2.18. 
  
 “Borrowing Subsidiary Agreement” means each agreement entered into among (i) the Company, (ii) the applicable Subsidiary and (iii) the
Administrative Agent whereby such Wholly-Owned Subsidiary is designated as a Borrowing Subsidiary pursuant to Section 2.18, which agreement shall be substantially in the form of Exhibit D, as amended, supplemented, restated or otherwise modified
from time to time. 
  

 3 

 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not
open for dealings in dollar deposits in the London interbank market. 
  
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination
thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

  
 “Capital Stock” means (i) in the case of a
corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (howsoever designated) of corporate stock, (iii) in the case of a partnership,
partnership interests (whether general or limited) and (iv) 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, in each such case
regardless of class or designation. 
  
 “Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission
thereunder as in effect on the date hereof), of shares representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; (b) occupation of a majority of the seats (other than
vacant seats) on the board of directors of the Company by Persons who were neither (i) nominated by the board of directors of the Company nor (ii) appointed by directors so nominated; or (c) the occurrence of a change of control (or similar event,
howsoever defined) under and as defined in any indenture or other agreement in respect of any Material Indebtedness to which the Company or any Material Subsidiary is a party. 
  
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b)
any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.13(b), by any lending office of
such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  
 “Class”, when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Competitive Loans. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Commitment” means, with respect to each Lender, the
commitment of such Lender to make Revolving Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment 
  

 4 

 may be (a) reduced from time to time pursuant to Section 2.07 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 10.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as
applicable. The initial aggregate amount of the Lenders’ Commitments is $300,000,000. 
  
 “Company” means Crane Co., a Delaware corporation. 
  
 “Competitive Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04. 
  
 “Competitive Bid Rate” means, with respect to any
Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid. 
  
 “Competitive Bid Request” means a request by a Borrower for Competitive Bids in accordance with Section 2.04. 
  
 “Competitive Loan” means a Loan made pursuant to Section
2.04. 
  
 “Consolidated Capitalization” means, on
any date, the sum of (a) Consolidated Indebtedness as of such date, plus (b) Consolidated Net Worth as of such date. 
  
 “Consolidated EBITDA” means, for any period, Consolidated Net Income for such period, plus (a) without duplication and to the extent
deducted from revenues in determining Consolidated Net Income for such period, the sum of (i) the aggregate amount of Consolidated Interest Expense for such period, plus (ii) the aggregate amount of taxes on income for such period, plus (iii) the
aggregate amount of depreciation and amortization for such period, plus (iv) the aggregate amount of non-cash charges for asbestos related claims taken (A) during the fiscal quarter ending on December 31, 2002 up to $107,900,000 and (B) during the
fiscal quarter ending on September 30, 2002 up to $4,300,000, minus (b) the aggregate amount of cash paid for asbestos related claims during such period, all as determined on a consolidated basis with respect to the Company and its consolidated
Subsidiaries in accordance with GAAP. For the purposes of determining Consolidated EBITDA during any period, in connection with the acquisition of a Person (or part thereof) in an Acquisition occurring after the Effective Date, there shall be
included, without duplication or adjustment, in Consolidated Net Income net income (or loss) of such Person (or part thereof), as determined in accordance with GAAP, as if such Person (or part thereof) was acquired at the beginning of such period.

  
 “Consolidated Indebtedness” means, on any
date, the aggregate principal amount of Indebtedness of the Company and its consolidated Subsidiaries outstanding as of such date, as determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Interest Expense” means, for any period, the
interest expense, both expensed and capitalized (including the interest component in respect of Capital Lease Obligations), accrued or paid by the Company and its consolidated Subsidiaries during such period, as determined on a consolidated basis in
accordance with GAAP. 
  

 5 

 “Consolidated Net Income” means, for any period, net income or loss of the Company and
its consolidated Subsidiaries for such period, as determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Net Worth” means, on any date, all amounts that would be included under stockholders’ equity on a consolidated balance
sheet of the Company and its consolidated Subsidiaries, as determined on a consolidated basis in accordance with GAAP. 
  
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
  
 “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of
time or both would, unless cured or waived, become an Event of Default. 
  
 “dollars” or “$” refers to lawful money of the United States of America. 
  
 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section
10.02). 
  
 “Environmental Laws” means all laws,
rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of
natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 
  
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  
 “ERISA Event” means (a) any “reportable event”, as
defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an 
  

 6 

 “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or
not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of
any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or
to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by the Company
or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (h) any Foreign Plan Event. 
  
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate). 
  
 “Event of Default” has the meaning assigned to such term in Article VII. 
  
 “Excess Utilization Day” has the meaning assigned to such term in Section 2.10(b). 
  
 “Excluded Taxes” means, with respect to the Administrative
Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income (but specifically excluding any gross receipts
taxes and any taxes imposed on any additional amounts required to be paid under Section 2.15) by the United States of America, or by the jurisdiction 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 of America or any similar tax imposed by any other jurisdiction in which such Borrower is located and (c) in the
case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.17(b)), any withholding tax that is imposed by the United States of America on amounts payable to such Foreign Lender at the time such Foreign
Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.15(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 a Borrower with respect to such withholding tax pursuant to Section 2.15(a). 
  
 “Existing Credit Agreement” means that certain Multicurrency
Credit Agreement, dated as of November 18, 1998, among the Company, the Subsidiaries party thereto, the Lenders party thereto and The First National Bank of Chicago, as Administrative Agent, as amended. 
  
 “Federal Funds Effective Rate” means, for any day, the
weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds 
  

 7 

 transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company. 

 
 “Fixed Rate” means, with respect to any Competitive Loan
(other than a Eurodollar Competitive Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid. 
  
 “Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate. 
  
 “Foreign Lender” means any Lender that is not organized
under laws of any jurisdiction in the United States of America. 
  
 “Foreign Plan” means any employee benefit plan as described in Section 3(3) of ERISA which (i) is maintained or contributed to for the benefit of employees of the Company, any Subsidiary or any of its ERISA Affiliates, (ii)
is not covered by ERISA pursuant to Section 4(b)(4) of ERISA, and (iii) under applicable local law, is required to be funded through a trust or other funding vehicle. 
  
 “Foreign Plan Event” means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in
excess of the amount permitted under any applicable law, (b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a
Governmental Authority relating to the intention to terminate any such Foreign Plan or to appoint a trustee to administer any such Foreign Plan, or to the insolvency of any such Foreign Plan or (d) the incurrence of any liability of the Company, any
Subsidiary or any ERISA Affiliate under applicable law on account of the complete or partial termination of such Foreign Plan or the complete or partial withdrawal of any participating employer therein. 
  
 “GAAP” means generally accepted accounting principles in the
United States of America. 
  
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
  
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct 
  

 8 

 or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course
of business. 
  
 “Guaranteed Obligations” means
the obligations of each of the Borrowing Subsidiaries under this Agreement, the Borrowing Subsidiary Agreements and the other Loan Documents, whether for principal, interest, guaranties, reimbursement obligations, fees, indemnities, costs, expenses
(including, without limitation, all reasonable fees and disbursements of counsel to the Administrative Agent or any Lender) or otherwise. Without limiting the generality of the foregoing, the definition of “Guaranteed Obligations” includes
all amounts that would be owed by each of the Borrowing Subsidiaries to the Lenders and the Administrative Agent under this Agreement, the Borrowing Subsidiary Agreements and the other Loan Documents but for the fact that they are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Borrowing Subsidiary. 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
  
 “Hedging Agreement” means
any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
  
 “Indebtedness” of any Person means, without duplication, (a)
all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under
conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person,
whether or not the Indebtedness secured thereby has been assumed, (f) except in the determination of the Leverage Ratio with respect to contingent obligations in respect of letters of credit, performance bonds, bid bonds, customs bonds, surety bonds
and performance guaranties, all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, all obligations of such Person under Synthetic Leases and all obligations of such Person incurred in connection
with any securitization or other asset-backed financing, (h) except in the determination of the Leverage Ratio with respect to 
  

 9 

 contingent obligations, all obligations, contingent or otherwise, of such Person in respect of letters of credit,
performance bonds, bid bonds, customs bonds, surety bonds and performance guaranties, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (j) all obligations of such Person arising with respect to
Capital Stock that are mandatorily redeemable by such Person or otherwise redeemable at the option of the holder thereof, in whole or in part, prior to the date that is 90 days after the stated Maturity Date. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Company that is not
guaranteed by any other Person or subject to any other credit enhancement. 
  
 “Information Memorandum” means the Confidential Information Memorandum dated June 2003 relating to the Company and the Transactions. 
  
 “Interest Coverage Ratio” means, on any date, the ratio of (a) Consolidated EBITDA for the period of four
consecutive fiscal quarters of the Company most recently ended as of such date to (b) Consolidated Interest Expense for the period of four consecutive fiscal quarters of the Company most recently ended as of such date. 
  
 “Interest Election Request” means a request by a Borrower to
convert or continue a Revolving Borrowing in accordance with Section 2.06. 
  
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of
three months’ duration after the first day of such Interest Period, and (c) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Fixed Rate
Borrowing with an Interest Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals of 90 days’ duration
after the first day of such Interest Period, and any other dates that are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing. 
  
 “Interest Period” means (a) with respect to any Eurodollar Borrowing, the period commencing on the date of
such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the applicable Borrower may elect, and (b) with respect to any Fixed Rate Borrowing, the period (which shall
not be less than 7 days) commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid Request; provided, that (i) if any Interest Period would end on a day 
  

 10 

 other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case
of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar
Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month
of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing. 
  
 “Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

  
 “Leverage Ratio” means, on any date, the
ratio of (a) Consolidated Indebtedness as of such date to (b) Consolidated Capitalization as of such date. 
  
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Page 3750 of the Telerate
Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative
Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for
such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London
interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
  
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
  
 “Loan Documents” means this Agreement, each Borrowing Subsidiary Agreement, each promissory note issued
pursuant to Section 2.08(e) and each Hedging Agreement between a Borrower and a Lender or an Affiliate of a Lender, as each may be amended, supplemented, restated or otherwise modified from time to time. 
  
 “Loans” means the loans made by the Lenders to the Borrowers
pursuant to this Agreement. 
  

 11 

 “Margin” means, with respect to any Competitive Loan bearing interest at a rate based on
the LIBO Rate, the marginal rate of interest, if any, to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 

 
 “Material Adverse Effect” means a material adverse effect
on (a) the business, assets, operations, prospects or condition, financial or otherwise, of the Company and the Subsidiaries taken as a whole, (b) the ability of any Borrower to perform any of its obligations under any Loan Document or (c) the
rights of or benefits available to the Lenders under any Loan Document. 
  
 “Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Company and the Subsidiaries in an aggregate principal amount
exceeding $25,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Company or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 
  

“Material Subsidiary” means, at any time, (a) any Borrowing Subsidiary or (b) any Subsidiary which as of such time meets the
definition of a “significant subsidiary” contained as of the date hereof in Regulation S-X of the Securities and Exchange Commission. 
  
 “Maturity Date” means July 22, 2007. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  
 “Other Taxes” means any and all present or future recording,
stamp, documentary, excise, transfer, sales, property or similar taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan
Document. 
  
 “PBGC” means the Pension Benefit
Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Permitted Encumbrances” means: 
  
 (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04; 
  
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with Section 5.04; 
  

 12 

 (c) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations; 
  
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of
business; 
  
 (e) judgment liens in respect of judgments that do
not constitute an Event of Default under clause (k) of Article VII; and 
  
 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the
value of the affected property or interfere with the ordinary conduct of business of the Company or any Subsidiary; 
  
 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 
  
 “Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA. 
  
 “Prime Rate” means the rate of
interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. 
  
 “Register” has
the meaning set forth in Section 10.04. 
  
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  
 “Required Lenders” means, at any time, Lenders having
Revolving Credit Exposures and unused Commitments representing at least 51% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided that, for purposes of declaring the Loans to be due and payable
pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, the outstanding Competitive Loans of the Lenders shall be included in their respective Revolving
Credit Exposures in determining the Required Lenders. 
  

 13 

 “Revolving Credit Exposure” means, with respect to any Lender at any time, the
outstanding principal amount of such Lender’s Revolving Loans. 
  
 “Revolving Loan” means a Loan made pursuant to Section 2.03. 
  
 “S&P” means Standard & Poor’s. 
  
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve
percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject (a) with respect to the Base CD Rate, for new negotiable nonpersonal time
deposits in dollars of over $100,000 with maturities approximately equal to three months and (b) with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the
Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage. 
  
 “subsidiary” means,
with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other
ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held.

  
 “Subsidiary” means any subsidiary of the
Company. 
  
 “Synthetic Lease” means any
synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in
accordance with GAAP. 
  
 “Taxes” means any and
all present or future taxes (of any nature whatsoever), levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
  
 “Three-Month Secondary CD Rate” means, for any day, the secondary market rate for three-month certificates of deposit reported as being
in effect on such day (or, if such day is not a Business Day, the next preceding Business Day) by the Board through the public information telephone line of the Federal Reserve Bank of New York (which rate will, under the current practices of the
Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day) or, if such rate is not so reported on such day or such next 
  

 14 

 preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major
money center banks in New York City received at approximately 10:00 a.m., New York City time, on such day (or, if such day is not a Business Day, on the next preceding Business Day) by the Administrative Agent from three negotiable certificate of
deposit dealers of recognized standing selected by it. 
  
 “Transactions” means the execution, delivery and performance by any Borrower any Loan Document, the borrowing of Loans and the use of the proceeds thereof. 
  
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such
Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate or, in the case of a Competitive Loan or Borrowing, the LIBO Rate or a Fixed Rate. 
  
 “Wholly-Owned Subsidiary” means a Subsidiary all the Capital
Stock of which (other than directors’ qualifying shares) is owned by the Company and/or one or more Wholly-Owned Subsidiaries. 
  
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 
  
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. 
  

 15 

 SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of
an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company 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 Company that the Required Lenders request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 
  
 ARTICLE II 
  
 The Credits 
  
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to any Borrower from time to time during the Availability Period in an aggregate principal amount that will
not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeding the total
Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. 
  
 SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made in dollars as part of a Borrowing
consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. Each Competitive Loan shall be made in dollars in accordance with the procedures set forth in Section 2.04. The failure of any Lender to make
any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments and Competitive Bids of the Lenders are several and no Lender shall be responsible for any other Lender’s
failure to make Loans as required. 
  
 (b) Subject to Section
2.12, (i) each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the applicable Borrower may request in accordance herewith, and (ii) each Competitive Borrowing shall be comprised entirely of Eurodollar Loans or
Fixed Rate Loans as the applicable Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of any Borrower to repay such Loan in accordance with the terms of this Agreement. 
  
 (c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral
ultiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that
an ABR Revolving Borrowing may be 
  

 16 

 in an aggregate amount that is equal to the entire unused balance of the total Commitments. Each Competitive Borrowing
shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a
total of ten Eurodollar Revolving Borrowings outstanding. 
  
