Document:

exv10w1

Exhibit 10.1

Execution Copy

A$4,500,000,000

SYNDICATED FACILITY

SUBSCRIPTION AGREEMENT

dated as of

August 3, 2011

for Loan Notes of

AMERICAN EXPRESS CREDIT CORPORATION

CITISECURITIES LIMITED,

as Facility Agent

CITIBANK N.A., SYDNEY BRANCH,

COMMONWEALTH BANK OF AUSTRALIA,

NATIONAL AUSTRALIA BANK LIMITED,

and

WESTPAC BANKING CORPORATION,

as Mandated Lead Arrangers

and Bookrunners

 

 

Table of Contents

	 	 	 	 	 
	
	 	 	Page	 
	ARTICLE I Definitions
	 	 	1	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Accounting Terms and Determinations
	 	 	10	 
	SECTION 1.3. Classification of Loans and Borrowings
	 	 	10	 
	 
	 	 	 	 
	ARTICLE II THE LOANS
	 	 	11	 
	SECTION 2.1. Commitments
	 	 	11	 
	SECTION 2.2. Notice of Borrowing
	 	 	13	 
	SECTION 2.3. [Intentionally Omitted]
	 	 	13	 
	SECTION 2.4. Notice to Banks; Funding of Loans
	 	 	13	 
	SECTION 2.5. Registry
	 	 	14	 
	SECTION 2.6. Maturity of Loans
	 	 	14	 
	SECTION 2.7. Interest Rates
	 	 	14	 
	SECTION 2.8. Fees
	 	 	15	 
	SECTION 2.9. Optional Termination or Reduction of Commitments
	 	 	16	 
	SECTION 2.10. Method of Electing Interest Periods
	 	 	16	 
	SECTION 2.11. Mandatory Termination and Reduction of Commitments
	 	 	17	 
	SECTION 2.12. Optional Prepayments
	 	 	17	 
	SECTION 2.13. General Provisions as to Payments
	 	 	18	 
	SECTION 2.14. Funding Losses
	 	 	18	 
	SECTION 2.15. Computation of Interest and Fees
	 	 	19	 
	SECTION 2.16. Regulation D Compensation
	 	 	19	 
	SECTION 2.17. Currency Translations
	 	 	19	 
	SECTION 2.18. Judgment Currency
	 	 	20	 
	SECTION 2.19. Public Offer Within s128F
	 	 	20	 
	SECTION 2.20. Reliquefication Bills
	 	 	21	 
	 
	 	 	 	 
	ARTICLE III CONDITIONS
	 	 	21	 
	SECTION 3.1. Closing
	 	 	21	 
	SECTION 3.2. Borrowings
	 	 	22	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
	 	 	23	 
	SECTION 4.1. Corporate Existence and Power
	 	 	23	 
	SECTION 4.2. Corporate and Government Authorization
	 	 	23	 
	SECTION 4.3. Binding Effect
	 	 	23	 
	SECTION 4.4. Financial Information
	 	 	23	 
	SECTION 4.5. Litigation; Defaults
	 	 	23	 
	SECTION 4.6. Taxes
	 	 	24	 
	SECTION 4.7. Patents, Trademarks, etc.
	 	 	24	 

i

 

	 	 	 	 	 
	
	 	 	Page	 
	SECTION 4.8. Compliance with ERISA
	 	 	24	 
	SECTION 4.9. Investment Company Act
	 	 	24	 
	SECTION 4.10. Compliance with Laws
	 	 	24	 
	SECTION 4.11. Full Disclosure
	 	 	24	 
	SECTION 4.12. Margin Regulations
	 	 	25	 
	 
	 	 	 	 
	ARTICLE V COVENANTS
	 	 	25	 
	SECTION 5.1. Information
	 	 	25	 
	SECTION 5.2. Corporate Existence; Maintenance of Properties; Insurance; Payment of Taxes
	 	 	26	 
	SECTION 5.3. Negative Pledge
	 	 	27	 
	SECTION 5.4. Consolidations, Mergers, etc.
	 	 	29	 
	SECTION 5.5. Sale of Assets
	 	 	29	 
	SECTION 5.6. Compliance with Laws
	 	 	29	 
	SECTION 5.7. Financial Covenant
	 	 	30	 
	SECTION 5.8. Use of Proceeds
	 	 	30	 
	SECTION 5.9. Personal Property Securities Act
	 	 	30	 
	 
	 	 	 	 
	ARTICLE VI DEFAULTS
	 	 	30	 
	SECTION 6.1. Events of Default
	 	 	30	 
	SECTION 6.2. Notice of Default
	 	 	32	 
	 
	 	 	 	 
	ARTICLE VII THE FACILITY AGENT
	 	 	32	 
	SECTION 7.1. Appointment and Authorization
	 	 	32	 
	SECTION 7.2. Facility Agent and Affiliates
	 	 	32	 
	SECTION 7.3. Action by Facility Agent
	 	 	32	 
	SECTION 7.4. Consultation with Experts; Etc.
	 	 	33	 
	SECTION 7.5. Liability of Facility Agent
	 	 	33	 
	SECTION 7.6. Indemnification
	 	 	33	 
	SECTION 7.7. Notice of Default
	 	 	33	 
	SECTION 7.8. Credit Decision
	 	 	34	 
	SECTION 7.9. Successor Facility Agent
	 	 	34	 
	SECTION 7.10. Facility Agent’s Fee
	 	 	34	 
	SECTION 7.11. No Other Duties, etc.
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VIII CHANGE IN CIRCUMSTANCES
	 	 	34	 
	SECTION 8.1. Basis for Determining Interest Rate Inadequate or Unfair
	 	 	34	 
	SECTION 8.2. Illegality
	 	 	35	 
	SECTION 8.3. Increased Cost and Reduced Return
	 	 	35	 
	SECTION 8.4. Taxes
	 	 	36	 
	SECTION 8.5. Loans Substituted for Affected Loans
	 	 	39	 
	SECTION 8.6. Substitution of Bank
	 	 	39	 
	SECTION 8.7. Australian GST
	 	 	39	 

ii

 

	 	 	 	 	 
	
	 	 	Page	 
	ARTICLE IX MISCELLANEOUS
	 	 	40	 
	SECTION 9.1. Notices
	 	 	40	 
	SECTION 9.2. No Waivers
	 	 	40	 
	SECTION 9.3. Expenses; Indemnification
	 	 	40	 
	SECTION 9.4. Sharing of Set-Offs
	 	 	41	 
	SECTION 9.5. Amendments and Waivers
	 	 	41	 
	SECTION 9.6. Successors and Assigns
	 	 	42	 
	SECTION 9.7. Collateral
	 	 	44	 
	SECTION 9.8. Governing Law; Submission to Jurisdiction
	 	 	44	 
	SECTION 9.9. Counterparts; Integration
	 	 	44	 
	SECTION 9.10. WAIVER OF JURY TRIAL
	 	 	45	 
	SECTION 9.11. Confidentiality
	 	 	45	 
	SECTION 9.12. Survival
	 	 	45	 
	SECTION 9.13. USA PATRIOT Act
	 	 	45	 
	SECTION 9.14. Defaulting Bank Cure
	 	 	45	 
	SECTION 9.15. No Fiduciary Duty
	 	 	46	 

	 	 	 

	SCHEDULE 1.1(a)

	 	Commitments and Applicable Lending Office
	SCHEDULE 1.1(b)

	 	Pricing Schedule
	SCHEDULE 5.3

	 	Existing Liens

	 	 	 	 	 

	EXHIBIT A

	 	—
	 	Form of Loan Note Deed Poll
	EXHIBIT B

	 	—
	 	[Intentionally Omitted]
	EXHIBIT C

	 	—
	 	[Intentionally Omitted]
	EXHIBIT D

	 	—
	 	[Intentionally Omitted]
	EXHIBIT E

	 	—
	 	Form of Opinion of David S. Carroll, Counsel of the Borrower
	EXHIBIT F

	 	—
	 	Form of Opinion of Milbank, Tweed, Hadley & McCloy LLP, Special New York Counsel for the Facility
Agent
	EXHIBIT G

	 	—
	 	Form of Assignment and Assumption Agreement
	EXHIBIT H

	 	—
	 	Form of Notice of Borrowing

iii

 

          SUBSCRIPTION AGREEMENT dated as of August 3, 2011 among AMERICAN EXPRESS CREDIT
CORPORATION, a Delaware corporation, as Borrower (the “Borrower”); CITIBANK N.A., SYDNEY
BRANCH, COMMONWEALTH BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED and WESTPAC BANKING
CORPORATION (“Westpac”), as Mandated Lead Arrangers and Bookrunners (the “Mandated Lead
Arrangers”); the BANKS listed on the signature pages hereof; and CITISECURITIES LIMITED
(“Citisecurities”), as facility agent (in such capacity, the “Facility Agent”).

ARTICLE I

DEFINITIONS

          SECTION
1.1. Definitions. The following terms, as used herein, have the following meanings:

          “Acquired Company” means any company the capital stock of which is acquired by the
Borrower or any of its Subsidiaries after the date of this Agreement.

          “Administrative Questionnaire” means, with respect to each Bank, an administrative
questionnaire in the form prepared by the Facility Agent and submitted to the Facility Agent (with
a copy to the Borrower) duly completed by such Bank.

          “Applicable Lending Office” means, with respect to any Bank, its applicable lending
office located at its address set forth in Schedule 1.1(a) or such other office as such Bank may
hereafter designate as its Applicable Lending Office by notice to the Borrower and the Facility
Agent.

          “Applicable Margin” means, at any time, a rate per annum determined in accordance with
the Pricing Schedule.

          “Assignee” has the meaning set forth in Section 9.6(d).

          “Associate” has the meaning set forth in Section 128F(9) of the Tax Act.

          “Australian Business Day” means any day except a Saturday, Sunday or other day on
which commercial banks in Sydney, Australia are authorized by law to close.

          “Australian Dollar Amount” means, at any time, (i) with respect to any Loan
denominated in Australian Dollars, the outstanding principal amount thereof and (ii) with respect
to any Loan denominated in U.S. Dollars or New Zealand Dollars, (a) in the case of a determination
thereof in accordance with Section 3.2(c) on the occasion of any Borrowing, the Australian Dollar
Equivalent thereof on the date of such Borrowing or (b) in all other cases, the Australian Dollar
Equivalent of the outstanding principal amount thereof most recently determined by the Facility
Agent pursuant to Section 2.17.

          “Australian Dollar Equivalent” means, on any date, (i) with respect to any amount of
U.S. Dollars, the equivalent of such amount in Australian Dollars calculated on the basis of the
Spot Rate AUD/USD on such date and (ii) with respect to any amount of New Zealand Dollars, the
equivalent of such amount in Australian Dollars calculated on the basis of the Spot Rate AUD/NZD on
such date.

          “Australian Dollar Loan” means a Loan that is denominated in Australian Dollars.

          “Australian Dollars” and “A$” mean the lawful currency of Australia.

 

 

          “Australian Withholding Tax” means any Australian Tax required to be withheld or
deducted from any interest or other payment under Division 11A of Part III of the Tax Act.

          “AXP” means American Express Company, a New York corporation, and its successors.

          “Bank” means each of the Persons listed on Schedule 1.1(a) hereof as having a
Commitment, each Person which becomes a Bank pursuant to Section 2.1(c) or 8.6, each Assignee which
becomes a Bank pursuant to Section 9.6(d), and their respective successors.

          “Bank Bill Rate-Australia” means, for any Interest Period, (i) the rate per annum
quoted as the average bid rate on the Reuters monitor system page BBSY (or any page that replaces
that page) at or about 10:30 A.M. (Sydney time) on the first day of such Interest Period for a
tenor equal to (or not more than two Business Days shorter or longer than) such Interest Period; or
(ii) if no average bid rate is published for that tenor in accordance with clause (i) above, the
rate per annum determined by the Facility Agent to be equal to the arithmetic mean (rounded
upwards, if necessary, to four decimal places) of the respective rates (if two or more), as quoted
to the Facility Agent at its request by each applicable Reference Bank for the purchase of bills of
exchange accepted by that Reference Bank which have a tenor equal to (or no more than two Business
Day shorter or longer than) such Interest Period and a principal amount equal to the amount of the
relevant Loan at or about 10:30 A.M. (Sydney time) on such day; or (iii) if the Bank Bill
Rate-Australia cannot be determined in accordance with clauses (i) or (ii) above, then the bid rate
available to the Facility Agent at about 10:30 A.M. (Sydney time) on such day as conclusively
determined in good faith by the Facility Agent having regard to comparable indices then available
in the then current market for bank accepted bills of exchange having a tenor as described above.

          “Bank Bill Rate-New Zealand” means, for any Interest Period, (i) the rate per annum
quoted as the average bid rate on the Reuters monitor system page BKBM (or any page that replaces
that page) at or about 10:30 A.M. (New Zealand time) on the first day of such Interest Period for a
tenor equal to (or not more than two Business Days shorter or longer than) such Interest Period; or
(ii) if no average bid rate is published for that tenor in accordance with clause (i) above, the
rate per annum determined by the Facility Agent to be equal to the arithmetic mean (rounded
upwards, if necessary, to four decimal places) of the respective rates (if two or more), as quoted
to the Facility Agent at its request by each applicable Reference Bank for the purchase of bills of
exchange accepted by that Reference Bank which have a tenor equal to (or no more than two Business
Day shorter or longer than) such Interest Period and a principal amount equal to the amount of the
relevant Loan at or about 10:30 A.M. (New Zealand time) on such day; or (iii) if the Bank Bill
Rate-New Zealand cannot be determined in accordance with clauses (i) or (ii) above, then the bid
rate available to the Facility Agent at about 10:30 A.M. (New Zealand time) on such day as
conclusively determined in good faith by the Facility Agent having regard to comparable indices
then available in the then current market for bank accepted bills of exchange having a tenor as
described above.

          “Bank Insolvency Event” means that (i) a Bank or its Parent Company is insolvent, or
is generally unable to pay its debts as they become due, or admits in writing its inability to pay
its debts as they become due, or makes a general assignment for the benefit of its creditors, or
(ii) such Bank or its Parent Company is the subject of a bankruptcy, insolvency, reorganization,
liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator
or the like has been appointed for such Bank or its Parent Company, or such Bank or its Parent
Company has taken any action in furtherance of or indicating its consent to or acquiescence in any
such proceeding or appointment; provided that a Bank shall not be a Defaulting Bank solely
by virtue of the ownership or acquisition of any equity interest in that Bank or any direct or
indirect parent company thereof by a Governmental Authority so long as such ownership interest does
not result in or provide such Bank with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such
Bank (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or
agreements made with such Bank.

2

 

          “BBR-AUS Loan” means a Loan that bears interest at a rate based upon Bank Bill
Rate-Australia pursuant to the applicable Notice of Borrowing or Notice of Interest Rate Election.

          “BBR-NZ Loan” means a Loan that bears interest at a rate based upon Bank Bill Rate-New
Zealand pursuant to the applicable Notice of Borrowing or Notice of Interest Rate Election.

          “Borrower” has the meaning set forth in the introduction hereto.

          “Borrowing” has the meaning set forth in Section 1.3.

          “Business Day” means (i) in respect of any BBR-AUS Borrowing or any notice or payment
relating thereto, an Australian Business Day, (ii) in respect of any Euro-Dollar Borrowing or any
notice or payment relating thereto, a Euro-Dollar Business Day and (iii) in respect of any BBR-NZ
Borrowing or any notice or payment relating thereto, a New Zealand Business Day.

          “Citisecurities” has the meaning set forth in the introduction hereto.

          “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Tranche A Loans, Tranche B Loans or Tranche C Loans
and, when used in reference to any Commitment, refers to whether such Commitment is a Tranche A
Commitment, Tranche B Commitment or Tranche C Commitment.

          “Closing Date” means the date on which the conditions specified in Section 3.1 are
satisfied.

          “Commitment” means a Tranche A Commitment, Tranche B Commitment or Tranche C
Commitment, or any combination thereof (as the context requires).

          “Consolidated Subsidiary” means any Subsidiary of the Borrower or other entity the
accounts of which would be consolidated with those of the Borrower in its consolidated financial
statements, if such statements were prepared as of such date.

          “Credit Documents” means, collectively, this Agreement, the Loan Note Deed Poll and
any Loan Note.

          “Default” means any condition or event which constitutes an Event of Default or which
with the giving of notice or lapse of time or both would, unless cured or waived, become an Event
of Default.

          “Defaulting Bank” means at any time, subject to Section 9.14, (i) any Bank that has
failed for three or more Business Days to comply with its obligations under this Agreement to make
a Loan or make any other payment due hereunder (each, a “funding obligation”), unless such
Bank has notified the Facility Agent and the Borrower in writing that such failure is the result of
such Bank’s determination that one or more conditions precedent to funding has not been satisfied
(which conditions precedent, together with the applicable default, if any, will be specifically
identified in such writing), (ii) any Bank that has notified the Facility Agent or the Borrower, or
has stated publicly, that it does not intend to comply with its funding obligations hereunder,
unless such writing or statement states that such position is based on such Bank’s determination
that one or more conditions precedent to funding cannot be satisfied (which conditions precedent,
together with the applicable default, if any, will be specifically identified in such writing or
public statement), (iii) any Bank that has, for three or more Business Days after written request
of the Facility Agent or the Borrower, failed to confirm in writing to the Facility Agent and the
Borrower that it will comply with its prospective funding obligations hereunder (provided that such
Bank will cease to be a Defaulting Bank pursuant to this clause (iii) upon the Facility Agent’s and
the Borrower’s receipt of such written confirmation), or (iv) any Bank with respect to which a Bank
Insolvency Event has occurred and is continuing with respect to such Bank or its Parent Company.
Any good faith

3

 

determination by the Facility Agent that a Bank is a Defaulting Bank under any of
clauses (i) through (iv) above will be conclusive and binding absent manifest error, and such Bank
will be deemed to be a Defaulting Bank (subject to Section 9.14) upon notification of such
determination by the Facility Agent to the Borrower and the Banks.

          “Deposit Rate” means, for any Interest Period, the rate per annum determined by the
Facility Agent to be the interbank deposit rate for such Interest Period as it appears on the
Bloomberg Screen MMR Australia.

          “Deposit Rate Loan” means, at any time, a Loan that bears interest at a rate based on
the Deposit Rate.

          “Earnings Available for Fixed Charges” means the net income of the Borrower for the
applicable fiscal period determined in accordance with United States generally accepted accounting
principles except that in determining such net income there shall be added thereto an amount equal
to all Fixed Charges and income taxes of the Borrower for the applicable fiscal period, determined
in accordance with generally accepted accounting principles.

          “Environmental Laws” means any and all federal, state, provincial, local and foreign
statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees,
plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other
governmental restrictions relating to the environment, the effect of the environment on human
health or to emissions, discharges or releases of pollutants, contaminants, hazardous substances or
wastes into the environment including, without limitation, ambient air, surface water, ground
water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or
wastes or the clean-up or other remediation thereof.

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

          “ERISA Group” means the Borrower and all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control which, together
with the Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code.

          “Euro-Dollar Business Day” means any New York Business Day on which commercial banks
are open for international business (including dealings in U.S. Dollar deposits) in London,
England.

          “Euro-Dollar Loan” means a Loan that bears interest at a Euro-Dollar Rate pursuant to
the applicable Notice of Borrowing or Notice of Interest Rate Election.

          “Euro-Dollar Rate” means a rate of interest determined pursuant to Section 2.7(b) on
the basis of a London Interbank Offered Rate.

          “Euro-Dollar Reserve Percentage” means for any day that percentage (expressed as a
decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for determining the maximum reserve requirement for a member bank
of the Federal Reserve System in New York City with deposits exceeding five billion dollars in
respect of “Eurocurrency liabilities” (or in respect of any other category of liabilities which
includes deposits by reference to which the interest rate on Euro-Dollar Loans is determined or any
category of extensions of credit or other assets which includes loans by a non-United States office
of any Bank to United States residents).

          “Event of Default” has the meaning set forth in Section 6.1.

4

 

          “Existing Subscription Agreement” means the First Amended and Restated Subscription
Agreement dated as of August 7, 2007 among the Borrower; Citigroup Global Markets Australia Pty
Limited and Westpac Banking Corporation, as Mandated Lead Arrangers; certain banks parties thereto
and Citisecurities Limited, as Facility Agent.

          “Facility Agent” has the meaning set forth in the introduction hereto.

          “Facility Fee Rate” means, at any time, a rate per annum determined in accordance with
the Pricing Schedule.

          “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date
of this Agreement, and any current or future regulations or official interpretations thereof.

          “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if
necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers on such day, as published by the Federal Reserve Bank of New York on the New York Business
Day next succeeding such day, provided that (i) if such day is not a New York Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions on the immediately
preceding New York Business Day as so published on the next succeeding New York Business Day, and
(ii) if no such rate is so published on such next succeeding New York Business Day, the Federal
Funds Rate for such day shall be the average rate quoted to Citibank, N.A. on such day on such
transactions as determined by the Facility Agent.

          “Final Termination Date” means August 3, 2016, or if any such date is not a Business
Day, the immediately preceding Business Day.

          “Fitch” means Fitch Ratings Ltd.

          “Fixed Charges” means interest on indebtedness for borrowed money, amortization of
discounts of indebtedness for borrowed money and rental charges for leased properties.

          “Granting Bank” has the meaning set forth in Section 9.6(g).

          “Group of Loans” means at any time a group of Loans of the same Class consisting of
(i) all BBR-AUS Loans having the same Interest Period at such time, (ii) all Euro-Dollar Loans
having the same Interest Period at such time and (iii) all BBR-NZ Loans having the same Interest
Period at such time.

          “Indemnitee” has the meaning set forth in Section 9.3(c).

          “Interest Period” means: (1) with respect to each Loan made on the Closing Date, the
period commencing on the Closing Date and ending on the date specified in the applicable Notice of
Borrowing (such period to be no shorter than one day and no longer than 12 months) and agreed by
the Borrower and the Facility Agent;

          (2) with respect to each Loan (other than Loans made on the Closing Date), the period
commencing on the date of borrowing specified in the applicable Notice of Borrowing or on the date
specified in the applicable Notice of Interest Rate Election and ending one, two, three or six
months thereafter or, subject to the availability (as determined by all of the Banks) of deposits
of corresponding maturity to the Banks in the London interbank market, nine or twelve months
thereafter, as the Borrower may elect in the applicable notice (or such periods shorter than one
month as may be agreed by the Borrower and the Facility Agent with the approval of the Required
Banks); provided that:

     (a) any Interest Period which would otherwise end on a day which is not a Business
Day shall, subject to clause (c) below, be extended to the next succeeding Business Day,
unless

5

 

such succeeding Business Day falls in another calendar month, in which case such
Interest Period shall end on the immediately preceding Business Day;

     (b) any Interest Period which begins on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the calendar month at
the end of such Interest Period) shall, subject to clause (c) below, end on the last
Business Day of a calendar month; and

     (c) (i) if any Interest Period of a Tranche A Loan includes the Tranche A
Termination Date, but does not end on such date, then such Tranche A Loan shall have an
Interest Period ending on such date; (ii) if any Interest Period of a Tranche B Loan
includes the Tranche B Termination Date, but does not end on such date, then such Tranche B
Loan shall have an Interest Period ending on such date; and (iii) if any Interest Period of
a Tranche C Loan includes the Tranche C Termination Date, but does not end on such date,
then such Tranche C Loan shall have an Interest Period ending on such date; and

          (3) with respect to any Deposit Rate Loan, such periods of one week or more as the
Facility Agent may from time to time select and notify the Borrower.

          “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, or any
successor statute.

          “Lien” means, with respect to any property or asset, (i) any mortgage, lien, pledge,
charge, hypothec, security interest or encumbrance of any kind in respect of such property or asset
or (ii) the interest of a vendor or lessor arising out of the acquisition or agreement to acquire
such property or asset under any conditional sale agreement, capital lease, lease purchase
agreement, sale and leaseback arrangement or other similar title retention agreement.

          “Loan” means a Tranche A Loan, Tranche B Loan or Tranche C Loan made pursuant to
Section 2.1.

          “Loan Note” means a loan note issued by the Borrower under the Loan Note Deed Poll.

          “Loan Note Deed Poll” means a deed poll in respect of a Loan Note duly executed,
sealed and delivered by the Borrower substantially in the form of Exhibit A, as from time to time
amended or replaced.

          “Local Payment Office” means the office or account of the Facility Agent at or to
which payments hereunder are to be made, which shall be, for each Specified Currency, the office
identified beneath the name of the Facility Agent on the signature pages hereof or such other
location as the Facility Agent may specify to the parties.

          “Local Time” means (i) in the case of any Loan in Australian Dollars or any notice or
payment relating thereto, Sydney, Australia, time; (ii) in the case of any Loan in U.S. Dollars or
any notice or prepayment relating thereto, New York City time and (iii) in the case of any Loan in
New Zealand Dollars or any notice or payment relating thereto, Auckland, New Zealand, time.

          “London Interbank Offered Rate” means, for any Interest Period, the average (rounded
upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which
deposits in U.S. Dollars are offered to each of the applicable Reference Banks in the London
interbank market at approximately 11:00 A.M. (London time) two Euro-Dollar Business Days before the
first day of such Interest Period in an amount approximately equal to the principal amount of the
Euro-Dollar Loan of such Reference Bank to which such Interest Period is to apply and for a period
of time comparable to such Interest Period.

6

 

          “Mandated Lead Arrangers” has the meaning set forth in the introduction hereto.

          “Material Plan” has the meaning set forth in Section 6.1(i).

          “Moody’s” means Moody’s Investors Service, Inc.

          “Multi-employer Plan” has the meaning set forth in Section 4001(a)(3) of ERISA.

          “New York Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized by law to close.

          “New Zealand Business Day” means any day except a Saturday, Sunday or other day on
which commercial banks in Auckland, New Zealand are authorized by law to close.

          “New Zealand Dollar Loan” means a Loan that is denominated in New Zealand Dollars.

          “New Zealand Dollars” and “NZ$” mean the lawful currency of New Zealand.

          “Non-Defaulting Bank” means, at any time, a Bank that is not a Defaulting Bank.

          “Non-Recourse Receivables Transaction” means a sale, transfer, pledge, or assignment
of accounts receivable in respect of which the transferee has expressly agreed that it has no
recourse against the transferor or any of its affiliates.

          “Notice of Borrowing” has the meaning set forth in Section 2.2(a).

          “Notice of Interest Rate Election” has the meaning set forth in Section 2.10.

          “Offshore Associate” means an Associate which is (i) a non-resident of Australia and
does not acquire, or would not acquire, the relevant Loan Notes and corresponding participations in
carrying on a business in Australia at or through a permanent establishment of the Associate in
Australia, or (ii) a resident of Australia and which acquires, or would acquire the relevant Loan
Notes and corresponding participations in carrying on a business in a country outside Australia at
or through a permanent establishment of the Associate in that country; and which, in either case,
is not acquiring the Loan Notes or receiving payment in the capacity of a dealer, manager or
underwriter in relation to the placement of the Loan Notes or as a clearing house, custodian, funds
manager or responsible entity of a registered scheme.

          “Other Taxes” has the meaning set forth in Section 8.4(a).

          “Parent Company” means, with respect to a Bank, the bank holding company (as defined
in Federal Reserve Board Regulation Y), if any, of such Bank, and/or any Person owning,
beneficially or of record, directly or indirectly, a majority of the shares of such Bank.

          “Participant” has the meaning set forth in Section 9.6(b).

          “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any
or all of its functions under ERISA.

          “Person” means an individual, a corporation, a limited liability company, a
partnership, an association, a trust or any other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

          “Plan” means at any time an employee pension benefit plan (as defined in Section 3(2)
of ERISA) which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Internal Revenue Code and is either (i) maintained by a member of the ERISA
Group

7

 

for
employees of a member of the ERISA Group or (ii) maintained pursuant to a collective
bargaining agreement or any other arrangement under which more than one employer makes
contributions and to which a member of the ERISA Group is then making or accruing an obligation to
make contributions or has within the preceding five plan years made contributions.

          “Pricing Schedule” means Schedule 1.1(b) attached hereto.

          “Quarterly Dates” means each January 30, April 30, July 30, and October 30.

          “Reference Banks” means, (i) for the purpose of determining the London Interbank
Offered Rate, Citibank, N.A., Barclays Bank PLC and The Royal Bank of Scotland plc; (ii) for the
purpose of determining the Bank Bill Rate-Australia, Citibank, N.A., Westpac Banking Corporation,
Commonwealth Bank of Australia and National Australia Bank and (iii) for the purpose of determining
the Bank Bill Rate-New Zealand, Citibank, N.A., Westpac Banking Corporation, Commonwealth Bank of
Australia and National Australia Bank.

          “Register” has the meaning set forth in Section 2.5(a).

          “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System, as in effect from time to time.

          “Required Banks” means at any time Banks having at least 66-2/3% of the aggregate
amount of the Commitments or, if the Commitments shall have been terminated, holding at least
66-2/3% of the aggregate unpaid principal amount of the Loans.

          “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business.

          “Significant Subsidiary” means, at any time, any Subsidiary of the Borrower which,
together with its Consolidated Subsidiaries, has consolidated assets at such time in excess of
U.S.$1,000,000,000 and any one or more Subsidiaries of the Borrower that shall succeed to the
ownership of all or substantially all of the property and assets of any of the foregoing
Subsidiaries.

          “SPC” has the meaning set forth in Section 9.6(g).

          “Specified Currency” means Australian Dollars, U.S. Dollars or New Zealand Dollars.

          “Spot Rate AUD/NZD” means, on any date, the rate of exchange determined by the
Facility Agent to be the spot rate of exchange for the purchase of Australian Dollars with New
Zealand Dollars in the Sydney foreign exchange market at approximately 11:00 A.M. Sydney time on
such date.

          “Spot Rate AUD/USD” means, on any date, the rate of exchange determined by the
Facility Agent to be the spot rate of exchange for the purchase of Australian Dollars with
U.S. Dollars in the Sydney foreign exchange market at approximately 11:00 A.M. Sydney time on such
date.

          “Subsidiary” means, as to any Person, any corporation or other entity of which
securities or other ownership interests having ordinary voting power to elect a majority of the
board of directors or other persons performing similar functions are at the time directly or
indirectly owned by such Person.

          “Tax Act” means the Income Tax Assessment Act 1936 of Australia, as amended.

          “Taxes” has the meaning set forth in Section 8.4.

          “Total Commitments” means, at any time, the sum of the Commitments of all of the
Banks.

8

 

          “Total Outstandings” means, at any time, the aggregate Australian Dollar Amount of all
Loans then outstanding.

          “Tranche A Bank” means a Bank with a Tranche A Commitment.

          “Tranche A Commitment” means, with respect to any Tranche A Bank, its obligation to
make Tranche A Loans in an aggregate amount at any one time outstanding up to but not exceeding the
amount set forth opposite its name on Schedule 1.1(a), or, in the case of a Person which becomes a
Tranche A Bank after the date hereof, the amount of the Tranche A Commitment thereby assumed by it,
in each case as such amount may be reduced from time to time pursuant to Section 2.9, 2.11 or
9.6(d) or increased pursuant to Section 2.1(c) or 9.6(d).

          “Tranche A Loan” means a Loan made pursuant to Section 2.1(a)(i).

          “Tranche A Outstandings” means, at any time, the aggregate Australian Dollar Amount of
all Tranche A Loans then outstanding.

          “Tranche A Revolving Credit Period” means the period from and including the Closing
Date to but not including the Tranche A Termination Date.

          “Tranche A Termination Date” means August 3, 2014, or if any such date is not a
Business Day, the immediately preceding Business Day.

          “Tranche B Bank” means a Bank with a Tranche B Commitment.

