Document:

exv10w11

Exhibit 10.11

SETTLEMENT AGREEMENT AND MUTUAL RELEASE

This Settlement Agreement
 and Mutual Release (“Settlement Agreement”) is entered into as of
the date of the last signature below (the “Effective Date”), by and between VISaer, Inc., n/k/a
Newvisco, Inc. (“VISaer”); VISaer (UK) Ltd. (“VISaer (UK)”); and Intelligent Systems Corporation
(“ISC”), on the one hand, and IBS Technics, Inc. (“IBS”) and IBS Software Services Americas, Inc.
(“IBS Parent”), on the other hand. All of the foregoing entities collectively shall be referred to
as the “Parties”.

WHEREAS, VISaer, VISaer (UK), ISC, IBS, and IBS Parent entered into that certain Asset
Purchase Agreement dated April 4, 2008 (the “APA”).

WHEREAS,
on or about April 15, 2010, IBS served VISaer, VISaer (UK), and ISC with a “Claim
Notice — Seeking Indemnification” asserting certain claims against VISaer, VISaer (UK) and ISC
(“IBS’s Claims”).

WHEREAS,
on June 21, 2010, VISaer and VISaer (UK) served IBS and IBS Parent with a demand
letter seeking payment of past due Earnout Compensation under the APA.

WHEREAS,
on or about September 8, 2010, VISaer filed a Demand for Arbitration against IBS and
IBS Parent with the American Arbitration Association, which was given file number 30 117 J 00640 10
(the “Arbitration”), asserting certain claims against IBS and IBS Parent (“VISaer’s Claims”).

WHEREAS,
on or about October 11, 2010, IBS and IBS Parent served a counterclaim against VISaer
and a Demand for Arbitration against VISaer (UK) and ISC (“IBS’s Counterclaims”). (VISaer’s Claims
and IBS’s Claims and Counterclaims shall be collectively referred to herein as the “Parties’
Claims”).

WHEREAS, the Parties desire fully and finally to settle the Arbitration, the Parties’ Claims,
and all other claims or disputes, whether known or unknown, that have been made or could have been
made by or on behalf of VISaer, VISaer (UK), ISC, IBS, and/or IBS Parent relating to conduct or
events occurring prior to the Effective Date.

NOW, THEREFORE, for and in consideration of the mutual promises, covenants, and restrictions
contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties,
intending to be bound, hereby enter into this Settlement Agreement and agree as follows:

1. Payment to ISC. IBS agrees to pay to ISC the sum of Six Hundred Thousand Dollars
and no/100 cents ($600,000.00) by wire transfer on or before
February 21, 2011. IBS further agrees
to pay to ISC the sum of Two Hundred Fifty Thousand Dollars and no/100 cents ($250,000.00) by wire
transfer on or before January 21, 2012. IBS also agrees to pay to ISC the sum of Two Hundred Fifty
Thousand Dollars and no/100 cents ($250,000.00) by wire transfer on
or before January 21, 2013.
These payments will
satisfy IBS’s obligation to pay Earnout Compensation pursuant to Section 4.3 of the APA.

 

 

 

2. Guaranty
of IBS’s Payments by IBS Parent.  IBS Parent hereby absolutely and
unconditionally guarantees all payments to be made by IBS to ISC pursuant to Paragraph 1 above. The
Parties acknowledge and agree that the foregoing Guaranty from IBS Parent constitutes a material
term of this Settlement Agreement in the absence of which VISaer, VISaer (UK), and ISC would not
enter into this Settlement Agreement.

3. Dismissal
of the Arbitration. VISaer, VISaer (UK), ISC, IBS, and IBS Parent agree to
take all reasonable steps necessary to effectuate a dismissal of all claims, counterclaims, and
third-party claims that have been or could have been raised in the Arbitration within thirty (30)
days of the Effective Date.

4. Release
of Claims by VISaer, VISaer (UK), and ISC. VISaer, VISaer (UK), and ISC, on
behalf of themselves and their respective predecessors, successors, directors, officers, agents,
employees, shareholders, members, managers, and attorneys and their respective parent, subsidiary,
and affiliated corporations, companies, and partnerships hereby
knowingly and voluntarily covenant
not to sue and fully, finally, and forever remise, release, acquit,
and discharge IBS and IBS
Parent and their respective predecessors, successors, directors, officers, agents, employees,
shareholders, members, managers, and attorneys and their respective parent, subsidiary, and
affiliated corporations, companies, and partnerships of and from any and all actions, causes of
action, claims, demands, damages, costs, and expenses of any nature, whether known or unknown and
whether or not asserted in the Arbitration, from the beginning of time to the Effective Date of
this Settlement Agreement (the “Claims Released by VISaer”), including, without limitation, any
actions, causes of action, claims, demands, damages, costs, and expenses of any nature arising out
of or in any way relating to the APA and/or any of the facts from which the Arbitration arises,
provided however that the Parties retain the right to protect and enforce the continuing rights
described in Paragraph 18 of this Settlement Agreement consistent with the provisions of the APA.
The Claims Released by VISaer include but are not limited to claims and rights under federal,
state, local, statutory, or common law, claims and rights under the laws of contract and tort, and
any and all claims for attorneys’ fees and expenses of litigation.

5. No
Transfer of Claims by VISaer, VISaer (UK), and ISC. VISaer, VISaer (UK), and ISC
represent and warrant that they have not assigned, transferred, or purported to assign or transfer
to any person, firm, corporation, association, or entity whatsoever any of the Claims Released by
VISaer. VISaer, VISaer (UK), and ISC agree to indemnify and hold IBS and IBS Parent harmless
against, without any limitation, any and all rights, claims, warranties, demands, debts,
obligations, liabilities, costs, court or arbitration costs, expenses (including attorney’s fees),
causes of action, and judgments based on or arising out of any such assignment or transfer.

 

 - 2 - 

 

6. Release
of Claims by IBS and IBS Parent. IBS and IBS Parent, on behalf of themselves
and their respective predecessors, successors, directors, officers, agents, employees,
shareholders, members, managers, and attorneys and their respective parent,
subsidiary, and affiliated corporations, companies, and partnerships hereby knowingly and
voluntarily covenant not to sue and fully, finally, and forever remise, release, acquit, and
discharge  VISaer, VISaer (UK), and ISC and their respective predecessors, successors, directors,
officers, agents, employees, shareholders, members, managers, and attorneys and their respective
parent, subsidiary, and affiliated corporations, companies, and partnerships of and from any and
all actions, causes of action, claims, demands, damages, costs, and expenses of any nature, whether
known or unknown and whether or not asserted in the Arbitration, from the beginning of time to the
Effective Date of this Settlement Agreement (the “Claims Released by IBS”), including, without
limitation, any actions, causes of action, claims, demands, damages, costs, and expenses of any
nature arising out of or in any way relating to the APA and/or any of the facts from which the
Arbitration arises, provided however that the Parties retain the right to protect and enforce the
continuing rights described in Paragraph 18 of this Settlement Agreement consistent with the
provisions of the APA. The Claims Released by IBS include but are not limited to claims and rights
under federal, state, local, statutory, or common law, claims and rights under the laws of contract
and tort, and any and all claims for attorneys’ fees and expenses of litigation.