 (d)
Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

 
 SECTION 2.03. Requests for Revolving Borrowings. To request a
Revolving Borrowing, a Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed
Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
  
 (i) the
aggregate amount of the requested Borrowing; 
  
 (ii) the date of such Borrowing, which shall be a Business Day; 
  
 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
  
 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period”; and 
  
 (v) the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
  
 If no election as to the Type of Revolving Borrowing is specified, then the requested
Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the applicable Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested
Borrowing. 
  
 SECTION 2.04. Competitive Bid Procedure. (a)
Subject to the terms and conditions set forth herein, from time to time during the Availability Period a Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans;
provided that the sum of the total Revolving Credit Exposures 
  

 17 

 plus the aggregate principal amount of outstanding Competitive Loans at any time shall not exceed the total Commitments.
To request Competitive Bids, a Borrower shall notify the Administrative Agent of such request by telephone, in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, four Business Days before the date of the proposed
Borrowing and, in the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing; provided that a Borrower may submit up to (but not more than) three Competitive
Bid Requests on the same day, but a Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or
all Competitive Bids received in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by
the Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance with Section 2.02: 
  
 (i) the aggregate amount of the requested Borrowing;

  
 (ii) the date of such Borrowing, which shall
be a Business Day; 
  
 (iii) whether such
Borrowing is to be a Eurodollar Borrowing or a Fixed Rate Borrowing; 
  
 (iv) the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term “Interest Period”; and 
  
 (v) the location and number of the applicable
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
  
 Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details thereof by
telecopy, inviting the Lenders to submit Competitive Bids. 
  
 (b)
Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to the applicable Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and
must be received by the Administrative Agent by telecopy, in the case of a Eurodollar Competitive Borrowing, not later than 9:30 a.m., New York City time, three Business Days before the proposed date of such Competitive Borrowing, and in the case of
a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the proposed date of such Competitive Borrowing. Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may be rejected by the
Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5,000,000 and an integral multiple of
$1,000,000 and which may equal the entire principal amount of the Competitive Borrowing requested by the applicable Borrower) of the Competitive Loan or Loans that the Lender is 
  

 18 

 willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans
(expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof. 
  
 (c) The Administrative Agent shall promptly notify the applicable Borrower by
telecopy of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid. 
  
 (d) Subject only to the provisions of this paragraph, the applicable Borrower may accept or reject any Competitive Bid. The
applicable Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a
Eurodollar Competitive Borrowing, not later than 10:30 a.m., New York City time, three Business Days before the date of the proposed Competitive Borrowing, and in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., New York City time, on
the proposed date of the Competitive Borrowing; provided that (i) the failure of the applicable Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the applicable Borrower shall not accept a
Competitive Bid made at a particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the applicable Borrower shall not exceed the
aggregate amount of the requested Competitive Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the applicable Borrower may accept Competitive Bids at the same Competitive Bid
Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive
Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive Loan must be in an amount less than
$5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids
at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by the applicable Borrower. A notice given by a Borrower pursuant to this paragraph shall be
irrevocable. 
  
 (e) The Administrative Agent shall promptly
notify each bidding Lender by telecopy whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions
hereof, to make the Competitive Loan in respect of which its Competitive Bid has been accepted. 
  
 (f) If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to a
Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b) of this Section. 
  

 19 

 SECTION 2.05. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it
hereunder on the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The
Administrative Agent will make such Loans available to the applicable Borrower by promptly crediting the amounts so received, in like funds, to an account of such Borrower maintained with the Administrative Agent in New York City and designated by
such Borrower in the applicable Borrowing Request or Competitive Bid Request. 
  
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of
such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in
the case of such Lender, the greater of the Federal Funds Effective Rate and the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount or (ii) in the case of a Borrower, the interest rate applicable to
the subject Loan. If any such amount required to be paid by any Lender is not in fact made available to the Administrative Agent within three Business Days following the date upon which such Lender receives notice from the Administrative Agent, the
Administrative Agent shall be entitled to recover from such Lender, on demand, such amount with interest thereon calculated from such due date at the rate set forth in the preceding sentence plus 2%. If such Lender pays its share of the applicable
Borrowing to the Administrative Agent, then such amount (exclusive of interest paid by such Lender to the Administrative Agent under this Section 2.05(b)) shall constitute such Lender’s Loan included in such Borrowing. 
  
 SECTION 2.06. Interest Elections. (a) Each Revolving Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, a Borrower may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. A Borrower may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing. This Section shall not apply to Competitive Borrowings, which may not be converted or continued. 
  
 (b) To make an election pursuant to this Section, a Borrower shall notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request
shall be irrevocable and shall be confirmed promptly by 
  

 20 

 hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent and signed by the applicable Borrower. 
  
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  
 (ii) the effective date of the election made pursuant to such
Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
  
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  
 (d) Promptly following receipt of an Interest Election
Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) If the applicable Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of
Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the applicable Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be
converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
  
 SECTION 2.07. Termination and Reduction of Commitments. (a) Unless
previously terminated, the Commitments shall terminate on the Maturity Date. 
  
 (b) The Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and
not less than $5,000,000 and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the 
  

 21 

 Loans in accordance with Section 2.09, the sum of the Revolving Credit Exposures plus the aggregate principal amount of
outstanding Competitive Loans would exceed the total Commitments. 
  
 (c) The Company (on behalf of itself and the Borrowing Subsidiaries) shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the
effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by
the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company (on behalf of itself and the Borrowing Subsidiaries) may state that such notice is conditioned upon
the effectiveness of other credit facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or
reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
  
 SECTION 2.08. Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) to
the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each
Competitive Loan on the last day of the Interest Period applicable to such Loan. 
  
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the applicable Borrower to such Lender resulting from each Loan made by such Lender, including
the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and
the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein;
provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to repay the Loans in accordance with the terms of this
Agreement. 
  
 (e) Any Lender may request that Loans made by it be
evidenced by a promissory note. In such event, each Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to suchLender and its registered assigns) and in a
form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times 
  

 22 

 (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form
payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.09. Prepayment of Loans. (a) The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to prior notice in accordance with paragraph (b) of this Section; provided that a Borrower shall not have the right to prepay any Competitive Loan without the prior consent of the Lender thereof. 
  
 (b) The applicable Borrower shall notify the Administrative Agent by
telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of
prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice
of termination is revoked in accordance with Section 2.07. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any
Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.11. 
  
 SECTION 2.10. Fees. (a) The Company (on behalf of itself and the Borrowing Subsidiaries) agrees to pay to the Administrative Agent for the account
of each Lender a facility fee, which shall accrue at the Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the date hereof to but excluding the date on which such
Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit
Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June,
September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments
terminate shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
  
 (b) The Company (on behalf of itself and the Borrowing Subsidiaries) agrees
to pay to the Administrative Agent for the account of each Lender a utilization fee equal to the Applicable Rate for each day (an “Excess Utilization Day”) on which the sum of the total Revolving Credit Exposures plus the aggregate
principal amount of outstanding Competitive Loans exceeds 50% of the aggregate Commitments, which fee shall accrue on the daily amount 
  

 23 

 of the Revolving Credit Exposure plus the aggregate principal amount of outstanding Competitive Loans of such Lender for
each Excess Utilization Day during the period from and including the date hereof to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure or outstanding
Competitive Loans after its Commitment terminates, then such utilization fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure plus the aggregate principal amount of such Lender’s outstanding
Competitive Loans for each Excess Utilization Day from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure or outstanding Competitive Loans. Accrued
utilization fees, if any, shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof;
provided that any utilization fees accruing after the date on which the Commitments terminate shall be payable on demand. All utilization fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
  
 (c) The Company (on behalf of itself and the Borrowing Subsidiaries) agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Company and the
Administrative Agent. 
  
 (d) The Company (on behalf of itself and
the Borrowing Subsidiaries) agrees to pay on the Effective Date to the Administrative Agent, for the account of each Lender, an upfront fee equal to the amount separately agreed upon between the Company and such Lender. 
  
 (e) All fees payable hereunder shall be paid on the dates due, in immediately
available funds, to the Administrative Agent for distribution, in the case of facility fees, upfront fees and utilization fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.11. Interest. 
  
 (a) The Loans comprising each ABR Borrowing shall bear interest at the
Alternate Base Rate plus the Applicable Rate. 
  
 (b) The Loans
comprising each Eurodollar Borrowing shall bear interest (i) in the case of a Eurodollar Revolving Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (ii) in the case of a Eurodollar
Competitive Loan, at the LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the Margin applicable to such Loan. 
  
 (c) Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan. 
  
 (d) Notwithstanding the foregoing, immediately upon the occurrence of an Event of Default under Article VII(a), (b), (h),
(i) or (j), and in all other cases at the option of the Required Lenders which may be exercised following the occurrence of any other Event of Default, the principal of the Loans (and, to the extent permitted by law, overdue interest, fees and

  

 24 

 other amounts) shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the rate
applicable to ABR Loans as provided in paragraph (a) of this Section. 
  
 (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to
paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan
shall be payable on the effective date of such conversion. 
  
 (f)
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be
determined by the Administrative Agent, and such determination shall be conclusive absent demonstrable error. 
  
 SECTION 2.12. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
  
 (a) the Administrative Agent determines (which determination shall be
conclusive absent demonstrable error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders (or, in the case of a Eurodollar Competitive Loan, the
Lender that is required to make such Loan) that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its
Loan) included in such Borrowing for such Interest Period; 
  
 then the
Administrative Agent shall give notice thereof to the Company (on behalf of itself and the Borrowing Subsidiaries) and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the
Company (on behalf of itself and the Borrowing Subsidiaries) and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing and (iii) any request by a Borrower
for a Eurodollar Competitive Borrowing shall be ineffective; provided that (A) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by a Borrower for Eurodollar Competitive Borrowings may be made to
Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
  

 25 

 SECTION 2.13. Increased Costs. (a) If any Change in Law shall: 
  
 (i) impose, modify or deem applicable any reserve, special
deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
  
 (ii) impose on any Lender or the London interbank market any
other condition affecting this Agreement or Eurodollar Loans or Fixed Rate Loans made by such Lender; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan or Fixed Rate Loan (or of maintaining its obligation to make any such Loan) or to reduce
the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the applicable Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such
additional costs incurred or reduction suffered. 
  
 (b) If any
Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of
this Agreement or the Loans made by, such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of
such Lender’s holding company with respect to capital adequacy), then from time to time the applicable Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for
any such reduction suffered. 
  
 (c) A certificate of a Lender
setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company (on behalf of itself and the Borrowing
Subsidiaries) and shall be conclusive absent demonstrable error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that none of the Borrowers shall be required to compensate a Lender pursuant to this Section for any increased costs or
reductions incurred more than 270 days prior to the date that such Lender notifies the Company (on behalf of itself and the Borrowing Subsidiaries) of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period
of retroactive effect thereof. 
  
 (e) Notwithstanding the
foregoing provisions of this Section, a Lender shall not be entitled to compensation pursuant to this Section in respect of any Competitive Loan if the 
  

 26 

 Change in Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission
of the Competitive Bid pursuant to which such Loan was made. 
  
 (f) In addition to any other indemnification or other “gross-up” provisions contained herein, if any law, or any governmental or quasi-governmental rule, regulation, policy, guideline, or directive of any jurisdiction outside of
the United States, imposes or deems applicable, as a result of a non-U.S. domiciled Borrower receiving an extension of credit hereunder, any reserve, asset, liquidity, cash margin, assessment or other charge or out-of-pocket cost or other
requirement on any Lender that has extended credit to such Borrower and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining any Loan or to reduce the return received by such Lender in connection with
any such Loan, then, to the extent that such Lender is not otherwise indemnified hereunder for same, such Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased costs or reduction in the
amount received. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lenders setting forth in reasonable detail the basis for such amount and the allocation to the applicable Borrower shall be delivered to the
Company (on behalf of itself and the Borrowing Subsidiaries) which shall be conclusive absent manifest error. 
  
 SECTION 2.14. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan or Fixed Rate Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Revolving Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(b) and is revoked in accordance therewith), (d) the failure to borrow any
Competitive Loan after accepting the Competitive Bid to make such Loan, or (e) the assignment of any Eurodollar Loan or Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the applicable
Borrower pursuant to Section 2.17, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount
determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate (or the Fixed Rate, if applicable) that would have
been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a
comparable amount and period from other banks in the eurodollar market (or, with respect to Fixed Rate Loans, from other participants in the relevant market with respect to which the Fixed Rate was determined). A certificate of any Lender setting
forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Company (on behalf of itself and the Borrowing Subsidiaries) and shall be conclusive absent manifest error. The applicable
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  

 27 

 SECTION 2.15. Taxes. (a) Any and all payments by or on account of any obligation of any Borrower
hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender receives an
amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with
applicable law. 
  
 (b) In addition, the Borrowers shall pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) The applicable Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the
Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of such Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company (on behalf of itself and the Borrowing Subsidiaries) by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent demonstrable error. 
  
 (d) As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
  
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the
jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall, assuming reasonable prior written notification by the applicable Borrower to such Lender of the
existence of such law or treaty, deliver to the Company (on behalf of itself and the Borrowing Subsidiaries) (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the Company (on behalf of itself and the Borrowing Subsidiaries) as will permit such payments to be made without withholding or at a reduced rate. 
  
 SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. (a) Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees of amounts payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 noon, New York City time, on the date
when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the 
  

 28 

 discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes
of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except that payments pursuant to Sections 2.13, 2.14, 2.15 and 10.03 shall be made directly to the
Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day
that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder
shall be made in dollars. 
  
 (b) If at any time insufficient
funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal then due to such parties. 
  
 (c) If any
Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans resulting in such Lender receiving payment of a greater proportion of the
aggregate amount of its Revolving Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans of
other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans to any assignee or participant, other than to such Borrower or any subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 
  
 (d) Unless the Administrative Agent shall have received notice from the Company (on behalf of itself and the Borrowing Subsidiaries) prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the applicable Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the 
  

 29 

 Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and the rate reasonably determined by the Administrative Agent to be
the cost to it of funding such amount. If any such amount required to be paid by any Lender is not in fact made available to the Administrative Agent within three Business Days following the date upon which such Lender receives notice from the
Administrative Agent, the Administrative Agent shall be entitled to recover from such Lender, on demand, such amount with interest thereon calculated from such due date at the rate set forth in the preceding sentence plus 2%. 
  
 (e) If any Lender shall fail to make any payment required to be made by it
pursuant to Section 2.05(b) or 2.16(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.17. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.13, or if any Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, 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 2.13 or 2.15, 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 Company (on behalf of itself and the Borrowing
Subsidiaries) hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) If any Lender requests compensation under Section 2.13, or if any Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.15, or if any Lender defaults in its obligation to fund Loans hereunder, then the Company (on behalf of itself and the Borrowing Subsidiaries) may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this
Agreement (other than any outstanding Competitive Loans held by it) to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company (on behalf of
itself and the Borrowing Subsidiaries) shall have received the prior written consent of the Administrative Agent which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans (other than Competitive Loans) accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrowers (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction
in such compensation or payments. A Lender shall not 
  

 30 

 be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Company (on behalf of itself and the Borrowing Subsidiaries) to require such assignment and delegation cease to apply. 
  