          “Tranche B Commitment” means, with respect to any Tranche B Bank, its obligation to
make Tranche B Loans in an aggregate amount at any one time outstanding up to but not exceeding the
amount set forth opposite its name on Schedule 1.1(a), or, in the case of a Person which becomes a
Tranche B Bank after the date hereof, the amount of the Tranche B Commitment thereby assumed by it,
in each case as such amount may be reduced from time to time pursuant to Section 2.9, 2.11 or
9.6(d) or increased pursuant to Section 2.1(c) or 9.6(d).

          “Tranche B Loan” means a Loan made pursuant to Section 2.1(a)(ii).

          “Tranche B Outstandings” means, at any time, the aggregate Australian Dollar Amount of
all Tranche B Loans then outstanding.

          “Tranche B Revolving Credit Period” means the period from and including the Closing
Date to but not including the Tranche B Termination Date.

          “Tranche B Termination Date” means August 3, 2016, or if any such date is not a
Business Day, the immediately preceding Business Day.

          “Tranche C Bank” means a Bank with a Tranche C Commitment.

          “Tranche C Commitment” means, with respect to any Tranche C Bank, its obligation to
make Tranche C Loans in an aggregate amount at any one time outstanding up to but not exceeding the
amount set forth opposite its name on Schedule 1.1(a), or, in the case of a Person which becomes a
Tranche C Bank after the date hereof, the amount of the Tranche C Commitment thereby assumed by it,
in each case as such amount may be reduced from time to time pursuant to Section 2.9, 2.11 or
9.6(d) or increased pursuant to Section 2.1(c) or 9.6(d).

          “Tranche C Loan” means a Loan made pursuant to Section 2.1(a)(iii).

          “Tranche C Outstandings” means, at any time, the aggregate Australian Dollar Amount of
all Tranche C Loans then outstanding.

9

 

          “Tranche C Revolving Credit Period” means the period from and including the Closing
Date to but not including the Tranche C Termination Date.

          “Tranche C Termination Date” means August 3, 2016, or if any such date is not a
Business Day, the immediately preceding Business Day.

          “TRS” means American Express Travel Related Services Company, Inc., a New York
corporation, and its successors.

          “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
Bank Bill Rate-Australia, the Bank Bill Rate-New Zealand or the Euro-Dollar Rate.

          “U.S. Dollars and “U.S.$” mean lawful money of the United States.

          “U.S. Dollar Loan” means a Loan that is denominated in U.S. Dollars.

          “Unfunded Vested Liabilities” means, with respect to any Plan at any time, the amount
(if any) by which (i) the present value of all vested nonforfeitable benefits under such Plan
exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as
of the then most recent valuation date for such Plan, but only to the extent that such excess
represents a potential liability of a member of the ERISA Group to the PBGC or the Plan under Title
IV of ERISA.

          “United States” means the United States of America, including the States and the
District of Columbia, but excluding its territories and possessions.

          “Westpac” has the meaning set forth in the introduction hereto.

          “Wholly-Owned Subsidiary” means any Subsidiary of the Borrower at least 99% of the
capital stock of which is owned by the Borrower or another Wholly-Owned Subsidiary of the Borrower.

          SECTION
1.2. Accounting Terms and Determinations. Unless otherwise specified herein, all accounting
terms used herein with respect to the Borrower shall be interpreted, all accounting determinations
hereunder with respect to the Borrower shall be made, and all financial statements required to be
delivered hereunder by the Borrower shall be prepared in accordance with generally accepted
accounting principles as in effect from time to time, applied on a basis consistent (except for
changes concurred in by the Borrower’s independent public accountants) with the most recent audited
consolidated financial statements of the Borrower and its Consolidated Subsidiaries delivered to
the Banks; provided that, if the Borrower notifies the Facility Agent that the Borrower
wishes to amend any covenant in Article V to eliminate the effect of any change in generally
accepted accounting principles on the operation of such covenant (or if the Facility Agent notifies
the Borrower that the Required Banks wish to amend Article V for such purpose), then the Borrower’s
compliance with such covenant shall be determined on the basis of United States generally accepted
accounting principles in effect immediately before the relevant change in such generally accepted
accounting principles became effective, until either such notice is withdrawn or such covenant is
amended in a manner satisfactory to the Borrower and the Required Banks.

          SECTION
1.3. Classification of Loans and Borrowings. The term “Borrowing” denotes the aggregation of
Loans of one or more Banks to be made to the Borrower pursuant to Article II on the same date, all
of which Loans are of the same Class, the same Type (subject to Article VIII) and have the same
initial Interest Period. Borrowings are classified and referred to for purposes of this Agreement
by Class (e.g., a “Tranche A Borrowing”) or by Type (e.g., a “Euro-Dollar Borrowing”) or by Class
and Type (e.g., a “Tranche A Euro-Dollar Borrowing”). Loans also may be classified and referred to
by Class (e.g., a “Tranche A Loan”) or by Type (e.g., a “Euro-Dollar Loan”) or by Class and Type
(e.g., a “Tranche A Euro-Dollar Loan”).

10

 

ARTICLE II

THE LOANS

          SECTION
2.1. Commitments.

          (a) Loans.

     (i) Tranche A Loans. From time to time prior to the Tranche A Termination
Date, the Tranche A Banks severally agree, on the terms and conditions set forth in this
Agreement, to make loans to the Borrower in either Australian Dollars or U.S. Dollars
pursuant to this subsection from time to time, by subscribing for Loan Notes as hereinafter
set forth; provided that the Tranche A Outstandings may not at any time exceed the
Tranche A Commitments (without prejudice to the prepayment provisions of Section 2.17(a)).
Each Tranche A Borrowing in Australian Dollars shall be in an aggregate principal amount of
A$50,000,000 or any larger multiple of A$5,000,000 and each Tranche A Borrowing in U.S.
Dollars shall be in an aggregate principal amount of U.S.$50,000,000 or any larger multiple
of U.S.$5,000,000 (except that any such Borrowing may be in the then aggregate unused amount
of the Tranche A Commitments). Each Tranche A Borrowing shall be made from the Tranche A
Banks ratably in proportion to their respective Tranche A Commitments. Within the foregoing
limits, the Borrower may borrow under this subsection, prepay Tranche A Loans to the extent
permitted by Section 2.12(a) and reborrow under this Section 2.1(a)(i) during the Tranche A
Revolving Credit Period.

     (ii) Tranche B Loans. From time to time prior to the Tranche B Termination
Date, the Tranche B Banks severally agree, on the terms and conditions set forth in this
Agreement, to make loans to the Borrower in either Australian Dollars or U.S. Dollars
pursuant to this subsection from time to time, by subscribing for Loan Notes as hereinafter
set forth; provided that the Tranche B Outstandings may not at any time exceed the
Tranche B Commitments (without prejudice to the prepayment provisions of Section 2.17(b)).
Each Tranche B Borrowing in Australian Dollars shall be in an aggregate principal amount of
A$50,000,000 or any larger multiple of A$5,000,000 and each Tranche B Borrowing in U.S.
Dollars shall be in an aggregate principal amount of U.S.$50,000,000 or any larger multiple
of U.S.$5,000,000 (except that any such Borrowing may be in the then aggregate unused amount
of the Tranche B Commitments). Each Tranche B Borrowing shall be made from the Tranche B
Banks ratably in proportion to their respective Tranche B Commitments. Within the foregoing
limits, the Borrower may borrow under this subsection, prepay Tranche B Loans to the extent
permitted by Section 2.12(b) and reborrow under this Section 2.1(a)(ii) during the Tranche B
Revolving Credit Period.

     (iii) Tranche C Loans. From time to time prior to the Tranche C
Termination Date, the Tranche C Banks severally agree, on the terms and conditions set forth
in this Agreement, to make loans to the Borrower in either Australian Dollars or New Zealand
Dollars pursuant to this subsection from time to time, by subscribing for Loan Notes as
hereinafter set forth; provided that the Tranche C Outstandings may not at any time
exceed the Tranche C Commitments (without prejudice to the prepayment provisions of Section
2.17(c)). Each Tranche C Borrowing in Australian Dollars shall be in an aggregate principal
amount of A$25,000,000 or any larger multiple of A$5,000,000 and each Tranche C Borrowing in
New Zealand Dollars shall be in an aggregate principal amount of NZ$25,000,000 or any larger
multiple of NZ$5,000,000 (except that any such Borrowing may be in the then aggregate unused
amount of the Tranche C Commitments). Each Tranche C Borrowing shall be made from the
Tranche C Banks ratably in proportion to their respective Tranche C Commitments. Within the
foregoing limits, the Borrower may borrow under this subsection, prepay Tranche C Loans to
the extent permitted by Section 2.12(c) and reborrow under this Section 2.1(a)(iii) during
the Tranche C Revolving Credit Period.

          (b) The Loan Notes.

11

 

     (i) The Borrower shall, prior to the date of the first Borrowing, sign and seal the
Loan Note Deed Poll and provide it to the Facility Agent in escrow and, on the Closing Date
sign, seal and deliver to the Facility Agent the Loan Note Deed Poll.

     (ii) The making of a Loan by a Bank on the occasion of the initial Borrowing in
respect of a Bank shall be deemed to constitute the initial subscription by such Bank for
Loan Notes, and upon the first receipt from a Bank of the proceeds of the initial Borrowing
the Facility Agent shall release the Loan Note Deed Poll from escrow and date the Loan Note
Deed Poll and the Borrower shall automatically be deemed to have delivered the Loan Note
Deed Poll, and the making of Loans on the Closing Date shall be deemed to constitute
subscription for Loan Notes under the Loan Note Deed Poll.

     (iii) On the date of the initial Borrowing from a Bank and on the Closing Date, the
Borrower shall issue the Loan Notes to such Bank. The Loan Notes issued to each Bank shall,
at any time, have an aggregate outstanding principal amount equal to the then aggregate
outstanding principal amount of the Loans of such Bank; provided, that anything in
this Agreement to the contrary notwithstanding, if at any time the aggregate outstanding
principal amount of such Bank’s Loans is zero and any part of such Bank’s Commitment remains
outstanding, the Borrower shall be indebted to such Bank for one Australian Dollar and the
aggregate outstanding principal amount of such Loan Note shall be one Australian Dollar.

     (iv) Upon receipt from each Bank of the proceeds of its Loan constituting part of
the initial Borrowing from it, and on the Closing Date, the Facility Agent shall enter in
the Register the Loan Notes to be issued pursuant to clause (iii) above, which entry shall
constitute issuance of the Loan Notes, and on the occasion of each subsequent Loan provided
by such Bank, the Facility Agent shall amend the Register to reflect the revised principal
amount outstanding.

     (v) The Borrower hereby agrees to comply with the terms of the Loan Note Deed Poll
and the Loan Notes.

          (c) Additional Commitments. On or after the Closing Date, if no Default shall
have occurred and be continuing at such time, the Borrower may, if it so elects, increase the
aggregate amount of the Tranche A Commitments and the Tranche B Commitments (each tranche expressed
in Australian Dollars), either by designating a Person not theretofore a Bank to become a Bank or
by agreeing with an existing Bank that such Bank’s Tranche A Commitment and/or Tranche B Commitment
shall be increased (which increase by any such existing Bank shall be at such existing Bank’s sole
discretion). Upon execution and delivery by the Borrower and such Bank or other Person of an
instrument of assumption in form reasonably satisfactory to the Facility Agent, such existing Bank
shall have a Tranche A Commitment and/or Tranche B Commitment as therein set forth, or such other
Person shall become a Bank with a Tranche A Commitment and/or Tranche B Commitment as therein set
forth and all the rights and obligations of a Bank with such a Tranche A Commitment and/or Tranche
B Commitment hereunder; provided that (i) the Borrower shall provide prompt notice of such
increase to the Facility Agent, which shall promptly notify the other Banks and (ii) the amount of
such increase, together with all other increases in the aggregate amount of the Tranche A
Commitments and the Tranche B Commitments pursuant to this Section 2.1(c), does not exceed an
aggregate amount of A$1,000,000,000. Upon any increase in the aggregate amount of the Tranche A
Commitments pursuant to this Section 2.1(c), at the end of the then current Interest Period with
respect to each Group of Tranche A Loans then outstanding, the Borrower shall prepay such Group in
its entirety, and, to the extent the Borrower elects to do so and subject to the conditions
specified in Article III, the Borrower shall then reborrow Tranche A Loans from the Tranche A Banks
in proportion to their respective Tranche A Commitments after giving effect to such increase, until
such time as all outstanding Tranche A Loans are held by the Tranche A Banks in such proportion.
Upon any increase in the aggregate amount of the Tranche B Commitments pursuant to this Section
2.1(c), at the end of the then current Interest Period with respect to each Group of Tranche B
Loans then outstanding, the Borrower shall prepay such Group in its entirety, and, to the extent
the Borrower elects to do so and subject to the conditions specified in Article III, the Borrower
shall then

12

 

reborrow Tranche B Loans from the Tranche B Banks in proportion to their respective
Tranche B Commitments after giving effect to such increase, until such time as all outstanding
Tranche B Loans are held by the Tranche B Banks in such proportion.

          SECTION
2.2. Notice of Borrowing. (a) In the case of any Borrowing, the Borrower shall give the
Facility Agent notice by delivering a notice of borrowing substantially in the form of Exhibit H
hereto (a “Notice of Borrowing”) not later than 10:30 A.M. (Local Time) on the third
Business Day (or, except for the Loans to be made on the Closing Date, if an Interest Period of
nine or twelve months or an Interest Period of shorter than one month is elected, the fifth
Business Day) before such Borrowing, specifying:

     (i) the date of such Borrowing, which shall be a Business Day;

     (ii) the Specified Currency in which such Borrowing is to be made,

     (iii) the aggregate amount of such Borrowing;

     (iv) the Class of such Borrowing;

     (v) the Type of such Borrowing; and

     (vi) the duration of the initial Interest Period applicable thereto, subject to the
provisions of the definition of Interest Period.

          (b) If the Borrower requests an Interest Period of 9 or 12 months, or an Interest Period
shorter than one month, the Facility Agent will determine, in accordance with the definition of
“Interest Period” herein, whether an Interest Period of such duration will be available, and will
promptly notify the Borrower and the Banks of such determination.

          SECTION
2.3. [Intentionally Omitted].

          SECTION
2.4. Notice to Banks; Funding of Loans. (a) Upon receipt of a Notice of Borrowing, the
Facility Agent shall promptly notify each Bank of the contents thereof and of such Bank’s share of
such Borrowing, and such Notice of Borrowing shall not thereafter be revocable by the Borrower.

          (b) Not later than 12:00 Noon (Local Time) on the date of each Borrowing each Bank shall
make available its share of such Borrowing (i) in the case of a Borrowing in Australian Dollars, in
funds immediately available in Sydney, Australia, (ii) in the case of a Borrowing in U.S. Dollars,
in Federal or other funds immediately available in New York City, or (iii) in the case of a
Borrowing in New Zealand Dollars, in funds immediately available in Auckland, New Zealand, in each
case to the Facility Agent at the Local Payment Office. Unless the Facility Agent determines that
any applicable condition specified in Article III has not been satisfied, the Facility Agent will
make the funds so received from the Banks available to the Borrower at the Local Payment Office or
at such other place as the Borrower and the Facility Agent may agree.

          (c) Unless the Facility Agent shall have received notice from a Bank prior to the date of
any Borrowing that such Bank will not make available to the Facility Agent such Bank’s share of
such Borrowing, the Facility Agent may assume that such Bank has made such share available to the
Facility Agent on the date of such Borrowing in accordance with subsection (b) of this Section, and
the Facility Agent may, in reliance upon such assumption, make available to the Borrower on such
date a corresponding amount. If and to the extent that such Bank shall not have so made such share
available to the Facility Agent, such Bank and the Borrower severally agree to repay to the
Facility Agent forthwith on demand such corresponding amount together with interest thereon, for
each day from the date such amount is made available to the Borrower until the date such amount is
repaid to the Facility Agent, at (i)

13

 

in the case of Loans and Borrowings in Australian Dollars or
New Zealand Dollars, a rate per annum equal to the cost to the Facility Agent of funding such Loans
and Borrowings determined in accordance with its normal practice, and (ii) in the case of Loans and
Borrowings in U.S. Dollars, the Federal Funds Rate. If such Bank shall repay to the Facility Agent
such corresponding amount, such amount so repaid shall constitute such Bank’s Loan included in such
Borrowing for purposes of this Agreement.

          SECTION
2.5. Registry. (a) The Facility Agent shall establish and maintain a register (the
“Register”) on which it will inscribe the following information in respect of each Loan
Note: (i) its issue date and outstanding principal amount; (ii) the name and address of the owner
Bank; (iii) the account or address of the Facility Agent to which payments are to be made for the
ratable account of the owner Bank; and (iv) details of all transfers or assignments, advances,
repayments, prepayments of all or part of the Loan Notes. Each Bank shall record on its internal
records (including computerized systems) the foregoing information as to its own Commitment and
Loans. Failure to make any such recordation, or any error in such recordation, shall not affect
the Borrower’s obligations hereunder.

     (b) The Borrower and the Facility Agent shall recognize the Bank whose name appears in the
Register as the absolute owner of the Loan Notes inscribed in its name on the Register without
regard to any other record or instrument. No notice of any trust or other interest in any Loan
Note will be entered on the Register. Neither the Borrower nor the Facility Agent need take notice
of any other interest in, or claim to, any Loan Note, except as ordered by a court of competent
jurisdiction or required by law. The Register will be conclusive as to title to a Loan Note,
subject to rectification for fraud or error.

          SECTION
2.6. Maturity of Loans. (a) Each Tranche A Loan made by any Tranche A Bank shall mature, and
the principal amount thereof shall be due and payable, together with accrued interest thereon, on
the Tranche A Termination Date in accordance with the Loan Note Deed Poll and the Loan Note issued
to such Tranche A Bank.

          (b) Each Tranche B Loan made by any Tranche B Bank shall mature, and the principal amount
thereof shall be due and payable, together with accrued interest thereon, on the Tranche B
Termination Date in accordance with the Loan Note Deed Poll and the Loan Note issued to such
Tranche B Bank.

          (c) Each Tranche C Loan made by any Tranche C Bank shall mature, and the principal amount
thereof shall be due and payable, together with accrued interest thereon, on the Tranche C
Termination Date in accordance with the Loan Note Deed Poll and the Loan Note issued to such
Tranche C Bank.

          SECTION
2.7. Interest Rates. (a) In accordance with the Loan Note Deed Poll and the Loan Notes,
each Loan denominated in Australian Dollars shall bear interest on the outstanding principal amount
thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to
the sum of the Applicable Margin for such Loan for such day plus the Bank Bill Rate-Australia
applicable to such Interest Period, payable for each Interest Period on the last day thereof and,
if such Interest Period is longer than three months, at intervals of three months after the first
day thereof.

          (b) In accordance with the Loan Note Deed Poll and the Loan Notes, each Loan denominated
in U.S. Dollars shall bear interest on the outstanding principal amount thereof, for each day
during each Interest Period applicable thereto, at a rate per annum equal to the sum of the
Applicable Margin for such Loan for such day plus the London Interbank Offered Rate applicable to
such Interest Period. Such interest shall be payable for each Interest Period on the last day
thereof and, if such Interest Period is longer than three months, at intervals of three months
after the first day thereof.

          (c) In accordance with the Loan Note Deed Poll and the Loan Notes, each Loan denominated
in New Zealand Dollars shall bear interest on the outstanding principal amount thereof, for each
day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the
Applicable Margin for such Loan for such day plus the Bank Bill Rate-New Zealand applicable to such

14

 

Interest Period. Such interest shall be payable for each Interest Period on the last day thereof
and, if such Interest Period is longer than three months, at intervals of three months after the
first day thereof.

          (d) Any overdue principal of or interest on any Loan shall bear interest, payable on
demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 1% per
annum plus the Applicable Margin for such Loan for such day plus the average (rounded upward, if
necessary, to the next higher 1/16 of 1% per annum) of the respective rates per annum at which one
day (or, if such amount due remains unpaid more than three Business Days, then for such other
period of time not longer than three months as the Facility Agent may select) deposits in
Australian Dollars (in the case of BBR-AUS Loans), U.S. Dollars (in the case of Euro-Dollar Loans)
or New Zealand Dollars (in the case of BBR-NZ Loans) in an amount approximately equal to such
overdue payment due to each of the applicable Reference Banks are offered to such Reference Bank in
the London interbank market for the applicable period determined as provided above and (ii) the sum
of 1% per annum plus the Applicable Margin for such Loan for such day plus the Bank Bill
Rate-Australia (in the case of BBR-AUS Loans), the London Interbank Offered Rate (in the case of
Euro-Dollar Loans) or the Bank Bill Rate-New Zealand (in the case of BBR-NZ Loans) applicable to
such Loan at the date such payment was due.

          (e) The Facility Agent shall determine each interest rate applicable to the Loans
hereunder. The Facility Agent shall give prompt notice to the Borrower and the Banks of each rate
of interest so determined, and its determination thereof shall be conclusive in the absence of
manifest error.

          (f) Each Reference Bank agrees to use its best efforts to furnish quotations to the
Facility Agent as contemplated by this Section. If any applicable Reference Bank does not furnish
a timely quotation, the Facility Agent shall determine the relevant interest rate on the basis of
the quotation or quotations furnished by the remaining applicable Reference Bank or Banks, or, if
none of such quotations is available on a timely basis, the provisions of Section 8.1 shall apply.

          (g) Anything herein to the contrary notwithstanding, each Loan that is a Deposit Rate Loan
shall bear interest, for the period from the date it becomes a Deposit Rate Loan until such Loan
ceases to be a Deposit Rate Loan or is paid in full, for each Interest Period relating thereto, at
a rate equal to the sum of the Applicable Margin for such Loan for such Interest Period plus the
Deposit Rate, such interest to be payable on the last day of each Interest Period relating thereto
and upon payment of such Loan in full.

          SECTION
2.8. Fees. (a) The Borrower shall pay to the Facility Agent for the account of the
Tranche A Banks ratably a facility fee at the Facility Fee Rate for the Tranche A Loans. Such
facility fee shall accrue (i) from and including the Closing Date to but excluding the date of
termination of the Tranche A Commitments in their entirety, on the daily aggregate amount of the
Tranche A Commitments (whether used or unused) and (ii) without prejudice to the terms of
Sections 2.6(a) or 2.7 or the Loan Notes, from and including such date of termination to but
excluding the date the Tranche A Loans shall be repaid in their entirety, on the daily aggregate
outstanding principal amount of the Tranche A Loans. Accrued fees under this subsection shall be
payable quarterly in arrears on each Quarterly Date and on the date of termination of the Tranche A
Commitments in their entirety (and, if later, each date on which the Tranche A Loans to the
Borrower shall be repaid in their entirety).

          (b) The Borrower shall pay to the Facility Agent for the account of the Tranche B Banks
ratably a facility fee at the Facility Fee Rate for the Tranche B Loans. Such facility fee shall
accrue (i) from and including the Closing Date to but excluding the date of termination of the
Tranche B Commitments in their entirety, on the daily aggregate amount of the Tranche B Commitments
(whether used or unused) and (ii) without prejudice to the terms of Sections 2.6(b) or 2.7 or the
Loan Notes, from and including such date of termination to but excluding the date the Tranche B
Loans shall be repaid in their entirety, on the daily aggregate outstanding principal amount of the
Tranche B Loans. Accrued fees under this subsection shall be payable quarterly in arrears on each
Quarterly Date and on the date of termination of the Tranche B Commitments in their entirety (and,
if later, each date on which the Tranche B Loans to the Borrower shall be repaid in their
entirety).

15

 

          (c) The Borrower shall pay to the Facility Agent for the account of the Tranche C Banks
ratably a facility fee at the Facility Fee Rate for the Tranche C Loans. Such facility fee shall
accrue (i) from and including the Closing Date to but excluding the date of termination of the
Tranche C Commitments in their entirety, on the daily aggregate amount of the Tranche C Commitments
(whether used or unused) and (ii) without prejudice to the terms of Sections 2.6(c) or 2.7 or the
Loan Notes, from and including such date of termination to but excluding the date the Tranche C
Loans shall be repaid in their entirety, on the daily aggregate outstanding principal amount of the
Tranche C Loans. Accrued fees under this subsection shall be payable quarterly in arrears on each
Quarterly Date and on the date of termination of the Tranche C Commitments in their entirety (and,
if later, each date on which the Tranche C Loans to the Borrower shall be repaid in their
entirety).

          (d) Anything herein to the contrary notwithstanding, during such period as a Bank is a
Defaulting Bank, such Defaulting Bank will not be entitled to any fees accruing during such period
pursuant to this Section 2.8 (without prejudice to the rights of the Non-Defaulting Banks in
respect of such fees).

          SECTION
2.9. Optional Termination or Reduction of Commitments. (a) During the Tranche A Revolving
Credit Period, the Borrower may, upon at least three Business Days’ notice to the Facility Agent,
(i) terminate the Tranche A Commitments at any time, if no Tranche A Loans are outstanding at such
time or (ii) ratably reduce from time to time by an aggregate amount of A$100,000,000 or a larger
multiple of A$10,000,000, the aggregate amount of the Tranche A Commitments in excess of the
aggregate outstanding principal amount of the Tranche A Loans.

          (b) During the Tranche B Revolving Credit Period, the Borrower may, upon at least three
Business Days’ notice to the Facility Agent, (i) terminate the Tranche B Commitments at any time,
if no Tranche B Loans are outstanding at such time or (ii) ratably reduce from time to time by an
aggregate amount of A$100,000,000 or a larger multiple of A$10,000,000, the aggregate amount of the
Tranche B Commitments in excess of the aggregate outstanding principal amount of the Tranche B
Loans.

          (c) During the Tranche C Revolving Credit Period, the Borrower may, upon at least three
Business Days’ notice to the Facility Agent, (i) terminate the Tranche C Commitments at any time,
if no Tranche C Loans are outstanding at such time or (ii) ratably reduce from time to time by an
aggregate amount of A$50,000,000 or a larger multiple of A$5,000,000, the aggregate amount of the
Tranche C Commitments in excess of the aggregate outstanding principal amount of the Tranche C
Loans.

          (d) The Borrower may terminate the unused amount of the Commitment of a Defaulting Bank
upon not less than three Business Days’ prior notice to the Facility Agent (which will promptly
notify the Banks thereof), provided that such termination will not be deemed to be a waiver
or release of any claim the Borrower, the Facility Agent or any Bank may have against such
Defaulting Bank.

          SECTION
2.10. Method of Electing Interest Periods. (a) The Borrower will select the duration of each
Interest Period by delivering a notice (a “Notice of Interest Rate Election”) to the
Facility Agent not later than 10:30 A.M. (Local Time) on the third Business Day (or, if an Interest
Period of nine or twelve months or an Interest Period shorter than one month is elected, the fifth
Business Day) before the first day of such Interest Period. A Notice of Interest Rate Election
may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant
Group of Loans; provided that (i) such portion is allocated ratably among the Loans
comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion
to which it does not apply, are each: (A) for Tranche A Loans, A$50,000,000 or U.S.$50,000,000, as
applicable, or any larger multiple of A$5,000,000 or U.S.$5,000,000, as applicable, (B) for Tranche
B Loans, A$50,000,000 or U.S.$50,000,000, as applicable, or any larger multiple of A$5,000,000 or
U.S.$5,000,000, as applicable, and (C) for Tranche C

16

 

Loans, A$25,000,000 or NZ$25,000,000, as
applicable, or any larger multiple of A$5,000,000 or NZ$5,000,000, as applicable.

          (b) Each Notice of Interest Rate Election shall specify (i) the Group of Loans (or portion
thereof) to which such notice applies and (ii) the duration of the next succeeding Interest Period.
Each Interest Period specified in a Notice of Interest Rate Election shall comply with the
provisions of the definition of Interest Period.

          (c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to
subsection (a) above, the Facility Agent shall promptly notify each Bank of the contents thereof,
and such notice shall not thereafter be revocable by the Borrower (subject, however, to
determinations by the Banks or the Required Banks in the case of Interest Periods of nine months or
twelve months or of shorter than one month).

          SECTION
2.11. Mandatory Termination and Reduction of Commitments. (a) The Tranche A Commitments
shall terminate on the Tranche A Termination Date and any Tranche A Loans then outstanding
(together with accrued interest thereon) shall be due and payable on such date.

          (b) The Tranche B Commitments shall terminate on the Tranche B Termination Date and any
Tranche B Loans then outstanding (together with accrued interest thereon) shall be due and payable
on such date.

          (c) The Tranche C Commitments shall terminate on the Tranche C Termination Date and any
Tranche C Loans then outstanding (together with accrued interest thereon) shall be due and payable
on such date.

          (d) If at any date prior to the Final Termination Date, AXP shall cease to own, directly
or indirectly, at least 79.5% of the outstanding shares of common stock of TRS, or AXP and TRS
shall cease together to own, directly or indirectly, at least 79.5% of the outstanding shares of
common stock of the Borrower and American Express Overseas Credit Corporation Limited, then (i) the
Commitments shall terminate on such date, without any requirement of notice or other action by any
party hereto, and the Borrower shall no longer be entitled to borrow hereunder and (ii) each
outstanding Loan shall mature, and shall be due and payable, together with accrued interest
thereon, on the earlier of the last day of the then current Interest Period (if any) applicable
thereto and the ninetieth (90th) day after such date when AXP or TRS (as the case may be) shall
cease to own such shares as provided above.

          (e) The Borrower shall forthwith notify the Facility Agent and each Bank of any event
described in subsection (d) above.

          SECTION
2.12. Optional Prepayments. (a) With respect to Tranche A Loans, subject to Section 2.14,
the Borrower may (i) upon at least three Business Days’ notice to the Facility Agent, prepay any
Group of BBR-AUS Loans, in each case in whole or from time to time in part, in amounts aggregating
A$5,000,000 or any larger multiple of A$500,000, or (ii) upon at least three Business Days’ notice
to the Facility Agent, prepay any Group of Euro-Dollar Loans, in each case in whole at any time, or
from time to time in part in amounts aggregating U.S.$5,000,000 or any larger multiple of
U.S.$500,000, in each case by paying the principal amount to be prepaid together with accrued
interest thereon to the date of prepayment. Each such optional prepayment shall be applied to
prepay the Tranche A Loans of the several Tranche A Banks ratably.

          (b) With respect to Tranche B Loans, subject to Section 2.14, the Borrower may (i) upon at
least three Business Days’ notice to the Facility Agent, prepay any Group of BBR-AUS Loans, in each
case in whole or from time to time in part, in amounts aggregating A$5,000,000 or any larger
multiple of A$500,000, or (ii) upon at least three Business Days’ notice to the Facility Agent,
prepay any Group of Euro-Dollar Loans, in each case in whole at any time, or from time to time in
part in amounts aggregating U.S.$5,000,000 or any larger multiple of U.S.$500,000, in each case by
paying the principal

17

 

amount to be prepaid together with accrued interest thereon to the date of
prepayment. Each such optional prepayment shall be applied to prepay the Tranche B Loans of the
several Tranche B Banks ratably.

          (c) With respect to Tranche C Loans, subject to Section 2.14, the Borrower may (i) upon at
least three Business Days’ notice to the Facility Agent, prepay any Group of BBR-AUS Loans, in each
case in whole or from time to time in part, in amounts aggregating A$2,500,000 or any larger
multiple of A$250,000, or (ii) upon at least three Business Days’ notice to the Facility Agent,
prepay any Group of BBR-NZ Loans, in each case in whole at any time, or from time to time in part
in amounts aggregating NZ$2,500,000 or any larger multiple of NZ$250,000, in each case by paying
the principal amount to be prepaid together with accrued interest thereon to the date of
prepayment. Each such optional prepayment shall be applied to prepay the Tranche C Loans of the
several Tranche C Banks ratably.

          (d) Upon receipt of a notice of prepayment pursuant to this Section, the Facility Agent shall
promptly notify each Bank of the contents thereof and of such Bank’s ratable share (if any) of such
prepayment, and such notice shall not thereafter be revocable by the Borrower.

          SECTION 2.13. General Provisions as to Payments.