7. No
Transfer of Claims by IBS and IBS Parent. IBS and IBS Parent represent and warrant
that they have not assigned, transferred, or purported to assign or transfer to any person, firm,
corporation, association, or entity whatsoever any of the Claims Released by IBS. IBS and IBS
Parent agree to indemnify and hold VISaer, VISaer (UK), and ISC harmless against, without any
limitation, any and all rights, claims, warranties, demands, debts, obligations, liabilities,
costs, court or arbitration costs, expenses (including attorney’s fees), causes of action, and
judgments based on or arising out of any such assignment or transfer.

8. Confidentiality. The Parties agree to keep the terms and amount of this Settlement
Agreement completely confidential, except to the extent required by law (including a court order)
or authorized in writing by the other Parties. The Parties will not hereafter disclose any
information concerning this Settlement Agreement to anyone other than their officers, directors,
employees, and shareholders who have a need to know. The Parties acknowledge that as a publicly
traded entity, ISC may have obligations pursuant to Securities and Exchange Commission regulations
or other law to disclose pertinent terms of this Settlement Agreement in a Form 10-K, in a Form
8-K,  or through other means, and the Parties agree that any such disclosure is permitted by this
Settlement Agreement.

9. Non-Disparagement.
 The Parties agree that they will not do or say anything which: (1)
criticizes or disparages any of the other Parties or their employees, management, policies, or
practices; (2) disrupts or impairs another Party’s normal, ongoing business operations; or (3)
harms another Party’s reputation with its employees, customers, or the public.

10. Non-Admission.
 This Settlement Agreement does not constitute an admission by any of the
Parties of any wrongdoing, negligence, or violation of law, statute, or regulation.

 

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11. No
 Prevailing Party.  None of the Parties shall be considered a prevailing party for any
purpose.

12. Entire
Agreement. This Settlement Agreement contains the entire agreement and
understanding between and among the Parties with respect to any and all disputes or claims that
have been or could have been raised by any Party against any other Party as of the Effective Date
of this Settlement Agreement. This Settlement Agreement shall not be changed unless in writing and
signed by all Parties.

13. Severability.
 The invalidity or unenforceability of any provision of this Settlement
Agreement shall not affect or impair any other provisions, which shall remain in full force and
effect.

14. Authority. The Parties represent and warrant that each of them has the authority and
the proper approval to execute this Settlement Agreement. This Settlement Agreement shall be
binding upon and inure to the benefit of the Parties and their respective heirs, executors,
administrators, assigns, successors, beneficiaries, employees, and agents.

15. Knowledgeable
Decision and Drafting. In the negotiation, drafting and execution of this
Settlement Agreement, the Parties have been represented by counsel of their own choice, and each
party does hereby affirm that it has read and understands the terms of this Agreement, and executes
the same as its own free and voluntary act. This Agreement was negotiated and drafted with full
participation of both Parties and their respective counsel. In the event it is determined that any
ambiguity exists in this Agreement, any such ambiguity shall not be resolved or otherwise construed
against any particular party, but rather shall be resolved by a fair reading of the intent of the
Parties as established herein.

16. Counterparts. This Settlement Agreement may be executed in any number of counterparts,
and all of such counterparts taken together shall be deemed to constitute one and the same
instrument.

17. Choice
of Law; Binding Arbitration.  This Settlement Agreement shall be governed
by and construed in accordance with the laws of the State of Georgia. The Parties shall
refer any disputes arising between them which relate to this Settlement Agreement to binding
arbitration to be conducted before the American Arbitration Association. The venue of
arbitration shall be Atlanta, State of Georgia.

18. Continuing Rights and Obligations. Notwithstanding any provision of this Settlement
Agreement, the rights and obligations described in
Sections 6.1.7,  6.1.19(a), 6.1.19(c),
6.1.19(e), 11.1, and 11.2 of the APA  shall continue in full force and effect and shall not be
impaired. IBS represents and warrants that it is unaware of any claims as of the Effective Date
against VISaer, VISaer (UK), and/or ISC pursuant to any of the foregoing Sections of the APA.
Nothing in this Settlement Agreement shall affect the obligations of IBS to fulfill the Assumed
Liabilities, as defined in Section 1.3 of the APA, which obligations remain in full force and
effect and shall not be impaired.

 

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IN WITNESS WHEREOF, the Parties have caused this Settlement Agreement to be executed and delivered
by their duly authorized officers as of the date last written below.

	 	 	 	 	 	 	 
	VISaer, Inc.	 	VISaer
(UK) Ltd.
	 
	 	 	 	 	 	 
	By:

	 	/s/ J. Leland Strange
	 	By:
	 	/s/ J. Leland Strange
	 

	 	 
	 	 	 	 
	 

	 	Title: CEO
	 	 
	 	Title: Authorized Signatory 
	 

	 	Date: 1/25/2011
	 	 
	 	Date: 1/25/2011
	 
	 	 	 	 	 	 
	Intelligent Systems
Corporation	 	IBS Technics, Inc.
	 
	 	 	 	 	 	 
	By:

	 	/s/ J. Leland Strange
	 	By:
	 	/s/ Peter Krebs
	 

	 	 
	 	 	 	 
	 

	 	Title: CEO
	 	 
	 	Title: President
	 

	 	Date: 1/25/2011
	 	 
	 	Date: 01/25/2011
	 
	 	 	 	 	 	 
	IBS Software Services
Americas, Inc.	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Peter Krebs	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title: Authorized Signatory	 	 	 	 
	 

	 	Date: 01/25/2011	 	 	 	 

 

 - 5 -exv10w1

EXHIBIT 10.1

          FIRST AMENDMENT, dated as of March 17, 2011 (the “Amendment”), to the CREDIT
AGREEMENT, dated as of April 4, 2007 (as amended or otherwise modified prior to the date hereof,
the “Credit Agreement”), among LODGENET INTERACTIVE CORPORATION (formerly LodgeNet
Entertainment Corporation), a Delaware corporation (the “Borrower”), the several lenders
from time to time parties thereto (the “Lenders”), the Syndication Agent and Documentation
Agent party thereto and JPMORGAN CHASE BANK, N.A. (as successor to Bear Stearns Corporate Lending
Inc.), as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”).