 SECTION 2.18. Borrowing Subsidiaries. On or after the date hereof, the Company may designate, with the consent of the
Administrative Agent, certain Subsidiaries as a Borrowing Subsidiary by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company, and upon such delivery such Subsidiary shall for all
purposes of this Agreement be a Borrowing Subsidiary and a party to this Agreement. The Company may cause any Borrowing Subsidiary to cease to be a party to this Agreement by executing and delivering to the Administrative Agent a termination
agreement satisfactory to the Administrative Agent, whereupon such Subsidiary shall cease to be a Borrowing Subsidiary and a party to this Agreement. Notwithstanding the foregoing, no such termination will become effective as to any Borrowing
Subsidiary at a time when any principal of or interest on any Loan made directly to such Borrowing Subsidiary shall be outstanding hereunder. As soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative Agent shall
send a copy thereof to each Lender. 
  
 ARTICLE II 
  
 Representations and Warranties 
  
 The Company represents and warrants to the Lenders that: 
  
 SECTION 3.01. Organization; Powers. Each of the Company and the
Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
  
 SECTION 3.02. Authorization; Enforceability. The Transactions to be
entered into by each Borrower are within such Borrower’s corporate, partnership or limited liability company powers and have been duly authorized by all necessary corporate, partnership or limited liability company and, if required,
stockholder, partner or member action. Each Loan Document to which a Borrower is a party has been duly executed and delivered by such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law. 
  
 SECTION 3.03. Governmental Approvals; No
Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not
violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any Subsidiary or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture,
agreement or other 
  

 31 

 instrument binding upon the Company or any Borrowing Subsidiary or its assets, or give rise to a right thereunder to
require any payment to be made by the Company or any Borrowing Subsidiary, and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any Borrowing Subsidiary. 
  
 SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The
Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal years ended December 31, 2000, December 31, 2001 and December 31, 2002, reported
on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2003, certified on behalf of the Company by its chief financial officer. Such financial
statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 
  
 (b) Since March 31, 2003, there has been no material adverse change in the business, assets, operations, prospects or condition, financial or otherwise,
of the Company and the Subsidiaries, taken as a whole. 
  
 SECTION
2.05. Properties. (a) Each of the Company and the Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title, easements, rights of way and
other matters that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 
  

(b) Each of the Company and the Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual
property material to its business, and, to the knowledge of the Company, the use thereof by the Company and the Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company,
threatened against or affecting the Company or any Subsidiary (i) which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than as set forth on Schedule 3.06) or (ii) that involve any Loan
Document or the Transactions. 
  
 (b) Except as set forth on
Schedule 3.06 and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any Subsidiary (i) has failed to comply with any
Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental 
  

 32 

 Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis
for any Environmental Liability. 
  
 (b) Since the date of this
Agreement, there has been no change in the status of the matters set forth on Schedule 3.06 that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
  
 SECTION 3.07. Compliance with Laws and Agreements. Each of the Company
and the Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
  

SECTION 3.08. Investment and Holding Company Status. Neither the Company nor any Subsidiary is (a) an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” or a “subsidiary company” of a “holding company” as defined in, or subject to regulation under, the Public Utility
Holding Company Act of 1935. 
  
 SECTION 3.09. Taxes. Each
of the Company and the Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in
a Material Adverse Effect. 
  
 SECTION 3.10. ERISA. No
ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such
amounts, exceed by more than $40,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $40,000,000 the fair market value of the assets of all such underfunded Plans. 
  
 SECTION 3.11. Disclosure. The Company has disclosed to the Lenders all
agreements, instruments and corporate or other restrictions to which it or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.
Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Company to the Administrative Agent or any Lender in connection with the negotiation of this
Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any 
  

 33 

 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, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
  
 ARTICLE IV 
  
 Conditions 
  
 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the
following conditions is satisfied (or waived in accordance with Section 10.02): 
  
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
  
 (b) The Administrative Agent shall have received (i) a favorable written opinion (addressed to the Administrative Agent and
the Lenders and dated the Effective Date) of Kirkpatrick & Lockhart LLP, counsel for the Borrowers, substantially in the form of Exhibit B1 and (ii) a favorable written opinion (addressed to the Administrative Agent and the Lenders dated the
Effective Date) of Augustus I. duPont, general counsel for the Borrowers, substantially in the form of Exhibit B2, and covering such other matters relating to the Borrowers, this Loan Documents or the Transactions as the Required Lenders shall
reasonably request. The Borrowers hereby requests such counsel to deliver such opinion. 
  
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the
Borrowers, the authorization of the Transactions and any other legal matters relating to the Borrowers, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
  
 (d) The Administrative Agent shall have received a certificate, dated the
Effective Date and signed on behalf of the Company by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
  
 (e) The Administrative Agent shall have received evidence of the cancellation
and termination of the Existing Credit Agreement and the repayment of all Indebtedness outstanding thereunder. 
  
 (f) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder. 
  

 34 

 The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be
conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 10.02) at or prior to 3:00
p.m., New York City time, on July 22, 2003 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
  
 SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction of
the following conditions: 
  
 (a) The representations and
warranties set forth in this Agreement and the other Loan Documents shall be true and correct on and as of the date of such Borrowing. 
  
 (b) At the time of and immediately after giving effect to such Borrowing no Default shall have occurred and be continuing. 
  
 (c) All legal and regulatory matters incident to the making of such Borrowing
shall be satisfactory to the Administrative Agent and its counsel. 
  
 Each
Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of this Section. 
  
 SECTION 4.03. Each Borrowing Subsidiary Credit Event. The obligation of each Lender to make Loans hereunder to any
Borrowing Subsidiary is subject to the satisfaction of the following additional conditions: 
  
 (a) The Administrative Agent (or its counsel) shall have received from such Borrowing Subsidiary either (i) a counterpart of a Borrowing Subsidiary Agreement signed on behalf of such Borrowing Subsidiary or (ii)
written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page thereof) that such Borrowing Subsidiary has signed a counterpart of such Borrowing Subsidiary Agreement. 
  
 (b) The Administrative Agent shall have received a favorable written opinion
(addressed to the Administrative Agent and the Lenders) of counsel for such Borrowing Subsidiary (which counsel shall be reasonably acceptable to the Administrative Agent), substantially in the form of Exhibit C, and covering such other matters
relating to such Borrowing Subsidiary, the Loan Documents or the Transactions as the Required Lenders shall reasonably request. 
  
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of such Borrowing Subsidiary, the authorization of the Transactions and any other legal matters relating to such Borrowing Subsidiary, the Loan Documents or the Transactions, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel. 
  

 35 

 ARTICLE V 
  
 Affirmative Covenants 
  
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full, the Company covenants and agrees with the Lenders that: 
  
 SECTION 5.01. Financial Statements and Other Information. The Company will furnish to the Administrative Agent and each Lender: 
  
 (a) within 90 days after the end of each fiscal year of the Company, its audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public
accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
  
 (b) within 45 days after the end of each of the first three fiscal quarters
of each fiscal year of the Company, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting
forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified on behalf of the Company by one of its Financial Officers
as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit
adjustments and the absence of footnotes; 
  
 (c) concurrently
with any delivery of financial statements under clause (a) or (b) above, a certificate on behalf of the Company executed by a Financial Officer of the Company (i) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.07 and 6.08 and (iii) stating whether any change in GAAP
or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such
certificate; 
  
 (d) concurrently with any delivery of financial
statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which
certificate may be limited to the extent required by accounting rules or guidelines); 
  

 36 

 (e) promptly after the same become publicly available, copies of all periodic and other reports, proxy
statements, registration statements and other materials filed by the Company or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any
national securities exchange, or distributed by the Company to its shareholders generally, as the case may be; and 
  
 (f) promptly following any request therefor, such other information regarding the operations, business affairs, and financial condition of the Company or
any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
  
 SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the
following: 
  
 (a) the occurrence of any Default; 
  
 (b) the filing or commencement of any action, suit or proceeding by or before
any arbitrator or Governmental Authority against or affecting the Company or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 
  
 (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could
reasonably be expected to result in liability of the Company and the Subsidiaries in an aggregate amount exceeding $10,000,000; and 
  
 (d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be accompanied by a statement of a Financial
Officer or other executive officer of the Company setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 5.03. Existence; Conduct of Business. The Company will, and
will cause each of the Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its
business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 
  
 SECTION 5.04. Payment of Obligations. The Company will, and will cause each of the Subsidiaries to, pay its obligations, including Tax liabilities,
that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Company or such
Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
  

 37 

 SECTION 5.05. Maintenance of Properties; Insurance. The Company will, and will cause each of the
Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted and in accordance with past practices, except where the Company or Subsidiary determines
in its reasonable judgment that such continued maintenance is no longer economically justified, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
  
 SECTION 5.06. Books and Records; Inspection Rights. The Company will, and will cause each of the Subsidiaries to, keep proper books of record and
account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Company will, and will cause each of the Subsidiaries to, permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 
  
 SECTION 5.07. Compliance with Laws. The Company will, and will cause each of the Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 5.08. Use of Proceeds. The proceeds of the Loans will be used only for repayment of Indebtedness under the Existing Credit Agreement and
for general corporate purposes (including Acquisitions). No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U
and X. 
  
 ARTICLE VI 
  
 Negative Covenants 
  
 Until the Commitments have expired or terminated and the principal of and
interest on each Loan and all fees payable hereunder have been paid in full, the Company covenants and agrees with the Lenders that: 
  
 SECTION 6.01. Indebtedness. The Company will not permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness or to
authorize, issue or permit to be outstanding any preferred stock, except: 
  
 (a) Indebtedness created hereunder; 
  
 (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; 
  

 38 

 (c) Indebtedness or preferred stock of any Subsidiary issued to and held by the Company or any
Wholly-Owned Subsidiary; 
  
 (d) Indebtedness or preferred stock
of any Person that becomes a Subsidiary after the date hereof and extensions, renewals and replacements of any such Indebtedness or preferred stock that do not increase the outstanding principal amount thereof; provided that such Indebtedness
or preferred stock 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; 
  
 (e) Indebtedness as an account party in respect of letters of credit, performance bonds, bid bonds, customs bonds, surety
bonds and performance guaranties; provided that the aggregate amount available for drawing under all such letters of credit, performance bonds, bid bonds, customs bonds, surety bonds and performance guaranties (and all reimbursement
obligations with respect thereof) permitted by this clause (e) shall not exceed $50,000,000 at any time outstanding; and 
  
 (f) other Indebtedness if, after giving effect thereto, the aggregate principal amount of Indebtedness of all Subsidiaries permitted by this clause (f)
shall not exceed $40,000,000 at any time outstanding. 
  
 SECTION
6.02. Liens. The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including
accounts receivable) or rights in respect of any thereof, except 
  
 (a) Permitted Encumbrances; 
  
 (b) any Lien on any
property or asset of the Company or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Company or any Subsidiary and (ii) such Lien
shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof so long as the sum of the aggregate amount of such obligations
plus the aggregate amount available for drawing under all letters of credit, performance bonds, bid bonds, customs bonds, surety bonds and performance guaranties (and all reimbursement obligations with respect thereto) secured pursuant to clause (g)
below does not exceed, at any time, $75,000,000; 
  
 (c) any Lien
existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a
Subsidiary; provided that (i) such Lien secures Indebtedness not prohibited by Section 6.01, (ii) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be,
(iii) such Lien shall not apply to any other property or assets of the Company or any Subsidiary and (iv) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as
the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
  

 39 

 (d) Liens on fixed or capital assets acquired by the Company or any Subsidiary; provided that (i)
such security interests secure Indebtedness not prohibited by Section 6.01, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition, (iii) the Indebtedness secured thereby does
not exceed 100% of the cost of acquiring such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary; 
  
 (e) Liens arising in the ordinary course of its business which (i) do not secure Indebtedness or Hedging Obligations and
(ii) do not secure obligations in an amount exceeding $75,000,000 in the aggregate; 
  
 (f) Liens on cash and cash equivalents securing Hedging Obligations, provided that the aggregate amount of cash and cash equivalents subject to such Liens may at no time exceed $10,000,000; 
  
 (g) Liens (including cash collateral) securing obligations (including
reimbursement obligations) in respect of letters of credit, performance bonds, bid bonds, customs bonds, surety bonds and performance guaranties provided (i) the aggregate amount available for drawing under all such letters of credit, performance
bonds, bid bonds, customs bonds, surety bonds and performance guaranties (and all reimbursement obligations with respect thereto) does not exceed, at any time, $50,000,000 and (ii) the sum of the amount available for drawing under all such letters
of credit, performance bonds, bid bonds, customs bonds, surety bonds and performance guaranties (and all reimbursement obligations with respect thereto) plus the aggregate amount of Indebtedness secured pursuant to clause (b) above does not exceed,
at any time, $75,000,000; and 
  
 (h) Liens not otherwise
permitted by the foregoing clauses of this Section 6.02 securing Indebtedness otherwise permitted hereunder, in an aggregate principal or face amount at any date not to exceed 10% of Consolidated Net Worth. 
  
 SECTION 6.03. Fundamental Changes. (a) The Company will not, and will
not permit any Material Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions) all or substantially all of its assets, or all or substantially all of the Capital Stock of any of its Material Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time
thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge into the Company in a transaction in which the Company is the surviving corporation, (ii) any Person (other than the
Company) may merge into any Wholly-Owned Subsidiary in a transaction in which the surviving entity is a Wholly-Owned Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Company or to a Wholly-Owned
Subsidiary and (iv) any Subsidiary other than a Borrowing Subsidiary may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous
to the Lenders. 
  
 (b) The Company will not, and will not permit
any Subsidiary to, engage to any material extent in any business (including via Acquisition) other than businesses of the type conducted by 
  

 40 

 the Company and the Subsidiaries on the date of execution of this Agreement and businesses reasonably related or
ancillary thereto. 
  
 SECTION 6.04. Transactions with
Affiliates. The Company will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except: (a) transactions in the ordinary course of business at prices and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis
from unrelated third parties and (b) transactions between or among the Company and the Wholly-Owned Subsidiaries not involving any other Affiliate. 
  
 SECTION 6.05. Hedging Agreements. The Company will not, and will not permit any Subsidiary to, enter into any Hedging Agreement, other than Hedging
Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Company or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. 
  
 SECTION 6.06. Borrowing Subsidiaries. The Company will not cease to
own, directly or indirectly, and Control 100% (other than directors’ qualifying shares) of the Capital Stock of any Borrowing Subsidiary. 
  
 SECTION 6.07. Interest Coverage Ratio. The Company will not permit the Interest Coverage Ratio as determined as of the end of each fiscal quarter
of the Company to be less than 3.00 to 1.00. 
  
 SECTION 6.08.
Leverage Ratio. At any and all times, the Company will not permit the Leverage Ratio to exceed .65 to 1.00. 
  