          (a) All payments of principal of and interest on any Loan made in each Specified Currency
shall be made in such Specified Currency.

          (b) The Borrower shall make each payment of principal of, and interest on, the Loans and of
fees hereunder, not later than (x) in the case of payments in Australian Dollars, by 12:00 Noon
(Local Time), (y) in the case of payments in respect of Loans in U.S. Dollars by 12:00 Noon (Local
Time) or (z) in the case of payments in respect of Loans in New Zealand Dollars by 12:00 Noon
(Local Time), on the date when due, (i) in the case of payments in Australian Dollars, in funds
immediately available in Sydney, Australia, (ii) in the case of payments in U.S. Dollars, in
Federal or other funds immediately available in New York City and (iii) in the case of payments in
New Zealand Dollars, in funds immediately available in Auckland, New Zealand. The Facility Agent
will promptly distribute each payment of principal and interest received by the Facility Agent in
respect of any Class for the account of the Banks comprising such Class their ratable share
thereof. Whenever any payment of principal of, or
interest on, the Loans shall be due on a day which is not a Business Day, the date for payment
thereof shall be extended to the next succeeding Business Day unless such succeeding Business Day
falls in another calendar month, in which case the date for payment thereof shall be the
immediately preceding Business Day.

          (c) Unless the Facility Agent shall have received notice from the Borrower prior to the date
on which any payment is due from the Borrower to any of the Banks hereunder that the Borrower will
not make such payment in full, the Facility Agent may assume that the Borrower has made such
payment in full to the Facility Agent on such date, and the Facility Agent may, in reliance upon
such assumption, cause to be distributed to such Bank on such due date an amount equal to the
amount then due such Bank. If and to the extent that the Borrower shall not have so made such
payment, such Bank shall repay to the Facility Agent forthwith on demand such amount distributed to
such Bank together with interest thereon, for each day from the date such amount is distributed to
such Bank until the date such Bank repays such amount to the Facility Agent, at a rate per annum
equal to the cost to the Facility Agent of funding such amount determined in accordance with its
normal practice.

          (d) All payments made by the Borrower under the Credit Documents shall be made without
set-off, deduction or counterclaim.

          SECTION 2.14. Funding Losses. If the Borrower makes any payment of principal with respect
to any Loan or if any Loan is converted (pursuant to Article II, VI or VIII or otherwise, but
excluding Section 8.2), in each case on any day other than the last day of an Interest Period
applicable

18

 

thereto or the last day of an applicable period fixed pursuant to Section 2.7(d), or if
the Borrower fails to borrow, prepay, convert or continue any Loan after notice has been given to
any Bank in accordance with Section 2.4(a), 2.12(d) or 2.10(c), the Borrower shall reimburse each
affected Bank within 15 days after demand for any resulting loss or expense incurred by it (or by
an existing or prospective Participant in such Loan), including (without limitation) any loss
incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of
margin for the period after any such payment or conversion or failure to borrow, prepay, convert or
continue, provided that such Bank shall have delivered to the Borrower a certificate as to
the amount of such loss or expense, which certificate shall be conclusive in the absence of
manifest error.

          SECTION 2.15. Computation of Interest and Fees. Interest based on the Bank Bill
Rate-Australia or the Bank Bill Rate-New Zealand shall be computed on the basis of a year of 365
days and paid for the actual number of days elapsed (including the first day but excluding the last
day), and interest based on the Euro-Dollar Rate, interest on Deposit Rate Loans and all fees
payable hereunder shall be computed on the basis of a year of 360 days and paid for the actual
number of days elapsed (including the first day but excluding the last day).

          SECTION 2.16. Regulation D Compensation. In accordance with the Loan Note Deed Poll and
the Loan Notes, a Bank may require the Borrower to pay, contemporaneously with each payment of
interest on Euro-Dollar Loans, additional interest on each Euro-Dollar Loan of such Bank at a rate
per annum determined by such Bank up to but not exceeding the excess of (i) (A) the applicable
London Interbank Offered Rate divided by (B) one minus the Euro-Dollar Reserve Percentage over (ii)
the applicable London Interbank Offered Rate. Any Bank wishing to require payment of such
additional interest (x) shall so notify the Borrower and the Facility Agent, in which case such
additional interest on the Euro-Dollar Loans of such Bank shall be payable to such Bank at the
place indicated in such notice with respect to each Interest Period commencing at least three
Euro-Dollar Business Days after the giving of such notice and (y) shall notify the Borrower at
least five Euro-Dollar Business Days prior to each date on which interest is payable on the
Euro-Dollar Loans of the amount then due it under this subsection.

          SECTION 2.17. Currency Translations. (a) The Australian Dollar Amount of each Tranche A
Loan in U.S. Dollars shall be determined by the Facility Agent (i) on the date of borrowing, as to
each such Tranche A Loan borrowed on such date and (ii) on the last day of each Interest Period, as
to each such Tranche A Loan outstanding on such date. If after giving effect to any such
determination pursuant to the preceding sentence, the aggregate Australian Dollar Amount of the
Tranche A Loans exceeds an amount equal to 105% of the original Australian Dollar Amount thereof,
the Borrower shall, in accordance with the Loan Note Deed Poll and the Loan Notes, prepay such
principal amount (together with accrued interest thereon) of the outstanding Tranche A Loans, if
any Tranche A Loans are then outstanding, as may be necessary to eliminate such excess. Such
prepayment shall be made at the end of the then current Interest Period applicable thereto.

          (b) The Australian Dollar Amount of each Tranche B Loan in U.S. Dollars shall be determined by
the Facility Agent (i) on the date of borrowing, as to each such Tranche B Loan borrowed on such
date and (ii) on the last day of each Interest Period, as to each such Tranche B Loan outstanding
on such date. If after giving effect to any such determination pursuant to the preceding sentence,
the aggregate Australian Dollar Amount of the Tranche B Loans exceeds an amount equal to 105% of
the original Australian Dollar Amount thereof, the Borrower shall, in accordance with the Loan Note
Deed Poll and the Loan Notes, prepay such principal amount (together with accrued interest thereon)
of the outstanding Tranche B Loans, if any Tranche B Loans are then outstanding, as may be
necessary to eliminate such excess. Such prepayment shall be made at the end of the then current
Interest Period applicable thereto.

          (c) The Australian Dollar Amount of each Tranche C Loan in New Zealand Dollars shall be
determined by the Facility Agent (i) on the date of borrowing, as to each such Tranche C Loan
borrowed on such date and (ii) on the last day of each Interest Period, as to each such Tranche C
Loan outstanding on such date. If after giving effect to any such determination pursuant to the
preceding

19

 

sentence, the aggregate Australian Dollar Amount of the Tranche C Loans exceeds an amount
equal to 105% of the original Australian Dollar Amount thereof, the Borrower shall, in accordance
with the Loan Note Deed Poll and the Loan Notes, prepay such principal amount (together with
accrued interest thereon) of the outstanding Tranche C Loans, if any Tranche C Loans are then
outstanding, as may be necessary to eliminate such excess. Such prepayment shall be made at the
end of the then current Interest Period applicable thereto.

          SECTION 2.18. Judgment Currency. If for the purpose of obtaining judgment in any court it
is necessary to convert a sum due from the Borrower under any of the Credit Documents in the
currency expressed to be payable herein or under the Loan Notes (the “relevant currency”) into
another currency, the parties hereto agree, to the fullest extent that they may effectively do so,
that the rate of exchange used shall be that at which, in accordance with normal banking
procedures, the Facility Agent could purchase the relevant currency with such other currency at the
Facility Agent’s New York office on the Business Day preceding that on which final judgment is
given. The obligations of the Borrower in respect of any sum due to any Bank or the Facility Agent
under any of the Credit Documents shall, notwithstanding any judgment in a currency other than the
relevant currency, be discharged only to the extent that on the Business Day following receipt by
such Bank or the Facility Agent (as the case may be) of any sum adjudged to be so due in such other
currency such Bank or the Facility Agent (as the case may be) may in accordance with normal banking
procedures purchase the relevant currency with such other currency; if the amount of the relevant
currency so purchased is less than the sum originally due to such Bank or the Facility Agent, as
the case may be, in the relevant currency, the Borrower agrees, to the fullest extent that it may
effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify
such Bank or the Facility Agent, as the case may be, against such loss, and if the amount of the
relevant currency so purchased exceeds (a) the sum originally due to any Bank or the Facility
Agent, as the case may be, in the relevant currency and (b) any amounts shared with other Banks as
a result of allocations of such excess as a disproportionate payment to such Bank under Section
9.4, such Bank or the Facility Agent, as the case may be, agrees to
remit such excess to the Borrower.

          SECTION 2.19. Public Offer Within s128F. (a) The Mandated Lead Arrangers severally
represent and warrant to the Borrower that (i) on behalf of the Borrower they have made invitations
for the subscription of Loan Notes and corresponding participations (in a form agreed with the
Borrower) to at least ten Persons, each of whom the officers of the Mandated Lead Arrangers
involved in the transactions contemplated hereby on a day to day basis believe carries on the
business of providing finance or investing or dealing in securities in the course of operating in
financial markets, for the purposes of s128F(3)(a)(i) of the Tax Act, and each of whom has been
disclosed to the Borrower; and (ii) the Mandated Lead Arrangers have not made, and the Mandated
Lead Arrangers severally undertake that they will not make, offers or invitations referred to in
clause (i) above to Persons whom such officers are aware or reasonably believe are Offshore
Associates of the Borrower or are Associates of any of the other offerees.

          (b) The Borrower confirms that none of the potential offerees whose names were disclosed to it
by the Mandated Lead Arrangers prior to the date of this Agreement was known or suspected by it to
be an Offshore Associate of the Borrower or an Associate of any other such offeree and it will
immediately advise the Mandated Lead Arrangers and the Facility Agent if any of the parties
disclosed to it by the Mandated Lead Arrangers or the Facility Agent is known or suspected by it to
be an Offshore Associate of the Borrower or an Associate of any other such offeree.

          (c) Each Bank listed in Schedule 1.1(a) represents and warrants to the Borrower that it is,
and at the time it acquires Loan Notes will be, carrying on the business of providing finance, or
investing or dealing in securities, in the course of operating in financial markets.

          (d) The Mandated Lead Arrangers will provide (and in connection with any Loan Notes held by or
issued to it, each Bank will provide) to the Borrower when reasonably requested by the Borrower any
factual information in its possession or which it is reasonably able to provide to assist the
Borrower to demonstrate (based upon tax advice received by the Borrower) that the public offer test
under

20

 

s128F of the Tax Act has been satisfied in relation to such Loan Notes and that s128F applies
to interest paid by the Borrower in relation to such Loan Notes notwithstanding s128F(6) of the Tax
Act, when to do so will not in such Mandated Lead Arranger’s or Bank’s reasonable opinion breach
any law or regulation or any duty of confidence.

          (e) The parties hereto confirm and agree that the transactions contemplated by this Agreement
constitute, for all purposes of the law of the State of New York and the laws of the United States,
a commercial loan transaction, and that neither the Loans nor the Loan Notes are intended to be
securities for purposes of the United States Securities Act of 1933 or any other securities laws of
the United States or of any State thereof.

          (f) Except as expressly set forth in this Section 2.19, none of the Mandated Lead Arrangers,
in their capacities as such, shall have any obligation, liability or responsibility whatsoever, or
shall make any representation or warranty whatsoever, under or in connection with any of the Credit
Documents or the transactions contemplated thereby.

          SECTION 2.20. Reliquefication Bills. (a) The Borrower irrevocably and for value
authorizes each Bank (at the option of such Bank) from time to time to prepare reliquefication
bills of exchange in relation to any Loan of such Bank denominated in Australian Dollars (each, a
“Reliquefication Bill”) and to sign them as drawer or endorser in the name of and on behalf of the
Borrower. The total face amount of all Reliquefication Bills prepared by any Bank and outstanding
in relation to any Loan must not at any time exceed the principal amount of such Loan plus
the total interest on such Loan for the relevant Interest Period. Each
Reliquefication Bill must mature on or before the last day of any relevant Interest Period.
Each Bank may realize or deal with any Reliquefication Bill prepared by it according to its own
discretion.

          (b) Each Bank shall indemnify the Borrower on demand against all liabilities, costs and
expenses incurred by the Borrower by reason of its being a party to a Reliquefication Bill prepared
by such Bank; provided, however, that such indemnification shall not affect any
obligation of the Borrower hereunder or under the Loan Note Deed Poll.

          (c) If a Reliquefication Bill is presented to the Borrower by a Bank and the Borrower
discharges it by payment, the amount of that payment will be deemed to have been applied against
amounts payable to such Bank.

          (d) The Borrower will not be required to gross up, indemnify or make any payment (including
payments required under Section 8.4) above the face amount of a Reliquefication Bill in connection
with any Bank’s preparation of such Reliquefication Bill.

ARTICLE III

CONDITIONS

          SECTION 3.1. Closing. This Agreement shall become effective, and the closing hereunder
shall occur, upon receipt by the Facility Agent of the following documents, each dated the Closing
Date unless otherwise indicated:

          (a) this Agreement, duly executed by each of the parties hereto, and the Loan Note Deed Poll,
duly executed by the Borrower and delivered to the Facility Agent in escrow;

          (b) an opinion of David S. Carroll, Counsel of the Borrower, substantially in the form of
Exhibit E hereto and covering such additional matters relating to the transactions contemplated
hereby as the Facility Agent may reasonably request;

21

 

          (c) an opinion of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel for the
Facility Agent, substantially in the form of Exhibit F hereto and covering such additional matters
relating to the transactions contemplated hereby as the Facility Agent may reasonably request, and
an opinion of Allens Arthur Robinson, special Australian counsel for the Facility Agent, covering
such matters relating to the transactions contemplated hereby as the Facility Agent may reasonably
request;

          (d) all documents the Facility Agent may reasonably request relating to the existence of the
Borrower, the corporate authority for and the validity of the Credit Documents, and any other
matters relevant hereto, all in form and substance satisfactory to the Facility Agent;

          (e) evidence satisfactory to the Facility Agent that the Borrower is a registered foreign
company in Australia;

          (f) for each Bank, a letter (which letter may consist of the Notice of Borrowing referenced in
clause (g) below) from the Borrower dated at least three Business Days prior to the Closing Date
containing break funding indemnification language in favor of such Bank in case the Closing Date
does not occur on the date notified to such Bank by the Borrower;

          (g) evidence satisfactory to the Facility Agent that the outstanding principal amount of and
interest on the “Loans” under, and as defined in, and all other amounts owing under or in respect
of, the Existing Subscription Agreement to any “Bank” thereunder, shall have been (or shall
simultaneously be) paid in full, and all commitments to extend credit thereunder shall have been
terminated, in each case in a manner satisfactory to the Facility Agent. To effect the
foregoing payment, the Borrower shall be deemed to have borrowed Loans from the Banks and the Banks
shall be deemed to have made Loans to the Borrower, and each Bank that is not a “Bank” under the
Existing Subscription Agreement and each Bank whose aggregate outstanding principal amount of Loans
to be made pursuant to this clause (g) is greater than such Bank’s aggregate outstanding principal
amount of “Loans” under the Existing Subscription Agreement shall have funded Loans, so that after
giving effect to such deemed and/or funded Loans, the Loans described in the Notice of Borrowing
delivered by the Borrower to the Facility Agent as required by Section 2.2 for the Borrowings on
the Closing Date shall be held by the respective Banks ratably in accordance with the amounts of
their respective Commitments; and

          (h) evidence satisfactory to the Facility Agent that the Borrower shall have paid all fees and
expenses due and payable as of or before the Closing Date to the Facility Agent and the Banks.

The Facility Agent shall promptly notify the Borrower and the Banks of the Closing Date, and such
notice shall be conclusive and binding on all parties hereto.

          SECTION 3.2. Borrowings. The obligation of any Bank to make a Loan by subscribing to Loan
Notes on the occasion of any Borrowing is subject to the satisfaction of the following conditions:

     (a) the fact that the Closing Date shall have occurred on or prior to August 31, 2011;

     (b) receipt by the Facility Agent of a Notice of Borrowing as required by Section 2.2;

     (c) the fact that, immediately after such Borrowing, (i) the Total Outstandings will
not exceed the Total Commitments; (ii) if such Borrowing is a Tranche A Borrowing, the
Tranche A Outstandings will not exceed the Tranche A Commitments; (iii) if such Borrowing is
a Tranche B Borrowing, the Tranche B Outstandings will not exceed the Tranche B Commitments
and (iv) if such Borrowing is a Tranche C Borrowing, the Tranche C Outstandings will not
exceed the Tranche C Commitments;

22

 

     (d) the fact that, immediately before and after such Borrowing, no Default shall have
occurred and be continuing; and

     (e) the fact that the representations and warranties of the Borrower contained in
Sections 4.1 through 4.4(a) and 4.6 through 4.12 shall be true and correct on and as of the
date of such Borrowing as if made on and as of such date.

Each Borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the
date of such Borrowing as to the facts specified in clauses (c), (d) and (e) of this Section.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

          The Borrower represents and warrants that:

          SECTION 4.1. Corporate Existence and Power. The Borrower and each of its Significant
Subsidiaries has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the jurisdiction of its incorporation and has qualified as a foreign corporation
in each other jurisdiction where the failure so to qualify would have a material adverse effect on
its business or properties, and the Borrower has all corporate powers required to carry
on its business as now conducted and to enter into and carry out the transactions contemplated by
the Credit Documents.

          SECTION 4.2. Corporate and Government Authorization. The execution, delivery and
performance by the Borrower of the Credit Documents have been duly authorized by all necessary
corporate action, require no action by or in respect of, or filing with, any governmental body,
agency or official and do not contravene or constitute a default under (a) the certificate of
incorporation or by-laws of the Borrower or (b) any law or regulation applicable to the Borrower or
(c) any agreement, judgment, injunction, order, decree or other instrument binding upon the
Borrower or result in the creation or imposition of any Lien on any material asset of the Borrower.

          SECTION 4.3. Binding Effect. This Agreement and the Loan Note Deed Poll constitute valid,
binding and enforceable obligations of the Borrower and the Loan Notes, if and when executed and
delivered in accordance with this Agreement, will constitute valid, binding and enforceable
obligations of the Borrower.

          SECTION 4.4. Financial Information. (a) The consolidated balance sheet of the Borrower
and its Consolidated Subsidiaries as of December 31, 2010 and the related consolidated statements
of income, shareholders’ equity and cash flows for the fiscal year then ended, reported on by
PricewaterhouseCoopers LLP, copies of which have been delivered to the Banks, fairly present, in
conformity with generally accepted accounting principles, the consolidated financial position of
the Borrower and its Consolidated Subsidiaries as of such date and their consolidated results of
operations and cash flows for such fiscal year.

          (b) Since December 31, 2010, there has been no change in the business, financial position or
results of operations of the Borrower which would have a material adverse effect on the ability of
the Borrower to perform its obligations under the terms of this Agreement and its Loan Notes.

          SECTION 4.5. Litigation; Defaults. There is no action, suit or proceeding pending, or to
the knowledge of the Borrower threatened, against or affecting the Borrower or any of its
Significant Subsidiaries before any court or arbitration tribunal or any governmental department,
administrative agency or instrumentality, which, in the case of actions, suits or proceedings
pending or threatened, is likely to, or, in the case of actions, suits or proceedings affecting the
Borrower or any of its Significant Subsidiaries, will, materially adversely affect the ability of
the Borrower to perform its obligations under

23

 

the Credit Documents in accordance with their terms.
The Borrower and its Significant Subsidiaries are not in default in any respect which is likely to
have a material adverse effect on the consolidated financial position or consolidated results of
operations of the Borrower and its Consolidated Subsidiaries with respect to any law, rule,
regulation order, writ, judgment, injunction, decree, determination or award presently in effect
and applicable to the Borrower or any of its Significant Subsidiaries.

          SECTION 4.6. Taxes. The Borrower and its Significant Subsidiaries have filed all United
States federal income tax returns and all other material tax returns which are required to be filed
and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the
Borrower or any of its Significant Subsidiaries, except such taxes, if any, as are not required to
be paid by reason of the provisions of Section 5.2. The charges, accruals and reserves on the
books of the Borrower and its Significant Subsidiaries in respect of any taxes or other
governmental charges are, in the opinion of the Borrower, adequate in the aggregate.

          SECTION 4.7. Patents, Trademarks, etc.
The Borrower and its Significant Subsidiaries own and possess such patents, trademarks,
service marks, trade names, copyrights, or rights in any thereof, as in the aggregate are adequate
in the judgment of the Borrower for the conduct of the business of the Borrower and its Significant
Subsidiaries as now conducted.

          SECTION 4.8. Compliance with ERISA. Each member of the ERISA Group has fulfilled its
obligations under the applicable minimum funding standards of ERISA and the Internal Revenue Code
with respect to each Plan (except as otherwise permitted under ERISA or the Internal Revenue Code)
and is in compliance in all material respects with the presently applicable provisions of ERISA and
the Internal Revenue Code, and does not have any present liability to the PBGC under Title IV of
ERISA or any withdrawal liability to any Plan under Title IV of ERISA.

          SECTION 4.9. Investment Company Act. The Borrower is not, and immediately after the
application of the proceeds of each Loan hereunder will not be, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

          SECTION 4.10. Compliance with Laws. The Borrower and its Significant Subsidiaries are in
compliance with all applicable statutes, ordinances, rules and regulations, except where a lack of
compliance therewith could not reasonably be expected to have a material adverse effect on the
ability of the Borrower to perform its obligations under the terms of the Credit Documents. In the
ordinary course of its business, the Borrower conducts an ongoing review of the effect of
Environmental Laws on the business, operations and properties of itself and its Subsidiaries, in
the course of which it identifies and evaluates associated liabilities and costs (including,
without limitation, any capital or operating expenditures required for clean-up or closure of
properties presently or previously owned, any capital or operating expenditures required to achieve
or maintain compliance with environmental protection standards imposed by law or as a condition of
any license, permit or contract, any related constraints on operating activities, including any
periodic or permanent shutdown of any facility or reduction in the level of or change in the nature
of operations conducted thereat, any costs or liabilities in connection with off-site disposal of
wastes or hazardous substances, and any actual or potential liabilities to third parties, including
employees, and any related costs and expenses). On the basis of this review, the Borrower has
reasonably concluded that such associated liabilities and costs, including the costs of compliance
with Environmental Laws, could not reasonably be expected to have a material adverse effect on its
ability to perform its obligations under the terms of the Credit Documents.

          SECTION 4.11. Full Disclosure. All information heretofore furnished by the Borrower to the
Facility Agent or any Bank for purposes of or in connection with this Agreement or any transaction
contemplated hereby is, and all such information hereafter furnished by the Borrower to the
Facility Agent or any Bank hereunder will be, true and accurate in all material respects on the
date as of which such information is stated or certified and such information does not contain and
will not contain any untrue statement of a material fact and such information does not omit and
will not omit to state a material fact necessary to make the statements contained in such
information, in light of the

24

 

circumstances under which they were made, not misleading. The
Borrower has disclosed to the Facility Agent and each Bank in writing any and all facts known to
the Borrower which could reasonably be expected to have a material adverse effect on the ability of
the Borrower to perform its obligations under the terms of the Credit Documents.

          SECTION 4.12. Margin Regulations. The proceeds of the Loans made under this Agreement to the Borrower will be used by it for its
general corporate purposes. None of such proceeds will be used in violation of Regulation T, U or
X of the Board of Governors of the Federal Reserve System.

ARTICLE V

COVENANTS

          The Borrower agrees that, so long as any Bank has any Commitment hereunder or any amount
payable under the Credit Documents by the Borrower remains unpaid:

     SECTION 5.1. Information. The Borrower will deliver to each of the Banks:

     (a) as soon as available and in any event within 100 days after the end of each fiscal
year of the Borrower, the balance sheet of the Borrower and the consolidated balance sheet
of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the
related statements and consolidated statements of income, cash flows and changes in
stockholders’ equity for such fiscal year, setting forth in each case in comparative form
the figures for the previous fiscal year, all certified by PricewaterhouseCoopers LLP or
other independent public accountants of nationally recognized standing;

     (b) as soon as available and in any event within 60 days after the end of each of the
first three quarters of each fiscal year of the Borrower, a consolidated balance sheet of
the Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related
consolidated statements of income and cash flows for such quarter and for the portion of the
Borrower’s fiscal year ended at the end of such quarter, setting forth in the case of such
consolidated statements of income and cash flows, in comparative form the figures for the
corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year,
all certified (subject to normal year-end adjustments) as to fairness of presentation,
generally accepted accounting principles and consistency by the chief financial officer or
the chief accounting officer of the Borrower;

     (c) as soon as practicable after the filing thereof, copies of all filings on Form 8-K
which the Borrower shall have filed with the Securities and Exchange Commission;

     (d) forthwith upon the occurrence of any Default, a certificate of the Chairman,
President, any Vice President or Treasurer of the Borrower setting forth the details thereof
and the action which the Borrower is taking or proposes to take with respect thereto;

     (e) simultaneously with the delivery by the Borrower of each set of financial
statements and each report referred to in clauses (a) and (b) above and clause (k) below, a
certificate of the chief financial officer, the Treasurer or the Comptroller of the Borrower
stating whether there exists on the date of such certificate any Default and, if any Default
then exists, specifying the nature and period of existence thereof and the action the
Borrower is taking and proposes to take with respect thereto;

     (f) simultaneously with the delivery of the consolidated financial statements of the
Borrower and its Consolidated Subsidiaries referred to in clause (a) above, a statement of
the firm

25

 

of independent public accountants which audited such financial statements to the
effect that in the course of their audit of such financial statements nothing has come to
their attention to lead them to believe that there exists any Default, it being understood
that the examination of such accountants cannot be relied upon to give them knowledge of any
Default;

     (g) promptly upon the mailing thereof to the shareholders of the Borrower, copies of
all financial statements, reports and proxy statements which the Borrower shall have sent to
its shareholders;

     (h) promptly upon the filing thereof, copies of all registration statements and
periodic reports which the Borrower shall have filed with the Securities and Exchange
Commission;

     (i) promptly after any member of the ERISA Group (i) gives or is required to give
notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with
respect to any Plan which might constitute grounds for a termination of such Plan under
Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required
to give notice of any such reportable event, a copy of the notice of such reportable event
given or required to be given to the PBGC; (ii) receives notice of complete or partial
withdrawal liability under Title IV of ERISA, a copy of such notice; or (iii) receives
notice from the PBGC under Title IV of ERISA of an intent to terminate or appoint a trustee
to administer any Plan, a copy of such notice; provided that the Borrower shall have
no obligation under this subsection (i) to deliver a notice relating to a Multi-employer
Plan unless it has knowledge that such notice has been given or is required to be given or
has been received, as specified in clause (i), (ii) or (iii) above;

     (j) prompt written notice of any of the actions, suits, proceedings, judgments, orders,
awards or decrees referred to in Section 4.5 if the Borrower is not at the time subject to
the reporting requirements of the Securities Exchange Act of 1934, as amended; and

     (k) from time to time such additional information regarding the financial position or
business of the Borrower or any of its Significant Subsidiaries as the Facility Agent, at
the request of any Bank, may reasonably request.

     SECTION 5.2. Corporate Existence; Maintenance of Properties; Insurance; Payment of Taxes.
The Borrower will, and will cause each of its Significant Subsidiaries to:

     (a) except as permitted by Section 5.4, do all things necessary to preserve and keep in
full force and effect its corporate existence, rights and franchises, provided that
nothing in this clause (a) shall prevent the abandonment or termination of the corporate
existence, rights or franchises of any such Significant Subsidiary which, in the opinion of
the Board of Directors of the Borrower, is in the best interests of the Borrower and not
disadvantageous in any material respect;

     (b) maintain its plant and property used in its continuing operations in good repair,
working order and condition;

     (c) insure its assets and business in such manner and to such extent as is customary
for companies engaged in the same or similar businesses in similar locations; and

     (d) pay and discharge all taxes, assessments and governmental charges or levies imposed
upon it or upon its income or profits, or upon any properties or assets of the Borrower or
any such Significant Subsidiary; provided that it shall not be required to pay or
discharge any such tax, assessment, charge, levy or claim which

     (i) is being contested in good faith by appropriate proceedings and for

26

 

which
the Borrower’s aggregate tax reserves are deemed by it to be adequate, or

     (ii) is asserted or imposed by any government or taxing authority outside of
the United States if, in the opinion of the Board of Directors of the Borrower,
nonpayment or non-discharge is in the best interests of the Borrower and not
disadvantageous in any material respect to the Banks.