W I T N E S S E T H :

          WHEREAS, pursuant to the Credit Agreement, the Lenders have extended credit to the Borrower on
the terms set forth in the Credit Agreement;

          WHEREAS, the Borrower has requested that the Required Lenders approve certain amendments to
the Credit Agreement;

          WHEREAS, pursuant to such request, the Required Lenders have consented to amend the Credit
Agreement and to waive certain provisions of the Credit Agreement on the terms and conditions
contained herein;

          NOW, THEREFORE, the parties hereto hereby agree as follows:

SECTION 1. DEFINITIONS.

          1.1 Defined Terms. Terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement unless otherwise defined herein or the context
otherwise requires.

SECTION 2. AMENDMENTS.

          2.1 Amendment of Section 1.1 (Defined Terms).

            (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following terms in
proper alphabetical order:

     “First Amendment”: the First Amendment dated as of March 17, 2011 to
this Agreement.

     “First Amendment Effective Date”: the date on which each of the
conditions to effectiveness of the First Amendment have been satisfied, in
accordance with the terms of Section 3.1 thereof, which date is March 22, 2011.

     “Intercreditor Agreement”: each intercreditor agreement entered into
by the Administrative Agent in connection with the Permitted Senior Notes.

     “Senior Note Indenture”: any indenture or other agreement pursuant to
which the Permitted Senior Notes are issued together with all instruments and other
agreements

 

2

entered into by the Borrower or any of its Subsidiaries in connection therewith
or pursuant thereto.

     “Permitted Senior Notes:” any senior notes issued by the Borrower in a
Rule 144A transaction having customary market terms at the time issued; provided
that (i) all of the Net Cash Proceeds thereof are applied to the prepayment of the
Term Loans on the date of receipt thereof, (ii) such notes mature in a single
installment that is at least 180 days after the Term Loan Maturity Date and are not
subject to any mandatory redemption or similar events (other than (a) based on a
change of control no earlier than 30 days following such change of control
transaction subject to the prior prepayment in full of the Obligations, the
cancellation or cash collateralization of outstanding Letters of Credit and the
termination of the Revolving Credit Commitments and (b) pursuant to customary
provisions in connection with assets sales as long as such provisions allow asset
sale proceeds to be reinvested or to be applied to payment of other senior debt,
including the Obligations, prior to any such mandatory redemption or similar event),
(iii) such notes are not subject to any financial maintenance covenant and the terms
of such notes are not otherwise more restrictive in the aggregate than those set
forth in this Agreement and do not prohibit or restrict the ability of the Borrower
and its Subsidiaries to provide collateral security for and guarantees of the
Obligations, (iv) such notes are unsecured or, if secured, are secured on a junior
Lien or pari passu Lien basis only by property constituting Collateral pursuant to
an intercreditor agreement satisfactory to the Administrative Agent (which
intercreditor agreement shall allow the Secured Parties to control the exercise of
rights and remedies thereunder on terms satisfactory to the Administrative Agent and
allow for the first priority of and any increase in the Revolving Facility described
in clause (v)) to be entered into by the Administrative Agent and the trustee or
representative of the holders of such notes and (v) the Senior Note Indenture shall
be satisfactory to the Administrative Agent and shall provide that upon repayment in
full in cash of principal of and interest on the Term Loans and related fees and
expenses (x) the Revolving Facility (as it may be increased as described in clause
(y) below) shall have a first lien on the Collateral and such notes shall have a
junior lien on the Collateral pursuant to an intercreditor agreement having the
terms described in clause (iv) and (y) the Revolving Facility may be increased to
$50,000,000 on a first lien basis.

            (b) The definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is
hereby amended by deleting it in its entirety and replacing it with the following:

     “Applicable Margin”: a percentage per annum equal to 5.0% for
Eurodollar Loans and (b) 4.0% for Base Rate Loans.

            (c) The definition of “Base Rate” in Section 1.1 of the Credit Agreement is hereby
amended by deleting it in its entirety and replacing it with the following:

     “Base Rate”: for any day, a rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in
effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
0.50% and (c) the Eurodollar Rate that would be calculated as of such day (or, if
such day is not a Business Day, as of the next preceding Business Day) in respect of
a proposed Eurodollar Loan with a one-month interest period plus 1.0% and (d) 2.5%.
For purposes hereof: “Prime Rate” shall mean the rate of interest per annum
publicly announced from time to time by the Reference Lender as its prime rate in
effect at its principal office in New York City (the Prime Rate not being intended
to be the lowest rate of interest charged by the Reference

 

3

Lender in connection with extensions of credit to debtors). Any change in the
Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or
such Eurodollar Rate shall be effective as of the opening of business on the
effective day of such change in the Prime Rate, the Federal Funds Effective Rate or
such Eurodollar Rate, respectively.

            (d) The definition of “Commitment Fee Rate” in Section 1.1 of the Credit Agreement is
hereby amended by deleting it in its entirety and replacing it with the following:

     “Commitment Fee Rate”: 0.50% per annum.

            (e) The definition of “ECF Percentage” in Section 1.1 of the Credit Agreement is
hereby amended by deleting it in its entirety and replacing it with the following:

     “ECF Percentage”: 75%.

            (f) The definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is
hereby amended by adding the following at the end thereof:

The results of joint ventures shall be included in the computation of
Consolidated EBITDA only to the extent of dividends paid in cash to the
Borrower and its wholly-owned Subsidiaries in the relevant period.

            (g) The definition of “Eurodollar Base Rate” in Section 1.1 of the Credit Agreement
is hereby amended by adding the following at the end thereof:

Notwithstanding the foregoing the Eurodollar Base Rate shall not be less
than 1.5% per annum.

            (h) The definition of “Excess Cash Flow” in Section 1.1 of the Credit Agreement is
hereby amended by adding the following at the end thereof:

Notwithstanding the foregoing, for any period Excess Cash Flow shall be no
less than Excess Cash Flow as calculated for the Senior Note Indenture for
such period.