 ARTICLE VII 
  
 Events of Default 
  
 If any of the following
events (“Events of Default”) shall occur: 
  
 (a)
any Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
  
 (b) any Borrower shall fail to pay any interest on any Loan or any fee or any
other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days; 
  
 (c) any representation or warranty made or deemed made by or on behalf of the
Company or any Material Subsidiary in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection
with any Loan Document or 
  

 41 

 any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect
when made or deemed made; 
  
 (d) the Company shall fail to
observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to any Borrower’s existence) or 5.08 or in Article VI; 
  
 (e) the Company or any Material Subsidiary shall fail to observe or perform any covenant, condition or agreement contained
in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Company; 
  
 (f) the Company or any Subsidiary shall fail to make any payment (whether of
principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 
  
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with
or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness; 
  
 (h) an involuntary proceeding shall be commenced
or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Company or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered; 
  
 (i) the Company or any Material Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to
contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the
Company or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing; 
  
 (j) the Company or any Material Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
  

 42 

 (k) one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 shall
be rendered against the Company, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to attach or levy upon any assets of the Company or any Subsidiary to enforce any such judgment; 
  
 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred,
could reasonably be expected to result in liability to the Company or any Subsidiary in excess of $10,000,000; 
  
 (m) the obligations of the Company under Article IX shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert
the invalidity or unenforceability of any of such obligations, or the Company shall deny that it has any further liability under Article IX or shall give notice to such effect; or 
  
 (n) a Change in Control shall occur; 
  
 then, and in every such event (other than an event with respect to any Borrower described in clause (h) or (i) of this Article), and at any
time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Company, take either or both of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be
declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived each Borrower; and in case of any event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments shall
automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by each Borrower. 
  
 ARTICLE VIII 
  
 The
Administrative Agent 
  
 Each of the Lenders hereby
irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such
actions and powers as are reasonably incidental thereto. 
  
 The
bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may
accept deposits from, 
  

 43 

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

 44 

 Subject to the appointment and acceptance of a successor Administrative Agent as provided in this
paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company so long as no Default has occurred and is
continuing, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as
Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder. The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the Administrative
Agent’s resignation hereunder, the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while it was acting as Administrative Agent. 
  
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 
  
 The Lenders identified in this Agreement as the “Syndication
Agents” and the “Documentation Agents” shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders. Without limiting the foregoing, none of the
“Syndication Agents” and the “Documentation Agents” shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgements with respect to the “Syndication Agents”
and the “Documentation Agents” as it makes with respect to the Administrative Agent in this Article VIII. 
  
 ARTICLE IX 
  
 Guarantee 
  
 In order to induce the Lenders to
extend credit hereunder, the Company hereby absolutely, irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the timely payment of any and all of the Guaranteed Obligations. The Company further agrees that the
due and punctual payment of the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its Guarantee hereunder notwithstanding any such extension or
renewal of any Guaranteed Obligation. 
  

 45 

 The Company waives presentment to, demand of payment from and protest to any Borrowing Subsidiary of any
of the Guaranteed Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Company hereunder shall not be affected by (a) the failure of any Lender or the Administrative Agent
to assert any claim or demand or to enforce or exercise any right or remedy against any Borrowing Subsidiary under the provisions of this Agreement, any Borrowing Subsidiary Agreement, any other Loan Document or otherwise or (b) any rescission,
waiver, amendment or modification of any of the terms or provisions of this Agreement, any Borrowing Subsidiary Agreement, any other Loan Document or any other agreement or the release of any Borrowing Subsidiary. The Company shall be obligated to
keep informed of the financial condition of the Borrowing Subsidiaries; provided that the failure of the Company to keep so informed shall not affect its obligations hereunder. 
  
 The Company further agrees that its agreement under this Article IX constitutes a promise of payment when due (whether or
not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any
Lender to any balance of any deposit account or credit on the books of any Lender in favor of any Borrowing Subsidiary or any other Person or to any other remedy against any Borrowing Subsidiary. 
  
 The Company guarantees that the Guaranteed Obligations will be paid strictly
in accordance with the terms of this Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or any Lender with respect thereto. This
is a present and continuing guaranty of payment and not of collection, and the liability of the Company under this Article IX shall be absolute and unconditional, in accordance with its terms, and shall remain in full force and effect without regard
to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation: (a) any lack of validity or enforceability or any avoidance or voidability of any
Guaranteed Obligation, this Agreement, any Borrowing Subsidiary Agreement, any other Loan Document or any other agreement or instrument relating thereto; (b) any change in the time, place or manner of payment of, or in any other term of, all or any
of the Guaranteed Obligations, or any other amendment or waiver of or any consent to any departure from this Agreement, any Borrowing Subsidiary Agreement or any other Loan Document, including, without limitation, any increase in the Guaranteed
Obligations resulting from the extension of additional credit to the Borrowing Subsidiaries or otherwise in accordance with the terms hereof and thereof; (c) any taking, exchange, release or non-perfection of any collateral, or any taking, release,
or amendment or waiver of, or consent to, or departure from, any other guaranty, for all or any of the Guaranteed Obligations; (d) any change, restructuring of termination of the structure or existence of any Borrowing Subsidiary; (e) any
bankruptcy, receivership, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar proceedings with respect to any Borrowing Subsidiary or the properties or creditors of any of them; (f) the occurrence of any
Default or Event of Default under, or any invalidity or any unenforceability of, or any misrepresentation, irregularity or other defect in, this Agreement, any Borrowing Subsidiary Agreement or any other Loan Document; (g) any default, failure or
delay, willful or otherwise, on the part of any Borrowing Subsidiary to perform or comply with, or the impossibility or 
  

 46 

 illegality of performance by any Borrowing Subsidiary of, any term of this Agreement, any Borrowing Subsidiary Agreement
or any other Loan Document; (h) any suit or other action brought by, or any judgment in favor of, any beneficiaries or creditors of, any Borrowing Subsidiary for any reasons whatsoever, including, without limitation, any suit or action in any way
attacking or involving any issue, matter or thing in respect of this Agreement, any Borrowing Subsidiary Agreement or any other Loan Document; (i) any lack or limitation of status or of power, incapacity or disability of any Borrowing Subsidiary or
any partner, principal, trustee or agent thereof; or (j) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Borrowing Subsidiary or a third party guarantor. 
  
 The obligations of the Company under this Article IX shall not be subject to
any reduction, limitation, impairment or termination for any reason, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the
Guaranteed Obligations, any impossibility in the performance of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Company under this Article IX shall not be discharged or impaired or
otherwise affected by the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce any remedy under this Agreement or any other agreement, by any waiver or modification in respect of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or omission which may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a discharge of the
Company or any Borrowing Subsidiary as a matter of law or equity. 
  
 None of the Lenders nor the Administrative Agent nor any Person acting for or on behalf of the Lenders or the Administrative Agent shall have any obligation to marshal any assets in favor of the Company or against or in payment of any or
all of the Guaranteed Obligations. The Company further agrees that its obligations under this Article IX shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation
is rescinded or must otherwise be restored by the Administrative Agent or any Lender upon the bankruptcy or reorganization of any Borrowing Subsidiary or otherwise. 
  
 In furtherance of the foregoing and not in limitation of any other right which the Administrative Agent or any Lender may
have at law or in equity against the Company by virtue of this Article IX, upon the failure of any Borrowing Subsidiary to pay any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of
prepayment or otherwise, the Company hereby promises to and will, upon receipt of written demand by the Administrative Agent, forthwith pay, or cause to be paid, in cash the amount of such unpaid Guaranteed Obligation. 
  
 Upon payment by the Company of any sums as provided above, all rights of the
Company against any Borrowing Subsidiary arising as a result thereof by way of right of subrogation, contribution, indemnity or otherwise shall in all respects by subordinated and junior in right of payment to the prior indefeasible payment in full
in cash of all the Guaranteed Obligations owed by such Borrowing Subsidiary to the Lenders and the Company shall not exercise any such rights until such payment in full and the Commitments are terminated. 
  

 47 

 The Guarantee of the Company under this Article IX is a continuing guarantee and all liabilities to which
it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. 
  
 ARTICLE X 
  
 Miscellaneous 
  
 SECTION 10.01. Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
  
 (a) if to any Borrower, to it care of the Company (on its behalf and behalf of the Borrowing Subsidiaries) at Crane Co., 100 First Stamford Place,
Stamford, CT 06902, Attention: Treasurer (Telecopy No. (203) 363-7223) with a copy to General Counsel (Telecopy No. (203) 363-7350); 
  
 (b) if to the Administrative Agent, to JPMorgan Chase Bank, Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention:
Debbie Meche (Telecopy No. (713) 750-2938), with a copy to JPMorgan Chase Bank, Two Corporate Drive, Shelton, Connecticut 06484, Attention: Scott Farquhar (Telecopy No. (203)944-8495); and 
  
 (c) if to any other Lender, to it at its address (or telecopy number) set
forth in its Administrative Questionnaire. 
  
 Any party hereto may change its
address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to
have been given on the date of receipt. 
  
 SECTION 10.02.
Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be
construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
  

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the 
  

 48 

 Company, each Borrowing Subsidiary (but only to the extent such waiver, amendment or modification relates to such
Borrowing Subsidiary) and the Required Lenders or by the Company, each Borrowing Subsidiary (but only to the extent such waiver, amendment or modification relates to such Borrowing Subsidiary) and the Administrative Agent with the consent of the
Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive
or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) release or limit the liability of any Borrower in respect of any of its obligations to pay
principal, interest, fees or other amounts under any Loan Document, without the written consent of each Lender affected thereby, (v) release the Company from its Guarantee under Article IX, or limits its liability in respect of such Guarantee,
without the written consent of each Lender, (vi) change Section 2.16(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, or (vii) change any of the provisions of this
Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative
Agent; provided further that no such agreement shall require the consent of each Lender if this Agreement is amended to provide for the issuance of letters of credit so long as the Commitment of such Lender is not affected, the obligation to
reimburse any letter of credit disbursement is not reduced and the expiration date of any letter of credit does not extend beyond the Maturity Date. 
  
 SECTION 10.03. Expenses; Indemnity; Damage Waiver. (a) The Company and each Borrowing Subsidiary, jointly and severally, 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 and administration of the 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) and
(ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its
rights in connection with the Loan Documents including its rights under this Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of
such Loans. 
  
 (b) The Company and each Borrowing Subsidiary,
jointly and severally, shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or 
  

 49 

 asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan
or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of the Subsidiaries, or any Environmental Liability related in any way to
the Company or any of the 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 and regardless of whether any Indemnitee
is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
  
 (c) To the extent that the Company or any Borrowing Subsidiary fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such. 

 
 (d) To the extent permitted by applicable law, no Borrower shall assert,
and each Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of,
any Loan Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 
  
 (e) All amounts due under this Section shall be payable promptly after written demand therefor. 
  
 SECTION 10.04. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto (including the parties to any Borrowing Subsidiary Agreement) and their respective successors and assigns permitted hereby, except that no Borrower may assign or
otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the 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) Any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents
(including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or an Affiliate of a Lender having at least $500,000,000 in 
  

 50 

 combined capital and surplus and undivided profits, each of the Company and the Administrative Agent must give their
prior written consent to such assignment (which consent shall not be unreasonably withheld), (ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall
not be less than $5,000,000 unless each of the Company and the Administrative Agent otherwise consent, (iii) 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, except that this clause (iii) shall not apply to rights in respect of outstanding Competitive Loans, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance,
together with a processing and recordation fee of $3,500, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and provided further that any consent of the Company
otherwise required under this paragraph shall not be required if an Event of Default has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date specified
in each Assignment and Acceptance the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 10.03). Any assignment or transfer by a Lender of rights or obligations
under this Agreement and the other Loan Documents 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 (e) of
this Section. 
  
 (c) The Administrative Agent, acting for this
purpose as an agent of the Borrowers, shall maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, 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 Company and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this
Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No 
  

 51 

	assignment	 	shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

  
 (e) Any Lender may, without the consent of any Company or the Administrative
Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided that (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
Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a
Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (f) of
this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.16(c) as though it were a Lender. 

 
 (f) A Participant shall not be entitled to receive any greater payment
under Section 2.13 or 2.15 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 Company’s prior
written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrowers, to comply with Section 2.15(e) as though it were a Lender. 
  
 (g) 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 any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  
 SECTION 10.05. Survival. All covenants, agreements, representations and warranties made by the Borrowers in the Loan Documents and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan
Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or 
  

 52 

 any fee or any other amount payable under any Loan Document is outstanding and unpaid and so long as the Commitments have
not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15 and 10.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans,
the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
  
 SECTION 10.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this
Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 10.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

  
 SECTION 10.08. Right of Setoff. If an Event of Default
shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower against any of and all the obligations of such Borrower now or hereafter existing
under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to
other rights and remedies (including other rights of setoff) which such Lender may have. 
  
 SECTION 10.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) Each Borrower hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in
any action or proceeding arising out of or relating to any Loan Documents or for recognition or enforcement of any judgment, and each 
  

 53 

 of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against any Borrower or its properties in the courts of any jurisdiction. 
  
 (c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Each party to this Agreement (including each Borrowing Subsidiary) irrevocably consents to service of process in the manner provided for notices in
Section 10.01. Each of the Borrowing Subsidiaries hereby appoints the Company as its agent to receive on its behalf service of proceedings arising out of or relating to this Agreement or any other Loan Document in any court, such service being
hereby acknowledged by each Borrowing Subsidiary to be effective and binding service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

 
 SECTION 10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

  
 SECTION 10.11. Headings. Article and Section headings
and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 10.12. Confidentiality. Each of the Administrative Agent and
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such 
  

 54 

 Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Company. For the purposes of this Section, “Information” means all information received from the Company relating to the
Company or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company; provided that, in the case of information received from the
Company after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Notwithstanding anything in this Agreement to the
contrary, any Confidential Information with respect to the “tax treatment” or “tax structure” (in each case, within the meaning of Treasury Regulation section 1.6011-4) of the transactions contemplated hereby shall not be
confidential and the Administrative Agent and any Lender and other parties hereto may disclose without limitation of any kind any Confidential Information that is provided to the parties hereto with respect to the “tax treatment” or
“tax structure” (in each case, within the meaning of Treasury Regulation section 1.6011-4); provided, that to the extent any document contains Confidential Information that relates to the “tax treatment” or “tax
structure” and contains other information, this paragraph shall only apply to the information regarding the “tax treatment” or “tax structure.” 
  
 SECTION 10.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and
the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon to the date of repayment, shall have been
received by such Lender. 
  
  

 55 

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

	CRANE CO.
		
	 By:
	 	 /s/    GIL A.
DICKOFF        

	 Name:
	 	Gil A. Dickoff
	 Title:
	 	Treasurer
	
	 CRANE CO.