          SECTION 5.3. Negative Pledge. The Borrower will not create, assume or suffer to exist any
Lien on any of its property or assets now owned or hereafter acquired by the Borrower, except:

     (a) any Lien existing on the date of this Agreement and disclosed on Schedule 5.3;

     (b) any Lien on property or assets existing at the time of acquisition of such property
or assets by the Borrower and any Lien on property or assets of any corporation at the time
such corporation is merged with or into the Borrower;

     (c) any Lien on property or assets incurred or assumed for the purpose of financing all
or any part of the purchase price of such property or assets prior to, concurrently with, or
within 120 days after the acquisition thereof;

     (d) any Lien arising pursuant to any Non-Recourse Receivables Transactions; and Liens
created by the Borrower or any of its Significant Subsidiaries as security for indebtedness
owing to AXP or to a Wholly-Owned Subsidiary of AXP or Liens arising from the sale or
disposition of notes, accounts receivable or other rights to receive payment by Borrower or
any of its Significant Subsidiaries to AXP or to any Wholly-Owned Subsidiary of AXP
including without limitation Liens granted by the Borrower or any of its Significant
Subsidiaries to secure its obligations in connection with the collection of such notes,
accounts receivable or other rights to receive payment;

     (e) any Lien arising out of the refinancing, extension, renewal or replacement of any
Lien permitted by any of the clauses of this Section 5.3, provided that the
principal amount of indebtedness secured thereby is not increased and is not secured by any
additional property or assets of the Borrower other than accessions and improvements on the
property or assets covered by the original Lien;

     (f) any Lien not in excess of U.S.$1,000,000 (or its equivalent in any other currency)
arising pursuant to any order of attachment, distraint or similar legal process arising in
connection with court proceedings so long as the claims secured thereby are being contested
in good faith by appropriate proceedings;

     (g) Liens for taxes, assessments and governmental charges or levies not at the time due
or which are being contested in good faith by appropriate proceedings;

     (h) Liens incident to the conduct of the Borrower’s business or the ownership of its
properties or assets which do not in the aggregate materially detract from the value of its
properties or assets or materially impair the use thereof in the operation of its business;

     (i) Liens on deposits of the Borrower with banks so long as such deposits are made in
connection with loans made by such banks to the Borrower or any of its affiliates;

     (j) Liens on real property to secure the payment of all or any part of the purchase
price of such real property or the cost of construction thereof or the cost of improvements
thereon or to secure any debt incurred prior to, at the time of or after the acquisition of
such real property for the purpose of financing all or any part of the purchase price
thereof, the costs of construction thereof or the costs of improvements thereto;

27

 

     (k) Liens on property existing at the time of acquisition of such property by the
Borrower or any of its Significant Subsidiaries or to secure the payment of all or any part
of the purchase price of such property or the cost of construction thereof or to secure any
debt incurred prior to, at the time of, or within 120 days following the acquisition of such
property for the purpose of financing all or any part of the purchase price thereof, the
costs of construction thereof, or the costs of improvements to such property, provided that
such Lien attaches to such property concurrently with or within 120 days after the
acquisition thereof by the Borrower or such Significant Subsidiary or, in the case of
construction of or improvements to property, within 120 days after the Borrower or such
Significant Subsidiary incurs the debt secured by such Lien;

     (l) Liens arising out of capitalized lease obligations;

     (m) Liens on any asset of any corporation at the time such corporation becomes a
Significant Subsidiary of the Borrower and not created in contemplation of such event;

     (n) Liens on any asset of the Borrower or any of its Significant Subsidiaries in favor
of the United States of America or any State thereof or any department, agency or
instrumentality or political subdivision of the United States of America or any state
thereof, or in favor of any other country or any political subdivision thereof, to secure
partial, progress, advance or other payments pursuant to any contract or statute;

     (o) Liens in favor of any customer to secure partial, progress, advance or other
payments for goods produced for, or services rendered to, such customer by the Borrower or
any of its Significant Subsidiaries in the ordinary course of business not exceeding the
amount of such payments;

     (p) Liens for taxes, assessments and governmental charges or levies not required to be
paid at any time and Liens resulting from or arising out of legal proceedings being
contested in good faith or not involving amounts claimed at any time aggregating in excess
of $20,000,000 (or its equivalent in any other currency);

     (q) Liens arising out of deposits with, or the giving of security to, or as required by
any governmental agency or any body created or approved by law or governmental regulation,
which are required as a condition to the transaction of any business (including the issuance
of travelers’ cheques or money orders or the insuring of risk) or the obtaining or exercise
of any privilege or license or to enable the Borrower or any of its Significant Subsidiaries
to maintain self-insurance or to participate in any arrangements established by law to cover
any insurance risks or in connection with workers’ compensation, unemployment insurance, old
age pensions, social security or similar matters;

     (r) Liens incurred by the Borrower or any of its Significant Subsidiaries in connection
with any transaction (including an agreement with respect thereto) now existing or hereafter
entered into which is a rate swap transaction, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, currency swap transaction, cross-currency rate swap
transaction, currency option or any other similar transaction (including any option with
respect to any of these transactions) and any combination of these transactions, parallel
loans, back-to-back loans or other similar arrangements or contracts, in each case entered
into in the ordinary course of business for the purpose of asset and liability management;

     (s) Liens (in addition to those Liens permitted under the other clauses of this Section
5.3) on real property of the Borrower or any its Significant Subsidiaries so long as the
aggregate amount of the debt secured by such Liens does not exceed $300,000,000 (or its
equivalent in any other currency) in the aggregate at any one time outstanding;

28

 

     (t) Liens on shares of capital stock of an Acquired Company incurred in connection with
the acquisition thereof until such time as such Acquired Company shall become a Wholly-Owned
Subsidiary of the Borrower;

     (u) Liens arising out of the financing by the Borrower or any of its Significant
Subsidiaries of accounts receivable or other rights to receive payment arising in connection
with the business conducted by the Borrower or any Subsidiary of the Borrower, including,
without limitation, the business of issuing American Express® Cards;

     (v) Liens arising by operation of law such as carriers’, workers’, mechanics’,
materialmen’s or other similar Liens;

     (w) Liens on cash, cash equivalents or securities issued or fully guaranteed by the
United States of America or any agency of the United States of America owned by the Borrower
or any of its Significant Subsidiaries created to secure obligations owing by the Borrower
or any affiliate of the Borrower to American Express Centurion Bank, or to any of its
successors or to other Subsidiaries of the Borrower that are subject to federal or state
banking regulation, so long as they are wholly-owned by the Borrower or to any of their
Wholly-Owned Subsidiaries in connection with the card or merchandise services business;

     (x) Liens on any assets of a corporation or on the stock thereof existing at the time
such corporation is merged into or consolidated with the Borrower or one of its Significant
Subsidiaries or at the time of the sale, lease or other disposition of the assets or stock
of such corporation to the Borrower or one of its Significant Subsidiaries if created to
secure payment of the purchase price paid by the Borrower or such Significant Subsidiary in
connection with such merger, consolidation, sale, lease or other disposition;

     (y) other Liens (whether or not on real property) so long as the aggregate of all debt
secured thereby does not, at any time on or after the date which is six months after the
date of incurrence of any such Lien, exceed in the aggregate at any one time outstanding,
10% of consolidated shareholder’s equity of the Borrower and its Consolidated Subsidiaries
as of the end of the previous fiscal year, as shown on the most recent annual consolidated
balance sheet of the Borrower and its Consolidated Subsidiaries; and

     (z) other Liens so long as the aggregate of all indebtedness or any other liabilities
secured thereby does not exceed U.S.$10,000,000 (or its equivalent in any other currency) in
the aggregate at any one time outstanding.

          SECTION 5.4. Consolidations, Mergers, etc. (a) The Borrower will not dissolve or
liquidate.

          (b) The Borrower will not merge or amalgamate with or into, or consolidate with, any other
Person; provided that any Person may be merged or amalgamated with or into the Borrower if
the Borrower is the surviving corporation and immediately after giving effect to such merger or
amalgamation no Default would exist.

          SECTION 5.5. Sale of Assets. The Borrower will not sell, lease, transfer, liquidate or
otherwise dispose of substantially all of its property or assets now owned or hereafter acquired in
a single transaction or a series of related transactions.

          SECTION 5.6. Compliance with Laws. The Borrower will, and will cause each of its
Significant Subsidiaries to, comply with all applicable
statutes, ordinances, rules and regulations, except where a lack of compliance therewith could not
reasonably be expected to have a material adverse effect on the ability of the Borrower to perform
its obligations under the terms of this Agreement and the Loan Notes.

29

 

          SECTION 5.7. Financial Covenant. The Borrower will not permit the Earnings Available for
Fixed Charges for any full fiscal year of the Borrower and for the period from the end of the prior
full fiscal year of the Borrower through the most recent full fiscal quarter of the current fiscal
year of the Borrower to be less than 1.25 times the Fixed Charges of the Borrower for such full
fiscal year and for such period.

          SECTION 5.8. Use of Proceeds. The Borrower will use the proceeds of the Loans solely in
connection with its general corporate purposes, including its Australian receivables funding
business; provided that neither the Facility Agent nor any Bank nor any Mandated Lead
Arranger shall have any responsibility as to use of such proceeds.

          SECTION 5.9. Personal Property Securities Act. The Borrower will promptly take all
reasonable steps which are prudent for its business under or in relation to the Personal Properties
Securities Act 2009 (Cth), including, without limitation, the creation and implementation of
appropriate policies and systems, where failure to do so would be reasonably likely to have a
material adverse effect on the ability of the Borrower to perform its obligations under the terms
of this Agreement and the Loan Notes.

ARTICLE VI

DEFAULTS

          SECTION 6.1. Events of Default. If one or more of the following events (“Events of
Default”) shall have occurred and be continuing:

     (a) the Borrower shall (i) fail to pay any principal of any Loan when due or (ii) fail
to pay any interest on any Loan to it or any fee or any other amount payable by it hereunder
within ten days of the date when due;

     (b) the Borrower shall fail to observe or perform any covenant applicable to it
contained in Section 5.4, 5.5 or 5.7;

     (c) the Borrower shall fail to observe or perform any covenant or agreement applicable
to it contained in any of the Credit Documents (other than those covered by clause (a) or
(b) above) for 30 days after notice thereof has been given to the Borrower by the Facility
Agent at the request of any Bank;

     (d) any representation, warranty, certification or statement made by the Borrower in
this Agreement or in any certificate, financial statement or other document delivered
pursuant to this Agreement shall prove to have been incorrect in any material respect when
made or deemed made;

     (e) failure by the Borrower to pay when due, or within any applicable period of grace,
principal, interest or other amounts with respect to any indebtedness or liability (by way
of guaranty or otherwise) for borrowed money (other than amounts payable under surety bonds
and other insurance instruments issued in the ordinary course of business, so long as the
obligation to pay such amounts is being contested in good faith) in excess of
U.S.$50,000,000 (or its
equivalent in any other currency), other than any such failure resulting from a good
faith error made in the course of a bank clearing transaction or from a refusal to repay by
reason of a claimed right of set-off asserted in good faith;

     (f) failure by the Borrower or any of its Subsidiaries to observe or perform any term,
covenant or agreement contained in any agreement or instrument by which it is bound
evidencing or securing any indebtedness or liability (by way of guaranty or otherwise) for
borrowed money

30

 

(other than any surety bond or other insurance instrument issued in the
ordinary course of business, so long as the obligation to perform such term, covenant or
agreement is being contested in good faith) in excess of U.S.$50,000,000 (or its equivalent
in any other currency) for such period of time as has caused the acceleration of the
maturity thereof;

     (g) the Borrower shall commence a voluntary case or other proceeding, or shall file a
notice of intention to commence a case or proceeding, seeking liquidation, reorganization or
other relief with respect to itself or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
receiver and manager, interim receiver, liquidator, custodian or sequestrator or other
similar official of it or any substantial part of its property, or shall consent to any such
relief or to the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall generally not, or shall be unable to, or shall admit in
writing its inability to, to pay its debts as they become due, or shall take any corporate
action to authorize any of the foregoing (or any event analogous to those describe in this
subsection (g) shall occur in any other jurisdiction);

     (h) a court or other governmental agency having jurisdiction in the premises shall
enter a decree or order for relief against the Borrower in any involuntary case or other
proceeding under any bankruptcy, insolvency or other similar law now or hereafter in effect
or appointing a trustee, receiver, receiver and manager, interim receiver, liquidator,
custodian or sequestrator or other similar official of it or any substantial part of its
property, or ordering the winding up or liquidation of its affairs and such decree or order
shall remain unstayed and in effect for a period of 60 days (or any event analogous to those
describe in this subsection (h) shall occur in any other jurisdiction);

     (i) any member of the ERISA Group shall fail to pay when due an amount or amounts
aggregating in excess of U.S.$5,000,000 which it shall have become liable to pay to the PBGC
or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans
having aggregate Unfunded Vested Liabilities in excess of U.S.$10,000,000 (collectively, a
“Material Plan”) shall be filed under Title IV of ERISA by any member of the ERISA
Group, any plan administrator or any combination of the foregoing; or the PBGC shall
institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be
appointed to administer any Material Plan or a proceeding wherein the amount claimed is in
excess of U.S.$10,000,000 shall be instituted by a fiduciary of any Plan against any member
of the ERISA Group to enforce Section 515 of ERISA; or a condition shall exist by reason of
which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan of
the ERISA Group must be terminated; or

     (j) one or more final judgments for the payment of money shall be rendered by a court
or courts of competent jurisdiction against one or more of the Borrower or any Significant
Subsidiary of the Borrower in an aggregate amount for all such Persons at any time in excess
of U.S.$50,000,000 (or its equivalent in any other currency) and the Borrower or any
Significant Subsidiary of the Borrower shall not discharge the same or provide for such
discharge or procure a stay of execution thereof within 30 days (or 60 days with respect to
judgments in jurisdictions outside the United States) after the date of entry thereof and
within said period of 30 or 60 days (or such longer period during which execution of such
judgment shall have been stayed) appeal therefrom and cause the execution thereof to be
stayed during such appeal;

then, and in every such event, the Facility Agent shall (i) if requested by Banks having at least
66-2/3% in aggregate amount of the Commitments, by notice to the Borrower terminate the Commitments
and the Borrower shall thereupon no longer be entitled to borrow hereunder, and (ii) if requested
by Banks holding at least 66-2/3% of the aggregate principal amount of the Loans, by notice to the
Borrower declare the Loans (together with accrued interest thereon) to be, and the Loans (together
with accrued interest thereon) shall thereupon become, immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower; provided that in the

31

 

case of any of the Events of Default specified in clause (g)
or (h) above, without any notice to the Borrower or any other act by the Facility Agent or the
Banks, the Commitments shall thereupon terminate and the Borrower shall no longer be entitled to
borrow hereunder, and the Loans outstanding (together with accrued interest thereon) to such
Borrower shall become immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower.

          SECTION 6.2. Notice of Default. The Facility Agent shall give notice to the Borrower under
Section 6.1(c) promptly upon being requested to do so by any Bank and shall thereupon notify all
the Banks thereof.

ARTICLE VII

THE FACILITY AGENT

          SECTION 7.1. Appointment and Authorization. Each Bank irrevocably appoints and authorizes
the Facility Agent to take such action as agent on its behalf and to exercise such powers under the
Credit Documents as are delegated to the Facility Agent by the terms hereof or thereof, together
with all such powers as are reasonably incidental thereto. Notwithstanding any provision to the
contrary elsewhere in this Agreement, the Facility Agent shall not have any duties or
responsibilities, except those expressly set forth in the Credit Documents, or any fiduciary
relationship with any other Bank, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into the Credit Documents or any other document delivered
in connection herewith or otherwise exist against the Facility Agent.

          SECTION 7.2. Facility Agent and Affiliates. Citisecurities and its affiliates shall have
the same rights and powers under the Credit Documents as any other Bank and may exercise or refrain
from exercising the same as though it were not the Facility Agent, and Citisecurities and its
affiliates may accept deposits from, lend money to, and generally engage in any kind of business
with the Borrower or any Subsidiary or affiliate of the Borrower as if it were not the Facility
Agent.

          SECTION 7.3. Action by Facility Agent. The obligations of the Facility Agent hereunder are
only those expressly set forth in the Credit Documents. Without limiting the generality of the
foregoing, the Facility Agent:

     (i) shall not be required to take any action with respect to any Default, except as
expressly provided in Article VI;

     (ii) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Credit Documents that the Facility Agent is required to exercise as directed
in writing by the Required Banks (or such other number or percentage of the Banks as shall
be expressly provided for herein or in the other Credit Documents); provided that the Facility Agent
shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Facility Agent to liability or that is contrary to any Credit Document or
applicable law, including for the avoidance of doubt any action that may be in violation of
the automatic stay under any debtor relief law or that may effect a forfeiture, modification
or termination of property of a Defaulting Bank in violation of any debtor relief law;

     (iii) shall not, except as expressly set forth herein and in the other Credit
Documents, have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to the Borrower or any of its affiliates that is communicated to or
obtained by the Person serving as the Facility Agent or any of its affiliates in any
capacity.

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          SECTION 7.4. Consultation with Experts; Etc. The Facility Agent may consult with legal
counsel (who may be counsel for the Borrower), independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts. The Facility Agent
may rely on any certificate, communication, notice or other document (including any facsimile or
electronic transmission) it reasonably believes to be genuine and correct and to have been signed
or sent by or on behalf of such counsel, accountants or experts, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the making of a
Loan that by its terms must be fulfilled to the satisfaction of a Bank, the Facility Agent may
presume that such condition is satisfactory to such Bank unless the Facility Agent shall have
received notice to the contrary from such Bank prior to the making of such Loan. The Facility
Agent may employ agents and legal counsel and may delegate any of its rights or obligations in its
capacity as Facility Agent of the Banks without notifying the Banks of such delegation. The
Facility Agent agrees to exercise reasonable care in selecting any delegate and to supervise such
delegate’s actions; provided that the Facility Agent shall be responsible only for any loss
arising due to the fraud, gross negligence or willful misconduct of such delegate or the gross or
willful breach by such delegate of its obligations.

          SECTION 7.5. Liability of Facility Agent. Neither the Facility Agent nor any of its
affiliates nor any of their respective directors, officers, agents or employees shall be liable for
any action taken or not taken by it in connection with any of the Credit Documents (i) with the
consent or at the request of the Required Banks (or, when expressly required hereby, all the Banks)
or (ii) in the absence of its own gross negligence or willful misconduct. Neither the Facility
Agent nor any of its affiliates nor any of their respective directors, officers, agents or
employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any
statement, warranty or representation made in connection with any of the Credit Documents or any
borrowing hereunder; (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants or agreements of the Borrower; (iv) the satisfaction of any condition
specified in Article III, except receipt of items required to be delivered to the Facility Agent;
or (v) the validity, effectiveness or genuineness of any of the Credit Documents or any other
instrument or writing furnished in connection herewith. The Facility Agent shall not incur any
liability by acting in reliance upon any notice, consent, certificate, statement, or other writing
(which may be a bank wire, telex, facsimile transmission or similar writing) believed by it to be
genuine or to be signed by the proper party or parties.

          SECTION 7.6. Indemnification. Each Bank shall, ratably in accordance with its Commitment,
severally indemnify the Facility Agent, its affiliates and their respective directors, officers,
agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense
(including counsel fees and disbursements), claim, demand, action, loss or liability (except such
as result from such indemnitees’ gross negligence or willful misconduct) that such indemnitees may
suffer or incur in connection with this Agreement or any action
taken or omitted by such indemnitees under the Credit Documents. The agreements in this Section
shall survive the Commitments, the payment of the Loans and all other amounts payable hereunder.

          SECTION 7.7. Notice of Default. The Facility Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default hereunder unless the Facility Agent
has received written notice from a Bank or the Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the
event that the Facility Agent receives such a notice, the Facility Agent shall give notice thereof
to the Banks. The Facility Agent shall take such action with respect to such Default or Event of
Default as shall be reasonably directed by the Required Banks (or, if so specified by this
Agreement, all Banks); provided that unless and until the Facility Agent shall have
received such directions, the Facility Agent may (but shall not be obligated to) take such action,
or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Banks.

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          SECTION 7.8. Credit Decision. Each Bank acknowledges that it has, independently and
without reliance upon the Facility Agent or any other Bank, 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 Bank also acknowledges that it will, independently and without reliance upon
the Facility Agent or any other Bank, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking any
action under this Agreement and the other Credit Documents.

          SECTION 7.9. Successor Facility Agent. The Facility Agent may resign at any time by giving
notice thereof to the Banks and the Borrower. Upon any such resignation, the Required Banks shall
have the right to appoint a successor Facility Agent, subject to the approval of the Borrower
(which approval will not be unreasonably withheld provided that the successor meets the
requirements specified in the next sentence). If no successor Facility Agent shall have been so
appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the
retiring Facility Agent gives notice of resignation, then the retiring Facility Agent may, on
behalf of the Banks, appoint a successor Facility Agent, which shall be a commercial bank organized
or licensed under the laws of the United States of America or of any State thereof and having a
combined capital and surplus of at least U.S.$500,000,000. Upon the acceptance of its appointment
as Facility Agent hereunder by a successor Facility Agent, such successor Facility Agent shall
thereupon succeed to and become vested with all the rights and duties of the retiring Facility
Agent, and the retiring Facility Agent shall be discharged from its duties and obligations under
the Credit Documents. After any retiring Facility Agent’s resignation hereunder as Facility Agent,
the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Facility Agent.

          SECTION 7.10. Facility Agent’s Fee. The Borrower shall pay to the Facility Agent for its
own account fees in the amounts and at the times previously agreed upon between the Borrower and
the Facility Agent.

          SECTION 7.11. No Other Duties, etc.. Anything herein to the contrary notwithstanding, none
of the Mandated Lead Arrangers or Bookrunners listed on the cover page hereof shall have any
powers, duties or responsibilities under the Agreement or any of the other Credit Documents, except
in its capacity, as applicable, as the Facility Agent or a Bank.

ARTICLE VIII

CHANGE IN CIRCUMSTANCES

          SECTION 8.1. Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to
the first day of any Interest Period for any BBR-AUS Loan, Euro-Dollar Loan or BBR-NZ Loan:

     (a) the Facility Agent is advised by the applicable Reference Banks that deposits in
the relevant currency (in the applicable amounts) are not being offered to the applicable
Reference Banks in the relevant market for such Interest Period, or

     (b) Banks having 50% or more of the aggregate principal amount of the affected Loans
advise the Facility Agent that the Bank Bill Rate-Australia, London Interbank Offered Rate
or Bank Bill Rate-New Zealand, as the case may be, as determined by the Facility Agent will
not adequately and fairly reflect the cost to such Banks of funding or maintaining their
BBR-AUS Loans, Euro-Dollar Loans or BBR-NZ Loans, as the case may be, for such Interest
Period,

the Facility Agent shall forthwith give notice thereof to the Borrower and the Banks, whereupon
until the Facility Agent notifies the Borrower that the circumstances giving rise to such
suspension no longer exist, (i) the obligations of the Banks to make BBR-AUS Loans, Euro-Dollar
Loans or BBR-NZ Loans, as the case may be, or to continue or convert outstanding Loans as or into
BBR-AUS Loans, Euro-Dollar Loans

34

 

or BBR-NZ Loans shall be suspended and (ii) each outstanding
BBR-AUS Loan, Euro-Dollar Loan or BBR-NZ Loan shall be converted on the last day of the then
current Interest Period applicable thereto to a Deposit Rate Loan.

          SECTION 8.2. Illegality. If, on or after the date of this Agreement, the adoption of any
applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental authority, central bank
or comparable agency charged with the interpretation or administration thereof, or compliance by
any Bank (or its Applicable Lending Office) with any request or directive (whether or not having
the force of law) of any such authority, central bank or comparable agency shall make it unlawful
or impossible for any Bank (or its Applicable Lending Office) to make, maintain or fund its BBR-AUS
Loans, Euro-Dollar Loans or BBR-NZ Loans and such Bank shall so notify the Facility Agent, the
Facility Agent shall forthwith give notice thereof to the other Banks and the Borrower, whereupon
until such Bank notifies the Borrower and the Facility Agent that the circumstances giving rise to
such suspension no longer exist, the obligation of such Bank to make BBR-AUS Loans, Euro-Dollar
Loans or BBR-NZ Loans or to convert outstanding Loans into BBR-AUS Loans, Euro-Dollar Loans or
BBR-NZ Loans shall be suspended. Before giving any notice to the Facility Agent pursuant to this
Section, such Bank shall designate a different Applicable Lending Office if such designation will
avoid the need for giving such notice and will not, in the judgment of such Bank, be otherwise
disadvantageous to such Bank. If such notice is given, each BBR-AUS Loan, Euro-Dollar Loan, or
BBR-NZ Loan then outstanding shall be converted to a Deposit Rate Loan either (a) on the last day
of the then current Interest Period applicable to such Loan if such Bank may lawfully continue to
maintain and fund such Loan to such day or (b) immediately if such Bank shall determine that it may
not lawfully continue to maintain and fund such Loan to such day.

          SECTION 8.3. Increased Cost and Reduced Return. (a) If on or after the date hereof in the
case of any Loan or any obligation to make Loans, the adoption of any applicable law, rule or
regulation, or any change in any applicable law, rule or regulation, or any change in the
interpretation or administration thereof by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by any Bank (or its
Applicable Lending Office) with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency shall impose, modify or deem
applicable any reserve (including, without limitation, any such requirement imposed by the Board of
Governors of the Federal Reserve System, but excluding with respect to any Euro-Dollar Loan any
such requirement with respect to which such Bank is entitled to compensation during the relevant
Interest Period under Section 2.16), special deposit, insurance assessment or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Bank (or its
Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending Office) or the
London interbank market any other condition affecting its Loans, any of its Loan Notes or its
obligation to make Loans and the result of any of the foregoing is to increase the cost to such
Bank (or its Applicable Lending Office) of making or maintaining any Loan, or to reduce the amount
of any sum received or receivable by such Bank (or its Applicable Lending Office) under this
Agreement or under any of its Loan Notes with respect thereto, by an amount deemed by such Bank to
be material, then, within 15 days after demand by such Bank (with a copy to the Facility Agent),
the Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank
for such increased cost or reduction. Notwithstanding anything in this Agreement to the contrary,
for all purposes of this subsection (a), (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith are deemed to have been introduced or adopted after the date hereof, regardless of the
date enacted or adopted and (y) all requests, rules, guidelines or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to
“Basel III”, are each deemed to have been introduced or adopted after the date hereof, regardless
of the date enacted, adopted or issued.

          (b) If any Bank shall have determined that, after the date hereof, the adoption of any
applicable law, rule or regulation regarding capital adequacy, or any change in any such law, rule
or regulation, or any change in the interpretation or administration thereof by any governmental
authority,

35

 

central bank or comparable agency charged with the interpretation or administration
thereof, or any request or directive regarding capital adequacy or liquidity requirements (whether
or not having the force of law) of any such authority, central bank or comparable agency, has or
would have the effect of reducing the rate of return on capital of such Bank (or its Parent
Company) as a consequence of such Bank’s obligations hereunder to a level below that which such
Bank (or its Parent Company) could have achieved but for such adoption, change, request or
directive (taking into consideration its policies with respect to capital adequacy or liquidity
position) by an amount deemed by such Bank to be material, then from time to time, within 15 days
after demand by such Bank (with a copy to the Facility Agent), the Borrower shall pay to such Bank
such additional amount or amounts as will compensate such Bank (or its Parent Company) for such
reduction. Notwithstanding anything in this Agreement to the contrary, for all purposes of this
subsection (b), (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith are deemed to have
been introduced or adopted after the date hereof, regardless of the date enacted or adopted and (y)
all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to “Basel III”, are each
deemed to have been introduced or adopted after the date hereof, regardless of the date enacted,
adopted or issued.

          (c) Each Bank will promptly notify the Borrower and the Facility Agent of any event of which
it has knowledge, occurring after the date hereof, which will entitle such Bank to compensation
pursuant to this Section and will designate a different Applicable Lending Office if such
designation will avoid the need for, or reduce the amount of, such compensation and will not, in
the judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank
claiming compensation under this Section and setting forth the additional amount or amounts to be
paid to it hereunder shall be conclusive in the absence of manifest error. In determining such
amount, such Bank may use any reasonable averaging and attribution methods. Notwithstanding the
foregoing subsections (a) and (b) of this Section 8.3, the Borrower shall be obligated to
compensate any Bank only for any amount arising or accruing during (i) any time or period
commencing not more than 45 days prior to the date on which such Bank notifies the Facility Agent
and the Borrower that it proposes to demand such compensation and
identifies to the Facility Agent and the Borrower the statute, regulation or other basis upon
which the claimed compensation is or will be based and (ii) any time or period during which,
because of the retroactive application of such statute, regulation or other such basis, such Bank
did not know that such amount would arise or accrue.

     SECTION 8.4. Taxes. (a) For the purposes of this Section 8.4, the following terms have the
following meanings:

     “Taxes” means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings imposed, assessed, levied or collected by any
jurisdiction with respect to any payment by the Borrower pursuant to any Credit Document,
including any interest, additions to tax or penalties applicable thereto unless the
interest, additions to tax or penalties would not have arisen but for a Bank’s act or
failure to act, excluding (i) in the case of each Bank and the Facility Agent, taxes
imposed on its net income, and franchise or similar taxes imposed on it, by a jurisdiction
under the laws of which such Bank or the Facility Agent (as the case may be) is organized or
in which its principal executive office is located or, in the case of each Bank, in which
its Applicable Lending Office is located, (ii) any taxes imposed by reason of any connection
between the jurisdiction imposing such tax and such Bank or the Facility Agent (as the case
may be) other than a connection arising from such Bank or the Facility Agent (as the case
may be) having executed, delivered or performed its obligations under, received payment
under or enforced, or engaged in any other transaction pursuant to or enforced by any Credit
Document, (iii) any United States withholding tax (including back-up withholding) imposed on
such payments but only to the extent that such Bank is subject to United States withholding
tax at the time such Bank first becomes a party to this Agreement or thereafter becomes
subject to United States withholding tax for any reason other than a change in treaty, law
or regulation occurring subsequent to such time, and also excluding any Australian
withholding tax, other than

36

 

any Australian withholding tax imposed, assessed, levied or
collected in respect of amounts paid to a Bank by reason of a change in treaty, law or
regulation to the extent occurring after such Bank first becomes a party to this Agreement
and (iv) any taxes imposed under FATCA.

     “Other Taxes” means any present or future stamp or documentary taxes,
intangible, recording or filing taxes and any other excise or property taxes, or similar
charges or levies, which arise from any payment made pursuant to any Credit Document or from
the execution or delivery of, or otherwise with respect to, any Credit Document but not to
the extent that such taxes are described in clauses (i), (ii) or (iii) in the definition of
“Taxes” above.

          (b) Any and all payments by the Borrower to or for the account of any Bank or the Facility
Agent under any Credit Document shall be made free and clear and without deduction or withholding
for any Taxes or Other Taxes; provided that, if the Borrower shall be required by law to
deduct any Taxes or Other Taxes from any such payments, (i) it shall pay such additional amounts as
are necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) such Bank or the Facility Agent (as the case may be)
receives an amount equal to the sum it would have received had no such deductions been made, (ii)
the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to
the relevant taxation authority or other authority in accordance with applicable law and (iv) the
Borrower shall furnish to the Facility Agent, at its address referred to in Section 9.1, the
original or a certified copy of a receipt evidencing payment thereof.

          (c) The Borrower agrees to indemnify each Bank and the Facility Agent for the full amount of
Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed or asserted
by any jurisdiction on amounts payable under this Section) paid by such Bank or the Facility Agent
(as the case may be) and any penalties, interest and reasonable out-of-pocket expenses arising
therefrom or with respect thereto. Each affected Bank and the Facility Agent shall provide all
such information and documentation of amounts paid and the basis for the calculation thereof as the
Borrower
may reasonably request (other than its tax returns). This indemnification shall be paid
within 30 days after such Bank or the Facility Agent (as the case may be) makes demand therefor.

          (d) Each Bank organized under the laws of a jurisdiction outside the United States, on or
prior to the date of its execution and delivery of this Agreement in the case of each Bank listed
on the signature pages hereof and on or prior to the date on which it becomes a Bank in the case of
each other Bank, and from time to time thereafter if requested in writing by the Borrower (but only
so long as such Bank remains lawfully able to do so), shall provide the Borrower and the Facility
Agent with Internal Revenue Service Form W-8BEN or Form W- 8ECI, as appropriate, or any successor
form prescribed by the Internal Revenue Service, certifying that such Bank is entitled to benefits
under an income tax treaty to which the United States is a party which exempts the Bank from United
States withholding tax on payments of interest for the account of such Bank or certifying that the
income receivable pursuant to this Agreement is effectively connected with the conduct of a trade
or business in the United States and such other documentation as may be necessary to establish an
available exemption from withholding of United States taxes on payments and/or information
reporting under this Agreement. At the reasonable request of the Borrower, each Bank shall, to the
extent it is legally entitled to do so, promptly provide the Borrower and the Facility Agent with
any other non-United States form, document or certificate that may be required or reasonably
requested in order to allow the Borrower to make payment under this Agreement without any deduction
or withholding for or on account of any Taxes or Other Taxes or with such deduction or withholding
at a reduced rate.

          (e) For any period with respect to which a Bank has failed to provide the Borrower or the
Facility Agent with the appropriate form described in Section 8.4(d) (unless such failure is due to
a change in treaty, law or regulation occurring subsequent to the date on which such form
originally was required to be provided), such Bank shall not be entitled to indemnification under
Section 8.4(b) or (c) with respect to Taxes imposed by the United States; provided that if
a Bank, which is otherwise exempt from withholding tax, becomes subject to Taxes because of its
failure to deliver a form required

37

 

hereunder, the Borrower shall at such Bank’s expense take such
steps as such Bank shall reasonably request to assist such Bank to recover such Taxes.

          (f) If a payment made to a Bank under any Credit Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting
requirements of FATCA, such Bank shall deliver to the Borrower and the Facility Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower or the
Facility Agent such documentation prescribed by applicable law and such additional documentation
reasonably requested by the Borrower or the Facility Agent as may be necessary for the Borrower and
the Facility Agent to comply with their obligations under FATCA and to determine that such Bank has
complied with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold
from such payment. Solely for purposes of this clause (f), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.

          (g) If the Borrower is required, or reasonably determines that it will be required, to pay
additional amounts to or for the account of any Bank pursuant to this Section, then such Bank shall
take any steps reasonably available to it and acceptable to the Borrower, including without
limitation changing the jurisdiction of its Applicable Lending Office, if, in the reasonable
judgment of such Bank, such change (i) will eliminate or reduce any such additional payment which
may thereafter accrue and (ii) is not otherwise materially disadvantageous to such Bank and will
not require it to incur additional costs which are not reimbursed by the Borrower.

          (h) If the Facility Agent or any Bank receives a refund in respect of Taxes or Other Taxes for
which the Borrower has made additional payments under this Section, the Facility Agent or such
Bank, as the case may be, shall promptly pay such refund (together with any interest with respect
thereto received from the relevant taxing authority) to the Borrower; provided that the
Borrower, upon the request of such Bank or the Facility Agent, as the case may be, shall repay the
amount paid over to the
Borrower (plus interest with respect thereto due to the relevant taxing authority) in the
event such Bank or the Facility Agent, as the case may be, is required to repay such refund to the
applicable taxing authority.

