Document:

exv10w2

EXHIBIT 10.2

SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

dated as of May 31, 2011

Among

ANIXTER RECEIVABLES CORPORATION, as Seller,

ANIXTER INC., as Servicer,

FALCON ASSET SECURITIZATION COMPANY LLC

and

THREE PILLARS FUNDING LLC, as Conduits,

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO,

as Financial Institutions,

JPMORGAN CHASE BANK, N.A.

and

SUNTRUST ROBINSON HUMPHREY, INC., as Managing Agents

and

JPMORGAN CHASE BANK, N.A.,

as Agent

 

 

	 	 	 	 	 

	ARTICLE I PURCHASE ARRANGEMENTS
	 	 	2	 
	 
	Section 1.1 Purchase Facility
	 	 	2	 
	Section 1.2 Increases
	 	 	3	 
	Section 1.3 Decreases
	 	 	3	 
	Section 1.4 Payment Requirements
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II PAYMENTS AND COLLECTIONS
	 	 	4	 
	 
	Section 2.1 Payments
	 	 	4	 
	Section 2.2 Collections Prior to Amortization
	 	 	4	 
	Section 2.3 Collections Following Amortization
	 	 	5	 
	Section 2.4 Application of Collections
	 	 	5	 
	Section 2.5 Payment Recission
	 	 	6	 
	Section 2.6 Maximum Purchaser Interests
	 	 	6	 
	Section 2.7 Clean Up Call
	 	 	6	 
	 
	 	 	 	 
	ARTICLE III CONDUIT FUNDING
	 	 	7	 
	 
	Section 3.1 Yield
	 	 	7	 
	Section 3.2 Yield Payments
	 	 	7	 
	Section 3.3 Calculation of Yield
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV FINANCIAL INSTITUTION FUNDING
	 	 	7	 
	 
	Section 4.1 Financial Institution Funding
	 	 	7	 
	Section 4.2 Yield Payments
	 	 	7	 
	Section 4.3 Selection and Continuation of Tranche Periods
	 	 	8	 
	Section 4.4 Financial Institution Discount Rates
	 	 	8	 
	Section 4.5 Suspension of the LIBO Rate
	 	 	8	 
	 
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES
	 	 	9	 
	 
	Section 5.1 Representations and Warranties of The Seller Parties
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VI CONDITIONS OF PURCHASES
	 	 	13	 
	 
	Section 6.1 Conditions Precedent to Initial Incremental Purchase
	 	 	13	 
	Section 6.2 Conditions Precedent to All Purchases and Reinvestments
	 	 	13	 
	 
	 	 	 	 
	ARTICLE VII COVENANTS
	 	 	14	 
	 
	Section 7.1 Affirmative Covenants of The Seller Parties
	 	 	14	 
	Section 7.2 Negative Covenants of the Seller Parties
	 	 	22	 
	 
	 	 	 	 
	ARTICLE VIII ADMINISTRATION AND COLLECTION
	 	 	23	 
	 
	Section 8.1 Designation of Servicer
	 	 	23	 
	Section 8.2 Duties of Servicer
	 	 	24	 
	Section 8.3 Collection Notices
	 	 	26	 

 

 

	 	 	 	 	 

	Section 8.5 Reports
	 	 	26	 
	Section 8.6 Servicing Fees
	 	 	26	 
	 
	 	 	 	 
	ARTICLE IX AMORTIZATION EVENTS
	 	 	26	 
	 
	Section 9.1 Amortization Events
	 	 	26	 
	Section 9.2 Remedies
	 	 	28	 
	 
	 	 	 	 
	ARTICLE X INDEMNIFICATION
	 	 	29	 
	 
	Section 10.1 Indemnities by the Seller Parties
	 	 	29	 
	Section 10.2 Increased Cost and Reduced Return
	 	 	32	 
	Section 10.3 Other Costs and Expenses
	 	 	33	 
	 
	 	 	 	 
	ARTICLE XI THE AGENT
	 	 	33	 
	 
	Section 11.1 Authorization and Action
	 	 	33	 
	Section 11.2 Delegation of Duties
	 	 	34	 
	Section 11.3 Exculpatory Provisions
	 	 	34	 
	Section 11.4 Reliance by Agent
	 	 	34	 
	Section 11.5 Non-Reliance on Agent and Other Purchasers
	 	 	35	 
	Section 11.6 Reimbursement and Indemnification
	 	 	35	 
	Section 11.7 Agents in their Individual Capacities
	 	 	36	 
	Section 11.8 Successor Agent
	 	 	36	 
	 
	 	 	 	 
	ARTICLE XII ASSIGNMENTS; PARTICIPATIONS
	 	 	36	 
	 
	Section 12.1 Assignments
	 	 	36	 
	Section 12.2 Participations
	 	 	37	 
	Section 12.3 Extension of Liquidity Termination Date
	 	 	38	 
	Section 12.4 Federal Reserve
	 	 	38	 
	 
	 	 	 	 
	ARTICLE XIII MISCELLANEOUS
	 	 	39	 
	 
	Section 13.1 Waivers and Amendments
	 	 	39	 
	Section 13.2 Notices
	 	 	40	 
	Section 13.3 Ratable Payments
	 	 	40	 
	Section 13.4 Protection of Ownership Interests of the Purchasers
	 	 	41	 
	Section 13.5 Confidentiality
	 	 	41	 
	Section 13.6 Bankruptcy Petition
	 	 	42	 
	Section 13.7 Limitation of Liability; Limitation on Payment; No Recourse
	 	 	42	 
	Section 13.8 CHOICE OF LAW
	 	 	43	 
	Section 13.9 CONSENT TO JURISDICTION
	 	 	43	 
	Section 13.10 WAIVER OF JURY TRIAL
	 	 	44	 
	Section 13.11 Integration; Binding Effect; Survival of Terms
	 	 	44	 
	Section 13.12 Counterparts; Severability; Section References
	 	 	44	 
	Section 13.13 Agent Roles
	 	 	44	 
	Section 13.14 Commercial Paper
	 	 	45	 
	Section 13.15 Characterization
	 	 	45	 

Page 2

 

	 	 	 	 	 

	Exhibits and Schedules
	 	 	 	 
	 
	 	 	 	 
	Exhibit I
	 	Definitions	 	 
	Exhibit II
	 	Form of Purchase Notice	 	 
	Exhibit III 
	 	Places of Business of the Seller Parties; Locations of
Records; Federal Employer Identification Number(s); Jurisdiction
of Organization; Organizational Identification Number	 	 
	Exhibit IV
	 	Names of Collection Banks; Collection Accounts	 	 
	Exhibit V
	 	Form of Compliance Certificate	 	 
	Exhibit VI 
	 	[RESERVED]	 	 
	Exhibit VII 
	 	Form of Assignment Agreement	 	 
	Exhibit VIII 
	 	Credit and Collection Policy	 	 
	Exhibit IX
	 	Form of Contract(s)	 	 
	Exhibit X
	 	Form of Monthly Report	 	 
	Exhibit XI
	 	Form of Mid-Month Report	 	 
	 
	 	 	 	 
	Schedule A
	 	Commitments; Purchase Limits	 	 
	Schedule B
	 	Closing Documents	 	 
	Schedule 1 
	 	Fiscal Months	 	 

Page 3 

 

ANIXTER RECEIVABLES CORPORATION

SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

     This Second Amended and Restated Receivables Purchase Agreement dated as of May 31, 2011 is
among ANIXTER RECEIVABLES CORPORATION, a Delaware corporation (“Seller”), ANIXTER INC., a
Delaware corporation (“Anixter”), as initial Servicer (Anixter, together with Seller, the
“Seller Parties” and each a “Seller Party”), FALCON ASSET SECURITIZATION COMPANY
LLC (“Falcon”) and THREE PILLARS FUNDING LLC (“Three Pillars”), as conduits
(collectively, the “Conduits” and each individually, a “Conduit”), the entities
listed on Schedule A to this Agreement (together with any of their respective successors
and assigns hereunder, the “Financial Institutions”), JPMORGAN CHASE BANK, N.A.
(“JPMCB”) and SUNTRUST ROBINSON HUMPHREY, INC. (“SunTrust”), as managing agents
(collectively, the “Managing Agents” and each individually, a “Managing Agent”) and
JPMCB, as agent for the Purchasers hereunder or any successor agent hereunder (together with its
successors and assigns hereunder, the “Agent”). Unless defined elsewhere herein,
capitalized terms used in this Agreement shall have the meanings assigned to such terms in
Exhibit I.

PRELIMINARY STATEMENTS

     A. Reference is made to that certain Amended and Restated Receivables Purchase Agreement dated
as of October 3, 2002 by and among the parties hereto (as heretofore amended, the “Earlier
Purchase Agreement”).

     B. The Seller Parties, the Conduit, the Financial Institutions, the Managing Agents and the
Agent have, on the terms and conditions set forth herein, agreed to amend and restate the Earlier
Purchase Agreement in its entirety.

AMENDMENT AND RESTATEMENT

     (a) This Agreement amends and restates in its entirety the Earlier Purchase Agreement. Upon
the effectiveness of this Agreement, the terms and provisions of the Earlier Purchase Agreement
shall, subject to the following clauses (b) and (c), be superseded hereby.

     (b) Notwithstanding the amendment and restatement of the Earlier Purchase Agreement by this
Agreement:

     (i) the Seller shall continue to be liable to the Purchasers, the Agent and the
Managing Agents with respect to (A) all unpaid CP Costs, Yield, fees, expenses and other
obligations of the Seller accrued under the Earlier Purchase Agreement prior to the
effective date of this Agreement and (B) all agreements on the part of the Seller under the
Earlier Purchase Agreement to indemnify the Purchasers, the Agent and the Managing Agents in
connection with events or conditions arising or existing prior to the effective date of this
Agreement, including, but not limited to, those events and conditions set forth in
Article X thereof;

 

 

     (ii) Each Purchaser shall continue to be liable in respect of each claim of the Agent
or such Purchaser’s Managing Agent against such Person arising under the Earlier Purchase
Agreement prior to the effective date of this Agreement, including but not limited to, each
claim arising under Section 11.6 of the Earlier Purchase Agreement; and

     (iii) The Purchasers, the Agent and the Managing Agents shall continue to be liable in
respect of any claim against such Person in favor of the Seller arising under the Earlier
Purchase Agreement prior to the effective date of this Agreement.

     (c) This Agreement is entered into in substitution for the Earlier Purchase Agreement and not
as payment of any of the obligations of the Seller thereunder, and is in no way intended to
constitute a novation of the Earlier Purchase Agreement. Nothing contained herein is intended to
amend, modify or otherwise affect any obligation of, or grant of authority by, the Seller existing
prior to the date hereof.

     (d) Upon the effectiveness of this Agreement, each reference to the Earlier Purchase Agreement
in any other document, instrument or agreement executed and/or delivered in connection therewith
shall mean and be a reference to this Agreement unless the context otherwise requires.

     (e) Upon the effectiveness of this Agreement, the terms of this Agreement shall govern all
aspects of the facility contemplated herein, including, without limitation, the eligibility of
Receivables purchased under the Earlier Purchase Agreement and any settlements to be made with
respect thereto.

ARTICLE I

PURCHASE ARRANGEMENTS

     Section 1.1 Purchase Facility.

          (a) Upon the terms and subject to the conditions hereof, Seller may, at its option, sell and
assign Purchaser Interests to the Agent, for the benefit of the Purchasers, in all of its
Receivables, Related Security, Collections, and proceeds of any of the foregoing, in each case,
whether now owned or hereafter arising. In accordance with the terms and conditions set forth
herein, each Conduit may, at its option, instruct the related Managing Agent to purchase on its
behalf through the Agent, or if any such Conduit shall decline to purchase, the applicable Managing
Agent shall purchase, on behalf of the applicable Financial Institutions through the Agent,
Purchaser Interests from time to time in an aggregate amount not to exceed the Purchase Limit, and
for each Purchase Group, in an aggregate amount not to exceed the Group Purchase Limit for such
Purchase Group, during the period from the date hereof to but not including the Facility
Termination Date. Notwithstanding the foregoing, at no time shall a Purchaser Interest be
purchased for a Financial Institution pursuant to this Section 1.1(a) if the Capital
allocated to the Financial Institution with respect to such Purchaser Interest would exceed such
Financial Institution’s Unused Back-up Commitment at such time.