		
	 By:
	 	 /s/    GEORGE S.
SCIMONE        

	 Name:
	 	George S. Scimone
	 Title:
	 	Vice President Finance and Chief Financial Officer

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	JP MORGAN CHASE BANK, individually and as Administrative Agent
		
	 	 	 
	 By:
	 	 /s/    D. SCOTT
FARQUHAR        

	 Name:
	 	D. Scott Farquhar
	 Title:
	 	Vice President

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	FLEET NATIONAL BANK, individually and as Syndication Agent
		
	 By:
	 	 /s/    JEFFREY C.
LYNCH        

	 Name:
	 	Jeffrey C. Lynch
	 Title:
	 	Managing Director

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	KEYBANK NATIONAL ASSOCIATION, individually and as Syndication Agent
		
	 By:
	 	 /s/    SUZANNAH
HARRIS        

	 Name:
	 	Suzannah Harris
	 Title:
	 	AVP

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	THE BANK OF NEW YORK, individually and as Documentation Agent
		
	 By:
	 	 /s/    ROGER A.
GROSSMAN        

	 Name:
	 	Roger A. Grossman
	 Title:
	 	Vice President

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	ABN AMRO BANK N.V.
		
	 	 	 
	 By:
	 	 /s/    NANCY W.
LANZONI        

	 Name:
	 	Nancy W. Lanzoni
	 Title:
	 	Group Vice President
		
	 By:
	 	 /s/    TODD J.
MILLER        

	 Name:
	 	Todd J. Miller
	 Title:
	 	Assistant Vice President

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	BNP PARIBAS
		
	 By:
	 	 /s/    NANETTE
BAUDON        

	 Name:
	 	Nanette Baudon
	 Title:
	 	Vice President
		
	 By:
	 	 /s/    RICK
PACE        

	 Name:
	 	Rick Pace
	 Title:
	 	Director

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	CITIZENS BANK OF MASSACHUSETTS
		
	 By:
	 	 /s/    MARINA E.
GROSSI        

	 Name:
	 	Marina E. Grossi
	 Title:
	 	Vice President

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT] 

	UBS AG, CAYMAN ISLANDS BRANCH
		
	 By:
	 	 /s/    THOMAS R.
SALZANO        

	 Name:
	 	Thomas R. Salzano
	 Title:
	 	Director, Banking Products Services, US
		
	 By:
	 	 /s/    WILFRED V.
SAINT        

	 Name:
	 	Wilfred V. Saint
	 Title:
	 	Associate Director, Banking Products Services, US

  
 [SIGNATURE
PAGE TO CREDIT AGREEMENT]<PAGE>

                                                                   Exhibit 10.12

                       AMENDED AND RESTATED LOAN AGREEMENT

     THIS AMENDED AND RESTATED LOAN AGREEMENT (the "Agreement") is made this
12/th/ day of May, 2003, by and among Professional Veterinary Products, Ltd., a
Nebraska corporation ("PVPL"), ProConn, LLC, a Nebraska limited liability
company ("ProConn"), Exact Logistics, LLC, a Nebraska limited liability company
("Exact", together with PVPL and ProConn, collectively and individually herein
referred to as "Borrower") and U.S. Bank National Association, a national
banking association ("Lender").

                                    RECITALS

     A.   On December 1, 2001, PVPL entered into that certain Revolving Credit
Agreement with Lender, which has been amended and modified on numerous occasions
(the "Prior Agreement");

     B.   ProConn and Exact are wholly owned, direct subsidiaries of PVPL;

     C.   Lender and Borrower have agreed to amend and restate the Prior
Agreement in its entirety and to establish a revolving line of credit facility
and a term loan facility and to add ProConn and Exact as borrowers; and

     D.   The parties intend to amend and restate the Prior Agreement such that
this Agreement shall set forth the terms and conditions of such facilities.

     NOW, THEREFORE, the parties agree that the Prior Agreement is hereby
amended and restated in its entirety to read as follows:

                                   ARTICLE I.

                  Principles of Interpretation and Definitions

     Section 1.1    General Principles. For the purpose of this Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

     (a)  the terms defined in this Article have the meanings assigned to them
in this Article, and include the plural as well as the singular; and

     (b)  all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles and
shall be consistent with those applied in preparation of the financial
statements referred to in Section 4.5.

     Section 1.2    Definitions. The following specific definitions shall apply
to this Agreement:

<PAGE>

     Account Debtor means the person who is obligated on a Receivable

     Advance means a monetary advance made by Lender to any Person pursuant to
     the provisions of any Loan.

     Affiliate means any Person (a) that directly or indirectly, through one or
     more intermediaries, controls or is controlled by, or is under common
     control with Borrower, including, without limitation, the officers and
     directors of each of them, (b) that directly or beneficially owns or holds
     ten percent (10%) or more of any equity interest in Borrower or (c) ten
     percent (10%) or more of whose voting stock (or in the case of a Person
     which is not a corporation, ten percent (10%) or more of any equity
     interest) is owned directly or beneficially or held by Borrower, including,
     without limitation, ServCo (d/b/a MarketLink). As used herein, the term
     "control" shall mean possession, directly or indirectly, of the power to
     direct the management or policies of a Person, whether through ownership of
     securities or otherwise.

     Borrowing Base means an amount equal to the sum of:

     (a)  70% of the Eligible Accounts Receivable; plus

     (b)  33% of the Value of Eligible Inventory up to a maximum of $5,000,000.

     As of any date, the Borrowing Base shall be determined on the basis of the
     information contained in the most recent Borrowing Base Certificate.

     Borrowing Base Certificate means the certificate in the form of Exhibit
     2.1.4 attached hereto which is required to be delivered to Lender in
     accordance with Section 2.1.4 hereof. Borrower shall not include any
     inventory in a Borrowing Base Certificate unless Borrower shall have: (a)
     notified Lender in writing of the location of the inventory; (b) executed
     such documents, including, without limitation, financing statements, as are
     required by Lender to perfect a security interest in such inventory; and
     (c) Lender shall have notified the Company that any such documents have
     been duly filed or recorded.

     Collateral shall mean any property or right, tangible or intangible, in any
     form whatsoever, provided from time to time as security for the discharge
     of any obligation of Borrower to Lender, including, without limitation all
     of Borrower's accounts receivable, inventory, machinery and equipment,
     general intangibles and accounts.

     Collateral Agreements shall mean all documents and agreements delivered to
     secure the payment and performance of any obligation of Borrower to Lender
     including, without limitation, the documents and agreements for such
     purpose referred to in Section 2.6 and any and all documents and agreements
     delivered in the future for such purpose.

                                       2

<PAGE>

     Debt means (a) all items of indebtedness or liability which in accordance
     with generally accepted accounting principles would be included in
     determining total liabilities as shown on the liabilities side of a balance
     sheet at the date as of which Debt is to be determined, and (b)
     indebtedness secured by any mortgage, pledge, lien or security interest
     existing on property owned by the Person whose debt is being determined,
     whether or not the indebtedness secured thereby shall have been assumed,
     and (c) guaranties, endorsements (other than for purposes of collection in
     the ordinary course of business) and other contingent obligations in
     respect of, or to purchase or otherwise acquire, indebtedness of others,
     such obligations to be included at the face amount of such obligation
     assuming all contingencies to have been met.

     Debt Service means, with respect to any period, the sum of (a) the
     aggregate amount of all actual principal and interest Debt payments due,
     whether or not payment was made during the measurement period and (b) the
     aggregate amount of all actual payments due, whether or not payment was
     made during the measurement period, under capital lease obligations
     (including the interest component thereof).

     Distributions means, with respect to any period, all payments or other
     distributions of cash or other assets in the form of management,
     development or other fees, net increase in loans or advances (but in no
     event less than zero), dividends, distributions for the payment of federal
     and state income taxes, stock repurchases or redemptions, bonuses,
     principal payments on indebtedness of Borrower's partners or its other
     Affiliates; or any other payment to any of Borrower's partners or its other
     Affiliates to the extent such payments or other distributions are not
     already a reduction of net income after taxes in calculating EBITDA;
     provided, however, Distributions shall not include refunds, rebates or
     credits associated with sales of Inventory made to shareholders of PVPL.

     EBITDA means, for any period, the sum of (a) net income after taxes for
     such period, (b) amortization and depreciation expense for such period, (c)
     total interest expense (whether paid or accrued and including the interest
     component of payments under capital leases) for such period, and (d)
     operating lease expense for such period.

     EBITDAR means, for any period, EBITDA plus all rental expense for such
     period.

     Eligible Accounts Receivable or Eligible Receivables shall mean any
     Receivable of Borrower in which Lender has a first priority perfected
     security interest and which complies with each of the following
     requirements:

     (a)  It arises out of a bona fide sale of goods sold and delivered by or on
     behalf of Borrower to, or in the process of being delivered by or on behalf
     of Borrower to the Account Debtor on said Receivable;

     (b)  all warranties set forth in this Agreement and the applicable
     Collateral Agreements are true and correct in all material respects with
     respect thereto;

                                       3

<PAGE>

     (c)  it has been identified to Lender by Borrower in a manner reasonably
     satisfactory to Lender;

     (d)  it arises from the sale of Inventory and it is evidenced by an invoice
     (dated not later than the date of shipment) rendered to the Account Debtor
     thereunder;

     (e)  it has not remained unpaid in whole or in part for a period of more
     than 60 days from and after the due date thereof;

     (f)  it is not owed by an Account Debtor who is an employee of or which is
     an Affiliate of the Company or any of its subsidiaries (excluding ServCo,
     d/b/a MarketLink);

     (g)  it is not owing by any Account Debtor located outside of the United
     States unless such Receivable is insured by accounts receivable insurance
     satisfactory to Lender naming Lender as an additional lender loss payee;

     (h)  the amount of such Receivable represented as owing is not disputed and
     it is net of any credit or allowance given by Borrower to such Account
     Debtor;

     (i)  the Receivable is not subject to any counterclaim or defense asserted
     by the Account Debtor thereunder, nor is it subject to any offset or contra
     account payable to the Account Debtor or to any repurchase obligations or
     return rights, such as those arising under sales made on a "bill-and-hold",
     "guaranteed sale", "sale on approval" or consignment basis;

     (j)  in the case of a Receivable which constitutes or is a component of
     chattel paper, including without limitation chattel paper generated in
     connection with the sale of the Borrower's Inventory to its customers on a
     purchase money secured basis, each component of such chattel paper: (i) is
     in the exclusive possession of Borrower or in the event Lender has
     requested delivery pursuant to the Collateral Agreements, is in the
     possession of Lender; and (ii) is prominently stamped with the following
     legend: "This writing and the indebtedness evidenced or secured hereby is
     subject to a first priority security interest from "U.S. Bank National
     Association"; and

     (k)  it is net of all finance charges less than 60 days old.

     Eligible Inventory means any Inventory of Borrower in which Lender has a
     first priority perfected security interest and which complies with each of
     the following requirements:

     (a)  it is readily usable or marketable by Borrower in the ordinary course
     of its business;

     (b)  it substantially conforms to the represented specifications and other
     quality standards of Borrower;

                                       4

<PAGE>

     (c)  all warranties as set forth in this Agreement and the Collateral
     Agreements are true and correct in all material respects with respect
     thereto;

     (d)  it has been identified to Lender in the manner prescribed by Lender
     pursuant to the applicable Collateral Agreements;

     (e)  it is located at a location in the United States of America disclosed
     to and approved by Lender and, if requested by Lender, any Person (other
     than Borrower) owning or controlling such location shall have waived all
     right, title and interest in and to such Inventory in a manner satisfactory
     to Lender;

     (f)  it is priced in accordance with generally accepted accounting
     practices and consistent with Borrower's method of pricing of Inventory
     elected in its year-end financial statements referred to in Section 4.5;

     (g)  it has not given rise to a Receivable; and

     (h)  it is not Inventory of ProConn.

     Event of Default means those acts or omissions described in Article VII,
     after the expiration of any grace period provided therein.

     Fixed Charge Coverage Ratio means, for the applicable period, the quotient
     obtained when (a) the sum of (i) EBITDAR plus (ii) the net proceeds
     received by Borrower from the issuance of common stock during such period,
     less (iii) taxes paid during such period, less (iv) Unfinanced Capital
     Expenditures for such period, and less (v) cash dividends is divided by (b)
     the sum of (i) the Debt Service of Borrower for such period, plus (ii) rent
     paid during such period.

     Interest Bearing Debt means any Debt of Borrower bearing interest, whether
     or not payment was made during the measurement period.

     Inventory means all raw materials, work in process, finished goods,
     supplies and goods held for sale or lease or furnished or to be furnished
     under contracts of service in which Borrower now has or hereafter acquires
     any right.

     LIBOR Rate means with respect to the relevant period, the one-month rate
     appearing on page 3750 of the Telerate Service (or on any successor or
     substitute page of such service, or any successor to or substitute for such
     service, providing rate quotations comparable to those currently provided
     on such page of such service, as determined by Lender from time to time for
     purposes of providing quotations of interest rates applicable to U.S.
     Dollar deposits in the London interbank market) with first-class banks in
     the London interbank market at approximately 11:00 a.m. (London time),
     which shall be that one-month LIBOR rate in effect and reset each New York
     Banking Day.

                                       5

<PAGE>

     Loan or Loans means the total amount loaned or advanced by Lender to
     Borrower or on behalf of Borrower including, without limitation, the Notes,
     any modifications thereof, and any other obligation or indebtedness now
     existing or hereinafter arising between Lender and Borrower.

     New York Banking Day means any day (other than a Saturday or Sunday) on
     which commercial banks are open for business in New York, New York.

     Notes means collectively the promissory notes evidencing the Revolving Loan
     and the Term Loan, which are attached hereto and marked Exhibits 2.1 and
     2.2, respectively, together with any and all extensions, renewals,
     modifications, and substitutions thereof and exchanges therefor.

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

     Plan means an employee benefit plan or other plan maintained for employees
     of Borrower, and covered by Title IV of the Employee Retirement Income
     Security Act of 1974, as amended.

     Receivables or Accounts Receivable shall mean all accounts, contract
     rights, instruments, documents, chattel paper and general intangibles in
     which Borrower now has or hereafter acquires any right.

     Reportable Event has the meaning assigned to that term in Title IV of the
     Employee Retirement Income Security Act of 1974, as amended.

     Revolving Loan means the conditional revolving line of credit facility in
     an amount up to $17,500,000.00, as described in Section 2.1 of this
     Agreement and as provided in the revolving note, a copy of which is
     attached hereto as Exhibit 2.1.

     Tangible Net Worth means the total of all assets properly appearing on the
     balance sheet of Borrower in accordance with generally accepted accounting
     principles, less the sum of the following:

     (a)  the book amount of all such assets which would be treated as
     intangibles under generally accepted accounting principles, including,
     without limitation, all such items of goodwill, trademarks, trademark
     rights, trade names, trade name rights, brands, copyrights, patents, patent
     rights, licenses, deferred charges and unamortized debt discount and
     expenses;

                                       6

<PAGE>

     (b)  any write-up in the book value of any such assets resulting from
     revaluation thereof subsequent to the date of this Agreement;

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

     (d)  the amount, if any, at which any shares of stock of the Borrower
     appear on the asset side of such balance sheet;

     (e)  all liabilities of the Borrower shown on such balance sheet;

     (f)  all investments in foreign Affiliates and nonconsolidated domestic
     Affiliates; and

     (g)  all accounts or notes due to the Borrower from any shareholder,
     director, officer, employee or Affiliate of Borrower.