          (i) To the extent required by any applicable law, the Facility Agent may withhold from any
payment to any Bank an amount equivalent to any applicable Taxes collected or assessed by any
governmental authority. Without limiting or expanding the provisions of Section 8.4, each Bank
shall indemnify and hold harmless the Facility Agent against, and shall make payable in respect
thereof within fifteen days after written demand therefor, any and all Taxes and any and all
related losses, claims, liabilities and expenses (including, without limitation, fees, charges and
disbursements of any counsel for the Facility Agent) incurred by or asserted against the Facility
Agent by the U.S. Internal Revenue Service or any other governmental authority as a result of the
failure of the Facility Agent to properly withhold any amounts from payments to or for the account
of such Bank for any reason (including, without limitation, because the appropriate form was not
delivered or not properly executed, or because such Bank failed to notify the Facility Agent of a
change in circumstance that rendered the exemption from, or reduction of such required withholding
ineffective), provided that no Bank shall be liable for the portion of any interest,
expenses or penalties that are found by a final non-appealable decision of a court of competent
jurisdiction to have resulted from the Facility Agent’s gross negligence or willful misconduct. A
certificate as to the amount of such payment or liability delivered to any Bank by the Facility
Agent shall be conclusive absent manifest error. Each Bank hereby authorizes the Facility Agent to
set off and apply any and all amounts at any time owing to such Bank under this Agreement or any
other instrument or document furnished pursuant hereto against any amount due the Facility Agent
under this Section 8.4(i). The agreements in this Section 8.4(i) shall survive the resignation
and/or replacement of the Facility Agent, any assignment of rights by, or the replacement of, a
Bank, the termination of the Commitments and the payment of the Loans and all amounts payable under
the Credit Documents.

          (j) Notwithstanding the foregoing subsections of this Section 8.4, the Borrower is not
required to pay any additional amount to any Bank or the Facility Agent under Section 8.4(b), and
Section 8.4(c) shall not apply, with respect to the amount of any Tax or Other Tax required under
the Tax

38

 

Act to be withheld or deducted from any interest or other payment where the withholding or
deduction is for Australian Withholding Tax in respect of any interest paid to an Offshore
Associate of the Borrower.

          SECTION 8.5. Loans Substituted for Affected Loans. If (i) the obligation of any Bank to
make Loans has been suspended pursuant to Section 8.2 or (ii) any Bank has demanded compensation
under Section 8.3 or 8.4 and the Borrower shall, by at least five Business Days’ prior notice to
such Bank through the Facility Agent, have elected that the provisions of this Section shall apply
to such Bank with respect to the Borrower, then, unless and until such Bank notifies the Borrower
that the circumstances giving rise to such suspension or demand for compensation no longer exist:

     (a) each Loan which would otherwise be made by such Bank to the Borrower as (or
continued as or converted into) BBR-AUS Loans, Euro-Dollar Loans or BBR-NZ Loans shall
instead be a Deposit Rate Loan; and

     (b) after each of its BBR-AUS Loans, Euro-Dollar Loans or BBR-NZ Loans to the Borrower
has been repaid (or converted as aforesaid), all payments of principal which would otherwise
be applied to repay such Loans shall be applied to repay its Deposit Rate Loan instead.

If such Bank notifies the Borrower that the circumstances giving rise to such notice no longer
apply, the principal amount of each such Deposit Rate Loan shall be converted into a BBR-AUS Loan,
Euro-Dollar Loan or BBR-NZ Loan on the first day of the next succeeding Interest Period applicable
to the related BBR-AUS Loans, Euro-Dollar Loans or BBR-NZ Loans of the other Banks.

          SECTION 8.6. Substitution of Bank. If any Bank has demanded compensation pursuant to Section 8.3 or 8.4 (or if the Borrower has
reasonably determined that it will be required to pay such compensation for the account of such
Bank), the Borrower shall have the right, with the assistance of the Facility Agent, to designate
one or more Assignees which are not affiliated with the Borrower to purchase for cash, pursuant to
an Assignment and Assumption Agreement substantially in the form of Exhibit G hereto, the
outstanding Loan Notes, Loans and Commitment of such Bank and to assume all of such Bank’s other
rights and obligations hereunder and under its Loan Notes without recourse to or warranty by such
Bank, for a purchase price equal to the principal amount of all of such Bank’s outstanding Loans
plus any accrued but unpaid interest thereon and the accrued but unpaid facility fees in respect of
such Bank’s Commitment hereunder plus such amount, if any, as would be payable pursuant to Section
2.14 if the outstanding Loans of such Bank were prepaid in their entirety on the date of
consummation of such assignment, plus the compensation then due and payable pursuant to Sections
8.3 and 8.4 and all other amounts due and payable to such Bank pursuant to this Agreement;
provided that no such amount calculated by reference to Section 2.14 shall be payable if
(A) the Borrower is exercising its rights under this Section 8.6 by reason of a request for
compensation by a Bank pursuant to Section 8.3 or 8.4 and (B) such Bank would have been able to,
but did not, take steps to reduce or eliminate such compensation.

          SECTION 8.7. Australian GST.

          (a) For the purposes of this Section 8.7, the terms “GST” and “Input Tax Credit” have the
meanings given to them in section 195-1 of A New Tax System (Goods and Services Tax) Act 1999 (Cth)
of Australia, as amended. Also, for the purposes of this Section 8.7, “Taxable Supply” means any
supply made by any Bank or the Facility Agent under or in connection with the Credit Documents to
which GST applies.

          (b) Notwithstanding any other provisions of the Credit Documents, but subject to Section
8.7(c), any Bank or the Facility Agent may, in addition to any amount or consideration payable
under the Credit Documents, recover from the Borrower an additional amount on account of GST in
respect of a Taxable Supply, such amount to be calculated by multiplying the relevant amount or
consideration payable by the Borrower for the Taxable Supply by the prevailing GST rate in
Australia.

39

 

          (c) Any additional amount on account of GST is only recoverable from the Borrower pursuant to
this Section 8.7 upon the Borrower’s receipt of a valid tax invoice from the relevant Bank or the
Facility Agent. The relevant Bank or the Facility Agent must use reasonable endeavors, if the
Borrower so requests, to otherwise assist or enable the Borrower to claim any applicable Input Tax
Credit for any GST paid by the Borrower in relation to a Taxable Supply.

          (d) If at any time an adjustment is made as between any Bank or the Facility Agent and the
relevant taxing authority of an amount paid on account of GST on any Taxable Supply, a
corresponding adjustment must be made between such Bank or the Facility Agent and the Borrower and
any payments required to give effect to the adjustment must be made.

          (e) If a payment to a party under any Credit Document in respect of a Taxable Supply is a
reimbursement or indemnification, calculated by reference to a loss, cost or expense incurred by
that party, then the payment will be reduced by the amount of any Input Tax Credit to which such
party is entitled for such loss, cost or expense.

          (f) Nothing in this Section 8.7 requires the Borrower to pay an amount on account of a fine,
penalty, interest or other amount to the extent that such liability arises as a consequence of
wilful misconduct or gross negligence of any Bank or the Facility Agent or any of their respective
employees or agents.

ARTICLE IX

MISCELLANEOUS

          SECTION 9.1. Notices. All notices, requests, demands, consents or approvals and other
communications to any party in connection with the Credit Documents shall be in writing and signed
by or on behalf of the party sending such communication (including bank wire, telex, facsimile
transmission or similar writing) and shall be given to such party: (a) in the case of the Borrower
or the Facility Agent, at its address, facsimile number or telex number set forth on the signature
pages hereof, (b) in the case of any Bank, at its address, facsimile number or telex number set
forth in its Administrative Questionnaire, or (c) in the case of any party, such other address,
facsimile number or telex number as such party may hereafter specify for such purpose by notice to
the Facility Agent and the Borrower. Each such notice, request or other communication shall be
effective (i) if given by telex, when such telex is transmitted to the telex number specified in
this Section and the appropriate answerback is received, (ii) if given by facsimile transmission,
when transmitted to the facsimile number specified in this Section and confirmation of receipt is
received, (iii) if given by mail, 72 hours after such communication is deposited in the mails with
first class postage prepaid, addressed as aforesaid or (iv) if given by any other means, when
delivered at the address specified in this Section; provided that notices to the Facility
Agent or any Bank under Article II or Article VIII shall not be effective until received. The
Facility Agent may rely on a copy of any notice, request, demand, consent or approval or other
communication delivered in accordance with this Section 9.1 by telex or facsimile transmission
until it has received a manually executed original of the same.

          SECTION 9.2. No Waivers. No failure or delay by the Facility Agent or any Bank in
exercising any right, power or privilege under any Credit Document shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies provided
in the Credit Documents shall be cumulative and not exclusive of any rights or remedies provided by
law.

          SECTION 9.3. Expenses; Indemnification. (a) The Borrower agrees to pay all reasonable
out-of-pocket expenses of the Facility Agent, including reasonable fees and disbursements of
special counsel for the Facility Agent, in connection with the preparation and administration of
the Credit

40

 

Documents or any waiver or consent hereunder or any amendment thereof; all as previously
agreed between the Borrower and the Facility Agent.

          (b) If an Event of Default occurs the Borrower shall pay all out-of-pocket expenses incurred
by the Facility Agent and each Bank, including (without duplication) the fees and disbursements of
outside counsel and the allocated cost of inside counsel, in connection with such Event of Default
and collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom.

          (c) The Borrower agrees to indemnify the Facility Agent and each Bank, their respective
affiliates and the respective directors, officers, agents and employees of the foregoing (each an
“Indemnitee”) and hold each Indemnitee harmless from and against any and all liabilities,
losses, damages, costs and expenses of any kind, including, without limitation, the reasonable fees
and disbursements of counsel, which may be incurred by such Indemnitee in connection with any
investigative, administrative or judicial proceeding (whether or not such Indemnitee shall be
designated a party thereto) brought or threatened relating to or arising out of any of the Credit
Documents or any actual or proposed use of proceeds of Loans hereunder; provided that no
Indemnitee shall have the right to be indemnified hereunder for (i) such Indemnitee’s own gross
negligence or willful misconduct as determined by a court of competent jurisdiction, (ii) in
respect of any litigation instituted by (x) any

          Participant against any Bank or the Facility Agent, (y) the Facility Agent or any Bank against
any Participant or any Bank or (z) any holder of any security of any Bank, any Participant or the
Facility Agent (in such holder’s capacity as such) against any Bank or Participant or the Facility
Agent, to the extent any such litigation does not arise out of any misconduct (alleged in good
faith by such Bank) by or on behalf of the Borrower or (iii) for amounts payable pursuant to any
settlement entered into without the Borrower’s written consent (which consent shall not be
unreasonably withheld). To the extent permitted by applicable law, the Borrower shall not assert,
and hereby waives, any claim against any Indemnitee, and without limiting the rights set forth in
this Section 9.3 the Facility Agent and the Banks shall not assert, and hereby waive, any claim
against the Borrower, in each case on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement or any agreement or instrument contemplated hereby.

          SECTION 9.4. Sharing of Set-Offs. Each Bank agrees that if it shall, by exercising any
right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate
amount of principal and interest then due with respect to any Loan made by it to the Borrower which
is greater than the proportion received by any other Bank in respect of the aggregate amount of
principal and interest then due with respect to any Loans made to the Borrower by such other Bank,
the Bank receiving such proportionately greater payment shall purchase such participations in the
Loans made to the Borrower by the other Banks, and such other adjustments shall be made, as may be
required so that all such payments of principal and interest with respect to the Loans made to the
Borrower by the Banks shall be shared by the Banks pro rata (and upon notice thereof to the
Facility Agent appropriate adjustments will be made in the Register); provided that nothing
in this Section shall impair the right of any Bank to exercise any right of set-off or counterclaim
it may have and to apply the amount subject to such exercise to the payment of indebtedness of the
Borrower other than its indebtedness under the Credit Documents. The Borrower agrees, to the
fullest extent it may effectively do so under applicable law, that any holder of a participation in
a Loan of the Borrower, whether or not acquired pursuant to the foregoing arrangements, may
exercise rights of set-off or counterclaim and other rights with respect to such participation as
fully as if such holder of a participation were a direct creditor of the Borrower in the amount of
such participation.

          SECTION 9.5. Amendments and Waivers. Any provision of this Agreement, the Loan Note Deed
Poll or the Loan Notes may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed by the Borrower and the Required Banks (and, if the rights or duties of the
Facility Agent are affected thereby, by the Facility Agent); provided that no such
amendment or waiver shall, unless signed by all the Banks, (i) except as contemplated by Sections
2.1(b), 2.1(c) or 2.9(d), increase or decrease the Commitment of any Bank (except for a ratable
decrease in the

41

 

Commitments of all Banks) or subject any Bank to any additional obligation, (ii)
reduce the principal of or rate of interest on any Loan or any fees hereunder, (iii) postpone the
date fixed for any payment of principal of or interest on any Loan or any fees hereunder, (iv)
change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans,
or the number of Banks, which shall be required for the Banks or any of them to take any action
under this Section or any other provision of this Agreement, or (v) change any provision of
Sections 2.13 or 9.4 or this Section 9.5.

          Anything herein to the contrary notwithstanding, during such period as a Bank is a Defaulting
Bank, to the fullest extent permitted by applicable law, such Bank will not be entitled to vote in
respect of amendments and waivers hereunder and the Commitment and the outstanding Loans or other
extensions of credit of such Bank hereunder will not be taken into account in determining whether
the Required Banks or all of the Banks, as required, have approved any such amendment or waiver
(and the definition of “Required Banks” will automatically be deemed modified accordingly for the
duration of such period); provided that any such amendment or waiver that would (i) except
as contemplated by Sections 2.1(b), 2.1(c) or 2.9(d), increase or decrease the Commitment of such
Defaulting Bank (except
for a ratable decrease in the Commitments of all Banks) or subject such Defaulting Bank to any
additional obligation, (ii) reduce the principal of or rate of interest on any Loan made by such
Defaulting Bank or any fees payable to such Defaulting Bank hereunder, (iii) postpone the date
fixed for any payment of principal of or interest on any Loan made by such Defaulting Bank or any
fees payable to such Defaulting Bank hereunder, (iv) change the percentage of the Commitments or of
the aggregate unpaid principal amount of the Loans, or the number of Banks, which shall be required
for the Banks or any of them to take any action under this Section or any other provision of this
Agreement, or (v) change any provision of Sections 2.13 or 9.4 or this Section 9.5, will require
the consent of such Defaulting Bank.

          SECTION 9.6. Successors and Assigns. (a) The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns,
except that the Borrower may not assign or otherwise transfer any of its rights or obligations
under this Agreement without the prior written consent of all Banks.

          (b) Any Bank may at any time grant to one or more banks or other entities (each a
“Participant”) participating interests in its Commitment or any or all of its Loans or Loan
Notes. In the event of any such grant by a Bank of a participating interest to a Participant,
whether or not upon notice to the Borrower or the Facility Agent, such Bank shall remain
responsible for the performance of its obligations hereunder, and the Borrower and the Facility
Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s
rights and obligations under this Agreement. Any agreement pursuant to which any Bank may grant
such a participating interest shall provide that such Bank shall retain the sole right and
responsibility to enforce the obligations of the Borrower under the Credit Documents including,
without limitation, the right to approve any amendment, modification or waiver of any provision of
the Credit Documents; provided that such participation agreement may provide that such Bank
will not agree to any modification, amendment or waiver of this Agreement described in clause (i),
(ii), (iii), (iv) or (v) of Section 9.5 without the consent of the Participant. Subject to
subsection (f) below, the Borrower agrees that each Participant shall, to the extent provided in
its participation agreement, be entitled to the benefits of Sections 2.14 and 2.16 and Article VIII
with respect to its participating interest. An assignment or other transfer which is not permitted
by subsection (d) or (e) below shall be given effect for purposes of this Agreement only to the
extent of a participating interest granted in accordance with this subsection (b).

          (c) Each Bank that grants a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower (and such agency being solely for tax purposes), maintain a
register in the United States on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or Loan Notes
under the Credit Documents (the “Participant Register”); provided that no Bank
shall have any obligation to disclose all or any portion of the Participant Register to any Person
(including the identity of any Participant or any information relating to a Participant’s interest
under any Credit Document) except to the extent that such disclosure is necessary to establish that
any such obligation is in registered form under Section 5f.103-1(c) of the

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United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error,
and such Bank shall treat each Person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary.

          (d) Any Bank may at any time assign to one or more banks or other institutions (each an
“Assignee”) all, or a proportionate part (equivalent to an initial Commitment of not less
than A$10,000,000 or U.S.$10,000,000, as the case may be, for Tranche A Loans and Tranche B Loans,
or not less than A$10,000,000 or NZ$10,000,000, as the case may be, for Tranche C Loans) of all, of
its rights and obligations under this Agreement and the other Credit Documents, and such Assignee
shall assume such rights and obligations, pursuant to an Assignment and Assumption Agreement in
substantially the form of Exhibit G executed by such Assignee and such transferor Bank (or in such
other form approved by the Facility Agent), with (and subject to) the subscribed consent of the
Borrower and the Facility
Agent, which, in each case as to the Borrower and the Facility Agent, shall not be
unreasonably withheld or delayed; provided that (i) if an Assignee is an affiliate of such
transferor Bank whose credit rating(s) from S&P and/or Moody’s are not lower than those of such
transferor Bank (or whose obligations under this Agreement are guaranteed by an affiliate of such
transferor Bank whose credit rating(s) from S&P and/or Moody’s are not lower than those of such
transferor Bank) or if an Assignee was a Bank immediately prior to such assignment, no such consent
shall be required, (ii) no such assignment will be made to any Defaulting Bank or any of its
Subsidiaries or any Person who, upon becoming a Bank hereunder, would constitute any of the
foregoing Persons described in this clause and (iii) the consent of the Borrower shall not be
required for any assignment that occurs when an Event of Default pursuant to subsections (g), (h)
or (i) of Section 6.1 shall have occurred and be continuing with respect to the Borrower. Upon
execution and delivery of such instrument and payment by such Assignee to such transferor Bank of
an amount equal to the purchase price agreed between such transferor Bank and such Assignee, such
Assignee shall be a Bank party to this Agreement and shall have all the rights and obligations of a
Bank with a Commitment as set forth in such instrument of assumption, and the transferor Bank shall
be released from its obligations hereunder to a corresponding extent, and no further consent or
action by any party shall be required. Upon the consummation of any assignment pursuant to this
subsection (d), the transferor Bank, the Facility Agent and the Borrower shall make appropriate
arrangements so that relevant Loan Notes are transferred to the Assignee. In connection with any
such assignment, the transferor Bank shall pay to the Facility Agent an administrative fee for
processing such assignment in the amount of U.S.$3,500. If the Assignee is not incorporated under
the laws of the United States of America or a state thereof, it shall deliver to the Borrower and
the Facility Agent certification as to exemption or reduced rate of deduction or withholding of any
United States federal income taxes as required pursuant to the terms of Section 8.4(d).

          (e) Any Bank may at any time assign all or any portion of its rights under this Agreement and
the other Credit Documents to a Federal Reserve Bank. No such assignment shall release the
transferor Bank from its obligations hereunder.

          (f) No Assignee, Participant or other transferee of any Bank’s rights (including, without
limitation, any successor Applicable Lending Office) shall be entitled to receive any greater
payment under Section 8.3 or 8.4 than such Bank would have been entitled to receive with respect to
the rights transferred, unless such transfer is made with the Borrower’s prior written consent or
by reason of the provisions of Section 8.2, 8.3 or 8.4 requiring such Bank to designate a different
Applicable Lending Office under certain circumstances or at a time when the circumstances giving
rise to such greater payment did not exist.

          (g) Notwithstanding anything to the contrary contained herein, any Bank, (a “Granting
Bank”) may grant to a special purpose funding vehicle (an “SPC”) of such Granting Bank,
identified as such in writing from time to time by the Granting Bank to the Facility Agent and AXP,
the option to provide to the Borrower all or any part of any Loan that such Granting Bank would
otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that
(i) nothing herein shall constitute a commitment by any SPC to make any Loan, (ii) if an SPC elects
not to exercise such option

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or otherwise fails to provide all or any part of such Loan, the
Granting Bank shall be obligated to make such Loan pursuant to the terms hereof and (iii) no SPC or
Granting Bank shall be entitled to receive any greater amount pursuant to Section 8.2, 8.3 or 8.4
than the Granting Bank would have been entitled to receive had the Granting Bank not otherwise
granted such SPC the option to provide any Loan to the Borrower. The making of a Loan by an SPC
hereunder shall utilize the Commitment of the Granting Bank to the same extent, and as if, such
Loan were made by such Granting Bank. Each party hereto hereby agrees that no SPC shall be liable
for any indemnity or similar payment obligation under this Agreement for which a Bank would
otherwise be liable for so long as, and to the extent that, the related Granting Bank makes such
payment. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall
survive the termination of this Agreement) that, prior to the date that is one year and one day
after the payment in full of all outstanding commercial paper or other senior indebtedness of any
SPC, it will not institute against, or join any other person in instituting against, such SPC any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of
the
United States or any State thereof. Notwithstanding the foregoing, the Granting Bank
unconditionally agrees to indemnify the Borrower, the Facility Agent and each Bank against all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may be incurred by or asserted against the
Borrower, the Facility Agent or such Bank, as the case may be, in any way relating to or arising as
a consequence of any such forbearance or delay in the initiation of any such proceeding against its
SPC. Each party hereto hereby acknowledges and agrees that no SPC shall have any voting rights
hereunder and that the voting rights attributable to any extensions of credit made by an SPC shall
be exercised only by the relevant Granting Bank. Each Granting Bank shall serve as the
administrative agent and attorney in fact for its SPC and shall on behalf of its SPC receive any
and all payments made for the benefit of such SPC and take all actions hereunder to the extent, if
any, such SPC shall have any rights hereunder. The Borrower, the Facility Agent and the Banks may
rely thereon without any requirement that the SPC sign or acknowledge the same. In addition,
notwithstanding anything to the contrary contained in this Section, any SPC may (i) with notice to,
but without the prior written consent of, the Borrower and the Facility Agent, assign all or a
portion of its interest in any Loans to the Granting Bank and (ii) disclose on a confidential basis
any non-public information relating to its Loans to any rating agency, commercial paper dealer or
provider of any surety, guarantee or credit or liquidity enhancement to such SPC.

          SECTION 9.7. Collateral. Each of the Banks represents to the Facility Agent and each of
the other Banks that it in good faith is not relying upon any “margin stock” (as defined in
Regulation U) as collateral in the extension or maintenance of the credit provided for in the
Credit Documents.

          SECTION 9.8. Governing Law; Submission to Jurisdiction. This Agreement and each other
Credit Document shall be governed by and construed in accordance with the law of the State of New
York. The Borrower hereby submits to the exclusive jurisdiction of the United States District
Court for the Southern District of New York and of any New York State court sitting in New York
City, and any appellate court from any thereof, for purposes of all legal proceedings arising out
of or relating to any of the Credit Documents or the transactions contemplated thereby. Nothing
herein will affect the right of the Facility Agent or the Banks to serve legal process in any other
manner permitted by law or affect such Person’s right to bring any suit, action or proceeding
against the Borrower or its property in the courts of other jurisdictions. The Borrower
irrevocably waives, to the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of the venue of any such proceeding brought in such a court and any
claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

          SECTION 9.9. Counterparts; Integration. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument. This Agreement and the other Credit Documents constitute
the entire agreement and understanding among the parties hereto and supersede any and all prior
agreements and understandings, oral or written, relating to the subject matter hereof.

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          SECTION 9.10. WAIVER OF JURY TRIAL. THE BORROWER, THE FACILITY AGENT AND THE BANKS HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO ANY OF THE CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          SECTION 9.11. Confidentiality. The Facility Agent and each Bank agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its affiliates and to its and
its affiliates’ respective managers, administrators, trustees, partners, directors, officers,
employees, agents, advisors and other representatives (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority, such as
the National Association of Insurance Commissioners), (c) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Credit Document or any
action or proceeding relating to this Agreement or any other Credit Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective party (or its managers, administrators, trustees, partners, directors,
officers, employees, agents, advisors and other representatives) to any swap or derivative or
similar transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments hereunder, (iii) any rating agency, or (iv) the CUSIP
Service Bureau or any similar organization, (g) with the consent of the Borrower, (h) to the extent
such Information (x) becomes publicly available other than as a result of a breach of this Section
or (y) becomes available to the Facility Agent, any Bank or any of their respective affiliates on a
nonconfidential basis from a source other than the Borrower or (i) subject to an agreement
containing provisions substantially the same as those of this Section, to any credit insurance
provider relating to the Borrower and its obligations. For purposes of this Section,
“Information” means all information received from the Borrower or any of its Subsidiaries
relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other
than any such information that is available to the Facility Agent or any Bank on a nonconfidential
basis prior to disclosure by the Borrower or any of its Subsidiaries, provided that, in the
case of information received from the Borrower or any of its Subsidiaries after the date hereof,
such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

          SECTION 9.12. Survival. The obligations of the Borrower and each Bank and the Facility
Agent under Sections 8.3, 8.4, 8.7 and 9.3 shall survive the termination of the Commitments and the
payment of the Loans and all amounts payable under the Credit Documents.

          SECTION 9.13. USA PATRIOT Act. Each Bank hereby notifies the Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies
the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Bank to identify the Borrower in accordance with the Act.

          SECTION 9.14. Defaulting Bank Cure. If the Borrower and the Facility Agent agree in
writing that a Bank is no longer a Defaulting Bank, the Facility Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein, such Bank will, to the extent applicable, purchase at par such portion of
outstanding Loans of the other Banks and/or make such other adjustments as the Facility Agent may
determine to be necessary to cause the Loans of the Banks to be on a pro rata basis in accordance
with their respective Commitments,

45

 

whereupon such Bank will cease to be a Defaulting Bank and will
be a Non-Defaulting Bank (and such exposure of each Bank will automatically be adjusted on a
prospective basis to reflect the foregoing); provided that (i) no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while
such Bank was a Defaulting Bank and (ii) except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Bank to Non-Defaulting Bank will constitute a
waiver or release of any claim of any party hereunder arising from such Bank’s having been a
Defaulting Bank.

          SECTION 9.15. No Fiduciary Duty. The Facility Agent, each Bank and their affiliates
(collectively, solely for purposes of this paragraph, the “Banks”), may have economic
interests that conflict with those of the Borrower, its stockholders and/or their affiliates. The
Borrower agrees that nothing in the Credit Documents or otherwise will be deemed to create an
advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Bank, on
the one hand, and the Borrower, its stockholders or its affiliates, on the other. The Borrower
acknowledges and agrees that (i) the transactions contemplated by the Credit Documents (including
the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial
transactions between the Banks, on the one hand, and the Borrower, on the other, and (ii) in
connection therewith and with the process leading thereto, (x) no Bank has assumed an advisory or
fiduciary responsibility in favor of the Borrower, its stockholders or its affiliates with respect
to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether any Bank has advised, is currently
advising or will advise the Borrower, its stockholders or its affiliates on other matters) or any
other obligation to the Borrower except the obligations expressly set forth in the Credit Documents
and (y) each Bank is acting solely as principal and not as the agent or fiduciary of the Borrower,
its management, stockholders, creditors or any other Person. The Borrower acknowledges and agrees
that it has consulted its own legal and financial advisors to the extent it deemed appropriate and
that it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto. The Borrower agrees that it will not claim that any Bank has
rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the
Borrower, in connection with such transaction or the process leading thereto.

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     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.