            (i) The definition of “Consolidated Interest Expense” in Section 1.1 of the Credit
Agreement is hereby amended by adding the following at the end of the first sentence thereof:

plus the amount of dividends paid (or declared and a sum sufficient for the
payment thereof is set aside for payment) by the Borrower or any of its
Subsidiaries on the Borrower’s series B cumulative perpetual convertible
preferred stock or any other preferred Capital Stock issued by the Borrower.

            (j) The definition of “L/C Commitment” in Section 1.1 of the Credit Agreement is
hereby amended by deleting the amount “$15,000,000 and substituting therefor the amount
“$7,500,000”.

            (k) The definition of “Loan Documents” in Section 1.1 of the Credit Agreement is
hereby amended by adding the phrase “, the Intercreditor Agreement, if any,” immediately after the
phrase “the Security Documents”.

 

4

            (l) The definition of “Permitted Acquisition” in Section 1.1 of the Credit Agreement
is hereby amended by (i) deleting the word “and” from the end of paragraph (f) and (ii) deleting
the existing paragraph (g) in its entirety and replacing it with the following:

     (g) (i) after giving effect to any such Permitted Acquisition the
Consolidated Leverage Ratio calculated on a pro forma basis for
the most recent quarter for which financial statements have been delivered shall
be at least 0.25 lower than the maximum Consolidated Leverage Ratio permitted
under Section 8.1(a) for such fiscal quarter and (ii) on a pro
forma basis (including synergies and cost savings reasonably anticipated
to occur within the twelve month period following such Permitted Acquisition)
Consolidated EBITDA is not reduced for any applicable period; and

     (h) the aggregate consideration for all such Permitted Acquisitions
consummated after the First Amendment Effective Date (exclusive of amounts paid in
Capital Stock of the Borrower, but including all assumed Indebtedness) does not
exceed $50,000,000.

            (m) The definition of “Reference Lender” in Section 1.1 of the Credit Agreement is
replaced with the following:

     “Reference Lender”: JPMorgan Chase Bank, N.A.

            (n) The definition of “Specified Change of Control” in Section 1.1 of the Credit
Agreement is amended by adding the following at the end thereof:

     or in the Senior Note Indenture.

            (o) The definition of “Swingline Lender” in Section 1.1 of the Credit Agreement is
replaced with the following:

     “Swingline Lender”: JPMorgan Chase Bank, N.A., in its capacity as
the lender of Swingline Loans.

            (p) The definition of “Capital Lease Obligations” in Section 1.1 of the Credit
Agreement is hereby amended by adding the following at the end thereof:

          ; provided, that any change in GAAP after the First Amendment Effective Date
will not cause any lease that was not or would not have been a capital lease prior to such
change to be deemed a capital lease.

          2.2 Amendment of Section 2.3 (Repayment of Term Loans). Section 2.3 of the Credit
Agreement is hereby amended adding the following at the end thereof:

          (b) Beginning with the first fiscal quarter occurring after the First Amendment
Effective Date, the Term Loans of each Term Lender shall mature in consecutive quarterly
installments, commencing on June 30, 2011 and on the last day of each fiscal quarter
thereafter, each of which shall be in an amount equal to such Lender’s Term Percentage
multiplied by the amount set forth below below opposite such fiscal quarter:

 

5

	 	 	 
	Fiscal Quarter	 	Amortization Amount
	June 30, 2011
	 	$2,500,000
	September 30, 2011
	 	$2,500,000
	December 31, 2011
	 	$2,500,000
	March 31, 2012
	 	$2,500,000
	June 30, 2012
	 	$2,500,000
	September 30, 2012
	 	$2,500,000
	December 31, 2012
	 	$2,500,000
	March 31, 2013
	 	$3,750,000
	June 30, 2013
	 	$3,750,000
	September 30, 2013
	 	$3,750,000
	December 31, 2013
	 	$3,750,000

provided, however, that the outstanding aggregate principal amount of the
Term Loans shall mature and be repaid in full on the Term Loan Maturity Date, unless the
maturity of the Term Loans has been accelerated in accordance with Section 9.

          2.3 Amendment of Section 4.2 (Mandatory Prepayments and Commitment Reductions).
Section 4.2(b) of the Credit Agreement is hereby amended by adding the following at the end
thereof:

and provided further, any proceeds from asset sales or dispositions
or recovery events that would otherwise be required by the Senior Note Indenture, if
effective at the time of receipt by any Group Member of such proceeds, to be applied
to repay/redeem the Permitted Senior Notes shall instead be applied to the
prepayment of the Term Loans and the reduction of the Revolving Commitments as set
forth in Section 4.2(d).

          2.4 Amendment of Section 4.9 (Requirements of Law). Section 4.9 of the Credit
Agreement is hereby amended by adding the following at the end thereof:

     (d) Notwithstanding anything herein to the contrary, the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith shall be deemed to be a
change in law, regardless of the date enacted, adopted or issued.

          2.5 Amendment of Section 4.16 (Incremental Credit Extensions). Section 4.16 of the
Credit Agreement is hereby amended by deleting it in its entirety and replacing it with the
following:

     4.16 Incremental Credit Extensions. (a) The Borrower may at any time or
from time to time after the date the Term Loans are paid in full in cash (including
principal, interest, fees and expenses), by notice to the Administrative Agent
(whereupon the Administrative Agent shall promptly deliver a copy to each of the
Revolving Lenders), request one or more increases in the aggregate Revolving
Commitments (the “Incremental Revolving Commitments”), provided that any
such request shall be conditioned upon the following:

     (i) the aggregate amount of Incremental Revolving Commitments that may
be requested by the Borrower may not exceed $25,000,000;

     (ii) each notice delivered by the Borrower to the Administrative Agent
shall specify (A) the date on which Borrower proposes that the Incremental
Revolving Commitments shall be effective, which shall be a date not less
than 3 Business Days nor more than 10 Business Days after the date on which
such

 

6

notice is delivered to the Administrative Agent and (B) the amount of
the Incremental Revolving Commitments being requested (which requests shall
be in minimum increments of $10,000,000 and a minimum amount of $5,000,000)

     (iii) at the time of any such request, after giving effect to the
effectiveness of any Incremental Amendment referred to below and after
giving effect to the establishment of the Incremental Revolving Commitments,
no Default or Event of Default shall have occurred and be continuing or
would result therefrom; and

     (iv) the Borrower shall be in pro forma compliance with the financial
covenants set forth in Section 8.1 as at the end of the most recent four
consecutive fiscal quarter period for which financial statements are
required to be delivered pursuant to Section 7.1 prior to the date of the
establishment of the Incremental Revolving Commitments (giving effect to the
incurrence of any Indebtedness incurred under the Incremental Revolving
Commitments as if it had occurred on the first day of such four consecutive
fiscal quarter period), and in any event calculated in a manner consistent
with the financial statements described in Section 5.1 and Regulation S-X.