          (b) Seller may, upon at least 30 days’ notice to the Agent and each Managing Agent, terminate
in whole or reduce in part, ratably among the Financial Institutions based on the

2

 

     amount of their
Back-Up Commitments, the Unused Purchase Limit; provided that each partial reduction of the
Purchase Limit shall be in an amount equal to $5,000,000 or an integral multiple thereof. Each
Financial Institution’s Back-Up Commitment shall be reduced by its Pro Rata Share of each reduction
in the Purchase Limit, and each Financial Institution’s Liquidity Commitment shall be reduced by
its Pro Rata Share of 102% of each such reduction in the Purchase Limit.

     Section 1.2 Increases. Seller shall provide each Managing Agent with at least three
(3) Business Days’ prior notice in a form set forth as Exhibit II hereto of each
Incremental Purchase (collectively, a “Purchase Notice”). Each Purchase Notice shall be
subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable and
shall specify the requested (i) Purchase Price (which shall not be less than $500,000 per Purchase
Group) and (ii) in the event a Conduit declines to make an Incremental Purchase and such
Incremental Purchase is to be funded by the related Financial Institutions, the type of Discount
Rate and Tranche Period. Following receipt of a Purchase Notice, each Managing Agent will
determine whether the Conduit in its Purchase Group agrees to make the purchase. If any Conduit
declines to make a proposed purchase, its Managing Agent shall promptly notify the Agent and the
Seller, and the Seller may cancel the Purchase Notice in its entirety or, in the absence of such a
cancellation, the Incremental Purchase of the Purchaser Interest will be made by the Financial
Institutions in such Conduit’s Purchase Group. Each Incremental Purchase to be made hereunder
shall be made ratably among the Purchase Groups in accordance with their Group Purchase Limits. On
the date of each Incremental Purchase, upon satisfaction of the applicable conditions precedent set
forth in Article VI, each Conduit or the applicable Financial Institutions, as applicable,
shall make available to the related Managing Agent at its address listed beneath its signature on
its signature page to this Agreement, for deposit to such account as the Seller designates from
time to time, in immediately available funds, no later than 12:00 Noon (Chicago time), an amount
equal to (i) in the case of a Conduit, such Conduit’s Pro Rata Share of the aggregate Purchase
Price of the Purchaser Interests then being purchased, which amount shall not exceed such Conduit’s
Pro Rata Share of the Unused Purchase Limit, or (ii) in the case of a Financial Institution, such
Financial Institution’s Pro Rata Share of the aggregate Purchase Price of the Purchaser Interests
then being purchased, such amount not to exceed such Financial Institution’s Unused Back-Up
Commitment.

     Section 1.3 Decreases. Seller shall provide each Managing Agent with at least three
(3) Business Days’ prior written notice of any proposed reduction of Aggregate Capital from
Collections (a “Reduction Notice”). Such Reduction Notice shall designate (i) the date
(the “Proposed Reduction Date”) upon which any such reduction of Aggregate Capital shall
occur, and (ii) the amount of Aggregate Capital to be reduced which shall be applied by the
Managing Agents ratably to the Purchaser Interests of the Purchasers in accordance with the amount
of Capital (if any) owing to such Purchaser (ratably, based on such Purchaser’s Capital Pro Rata
Share) (the “Aggregate Reduction”). Only one (1) Reduction Notice shall be outstanding at
any time.

     Section 1.4 Payment Requirements. All amounts to be paid or deposited by any Seller
Party pursuant to any provision of this Agreement shall be paid or deposited in accordance with the
terms hereof no later than 11:00 a.m. (Chicago time) on the day when due in immediately available
funds, and if not received before 11:00 a.m. (Chicago time) shall be deemed to be

3

 

received on the
next succeeding Business Day. If such amounts are payable to a Purchaser they shall be paid to the
related Managing Agent, for the account of such Purchaser, at its address listed beneath its
signature on its signature page to this Agreement until otherwise notified in writing by such
Managing Agent. Upon notice to Seller, the Agent may debit the Facility Account for all amounts
due and payable hereunder. All computations of Yield, per annum fees hereunder and per annum fees
under the Fee Letter shall be made on the basis of a year of 360 days for the actual number of days
elapsed. If any amount hereunder shall be payable on a day which is not a Business Day, such
amount shall be payable on the next succeeding Business Day. All payments to Three Pillar Funding
LLC must be made by 12:00 p.m. (New York time) in order to comply with Section B(1)(a) of the DTC
Operational Arrangements and the DTC Notice (B#2078-07) dated September 11, 2007.

ARTICLE II

PAYMENTS AND COLLECTIONS

     Section 2.1 Payments. Notwithstanding any limitation on recourse contained in this
Agreement, Seller shall immediately pay to each Managing Agent when due, for the account of the
related Purchaser or Purchasers on a full recourse basis, (i) such fees as set forth in the Fee
Letter (which fees shall be sufficient to pay all fees owing to the Financial Institutions), (ii)
all amounts payable as Yield, (iii) all amounts payable as Deemed Collections (which shall be
immediately due and payable by Seller and applied to reduce outstanding Aggregate Capital hereunder
in accordance with Sections 2.2 and 2.3 hereof), (iv) all amounts payable pursuant
to Section 2.6, (v) all amounts payable pursuant to Article X, if any, (vi) all
Servicer costs and expenses, including the Servicing Fee, in connection with servicing,
administering and collecting the Receivables, (vii) all Broken Funding Costs and (viii) all Default
Fees (collectively, the “Obligations”). If any Person fails to pay any of the Obligations
when due, such Person agrees to pay, on demand, the Default Fee in respect thereof until paid.
Notwithstanding the foregoing, no provision of this Agreement or the Fee Letter shall require the
payment or permit the collection of any amounts hereunder in excess of the maximum permitted by
applicable law. If at any time any Seller Party receives any Collections or is deemed to receive
any Collections, such Seller Party shall immediately pay such Collections or Deemed Collections to
the Servicer for application in accordance with the terms and conditions hereof and, at all times
prior to such payment, such Collections or Deemed Collections shall be held in trust by such Seller
Party for the exclusive benefit of the Purchasers, the Managing Agents and the Agent.

     Section 2.2 Collections Prior to Amortization. Prior to the Amortization Date, any
Collections and/or Deemed Collections received by the Servicer shall be set aside and held in trust
by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment
or an Aggregate Reduction as provided in this Section 2.2. If at any time any Collections
are received by the Servicer prior to the Amortization Date, (i) the Servicer shall set aside the
Termination Percentage (as hereinafter defined) of Collections evidenced by the
Purchaser Interests of each Terminating Financial Institution and (ii) Seller hereby requests
and the Purchasers (other than any Terminating Financial Institutions) hereby agree to make,
simultaneously with such receipt, a reinvestment of funds (each a “Reinvestment”) with a
portion of the balance of each and every Collection received by the Servicer or Deemed Collection
that is part of any Purchaser Interest (other than any Purchaser Interests of Terminating Financial

4

 

Institutions), such that after giving effect to such Reinvestment, the amount of Aggregate Capital
immediately after such receipt and corresponding Reinvestment shall be equal to the amount of
Aggregate Capital immediately prior to such receipt. On each Settlement Date prior to the
occurrence of the Amortization Date, the Servicer shall remit to the Managing Agents’ respective
accounts in accordance with the applicable Group Pro Rata Share of its Purchase Group, the amounts
set aside during the preceding Settlement Period that have not been subject to a Reinvestment and
apply such amounts (if not previously paid in accordance with Section 2.1) first,
to reduce unpaid Obligations and second, to reduce the Capital of all Purchaser Interests
of Terminating Financial Institutions, applied ratably to each such Terminating Financial
Institution according to its respective Termination Percentage. If such Terminating Financial
Institution’s Capital and other Obligations shall be reduced to zero, any additional Collections
received by the Servicer shall (i) if applicable, be remitted to the Managing Agents’ respective
accounts in accordance with the applicable Pro Rata Shares of the related Purchasers no later than
11:00 a.m. (Chicago time) to the extent required to fund any Aggregate Reduction on such Settlement
Date and (ii) thereafter, be remitted from the Servicer to Seller on such Settlement Date. Each
Terminating Financial Institution shall be allocated a ratable portion of Collections from the date
on which it became a Terminating Financial Institution (the “Termination Date”) until such
Terminating Financing Institution’s Capital shall be paid in full. This ratable portion shall be
calculated on the Termination Date of each Terminating Financial Institution as a percentage equal
to (i) Capital of such Terminating Financial Institution outstanding on its Termination Date,
divided by (ii) the Aggregate Capital outstanding on such Termination Date (the
“Termination Percentage”). Each Terminating Financial Institution’s Termination Percentage
shall remain constant prior to the Amortization Date. On and after the Amortization Date, each
Termination Percentage shall be disregarded, and each Terminating Financial Institution’s Capital
shall be reduced ratably with all Financial Institutions in accordance with Section 2.3.

     Section 2.3 Collections Following Amortization. On the Amortization Date and on each
day thereafter, the Servicer shall set aside and hold in trust, for the holder of each Purchaser
Interest, all Collections received on such day and an additional amount of funds of the Seller for
the payment of any accrued and unpaid Aggregate Capital and other accrued and unpaid Obligations
owed by Seller and not previously paid by Seller in accordance with Section 2.1. On and
after the Amortization Date, the Servicer shall, at any time upon the request from time to time by
(or pursuant to standing instructions from) the Agent (i) remit to the Managing Agents’ respective
accounts established for the benefit of the related Purchasers, in accordance with the applicable
Capital Pro Rata Shares, the amounts set aside pursuant to the preceding sentence, and (ii) apply
such amounts to reduce the Aggregate Capital and any other Aggregate Unpaids.

     Section 2.4 Application of Collections. If there shall be insufficient funds on
deposit for the Servicer to distribute funds in payment in full of the aforementioned amounts
pursuant to Section 2.2 or 2.3 (as applicable), the Servicer shall distribute
funds:

          (i) first, to the payment of the Servicer’s reasonable out-of-pocket costs and
expenses in connection with servicing, administering and collecting the Receivables,
including the Servicing Fee, if Seller or one of its Affiliates is not then acting as the
Servicer,

5

 

          (ii) second, to the reimbursement of the reasonable costs of collection and
enforcement of this Agreement incurred by the Agent or any Managing Agent,

          (iii) third, ratably to the payment of all accrued and unpaid fees under the
Fee Letter and Yield,

          (iv) fourth, (if applicable) to the ratable reduction of the Aggregate Capital
(without regard to any Termination Percentage),

          (v) fifth, for the ratable payment of all other unpaid Obligations, provided
that to the extent such Obligations relate to the payment of Servicer costs and expenses,
including the Servicing Fee, when Seller or one of its Affiliates is acting as the Servicer,
such costs and expenses will not be paid until after the payment in full of all other
Obligations, and

          (vi) sixth, after the Aggregate Unpaids have been indefeasibly reduced to zero,
to Seller.

Collections applied to the payment of Aggregate Unpaids shall be distributed in accordance with
the aforementioned provisions, and, giving effect to each of the priorities set forth in this
Section 2.4 above, shall be shared ratably (within each priority) among the Agent, the
Managing Agents and the Purchasers in accordance with the amount of such Aggregate Unpaids owing
to each of them in respect of each such priority.

     Section 2.5 Payment Recission. No payment of any of the Aggregate Unpaids shall be
considered paid or applied hereunder to the extent that, at any time, all or any portion of such
payment or application is rescinded by application of law or judicial authority, or must otherwise
be returned or refunded for any reason. Seller shall remain obligated for the amount of any
payment or application so rescinded, returned or refunded, and shall promptly pay to the Agent (for
application to the Person or Persons who suffered such recission, return or refund) the full amount
thereof, plus the Default Fee from the date of any such recission, return or refunding.