     Term Loan means the five year term facility in the amount of $4,000,000.00
     and payable in monthly installments of principal and interest as described
     in Section 2.2 of this Agreement and as provided in the term note, a copy
     of which is attached hereto as Exhibit 2.2.

     Unfinanced Capital Expenditures means the sum of (a) the amount of
     purchases by Borrower of property, plant and equipment during any
     applicable period less (b) the net proceeds from the issuance of long-term
     Debt by Borrower with respect to such purchases.

     Value means, with respect to Eligible Inventory, as of any given date, an
     amount equal to the lower of (a) cost determined on a FIFO inventory basis
     of accounting (all in accordance with generally accepted accounting
     principles consistently applied), or (b) market value for Inventory of
     similar kind, quality and condition. The Values of Collateral stated by
     Borrower in its Borrowing Base Certificates are subject to adjustment by
     Lender in its reasonable discretion; provided, however, Lender shall have
     no obligation to adjust the Values stated by Borrower.

                                   ARTICLE II.

                      Amount And Terms of Credit Facilities

     Section 2.1    Revolving Loan. Subject to the terms and conditions hereof,
Lender agrees to make Advances to Borrower from time to time during the period
from the date hereof to and including the termination date, in an aggregate
amount at any time outstanding not to exceed the lesser of (a) Seventeen Million
Five Hundred Thousand Dollars ($17,500,000.00) or

                                       7

<PAGE>

(b) the Borrowing Base, as calculated from time to time (the "Maximum Revolving
Facility"). The Revolving Loan shall be a revolving line of credit facility and
it is contemplated that Borrower will request Advances, make prepayments and
request additional Advances. The Revolving Loan will terminate on December 1,
2003 if not terminated prior thereto. Borrower's obligation to repay all
Advances with interest thereon and additional terms under the Revolving Loan
shall be evidenced by a promissory note in the form attached hereto and marked
Exhibit 2.1 (herein, together with any and all extensions, renewals,
modifications, and substitutions thereof and exchanges therefore, the "Revolving
Note"). Any unpaid principal amount of the Advances and all accrued but unpaid
interest thereon under the Revolving Loan shall be payable on the termination
date.

     Section 2.1.1  Interest Rate and Payments. The principal amount of the
     Advances outstanding from time to time on the Revolving Loan during any
     month shall bear interest (computed on the basis of actual days elapsed in
     a 360-day year) at a variable rate, subject to change daily, equal to the
     LIBOR Rate as determined by Lender, plus 2.70% or, upon an Event of
     Default, at the LIBOR Rate as determined by Lender plus 7.5% (the "Default
     Rate") that is in effect; provided, however, that in any event no rate
     change shall be put into effect which would result in a rate greater than
     the highest rate permitted by law. Interest accruing on the principal
     balance of the Advances outstanding from time to time shall be payable on
     the first day of each month and on the termination date. Borrower agrees
     that Lender may at any time or from time to time, without the request by
     Borrower, make an Advance to Borrower, or apply the proceeds of any
     Advance, for the purpose of paying all such interest when due.

     Section 2.1.2  Mandatory Prepayment of Revolving Loan. Without notice or
     demand, if the sum of the outstanding principal balance of the Advances
     under the Revolving Loan shall at any time exceed the Maximum Revolving
     Facility, Borrower shall immediately prepay the Advances under the
     Revolving Loan to the extent necessary to reduce the sum of the outstanding
     principal balance of the Advances under the Revolving Loan to the Maximum
     Revolving Facility. Any payment received by Lender under this Section 2.1.2
     shall be applied to the Advances under the Revolving Loan, provided, that
     payments shall always be applied to interest before principal.

     Section 2.1.3  Revolving Loan Facility Fee. Borrower shall pay to Lender an
     annual revolving loan facility fee of 0.15%, per annum, of the amount of
     the Maximum Revolving Facility, payable in advance. The revolving loan
     facility fee for the period between the date of the initial Advance under
     the Revolving Note and December 1, 2003 shall be prorated on a per day
     basis. The revolving loan facility fee is payable for the entire period
     that this Agreement is in effect, regardless of whether amounts are
     outstanding under the Revolver Note at any given time.

     Section 2.1.4  Borrowing Base and Borrowing Base Certificate. Borrower
     shall provide Lender with information regarding the Borrowing Base in such
     format and at such times as Lender may request. Within twenty (20) days of
     the end of each calendar month,

                                       8

<PAGE>

     Borrower shall provide to Lender a completed and executed Borrowing Base
     Certificate in the form of Exhibit 2.1.4 showing the calculation of the
     Borrowing Base for the preceding calendar month.

     Section 2.2    Term Loan. Subject to the terms and conditions hereof,
Lender agrees to make one Advance to Borrower under the Term Loan in the amount
equal to Four Million Dollars ($4,000,000.00). The Term Loan, the funds advanced
pursuant thereto and Borrower's obligation to repay the Advance with interest
thereon shall be evidenced by a promissory note in the form attached hereto and
marked Exhibit 2.2 (herein, together with any and all extensions, renewals,
modifications, and substitutions thereof and exchanges therefore, "the Term
Note"). Any unpaid principal and all accrued but unpaid interest thereon under
the Term Loan shall be payable five (5) years from the date of the Advance under
this credit facility.

     Section 2.2.1  Interest Rate and Payments. The Term Loan shall bear
     interest (computed on the basis of actual days elapsed in a 360-day year)
     at a fixed rate equal to 5.77% per annum. Upon an Event of Default, the
     Term Loan shall bear interest at the Default Rate that is then in effect;
     provided, however, that in any event no rate change shall be put into
     effect which would result in a rate greater than the highest rate permitted
     by law. Payments with respect to the Term Loan shall be as follows: (a)
     interest only in advance at the rate of $641.11 per day shall be due and
     payable on the date of the Advance of the Term Loan to or for the benefit
     of Borrower (including, without limitation, disbursement into an escrow for
     the benefit of Borrower) for the period beginning on the date of such
     Advance and ending on May 31, 2003; (b) fifty-nine (59) installments of
     principal and interest in the amount of $76,904.14 each shall be payable
     commencing on July 1, 2003 and continuing on the first day of each and
     every succeeding month until and including May 1, 2008 and (c) on June 1,
     2008, all then unpaid principal and interest hereon shall be due and
     payable.

     Section 2.2.2  Breakfunding Prepayment Fee. There shall be no prepayment of
     the Term Note; provided, however, Lender may consider requests for its
     consent with respect to prepayment of the Term Note, without incurring an
     obligation to do so, and Borrower acknowledges that in the event that such
     consent is granted, Borrower shall be required to pay Lender, upon
     prepayment of all or part of the principal amount before final maturity, a
     prepayment fee as provided for in the Term Note.

     Section 2.3    Advancing Revolving Loan Funds. Unless otherwise agreed to
by the parties, Borrower shall give Lender notice of a request for an Advance
under the Revolving Note no later than 2:00 p.m. on the day of the requested
Advance. A request for an Advance shall be on written notice to Lender or
telephonic request from any Person purporting to be authorized to request
Advances on behalf of Borrower, which notice or request shall specify the date
of the requested Advance and the amount thereof. The names of Persons authorized
to request Advances shall be provided in writing to Lender. Upon fulfillment of
the applicable conditions set forth in this Agreement, Lender may disburse the
amount of the requested Advance by crediting the same to Borrower's demand
deposit account maintained with Lender or in such

                                       9

<PAGE>

other manner as Lender and Borrower may from time to time agree. Any request for
an Advance shall be deemed a representation that the warranties contained in
Article IV are correct. Borrower shall promptly confirm each telephonic request
for an Advance by executing and delivering an appropriate confirmation
certificate to Lender. Borrower shall be obligated to repay all Advances in all
events and notwithstanding the fact that the Person requesting the same was not
authorized to do so.

     Section 2.4    Payment. All payments of principal and interest under the
Notes shall be made to the order of Lender in immediately available funds.
Unless specified by Borrower, Lender may apply the payments received to the
principal and/or interest on any one or more of the Notes in Lender's sole
discretion. All payments shall be payable in lawful money of the United States
of America. Borrower hereby authorizes Lender, if an Event of Default occurs and
if now or hereafter allowed under applicable law, to charge, set off,
appropriate, and apply any and all deposits or accounts (special or general) or
other indebtedness with Lender an amount up to the accrued interest, outstanding
principal, and fees from time to time due and payable to Lender under this
Agreement, the Notes or any Collateral Agreement.

     Section 2.5    Payment on Non-business Days. Whenever any payment to be
made hereunder or under any of the Notes shall be stated to be due on a
Saturday, Sunday, or a holiday for banks under the laws of the State of Nebraska
or the United States, such payment may be made on the next succeeding bank
business day, and such extension of time shall in such case be included in the
computation of payment of interest due on such Note.

     Section 2.6    Security and Collateral. As security for the payment of the
obligations due Lender hereunder including, without limitation, the Notes, and
for the payment of any other debt, liability or obligation of Borrower to Lender
under this Agreement or otherwise, Borrower has executed and delivered to Lender
or arranged for the execution and delivery to Lender of certain documents,
agreements, or instruments for securing the payment or performance of the
obligations of Borrower to Lender including, but not limited to, the following
agreements referred to herein and described by way of example but not as a
limitation as follows:

     (a)  The Security Agreement (blanket) executed by PVPL in the form attached
     hereto and marked Exhibit 2.6(a);

     (b)  The Security Agreement (Pennsylvania Equipment) executed by PVPL in
     the form attached hereto and marked Exhibit 2.6(b);

     (c)  Deed of Trust, Security Agreement, Assignment of Leases and Rents and
     Fixture Filing, executed by PVPL in the form attached hereto and marked
     Exhibit 2.6(c);

     (d)  Assignment of Rents & Leases, executed by PVPL in the form attached
     hereto and marked Exhibit 2.6(d);

                                       10

<PAGE>

     (e)  The Security Agreement executed by ProConn in the form attached hereto
     and marked Exhibit 2.6(e);

     (f)  The Security Agreement executed by Exact in the form attached hereto
     and marked Exhibit 2.6(f);

     (g)  Such landlord's waivers as Lender deems necessary or advisable; and

     (h)  Such UCC-1 Financing Statements executed by Borrower as Lender deems
     necessary or advisable.

     Section 2.7    Liability Records. Lender may maintain from time to time, at
its discretion, liability records as to any and all Advances under the Revolving
Loan and the Term Loan made or repaid and interest accrued or paid under this
Agreement and the Notes. On demand by Lender, Borrower will admit and certify in
writing the exact principal balance outstanding to Lender for Advances under the
Revolving Loan or the Term Loan under this Agreement.

     Section 2.8    Application of Payments. Upon an Event of Default, Lender
shall determine in its sole discretion the order and manner in which proceeds of
Collateral and other payments that Lender receives are applied to the Revolving
Loan, the Term Loan, interest thereon, and any other obligation of Borrower, and
the Borrower hereby irrevocably waives the right to direct the application of
any payment or proceeds. Upon an Event of Default, Lender shall have the
continuing and exclusive right to apply and reverse and reapply any and all such
proceeds and payments to any portion of the obligations from Borrower to Lender.

     Section 2.9    Indemnity for Returned Payments. If after receipt of any
payment of, or proceeds applied to the payment of, all or any part of the
obligations of Borrower, Lender is for any reason required to surrender such
payment or proceeds to any Person, because such payment or proceeds is
invalidated, declared fraudulent, set aside, determined to be void or voidable
as a preference, or a diversion of trust funds, or for any other reason, then
such obligations or part thereof intended to be satisfied shall be revived and
continue and this Agreement shall continue in full force as if such payment or
proceeds had not been received by Lender and Borrower shall be liable to pay to
Lender, and hereby does indemnify Lender and hold Lender harmless for the amount
of such payment or proceeds surrendered. The provisions of this Section shall be
and remain effective notwithstanding any contrary action which may have been
taken by Lender in reliance upon such payment or proceeds, and any such contrary
action so taken shall be without prejudice to Lender's rights under this
Agreement and shall be deemed to have been conditioned upon such payment or
proceeds having become final and irrevocable. The provisions of this Section
shall survive the termination of this Agreement.

     Section 2.10   Obligations Joint and Several. The obligations of PVPL,
ProConn and Exact under this Agreement and under the Notes shall be joint and
several. For the convenience of the parties hereto, this Agreement has been
prepared for execution by multiple borrowers,

                                       11

<PAGE>

each of which is a "Borrower" for all purposes hereunder. Each of PVPL, ProConn
and Exact hereby represent, warrant and covenant for the benefit of Lender that
it is the intention of each of PVPL, ProConn and Exact that this Agreement and
the Notes be fully enforceable against each of them in accordance with its terms
to the same extent as if such party had been the only party identified as
"Borrower" hereunder or thereunder.

                                  ARTICLE III.

                              Conditions of Lending

     Section 3.1    Conditions Precedent to Effectiveness of this Agreement. The
effectiveness of this Agreement and the funding of any Advance shall be subject
to the condition precedent that Lender shall have received all of the following,
which, if existing, are hereby ratified and confirmed by Borrower:

     (a)  the Notes and Collateral Agreements, properly executed;

     (b)  certified copies of the Articles of Incorporation and Bylaws of PVPL
     and the Articles of Organization and Operating Agreements of both ProConn
     and Exact, together with all amendments thereto;

     (c)  a signed certificate of the Secretary of PVPL and the signed written
     consents of the manager and sole member of ProConn and Exact which shall
     (i) evidence the authorization of the Board of Directors of PVPL or the
     manager and member of ProConn and Exact, as the case may be, to enter into
     this Agreement and to execute all documents related hereto; (ii) certify
     the officer of PVPL, or other party on behalf of PVPL, ProConn and Exact,
     authorized to sign this Agreement and any document securing the obligations
     of Borrower under this Agreement or otherwise including, without
     limitation, any Collateral Agreement, and the other documents or
     certificates to be delivered pursuant to this Agreement, if any, by
     Borrower or by any of its officers or managers, and (iii) contain the true
     signature of any such officer or designated party (and Lender may
     conclusively rely on the certificate until it shall receive a further
     certificate of the Secretary of PVPL canceling or amending the prior
     certificate);

     (d)  current searches of appropriate filing offices showing that (i) no
     state or federal tax liens have been filed and remain in effect against
     Borrower, and (ii) no financing statements have been filed and remain in
     effect against Borrower with respect to the Collateral, except those
     financing statements filed by Lender or its predecessors or expressly
     agreed to by Lender;

     (e)  a favorable written opinion of Borrower's counsel addressed to Lender
     in form and substance satisfactory to Lender in its sole discretion;

                                       12

<PAGE>

     (f)  a statement from Borrower addressed to Lender certifying all the
     states, counties, and countries in which Borrower maintains a corporate
     office, has Collateral or has qualified to do business;

     (g)  a Notice to Borrower executed by Borrower in the form attached hereto
     and marked Exhibit 3.1(g); and

     (h)  Such other documents, instruments and certificates as Lender, in its
     sole discretion, may require.