The Incremental Revolving Commitments shall be treated the same as the Revolving
Commitments in all respects, shall constitute Revolving Commitments, shall rank pari
passu in right of payment and of security with the Revolving Loans and shall not
mature earlier than the Revolving Termination Date, provided that any up
front fees paid to induce the lenders providing the Incremental Revolving
Commitments shall be determined by the Borrower and the lenders thereof.

     (b) Incremental Revolving Commitments may be made by any existing Lender
(although no Lender shall have any right or obligation to provide an Incremental
Revolving Commitment) or by any other bank or other lender (any such other bank or
other lender being called an “Additional Lender”), provided that the
Administrative Agent, the Issuing Lender and Swingline Lender shall have consented
to such Lender’s or Additional Lender’s establishing an Incremental Revolving
Commitment if such consent would be required under Section 11.6 for an assignment of
Loans or Commitments to such Lender or Additional Lender. The Incremental Revolving
Commitments shall become Commitments under this Agreement pursuant to an amendment
(an “Incremental Amendment”) to this Agreement and, as appropriate, the
other Loan Documents, executed by the Borrower, each Lender agreeing to provide such
Commitments, if any, each Additional Lender, if any, and the Administrative Agent
(which amendment shall be in form and substance satisfactory to the Administrative
Agent, each Lender agreeing to provide such Commitments and each Additional Lender,
if any). Any Incremental Amendment may, without the consent of any other Lenders,
effect such amendments to this Agreement and the other Loan Documents as may be
necessary or appropriate, in the reasonable opinion of the Administrative Agent and
the Borrower, to effect the provisions of this Section. The effectiveness of any
Incremental Amendment shall be subject to the satisfaction on the date thereof
(each, an “Incremental Facility Closing Date”) of each of the conditions set
forth in Sections 6.1 and 6.2 (it being understood that all references to “the
extension of credit on the Closing Date” or similar language in such Sections 6.1
(to the extent applicable for the relevant transaction) and 6.2 shall be deemed to
refer to the effective date of such Incremental Amendment) and such other conditions
as the parties thereto shall agree. In addition to the foregoing, in connection with
the

 

7

establishment of any Incremental Revolving Commitments, the Administrative
Agent shall notify all existing Revolving Lenders and all Persons proposed to become
Revolving Lenders upon the execution of the applicable Incremental Amendment of all
amounts required to be paid by such Persons such that after giving effect to the
applicable Incremental Amendment and all such payments the Revolving Loans held by
each Revolving Lender corresponds to such Revolving Lender’s Revolving Percentage.
All such payments shall be made by the applicable Persons to the Administrative
Agent in Dollars in immediately available funds at or before 11:00 a.m., New York
City Time, on the corresponding Incremental Facility Closing Date. Upon receipt of
all such payments and the effectiveness of the applicable Incremental Amendment, the
Administrative Agent shall wire transfer the corresponding amount to the applicable
Revolving Lender. The Borrower shall pay all amounts required under Section 4.11 in
order to give effect to the payments contemplated to be made under this Section.

     (c) This Section 4.16 shall supersede any provisions in Section 4.8 or 11.1 to
the contrary.

          2.6 Amendment of Section 5.19 (Security Documents). Section 5.19 of the Credit
Agreement is hereby amended by replacing the last parenthetical phrase in Section 5.19(a)
(beginning “(except, in the case ...”) with the following:

(except (i) in the case of Collateral other than Pledged Stock, Liens permitted by
Section 8.3 and (ii) Liens permitted by clause (n) in Section 8.2).

          2.7 Amendment of Section 6.2 (Conditions of Each Extension of Credit). Section 6.2 of
the Credit Agreement is hereby amended by adding the following at the end thereof:

     (c) Pro Forma Compliance. After giving effect to such extension of
credit and the application of the proceeds thereof, the Borrower shall be in pro
forma compliance with the covenants set forth in Section 8.1 for the fiscal quarter
most recently ended for which financial statements have been delivered pursuant to
Section 7.1.

          2.8 Amendment of Section 7.2 (Certificates; Other Information). Paragraph (e) of
Section 7.2 is hereby amended by adding the phrase “, the Senior Note Indenture, if applicable”
immediately after the phrase “the Senior Subordinated Note Indenture”.

          2.9 Amendment of Section 8.1(a) (Consolidated Leverage Ratio). Section 8.1(a) of the
Credit Agreement is hereby amended by deleting the columns captioned “Fiscal Quarter” and
“Consolidated Leverage Ratio” and substituting therefor the following:

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	Leverage Ratio
	March 31, 2011
	 	4.00:1.00
	June 30, 2011
	 	4.00:1.00
	September 30, 2011
	 	4.00:1.00
	December 31, 2011
	 	4.00:1.00
	March 31, 2012
	 	4.00:1.00
	June 30, 2012
	 	4.00:1.00
	September 30, 2012
	 	4.00:1.00
	December 31, 2012
	 	3.75:1.00

 

8

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	Leverage Ratio
	March 31, 2013
	 	3.75:1.00
	June 30, 2013
	 	3.75:1.00
	September 30, 2013
	 	3.50:1.00
	December 31, 2013 and each fiscal quarter thereafter
	 	3.50:1.00

          2.10 Amendment of Section 8.1(b) (Consolidated Interest Coverage Ratio). Section
8.1(b) of the Credit Agreement is hereby amended by deleting it in its entirety and replacing it
with the following:

     (b) Consolidated Interest Ratio Coverage. Permit the Consolidated
Interest Coverage Ratio for any period of four consecutive fiscal quarters of the
Borrower ending after December 31, 2010 to be less than 2.25:1.00.

          2.11 Amendment of Section 8.2 (Indebtedness).

            (a) Section 8.2(e) of the Credit Agreement is hereby amended by replacing the amount
“$20,000,000” with the amount “$15,000,000”;

            (b) Section 8.2(f) of the Credit Agreement is hereby replaced with the phrase “[INTENTIONALLY
OMITTED]”;

            (c) Section 8.2(l)(ii) of the Credit Agreement is hereby replaced with the following:

immediately after giving effect to the incurrence thereof, the Consolidated
Leverage Ratio calculated on a pro forma basis for the most recent
fiscal quarter for which financial statements have been delivered pursuant to
Section 7.1 is less than 3.00 to 1.00 or the Net Cash Proceeds thereof are on the
date of receipt thereof applied to the prepayment of the Term Loans as set forth in
Section 4.2(a) and (d);

            (d) Section 8.2 of the Credit Agreement is hereby amended by (i) deleting the word “and” from
the end of paragraph (l) and (ii) deleting the existing paragraph (m) in its entirety and
replacing it with the following:

     (m) additional unsecured Indebtedness of the Borrower or any of its
Subsidiaries in an aggregate principal amount (for the Borrower and its
Subsidiaries) not to exceed $20,000,000 at any time; and

     (n) (i) Indebtedness of the Borrower in respect of the Permitted Senior Notes
and (ii) customary Guarantee Obligations of any Subsidiary Guarantor in respect of
such Indebtedness.