     Section 2.6 Maximum Purchaser Interests. Seller shall ensure that the Purchaser
Interests of the Purchasers shall at no time exceed in the aggregate 100%. If the aggregate of the
Purchaser Interests of the Purchasers exceeds 100%, Seller shall pay to the Managing Agent of each
Purchase Group within one (1) Business Day of Seller’s knowledge thereof, such Purchase Group’s
Group Pro Rata Share of an amount to be applied to reduce the Aggregate Capital, such that after
giving effect to such payment the aggregate of the Purchaser Interests equals or is less than 100%.

     Section 2.7 Clean Up Call. In addition to Seller’s rights pursuant to Section
1.3, Seller shall have the right (after providing three (3) Business Days’ written notice to
each Managing Agent), at any time, to repurchase from the Purchasers all, but not less than all, of the then
outstanding Purchaser Interests. The purchase price in respect thereof shall be an amount equal to
the Aggregate Unpaids through the date of such repurchase, payable in immediately available funds.
Such repurchase shall be without representation, warranty or recourse of any kind by, on the part
of, or against any Purchaser, any Managing Agent or the Agent.

6

 

ARTICLE III

CONDUIT FUNDING

     Section 3.1 Yield. Seller shall pay Yield at the applicable CP Rate with respect to
the Capital associated with each Purchaser Interest of each Conduit for each day that any Capital
in respect of such Purchaser Interest is outstanding; provided, that any Purchaser
Interest, or portion thereof, which, or an undivided interest in which, is being funded by the
Financial Institutions of such Conduit’s Purchase Group pursuant to such Conduit’s Liquidity
Agreement shall accrue Yield pursuant to Article IV. Each Purchaser Interest funded by
Falcon substantially with Pooled Commercial Paper will accrue Yield at the Falcon CP Rate each day
on a pro rata basis, based upon the percentage share the Capital in respect of such Purchaser
Interest represents in relation to all assets held by Falcon and funded substantially with Pooled
Commercial Paper. Each Purchaser Interest funded by Three Pillars will accrue Yield at the Three
Pillars CP Rate each day.

     Section 3.2 Yield Payments. On each Monthly Settlement Date, Seller shall pay to each
Managing Agent (for the benefit of each Conduit in its Purchase Group) an aggregate amount equal to
all accrued and unpaid Yield in respect of the Capital associated with all Purchaser Interests of
such Conduit for the immediately preceding Accrual Period in accordance with Article II.

     Section 3.3 Calculation of Yield. On or before the third Business Day immediately
preceding each Monthly Settlement Date, each Conduit shall calculate the aggregate amount of Yield
in respect of the Capital associated with all Purchaser Interests of such Conduit for the
immediately preceding Accrual Period and shall notify Seller of such aggregate amount.

ARTICLE IV

FINANCIAL INSTITUTION FUNDING

     Section 4.1 Financial Institution Funding. Each Purchaser Interest of the Financial
Institutions shall accrue Yield for each day during its Tranche Period at either the LIBO Rate or
the Base Rate in accordance with the terms and conditions hereof. Until Seller gives notice to the
Managing Agents of another Discount Rate in accordance with Section 4.4, the initial
Discount Rate for any Purchaser Interest transferred to the Financial Institutions pursuant to the
terms and conditions hereof shall be the Base Rate. If any Financial Institution acquires by
assignment from the Conduit in its Purchase Group all or any portion of a Purchaser Interest (or an
undivided interest therein) pursuant to such Conduit’s Liquidity Agreement, each Purchaser Interest
so assigned shall each be deemed to have a new Tranche Period commencing on the date of any such
assignment.

     Section 4.2 Yield Payments. On the Settlement Date for each Purchaser Interest of the
Financial Institutions, Seller shall pay to each Managing Agent (for the benefit of the Financial
Institutions) an aggregate amount equal to the accrued and unpaid Yield for the entire Tranche
Period of such Purchaser Interest in accordance with Article II.

7

 

     Section 4.3 Selection and Continuation of Tranche Periods.

          (a) With consultation from (and approval by) each related Managing Agent, Seller shall from
time to time request Tranche Periods for the Purchaser Interests of the Financial Institutions.
Seller shall select Tranche Periods such that (i) each Purchase Group shall have Purchaser
Interests with an amount of Capital allocated to each Tranche Period based on such Purchase Group’s
Group Pro Rata Share and (ii) at least one Tranche Period for each Purchase Group shall end on a
Monthly Settlement Date.

          (b) The Seller or the Agent, with the consent or at the direction of the Managing Agent for
the Purchasers holding such Purchaser Interest, may, upon notice to and consent by the other
received at least three (3) Business Days prior to the last day of a Tranche Period (the
“Terminating Tranche”) for any Purchaser Interest, effective on such last day, (i) divide
any such Purchaser Interest into multiple Purchaser Interests, or (ii) combine any such Purchaser
Interest with one or more other Purchaser Interests which either have a Terminating Tranche ending
on such day or are newly created on such day (subject to the Conduits’ ability to accommodate such
division or combination), provided that in no event may a Purchaser Interest of a Conduit
be combined with a Purchaser Interest of the Financial Institutions.

     Section 4.4 Financial Institution Discount Rates. The Seller may, subject to the
terms of this Agreement, select the LIBO Rate or the Base Rate for each Purchaser Interest of the
Financial Institutions. Seller shall by 11:00 a.m. (Chicago time): (i) at least three (3) Business
Days prior to the expiration of any Terminating Tranche with respect to which the LIBO Rate is
being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the
expiration of any Terminating Tranche with respect to which the Base Rate is being requested as a
new Discount Rate, give each related Managing Agent irrevocable notice of the new Discount Rate for
the Purchaser Interest associated with such Terminating Tranche. Agent will, from time to time, at
Seller’s request make available non-binding indications of the LIBO Rate for a new Tranche Period
with respect to any Terminating Tranche. Until Seller gives notice to the Managing Agents of
another Discount Rate, the initial Discount Rate for any Purchaser Interest transferred to
Financial Institutions pursuant to the terms and conditions hereof shall be the Base Rate.

     Section 4.5 Suspension of the LIBO Rate.

          (a) If any Financial Institution notifies its related Managing Agent that (i) it has
determined that funding its Pro Rata Share of the Purchaser Interests of the Financial Institutions
at a LIBO Rate would violate any applicable law, rule, regulation, or directive of any governmental
or regulatory authority, whether or not having the force of law, or (ii) deposits of a type and
maturity appropriate to match fund its Purchaser Interests at such LIBO Rate are not available, or
(iii) such LIBO Rate does not accurately reflect the cost of acquiring or maintaining
a Purchaser Interest at such LIBO Rate, then such Managing Agent shall notify the Agent and
shall suspend the availability of such LIBO Rate at the end of any then current Tranche Period,
provided that if required by any applicable law, rule, regulation or directive, any then current
Tranche Period for such Purchaser Interest based on the LIBO Rate shall terminate immediately and a
new Tranche Period based on the Base Rate shall commence.

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          (b) If less than all of the Financial Institutions give a notice to the Managing Agents
pursuant to Section 4.5(a), each Financial Institution which gave such a notice shall be
obligated, at the request of Seller or such Financial Institution’s Managing Agent (on behalf of
the related Conduit or Conduits), to assign all of its rights and obligations hereunder to (i)
another Financial Institution or (ii) another funding entity nominated by Seller that is acceptable
to the related Conduit or Conduits and willing to participate in this Agreement and the related
Liquidity Agreement through the Liquidity Termination Date in the place of such notifying Financial
Institution; provided that (x) the notifying Financial Institution receives payment in
full, pursuant to an Assignment Agreement, of an amount equal to such notifying Financial
Institution’s Capital Pro Rata Share of the Capital and Yield owing to all of the Financial
Institutions and all accrued but unpaid fees and other costs and expenses payable in respect of its
Capital Pro Rata Share of the Purchaser Interests of the Financial Institutions, and (y) the
replacement Financial Institution otherwise satisfies the requirements of Section 12.1(b).

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     Section 5.1 Representations and Warranties of The Seller Parties. Each Seller Party
hereby represents and warrants to the Agent, the Managing Agents and the Purchasers, as to itself,
as of the date hereof and as of the date of each Incremental Purchase and the date of each
Reinvestment that:

          (a) Corporate Existence and Power. Such Seller Party is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware, is a “registered
organization” as defined in the UCC in effect in such jurisdiction and is duly qualified to do
business and is in good standing as a foreign corporation, and has and holds all corporate power
and all governmental licenses, authorizations, consents and approvals required to carry on its
business in each jurisdiction in which its business is conducted, except where the failure to so
qualify or so hold could not reasonably be expected to have a Material Adverse Effect.

          (b) Power and Authority; Due Authorization, Execution and Delivery. The execution and
delivery by such Seller Party of this Agreement and each other Transaction Document to which it is
a party, and the performance of its obligations hereunder and thereunder and, in the case of
Seller, Seller’s use of the proceeds of purchases made hereunder, are within its corporate powers
and authority and have been duly authorized by all necessary corporate action on its part. This
Agreement and each other Transaction Document to which such Seller Party is a party has been duly
executed and delivered by such Seller Party.

          (c) No Conflict. The execution and delivery by such Seller Party of this Agreement
and each other Transaction Document to which it is a party, and the performance of its obligations
hereunder and thereunder do not contravene or violate (i) its certificate of incorporation or
by-laws, (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any
agreement, contract or instrument to which it is a party or by which it or any of its property is
bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or
its property, and do not result in the creation or imposition of any Adverse Claim

9

 

on assets of
such Seller Party or its Subsidiaries (except as created hereunder), except, in any case, where
such contravention or violation could not be reasonably expected to have a Material Adverse Effect;
and no transaction contemplated hereby requires compliance with any bulk sales act or similar law.

          (d) Governmental Authorization. Other than the filing of the financing statements
required hereunder, no authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body is required for the due execution and delivery
by such Seller Party of this Agreement and each other Transaction Document to which it is a party
and the performance of its obligations hereunder and thereunder.

          (e) Actions, Suits. There are no actions, suits or proceedings pending, or to the
best of such Seller Party’s knowledge, threatened, against or affecting such Seller Party, or any
of its properties, in or before any court, arbitrator or other body, that could reasonably be
expected to have a Material Adverse Effect. Anixter is not in default with respect to any order of
any court, arbitrator or governmental body, which defaults, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. The Seller is not in default with
respect to any order of any court, arbitrator or governmental body.

          (f) Binding Effect. This Agreement and each other Transaction Document to which such
Seller Party is a party constitute the legal, valid and binding obligations of such Seller Party
enforceable against such Seller Party in accordance with their respective terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar
laws relating to or limiting creditors’ rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law).

          (g) Accuracy of Information. All information heretofore furnished by such Seller
Party or any of its Affiliates to the Agent, the Managing Agents or the Purchasers for purposes of
or in connection with this Agreement, any Report, any of the other Transaction Documents or any
transaction contemplated hereby or thereby is, and all such information hereafter furnished by such
Seller Party or any of its Affiliates to the Agent, the Managing Agents or the Purchasers will be,
true and accurate in every material respect on the date such information is stated or certified and
does not and will not contain any material misstatement of fact or omit to state a material fact or
any fact necessary to make the statements contained therein not misleading.

          (h) Use of Proceeds. No proceeds of any purchase hereunder will be used (i) for a
purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board
of Governors of the Federal Reserve System from time to time or (ii) to acquire any
security in any transaction which is subject to Section 12, 13 or 14 of the Securities
Exchange Act of 1934, as amended.

          (i) Good Title. Immediately prior to each purchase hereunder, Seller shall be the
legal and beneficial owner of the Receivables and Related Security with respect thereto, free and
clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly
filed all financing statements or other similar instruments or documents necessary

10

 

under the UCC
(or any comparable law) of all appropriate jurisdictions to perfect Seller’s ownership interest in
each Receivable, its Collections and the Related Security.