	 	 	 	 	 
	 	AMERICAN EXPRESS CREDIT CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	Address:  	200 Vesey Street 	 
	 	 	New York, NY 10285 	 
	 	Fax:  	(212) 640-0405	 

47

 

	 	 	 	 	 
	 	CITISECURITIES LIMITED,

as Facility Agent, executed in accordance with

section 127 of the Corporations Act 2001 (Cth)

by authority of its directors:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Director 	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	Director 	 

	 	 	 

	Address:

	 	Level 24, Citigroup Centre
	 

	 	2 Park Street
	 

	 	Sydney, NSW, 2000
	 

	 	Australia
	Attn:

	 	Agency/Maria Mills/Craig Guyan
	Fax:

	 	+61 2 8225 5244
	Tel:

	 	+61 2 8225 2066 / 2672
	E-mail:

	 	maria.mills@citi.com
	 

	 	craig.guyan@citi.com
	 
	With a copy to:

	Address:

	 	Citicorp International Limited
	 

	 	13/F2, Two Harbourfront
	 

	 	22 Tak Fung Street
	 

	 	Hunghom, Kowloon
	 

	 	Hong Kong
	Attn:

	 	Eros Lai, Michelle Chong, Debbie Cheung
	Fax:

	 	+852 2621 3183/4
	E-mail:

	 	eros.lai@citi.com,
	 

	 	michelle.chong@citi.com,
	 

	 	debbie.cheung@citi.com

48

 

	 	 	 	 	 
	 	CITIBANK N.A., SYDNEY BRANCH,

     as Mandated Lead Arranger

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMMONWEALTH BANK OF AUSTRALIA,

     as Mandated Lead Arranger

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NATIONAL AUSTRALIA BANK LIMITED,

     as Mandated Lead Arranger

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTPAC BANKING CORPORATION,

     as Mandated Lead Arranger

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., SYDNEY BRANCH,

     as Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WESTPAC BANKING CORPORATION,

     as Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

49

 

	 	 	 	 	 
	 	COMMONWEALTH BANK OF AUSTRALIA,

     as Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	NATIONAL AUSTRALIA BANK LIMITED,

     as Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	BNP PARIBAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Subscription Agreement Signature Page

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLAND BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	LLOYDS TSB BANK PLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Subscription Agreement Signature Page

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	UBS AG, AUSTRALIA BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

SYDNEY BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	GOLDMAN SACHS LENDING PARTNERS LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	HSBC BANK AUSTRALIA LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Subscription Agreement Signature Page

 

 

	 	 	 	 	 
	 	STANDARD CHARTERED BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	TORONTO DOMINION (TEXAS) LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Subscription Agreement Signature Page

 

 

SCHEDULE 1.1(a)

BANK COMMITMENTS AND APPLICABLE LENDING OFFICE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Tranche A
 Commitment	 	 	Tranche B
 Commitment	 	 	Tranche C
 Commitment	 	 	Applicable Lending Office
	 
	Citibank, N.A., Sydney Branch
	 	 	A$132,500,000.00	 	 	 	A$132,500,000.00	 	 	 	A$125,000,000.00	 	 	Level 24, 2 Park Street, Sydney, NSW  2000 — AUSTRALIA
	Westpac Banking Corporation
	 	 	A$132,500,000.00	 	 	 	A$132,500,000.00	 	 	 	A$125,000,000.00	 	 	Level 11, 55 Market Street, Sydney, NSW  2000 — AUSTRALIA
	Commonwealth Bank of Australia
	 	 	A$132,500,000.00	 	 	 	A$132,500,000.00	 	 	 	A$125,000,000.00	 	 	Darling Park Tower 1, Level 21, 201 Sussex Street, Sydney, NSW 2000 — AUSTRALIA
	National Australia Bank Limited
	 	 	A$132,500,000.00	 	 	 	A$132,500,000.00	 	 	 	A$125,000,000.00	 	 	245 Park Avenue, 28th Floor, New York, NY 10167
	Sumitomo Mitsui Banking
Corporation
	 	 	A$117,500,000.00	 	 	 	A$117,500,000.00	 	 	 	A$0	 	 	277 Park Avenue, New York, NY 10172
	Australia and New Zealand
Banking Group Limited
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	13/100 Queen Street, Melbourne, Vic.  3000 — AUSTRALIA
	Bank of America, N.A.
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	901 Main Street, 64th Floor, Dallas, TX 75202
	BNP Paribas
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	Level 6, 60 Castlereadh Street, Sydney, NSW  2000 — AUSTRALIA
	Deutsche Bank AG New York
Branch
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	60 Wall Street, New York, NY 10005-2836
	JPMorgan Chase Bank, N.A.
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	Level 32 Grosvenor Place, 225 George Street, Sydney NSW 2000 — AUSTRALIA
	Mizuho Corporate Bank, Ltd.
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	Level 33, 60 Margaret Street, Sydney, NSW  2000 — AUSTRALIA
	Credit Suisse AG, Cayman
Island Branch
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	Eleven Madison Avenue, New York, NY 10010
	Lloyds TSB Bank, plc
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	1095 Avenue of the Americas, 34th Floor, New York, NY 10036
	Royal Bank of Canada
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	46th Floor, 2 Park Street, Sydney, NSW  2000  — AUSTRALIA
	The Royal Bank of Scotland plc
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	600 Washington Boulevard, Stamford, CT 06901
	UBS AG, Australia Branch
	 	 	A$97,500,000.00	 	 	 	A$97,500,000.00	 	 	 	A$0	 	 	Level 16, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000 — AUSTRALIA
	The Bank of Tokyo-Mitsubishi
UFJ, Ltd., Sydney Branch
	 	 	A$56,000,000.00	 	 	 	A$56,000,000.00	 	 	 	A$0	 	 	Level 26, 1 Macquarie Place, Sydney, NSW  2000 — AUSTRALIA
	Goldman Sachs Lending Partners
LLC
	 	 	A$56,000,000.00	 	 	 	A$56,000,000.00	 	 	 	A$0	 	 	30 Hudson Street, 38th Floor, Jersey City, NJ 07302
	HSBC Bank Australia Limited
	 	 	A$56,000,000.00	 	 	 	A$56,000,000.00	 	 	 	A$0	 	 	580 George Street, Sydney, NSW  2000 — AUSTRALIA
	Standard Chartered Bank
	 	 	A$56,000,000.00	 	 	 	A$56,000,000.00	 	 	 	A$0	 	 	1095 Avenue of the Americas, New York, NY 10036
	Toronto Dominion (Texas) LLC
	 	 	A$56,000,000.00	 	 	 	A$56,000,000.00	 	 	 	A$0	 	 	31 W. 52nd Street, New York, NY 10019
	 
	TOTAL
	 	 	A$2,000,000,000	 	 	 	A$2,000,000,000	 	 	 	A$500,000,000	 	 	 	N/A	 
	 

 

 

SCHEDULE 1.1(b)

PRICING SCHEDULE

          “Applicable Margin” and “Facility Fee Rate” mean, at any date, the rate set
forth below in the applicable row and under the column corresponding to the “Pricing Level”
that applies at such date:

Tranche A

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 	 	Level VI	 	 	Level VII	 
	Applicable Margin
	 	 	0.525	%	 	 	0.575	%	 	 	0.625	%	 	 	0.675	%	 	 	0.775	%	 	 	0.875	%	 	 	1.075	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Facility Fee Rate
	 	 	0.525	%	 	 	0.575	%	 	 	0.625	%	 	 	0.675	%	 	 	0.775	%	 	 	0.875	%	 	 	1.075	%

Tranche B and Tranche C

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 	 	Level VI	 	 	Level VII	 
	Applicable Margin
	 	 	0.700	%	 	 	0.750	%	 	 	0.800	%	 	 	0.850	%	 	 	0.950	%	 	 	1.050	%	 	 	1.250	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Facility Fee Rate
	 	 	0.700	%	 	 	0.750	%	 	 	0.800	%	 	 	0.850	%	 	 	0.950	%	 	 	1.050	%	 	 	1.250	%

          For purposes of this Schedule, the following terms have the following meanings, subject to the
further provisions of this Schedule:

          “Applicable Pricing Rating” means, at any date, the credit rating assigned to the
senior unsecured long-term debt securities of the Borrower without third-party credit enhancement,
and any rating assigned to any other debt security of the Borrower shall be disregarded. The
rating in effect at any date is that in effect at the close of business on such date. If at such
date the difference between the highest of the ratings assigned to the Borrower by S&P, Moody’s and
Fitch at such date and the lowest of the ratings assigned to the Borrower by S&P, Moody’s and Fitch
at such date is (i) one notch (e.g., not more than the difference between A+ and A), the Applicable
Margin shall be based on the highest of such ratings of the Borrower at such date or (ii) two or
more notches, the Applicable Margin shall be based on the rating one level above the lowest of such
ratings.

          “Level I Pricing” applies at any date if, at such date, the Applicable Pricing Rating
is AA (for S&P or Fitch), Aa2 (for Moody’s), or higher.

          “Level II Pricing” applies at any date if, at such date, the Applicable Pricing Rating
is AA- (for S&P or Fitch), Aa3 (for Moody’s), or A+ (for S&P or Fitch), A1 (for Moody’s).

          “Level III Pricing” applies at any date if, at such date, the Applicable Pricing
Rating is A (for S&P or Fitch), A2 (for Moody’s).

          “Level IV Pricing” applies at any date if, at such date, the Applicable Pricing Rating
is A- (for S&P or Fitch), A3 (for Moody’s).

          “Level V Pricing” applies at any date if, at such date, the Applicable Pricing Rating
is BBB+ (for S&P or Fitch), Baa1 (for Moody’s).

 

 

          “Level VI Pricing” applies at any date if, at such date, the Applicable Pricing Rating
is BBB (for S&P or Fitch), Baa2 (for Moody’s).

          “Level VII Pricing” applies at any date if, at such date, no other Pricing Level
applies.

          “Pricing Level” refers to the determination of which of Level I, Level II, Level III,
Level IV, Level V, Level VI or Level VII applies at any date.

          If at any date the Borrower is rated by neither S&P, Moody’s nor Fitch, then Level VII Pricing
shall be deemed applicable.

 

 

SCHEDULE 5.3

EXISTING LIENS

None.

 

 

EXHIBIT A

[Form of Loan Note Deed Poll]

THIS DEED POLL IS DATED ________ __, 2011 AND IS MADE BY AMERICAN EXPRESS CREDIT CORPORATION.

NOW THIS DEED POLL WITNESSES as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	The following definitions and (unless defined below) definitions in the Subscription
Agreement apply in this Deed Poll unless the context requires otherwise.
	 
	 	 	“Bank” means each Bank listed on the signature pages to the Subscription Agreement
or subsequently inscribed in the Register as the holder of a Loan Note which has not ceased
to be a party to the Subscription Agreement in accordance with the terms thereof.
	 
	 	 	“Loan Notes” means the rights of a Bank under this Deed Poll, title to which are
recorded in and evidenced by an inscription in the Register.
	 
	 	 	“Subscription Agreement” means the Subscription Agreement dated as of August 3, 2011
among the Borrower; Citibank N.A., Sydney Branch, Commonwealth Bank of Australia, National
Australia Bank Limited and Westpac Banking Corporation, as Mandated Lead Arrangers; certain
Banks, and Citisecurities Limited, as Facility Agent.
	 
	2.	 	BENEFIT OF THIS DEED POLL
	 
	 	 	This Deed Poll is a deed poll. Each Bank, each Mandated Lead Arranger and the Facility
Agent have the benefit of this Deed Poll and can enforce it even if not in existence at the
time this Deed Poll is executed.
	 
	3.	 	CREATION OF LOAN NOTES
	 
	 	 	By this Deed Poll, the Borrower:

	 	(a)	 	creates Loan Notes on the date of this Deed Poll in favor of each Bank as of
the date hereof; and
	 
	 	(b)	 	undertakes to create Loan Notes in favor of each Bank that becomes a Bank after
the date hereof on and as of the date such relevant Bank becomes a Bank;

	 	 	in each case with an aggregate principal amount outstanding from time to time equal to the
principal amount of all Loans provided by such Bank under the Subscription Agreement and not
repaid, as recorded in the Register, provided that if the principal amount
outstanding on a Bank’s Loan Notes from the Borrower would otherwise be zero but such Bank’s
Commitment is greater than zero the Borrower will be indebted to that Bank for one
Australian dollar and accordingly the aggregate principal amount outstanding of such Bank’s
Loan Notes at that time will be one Australian dollar.

 

 

	4.	 	ACKNOWLEDGEMENT OF DEBT
	 
	 	 	The Borrower acknowledges that it is indebted to the Banks for the principal amount
outstanding of the Loan Notes from time to time as recorded in the Register.
	 
	5.	 	NATURE AND STATUS OF LOAN NOTES
	 
	5.1	 	Constitution and title
	 
	 	 	The Loan Notes are constituted by this Deed Poll and inscription in the Register. The
Register will be conclusive as to title to a Loan Note, subject to rectification for fraud
or error. No certificate or other evidence of title to a Loan Note will be issued by or on
behalf of the Borrower unless the Borrower determines otherwise or is required to do so by
law.
	 
	5.2	 	Status
	 
	 	 	The Loan Notes rank equally among themselves and with all other unsecured, unsubordinated
debt of the Borrower.
	 
	5.3	 	Transfer
	 
	 	 	The Loan Notes are transferable only in accordance with the Subscription Agreement.
	 
	5.4	 	Payments in accordance with Subscription Agreement
	 
	 	 	The Borrower’s obligations under this Deed Poll to pay interest or other amounts or to repay
any Loan, are discharged to the extent that, in accordance with the Subscription Agreement,
such interest is paid on a Loan Note, such other amount is paid or a Loan Note is redeemed,
as the case may be.
	 
	6.	 	INTEREST
	 
	6.1	 	Calculation of interest
	 
	 	 	The rate of interest on each Tranche A Loan for each Interest Period is the percentage rate
per annum which is the aggregate of the applicable:

	 	(a)	 	Applicable Margin for such Tranche A Loan; and
	 
	 	(b)	 	the Bank Bill Rate-Australia (in the case of Tranche A Loans denominated in
Australian Dollars) or the London Interbank Offered Rate (in the case of Tranche A
Loans denominated in U.S. Dollars) for each Interest Period,

	 	 	(or to the extent provided in the Subscription Agreement for any Deposit Rate Loan, the
Applicable Margin for such Tranche A Loan plus the Deposit Rate).
	 
	 	 	The rate of interest on each Tranche B Loan for each Interest Period is the percentage rate
per annum which is the aggregate of the applicable:

	 	(a)	 	Applicable Margin for such Tranche B Loan; and
	 
	 	(b)	 	the Bank Bill Rate-Australia (in the case of Tranche B Loans denominated in
Australian Dollars) or the London Interbank Offered Rate (in the case of Tranche B
Loans denominated in U.S. Dollars) for each Interest Period,

	 	 	(or to the extent provided in the Subscription Agreement for any Deposit Rate Loan, the

 

 

	 	 	Applicable Margin for such Tranche B Loan plus the Deposit Rate).
	 
	 	 	The rate of interest on each Tranche C Loan for each Interest Period is the percentage rate
per annum which is the aggregate of the applicable:

	 	(a)	 	Applicable Margin for such Tranche C Loan; and
	 
	 	(b)	 	the Bank Bill Rate-Australia (in the case of Tranche C Loans denominated in
Australian Dollars) or the Bank Bill Rate-New Zealand (in the case of Tranche C Loans
denominated in New Zealand Dollars) for each Interest Period,

	 	 	(or to the extent provided in the Subscription Agreement for any Deposit Rate Loan, the
Applicable Margin for such Tranche C Loan plus the Deposit Rate).
	 
	6.2	 	Payment of interest
	 
	 	 	The Borrower shall pay accrued interest on each Loan on the last day of each Interest Period
(and, if the Interest Period is longer than three months, on the dates falling at three
monthly intervals after the first day of the Interest Period) and when such Loan is repaid
or prepaid, or on such other dates as may apply in accordance with the Subscription
Agreement.
	 
	6.3	 	Default interest
	 
	 	 	If the Borrower fails to pay any amount payable by it under a Credit Document on its due
date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate 1 per cent per annum higher than the rate
which would have been payable if the overdue amount had, during the period of non-payment,
constituted a Loan in the currency of the overdue amount for successive Interest Periods,
each of a duration selected by the Facility Agent, or at such other rate as may be specified
in the Subscription Agreement. Any interest accruing under this Clause 6.3 shall be payable
by the Borrower on demand by the Facility Agent.
	 
	6.4	 	Regulation D Compensation
	 
	 	 	The Borrower shall pay, if required by a Bank, contemporaneously with each payment of
interest on Euro-Dollar Loans, additional interest on each Euro-Dollar Loan of such Bank at
a rate per annum determined by such Bank up to but not exceeding the excess of (i) (A) the
applicable London Interbank Offered Rate divided by (B) one minus the Euro-Dollar Reserve
Percentage over (ii) the applicable London Interbank Offered Rate. Any Bank wishing to
require payment of such additional interest shall so notify the Borrower and the Facility
Agent as set forth in the Subscription Agreement.
	 
	7.	 	REPAYMENT
	 
	7.1	 	The Borrower shall repay each Tranche A Loan on the Tranche A Termination Date.
	 
	7.2	 	The Borrower shall repay each Tranche B Loan on the Tranche B Termination Date.
	 
	7.3	 	The Borrower shall repay each Tranche C Loan on the Tranche C Termination Date.
	 
	8.	 	MANDATORY PREPAYMENT
	 
	8.1	 	The Loans shall be prepaid, on the terms and at the time specified in the Subscription
Agreement, if American Express Company (“AXP”) shall cease to own, directly or
indirectly, at least 79.5% of the outstanding shares of common stock of American Express
Travel Related Services

 

 

	 	 	(“TRS”) or if AXP and TRS shall cease together to own, directly or indirectly, at
least 79.5% of the outstanding shares of common stock of the Borrower and American Express
Overseas Credit Corporation Limited.
	 
	8.2	 	The Loans shall be prepaid, on the terms and at the time specified in the Subscription
Agreement, if there shall occur and be continuing an Event of Default or if an event described
in Section 8.2 of the Subscription Agreement occurs.
	 
	8.3	 	The Australian Dollar Amount of each Tranche A Loan in U.S. Dollars shall be determined by
the Facility Agent (i) on the date of borrowing, as to each such Tranche A Loan borrowed on
such date and (ii) on the last day of each Interest Period, as to each such Tranche A Loan
outstanding on such date. If after giving effect to any such determination pursuant to the
preceding sentence, the aggregate Australian Dollar Amount of the Tranche A Loans exceeds an
amount equal to 105% of the original Australian Dollar Amount thereof the Borrower shall
prepay such principal amount (together with accrued interest thereon) of the outstanding
Tranche A Loans, if any Tranche A Loans are then outstanding, as may be necessary to eliminate
such excess as set forth in the Subscription Agreement.
	 
	8.4	 	The Australian Dollar Amount of each Tranche B Loan in U.S. Dollars shall be determined by
the Facility Agent (i) on the date of borrowing, as to each such Tranche B Loan borrowed on
such date and (ii) on the last day of each Interest Period, as to each such Tranche B Loan
outstanding on such date. If after giving effect to any such determination pursuant to the
preceding sentence, the aggregate Australian Dollar Amount of the Tranche B Loans exceeds an
amount equal to 105% of the original Australian Dollar Amount thereof the Borrower shall
prepay such principal amount (together with accrued interest thereon) of the outstanding
Tranche B Loans, if any Tranche B Loans are then outstanding, as may be necessary to eliminate
such excess as set forth in the Subscription Agreement.
	 
	8.5	 	The Australian Dollar Amount of each Tranche C Loan in New Zealand Dollars shall be
determined by the Facility Agent (i) on the date of borrowing, as to each such Tranche C Loan
borrowed on such date and (ii) on the last day of each Interest Period, as to each such
Tranche C Loan outstanding on such date. If after giving effect to any such determination
pursuant to the preceding sentence, the aggregate Australian Dollar Amount of the Tranche C
Loans exceeds an amount equal to 105% of the original Australian Dollar Amount thereof the
Borrower shall prepay such principal amount (together with accrued interest thereon) of the
outstanding Tranche C Loans, if any Tranche C Loans are then outstanding, as may be necessary
to eliminate such excess as set forth in the Subscription Agreement.
	 
	9.	 	TAX GROSS UP AND INDEMNITIES
	 
	 	 	Amounts payable by the Borrower are increased, and the Borrower will indemnify the Banks, as
required by Section 8.4 (“Taxes”) of the Subscription Agreement.
	 
	10.	 	INCREASED COSTS
	 
	 	 	The Borrower will pay any amounts required by Section 8.3 (“Increased Cost and Reduced
Return”) of the Subscription Agreement.
	 
	11.	 	PAYMENTS
	 
	 	 	The Borrower agrees to make all payments under a Loan Note in accordance with Section 2.13
(“General Provisions as to Payments”) of the Subscription Agreement.

 

 

	 
	12.	 	NOTICES
	 
	 	 	Section 9.1 (“Notices”) of the Subscription Agreement applies to this Deed Poll.

	13.	 	GOVERNING LAW
	 
	 	 	This Deed Poll and the Loan Notes shall be governed by and construed in accordance with the
law of the State of New York.
	 
	14.	 	JURISDICTION, ETC.
	 
	 	 	Section 9.8 (“Governing Law; Submission to Jurisdiction”) of the Subscription
Agreement applies to this Deed Poll.

 

 

EXECUTED and delivered as a deed poll in __________________.

Each attorney executing this Deed Poll states that he or she has not received notice of the
revocation or suspension of his or her power of attorney.

	 	 	 

	Signed Sealed and Delivered on behalf of

	)	 
	 

	)	 
	AMERICAN EXPRESS CREDIT CORPORATION       

	)	 

by its attorney in the presence of:

	 	 	 

	 

	 	 
	 

	 	Signature
	 
	 	 
	 

	 	 
	Signature

	 	Print Name
	 
	 	 
	 

	 	 
	 

	 	Print name      Office held

 

 

EXHIBIT E

FORM OF OPINION OF

COUNSEL FOR THE BORROWER

________ __, 2011                    

To the
Banks and the Facility 
   Agent Referred to Below

	c/o 	 	 Citisecurities Limited,

as Facility Agent

Dear Sirs:

          I am Senior Counsel of American Express Company and have acted as counsel for American Express
Credit Corporation, as Borrower (the “Borrower”) in connection with the Subscription
Agreement (the “Subscription Agreement”) dated as of August 3, 2011 among the Borrower,
Citibank N.A., Sydney Branch, Commonwealth Bank of Australia, National Australia Bank Limited and
Westpac Banking Corporation, as Mandated Lead Arrangers, the Banks party thereto and Citisecurities
Limited, as Facility Agent, and the Loan Note Deed Poll and Loan Notes referred to therein. Terms
defined in the Subscription Agreement are used herein as therein defined. This opinion is being
rendered to you at the request of the Borrower pursuant to Section 3.1(b) of the Subscription
Agreement.

          I have examined originals or copies, certified or otherwise identified to my satisfaction, of
such documents, corporate records, certificates of public officials and other instruments and have
conducted such other investigations of fact and law as I have deemed necessary or advisable for
purposes of this opinion.

          Upon the basis of the foregoing, I am of the opinion that:

          1. The Borrower is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware and has all corporate powers and all material governmental
licenses, authorizations, consents and approvals required to carry on its business as now
conducted.

          2. The execution, delivery and performance by the Borrower of the Credit Documents are within
the corporate powers of the Borrower, have been duly authorized by all necessary corporate action,
require no action by or in respect of, or filing with, any governmental body, agency or official
and do not contravene, or constitute a default under, any provision of applicable law or regulation
known to me to be applicable to the Borrower or of the certificate of incorporation or by-laws of
the Borrower or of any agreement, judgment, injunction, order, decree or other instrument known to
me to be binding upon the Borrower or result in the creation or imposition of any Lien on any
material asset of the Borrower. The Subscription Agreement and the Loan Note Deed Poll has been
duly executed and delivered by the Borrower.

          3. The Subscription Agreement and the Loan Note Deed Poll constitute valid and binding
agreements of the Borrower, and each Loan Note, if and when issued in accordance with the Credit
Documents, will constitute a valid and binding obligation of the Borrower, in each case enforceable
in accordance with its terms except as the same may be limited by bankruptcy, insolvency or similar
laws affecting creditors’ rights generally and by general principles of equity.

          4. There is no action, suit or proceeding known to me after due inquiry pending or threatened
against or affecting the Borrower or any of the Significant Subsidiaries of the Borrower before any
court or arbitration tribunal or any governmental department, administrative agency or

 

 

instrumentality, which, in the case of actions, suits or proceedings pending or threatened, is
likely to, or, in the case of actions, suits or proceedings affecting the Borrower or any of its
Significant Subsidiaries, will, materially adversely affect the ability of the Borrower to perform
its obligations under the Credit Documents in accordance with their terms.

          The opinion set forth in Paragraph 3 above is subject to the limitation that, as of the date
of this opinion, a judgment for money in an action based on the Credit Documents in a Federal or
state court into United States ordinarily would be enforced in the United Sates only in United
States dollars. The date used to determine the conversion of another currency into United States
dollars will depend upon various factors, including which court renders the judgment. With respect
to obligations issued in another currency, under Section 27 of the New York Judiciary Law a state
court in the State of New York rendering a judgment on the Credit Documents would be required to
render such judgment in the other currency and such judgment would be converted into United Sates
dollars at the exchange rate prevailing on the date of the entry of the judgment.

          I am a member of the Bar of the State of New York and the foregoing opinion is limited to the
laws of the State of New York, the General Corporation Law of the State of Delaware, and the
Federal laws of the United States of America. In giving the foregoing opinion, I express no
opinion as to the effect (if any) of any law of any jurisdiction (except the State of New York) in
which any Bank is located which limits the rate of interest that such Bank may charge or collect.

Very truly yours,

2

 

EXHIBIT F

FORM OF OPINION OF

MILBANK, TWEED, HADLEY & McCLOY LLP,

SPECIAL NEW YORK COUNSEL FOR THE FACILITY AGENT

________ __, 2011                    

Each of the Banks party to

   the Subscription Agreement

   referred to below

Citisecurities Limited,

   as facility agent (the “Facility Agent”)

Level 24, Citigroup Centre

2 Park Street

Sydney, NSW, 2000

Australia

Ladies and Gentlemen:

          We have acted as special New York counsel to the Facility Agent in connection with the
Subscription Agreement dated as of August 3, 2011 (the “Subscription Agreement”) among
American Express Credit Corporation (the “Borrower”), Citibank N.A., Sydney Branch,
Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation, as
Mandated Lead Arrangers, the Banks party thereto and the Facility Agent. Capitalized terms used
but not defined herein have the respective meanings given to such terms in the Subscription
Agreement. This opinion is being delivered pursuant to the Subscription Agreement.

          In rendering the opinions expressed below, we have examined the Subscription Agreement and
such other documents as we have deemed necessary as a basis for the opinions expressed below.

          In our examination, we have assumed the genuineness of all signatures, the authenticity of all
documents submitted to us as originals and the conformity with authentic original documents of all
documents submitted to us as copies, and we have assumed that all authorizations, approvals or
consents of, and all filings and registrations with, any governmental or regulatory authority or
agency required for the making and performance by the Borrower of the Subscription Agreement have
been obtained or made and are in effect. When relevant facts were not independently established,
we have relied upon representations made in or pursuant to the Subscription Agreement. In
addition, we have assumed that the conditions set forth in Section 3.1 of the Subscription
Agreement (other than the delivery of this opinion letter) have been satisfied.

          In rendering the opinions expressed below, we have assumed, with respect to all of the
documents referred to in this opinion letter, that:

          (i) such documents have been duly authorized by, have been duly executed and delivered by, and
(except to the extent set forth below as to the Borrower) constitute legal, valid, binding and
enforceable obligations of, all of the parties to such documents;

          (ii) all signatories to such documents have been duly authorized; and

          (iii) all of the parties to such documents are duly organized and validly existing and have
the power and authority (corporate or other) to execute, deliver and perform such documents.

          Based upon and subject to the foregoing and subject also to the comments and

 

 

qualifications set forth below, and having considered such questions of law as we have deemed
necessary as a basis for the opinions expressed below, we are of the opinion that the Subscription
Agreement constitutes, and each of the Loan Note Deed Poll and Loan Notes, when duly executed and
delivered in accordance with the Subscription Agreement (and, in the case of the Loan Notes, in
accordance with the Loan Note Deed Poll), will constitute, the legal, valid and binding obligation
of the Borrower, enforceable against the Borrower in accordance with its terms, except as may be
limited by bankruptcy, fraudulent conveyance or transfer, insolvency, receivership,
conservatorship, reorganization, moratorium or other similar laws relating to or affecting the
rights of creditors generally, and subject to the possible judicial application of foreign laws or
governmental action affecting the rights of creditors generally, and except as enforceability is
subject to the application of general principles of equity (regardless of whether considered in a
proceeding in equity or at law), including, without limitation, (a) the possible unavailability of
specific performance, injunctive relief or any other equitable remedy and (b) concepts of
materiality, reasonableness, good faith and fair dealing.

          The foregoing opinions are subject to the following comments and qualifications:

          (A) The enforceability of provisions in the Subscription Agreement to the effect that terms
may not be waived or modified except in writing may be limited under certain circumstances.

          (B) The enforceability of Section 9.3(c) of the Subscription Agreement may be limited by (i)
laws rendering unenforceable indemnification contrary to Federal or state securities laws and the
public policy underlying such laws and (ii) laws limiting the enforceability of provisions
exculpating or exempting a party from, or requiring indemnification of a party for, liability for
its own action or inaction, to the extent the action or inaction involves gross negligence,
recklessness, willful misconduct or unlawful conduct.

          (C) We express no opinion as to (i) the effect of the laws of any jurisdiction in which any
Bank is located (other than the State of New York) that limit the interest, fees or other charges
such Bank may impose, (ii) Section 2.18 of the Subscription Agreement, (iii) the last sentence of
Section 9.4 of the Subscription Agreement, (iv) the second sentence of Section 9.8 of the
Subscription Agreement, insofar as such sentence relates to the subject matter jurisdiction of the
United States District Court for the Southern District of New York to adjudicate any controversy
related to any of the Credit Documents or the transactions contemplated thereby or (v) the waiver
of inconvenient forum set forth in the third sentence of Section 9.8 of the Subscription Agreement
with respect to proceedings in the United States District Court for the Southern District of New
York.

          (D) We wish to point out with reference to obligations stated to be payable in a currency
other than U.S. Dollars that (i) a New York statute provides that a judgment rendered by a court of
the State of New York in respect of an obligation denominated in such other currency would be
rendered in such other currency and would be converted into U.S. Dollars at the rate of exchange
prevailing on the date of entry of the judgment and (ii) a judgment rendered by a Federal court
sitting in the State of New York in respect of an obligation denominated in such other currency may
be expressed in U.S. Dollars, but we express no opinion as to the rate of exchange such Federal
court would apply.

          The foregoing opinions are limited to matters involving the Federal laws of the United States
and the law of the State of New York, and we do not express any opinion as to the law of any other
jurisdiction.

 

 

          This opinion letter is provided to you by us in our capacity as special New York counsel to
the Facility Agent pursuant the Subscription Agreement and may not be relied upon by any Person for
any purpose other than in connection with the transactions contemplated by the Subscription
Agreement without, in each instance, our prior written consent.

Very truly yours,

BT/EKM

 

 

EXHIBIT G

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

          AGREEMENT dated as of ___, ____ among [NAME OF ASSIGNOR] (the “Assignor”), [NAME OF
ASSIGNEE] (the “Assignee”), AMERICAN EXPRESS CREDIT CORPORATION, as borrower (the
“Borrower”) and CITISECURITIES LIMITED, as Facility Agent (the “Facility Agent”).

          WHEREAS, this Assignment and Assumption Agreement (the “Agreement”) relates to the
Subscription Agreement dated as of August 3, 2011 among the Borrower, Citibank N.A., Sydney Branch,
Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation, as
Mandated Lead Arrangers, the Assignor and the other Banks party thereto, as Banks, and the Facility
Agent (the “Subscription Agreement”);

          WHEREAS, as provided under the Subscription Agreement, the Assignor has a Tranche [A][B][C]
Commitment to make Tranche [A][B][C] Loans to the Borrower in an aggregate principal amount at any
time outstanding not to exceed A$_____________;

          WHEREAS, Tranche [A][B][C] Loans made to the Borrower by the Assignor in the aggregate
principal amount of A$_________ , U.S.$____________ and NZ$____________ are outstanding at the date
hereof; and

          WHEREAS, the Assignor proposes to assign to the Assignee all of the rights of the Assignor
under the Subscription Agreement in respect of a portion of its Tranche [A][B][C] Commitment
thereunder in an amount equal to the sum of A$_________ , U.S.$__________ and NZ$____________ (the
“Assigned Amount”), together with a corresponding portion of its outstanding Tranche
[A][B][C] Loans and Loan Notes and the Assignee proposes to accept assignment of such rights and
assume the corresponding obligations from the Assignor on such terms;

          NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein,
the parties hereto agree as follows:

          SECTION 1. Definitions. All capitalized terms not otherwise defined herein shall have
the respective meanings set forth in the Subscription Agreement.

          SECTION 2. Assignment. The Assignor hereby assigns and sells to the Assignee all of
the rights of the Assignor under the Credit Documents (other than the Loan Notes) to the extent of
the Assigned Amount, and the Assignee hereby accepts such assignment from the Assignor and assumes
all of the obligations of the Assignor under the Credit Documents to the extent of the Assigned
Amount, including the purchase from the Assignor of the corresponding portion of the principal
amount of the Tranche [A][B][C] Loans made by the Assignor outstanding at the date hereof. Upon
the execution and delivery hereof by the Assignor, the Assignee, [the Borrower and the Facility
Agent] and the payment of the amounts specified in Section 3 required to be paid on the date hereof
(i) the Assignee shall, as of the date hereof, succeed to the rights and be obligated to perform
the obligations of a Tranche [A][B][C ] Bank under the Subscription Agreement with a Tranche
[A][B][C] Commitment in an amount equal to the Assigned Amount, and (ii) the Tranche [A][B][C]
Commitment of the Assignor shall, as of the date hereof, be reduced by a like amount and the
Assignor released from its obligations under the Subscription Agreement to the extent such
obligations have been assumed by the Assignee. The assignment provided for herein shall be without
recourse to the Assignor. The Assignor hereby transfers the corresponding Loan Notes to the
Assignee.

 

 

          SECTION 3. Payments. As consideration for the assignment and sale contemplated in
Section 2 hereof, the Assignee shall pay to the Assignor on the date hereof in immediately
available funds the amount heretofore agreed between them.* It is understood that
facility fees accrued to the date hereof with respect to the Assigned Amount are for the account of
the Assignor and such fees accruing from and including the date hereof are for the account of the
Assignee. Each of the Assignor and the Assignee hereby agrees that if it receives any amount under
the Subscription Agreement which is for the account of the other party hereto, it shall receive the
same for the account of such other party to the extent of such other party’s interest therein and
shall promptly pay the same to such other party.

          SECTION 4. Consent of the Borrower and the Facility Agent. This Agreement is
conditioned upon the consent of the Borrower and the Facility Agent pursuant to Section 9.6(d) of
the Subscription Agreement. The execution of this Agreement by the Borrower and the Facility Agent
is evidence of this consent. Pursuant to Section 9.6(d), the Borrower agrees, upon the Assignee’s
request, to execute and deliver a Note payable to the order of the Assignee to evidence the
assignment and assumption provided for herein.

          SECTION 5. Non-Reliance on Assignor. The Assignor makes no representation or warranty
in connection with, and shall have no responsibility with respect to, the solvency, financial
condition, or statements of the Borrower, or the validity and enforceability of the obligations of
the Borrower in respect of the Subscription Agreement or any Note. The Assignee acknowledges that
it has, independently and without reliance on the Assignor, and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement and will continue to be responsible for making its own independent appraisal of the
business, affairs and financial condition of the Borrower. The Assignee represents and warrants to
the Borrower that it is, and at the time it acquires Loan Notes will be, carrying on the business
of providing finance, or investing or dealing in securities, in the course of operating in
financial markets.