          2.12 Amendment of Section 8.3 (Liens). Section 8.3 of the Credit Agreement is hereby
amended by replacing paragraph (p) with the following:

     (p) Liens on the Collateral securing Indebtedness of the Borrower or any
Subsidiary Guarantor incurred pursuant to Section 8.2(o), provided that such Liens
are equal to or subordinated in Lien priority to the Liens created by the Loan
Documents and are subject to the terms of the Intercreditor Agreement.

 

9

          2.13 Amendment of Section 8.6 (Restricted Payments). (a) Section 8.6(b) of the
Credit Agreement is hereby amended by deleting such Section and replacing it with the following:

     (b) the Borrower may make additional Restricted Payments in an aggregate amount
up to the then Available ECF Amount (less any portion thereof theretofore utilized
pursuant to Section 8.7(b) (as such Section was in effect prior to the First
Amendment Effective Date) or 8.8(h)) plus $15,000,000, so long as (i) no Default or
Event of Default has occurred and is continuing or would result therefrom and (ii)
after giving effect thereto the Consolidated Leverage Ratio calculated on a
pro forma basis after giving effect to such Restricted Payment for
the most recent fiscal quarter for which financial statements have been delivered
pursuant to Section 7.1 is less than 3.00 to 1.00;

          (b) Section 8.6(c) of the Credit Agreement is hereby amended by replacing the amount
“$2,000,000” with the amount “$1,500,000”.

          (c) Section 8.6(e) of the Credit Agreement is hereby replaced with the following:

     (e) the Borrower or any of its Subsidiaries may subscribe for the purchase of
the Capital Stock of a Person newly organized by the Borrower or one of such
Subsidiaries, so long as immediately after giving effect to any such purchase, such
Person is a Wholly Owned Subsidiary Guarantor hereunder and such purchase was
permitted by Section 8.8; and

          (d) Section 8.6(f) of the Credit Agreement is hereby replaced with the following:

     (f) so long as no Default or Event of Default has occurred and is continuing or
would result therefrom (i) the Borrower may pay dividends on its series B cumulative
perpetual convertible preferred stock not to exceed $5,750,000 in any fiscal year
and (ii) the Borrower may pay dividends no more frequently than quarterly on any
preferred Capital Stock issued by the Borrower after the First Amendment Effective
Date as long as at least 50% of the Net Cash Proceeds of such preferred Capital
Stock were applied to prepay Term Loans and reduce Commitments in accordance with
Section 4.2(a).

          2.14 Amendment of Section 8.7 (Capital Expenditures). Section 8.7 of the Credit
Agreement is hereby replaced with the following:

     8.7. Capital Expenditures. Make or commit to make any Capital
Expenditure except Capital Expenditures of the Borrower and its Subsidiaries in the
ordinary course of business not exceeding $60,000,000 in the fiscal year ended
December 31, 2011 and each fiscal year thereafter; provided, that (i)
beginning in fiscal year 2012, up to 50% of any such amount referred to above, if
not so expended in the fiscal year for which it is permitted, may be carried over
for expenditure in the next succeeding fiscal year and (ii) Capital Expenditures
during any fiscal year shall be deemed made, first, in respect of amounts permitted
for such fiscal year as provided above and, second, in respect of amounts carried
over from the prior fiscal year pursuant to subclause (i) above.

          2.15 Amendment of Section 8.8 (Investments). (a) Section 8.8(d) is hereby amended by
replacing the amount “$5,000,000” with the amount “$1,000,000”.

 

10

            (b) Section 8.8(f) of the Credit Agreement is hereby amended by adding the following at the
end thereof:

; and nominal Investments may be made in a Subsidiary immediately prior to its
becoming a Subsidiary Guarantor solely to the minimum extent necessary to capitalize
such Subsidiary.

            (c) Section 8.8(h) of the Credit Agreement is hereby amended by deleting it in its entirety
and replacing it with the following:

     (h) in addition to Investments otherwise expressly permitted by this Section,
Investments by the Borrower or any of its Subsidiaries in an aggregate amount up to
the then Available ECF Amount (less any portion thereof theretofore utilized
pursuant to Section 8.6(b) or 8.7(b) (as such Section was in effect prior the First
Amendment Effective Date)), so long as no Default or Event of Default has occurred
and is continuing or would result therefrom and after giving effect thereto the
Consolidated Leverage Ratio calculated on a pro forma basis for the
most recent fiscal quarter for which financial statements have been delivered
pursuant to Section 7.1 is less than 3.00 to 1.00

            (d) Section 8.8(k) is hereby replaced with the phrase “[INTENTIONALLY OMITTED]”;

            (e) Section 8.8(p) of the Credit Agreement is hereby replaced with the following:

     (p) In addition to Investments otherwise expressly permitted by this Section
(i) Investments made by the Borrower and its Subsidiaries prior to the First
Amendment Effective Date of up to $25,000,000, (ii) Investments by the Borrower or
any of its Subsidiaries in an aggregate amount (valued at cost) not to exceed
$15,000,000 after the First Amendment Effective Date during the remaining term of
this Agreement and (iii) Investments after the First Amendment Effective Date by the
Borrower or any of its Subsidiaries in an aggregate amount (valued at cost) not to
exceed an additional $15,000,000 provided that after giving effect to Investments
made pursuant to this clause (iii) the Consolidated Leverage Ratio calculated on a
pro forma basis for the most recent fiscal quarter for which
financial statements have been delivered pursuant to Section 7.1 is less than 3.00
to 1.00.

Notwithstanding the foregoing, the Borrower and its Subsidiaries will not make any
Investments in Unrestricted Subsidiaries after the First Amendment Effective Date.

          2.16 Amendment of Section 8.15 (Clauses Restricting Subsidiary Distributions).
Section 8.15 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of
clause (ii) and (ii) adding the following at the end thereof:

and (iv) restrictions set forth in the Senior Note Indenture, if effective at the
time of such encumbrance or restriction and which are not more restrictive than
those set forth in this Agreement.