          (j) Perfection. This Agreement, together with the filing of the financing statements
contemplated hereby, is effective to, and shall, upon each purchase hereunder, transfer to the
Agent for the benefit of the Purchasers (and the Agent for the benefit of the Purchasers shall
acquire from Seller) a valid and perfected first priority undivided percentage ownership or
security interest in each Receivable existing or hereafter arising and in the Related Security and
Collections with respect thereto, free and clear of any Adverse Claim, except as created by the
Transactions Documents. There have been duly filed all financing statements or other similar
instruments or documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions to perfect the Agent’s (on behalf of the Purchasers) ownership or security interest
in the Receivables, the Related Security and the Collections.

          (k) Places of Business and Locations of Records. The principal places of business and
chief executive office of such Seller Party and the offices where it keeps all of its Records are
located at the address(es) listed on Exhibit III or such other locations of which the Agent
has been notified in accordance with Section 7.2(a) in jurisdictions where all action
required by Section 13.4(a) has been taken and completed. Each Seller Party’s state of
organization, organizational identification number (if any) and Federal Employer Identification
Number are correctly set forth on Exhibit III.

          (l) Collections. The conditions and requirements set forth in Section 7.1(j)
and Section 8.2 have at all times been satisfied and duly performed. The names and
addresses of all Collection Banks, together with the account numbers of the Collection Accounts of
Seller at each Collection Bank and the post office box number of each Lock-Box, are listed on
Exhibit IV. Seller has not granted any Person, other than the Agent as contemplated by
this Agreement, dominion and control of any Lock-Box or Collection Account, or the right to take
dominion and control of any such Lock-Box or Collection Account at a future time or upon the
occurrence of a future event.

          (m) Material Adverse Effect. (i) The initial Servicer represents and warrants that
since December 31, 2010, no event has occurred that would have a material adverse effect on the
financial condition or operations of the initial Servicer and its Subsidiaries, taken as a whole,
or the ability of the initial Servicer to perform its obligations under this Agreement, and (ii)
Seller represents and warrants that since December 31, 2010, no event has occurred that would have
a material adverse effect on (A) the financial condition or operations of Seller, (B) the ability
of Seller to perform its obligations under the Transaction Documents, or (C) the collectibility of
the Receivables generally or any material portion of the Receivables.

          (n) Names. In the past five (5) years, Seller has not used any corporate names, trade
names or assumed names other than the name in which it has executed this Agreement.

          (o) Ownership of Seller. Anixter owns, directly or indirectly, 100% of the issued and
outstanding capital stock of Seller, free and clear of any Adverse Claim. Such capital

11

 

stock is
validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to
acquire securities of Seller.

          (p) Not an Investment Company. Such Seller Party is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, or any successor
statute.

          (q) Compliance with Law. Such Seller Party has complied in all material respects with
all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards
to which it may be subject, except where the failure to so comply could not reasonably be expected
to have a Material Adverse Effect. Each Receivable, together with the Contract related thereto,
does not contravene any laws, rules or regulations applicable thereto (including,
without limitation, laws, rules and regulations relating to truth in lending, fair credit
billing, fair credit reporting, equal credit opportunity, fair debt collection practices and
privacy), and no part of such Contract is in violation of any such law, rule or regulation, except
where such contravention or violation could not reasonably be expected to have a Material Adverse
Effect.

          (r) Compliance with Credit and Collection Policy. Such Seller Party has complied in
all material respects with the Credit and Collection Policy with regard to each Receivable and the
related Contract, and has not made any change to such Credit and Collection Policy, except such
material change as to which the Agent has been notified in accordance with Section
7.1(a)(vii).

          (s) Enforceability of Contracts. Each Contract with respect to each Receivable is
effective to create, and has created, a legal, valid and binding obligation of the related Obligor
to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest
thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement
may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating
to or limiting creditors’ rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law).

          (t) Eligible Receivables. (i) As of the date of this Agreement, each Receivable
included in the Net Receivables Balance under the Earlier Agreement is an “Eligible Receivable” as
defined hereunder as of the date of this Agreement. (ii) Each Receivable included in the Net
Receivables Balance as an Eligible Receivable on the date of its purchase under the Receivables
Sale Agreement was an Eligible Receivable on such purchase date, and, as of the date of each Report
and any other report delivered pursuant to Section 8.5, each Receivable included in the Net
Receivables Balance on each such Report or other report was an Eligible Receivable.

          (u) Net Receivables Balance. Seller has determined that, immediately after giving
effect to each Incremental Purchase hereunder, the Net Receivables Balance is at least equal to the
sum of (i) the Aggregate Capital, plus (ii) the Aggregate Reserves.

          (v) Accounting. The manner in which each Seller Party accounts for the transactions
contemplated by this Agreement and the Receivables Sale Agreement does not jeopardize true sale
analysis.

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          (w) Remittances of Collections. Each remittance of Collections by the Seller to any
Purchaser, any Managing Agent or the Administrative Agent (each, a “Transferee”) under this
Agreement will have been (i) in payment of a debt incurred by the Seller in the ordinary course of
business or financial affairs of the Seller and such Transferee and (ii) made in the ordinary
course of business or financial affairs of the Seller and such Transferee.

ARTICLE VI

CONDITIONS OF PURCHASES

     Section 6.1 Conditions Precedent to Initial Incremental Purchase. (a) The
effectiveness of this Agreement and the initial Incremental Purchase under this Agreement are
subject to the conditions precedent that (i) the Agent and each Managing Agent shall have received
on or before the Closing Date those documents listed on Schedule B and (b) the Agent and
each Managing Agent shall have received all fees and expenses required to be paid on or prior to
the Closing Date pursuant to the terms of this Agreement and the Fee Letters.

     Section 6.2 Conditions Precedent to All Purchases and Reinvestments. Each Incremental
Purchase of a Purchaser Interest and each Reinvestment shall be subject to the further conditions
precedent that (a) in the case of each such Incremental Purchase or Reinvestment, the Servicer
shall have delivered to the Managing Agents on or prior to the date of such Incremental Purchase or
Reinvestment, in form and substance satisfactory to the Managing Agents, (i) all Reports and other
reports as and when due under Section 8.5 and (ii) upon the Agent’s or any Managing Agent’s
request, the Servicer shall have delivered to the Managing Agents at least three (3) Business Days
prior to any Incremental Purchase or Reinvestment an interim report the form of a Monthly Report
showing the amount of Eligible Receivables; (b) the Facility Termination Date shall not have
occurred; (c) the Agent and each Managing Agent shall have received such other approvals, opinions
or documents as it may reasonably request; and (d) on the date of each such Incremental Purchase or
Reinvestment, the following statements shall be true (and acceptance of the proceeds of such
Incremental Purchase or Reinvestment shall be deemed a representation and warranty by Seller that
such statements are then true):

          (i) the representations and warranties set forth in Section 5.1 are true and
correct on and as of the date of such Incremental Purchase or Reinvestment as though made on
and as of such date;

          (ii) no event has occurred and is continuing, or would result from such Incremental
Purchase or Reinvestment, that will constitute an Amortization Event, and no
event has occurred and is continuing, or would result from such Incremental Purchase or
Reinvestment, that would constitute a Potential Amortization Event; and

          (iii) the Aggregate Capital does not exceed the Purchase Limit and the aggregate
Purchaser Interests do not exceed 100%.

It is expressly understood that each Reinvestment shall, unless otherwise directed by any Managing
Agent or any Purchaser, occur automatically on each day that the Servicer shall receive any
Collections without the requirement that any further action be taken on the part of any Person and
notwithstanding the failure of Seller to satisfy any of the foregoing conditions

13

 

precedent in
respect of such Reinvestment. The failure of Seller to satisfy any of the foregoing conditions
precedent in respect of any Reinvestment shall give rise to a right of the Agent, which right may
be exercised at any time on demand of the Agent (with the consent or at the direction of the
Required Financial Institutions), to rescind the related purchase and direct Seller to pay to the
Agent for the benefit of the Purchasers an amount equal to the Collections prior to the
Amortization Date that shall have been applied to the affected Reinvestment.

ARTICLE VII

COVENANTS

     Section 7.1 Affirmative Covenants of The Seller Parties. Until the date on which the
Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance
with its terms, each Seller Party hereby covenants, as to itself, as set forth below:

          (a) Financial Reporting. Such Seller Party will maintain, for itself and each of its
Subsidiaries, a system of accounting established and administered in accordance with GAAP, and
furnish or cause to be furnished to the Agent and each Managing Agent:

          (i) Annual Reporting. Within 90 days after the close of each of its respective
fiscal years, audited financial statements (which shall include balance sheets, statements
of income and retained earnings and a statement of cash flows) for Anixter and its
consolidated Subsidiaries for such fiscal year certified in a manner acceptable to each
Managing Agent by Ernst & Young or other independent public accountants of recognized
national standing.

          (ii) Quarterly Reporting. Within 45 days after the close of the first three
(3) quarterly periods of each of its respective fiscal years, balance sheets of Anixter and
its consolidated Subsidiaries as at the close of each such period and statements of income
and retained earnings and a statement of cash flows for Anixter and its consolidated
Subsidiaries for the period from the beginning of such fiscal year to the end of such
quarter, all certified by its respective chief financial officer or treasurer.

          (iii) Compliance Certificate. Together with the financial statements required
hereunder, a compliance certificate in substantially the form of Exhibit V signed by
such Seller Party’s Authorized Officer on behalf of such Seller Party and dated the
date of such annual financial statement or such quarterly financial statement, as the
case may be.

          (iv) Shareholders Statements and Reports. Promptly upon the furnishing thereof
to the shareholders of such Seller Party copies of all financial statements, reports and
proxy statements so furnished.

          (v) S.E.C. Filings. Promptly upon the filing thereof, copies of all
registration statements and annual, quarterly, monthly or other regular reports which
Anixter or any of its Subsidiaries files with the Securities and Exchange Commission.

14

 

          (vi) Copies of Notices. Promptly upon its receipt of any notice, request for
consent, financial statements, certification, report or other communication under or in
connection with any Transaction Document from any Person other than the Agent, any Managing
Agent or any Purchaser, copies of the same.

          (vii) Change in Credit and Collection Policy. At least thirty (30) days prior
to the effectiveness of any material change in or material amendment to the Credit and
Collection Policy, a notice (A) indicating such change or amendment, and (B) if such
proposed change or amendment would be reasonably likely to adversely affect the
collectibility of the Receivables or decrease the credit quality of any newly created
Receivables, requesting the consent of the Managing Agents to such proposed change or
amendment; provided that if such change or amendment was required pursuant to any change in
any applicable law, rule or regulation, such Seller Party shall only be required to give
notice of such change or amendment and shall not be required to request the consent of the
Managing Agents.

          (viii) Other Information. Promptly, from time to time, such other information,
documents, records or reports relating to the Receivables or the condition or operations,
financial or otherwise, of such Seller Party as either Managing Agent may from time to time
reasonably request in order to protect the interests of the Agent, the Managing Agents and
the Purchasers under or as contemplated by this Agreement.

          (ix) Fiscal Months. No less frequently than annually, an updated list of
fiscal months.

          (b) Notices. Such Seller Party will notify each Managing Agent in writing of any of
the following promptly upon learning of the occurrence thereof, describing the same and, if
applicable, the steps being taken with respect thereto:

          (i) Amortization Events or Potential Amortization Events. The occurrence of
each Amortization Event and each Potential Amortization Event, by a statement of an
Authorized Officer of such Seller Party.

          (ii) Judgment and Proceedings. (A) (1) The entry of any judgment or decree
against the Servicer or any of its respective Subsidiaries if the aggregate amount of all
judgments and decrees then outstanding against the Servicer and its Subsidiaries exceeds $25,000,000 and (2) the institution of any litigation, arbitration proceeding
or governmental proceeding against the Servicer which, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect, or which seeks to enjoin
performance of or otherwise relates to the Transaction Documents; and (B) the entry of any
judgment or decree or the institution of any litigation, arbitration proceeding or
governmental proceeding against Seller.

          (iii) Material Adverse Effect. The occurrence of any event or condition that
has had, or could reasonably be expected to have, a Material Adverse Effect.

          (iv) Termination Date. The occurrence of the “Amortization Date” under and as
defined in the Receivables Sale Agreement.