          SECTION 6. Governing Law. This Agreement shall be governed by and construed in
accordance with the law of the State of New York.

          SECTION 7. Counterparts. This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.

 

			
	*	 	Amount should combine principal together with
accrued interest and breakage compensation, if any, to be paid by the Assignee,
net of any portion of any upfront fee to be paid by the Assignor to the
Assignee. It may be preferable in an appropriate case to specify these amounts
generically or by formula rather than as a fixed sum.

2

 

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

	 	 	 	 	 
	 	[NAME OF ASSIGNOR]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[NAME OF ASSIGNEE]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AMERICAN EXPRESS CREDIT CORPORATION

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CITISECURITIES LIMITED, as Facility Agent

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

3

 

	 	 	 	 	 

EXHIBIT H

FORM OF NOTICE OF BORROWING

	 	 	 

	To:

	 	Citisecurities Limited

Facility Agent
	 
	 	 
	Attention:

	 	Maria Mills / Craig Guyan (Fax: +61 2 8225 5244)

Eros Lai / Michelle Chong / Debbie Cheung (Fax: +852 2621 3183/4)
	 
	 	 
	Date:

	 	________ __, 20__
	 
	 	 
	Re:

	 	Subscription Agreement between
American Express Credit Corporation (the “Borrower”), Citibank N.A., Sydney Branch,
Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation, as Mandated Lead
Arrangers, the Banks parties thereto and Citisecurities Limited, as Facility Agent, dated as of August 3, 2011
(“Subscription Agreement”)

We refer to the above Subscription Agreement. Terms used in this Notice which are defined in the
Subscription Agreement have, unless otherwise defined herein, the same meanings as in the
Subscription Agreement.

	1.	 	The Borrower gives the Facility Agent irrevocable notice that the Borrower wishes to draw
Loans under the Subscription Agreement

	 	 	 	 	 	 	 

	 

	 	(a)
	 	Business Day of Borrowing:
	 	________ __, 20__
	 
	 	 	 	 	 	 
	 

	 	(b)
	 	Aggregate amount of such Borrowing:
	 	A$/US$/NZ$________.
	 
	 	 	 	 	 	 
	 

	 	(c)
	 	Class of Loans comprising the Borrowing:
	 	Tranche [A][B][C] Loans
	 
	 	 	 	 	 	 
	 

	 	(d)
	 	Type of Loans comprising the Borrowing:
	 	[BBR-AUS][BBR-NZ][Euro-Dollar] Loans
	 
	 	 	 	 	 	 
	 

	 	(e)
	 	Requested Interest Period:
	 	_____________________

	 	 	The proceeds of the loan are to be paid to:

	 	 	 	 	 

	 

	 	Account number:
	 	__________________________________________
	 

	 	Account name:
	 	__________________________________________
	 

	 	Bank:
	 	__________________________________________
	 

	 	Branch:
	 	__________________________________________
	 

	 	BSB:
	 	__________________________________________

	 	 	The Borrower represents and warrants the following:

	 	a)	 	the fact that, immediately after such Borrowing, (i) the Total
Outstandings will not exceed the Total Commitments and (ii) the Tranche [A][B][C]
Outstandings will not exceed the Tranche [A][B][C] Commitments;
	 
	 	b)	 	the fact that, immediately before and after such Borrowing, no
Default shall have occurred and be continuing; and
	 
	 	c)	 	the fact that the representations and warranties of the Borrower
contained in Sections 4.1 through 4.4(a) and 4.6 through 4.12 in the Subscription
Agreement shall be true and correct on and as of the date of such Borrowing as if
made on and as of such date.

 

 

	2.	 	The current Rating is S&P ____ , Moody’s ____ and Fitch ___.

 

[Name of person]

authorized officer of

American Express Credit Corporation

2exv10w1

Exhibit
10.1

CORVEL CORPORATION

RESTATED OMNIBUS INCENTIVE PLAN

(FORMERLY THE RESTATED 1988 EXECUTIVE STOCK OPTION PLAN)

AS AMENDED AND RESTATED THROUGH AUGUST 4, 2011

GENERAL

     I. GENERAL PROVISIONS

     A. The Plan is intended to promote the interests of the Company and its stockholders by providing a
method whereby (i) key employees (including officers and directors) of the Company (or any Parent
or Subsidiary) responsible for the management, growth and financial success of the Company (or any
Parent or Subsidiary), (ii) the non-employee members of the Board or the board of directors of any
Parent or Subsidiary, and (iii) consultants and advisors who provide valuable services to the
Company (or any Parent or Subsidiary) may be offered various types of equity incentives and
rewards intended to encourage such individuals to put forth maximum efforts for the success of the
Company’s business and to acquire a proprietary interest, or otherwise increase their proprietary
interest, in the Company, thereby aligning the interests of such persons with the Company’s
stockholders.

     B. For purposes of the Plan, the following definitions shall be in effect:

     AFFILIATE: Any entity (i) that, directly or indirectly through one or more
intermediaries, is controlled by the Company or (ii) in which the Company has a significant equity
interest, in each case as determined by the Committee.

     AWARD: Any Option, Tandem Right, Limited Right, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent, or Other Stock-Based Award
granted under the Plan.

     AWARD AGREEMENT: Any written agreement, contract or other instrument or document
evidencing any Award granted under the Plan. Each Award Agreement shall be subject to the
applicable terms and conditions of the Plan and any other terms and conditions (not inconsistent
with the Plan) determined by the Committee.

     BOARD: The Board of Directors of the Company.

     CHANGE IN CONTROL: A Change in Control shall be deemed to occur in the event that:

     (i) any person or related group of persons (other than the Company or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Company)
directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 of the
Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting
power of the Company’s outstanding securities pursuant to a tender or exchange offer which the
Board does not recommend the Company’s stockholders to accept; or

     (ii) there is a change in the composition of the Board over a period of twelve (12)
consecutive months, such that a majority of the Board members (rounded up to the next whole number)
cease, by reason of one or more proxy contests for the election of Board members, to be comprised
of individuals who either (a) have been Board members continuously since the beginning of such
period or (b) have been elected or nominated for election as Board members during such period by at
least two-thirds of the Board members described in clause (a) who were still in office at the time
such election or nomination was approved by the Board.

     CODE: The Internal Revenue Code of 1986, as amended.

     COMMON STOCK: The Common Stock issuable under the Plan shall be shares of the
Company’s common stock, $0.0001 par value.

     COMMITTEE: The Committee shall be a committee designated by the Board to administer
the Plan, which initially shall be the compensation committee of the Board. The Committee shall be
comprised of at least two Directors but not less than such number of Directors as shall be required
to permit Awards granted under the Plan to qualify under Rule 16b-3 and Section 162(m) of the Code,
and each member of the Committee shall be a “Non-Employee Director.”

     COMPANY: The Company shall mean CorVel Corporation, a Delaware corporation, or any
corporate successor which

 

			
	1	 	The Company was previously known as FORTIS Corporation and assumed
all of the rights and responsibilities of FORTIS Corporation, a Minnesota
corporation (“FORTIS Minnesota”), with respect to the Plan pursuant to the
Agreement and Plan of Merger by and between the Company and FORTIS Minnesota,
effective May 16, 1991, under which FORTIS Minnesota changed its state of
incorporation from Minnesota to Delaware by merging with and into the Company
which was a wholly owned subsidiary of FORTIS Minnesota.

1

 

     shall assume the Plan.

     CORPORATE TRANSACTION: A Corporate Transaction shall include any of the following
transactions for which the approval of the Company’s stockholders is obtained:

     (i) a merger or acquisition in which the Company is not the surviving entity, except for a
transaction the principal purpose of which is to change the state of the Company’s incorporation,

     (ii) the sale, transfer or other disposition of all or substantially all of the assets of the
Company to any entity other than a parent or subsidiary of the Company, or

     (iii) any reverse merger in which the Company is the surviving entity but in which fifty
percent (50%) or more of the Company’s outstanding voting stock is transferred to holders different
from those who held such fifty percent (50%) or greater interest immediately prior to such merger.

     DIRECTOR: A member of the Board, including any Non-Employee Director.

     DIVIDEND EQUIVALENT: Any right granted under Section IV of Article IV of the Plan.

     ELIGIBLE PERSON: (i) Any Employee, officer, consultant, or advisor providing services
to the Company (or any Parent or Subsidiary), and (ii) any Director or director of any Parent or
Subsidiary who is not an employee of the Company or any Parent or Subsidiary.

     EMPLOYEE: An individual shall be considered to be an Employee for so long as the
Company or one or more of its Parent or Subsidiaries reports his or her earnings on a Form W-2.

     EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

     FAIR MARKET VALUE: The Fair Market Value per share of Common Stock on any relevant
date shall be determined in accordance with the following provisions:

     (i) If the Common Stock is at the time listed on the Nasdaq National Market or the Nasdaq
Capital Market, then the Fair Market Value shall be the closing selling price per share of Common
Stock on the date in question, as such price is reported by the National Association of Securities
Dealers on the Nasdaq National Market or the Nasdaq Capital Market and published in The Wall Street
Journal.

     (ii) If the Common Stock is at the time listed on any stock exchange, then the Fair Market
Value shall be the closing selling price per share of Common Stock on the date in question on the
stock exchange determined by the Committee to be the primary market for the Common Stock, as such
price is officially quoted in the composite tape of transactions on such exchange and published in
The Wall Street Journal.

     (iii) If the Common Stock is not listed on the Nasdaq National Market, Nasdaq Capital Market
or a national securities exchange, the Fair Market Value shall be the average of the closing bid
and ask prices of the Common Stock on that day as reported by the Nasdaq bulletin board or any
comparable system on that day.

     (iv) If the Common Stock is not traded included in the Nasdaq bulletin board or any comparable
system, the Fair Market Value shall be the average of the closing bid and ask prices on that day as
furnished by any member of the National Association of Securities Dealers, Inc. selected from time
to time by the Company for that purpose.

     (v) If the date in question is not a trading day, then the Fair Market Value shall be
determined based on prices for the trading day prior to the date in question.

       HOSTILE TAKE-OVER: A Hostile Take-Over shall be the acquisition, directly
or indirectly, by any person or related group of persons (other than the Company or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Company) of
beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities pursuant to a tender or

2

 

exchange offer made directly to the Company’s stockholders which the Board does not recommend such
stockholders to accept.

     NON-EMPLOYEE DIRECTOR. Any Director who is not also an employee of the
Company or a Parent or Subsidiary within the meaning of Rule 16b-3 and is an “outside director”
within the meaning of Section 162(m) of the Code.

     NON-STATUTORY OPTION: A Non-Statutory Option shall mean an option not
intended to satisfy the requirements of Code Section 422.

     OPTION: A Non-Statutory Option.

     OTHER STOCK-BASED AWARD: Any right granted under Section V of Article IV of the Plan.

     OPTIONEE: Any person to whom an option is granted under the Discretionary
Option Grant Program of Article II or the Other Equity Based Awards Program of Article IV of this
Plan.

     PARENT: A corporation shall be deemed to be a Parent of the Company if it
is a corporation (other than the Company) in an unbroken chain of corporations ending with the
Company, provided each such corporation in the unbroken chain (other than the Company) owns, at the
time of the determination, stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain.

     PARTICIPANT: An Eligible Person granted an Award under the Plan.

     PERFORMANCE AWARD: Any right granted under Section III of Article IV of the
Plan.

     PERFORMANCE GOAL: Performance Goal shall have the meaning set forth in
Section III.A.(i) of Article IV of the Plan.

     PERMANENT DISABILITY: A permanent disability shall have the meaning
assigned to it in Code Section 22(e)(3).

     PERSON: Any individual or entity, including a corporation, partnership,
limited liability company, association, joint venture or trust.

     PLAN: The CorVel Corporation Restated Omnibus Incentive Plan, which was
formerly named the Restated 1988 Executive Stock Option Plan, as amended and restated.

     QUALIFIED PERFORMANCE BASED AWARD: A Qualified Performance Based Award
shall have the meaning set forth in Section III.A. of Article IV of the Plan.

     RESTRICTED STOCK: Any Share granted under Section II of Article IV of the Plan.

     RESTRICTED STOCK UNIT: Any unit granted under Section II of Article IV of the Plan.

     RULE 16b-3: Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor rule or regulation.

     SECURITIES ACT: Securities Act of 1933, as amended.

     SEC: The SEC shall mean the Securities and Exchange Commission.

     SECTION 16(b) INSIDER: An individual shall be considered to be a Section
16(b) Insider on any relevant date under the Plan if such individual is at the time subject to the
short-swing profit restrictions of Section 16(b) of the Exchange Act by reason of his or her
affiliation with the Company.

     SERVICE PROVIDER: An individual shall be deemed to be a Service Provider
for so long as such individual renders service on a periodic basis to the Company, its Parent
and/or any of its Subsidiaries as an Employee, a non-Employee member of the board of directors or a
consultant or independent advisor.

     SHARE OR SHARES: A Share or Shares of Common Stock or such other securities
or property as may become subject to Awards pursuant to an adjustment made pursuant to Section V.C.
of Article I of the Plan.

     STOCK APPRECIATION RIGHT: Any right granted under Section I of Article IV
of the Plan.

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     SUBSIDIARY: A corporation shall be deemed to be a Subsidiary of the Company
if it is one of the corporations (other than the Company) in an unbroken chain of corporations
beginning with the Company, provided each such corporation (other than the last corporation in the
unbroken chain) owns, at the time of determination, stock possessing fifty percent (50%) or more of
the total combined voting power of all classes of stock in one of the other corporations in such
chain. For purposes of all Non-Statutory Option grants, all other Awards granted under Article IV
of the Plan, and all Corporate Transaction provisions of the Plan, the term “Subsidiary” shall also
include any partnership, joint venture or other business entity of which the Company owns, directly
or indirectly through another entity, more than a fifty percent (50%) interest in voting power,
capital or profits.

     TANDEM RIGHT: Any tandem stock appreciation right granted under Section II
of Article II of the Plan.

     C. Stock option grants made to any Participant under the Discretionary Option Grant Program of
Article II and Awards made to any Participant under the Other Equity Based Awards Program of
Article IV shall not in any way affect, limit or restrict such individual’s eligibility to
participate in any other stock plan or other compensation or benefit plan, arrangement or practice
now or hereafter maintained by the Company or any Parent or Subsidiary.

     D. Stock option grants or other Awards outstanding under the Plan shall in no way affect the right
of the Company to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its
business or assets.

II. STRUCTURE OF THE PLAN

     A. Stock Programs. The Plan shall be divided into two separate components: the
Discretionary Option Grant Program specified in Article II and the Other Equity Based Awards
Program specified in Article IV. Under the Discretionary Option Grant Program, Eligible Persons
may, at the discretion of the Committee, be granted options to purchase shares of Common Stock in
accordance with the provisions of Article II. Under the Other Equity Based Awards Program,
Eligible Persons may be granted, at the discretion of the Committee, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Performance Awards, Dividend Equivalents or Other
Stock-Based Awards in accordance with the provisions of Article IV.

     B. General Provisions. Unless the context clearly indicates otherwise, the provisions of
Articles I and V shall apply to the Discretionary Option Grant Program, the Other Equity Based
Awards Program and any outstanding automatic option grants made prior to August 4, 2011, and shall
accordingly govern the interests of all individuals under the Plan. Effective as of August 4,
2011, no further automatic option grants shall be made hereunder.

III. ADMINISTRATION OF THE PLAN

     A. The Plan shall be administered by the Committee. Subject to applicable law, the Committee may
delegate its responsibilities to others under such conditions and limitations as it may determine,
except that the Committee may not delegate its authority with regard to the making of grants to
Section 16(b) Insiders. However, if the grant to a Section 16(b) Insider would not be exempt under
SEC Rule 16b-3 if made by the Committee, such grant may be made by the Board. On the other hand, if
the grant of an option is intended to be exempt from Code Section 162(m), it must be made by a
committee composed exclusively of outside directors, as that term is defined in Code Section
162(m).

     B. Subject to the express provisions of the Plan and applicable law, the Committee shall have the
sole and exclusive authority with respect to the Discretionary Option Grant Program and the Other
Equity Based Awards Program:

     (i) to designate Participants and make grants of Awards to any and all Eligible
Persons;

     (ii) to determine the type or types of Awards to be granted to each Participant;

     (iii) to determine the number of Shares to be covered by, or the method by which payment or
other rights are to be determined in connection with, each Award;

     (iv) to determine the terms and conditions of any Award or Award Agreement, consistent with
the terms of the Plan;

     (v) to determine whether, to what extent, and under what circumstances Awards may be exercised
in cash, Shares, promissory notes (provided, however, that the par value of any Shares to be issued
pursuant to such exercise shall be paid in the form of cash, services rendered, personal property,
real property or a combination thereof, and the acceptance of such promissory notes does not
conflict with Section 402 of the Sarbanes-Oxley Act of 2002), other securities, other awards or
other property, or cancelled, forfeited or suspended;

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     (vi) to interpret the Plan and any Award Agreement, to prescribe, amend and rescind rules and
regulations relating to it, and to make all other determinations deemed necessary or advisable in
administering the Discretionary Option Grant Program and the Other Equity Based Awards Program;

     (vii) to change the terms and conditions or accelerate the vesting of any outstanding Award or
Award Agreement granted pursuant to Article II, and any outstanding Award or Award Agreement
granted pursuant to Article IV (except for any Qualified Performance Based Award as defined in
Article IV of the Plan to the extent such authority would violate Code Section 162(m)), provided
such action does not, without the consent of the holder, adversely affect the rights and
obligations such individual may have under the outstanding grant; and

     (viii) to make any other determination or take any other action that the Committee deems
necessary or desirable for the administration of the Plan.

     C. Designations, determinations, interpretations and other decisions of the Committee on all
matters relating to the Plan and any option grants, stock issuances or any other Awards made
hereunder shall be within the sole discretion of the Committee, may be made at any time, and shall
be final, conclusive and binding on all Persons having any interest in the Plan or any options or
Awards granted or shares issued under the Plan.

     D. To the maximum extent permitted by law, the Company shall indemnify each member of the Committee
and any secondary committee formed pursuant to Section III.A. of this Article I and every other
member of the Board, as well as any other employee with duties under the Plan, against all
liabilities and expenses (including any amount paid in settlement or in satisfaction of a judgment)
reasonably incurred by the individual in connection with any claims against the individual by
reason of the performance of the individual’s duties under the Plan. This indemnity shall not
apply, however, if: (i) it is determined in the action, lawsuit, or proceeding that the individual
is guilty of gross negligence or intentional misconduct in the performance of those duties; or (ii)
the individual fails to assist the Company in defending against any such claim. The Company shall
have the right to select counsel and to control the prosecution or defense of the suit. The
Company shall not be obligated to indemnify any individual for any amount incurred through any
settlement or compromise of any action unless the Company consents in writing to the settlement or
compromise.

     E. Notwithstanding anything to the contrary contained herein (except as provided in Section III.A.
of this Article I), the Board may, at any time and from time to time, without any further action of
the Committee, exercise the powers and duties of the Committee under the Plan.

IV. ELIGIBILITY

     A. The persons eligible to receive option grants under the Discretionary Option Grant Program of
Article II and Awards under the Other Equity Based Awards Program of Article IV are Eligible
Persons selected by the Committee to receive such options and Awards.

V. STOCK SUBJECT TO THE PLAN

     A. The Common Stock issuable under the Plan shall be made available either from authorized but
unissued shares of Common Stock or from shares of Common Stock reacquired by the Company on the
open market. The aggregate number of shares of Common Stock issuable over the term of this Plan
shall not exceed 9,682,500 shares. Such share reserve is subject to adjustment from time to time
in accordance with Section V.C. of this Article I.

     B. Should an option or other Award granted under this Plan expire or terminate for any reason prior
to exercise or surrender in full, the shares subject to the portion of the option or other Award
not so exercised or surrendered shall be available for subsequent option or other Award grants
under this Plan. Furthermore, in the event that a portion of shares subject to a Performance Award
(including a Qualified Performance Based Award) does not vest as of the end of an applicable
performance period because the applicable performance goals become impossible to meet, such portion
of such Performance Award shall immediately be cancelled as of the end of the applicable
performance period and the shares subject to such portion of such Performance Award shall be
available for subsequent option or other Award grants under this Plan. In addition, unvested shares
issued under the Plan and subsequently cancelled or repurchased by the Company, at the original
option or Award exercise price paid per share, pursuant to the Company’s repurchase rights under
the Plan shall be added back to the number of shares of Common Stock reserved for issuance under
the Plan and shall accordingly be available for reissuance through one or more subsequent option or
other Award grants under the Plan. However, shares subject to Tandem Rights exercised in
accordance with the provisions of Section II of Article II shall reduce on a share-for-share basis
the number of shares of Common Stock available for subsequent option or other Award grants under
this Plan. Should the exercise price of an outstanding option or other Award under the Plan be
paid with shares of Common Stock or should shares of Common Stock otherwise issuable under the Plan
be withheld by the Company in satisfaction of the withholding taxes incurred in connection with the
exercise of an outstanding option or other Award or the vesting of a stock issuance or other Award
under the Plan, then the number of shares of Common Stock available for issuance under the Plan
shall be reduced by the gross number of shares for which the option or other Award is exercised or
which vest under the stock issuance or other

5

 

Award, and not by the net number of shares of Common Stock actually issued to the Participant. If
an Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered by
such Award or to which such Award relates shall be counted on the date of grant of such Award
against the aggregate number of Shares available for granting Awards under the Plan. For purposes
of determining the number of Shares covered on the date of grant by a Stock Appreciation Right that
is to be settled in Shares, the aggregate number of Shares with respect to which the Stock
Appreciation Right is to be exercised shall be counted against the number of Shares available for
Awards under the Plan (without regard to the number of actual Shares issued upon settlement).
Awards that do not entitle the holder thereof to receive or purchase Shares shall not be counted
against the aggregate number of Shares available for Awards under the Plan.

     C. In the event any change is made to the Common Stock issuable under the Plan by reason of any
stock dividend, recapitalization, stock split, reverse stock split, combination of shares, exchange
of shares, reorganization, merger, consolidation, split-up, spin-off, or other change affecting the
outstanding Common Stock as a class without the Company’s receipt of consideration, then
appropriate adjustments shall be made by the Committee to (i) the aggregate number and/or class of
securities (or other property) issuable under the Plan, (ii) the maximum number and/or class of
securities (or other property) for which any one Participant may be granted stock options, stock
appreciation rights or other Awards over the term of the Plan, (iii) the number and/or class of
securities (or other property) subject to, and the purchase and/or exercise price per share in
effect under, each option, stock appreciation right or other Award outstanding under the Plan, and
(iv) the limitations contained in Section V.E. of this Article I, in order to preclude the dilution
or enlargement of benefits thereunder. All adjustments made by the Committee pursuant to this
Section V.C. shall be final and binding.

     D. In the event that (i) the Company is the surviving entity in any Corporate Transaction which
does not result in the termination of outstanding options pursuant to the Corporate Transaction
provisions of the Plan or (ii) the outstanding options under the Plan are to be assumed in
connection with such Corporate Transaction, then each such continuing or assumed option shall,
immediately after such Corporate Transaction, be appropriately adjusted to apply and pertain to the
number and class of securities which would have been issuable, in consummation of such Corporate
Transaction, to an actual holder of the same number of shares of Common Stock as are subject to
such option immediately prior to such Corporate Transaction. Appropriate adjustments shall also be
made to the exercise price payable per share, provided the aggregate option price shall remain the
same. In addition, the number and class of securities which remain issuable under this Plan
following the consummation of the Corporate Transaction shall be appropriately adjusted.
Adjustments under this section will be made in accordance with Code Section 424 and treasury
regulations promulgated thereunder to the extent required, and for purposes of compliance with the
provisions of Code Section 409A relating to modification of stock rights, adjustments will be made
in accordance with the requirements Code Section 424 and treasury regulations promulgated
thereunder as modified by applicable guidance under Code Section 409A.

     E. 162(m) Limitation on Awards. From and after January 1, 1994 until June 30, 2006, in no event
may any one individual participating in the Plan be granted stock options and/or separately
exercisable stock appreciation rights, exceeding 1,600,000 shares of Common Stock in the aggregate
over such period, subject to adjustment from time to time in accordance with the provisions of
Section V.C. of this Article. From and after approval of the stockholders at the 2006 Annual
Meeting of Stockholders, notwithstanding any other provision of the Plan other than Section V.C. of
this Article I, no Participant shall be granted: (i) Options or SARs, the value of which are
derived solely from the appreciation in the value of Shares after the date of grant, with respect
to more than 500,000 Shares in the aggregate within any fiscal year of the Company; or (ii) other
Qualified Performance Based Awards under Article IV that do not meet the definition contained in
clause (i) above and that could result in such Participant receiving more than $1,500,000 in cash
or the equivalent Fair Market Value of Shares determined at the date of grant for each full or
partial fiscal year of the Company contained in the performance period of a particular Qualified
Performance Based Award, provided, however, that, if any other Qualified Performance Based Awards
are outstanding for such Participant for a given fiscal year, such dollar limitation shall be
reduced for each such given fiscal year by the amount that could be received by the Participant
under all such Qualified Performance Based Awards, divided, for each such Qualified Performance
Based Award, by the number of full or partial fiscal years of the Company contained in the
performance period of each such outstanding Qualified Performance Based Award; provided, however,
that the limitations set forth in this Section V.E. shall be subject to adjustment under Section
V.C. of Article I only to the extent that such adjustment does not affect the status of any Award
intended under Article IV to qualify as “performance based compensation” under Section 162(m) of
the Code.

ARTICLE II.

DISCRETIONARY OPTION GRANT PROGRAM

I. TERMS AND CONDITIONS OF OPTIONS

     A. The Committee shall have sole and exclusive authority (subject to the express provisions of the
Plan) to determine which Eligible Persons are to be granted options under the Discretionary Option
Grant Program, the number of shares to be covered by each such option, the status of the granted
option as a Non-Statutory Option, the time or times at which such option is to become exercisable
and the maximum term for which the option is to remain outstanding.

6

 

     B. The granted options shall be evidenced by Award Agreements in such form as the Committee shall
from time to time approve. Unless otherwise provided in a particular Award Agreement, the granted
options shall comply with the terms and conditions specified below.

     1. Option Price.

     a. The option price per share shall be fixed by the Committee, but in no event shall the
option price per share be less than the Fair Market Value per share of Common Stock on the date of
the option grant except in connection with a merger, acquisition or other similar consolidation.

     b. The option price shall become immediately due upon exercise of the option and shall,
subject to the loan provisions of Section I of Article V, be payable in one or more of the
alternative forms specified below:

     i. full payment in cash or check payable to the Company’s order; or

     ii. full payment in shares of Common Stock held by the Optionee for the requisite period
necessary to avoid a charge to the Company’s reported earnings and valued at Fair Market Value on
the Exercise Date (as such term is defined below); or

     iii. to the extent the option is exercised for vested shares, full payment through a special
sale and remittance procedure pursuant to which the Optionee is to provide irrevocable written
instructions (i) to a brokerage firm to effect the immediate sale of the purchased shares and remit
to the Company, out of the sale proceeds available on the settlement date, an amount sufficient to
cover the aggregate option price payable for the purchased shares plus all applicable Federal and
state income and employment taxes required to be withheld by the Company by reason of such purchase
and (ii) to the Company to deliver the certificates for the purchased shares directly to such
brokerage firm in order to complete the sale transaction; or

     c. If payment of the exercise price is made by means of the surrender of shares of Common
Stock which are subject to certain restrictions, the number of shares of Common Stock issued upon
the exercise of the option equal to the number of shares of restricted stock surrendered shall be
subject to the same restrictions as the restricted stock that was surrendered.

     d. The Exercise Date shall be the date on which written or electronic notice of the option
exercise is delivered to the Company. Except to the extent the sale and remittance procedure
specified in clause (iii) of subparagraph b. above is utilized in connection with the option
exercise, payment of the option price for the purchased shares must accompany such notice.

     2. Term and Exercise of Options.

     a. Each option granted under the Discretionary Option Grant Program shall be exercisable in
one or more installments as shall be determined by the Committee and set forth in the Award
Agreement evidencing such option; provided, however, no such option shall have a maximum term in
excess of ten (10) years from the date it was granted to the Optionee.

     b. During the lifetime of the Optionee, Non-Statutory Options shall be exercisable only by the
Optionee and shall not be assignable or transferable other than by will, by the laws of descent and
distribution following the Optionee’s death, or to any “Family Member” (as such term is defined in
the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the
Securities Act), provided that the Participant may not receive any consideration for such transfer,
the Family Member may not make any subsequent transfers other than by will or by the laws of
descent and distribution and the Company receives written notice of such transfer. This assigned
portion may only be exercised by the person or persons who acquire a proprietary interest in the
option pursuant to the assignment. The terms applicable to the assigned portion shall be the same
as those in effect for the option immediately prior to such assignment and shall be set forth in
such documents issued to the assignee as the Committee may deem appropriate. Notwithstanding the
foregoing, the Optionee may also designate one or more persons as the beneficiary or beneficiaries
of his or her outstanding Non-Statutory Options under the Plan, and those options shall, in
accordance with such designation, automatically be transferred to such beneficiary or beneficiaries
upon the Optionee’s death while holding those options. Such beneficiary or beneficiaries shall take
the transferred options subject to all the terms and conditions of the applicable agreement
evidencing each such transferred option, including (without limitation) the limited time period
during which the option may be exercised following the Optionee’s death.

     3. Termination of Service.

     a. Should an Optionee cease to be a Service Provider for any reason (including death or
Permanent Disability) other than due to a termination for the reasons set forth in subparagraph (c)
below, then such options shall not be exercisable at any time after the EARLIER of (i) the
specified expiration date of the option term or (ii) the expiration of the limited period of time
specified by the Committee in the option agreement. Each such option shall, during such period
following cessation of Service Provider status, be exercisable only to the extent of the number of
shares (if any) in which the Optionee is vested on the date of such cessation of Service Provider
status.

7

 

     b. Any option held by an Optionee under this Article II at the time of his or her death and
exercisable in whole or in part at that time may be subsequently exercised, but only to the extent
of the number of shares (if any) in which the Optionee is vested on the date the Optionee ceases to
be a Service Provider (less any of those shares subsequently purchased by the Optionee prior to
death), by the personal representative of the Optionee’s estate, by the person or persons to whom
the option is transferred pursuant to the Optionee’s will or the laws of inheritance or by the
Optionee’s designated beneficiary or beneficiaries of that option. Any such exercise must occur
prior to the EARLIER of (i) the expiration date of the option term or (ii) the first anniversary of
the date of the Optionee’s death.

     c. If an Optionee’s Service Provider status is terminated for any of the following reasons,
then all outstanding options granted the Optionee under this Article II shall immediately terminate
and cease to be exercisable immediately upon such termination:

     i. the Optionee’s intentional misconduct or continuing gross neglect of duties which
materially and adversely affects the business and operations of the Company or any Parent or
Subsidiary employing the Optionee;

     ii. the Optionee’s unauthorized use or disclosure (or attempt thereat) of confidential
information or trade secrets of the Company or any Parent or Subsidiary; or

     iii. the Optionee’s commission of an act involving embezzlement, theft, fraud, falsification
of records, destruction of property or commission of a crime or other offense involving money or
other property of the Company or any Parent or Subsidiary employing the Optionee.

     The reasons for termination of an Optionee as a Service Provider set forth in this
subparagraph (c) are not intended to be an exclusive list of all acts or omissions which the
Company may deem to constitute misconduct or other grounds for terminating the Optionee (or any
other individual).

     d. The Committee shall have complete discretion, exercisable either at the time the option is
granted or at any time while the option remains outstanding, to permit one or more options held by
the Optionee under this Article II to be exercised, during the limited period of exercisability
following cessation of Service Provider status, not only with respect to the number of shares in
which the Optionee is vested at the time of such cessation of Service Provider status but also with
respect to one or more subsequent installments of purchasable shares in which the Optionee would
otherwise have vested had the Optionee continued as a Service Provider.

     e. If the option is granted to an individual who is not an Employee of the Company, then the
option agreement evidencing the granted option shall include provisions comparable to those set
forth in subparagraphs (a), (b) and (c) above, and may include provisions comparable to
subparagraph (d) above, with respect to the Optionee’s termination of service with the Company or
any Parent or Subsidiary.