          2.17 Amendment of Section 8 (Negative Covenants). Section 8 of the Credit Agreement
is hereby amended by inserting the following new Section 8.18 at the end of such Section:

 

11

     8.18. Optional Payments and Modifications of Senior Notes. To the
extent that the Senior Notes Indenture is effective and/or the Senior Notes are
outstanding, (a) make or offer to make any optional or voluntary payment,
prepayment, repurchase or redemption of or otherwise optionally or voluntarily
defease or segregate funds with respect to the Senior Notes, or (b) amend, modify,
waive or otherwise change, or consent or agree to any amendment, modification,
waiver or other change to, any of the terms of the Senior Notes or the Senior Notes
Indenture other than any such amendment, modification, waiver or other change that
(i) is not materially adverse to the interests of the Lenders or (ii) (A) would
extend the maturity or reduce the amount of any payment of principal thereof or
reduce the rate or extend any date for payment of interest thereon or eliminate
covenants governing the terms thereof and (B) any consent fee is reasonably
acceptable to the Administrative Agent.

          2.18 Amendment of Section 11.1 (Amendments and Waivers). Section 11.1 of the Credit
Agreement is hereby amended by adding the following at the end thereof:

     Notwithstanding anything in this Agreement or any other Loan Document to the
contrary (and subject to clause (i) of the proviso clause in the first paragraph of
this Section 11.1), this Agreement may be amended with the consent of the Borrower,
the Administrative Agent and the Lenders consenting to any Extended Loans (as
defined below) (and the Majority Facility Lenders under the applicable Facility to
the extent required by clause (vi) of the proviso clause in the first paragraph of
this Section 11.1, it being understood that this parenthetical clause shall be
deemed not to apply in respect of a Facility if the Majority Facility Lenders under
such Facility have approved this Amendment) to extend the maturity of a particular
Facility and in connection therewith make amendments to allow separate treatment
thereunder with respect to Extended Loans and Loans and Commitments under such
Facility that are not converted to Extended Loans; provided that such change is made
in connection, and simultaneously, with the creation of a separate class of loans or
commitments under such Facility through the conversion of certain existing Loans and
Commitments of consenting Lenders under such Facility (any such Loans and
Commitments that are so converted, “Extended Loans”) and to make any
necessary amendments to implement the foregoing, including to extend the scheduled
maturity date(s) of any payment or payments of principal (including at final
maturity) and commitments with respect to such Extended Loans; provided, further
that (A) the Borrower offers such conversion to all Lenders holding Loans and
Commitments under the applicable Facility on a pro rata basis based on the aggregate
principal amount of Loans or Commitments in such Facility then outstanding, and (B)
the Extended Loans shall be identical in all material respects to the existing Loans
and Commitments in such Facility from which such Extended Loans are to be converted,
except that (1) all or any of the scheduled amortization payments of principal and
payment at maturity of the Extended Loans may be delayed to later dates than the
scheduled amortization payments of principal and payment at maturity of the Loans
under the Facility from which such Extended Loans are to be converted, (2) the
Applicable Margins and commitment fees with respect to the Extended Loans may be
different than the Applicable Margins and commitment fees for the Loans in the
applicable Facility from which such Extended Loans are to be converted and may be
increased and additional compensation, including, without limitation, upfront fees
may be paid to Lenders converting their Loans in such Facility into Extended Loans,
(3) the available Interest Periods for the Extended Loans may be limited, (4) the
Commitments and Loans of Lenders converting their Loans in such Facility into
Extended Loans may be reduced or repaid, (5) participating interests in Letters of
Credit and Swingline Loans may be reallocated between Extended Loans and

 

12

Loans and Commitments under the Revolving Credit Facility that are not
converted to Extended Loans, (6) the Commitments and Loans of Lenders that do not
convert their Loans in such Facility into Extended Loans may be reduced or repaid
prior to the reduction or repayment of the Extended Loans and (7) other covenants
and terms may be added (x) that apply to any period after the latest final maturity
of the Loans and Commitments under such Facility in effect immediately prior to the
establishment of such Extended Loans, or after approval thereof by the Required
Lenders or (y) that are less favorable to the holders of the Extended Loans than the
covenants and terms applicable to the Loans in such Facility from which such
Extended Loans were converted.

          2.19 Amendment of Section 11.2 (Notices). Section 11.2 of the Credit Agreement is
hereby amended by replacing the notice information for the Administrative Agent with the following:

	 	 	 

	The Administrative Agent:

	 	JPMorgan Chase Bank, N.A.
	 

	 	383 Madison Avenue, Floor 24
	 

	 	New York, NY 10179
	 

	 	Attention: Tina Ruyter
	 

	 	Telecopy: (212) 270-5127
	 

	 	Telephone: (212) 270-4676
	 
	 	 
	 

	 	JPMorgan Chase Bank, N.A.
	 

	 	1111 Fannin Str., Floor 10
	 

	 	Houston, TX 77002
	 

	 	Attention: Talitha Humes
	 

	 	Telecopy: (713) 750-2878
	 

	 	Telephone: (713) 427-6190
	 
	 	 
	with a copy to:

	 	Simpson Thacher & Bartlett LLP
	 

	 	425 Lexington Avenue
	 

	 	New York, NY 10017
	 

	 	Attention: James T. Knight, Esq.
	 

	 	Telecopy: (212) 455-2502
	 

	 	Telephone: (212) 455-7123

          2.20 Amendment of Section 11.6 (Successors and Assigns; Participations and Purchasing
Lenders). (a) Each of paragraph (b)(i)(A) and (b)(i)(B) of the Credit Agreement is hereby
amended by (i) replacing the comma at the end of clause (x) with the word “and” and (ii) deleting
clause (z).

          (b) Section 11.6(b)(i)(A) of the Credit Agreement is hereby amended by adding the following at
the end thereof:

; provided, further, that the Borrower shall be deemed to have
consented to any such assignment unless the Borrower shall object thereto by written
notice to the Administrative Agent within five Business Days after having received
notice thereof.

          (c) Section 11.6 of the Credit Agreement is hereby amended by adding the following new
paragraph (g) at the end thereof:

     (g) Notwithstanding the foregoing, the Borrower will not, and will cause its
Subsidiaries not to, acquire any Loans (whether by assignment, participation,
purchase or

 

13

otherwise) any Loans or Commitments after the First Amendment Effective Date.
Any Loans or Commitments owned or held (legally or beneficially) by the Borrower or
any of its Subsidiaries shall be excluded in the determination of any voting matters
under the Loan Documents and shall not have the right to vote in any bankruptcy
action or proceeding, and none of the Borrower or any of its Subsidiaries as owner
or holder (legally or beneficially) of any Loan or Commitment shall be permitted to
attend any “Lender — only” conference calls or receive any “Lender — only”
information.