     Section 3.2    Conditions Precedent to Subsequent Advances. The obligation
of Lender to make Advances after fulfillment of the conditions stated in Section
3.1 shall be subject to further conditions precedent that on the date of such
Advance:

     (a)  the representations and warranties contained in Article IV and in the
     Collateral Agreements are correct on and as of the date of such Advance as
     though made on and as of such date, except to the extent that such
     representations and warranties relate solely to an earlier date; and

     (b)  no event has occurred and is continuing, or would result from such
     Advance, which constitutes an Event of Default or would constitute an Event
     of Default, but for the requirement that notice be given or time elapsed or
     both.

Each request for an Advance shall constitute a representation that subsections
(a) and (b), above, are true and correct as of the date of such request.

     Section 3.3    Further Assurances. Borrower will, at its expense execute,
deliver, file, and record (in such manner and form as Lender may require) any
financing statement, specific assignment, or other paper and take any other
action that may be necessary, or that Lender may reasonably request, in order to
protect, preserve, perfect, or validate the security interest in all or any
portion of the Collateral or to enable Lender to exercise and enforce its rights
in the Collateral.

                                   ARTICLE IV.

                         Representations and Warranties

     Each Borrower, jointly and severally, represents and warrants to Lender as
follows:

     Section 4.1    Existence and Power. PVPL is a corporation duly organized,
validly existing under the laws of the State of Nebraska, and is qualified to
enter into the transactions contemplated hereby. ProConn is a limited liability
company duly organized, validly existing under the laws of the State of
Nebraska, and is qualified to enter into the transactions contemplated hereby.
Exact is a limited liability company duly organized, validly existing under

                                       13

<PAGE>

the laws of the State of Nebraska, and is qualified to enter into the
transactions contemplated hereby. The exact names of PVPL, ProConn and Exact are
accurately set forth in the first paragraph of this Agreement. Each Borrower has
all requisite power and authority to conduct its business and to perform all of
its obligations under this Agreement and the Collateral Agreements.

     Section 4.2   Authorization of Agreement. The execution, delivery and
performance of this Agreement, and all other agreements contemplated to be
executed and delivered herewith by Borrower have been duly authorized and
approved by each Borrower by all necessary corporate, company, member and
shareholder action, as the case may be.

     Section 4.3   Authorization of Borrowing; No Conflict as to Law or
Agreements. The execution, delivery, or performance by each Borrower of this
Agreement, the Notes, and any Collateral Agreements, and the borrowings from
time to time hereunder, do not and will not (a) require any further consent or
approval of the shareholders of PVPL, (b) result in a breach of or constitute a
default under any indenture or loan or credit agreement or any other agreement,
lease, or instrument to which any Borrower is a party, or by which it or its
properties may be bound or affected, or (c) result in or require the creation or
imposition of any mortgage, deed of trust, pledge, lien, security interest, or
other charge or encumbrance of any nature upon or with respect to any of the
properties now owned or hereafter acquired by Borrower.

     Section 4.4   Legal Agreements. This Agreement, the Collateral Agreements,
and the Notes, constitute when executed and delivered by Borrower, the legal,
valid and binding, joint and several, obligations of each Borrower enforceable
against each Borrower in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy and similar insolvency
laws affecting creditors' rights and by principles of equity.

     Section 4.5   Financial Statements; Furnishing. Borrower has heretofore
furnished to Lender (a) fiscal year-end financial statements, for the fiscal
years ended July 31, 2002, 2001 and 2000 certified by Quick & McFarlin, PC
including a balance sheet and a statement of income, and (b) interim quarterly
financial statements, for the fiscal quarters ended October 31, 2002 and January
31, 2003 compiled by Marvin E. Jewell & Associates including a balance sheet and
a statement of income. Said balance sheets and said statement of incomes fairly
present the financial condition of Borrower, on a consolidated basis, on the
dates thereof and the results of its operations for the periods then ended, and
were prepared in accordance with generally accepted accounting principles
consistently applied.

     Section 4.6   Adverse Change. There has been no material adverse change in
the business, properties or condition (financial or otherwise) of Borrower,
since the date of the latest financial statement referred to in Section 4.5.

     Section 4.7   Litigation. There are no actions, suits or proceedings
pending or, to the knowledge of Borrower, threatened against or affecting any
Borrower or its properties before any court or governmental department,
commission, board, bureau, agency or instrumentality,

                                       14

<PAGE>

domestic or foreign, which, if determined adversely to Borrower would have a
material adverse effect on the financial condition, properties, or operations of
any Borrower.

     Section 4.8   Taxes. Each Borrower has timely filed all federal, state, and
local tax returns which are required to be filed, and have paid to the
respective taxing authorities all taxes as shown on said returns or on any
assessment to the extent such taxes have become due.

     Section 4.9   Titles and Liens. Borrower has good title to all the assets
(a) reflected on the financial statements described in Section 4.5 hereof, or
(b) granted as security to Lender in any Collateral Agreement to which it is a
party, in each case free and clear of all prior liens, encumbrances, security
interests and adverse claims, except liens in favor of Lender under the Prior
Agreement and liens expressly agreed to by Lender.

     Section 4.10  Hazardous Waste.

     (a)  Except as herein provided, to the knowledge of Borrower, no hazardous
     substances or hazardous wastes are presently stored or otherwise located
     on, in, or under any property of Borrower ("Property") and no part of the
     Property, including the ground water located thereon, is presently
     contaminated by any such substances or waste. For purposes of this
     instrument, the terms "hazardous substances" and "hazardous wastes" shall
     mean and include any hazardous, toxic, or dangerous waste, substance, or
     material within the meaning of the Federal Comprehensive Environmental
     Response, Compensation, and Liability Act, the Resource Conservation and
     Recovery Act of 1976, or any other Federal, state or local statute, law,
     ordinance, code, rule, regulation, order, or decree regulating, relating
     to, or imposing liability or standards of conduct concerning any hazardous,
     toxic, or dangerous waste, substance, or material, as now or at anytime
     hereafter may be in effect.

     (b)  Until the Notes and all other obligations under the Collateral
     Agreements are paid in full and satisfied, all hazardous waste (as defined
     above), which may be used by any Person for any purpose upon the Property
     shall be used or stored thereon only in a safe, approved manner, in
     accordance with all industrial standards and all laws, regulations and
     requirements for such storage promulgated by any governmental authority,
     and the Property will not be used for the principal purpose of storing any
     such substances or wastes and no such storage or use will otherwise be
     allowed on the Property which will cause, or which will increase the
     likelihood of causing, the release of such substances or wastes on, in, or
     under the Property.

     (c)  Borrower shall promptly notify Lender as soon as Borrower knows or
     suspects that hazardous waste has been released on the Property. In such
     event, Lender may require that all violations of law with respect thereto
     be corrected and that all necessary governmental permits be obtained all at
     the sole expense of Borrower; provided, however, nothing contained herein
     shall prohibit Borrower from seeking contribution from any Person
     responsible for the release of hazardous waste on the Property.

                                       15

<PAGE>

     (d)  Borrower does hereby indemnify and hold harmless Lender and its
     directors, officers, employees, agents, and any successor or successors to
     their interests from and against any and all losses, claims, damages,
     penalties, liabilities, response costs and expenses (including all
     out-of-pocket litigation costs and the reasonable fees and expenses of
     counsel) (i) arising out of the inaccuracy, breach, or incompleteness of
     any representation, warranty, or covenant made by Borrower in this Section,
     or (ii) arising out of any lawsuit brought or threatened, settlement
     reached, or governmental order, relating to the presence, disposal,
     release, or threatened release of any hazardous substance or hazardous
     waste upon the Property, or (iii) arising out of any violation of any
     applicable statute or regulation for the protection of the environment
     which occurs upon the Property; provided that, to the extent that Lender is
     strictly liable under any statute or regulation, the obligations of
     Borrower hereunder shall likewise be without regard to fault on the part of
     Borrower with respect to the violation of law which results in liability to
     Lender; and provided further, in no event shall Borrower be required to
     indemnify Lender for the negligence or willful misconduct of Lender or its
     employees and agents.

     Section 4.11  Benefit to ProConn and Exact. Borrower acknowledges and
agrees that the execution, delivery and performance of this Agreement and the
Collateral Agreements will result in a direct and substantial economic benefit
to ProConn and Exact.

                                   ARTICLE V.

                        Affirmative Covenants of Borrower

     For so long as any obligation remains due or outstanding to Lender under
this Agreement or the Notes, each Borrower, jointly and severally, covenants and
agrees as follows:

     Section 5.1   Financial Statements.

     (a)  Borrower will deliver to Lender as soon as available, and, in any
     event within 120 days after the end of each fiscal year of Borrower, a copy
     of the consolidated annual audit report of Borrower, with the opinion of an
     independent certified public accountant selected by Borrower and acceptable
     to Lender, which annual report shall include the balance sheet of Borrower,
     as of the end of such fiscal year, and the related statements of income,
     retained earnings and changes in financial position of Borrower for the
     fiscal year then ended, all in reasonable detail and all prepared in
     accordance with generally accepted accounting principles, together with a
     certificate of Borrower in the form attached hereto and marked Exhibit 5.1.

     (b)  Borrower will deliver to Lender as soon as available, and in any event
     within 45 days after the end of each quarter of the fiscal year of the
     Borrower, consolidated balance sheets and related statements of income and
     retained earnings of Borrower, for such quarterly period, compiled by an
     independent certified public accountant selected by

                                       16

<PAGE>

     Borrower and acceptable to Lender, in reasonable detail and stating in
     comparative form the figures for a corresponding date and period in the
     previous year, all prepared in accordance with generally accepted
     accounting principles in all material respects and subject to customary
     year end adjustments, together with a compliance certificate of Borrower in
     the form attached hereto and marked Exhibit 5.1.

     (c)  Borrower will deliver to Lender as soon as available, and in any event
     within 30 days after the end of each month of the fiscal year of the PVPL,
     balance sheets and related statements of income and retained earnings of
     PVPL, for such month, in reasonable detail and stating in comparative form
     the figures for the corresponding date and period of the fiscal budget of
     PVPL, all prepared in accordance with generally accepted accounting
     principles in all material respects and subject to customary year end
     adjustments, together with a compliance certificate of Borrower in the form
     attached hereto and marked Exhibit 5.1.

     (d)  Borrower will deliver to Lender as soon as available, and in any event
     within 30 days after the end of each month of the fiscal year of the
     Borrower a monthly accounts receivable aging report for Receivables of
     ProConn and Exact, together with a Borrowing Base Certificate of Borrower
     in the form attached hereto and marked Exhibit 2.1.4.

     (e)  Borrower shall deliver to Lender such other information respecting the
     financial condition and the results of operations of Borrower as Lender may
     from time to time reasonably require.

     Section 5.2   Books and Records; Inspection and Examination; Annual
Collateral Audits. Borrower will keep, accurate books and records and accounts
for itself in which true and complete entries will be made in all material
respects in accordance with generally accepted accounting principles
consistently applied and upon request of Lender, will give, or cause to give,
any representative of Lender access to, and permit such representative, upon
reasonable notice under the circumstances, to examine, copy or make extracts
from, any and all such books, records and documents, to inspect any of
Borrower's properties and to discuss its affairs, finances and accounts with any
of its principal officers or managers, and as often as it may reasonably be
requested. In its sole discretion, Lender may conduct an annual audit with
respect to the Collateral. Commencing in calendar 2005, Borrower shall pay to
Lender a reasonable fee and shall reimburse Lender for all out-of-pocket
expenses relating to the conduct of such audit.

     Section 5.3   Compliance with Laws. Each Borrower will comply with the
requirements of all applicable laws and regulations.

     Section 5.4   Payment of Taxes and Other Claims. Borrower will pay or
discharge all taxes, assessments and governmental charges levied or imposed upon
it or upon its income or profits, or upon any property belonging to it, prior to
the date on which penalties may attach hereto and all lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien or charge
upon any property of Borrower; provided, however, that Borrower shall

                                       17

<PAGE>

not be required to pay any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings so long as Lender is satisfied that adequate reserve has been set
aside for the amount in question.

     Section 5.5   Maintenance of Properties. Each Borrower will keep and
maintain all of its properties and assets necessary or useful in its business in
good condition, repair and working order.

     Section 5.6   Insurance. Each Borrower shall obtain and maintain insurance
with insurers believed by Borrower to be responsible and reputable in such form,
amounts and insuring against such risk as may be reasonably required by Lender.
Lender shall be named as a loss payee or additional insured on all such policies
as its interest may appear, and the same shall be delivered to Lender. All of
such insurance shall contain a provision to the effect there will be no
cancellation or modification thereof without 30 days' prior written notice to
Lender. Borrower agrees to obtain additional insurance as Lender may reasonably
request within 15 days after written notice from Lender of such request.

     Section 5.7   Preservation of Corporate Existence. Subject to Section 6.7,
each Borrower will preserve and maintain its corporate existence and all of its
rights, privileges and franchises; provided, however, that Borrower shall not be
required to preserve any of its rights, privileges and franchises if its
respective manager, management group or Board of Directors shall determine that
the preservation thereof is no longer desirable in the conduct of its business
and further provided that the loss thereof is not disadvantageous in any respect
to Lender, in its reasonable discretion, as a holder of any of the Notes or the
Collateral.

     Section 5.8   Full and Timely Payments. Borrower shall make full and timely
payments of the Notes, duly observe and perform all the terms and covenants
contained in each document given to Lender in connection with or pursuant to
this Agreement, all at the times and places and in the manner set forth herein
or therein, and at all times maintain the liens and security interests provided
for in the Collateral Agreements or otherwise pursuant to this Agreement as
valid and perfected first priority liens and security interests on the property
intended to be covered hereby or thereby.

     Section 5.9   Further Assurances. Each Borrower shall, at its cost and
expense, and upon request of Lender, duly execute and deliver to Lender such
further instruments and documents and cause to be done such further acts as may
be necessary in the opinion of Lender to effectuate the provisions and purposes
of this Agreement.

                                   ARTICLE VI.

                               Negative Covenants

     For so long as any obligations remain due or outstanding to Lender under
this Agreement or the Notes, each Borrower, jointly and severally, covenants and
agrees as follows:

                                       18

<PAGE>

     Section 6.1   Financial Covenants. Borrower shall not, without the prior
written consent of Lender:

     (a)  permit Tangible Net Worth to be less than $9,000,000.00 as of July 31,
     2003 and each July 31/st/ thereafter;

     (b)  permit the Fixed Charge Coverage Ratio to be less than 1.35 to 1.00 as
     of July 31, 2003 and at the end of each fiscal quarter thereafter;

     (c)  permit the ratio of Borrower's Debt to Tangible Net Worth to be
     greater  than  8.00 to 1.00  as of July  31,  2003  and  each  July  31/st/
     thereafter; and

     (d)  permit the ratio of Borrower's Interest Bearing Debt to EBITDA
     (calculated on a 4-quarter rolling average), to be greater than 3.75 to
     1.00 as of July 31, 2003 and at the end of each fiscal quarter thereafter.

With respect to the foregoing financial covenants, Borrower shall provide Lender
with a quarterly compliance certificate of Borrower in the form attached hereto
and marked Exhibit 5.1.