15

 

          (v) Defaults Under Other Agreements. (A) The occurrence of a default or an
event of default under any other financing arrangement pursuant to which Seller is a debtor
or an obligor and (B) the occurrence of any default or event of default under any other
financing arrangement or arrangements governing Indebtedness, individually or in the
aggregate, in a principal amount greater than or equal to $50,000,000 pursuant to which
Servicer is a debtor or obligor.

          (vi) Downgrade of Anixter. Any downgrade in the rating of any Indebtedness of
Anixter by S&P or by Moody’s, setting forth the Indebtedness affected and the nature of such
change.

          (vii) Appointment of Independent Director. The decision to appoint a new
director of Seller as the “Independent Director” for purposes of this Agreement, such notice
to be issued not less than ten (10) days prior to the effective date of such appointment and
to certify that the designated Person satisfies the criteria set forth in the definition
herein of “Independent Director.

          (c) Compliance with Laws and Preservation of Corporate Existence. Such Seller Party
will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it may be subject, except where the failure to so comply
could not reasonably be expected to have a Material Adverse Effect. Such Seller Party will
preserve and maintain its corporate existence, rights, franchises and privileges in the
jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign
corporation in each jurisdiction where its business is conducted, except where the failure to
preserve and maintain or qualify could not reasonably be expected to have a Material Adverse
Effect.

          (d) Audits. Such Seller Party will furnish to each Managing Agent from time to time
such information with respect to it and the Receivables as either Managing Agent may reasonably
request. Such Seller Party will, from time to time during regular business hours as requested by
either Managing Agent upon reasonable notice and at the sole cost of such Seller Party (except as
provided below), permit each Managing Agent, or its respective agents or representatives, (i) to
examine and make copies of and abstracts from all Records in the
possession or under the control of such Person relating to the Receivables and the Related
Security, including, without limitation, the related Contracts, and (ii) to visit the offices and
properties of such Person for the purpose of examining such materials described in clause (i)
above, and to discuss matters relating to such Person’s financial condition or the Receivables and
the Related Security or any Person’s performance under any of the Transaction Documents or any
Person’s performance under the Contracts and, in each case, with any of the officers or employees
of Seller or the Servicer having knowledge of such matters. So long as no Potential Amortization
Event or Amortization Event exists, the visits under this Section 7.1(d) that are at the
sole cost of the applicable Seller Party shall be limited to once per calendar year.

          (e) Keeping and Marking of Records and Books.

          (i) The Servicer will maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records

16

 

evidencing Receivables in the
event of the destruction of the originals thereof), and keep and maintain all documents,
books, records and other information reasonably necessary or advisable for the collection of
all Receivables (including, without limitation, records adequate to permit the immediate
identification of each new Receivable and all Collections of and adjustments to each
existing Receivable). The Servicer will give each Managing Agent notice of any material
change in the administrative and operating procedures referred to in the previous sentence.

          (ii) Such Seller Party will (A) on or prior to the date hereof, cause all Receivable
reports relating to the Purchaser Interests to bear a legend, acceptable to each Managing
Agent, describing the Purchaser Interests and (B) from and after the occurrence of an
Amortization Event (x) mark each Contract with a legend describing the Purchaser Interests
and (y) deliver to the Agent all Contracts (including, without limitation, all multiple
originals of any such Contract) relating to the Receivables.

          (f) Compliance with Contracts and Credit and Collection Policy. Such Seller Party
will timely and fully (i) perform and comply with all provisions, covenants and other promises
required to be observed by it under the Contracts related to the Receivables, and (ii) comply in
all respects with the Credit and Collection Policy in regard to each Receivable and the related
Contract.

          (g) Performance and Enforcement of the Receivables Sale Agreement. Seller will, and
will require Anixter to, perform each of their respective obligations and undertakings under and
pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder in strict
compliance with the terms thereof and will vigorously enforce the rights and remedies accorded to
Seller under the Receivables Sale Agreement. Seller will take all actions to perfect and enforce
its rights and interests (and the rights and interests of the Agent, the Managing Agents and the
Purchasers as assignees of Seller) under the Receivables Sale Agreement and each Transfer Agreement
as either Managing Agent may from time to time reasonably request, including, without
limitation, making claims to which it may be entitled under any indemnity, reimbursement or
similar provision contained in the Receivables Sale Agreement or any Transfer Agreement.

          (h) Ownership. Seller will (or will cause the applicable Originator to) take all
necessary action to (i) vest legal and equitable title to the Receivables, the Related Security and
the Collections purchased by Anixter under each Transfer Agreement and by Seller under the
Receivables Sale Agreement irrevocably in Seller, free and clear of any Adverse Claims other than
Adverse Claims in favor of the Agent and the Purchasers (including, without
limitation, the filing of all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect
Seller’s interest in such Receivables, Related Security and Collections and such other action to
perfect, protect or more fully evidence the interest of Seller therein as either Managing Agent may
reasonably request), and (ii) establish and maintain, in favor of the Agent, for the benefit of the
Purchasers, a valid and perfected first priority undivided percentage ownership interest (and/or a
valid and perfected first priority security interest) in all Receivables, Related Security and
Collections to the full extent contemplated herein, free and clear of any Adverse Claims other than
Adverse Claims in favor of the Agent for the benefit of the Purchasers (including,
without limitation, the filing of all

17

 

financing statements or other similar instruments or
documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to
perfect the Agent’s (for the benefit of the Purchasers) interest in such Receivables, Related
Security and Collections and such other action to perfect, protect or more fully evidence the
interest of the Agent for the benefit of the Purchasers as either Managing Agent may reasonably
request).

          (i) Purchasers’ Reliance. Seller acknowledges that the Purchasers are entering into
the transactions contemplated by this Agreement in reliance upon Seller’s identity as a legal
entity that is separate from each Originator. Therefore, from and after the date of execution and
delivery of this Agreement, Seller shall take all reasonable steps, including, without limitation,
all steps that either Managing Agent or any Purchaser may from time to time reasonably request, to
maintain Seller’s identity as a separate legal entity and to make it manifest to third parties that
Seller is an entity with assets and liabilities distinct from those of each Originator and any
Affiliates thereof and not just a division of any Originator or any such Affiliate. Without
limiting the generality of the foregoing and in addition to the other covenants set forth herein,
Seller will:

          (A) conduct its own business in its own name and require that all
full-time employees of Seller, if any, identify themselves as such and not
as employees of any Originator (including, without limitation, by means of
providing appropriate employees with business or identification cards
identifying such employees as Seller’s employees);

          (B) compensate all employees, consultants and agents directly, from
Seller’s own funds, for services provided to Seller by such employees,
consultants and agents and, to the extent any employee, consultant or agent
of Seller is also an employee, consultant or agent of any Originator or any
Affiliate thereof, allocate the compensation of such employee, consultant or
agent between Seller and such Originator or such Affiliate, as applicable,
on a basis that reflects the services rendered to Seller and such Originator
or such Affiliate, as applicable;

          (C) clearly identify its offices (by signage or otherwise) as its
offices and, if such office is located in the offices of any Originator,
Seller shall lease such office at a fair market rent;

          (D) have a separate telephone number, which will be answered only in
its name and separate stationery, invoices and checks in its own name;

          (E) conduct all transactions with each Originator (including, without
limitation, any delegation of its obligations hereunder as Servicer)
strictly on an arm’s-length basis, allocate all overhead expenses
(including, without limitation, telephone and other utility charges) for
items shared between Seller and such Originator on the basis of actual use
to the extent practicable and, to the extent such allocation is not
practicable, on a basis reasonably related to actual use;

18

 

          (F) at all times have a Board of Directors consisting of three members,
at least one member of which is an Independent Director;

          (G) observe all corporate formalities as a distinct entity, and ensure
that all corporate actions relating to (A) the selection, maintenance or
replacement of the Independent Director, (B) the dissolution or liquidation
of Seller or (C) the initiation of, participation in, acquiescence in or
consent to any bankruptcy, insolvency, reorganization or similar proceeding
involving Seller, are duly authorized by unanimous vote of its Board of
Directors (including the Independent Director);

          (H) maintain Seller’s books and records separate from those of each
Originator and any Affiliate thereof and otherwise readily identifiable as
its own assets rather than assets of such Originator and any Affiliate
thereof;

          (I) prepare its financial statements separately from those of each
Originator and insure that any consolidated financial statements of Anixter
or any Affiliate thereof that include Seller and that are filed with the
Securities and Exchange Commission or any other governmental agency have
notes clearly stating that Seller is a separate corporate entity and that
its assets will be available first and foremost to satisfy the claims of the
creditors of Seller;

          (J) except as herein specifically otherwise provided or in connection
with collections in respect of Excluded Receivables, which Collections the
Servicer has indicated are readily identifiable, maintain the funds or other
assets of Seller separate from, and not commingled with, those of any
Originator or any Affiliate thereof and only maintain bank accounts or other
depository accounts to which Seller alone is the account
party, into which Seller alone makes deposits and from which Seller
alone (or the Agent or Managing Agents hereunder) has the power to make
withdrawals;

          (K) pay all of Seller’s operating expenses from Seller’s own assets
(except for certain payments by any Originator or other Persons pursuant to
allocation arrangements that comply with the requirements of this
Section 7.1(i));

          (L) operate its business and activities such that it does not engage in
any business or activity of any kind, or enter into any transaction or
indenture, mortgage, instrument, agreement, contract, lease or other
undertaking, other than the transactions contemplated and authorized by this
Agreement and the Receivables Sale Agreement; and does not create, incur,
guarantee, assume or suffer to exist any indebtedness or other liabilities,
whether direct or contingent, other than (1) as a result of the endorsement
of negotiable instruments for deposit or

19

 

collection or similar transactions
in the ordinary course of business, (2) the incurrence of obligations under
this Agreement, (3) the incurrence of obligations, as expressly contemplated
in the Receivables Sale Agreement, to make payment to Originators thereunder
for the purchase of Receivables from the Originators under the Receivables
Sale Agreement, and (4) the incurrence of operating expenses in the ordinary
course of business of the type otherwise contemplated by this Agreement;

          (M) maintain its corporate charter in conformity with this Agreement,
such that (1) it does not amend, restate, supplement or otherwise modify its
Certificate of Incorporation or By-Laws in any respect that would impair its
ability to comply with the terms or provisions of any of the Transaction
Documents, including, without limitation, Section 7.1(i) of this
Agreement; and (2) its corporate charter, at all times that this Agreement
is in effect, provides for not less than ten (10) days’ prior written notice
to the Agent of the replacement or appointment of any director that is to
serve as an Independent Director for purposes of this Agreement and the
condition precedent to giving effect to such replacement or appointment that
Seller certify that the designated Person satisfied the criteria set forth
in the definition herein of “Independent Director” and the Agent’s written
acknowledgement that in its reasonable judgment the designated Person
satisfies the criteria set forth in the definition herein of “Independent
Director;

          (N) maintain the effectiveness of, and continue to perform under the
Receivables Sale Agreement, such that it does not amend, restate,
supplement, cancel, terminate or otherwise modify the Receivables Sale
Agreement, or give any consent, waiver, directive or approval thereunder
(including, without limitation, any consent, waiver,
directive or approval in connection with any Transfer Agreement) or
waive any default, action, omission or breach under the Receivables Sale
Agreement or any Transfer Agreement or otherwise grant any indulgence
thereunder, without (in each case) the prior written consent of each
Managing Agent;

          (O) maintain its corporate separateness such that it does not merge or
consolidate with or into, or convey, transfer, lease or otherwise dispose of
(whether in one transaction or in a series of transactions, and except as
otherwise contemplated herein) all or substantially all of its assets
(whether now owned or hereafter acquired) to, or acquire all or
substantially all of the assets of, any Person, nor at any time create,
have, acquire, maintain or hold any interest in any Subsidiary.

          (P) maintain at all times the Required Capital Amount (as defined in
the Receivables Sale Agreement) and refrain from making any dividend,
distribution, redemption of capital stock or payment of any

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subordinated
indebtedness which would cause the Required Capital Amount to cease to be so
maintained; and

          (Q) take such other actions as are necessary on its part to ensure that
the facts and assumptions set forth in the opinions issued by Schiff Hardin
LLP (f/k/a Schiff Hardin & Waite), as counsel for Seller, in connection with
the closing hereunder and under the Earlier Purchase Agreement and relating
to substantive consolidation issues, and in the certificates accompanying
such opinions, remain true and correct in all material respects at all
times, it being acknowledged that the assumption set forth in the ninth
paragraph of Section 1 of the opinion dated October 3, 2002 to the extent it
indicated that the Seller would not be consolidated with Anixter for
financial reporting purposes, is no longer true.