          2.21 Amendment of Section 11.12 (Submission to Jurisdiction; Waivers). Section
11.12(a) of the Credit Agreement is hereby amended by replacing the word “non-exclusive” with the
word “exclusive”.

          2.22 Amendment of Section 11 (Miscellaneous). Section 11 of the Credit Agreement is
hereby amended by adding the following at the end thereof:

     11.19. Intercreditor Agreement. The Lenders authorize the
Administrative Agent to enter the Intercreditor Agreement. The Lenders acknowledge
(a) the Intercreditor Agreement will set forth certain intercreditor arrangements
with respect to the Collateral among the holders of the Obligations and the holders
of the of the Permitted Senior Notes and certain other obligations, (b) the Senior
Note Indenture may create Liens on the Collateral which are intended to rank junior
to or equal in priority with the Liens on the Collateral created by the Loan
Documents to the extent set forth in the Intercreditor Agreement and (c) the
Intercreditor Agreement may be amended as set forth therein. The Lenders authorize
the Administrative Agent to enter into amendments of the Security Documents on terms
reasonably satisfactory to the Administrative Agent in order to reflect the Lien on
the Collateral securing the Permitted Senior Notes.

          2.23 Deletion of Annex A (Pricing Grid). Annex A to the Credit Agreement is deleted.

          2.24 Reduction of Total Revolving Commitments. On the Amendment Effective Date the
Total Revolving Commitments shall be reduced to $25,000,000 notwithstanding the notice provisions
of Section 3.6 of the Credit Agreement.

SECTION 3. MISCELLANEOUS.

          3.1 Conditions to Effectiveness. This Amendment shall become effective on the date
(the “Amendment Effective Date”) on which:

            (a) Amendment. The Administrative Agent shall have received this Amendment, executed
and delivered by a duly authorized officer of each of the Borrower and the Required Lenders (for
the avoidance of doubt, determined prior to the reduction of the Total Revolving Commitments set
forth in Section 2.24).

            (b) Acknowledgment and Confirmation. The Administrative Agent shall have received
the Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto, executed and
delivered by an authorized officer of the Borrower and each other Credit Party.

            (c) Payment of Fees, Expenses. The Borrower shall have paid all fees and expenses as
required pursuant to Section 3.7 of this Amendment or otherwise in connection with this Amendment.

 

14

          3.2 Administrative Agent. The Borrower and the Lenders acknowledge and confirm that
JPMorgan Chase Bank, N.A. has succeeded Bear Stearns Corporate Lending Inc. as Administrative Agent
under the Loan Documents.

          3.3 Execution of Financing Statements. Pursuant to any applicable law, each Loan Party
authorizes the Administrative Agent to file or record financing statements and other filing or
recording documents or instruments with respect to the Collateral without the signature of such
Loan Party in such form and in such offices as the Administrative Agent determines appropriate to
perfect the security interests of the Administrative Agent under the Guarantee and Collateral
Agreement. Each Loan Party authorizes the Administrative Agent to use the collateral description
“all personal property” in any such financing statements. Each Loan Party hereby ratifies and
authorizes the filing by the Administrative Agent of any financing statement with respect to the
Collateral made prior to the date hereof.

          3.4 Representation and Warranties; After giving effect to the amendments contained
herein, on the Amendment Effective Date the Borrower hereby confirms that the representations and
warranties set forth in Section 5 of the Credit Agreement are true and correct in all material
respects (except to the extent such representations and warranties specifically refer to an earlier
date); provided that each reference in such Section 5 to “this Agreement” shall be deemed
to include this Amendment, all other prior amendments thereto and the Credit Agreement, as amended
by this Amendment.

          3.5 Continuing Effect; No Other Waivers or Amendments. This Amendment shall not
constitute an amendment or waiver of or consent to any provision of the Credit Agreement and the
other Loan Documents not expressly referred to herein and shall not be construed as an amendment,
waiver or consent to any action on the part of the Borrower that would require an amendment, waiver
or consent of the Administrative Agent or the Lenders except as expressly stated herein. Except as
expressly amended hereby, the provisions of the Credit Agreement and the other Loan Documents are
and shall remain in full force and effect in accordance with their terms.

          3.6 No Default. No Default or Event of Default shall have occurred and be continuing
as of the Amendment Effective Date after giving effect to this Amendment.

          3.7 Counterparts. This Amendment may be executed in any number of separate
counterparts by the parties hereto (including by telecopy or via electronic mail), each of which
counterparts when so executed shall be an original, but all the counterparts shall together
constitute one and the same instrument.

          3.8 Payment of Fees and Expenses. The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred
in connection with this Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable fees and
disbursements of counsel to the Administrative Agent. The Borrower also agrees to pay to each
Lender which consents to this Amendment (by delivering to the Administrative Agent an executed
counterpart hereof) by the specified consent deadline an amendment fee equal to 0.25% of the sum of
such Lender’s outstanding Term Loans and Revolving Credit Commitment (after giving effect to the
reduction of the Revolving Credit Commitments as set forth in Section 2.24 hereof), which amendment
fee shall be payable on the Amendment Effective Date.

          3.9 Release of Claims. Each Loan Party, by signing below (or by signing an
Acknowledgment and Confirmation), hereby waives and releases each of the Administrative Agent, the
Issuing Lender, the Lenders, their respective affiliates and their and their affiliates’ respective
directors, officers, employees, attorneys, advisors and consultants from any and all claims,
offsets, defenses and

 

15

counterclaims of any Loan Party arising on or prior to the execution of this Amendment in
connection with any action or inaction by any such Person under or in respect of the Loan Documents
or this Amendment, such waiver and release being with full knowledge and understanding of the
circumstances and effect thereof and after having consulted legal counsel with respect thereto.

          3.10 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

[The remainder of this page is intentionally left blank.]

 

16

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

	 	 	 	 	 
	 	LODGENET INTERACTIVE CORPORATION

 	 
	 	By:  	/s/ Scott C. Petersen
 	 
	 	 	Name:  	Scott C. Petersen 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative

     Agent and as a Lender

 	 
	 	By:  	/s/ Tina Ruyter
 	 
	 	 	Name:  	Tina Ruyter 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to Exhibit A to First Amendment

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