     4. Stockholder Rights. An option holder shall have none of the rights of a
stockholder with respect to any shares covered by the option until such individual shall have
exercised the option, paid the option price and satisfied all other conditions precedent to the
issuance of certificates for the purchased shares.

     5. Repurchase Rights. The shares of Common Stock acquired upon the exercise of any
Article II option grant may be subject to one or more repurchase rights of the Company in
accordance with the following provisions:

     a. The Committee shall have the discretion to authorize the issuance of unvested shares of
Common Stock under this Article II. Should the Optionee cease Service Provider status while
holding such unvested shares, the Company shall have the right to repurchase any or all of those
unvested shares at the option price paid per share. The terms and conditions upon which such
repurchase right shall be exercisable (including the period and procedure for exercise and the
appropriate vesting schedule for the purchased shares) shall be established by the Committee and
set forth in the instrument evidencing such repurchase right.

     b. All of the Company’s outstanding repurchase rights shall automatically terminate, and all
shares subject to such terminated rights shall immediately vest in full, upon the occurrence of any
Corporate Transaction, except to the extent: (i) any such repurchase right is expressly assigned to
the successor corporation (or parent thereof) in connection with the Corporate Transaction or (ii)
such termination is precluded by other limitations imposed by the Committee at the time the
repurchase right is issued.

     c. The Committee shall have the discretionary authority, exercisable either before or after
the Optionee’s cessation of Service Provider status, to cancel the Company’s outstanding repurchase
rights with respect to one or more shares purchased or purchasable by the Optionee under this
Article II and thereby accelerate the vesting of such shares in whole or in part at any time.

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II. TANDEM RIGHTS AND LIMITED RIGHTS

     A. The Committee shall have full power and authority, exercisable in its sole discretion, to grant
selected Optionees tandem stock appreciation rights (“Tandem Rights”) pertaining to all or part of
the shares of Common Stock subject to one or more of their option grants under this Article II.

     B. Tandem Rights may be granted at the same time the underlying option is granted or any time
thereafter while the option remains outstanding. The Optionee may exercise such Tandem Right by
surrendering the underlying option in whole or in part to the Company, to the extent such option is
at the time exercisable for vested shares of Common Stock. In exchange for the surrendered option,
the Optionee shall receive a distribution from the Company in an amount equal to the excess of (i)
the Fair Market Value (on the option surrender date) of the number of shares in which the Optionee
is at the time vested under the surrendered option (or surrendered portion) over (ii) the aggregate
option price payable for such vested shares. However, the exercise of the Tandem Right shall be
effective only if approved by the Committee. If so approved, the distribution to which the
Optionee shall accordingly become entitled with respect to the surrendered option shall be made in
shares of Common Stock valued at Fair Market Value on the option surrender date.

     C. If the surrender of an option is rejected by the Committee, then the Optionee shall retain
whatever rights the Optionee had under the surrendered option (or surrendered portion) on the
option surrender date and may exercise such rights at any time prior to the last day on which the
option is otherwise exercisable in accordance with the terms of the instrument evidencing such
option, but in no event may such rights be exercised more than ten (10) years after the date of the
option grant.

     D. Prior to July 1, 2006, one or more Section 16(b) Insiders may, in the Committee’s sole
discretion, be granted limited stock appreciation rights (“Limited Rights”)2 in conjunction with
their outstanding options under this Article II. Such Limited Rights shall provide that upon the
occurrence of a Hostile Take-Over, each outstanding option with such a Limited Right shall
automatically be cancelled, to the extent such option is at the time exercisable for fully-vested
shares of Common Stock. The Optionee shall in return be entitled to a cash distribution from the
Company in an amount equal to the excess of (i) the Take-Over Price of the vested shares of Common
Stock at the time subject to the cancelled option (or cancelled portion of such option) over (ii)
the aggregate exercise price payable for such shares. The cash distribution payable upon such
cancellation shall be made within five (5) days following the consummation of the Hostile
Take-Over. The Committee shall pre-approve, at the time the limited right is granted, the
subsequent exercise of that right in accordance with the terms of this Section II.D. Accordingly,
no further approval of the Committee or the Board shall be required at the time of the actual
option cancellation and cash distribution. The balance of the option (if any) shall continue to
remain outstanding and exercisable in accordance with the terms and conditions of the instrument
evidencing such option.

III. CORPORATE TRANSACTION

     A. Upon the occurrence of a Corporate Transaction, the exercisability of each option outstanding
under this Article II shall be automatically accelerated so that each such option shall,
immediately prior to the specified effective date for the Corporate Transaction, become fully
exercisable with respect to the total number of shares of Common Stock at the time subject to such
option, whether or not vested, and may be exercised for all or any portion of such shares. However,
an outstanding option under this Article II shall NOT be so accelerated if and to the extent: (i)
such option is, in connection with the Corporate Transaction, either to be assumed by the successor
corporation or parent thereof or to be replaced with a comparable option to purchase shares of the
capital stock of the successor corporation or parent thereof, or (ii) such option is to be replaced
with a cash incentive program of the successor corporation which preserves the spread existing at
the time of the Corporate Transaction on any shares for which the option is not otherwise at that
time exercisable and provides for subsequent payout in accordance with the same exercise/vesting
schedule applicable to those option shares, or (iii) the acceleration of such option is subject to
other applicable limitations imposed by the Committee at the time of grant. The determination of
comparability under clause (i) above shall be made by the Committee, and its determination shall be
final and binding.

     B. The Committee shall have the discretion, exercisable at any time, to provide (upon such terms
and conditions as it may deem appropriate) for either the automatic acceleration of one or more
assumed or replaced options which do not accelerate in connection with the Corporate Transaction or
for the automatic vesting of any cash incentive programs implemented in replacement of such
options, in the event the Optionee’s employment should subsequently terminate within a designated
period following the effective date of such Corporate Transaction.

 

			
	 	 	2 Options granted to Section 16(b) Insiders prior to the effective
date of the June 15, 1992 Restatement contain a different form of Limited
Right. Such right will provide each Section 16(b) Insider with a thirty
(30)-day election period, following the successful completion of a hostile
tender offer for fifty percent (50%) or more of the Company’s outstanding
voting securities, to surrender the underlying option for a cash distribution
from the Company in an amount per share of Common Stock in which the Section
16(b) Insider is at the time vested under the surrendered option equal to the
excess of the highest price per share paid in effecting such tender offer over
the exercise price payable per share under the surrendered option.

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     C. Upon the consummation of the Corporate Transaction, all outstanding options under this Article
II shall, to the extent not previously exercised or assumed by the successor corporation or its
parent company, terminate and cease to be outstanding.

ARTICLE III.

[RESERVED]

ARTICLE IV.

OTHER EQUITY BASED AWARDS PROGRAM

     Subject to any limitations contained in the Plan, the Committee shall have sole and exclusive
authority (subject to the express provisions of the Plan) to determine which Eligible Persons are
to be granted Awards under the Other Equity Based Awards Program, and the terms and conditions of
any such Awards. Such Awards shall be evidenced by Award Agreements in such form as the Committee
shall from time to time approve.

I. STOCK APPRECIATION RIGHTS.

     A. The Committee is authorized to grant free-standing Stock Appreciation Rights to Eligible Persons
subject to the terms of the Plan and any applicable Award Agreement. Each such Stock Appreciation
Right granted under the Plan shall confer on the holder upon exercise the right to receive a number
of Shares equal to the excess of (a) the Fair Market Value of one Share on the date of exercise
(or, if the Committee shall so determine, at any time during a specified period before or after the
date of exercise) over (b) the grant price of the Stock Appreciation Right as determined by the
Committee, which grant price shall not be less than 100% of the Fair Market Value of one Share on
the date of grant of the Stock Appreciation Right. Subject to the terms of the Plan, the grant
price, term, methods of exercise, dates of exercise and any other terms and conditions (including
conditions or restrictions on the exercise thereof) of any Stock Appreciation Right shall be as
determined by the Committee.

II. RESTRICTED STOCK AND RESTRICTED STOCK UNITS

     A. The Committee is hereby authorized to grant Restricted Stock and Restricted Stock Units to
Eligible Persons with the following terms and conditions and with such additional terms and
conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

     i. Restrictions. Shares of Restricted Stock and Restricted Stock Units shall be
subject to such restrictions as the Committee may impose (including, without limitation, a
restriction on or prohibition against the right to receive any dividend or other right or property
with respect thereto), which restrictions may lapse separately or in combination at such time or
times, in such installments or otherwise as the Committee may deem appropriate.

     ii. Stock Certificates. Any Restricted Stock granted under the Plan shall be
evidenced by the issuance of a stock certificate or certificates, which shall be held by the
Company. Such certificate or certificates shall be registered in the name of the Participant and
shall bear an appropriate legend referring to the applicable Award Agreement and possible
forfeiture of such shares of Restricted Stock.

     iii. Forfeiture. Except as otherwise determined by the Committee, upon a
Participant’s termination of employment (as determined under criteria established by the Committee)
during the applicable restriction period, all applicable Shares of Restricted Stock and Restricted
Stock Units at such time subject to restriction shall be forfeited and reacquired by the Company;
provided, however, that the Committee may, when it finds that a waiver would be in the best
interest of the Company, waive in whole or in part any or all remaining restrictions with respect
to Shares of Restricted Stock or Restricted Stock Units.

III. PERFORMANCE AWARDS

     A. The Committee is hereby authorized to grant Performance Awards to Eligible Persons subject to
the terms of the Plan. A Performance Award granted under the Plan (a) may be denominated or
payable in cash, Shares (including, without limitation, Restricted Stock and Restricted Stock
Units), other securities, other Awards or other property and (b) shall confer on the holder thereof
the right to receive payments, in whole or in part, upon the achievement of such performance goals
during such performance periods as the Committee shall establish. Subject to the terms of the
Plan, the performance goals to be achieved during any performance period, the length of any
performance period, the amount of any Performance Award granted, the amount of any payment or
transfer to be made pursuant to any Performance Award and any other terms and conditions of any
Performance Award shall be determined by the Committee. From time to time, the Committee may
designate a Performance Award granted hereunder as an award of “qualified performance-based
compensation” within the meaning of Section 162(m) of the Code (a “Qualified Performance Based
Award”), and such awards shall comply with the following requirements.

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     i. Performance Goals; Timing of Designations. Qualified Performance Based Awards
shall, to the extent required by Section 162(m), be conditioned solely on the achievement of one or
more objective performance goals, and such performance goals shall be established by the Committee
within the time period prescribed by, and shall otherwise comply with the requirements of, Section
162(m) (“Performance Goals”). The Committee shall, not later than 90 days after the beginning of
each performance period, (A) designate all Participants for such performance period, and (B)
establish the objective Performance Goals for each Participant for that performance period on the
basis of one or more of the business criteria set forth in (ii) below.

     ii. Business Criteria. Unless and until the Committee proposes for stockholder
approval and the Company’s stockholders approve a change in the general business criteria set forth
in this section, the attainment of which may determine the amount and/or vesting with respect to
Qualified Performance Based Awards, the business criteria to be used for purposes of establishing
Performance Goals for Qualified Performance Based Awards shall be selected from the following
alternatives. Performance goals may be based upon based upon one or more of the following business
criteria, either individually, alternatively or in any combination, applied on a corporate,
subsidiary or business unit basis: revenue, cash flow, gross profit, earnings before interest and
taxes, earnings before interest, taxes, depreciation and amortization and net earnings, earnings
per share, margins (including one or more of gross, operating and net income margins), returns
(including one or more of return on assets, equity, investment, capital and revenue and total
stockholder return), stock price, economic value added, working capital, market share, cost
reductions, workforce satisfaction and diversity goals, employee retention, customer satisfaction,
completion of key projects and strategic plan development and implementation. Such Performance
Goals may reflect absolute entity or business unit performance or a relative comparison to the
performance of a peer group of entities or other external measure of the selected performance
criteria. Pursuant to rules and conditions adopted by the Committee on or before the 90th day of
the applicable performance period for which Performance Goals are established, the Committee may
appropriately adjust any evaluation of performance under such goals to exclude the effect of
certain events, including any of the following events: asset write-downs; litigation or claim
judgments or settlements; changes in tax law, accounting principles or other such laws or
provisions affecting reported results; severance, contract termination and other costs related to
exiting certain business activities; and gains or losses from the disposition of businesses or
assets or from the early extinguishment of debt.

     iii. Payment of Qualified Performance Based Awards. Unless another specified payment
date or schedule of payment dates is provided in the applicable Award Agreement, Qualified
Performance Based Awards shall be paid within 2 1/2 months after the end of the calendar year in
which the applicable performance condition ends. The Committee shall certify in writing that
Performance Goals have been met prior to payment of the Qualified Performance Based Awards to the
extent required by Section 162(m). The Committee may, in its discretion, reduce the amount of a
payout otherwise to be made in connection with a Qualified Performance Based Award, but may not
exercise discretion to increase such amount. 

     iv. Certain Events. If a Participant dies or becomes permanently and totally disabled
before the end of a performance period or after the performance period and before a Qualified
Performance Based Award is paid, the Committee may, in its discretion, determine that the
Participant shall be paid a prorated portion of the award that the Participant would have received
but for such death or disability.

     v. Stockholder Approval of Plan. Any Qualified Performance Based Award shall be null
and void and have no effect whatsoever unless the Plan shall have been approved by the stockholders
of the Company at the Company’s 2006 Annual Stockholders Meeting. No Qualified Performance Based
Award shall be granted more than five years after the date of such 2006 Annual Stockholders Meeting
unless the stockholders have re-approved the Plan to the extent required by Section 162(m) of the
Code.

     vi. Interpretation. The provisions in this Section III of Article IV, and all of the
other terms and conditions of the Plan as it applies to any Qualified Performance Based Award,
shall be interpreted in such a fashion as to qualify all compensation paid thereunder as “qualified
performance-based compensation” within the meaning of Section 162(m) of the Code.

IV. DIVIDEND EQUIVALENTS

     The Committee is authorized to grant Dividend Equivalents to Eligible Persons under which the
Participant shall be entitled to receive payments (in cash, Shares, other securities, other Awards
or other property as determined in the discretion of the Committee) equivalent to the amount of
cash dividends paid by the Company to holders of Shares with respect to a number of Shares
determined by the Committee. Subject to the terms of the Plan, such Dividend Equivalents may have
such terms and conditions as the Committee shall determine.

V. OTHER STOCK-BASED AWARDS

     The Committee is authorized to grant to Eligible Persons, subject to the terms of the Plan, such
other Awards that are denominated or payable in, valued in whole or in part by reference to, or
otherwise based on or related to, Shares (including, without limitation, securities convertible
into Shares), as are deemed by the Committee to be consistent with the purpose of the Plan. Shares
or other

11

 

securities delivered pursuant to a purchase right granted under this Section V shall be purchased
for such consideration, which may be paid by such method or methods and in such form or forms
(including, without limitation, cash, Shares, promissory notes, promissory notes (provided,
however, that the par value of any Shares to be issued pursuant to such exercise shall be paid in
the form of cash, services rendered, personal property, real property or a combination thereof and
the acceptance such promissory notes does not conflict with Section 402 of the Sarbanes-Oxley Act
of 2002), other securities, other Awards or other property or any combination thereof, as the
Committee shall determine, the value of which consideration, as established by the Committee, shall
not be less than 100% of the Fair Market Value of such Shares or other securities as of the date
such purchase right is granted.

ARTICLE V.

MISCELLANEOUS

I. LOANS OR GUARANTEE OF LOANS

     The Committee may assist a Participant (including any officer or director) in the exercise of
one or more outstanding options under the Discretionary Option Grant Program or one or more
outstanding Awards under the Other Equity Based Awards Program by (a) authorizing the extension of
a full-recourse interest-bearing loan to such Optionee from the Company, (b) permitting the
Participant to pay the exercise price or other purchase price with respect to such Award in
installments over a period of years or (c) authorizing a guarantee by the Company of a third-party
loan to the Participant, but in each case only to the extent any such action does not conflict with
Section 402 of the Sarbanes-Oxley Act of 2002. The terms of any loan, installment method of payment
or guarantee (including the interest rate and terms of repayment) shall be established by the
Committee in its sole discretion. The maximum credit available to the Participant shall not
exceed the sum of (i) the aggregate exercise price of the option shares (less the par value) or
the aggregate purchase price for the Award plus (ii) any Federal and state income and employment
tax liability incurred by the Participant in connection with the exercise of the option or Award.

II. TAX WITHHOLDING

     A. The Company’s obligation to deliver shares or cash upon the exercise or surrender of stock
options or any Awards granted under the Plan shall be subject to the satisfaction by the
Participant of all applicable Federal, state and local income and employment tax withholding
requirements.

     B. The Committee may, in its discretion and upon such terms and conditions as it may deem
appropriate (including the applicable safe-harbor provisions of SEC Rule 16b-3 or any successor
rule or regulation) provide any or all holders of outstanding option grants under the Plan (other
than grants made to non-Employees) with the election to surrender previously acquired shares of
Common Stock or have shares withheld in satisfaction of the tax withholding obligations. To the
extent necessary to avoid adverse accounting treatment, the number of shares that may be withheld
for this purpose shall not exceed the minimum number needed to satisfy the applicable income and
employment tax withholding rules. If Common Stock is used to satisfy the Company’s tax withholding
obligations, the stock shall be valued at its Fair Market Value when the tax withholding is
required to be made.

III. EXTENSION OF EXERCISE PERIOD

     The Committee shall have full power and authority to extend the period of time for which any option
granted under the Discretionary Option Grant Program is to remain exercisable following the
Optionee’s termination of service from the period set forth in the option agreement to such greater
period of time as the Committee shall deem appropriate; provided, however, that in no event shall
such extension exceed the limitations set forth by applicable law and regulations under Code
Section 409A; and provided further, that in no event shall such option be exercisable after the
specified expiration date of the option term.

IV. AMENDMENT OF THE PLAN

     The Board shall have the complete and exclusive authority to amend, modify, suspend,
discontinue or terminate the Plan; provided, however, that if and to the extent required by Code
Section 409A and applicable guidance thereunder, such authority will not include the authority to
terminate deferred compensation arrangements in violation of Code Section 409A; and provided
further, that no amendment or modification shall, without the consent of the holders, adversely
affect rights and obligations with respect to any stock options, stock appreciation rights, or
other Awards at the time outstanding under the Plan. In addition, certain amendments, including
increasing the number of shares issuable under the Plan or modifying the requirements for
eligibility, will require stockholder approval pursuant to applicable laws or regulations.

V. EFFECTIVE DATE AND TERM OF PLAN

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A. The Plan was initially adopted by the Board and approved by the Company’s sole stockholder on
August 1, 1988.

     B. The Board and sole stockholder amended and restated the Plan effective May 15, 1991 to (i)
increase the number of shares issuable pursuant to the Plan, (ii) conform the provisions of the
Plan to the SEC rules under Section 16 of the Exchange Act applicable to certain transactions
effected under the Plan by Section 16(b) Insiders and (iii) provide for the ability to grant
incentive stock options.

     C. The Plan was further restated on June 15, 1992 (the “1992 Restatement”) to (i) increase the
number of shares of Common Stock authorized for issuance under the Plan by an additional 400,000
shares, (ii) bring the Plan into compliance with revisions to SEC Rule 16b-3 which became effective
on September 1, 1993 and would exempt certain officer and director transactions under the Plan from
the short-swing liability provisions of the federal securities laws and (iii) effect certain
technical revisions to the provisions of the Plan to facilitate plan administration and
interpretation. The 1992 Restatement was approved by the Company’s stockholders at the 1992 Annual
Meeting.

     D. The Plan was further restated and amended by the Board in June 1993 (the “1993 Restatement”) to
add the Automatic Option Grant Program. The 1993 Restatement was approved by the Company’s
stockholders at the 1993 Annual Meeting.

     E. On May 4, 1994, the Board approved an amendment and restatement of the Plan (the “1994
Restatement”) to (i) increase the aggregate number of shares issuable over the term thereof by
400,000 shares to a total of 2,670,000 shares and (ii) impose a limitation of 1,600,000 shares on
the maximum number of shares of Common Stock for which any one participant may be granted stock
options and separately exercisable stock appreciation rights over the remaining term of the Plan.
The 1994 Restatement was approved by the Company’s stockholders at the 1994 Annual Meeting.

     F. On June 21, 1996, the Board approved an amendment and restatement of the Plan (the “1996
Restatement”) to (i) increase the aggregate number of shares issuable over the term thereof by
400,000 shares to 3,070,000 shares, and (ii) extend the expiration date of the Plan to June 30,
2006. The 1996 Restatement was approved by the Company’s stockholders at the 1996 Annual Meeting.

     G. In June 1997, the Board further amended and restated the Plan (the “1997 Restatement”) to effect
the following revisions: (i) increase the number of shares of Common Stock reserved for issuance
over the term of the Plan by an additional 400,000 shares to 3,470,000 shares, (ii) render the
non-Employee Board members eligible to receive option grants under the Discretionary Option Grant
Program, (iii) allow unvested shares issued under the Plan and subsequently repurchased by the
Company at the option exercise price paid per share to be reissued under the Plan, (iv) remove
certain restrictions on the eligibility of non-Employee Board members to serve as members of the
Committee and (v) effect a series of additional changes to the provisions of the Plan in order to
take advantage of certain amendments to SEC Rule 16b-3. The 1997 Restatement was approved by the
Company’s stockholders at the 1997 Annual Meeting.

     H. In February 1999, the Board further amended and restated the Plan to permit optionees under the
Discretionary Option Grant and Automatic Option Programs of the Plan to designate a beneficiary or
beneficiaries to whom their options may be transferred upon their death.

     I. On May 10, 2001, the Board further amended and restated the Plan (the “2001 Restatement”) to (i)
effect certain technical revisions to the provisions of the Plan in order to facilitate the
administration and interpretation of the Plan, (ii) clarify the group of employees who are eligible
to participate in the Plan and (iii) increase the number of shares of Common Stock reserved for
issuance over the term of the Plan by an additional 500,000 shares to 3,970,000 shares. The 2001
Restatement was approved by the Company’s stockholders at the 2001 Annual Meeting.

     J. On June 27, 2006, the Board further amended and restated the Plan (the “2006 Restatement”) to
(i) address changes in applicable law and accounting principles, (ii) permit the Committee to make
awards of free-standing stock appreciation rights, restricted stock, restricted stock units,
performance awards, dividend equivalents, and Other Stock-Based Awards under the Plan, subject to
such terms and conditions as determined by the Committee, (iii) extend the term of the Plan until
June 30, 2016, (iv) rename the Plan and (v) increase the number of shares of Common Stock reserved
for issuance over the term of the Plan by an additional 500,000 shares to 6,455,000 shares. The
2006 Restatement was approved by the Company’s stockholders approval at the 2006 Annual Meeting.

     K. All share numbers in the 2006 Restatement reflect (i) the two-for-one split of the Common Stock
effected on June 14, 1999 and (ii) the three-for-two split of the Common Stock effected on August
31, 2001, and all share numbers in the 2008 Restatement (defined below) reflect the 3-for-2 split
of the Common Stock effected on December 8, 2006, all of which were effected in the form of a stock
dividend.

     L. On May 6, 2008, the Board further amended and restated the Plan (the “2008 Restatement”) to
reduce the number of shares of common stock underlying options to be granted under the automatic
option grant program from 11,250 to 7,500 shares for initial automatic option grants to be awarded
to a director upon first joining the Board and from 4,500 to 3,000 shares for annual automatic

13

 

option grants to be awarded to directors on the date of each annual meeting of stockholders. The
2008 Restatement was approved by the Company’s stockholders at the 2008 Annual Meeting.

     M. On June 8, 2010, the Board further amended and restated the Plan to provide that in the event
that a portion of shares subject to a Performance Award (including a Qualified Performance Based
Award) does not vest as of the end of an applicable performance period because the applicable
performance goals become impossible to meet, such portion of such Performance Award shall
immediately be cancelled as of the end of the applicable performance period and the shares subject
to such portion of such Performance Award shall be available for subsequent option or other Award
grants under this Plan.

     N. On June 21, 2011, the Board further amended and restated the Plan, subject to approval of the
Company’s stockholders, to eliminate future automatic option grants and to make members of the
Committee eligible to receive Awards under the Discretionary Option Grant Program and the Other
Equity Based Awards Program.

     O. The provisions of the various restatements of the Plan apply only to stock options, stock
appreciation rights, and other Awards granted under the Plan from and after the respective
effective dates of such Restatements. All stock options and stock appreciation rights issued and
outstanding under the Plan immediately prior to such effective dates of the restatements of the
Plan shall continue to be governed by the terms and conditions of the Plan (and the instrument
evidencing each such option or stock appreciation right) as in effect on the date each such option
or stock appreciation was previously granted, and nothing in the restatements of the Plan shall be
deemed to affect or otherwise modify the rights or obligations of the holders of such options or
stock appreciation rights with respect to the acquisition of shares of Common Stock thereunder or
the exercise of their outstanding stock appreciation rights.

     P. The sale and remittance procedure authorized for the exercise of outstanding options shall be
available for all options granted under the Plan from and after November 6, 1991 and for all
Non-Statutory Options outstanding on such date.

     Q. Subject to Section IV of Article V, the Plan shall in all events terminate upon the EARLIEST of
(i) June 30, 2016, (ii) the date on which all shares available for issuance under the Plan shall
have been issued or cancelled pursuant to the exercise or surrender of stock options, stock
appreciation rights or other Awards under the Plan, (iii) the termination of all outstanding Awards
in connection with a Corporate Transaction or (iv) termination by the Board. If the date of
termination is determined under clause (i) above, then any stock options, stock appreciation rights
or other Awards at the time outstanding under the Plan shall continue to have force and effect in
accordance with the provisions of the instruments evidencing such grants.

VI. MISCELLANEOUS MATTERS

     A. Any cash proceeds received by the Company from the issuance of shares hereunder shall be used
for any corporate purpose.

     B. The implementation of the Plan, the granting of any stock option or other Award , and the
issuance of Common Stock or other Award hereunder, shall be subject to the Company’s procurement of
all approvals and permits required by regulatory authorities having jurisdiction over the Plan, and
the stock options and other Awards granted under it and the Common Stock issued pursuant to it. The
inability of the Company to obtain the requisite approvals shall relieve the Company of any
liability with respect to the non-issuance or sale of the Common Stock as to which such approvals
shall not have been obtained. The Company, however, shall attempt to obtain all requisite
approvals.

     C. No shares of Common Stock or other property shall be issued or delivered under the Plan unless
and until there shall have been compliance with all applicable requirements of Federal and state
securities laws, including the filing and effectiveness of the Form S-8 registration statement for
the shares of Common Stock issuable under the Plan, and all applicable listing requirements of any
stock exchange (or the Nasdaq National Market, if applicable) on which Common Stock is then listed
for trading. No shares of Common Stock or other property shall be issued or delivered under the
Plan if doing so would violate any internal policies of the Company.

     D. Neither the action of the Company in establishing the Plan, nor any action taken by the Board or
the Committee hereunder, nor any provision of the Plan itself shall be construed so as to grant any
individual the right to remain in the employ or service of the Company or any Parent or Subsidiary
for any period of specific duration, and the Company (or any Parent or Subsidiary retaining the
services of such individual) may terminate such individual’s employment or service at any time and
for any reason, with or without cause.

     E. Nothing contained in the Plan shall be construed to limit the authority of the Company to
exercise its corporate rights and powers, including (without limitation) the right of the Company
(a) to grant options for corporate purposes otherwise than under this Plan to any Eligible Person
or other Person, firm or company or association or (b) to grant options to, or assume the option
of, any Person in connection with the acquisition (by purchase, lease, merger, consolidation or
otherwise) of the business and assets (in whole or in part) of any Person, firm, company or
association.

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     F. No Participant will have rights under an Award granted to such Participant unless and until an
Award Agreement shall have been duly executed on behalf of the Company and, if requested by the
Company, signed by the Participant. In the event that any provision of an Award Agreement
conflicts with or is inconsistent in any respect with the terms of the Plan as set forth herein or
subsequently amended, the terms of the Plan shall control.

     G. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Parent or Subsidiary and an
Eligible Person or any other Person. To the extent that any Person acquires a right to receive
payments from the Company or any Parent or Subsidiary pursuant to an Award, such right shall be no
greater than the right of any unsecured general creditor of the Company or any Affiliate.

     H. The Plan is intended to comply in all respects with Rule 16b-3 or any successor provision, as in
effect from time to time, and in all events the Plan shall be construed in accordance with the
requirements of Rule 16b-3. If any Plan provision does not comply with Rule 16b-3 as hereafter
amended or interpreted, the provision shall be deemed inoperative. The Board, in its absolute
discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision
of the Plan with respect to persons who are officers or directors subject to Section 16 of the
Exchange Act without so restricting, limiting or conditioning the Plan with respect to other
Eligible Persons. With respect to Options and Stock Appreciation Rights, the Company intends to
have the Plan administered in accordance with the requirements for the award of “qualified
performance-based compensation” within the meaning of Section 162(m) of the Code.

     I. No compensation or benefit awarded to or realized by any Participant under the Plan shall be
included for the purpose of computing such Participant’s compensation under any compensation-based
retirement, disability, or similar plan of the Company unless required by law or otherwise provided
by such other plan.

     J. Except with respect to Shares of Restricted Stock as to which the Participant has been granted
the right to vote, neither a Participant nor the Participant’s legal representative shall be, or
have any of the rights and privileges of, a stockholder of the Company with respect to any Shares
issuable to such Participant upon the exercise or payment of any Award, in whole or in part, unless
and until such Shares have been issued in the name of such Participant or such Participant’s legal
representative without restrictions thereto.

     K. No Award and no right under any such Award shall be assignable or transferable by a Participant
other than by will or the laws of descent and distribution following the Participant’s death;
provided, however, that at any time such Participant holds a Non-Statutory Option, such Participant
may transfer such Option to any “Family Member” (as such term is defined in the General
Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities
Act), provided that the Participant may not receive any consideration for such transfer, the Family
Member may not make any subsequent transfers other than by will or by the laws of descent and
distribution and the Company receives written notice of such transfer. The assigned portion may
only be exercised by the person or persons who acquire a proprietary interest in the Award pursuant
to the assignment. The terms applicable to the assigned portion shall be the same as those in
effect for the Award immediately prior to such assignment and shall be set forth in such documents
issued to the assignee as the Committee may deem appropriate. Notwithstanding the foregoing, the
Participant may also designate one or more persons as the beneficiary or beneficiaries of his or
her outstanding Awards under the Plan, and those Awards shall, in accordance with such designation,
automatically be transferred to such beneficiary or beneficiaries upon the Participant’s death
while holding those Awards. Such beneficiary or beneficiaries shall take the transferred Awards
subject to all the terms and conditions of the applicable agreement evidencing each such
transferred Award.

     L. The validity, construction and effect of the Plan or any Award, and any rules and regulations
relating to the Plan or any Award, shall be determined in accordance with the internal laws, and
not the law of conflicts, of the State of Delaware.

     M. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to
applicable laws, or if it cannot be so construed or deemed amended without, in the determination of
the Committee, materially altering the purpose or intent of the Plan or the Award, such provision
shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or any such Award
shall remain in full force and effect.

     N. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the
Committee shall determine whether cash shall be paid in lieu of any fractional Shares or whether
such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

     O. Headings are given to the Sections and subsections of the Plan solely as a convenience to
facilitate reference. Such headings shall not be deemed in any way material or relevant to the
construction or interpretation of the Plan or any provision thereof.

15

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