          (j) Collections. Such Seller Party will cause (1) all proceeds from all Lock-Boxes to
be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and
Collection Account to be subject at all times to a Collection Account Agreement that is in full
force and effect. In the event any payments relating to Receivables are remitted directly to
Seller or any Affiliate of Seller, Seller will remit (or will cause all such payments to be
remitted) directly to a Collection Bank and deposited into a Collection Account within two (2)
Business Days following receipt thereof, and, at all times prior to such remittance, Seller will
itself hold or, if applicable, will cause such payments to be held in trust for the exclusive
benefit of the Agent, the Managing Agents and the Purchasers. Seller will maintain exclusive
ownership, dominion and control (subject to the terms of this Agreement and the applicable
Collection Agreement) of each Lock-Box and Collection Account and shall not grant the right to take
dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence
of a future event to any Person, except to the Agent as contemplated by this Agreement (the parties
hereto acknowledge that Receivables of the Seller are paid into Lock-Boxes to which certain
Excluded Receivables of Anixter are paid). The Seller Parties shall
instruct the Obligors with the customer prefixes SIE and SG. to pay all amounts due with
respect to their Receivables to an account which is not a Lock-Box or Collection Account.

          (k) Taxes. Such Seller Party will file all tax returns and reports required by law to
be filed by it and will promptly pay all taxes and governmental charges at any time owing;
provided, however, that no Seller Party shall be required to pay any such taxes
which are not yet delinquent or are being diligently contested in good faith by appropriate
proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on
its books, unless the failure to make any such payment (1) in the case of either Seller
Party, shall give rise to an immediate right to foreclosure on an Adverse Claim securing such
amounts, (2) in the case of the Seller, shall result in the attachment of an Adverse Claim securing
such amounts, or (3) could reasonably be expected to have a Material Adverse Effect. Seller will
pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or
measured by income or gross receipts of any Purchaser, Managing Agent or the Agent.

          (l) Insurance. Seller will maintain in effect, or cause to be maintained in effect,
at Seller’s own expense, such casualty and liability insurance as Seller shall deem appropriate in
its good faith business judgment. Seller will pay or cause to be paid, the

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premiums therefor and
deliver to each Managing Agent evidence satisfactory to such Managing Agent of such insurance
coverage. Copies of each policy shall be furnished to each Managing Agent in certificated form
upon such Managing Agent’s request. The foregoing requirements shall not be construed to negate,
reduce or modify, and are in addition to, Seller’s obligations hereunder.

          (m) Payment to Originators. With respect to any Receivable purchased by Seller from
Anixter, such sale shall be effected under, and in strict compliance with the terms of, the
Receivables Sale Agreement, including, without limitation, the terms
relating to the amount and timing of payments to be made to Anixter in respect of the purchase
price for such Receivable. With respect to any Receivable purchased by Anixter from any
Originator, such sale shall be effected under, and in strict compliance with the terms of, the
applicable Transfer Agreement, including, without limitation, the terms
relating to the amount and timing of payments to be made to the applicable Originator in respect of
the purchase price for such Receivable.

     Section 7.2 Negative Covenants of the Seller Parties. Until the date on which the
Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance
with its terms, each Seller Party hereby covenants, as to itself, that:

          (a) Name Change, Offices and Records. Such Seller Party will not change its name,
identity, state of incorporation, corporate structure or organizational number, if any, or relocate
its chief executive office or any office where Records are kept unless it shall have: (i) given
each Managing Agent at least forty-five (45) days’ prior written notice thereof and (ii) delivered
to each Managing Agent all financing statements, instruments and other documents requested by such
Managing Agent in connection with such change or relocation.

          (b) Change in Payment Instructions to Obligors. Except as may be required by the
Agent pursuant to Section 8.2(b), such Seller Party will not add or terminate any bank as a
Collection Bank, or make any change in the instructions to Obligors regarding payments to be made
to any Lock-Box or Collection Account, unless the Agent and each Managing Agent shall have
received, at least ten (10) days before the proposed effective date therefor, (i) written notice of
such addition, termination or change and (ii) with respect to the addition of a Collection Bank or
a Collection Account or Lock-Box, an executed Collection Account Agreement with respect to the new
Collection Account or Lock-Box; provided, however, that the Servicer may make
changes in instructions to Obligors regarding payments if such new instructions require such
Obligor to make payments to another existing Collection Account.

          (c) Modifications to Contracts and Credit and Collection Policy. Such Seller Party
will not make any change to the Credit and Collection Policy that could reasonably be expected to
adversely affect the collectibility of the Receivables or decrease the credit quality of any newly
created Receivables, unless required to do so by a change in any applicable law, rule or
regulation. Except as provided in Section 8.2(d), the Servicer will not extend, amend or
otherwise modify the terms of any Receivable or any Contract related thereto other than in
accordance with the Credit and Collection Policy.

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          (d) Sales, Liens. Seller will not sell, assign (by operation of law or otherwise) or
otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse
Claim upon (including, without limitation, the filing of any financing statement) or with respect
to, any Receivable, Related Security or Collections, or upon or with respect to any Contract under
which any Receivable arises, or any Lock-Box or Collection Account, or assign any right to receive
income with respect thereto (other than, in each case, the creation of the interests therein in
favor of the Agent and the Purchasers provided for herein), and Seller will defend the right, title
and interest of the Agent and the Purchasers in, to and under any of the foregoing property,
against all claims of third parties claiming through or under Seller or any Originator. Seller
will not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien,
charge or other similar arrangement on any of its inventory, the sale or lease of which would give
rise to a Receivable.

          (e) Net Receivables Balance. At no time prior to the Amortization Date shall Seller
permit the Net Receivables Balance to be less than an amount equal to the sum of (i) the Aggregate
Capital plus (ii) the Aggregate Reserves.

          (f) Amortization Date Determination. Seller will not designate the “Amortization
Date” (as defined in the Receivables Sale Agreement), or send any written notice to Anixter in
respect thereof, without the prior written consent of each Managing Agent, except with respect to
the occurrence of such Amortization Date arising pursuant to Section 5.1(d) of the
Receivables Sale Agreement. Seller will not, and will not permit Anixter to, designate the
“Amortization Date” (as defined in each Transfer Agreement), or send any written notice to any
Originator in respect thereof, without the prior written consent of each Managing Agent, except
with respect to the occurrence of such Amortization Date arising pursuant to Section 5.1(d)
of such Transfer Agreement.

ARTICLE VIII

ADMINISTRATION AND COLLECTION

     Section 8.1 Designation of Servicer.

          (a) The servicing, administration and collection of the Receivables shall be conducted by such
Person (the “Servicer”) so designated from time to time in accordance with this Section
8.1. Anixter is hereby designated as, and hereby agrees to perform the duties and obligations
of, the Servicer pursuant to the terms of this Agreement. Anixter shall not resign as the Servicer
without the prior written consent of each Managing Agent. The Managing Agent may at any time
designate as Servicer any Person to succeed Anixter or any Successor Servicer. It is understood
and agreed that, solely with respect to the Accu-Tech Receivables, Accu-Tech is hereby designated
as sub-servicer and will perform all of the duties and obligations of the Servicer with respect to
the Accu-Tech Receivables.

          (b) Without the prior written consent of the Managing Agents, Anixter shall not be permitted
to delegate any of its duties or responsibilities as Servicer to any Person other than (i) Seller,
(ii) Accu-Tech with respect to the Accu-Tech Receivables and (iii) with respect to certain
Charged-Off Receivables, outside collection agencies in accordance with its customary

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practices.
Neither the Seller nor Accu-Tech shall be permitted to further delegate to any other Person any of
the duties or responsibilities of the Servicer delegated to it by Anixter. If at any time the
Managing Agents shall designate as Servicer any Person other than Anixter, all duties and
responsibilities theretofore delegated by Anixter to Seller may, at the discretion of the Managing
Agents, be terminated forthwith on notice given by the Agent to Anixter and to Seller.

          (c) Notwithstanding the foregoing subsection (b), if Anixter shall have delegated its
duties and responsibilities as Servicer to any Person, (i) Anixter shall be and remain primarily
liable to the Agent, the Managing Agents and the Purchasers for the full and prompt performance of
all duties and responsibilities of the Servicer (other than any Servicer appointed by the Managing
Agents without Anixter’s consent) hereunder, (ii) the Agent, the Managing Agents and the Purchasers
shall be entitled to deal exclusively with Anixter in matters relating to the discharge by the
Servicer (other than any Servicer appointed by the Managing Agents without Anixter’s consent) of
its duties and responsibilities hereunder and (iii) none of the Agent, the Managing Agents or the
Purchasers shall be required to give notice, demand or other communication to any Person other than
Anixter in order for communication to the Servicer (other than any Servicer appointed by the
Managing Agents without Anixter’s consent) and its sub-servicer or other delegate with respect
thereto to be accomplished. Anixter, at all times that it is the Servicer, shall be responsible
for providing any sub-servicer or other delegate of the Servicer with any notice given to the
Servicer under this Agreement.

     Section 8.2 Duties of Servicer.

          (a) The Servicer shall take or cause to be taken all such actions as may be necessary or
advisable to collect each Receivable from time to time, all in accordance with applicable laws,
rules and regulations, with reasonable care and diligence, and in accordance with the Credit and
Collection Policy.

          (b) The Servicer will instruct all Obligors to pay all Collections directly to a Lock-Box or
Collection Account. The Servicer shall effect a Collection Account Agreement in form and substance
reasonably satisfactory to the Agent with each bank maintaining a Collection Account at any time.
In the case of any remittances received in any Lock-Box or Collection Account that shall have been
identified, to the satisfaction of the Servicer, to not constitute Collections or other proceeds of
the Receivables or the Related Security, the Servicer shall promptly remit such items to the Person
identified to it as being the owner of such remittances. From and after the date the Agent
delivers to any Collection Bank a Collection Notice pursuant to Section 8.3, the Agent may
request that the Servicer, and the Servicer thereupon promptly shall instruct all Obligors with
respect to the Receivables, to remit all payments thereon to a new depositary account specified by
the Agent and, at all times thereafter, Seller and the Servicer shall not deposit or otherwise
credit, and shall not permit any other Person to deposit or otherwise credit to such new depositary
account any cash or payment item other than Collections.

          (c) The Servicer shall administer the Collections in accordance with the procedures described
herein and in Article II. The Servicer shall set aside and hold in trust for the account
of Seller and the Purchasers their respective shares of the Collections in accordance with
Article II. The Servicer shall, upon the request of the Agent, in its discretion or at the

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direction of the Required Financial Institutions, segregate, in a manner acceptable to the Agent
and the Required Financial Institutions, all cash, checks and other instruments received by it from
time to time constituting Collections from the general funds of the Servicer or Seller prior to the
remittance thereof in accordance with Article II. If the Servicer shall be required to
segregate Collections pursuant to the preceding sentence, the Servicer shall segregate and deposit
with a bank designated by the Agent such allocable share of Collections of Receivables set aside
for the Purchasers on the first Business Day following receipt by the Servicer of such Collections,
duly endorsed or with duly executed instruments of transfer.

          (d) The Servicer may, in accordance with the Credit and Collection Policy, extend the maturity
of any Receivable or adjust the Outstanding Balance of any Receivable as the Servicer determines to
be appropriate to maximize Collections thereof; provided, however, that such
extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable or
Charged-Off Receivable or limit the rights of the Agent, the Managing Agents or the Purchasers
under this Agreement. Notwithstanding anything to the contrary contained herein, at any time that
an Amortization Event is continuing, the Agent, in its discretion or at the direction of the
Required Financial Institutions, shall have the absolute and unlimited right to direct the Servicer
to commence or settle any legal action with respect to any Receivable or to foreclose upon or
repossess any Related Security.