     Section 6.2   Liens. Borrower shall not make, create, incur, assume or
suffer to exist any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind, or restriction upon the use of any property or assets
secured in accordance with or pursuant to this Agreement, except (a) the
security interest, liens and encumbrances granted in connection with or pursuant
to this Agreement, (b) liens for taxes or assessments or other governmental
charges to the extent not yet delinquent or being contested in accordance with
Section 5.4 above, (c) liens arising out of a judgment against Borrower for
payment of money with respect to which an appeal is being prosecuted, and a stay
of execution pending such appeal has been secured, (d) pledges or deposits to
secure obligations under workmen's compensation laws, unemployment insurance and
social security laws, or to secure the performance of bids, tenders, contracts
(other than for payment of borrowed money) or leases or to secure statutory
obligations or security or appeal bonds, or to secure indemnity, performance or
other similar bonds in the ordinary course of business, and (e) purchase money
liens or security interests (which term for purposes hereof shall include
conditional sales agreements or other title retention agreements or leases) upon
or in property acquired after the date hereof, in amounts less than $50,000.00
provided that such liens or security interests shall extend only to the property
then being acquired and fixed improvements then or thereafter erected thereon.

     Section 6.3   Sale. Borrower will not sell, lease, assign, transfer or
otherwise dispose of any Collateral or any material part of its other assets
other than in the ordinary course of business.

     Section 6.4   Restrictions on Nature of Business. Borrower will not engage
to any significant extent in a line of business materially different from that
presently engaged in.

                                       19

<PAGE>

     Section 6.5   Loans or Advances. Borrower will not make any loans other
than in the ordinary course of business and shall not make any loans to its
officers, employees, directors or Affiliates; provided, this Section 6.5 shall
not prohibit inter-company loans between or among Borrower and its direct or
indirect wholly owned Affiliates.

     Section 6.6   Guarantees. No Borrower will assume, guaranty, endorse, or
otherwise become, directly or indirectly, liable in connection with any
obligations of any other Person, except by the endorsement of negotiable
instruments for deposit or collection or similar transactions in the ordinary
course of business.

     Section 6.7   Consolidation, Merger, and Name Change. Without Bank's prior
written consent, no Borrower will consolidate with or merge into any other
Person, or permit any other Person to merge into it, or acquire (in a
transaction that acknowledges a purpose or effect to consolidation or merger)
all or substantially all of the assets of any other Person; nor form or create
any new subsidiary or Affiliate; nor be a party to any joint venture; nor change
its name or state of incorporation or organization.

     Section 6.8   Leases. No Borrower will enter into any agreement, directly
or indirectly, with any other Person whereby Borrower shall sell or transfer any
real or personal property, whether now owned or hereafter acquired, then or
thereafter rent or lease as lessee such property or any part thereof or any
other property which Borrower intends to use for substantially the same purpose
or purposes as the property being sold or transferred.

     Section 6.9   Default Under Other Agreements. No Borrower will permit any
default or event of default to occur or continue under the terms of any material
agreement to which it is a party.

     Section 6.10  Further Indebtedness. Borrower will not incur, create, assume
or permit to exist any indebtedness or liability on account of deposits or
advances or any indebtedness for borrowed money, or any other indebtedness or
liability evidenced by notes, bonds, debentures, or similar obligations, except:
(a) indebtedness to Lender; (b) customer deposits; (c) indebtedness to any
supplier so long as said indebtedness is repaid to such entity within 30 days of
the date the indebtedness is incurred or within such longer time period allowed
by any respective supplier to still remain "current"; and (d) indebtedness
otherwise described in Section 6.2 hereof.

     Section 6.11  Reportable Events on Plans. No Reportable Event will occur
with respect to any Plan.

                                       20

<PAGE>

                                  ARTICLE VII.

                     Events of Default, Rights and Remedies

     Section 7.1   Events of Default. "Events of Default", wherever used herein,
means any one of the following events:

     (a)  if Borrower shall fail to pay any installment of interest or principal
     and interest or any other sums required under any of the Notes or any other
     obligation due Lender, or any other instrument or documents securing the
     same when due, and such failure shall continue for a period of three days
     after written notice thereof; provided, however, this three-day grace
     period shall not be available to Borrower more than once per year;

     (b)  if Borrower shall fail to observe or perform any term, covenant or
     condition on its part to be performed or observed in this Agreement, other
     than those otherwise specifically provided above, after any applicable
     grace period or, if none, after thirty (30) days written notice;

     (c)  if Borrower shall default in or fail to observe or perform any term,
     covenant or condition contained in any of the Collateral Agreements after
     the applicable notice and/or grace period, if any;

     (d)  if Borrower shall fail to pay any fee or expense required pursuant to
     the terms of this Agreement after ten (10) days written notice therefore;

     (e)  if Borrower shall file a petition pursuant to United States Bankruptcy
     Code or any similar law, federal or state, or if Borrower shall be adjudged
     bankrupt or be declared insolvent, or shall make an assignment for the
     benefit of creditors, or shall admit in writing its inability to pay its
     debts as they become due, or shall consent to the appointment of a receiver
     of all or any part of the property or assets of Borrower secured hereunder
     or under any of the Collateral Agreements;

     (f)  if more than 49% of the shareholder interests of Borrower are conveyed
     to Persons other than the present shareholders of Borrower or their
     respective Affiliates;

     (g)  any representation or warranty made by Borrower in this Agreement (or
     by any of its directors or officers) and any certificate, made or delivered
     pursuant to or in connection with this Agreement, shall prove to have been
     incorrect in any material respect when made;

     (h)  the rendering against Borrower of a final judgment, decree or order
     for the payment of money in excess of $100,000, and the continuance of such
     judgment or decree otherwise unsatisfied and in effect for any period of 30
     consecutive days without a stay of execution;

                                       21

<PAGE>

     (i)  a default under any bond, guaranty, capitalized lease, purchase money
     order, debenture, note or other evidence of indebtedness of Borrower to any
     Person other than Lender and the expiration of the applicable period of
     grace, if any, specified therein;

     (j)  the acceleration of payment under any bond, debenture, note or other
     evidence of indebtedness of Borrower or under any indenture or other
     instrument under which any such evidence of indebtedness has been issued or
     by which it is governed;

     (k)  a default or failure of performance by any Borrower under its
     respective Collateral Agreements with Lender after the applicable notice
     and/or grace period; or

     (l)  if any Borrower shall fail to properly maintain and preserve the
     Property, including, but not limited to, the maintenance of the Property
     free from all hazardous substances and hazardous waste described in Section
     4.10 above after 21 days written notice.

     Section 7.2   Rights and Remedies. Upon the occurrence of an Event of
     Default or at any time thereafter until such Event of Default shall be
     timely cured to the written satisfaction of Lender, Lender may exercise any
     or all of the following rights and remedies:

     (a)  Lender may refuse any of its obligations to make any Advance;

     (b)  Lender may declare the entire unpaid principal amounts then
     outstanding under any or all of the Notes and all accrued interest thereon,
     and all other sums payable under this Agreement or any of the Collateral
     Agreements to be forthwith due and payable;

     (c)  Lender may apply any and all money owing by Lender to Borrower or on
     deposit with or held by Lender, to the payment of any of the Notes; and

     (d)  Lender may exercise and enforce all of its rights and remedies under
     any of the Collateral Agreements.

No failure or delay on the part of Lender in enforcing any right, power or
remedy hereunder or under any instrument or document referred to herein shall
operate as a waiver thereof; nor shall any single or partial exercise of any
such right, power or remedy preclude any other or further exercise hereof or the
exercise of any other right, power or remedy hereunder or under this Agreement
or any Collateral Agreement. The remedies herein, in the Collateral Agreements,
and otherwise provided by applicable law are cumulative and not exclusive of any
remedies provided by law, including but not limited to, all rights and remedies
of a secured party under the Uniform Commercial Code of the State of Nebraska,
as now existing or hereinafter amended.

                                  ARTICLE VIII.

                                       22

<PAGE>

                                  Miscellaneous

     Section 8.1   Costs and Expenses. Borrower agrees to pay on demand all
costs and expenses of Lender in connection with the preparation, interpretation,
administration, amendment and enforcement of this Agreement, any of the
Collateral Agreements, and any of the other instruments and documents to be
delivered hereunder and thereunder including, but not limited to, reasonable
fees and out-of-pocket expenses of counsel for Lender with respect thereto, as
well as all out-of-pocket expenses incurred by Lender.

     Section 8.2   Notices. All notices, requests, demands and other
communications provided for hereunder shall be in writing, mailed by certified
mail, return receipt requested, to the applicable party at its address as
indicated below:

     If to any Borrower:

          Professional Veterinary Products, Ltd.
          10077 South 134/th/ Street
          Omaha, NE 68138
          Attention:  Dr. Lionel L. Reilly, President

     With a copy to:

          Richard E. Putnam, Esq.
          Baird Holm Law Firm
          1500 Woodmen Tower
          Omaha, NE 68102

     If to Lender:

          U.S. Bank National Association
          OM-NE-T2CB
          1700 Farnam Street
          Omaha, NE 68102
          Attention: Donald L. Erikson

     With a copy to:

          Paul J. Halbur, Esq.
          Fraser Stryker Law Firm
          409 South 17/th/ Street, Suite 500
          Omaha, NE 68102

                                       23

<PAGE>

or, as to each party, at such other address as shall be designated by such party
in a written notice to the other party complying as to delivery with the terms
of this Section 8.2 and shall be deemed delivered two (2) business days
following deposit with the U.S. mail.

     Section 8.3   Amendments, Etc. No amendment, modification, termination or
waiver of any provision of this Agreement, the Collateral Agreements, nor
consent to any departure by Borrower therefrom shall in any event be effective
unless the same shall be in writing and signed by Lender and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given. No notice to or demand on any Borrower in any case
shall entitle any Borrower to any other or further notice or demand in similar
or other circumstances.

     Section 8.4   Binding Effect and Assignment. This Agreement shall be
binding upon and inure to the benefit of each Borrower and Lender, and their
respective successors and assigns, including any subsequent holder or holders of
any of the Notes or any participation interest therein except that Borrower may
not assign or transfer its rights hereunder without the prior written consent of
Lender.

     Section 8.5   Severability. In the event any one or more of the provisions
contained in this Agreement, any of the Collateral Agreements or any other
documents given in connection with this transaction shall for any reason be held
to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provisions of this
Agreement or the Collateral Agreements, nor shall it affect the validity,
legality or enforceability of such provision in other states.

     Section 8.6   Governing Law. This Agreement shall be construed in
accordance with the laws of the State of Nebraska.

     Section 8.7   Headings. Article and Section headings used in this Agreement
are for convenience only and shall not affect the construction of this
Agreement.

     Section 8.8   Conflicts. In the event of any conflict between this
Agreement and the Collateral Agreements, this Agreement shall control.

     Section 8.9   Counterparts. This Agreement may be executed in two or more
counterparts and such counterparts shall be deemed originals and all such
counterparts shall constitute one and the same instrument.

     Section 8.10  Waiver. EACH BORROWER AND LENDER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM BROUGHT BY ANY ONE OF THE PARTIES HERETO AGAINST THE OTHER OR ITS
SUCCESSORS WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREIN OR RELATED HERETO. THIS

                                       24

<PAGE>

WAIVER BY THE PARTIES HERETO TO ANY RIGHT ANY ONE OF THEM MAY HAVE TO A TRIAL BY
JURY HAS BEEN NEGOTIATED AND IS AN ESSENTIAL ASPECT OF THEIR BARGAIN.
FURTHERMORE, BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT THEY MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL AND INDIRECT
DAMAGES FROM THE OTHER WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY
ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY ONE OF THE PARTIES
HERETO AGAINST THE OTHER OR ITS SUCCESSORS WITH RESPECT TO ANY MATTER ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREIN
OR RELATED HERETO. THE RECIPROCAL WAIVERS OF BORROWER AND LENDER OF ANY RIGHT
THEY MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL OR INDIRECT DAMAGES AS SET FORTH
ABOVE HAS BEEN NEGOTIATED BY THE PARTIES HERETO AND AS AN ESSENTIAL ASPECT OF
THEIR BARGAIN.

     Section 8.11  Construction. This document is an agreement between parties
who are experienced in sophisticated and complex matters similar to the
transaction contemplated by this Agreement and is entered into by both parties
in reliance upon the economic and legal bargains contained herein and shall be
interpreted and construed in a fair and impartial manner without regard to such
factors as the party which prepared the instrument, the relative bargaining
powers of the parties or the domicile of any party. Lender and Borrower were
each represented by legal counsel competent in advising them of their
obligations and liabilities hereunder.

     Section 8.12  Notice - Written Agreements. This Notice is Provided Pursuant
to Nebraska Revised Statutes 45-1,112 et. seq. This Agreement is a credit
agreement. A credit agreement must be in writing to be enforceable under
Nebraska Law. To protect you and us from any misunderstandings or
disappointments, any contract, promise, undertaking, or offer to forebear
repayment of money or to make any other financial accommodation in connection
with this loan of money or grant or extension of credit, or any amendment of,
cancellation of, waiver of, or substitution for any or all of the terms or
provisions of any instrument or document executed in connection with this loan
of money or grant or extension of credit, must be in writing to be effective.

[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS.]

                                       25

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first set forth above.

                                     Professional Veterinary Products, Ltd.,
                                     a Nebraska corporation

                                     By:  /s/ Dr. Lionel L. Reilley
                                        ----------------------------------------
                                        Dr. Lionel L. Reilly, its President

                                     ProConn, LLC, a Nebraska limited
                                     liability company

                                     By: Professional Veterinary Products, Ltd.,
                                         a Nebraska corporation, its Manager
                                         and sole Member

                                        By:  /s/ Dr. Lionel L. Reilley
                                           ------------------------------------
                                           Dr. Lionel L. Reilly, its
                                           President

                                     Exact Logistics, LLC, a Nebraska limited
                                     liability company

                                     By: Professional Veterinary Products, Ltd.,
                                         a Nebraska corporation, its Manager
                                         and sole Member

                                        By:  /s/ Dr. Lionel L. Reilley
                                           ------------------------------------
                                           Dr. Lionel L. Reilly, its President

                                     U.S. Bank National Association, a
                                     national banking association

                                     By:  /s/ Donald L. Erikson
                                        ----------------------------------------
                                     Name: Donald L. Erikson
                                          --------------------------------------
                                     Title:  Vice President
                                           -------------------------------------

                                       26

<PAGE>

                                LIST OF EXHIBITS

2.1     Revolving Note

2.1.4   Borrowing Base Certificate

2.2     Term Note

2.6(a)  PVPL Security Agreement (blanket)

2.6(b)  PVPL Security Agreement (Pennsylvania equipment)

2.6(c)  Deed of Trust, Security Agreement, Assignment of Leases and Rents and
        Fixture Filing

2.6(d)  Assignment of Rents and Leases

2.6(e)  ProConn Security Agreement

2.6(f)  Exact Security Agreement

3.1(g)  Notice to Borrower

5.1     Compliance Certificate

                                       27

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