          (e) The Servicer shall hold for Seller and the Purchasers all Records that (i) evidence or
relate to the Receivables, the related Contracts and Related Security or (ii) are otherwise
necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of
the Agent, in its discretion or at the direction of the Required Financial Institutions, at any
time following an Amortization Event or a Potential Amortization Event, deliver or make available
to the Agent all such Records, at a place selected by the Agent, with the consent or at the
direction of the Required Financial Institutions. The Servicer shall, from time to time at the
request of any Managing Agent, furnish to such Managing Agent (promptly after any such
request) a calculation of the amounts set aside for the Purchasers pursuant to Article II.

     Section 8.3 Collection Notices. Upon the occurrence of and during the continuation of
an Amortization Event or Potential Amortization Event, the Agent is authorized at any time to date
and to deliver to the Collection Banks the Collection Notices, and shall deliver such Collection
Notices if directed to do so by the Required Financial Institutions. Seller hereby transfers to
the Agent for the benefit of the Purchasers, effective when the Agent delivers such notice, the
exclusive ownership and control of each Lock-Box and the Collection Accounts. In case any
authorized signatory of Seller whose signature appears on a Collection Account Agreement shall
cease to have such authority before the delivery of such notice, such Collection Notice shall
nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the
Agent, and agrees that the Agent shall be entitled to, following the delivery of the Collection
Notice (i) endorse Seller’s name on checks and other instruments representing Collections, (ii)
enforce the Receivables, the related Contracts and the Related Security and (iii) take such action
as shall be necessary or desirable to cause all cash, checks and other instruments constituting
Collections of Receivables to come into the possession of the Agent rather than Seller.

25

 

     Section 8.4 Responsibilities of Seller. Anything herein to the contrary
notwithstanding, the exercise by the Agent, the Managing Agents and the Purchasers of their rights
hereunder shall not release the Servicer, any Originator or Seller from any of their duties or
obligations with respect to any Receivables or under the related Contracts. None of the Agent, the
Managing Agents or the Purchasers shall have any obligation or liability with respect to any
Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of
Seller.

     Section 8.5 Reports. The Servicer shall prepare and forward to each Managing Agent:

          (a) on each Determination Date, a Monthly Report;

          (b) if (x) Rating Level II is in effect or (y) Rating Level I is in effect and the Servicer
has notified the Managing Agents that it will deliver Reports as if Rating Level II were in effect,
on the last Business Day of each calendar month, a Mid-Month Report containing information relating
to the period from the first day of the related fiscal month to and including the Friday closest to
the fifteenth day of such calendar month;

          (c) if Rating Level III is in effect, on the Tuesday of each week (or, if such day is not a
Business Day, the next succeeding Business Day), a Weekly Report containing information relating to
the Weekly Period then most recently ended;

          (d) if Rating Level IV is in effect, on each Business Day, a Daily Report containing
information relating to the period since the last delivery of any Report hereunder;

          (e) at such times as either Managing Agent shall reasonably request, a report in the form of a
Monthly Report updating the information contained in the most recent Monthly Report; and

          (f) at such times as either Managing Agent shall request, a listing by Obligor of all
Receivables together with an aging of such Receivables.

     Section 8.6 Servicing Fees. In consideration of Anixter’s agreement to act as
Servicer hereunder, the Purchasers hereby agree that, so long as Anixter shall continue to perform
as Servicer hereunder, Seller shall pay over to Anixter a fee (the “Servicing Fee”) on the
first calendar day of each month, in arrears for the immediately preceding month, equal to 0.37%
times the Outstanding Balance of all Receivables generated during such immediately
preceding calendar month, as compensation for its servicing activities.

ARTICLE IX

AMORTIZATION EVENTS

     Section 9.1 Amortization Events. The occurrence of any one or more of the following
events shall constitute an Amortization Event:

          (a) Any Seller Party shall fail (i) to make any payment or deposit required hereunder when
due, or (ii) to perform or observe any term, covenant or agreement hereunder

26

 

(other than as referred to in clause (i) of this paragraph (a) and Section
9.1(e)) and such failure shall continue for three (3) consecutive Business Days.

          (b) Any representation, warranty, certification or statement made by any Seller Party in this
Agreement, any other Transaction Document or in any other document delivered pursuant hereto or
thereto shall prove to have been incorrect when made or deemed made; provided,
however, that (i) any breach of the representations and warranties set forth in
Sections 5.1(i), (s) or (t) shall not constitute an Amortization Event
unless such breach or breaches apply in the aggregate to a material portion of the Receivables and
(ii) any breach of the representations and warranties set forth in Section 7.1(j) with
respect to the Accu-Tech Accounts shall not constitute an Amortization Event unless such breach
occurs after the date that is thirty (30) days after the Closing Date.

          (c) Failure of Seller to pay any Indebtedness when due or the failure of any other Seller
Party to pay when due any Indebtedness having an outstanding principal balance in excess of
$50,000,000; or the default by any Seller Party in the performance of any term, provision or
condition contained in any agreement under which any such Indebtedness was created or is governed,
the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause,
such Indebtedness to become due prior to its stated maturity; or any such Indebtedness of any
Seller Party shall be declared to be due and payable or required to be prepaid (other than by a
regularly scheduled payment) prior to the date of maturity thereof.

          (d) (i) Any Seller Party or any of its Significant Subsidiaries shall generally not pay its
debts as such debts become due or shall admit in writing its inability to pay its debts generally
or shall make a general assignment for the benefit of creditors; or (ii) any proceeding shall be
instituted by or against any Seller Party or any of its Significant Subsidiaries seeking to
adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of
an order for relief or the appointment of a receiver, trustee or other similar official for it or
any substantial part of its property, provided that in the event any such proceedings shall have
been instituted against such Seller Party or Significant Subsidiary, such proceedings shall have
continued undismissed or unstayed and in effect for a period of sixty (60) consecutive days or an
order for relief shall have been entered in such proceedings, or (iii) any Seller Party or any of
its Significant Subsidiaries shall take any corporate action to authorize any of the actions set
forth in clauses (i) or (ii) above in this subsection (d).

          (e) Seller shall fail to comply with the terms of Section 2.6.

          (f) As at the end of any Collection Period: (i) the average of the Delinquency Ratios as of
the end of such Collection Period and the two preceding Collection Periods shall exceed 14.00%;
(ii) the average of the Dilution Trigger Ratios as of the end of such Collection Period and the two
preceding Collection Periods shall exceed 4.0%; or (iii) the average of the Loss-to-Liquidation
Ratios as of the end of such Collection Period and the two preceding Collection Periods shall
exceed 5.25%.

          (g) A Change of Control shall occur.

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          (h) (i) One or more final judgments for the payment of money shall be entered against Seller
or (ii) one or more final judgments for the payment of money in an amount in excess of $25,000,000,
individually or in the aggregate, shall be entered against the Servicer, and such judgment shall
continue unsatisfied and in effect for thirty (30) consecutive days without a stay of execution.

          (i) The “Amortization Date” under and as defined in the Receivables Sale Agreement or any
Transfer Agreement shall occur under the Receivables Sale Agreement or any Transfer Agreement or
Anixter or the applicable Originator, as applicable, shall for any reason cease to transfer, or
cease to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables
to Seller or Anixter under the Receivables Sale Agreement or the applicable Transfer Agreement, as
applicable.

          (j) This Agreement shall terminate in whole or in part (except in accordance with its terms),
or shall cease to be effective or to be the legally valid, binding and enforceable obligation of
Seller, or the Agent for the benefit of the Purchasers shall cease to have a valid and perfected
first priority security interest in the Receivables, the Related Security and the Collections with
respect thereto, and the Collection Accounts.

          (k) (i) The Accu-Tech Accounts shall not be re-titled in the name of the Seller on or before
the date that is thirty (30) days after the Closing Date or (ii) the Seller shall fail to deliver,
on or before the date that is thirty (30) days after the Closing Date, a fully-executed Collection
Account Agreement (or another account control agreement that is reasonably satisfactory to the
Agent) with respect to the Accu-Tech Accounts.

          (l) The Leverage Ratio as of the last day of any Fiscal Quarter shall be greater than 3.25 to
1.00.

          (m) The Consolidated Fixed Charge Coverage Ratio calculated at the end of each Fiscal Quarter
for the period of the immediately preceding four Fiscal Quarters shall be less than (a) 2.50 to
1.00 for any period ending after April 8, 2011 but on or prior to the last day of the fourth Fiscal
Quarter of 2011 and (b) 3.00 to 1.00 for any period ending after the last day of the fourth Fiscal
Quarter of 2011.

          (n) Any Person shall be appointed as an Independent Director of Seller without prior notice
thereof having been given to the Agent in accordance with Section 7.1(b)(vii) or without
the written acknowledgement by the Agent that such Person conforms, to the satisfaction of the
Agent, with the criteria set forth in the definition herein of “Independent Director”.

     Section 9.2 Remedies. Upon the occurrence and during the continuation of an
Amortization Event, the Agent may, and upon the direction of the Required Financial Institutions,
shall, take any of the following actions: (i) replace the Person then acting as Servicer, (ii)
declare the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith
occur, without demand, protest or further notice of any kind, all of which are hereby expressly
waived by each Seller Party; provided, however, that upon the occurrence of an Amortization Event
described in Section 9.1(d)(ii), or of an actual or deemed entry of an order

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for relief with respect to any Seller Party under the Bankruptcy Code, the Amortization Date
shall automatically occur, without demand, protest or any notice of any kind, all of which are
hereby expressly waived by each Seller Party, (iii) to the fullest extent permitted by applicable
law, declare that the Default Fee shall accrue with respect to any of the Aggregate Unpaids
outstanding at such time, (iv) deliver the Collection Notices to the Collection Banks, and (v)
notify Obligors of the Purchasers’ interest in the Receivables. The aforementioned rights and
remedies shall be without limitation, and shall be in addition to all other rights and remedies of
the Agent, the Managing Agents and the Purchasers otherwise available under any other provision of
this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly
preserved, including, without limitation, all rights and remedies provided under the UCC, all of
which rights shall be cumulative.

ARTICLE X

INDEMNIFICATION

     Section 10.1 Indemnities by the Seller Parties. Without limiting any other rights
that the Agent, any Managing Agent or any Purchaser may have hereunder or under applicable law, (A)
Seller hereby agrees to indemnify (and pay upon demand to) the Agent, the Managing Agents and each
Purchaser and their respective assigns, officers, directors, agents and employees (each an
“Indemnified Party”) from and against any and all damages, losses, claims, taxes,
liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’
fees and disbursements (all of the foregoing being collectively referred to as “Indemnified
Amounts”) awarded against or incurred by any of them arising out of or as a result of this
Agreement or the acquisition, either directly or indirectly, by a Purchaser of an interest in the
Receivables, and (B) the Servicer hereby agrees to indemnify (and pay upon demand to) each
Indemnified Party for Indemnified Amounts awarded against or incurred by any of them arising out of
the Servicer’s activities as Servicer hereunder excluding, however, in all of the foregoing
instances under the preceding clauses (A) and (B):

          (a) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction
holds that such Indemnified Amounts resulted from gross negligence or willful misconduct on the
part of the Indemnified Party seeking indemnification;

          (b) Indemnified Amounts to the extent the same includes losses in respect of Receivables that
are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the
related Obligor; or

          (c) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive
office is located, on or measured by the overall net income of such Indemnified Party to the extent
that the computation of such taxes is consistent with the characterization for income tax purposes
of the acquisition by the Purchasers of Purchaser Interests as a loan or loans by the Purchasers to
Seller secured by the Receivables, the Related Security, the Collection Accounts and the
Collections.

          Without limiting the generality of the foregoing indemnification, Seller shall indemnify the
Agent, the Managing Agents and the Purchasers for Indemnified Amounts

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(including, without limitation, losses in respect of uncollectible receivables, regardless of
whether reimbursement therefor would constitute recourse to Seller) relating to or resulting from:

          (i) any representation or warranty made by any Seller Party or any Originator (or any
officers of any such Person) under or in connection with this Agreement, any other
Transaction Document or any other information or report delivered by any such Person
pursuant hereto or thereto, which shall have been false or incorrect when made or deemed
made;

          (ii) the failure by Seller, the Servicer or any Originator to comply with any
applicable law, rule or regulation with respect to any Receivable or Contract related
thereto, or the nonconformity of any Receivable or Contract included therein with any such
applicable law, rule or regulation or any failure of any Originator to keep or perform any
of its obligations, express or implied, with respect to any Contract;

          (iii) any failure of Seller, the Servicer or any Originator to perform its duties,
covenants or other obligations in accordance with the provisions of this Agreement or any
other Transaction Document;

          (iv) any products liability, personal injury or damage suit, or other similar claim
arising out of or in connection with merchandise, insurance or services that are the subject
of any Contract or any Receivable;

          (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the
Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a
defense based on such Receivable or the related Contract not being a legal, valid and
binding obligation of such Obligor enforceable against it in accordance with its terms), or
any other claim resulting from the sale of the merchandise or service related to such
Receivable or the furnishing or failure to furnish such merchandise or services;

          (vi) the commingling of Collections of Receivables at any time with other funds;

          (vii) any investigation, litigation or proceeding related to or arising from this
Agreement or any other Transaction Document, the transactions contemplated hereby, the use
of the proceeds of an Incremental Purchase or a Reinvestment, the ownership of the Purchaser
Interests or any other investigation, litigation or proceeding relating to Seller, the
Servicer or any Originator in which any Indemnified Party becomes involved as a result of
any of the transactions contemplated hereby;

          (viii) any inability to litigate any claim against any Obligor in respect of any
Receivable as a result of such Obligor being immune from civil and commercial law and suit
on the grounds of sovereignty or otherwise from any legal action, suit or proceeding;

          (ix) any Amortization Event described in Section 9.1(d);

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          (x) any failure of Seller to acquire and maintain legal and equitable title to, and
ownership of any Receivable and the Related Security and Collections with respect thereto
from Anixter, free and clear of any Adverse Claim (other than as created hereunder); or any
failure of Seller to give reasonably equivalent value to Anixter under the Receivables Sale
Agreement in consideration of the transfer by Anixter of any Receivable, or any attempt by
any Person to void such transfer under statutory provisions or common law or equitable
action;

          (xi) any failure of Anixter to acquire and maintain legal and equitable title to, and
ownership of any Receivable and the Related Security and Collections with respect thereto
from the applicable Originator free and clear of any Adverse Claim (other than as created
hereunder); or any failure of Anixter to give reasonably equivalent value to the applicable
Originator under the applicable Transfer Agreement in consideration of the transfer by such
Originator of any Receivable, or any attempt by any Person to void such transfer under
statutory provisions or common law or equitable action;

          (xii) any failure to vest and maintain vested in the Agent for the benefit of the
Purchasers, or to transfer to the Agent for the benefit of the Purchasers, legal and
equitable title to, and ownership of, a first priority perfected undivided percentage
ownership interest (to the extent of the Purchaser Interests contemplated hereunder) or
security interest in the Receivables, the Related Security and the Collections, free and
clear of any Adverse Claim (except as created by the Transaction Documents);

          (xiii) the failure to have filed, or any delay in filing, financing statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or other
applicable laws with respect to any Receivable, the Related Security and Collections with
respect thereto, and the proceeds of any thereof, whether at the time of any Incremental
Purchase or Reinvestment or at any subsequent time;

          (xiv) any action or omission by any Seller Party which reduces or impairs the rights of
the Agent or the Purchasers with respect to any Receivable or the value of any such
Receivable;

          (xv) any attempt by any Person, other than a Purchaser, to void any Incremental
Purchase or Reinvestment hereunder under statutory provisions or common law or equitable
action; and

          (xvi) the failure of any Receivable included in the calculation of the Net Receivables
Balance as an Eligible Receivable to be an Eligible Receivable at the time so included.

Section 10.2 Increased Cost and Reduced Return. (a) If any Regulatory Change (i)
subjects any Purchaser or any Funding Source to any charge or withholding on or with respect
to any Funding Agreement or a Purchaser’s or Funding Source’s obligations under a Funding
Agreement, or on or with respect to the Receivables, or changes the basis of taxation of
payments to any Purchaser or any Funding Source of any amounts payable under any Funding
Agreement (except for changes in the rate of tax on the

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overall net income of a Purchaser or Funding Source or taxes excluded by Section
10.1) or (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax,
insurance charge, special deposit or similar requirement against assets of, deposits with or
for the account of, or liabilities of a Funding Source or a Purchaser, or credit extended by
a Funding Source or a Purchaser pursuant to a Funding Agreement or (iii) imposes any other
condition the result of which is to increase the cost to a Funding Source or a Purchaser of
performing its obligations under a Funding Agreement, or to reduce the rate of return on a
Funding Source’s or Purchaser’s capital as a consequence of its obligations under a Funding
Agreement, or to reduce the amount of any sum received or receivable by a Funding Source or
a Purchaser under a Funding Agreement, or to require any payment calculated by reference to
the amount of interests or loans held or interest received by it, then, upon demand by the
Agent or the relevant Managing Agent, Seller shall pay to the applicable Managing Agent, for
the benefit of the relevant Funding Source or Purchaser, such amounts charged to such
Funding Source or Purchaser or such amounts to otherwise compensate such Funding Source or
such Purchaser for such increased cost or such reduction. The term “Regulatory
Change” shall mean (i) the adoption after the date hereof of any applicable law, rule or
regulation (including any applicable law, rule or regulation regarding capital adequacy) or
any change therein after the date hereof, (ii) any change after the date hereof in the
interpretation or administration thereof by any governmental authority, central bank or
comparable agency charged with the interpretation or administration thereof, or compliance
with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency, or (iii) the compliance, whether commenced
prior to or after the date hereof, by any Funding Source or Purchaser with the requirements
of the final rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital
Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting
Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related
Issues, adopted by the United States bank regulatory agencies on December 15, 2009 (the
“FAS 166/167 Capital Guidelines”), or any existing or future rules, regulations,
guidance, interpretations or directives from the U.S. bank regulatory agencies relating to
the FAS 166/167 Capital Guidelines (whether or not having the force of law).

     (b) A certificate of the applicable Purchaser or Funding Source setting forth the
amount or amounts necessary to compensate such Purchaser or Funding Source pursuant to
paragraph (a) of this Section 10.2 shall be delivered to Seller and shall be
conclusive absent manifest error. The Seller shall pay such Purchaser or Funding Source the
amount as due on any such certificate on the next Settlement Date following receipt of such
notice.

     (c) If any Purchaser or any Funding Source has or anticipates having any claim for
compensation from the Seller pursuant to clause (iii) of the definition of Regulatory Change
appearing in paragraph (a) of this Section 10.2, and such Purchaser or Funding
Source believes that having the facility publicly rated by one credit rating agency would
reduce the amount of such compensation by an amount deemed by such Purchaser or Funding
Source to be material, such Purchaser or Funding Source shall provide written notice to
Seller and the Servicer (a “Ratings Request”) that such Purchaser or Funding Source
intends to request a public rating of the facility from one credit rating agency

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selected by such Purchaser or Funding Source and reasonably acceptable to Seller, of at
least the equivalent of A by S&P and A2 by Moody’s (the “Specified Rating”). Seller
and the Servicer agree that they shall cooperate with such Purchaser’s or Funding Source’s
efforts to obtain the Specified Rating, and shall provide the applicable credit rating
agency (either directly or through distribution to the Agent, Purchaser or Funding Source),
any information requested by such credit rating agency for purposes of providing and
monitoring the Specified Rating. The Purchasers shall pay the initial fees payable to the
credit rating agency for providing the rating and all ongoing fees payable to the credit
rating agency for their continued monitoring of the rating. Nothing in this Section
10.2(c) shall preclude any Purchaser or Funding Source from demanding compensation from
Seller pursuant to Section 10.2(a) hereof at any time and without regard to whether
the Specified Rating shall have been obtained, or shall require any Purchaser or Funding
Source to obtain any rating on the facility prior to demanding any such compensation from
Seller.

     Section 10.3 Other Costs and Expenses. Seller shall pay to the Agent, the Managing
Agents and Purchasers on demand all reasonable out-of-pocket costs and expenses in connection with
the preparation, execution, delivery and administration of this Agreement, the transactions
contemplated hereby and the other documents to be delivered hereunder, including without
limitation, the cost of any Purchaser’s auditors auditing the books, records and procedures of
Seller, reasonable fees and out-of-pocket expenses of legal counsel for the Purchasers, Managing
Agents and the Agent with respect thereto and with respect to advising Purchasers, the Managing
Agents and the Agent as to their respective rights and remedies under this Agreement. Seller shall
pay to the Agent or the applicable Managing Agent on demand any and all costs and expenses of the
Agent, the Managing Agents and the Purchasers, if any, including reasonable counsel fees and
expenses in connection with the enforcement of this Agreement and the other documents delivered
hereunder and in connection with any restructuring or workout of this Agreement or such documents,
or the administration of this Agreement following an Amortization Event.

ARTICLE XI

THE AGENT

     Section 11.1 Authorization and Action. Each Purchaser hereby designates and appoints
JPMCB to act as Agent hereunder and under each other Transaction Document, and authorizes the Agent
and such Purchaser’s related Managing Agent to take such actions as Agent or Managing Agent, as the
case may be, on its behalf and to exercise such powers as are delegated to the Agent or such
Managing Agent by the terms of this Agreement and the other Transaction Documents together with
such powers as are reasonably incidental thereto. Neither the Agent nor any Managing Agent shall
have any duties or responsibilities, except those expressly set forth herein or in any other
Transaction Document, or any fiduciary relationship with any Purchaser, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities on the part of the Agent or the
Managing Agents shall be read into this Agreement or any other Transaction Document or otherwise
exist for the Agent or the Managing Agents. In performing their respective functions and duties
hereunder and under the other Transaction Documents, (i) the Agent shall act solely as agent for
the Purchasers, (ii) each Managing Agent shall act solely

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as agent for the Conduits and Financial Institutions in the related Purchase Group and (iii)
neither the Agent nor any Managing Agent shall be deemed to have assumed any obligation or
relationship of trust or agency with or for any Seller Party or any of such Seller Party’s
successors or assigns. Neither the Agent nor any Managing Agent shall be required to take any
action that exposes the Agent or the Managing Agents to personal liability or that is contrary to
this Agreement, any other Transaction Document or applicable law. The appointment and authority of
the Agent and the Managing Agents hereunder shall terminate upon the indefeasible payment in full
of all Aggregate Unpaids. Each Purchaser hereby authorizes the Agent and the Managing Agent for
its Purchase Group, as applicable, to execute each of the Uniform Commercial Code financing
statements, this Agreement and such other Transaction Documents as may require the Agent’s or such
Managing Agent’s signature on behalf of such Purchaser (the terms of which shall be binding on such
Purchaser).

     Section 11.2 Delegation of Duties. The Agent and the Managing Agents may execute any
of their respective duties under this Agreement and each other Transaction Document by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. Neither the Agent nor any Managing Agent shall be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

     Section 11.3 Exculpatory Provisions. None of the Agent, the Managing Agents or any of
their respective directors, officers, agents or employees shall be (i) liable for any action
lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or
any other Transaction Document (except for its, their or such Person’s own gross negligence or
willful misconduct), or (ii) responsible in any manner to any of the Purchasers for any recitals,
statements, representations or warranties made by any Seller Party contained in this Agreement, any
other Transaction Document or any certificate, report, statement or other document referred to or
provided for in, or received under or in connection with, this Agreement, or any other Transaction
Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement, or any other Transaction Document or any other document furnished in connection
herewith or therewith, or for any failure of any Seller Party to perform its obligations hereunder
or thereunder, or for the satisfaction of any condition specified in Article VI, or for the
perfection, priority, condition, value or sufficiency of any collateral pledged in connection
herewith. Neither the Agent nor any Managing Agent shall be under any obligation to any Purchaser
to ascertain or to inquire as to the observance or performance of any of the agreements or
covenants contained in, or conditions of, this Agreement or any other Transaction Document, or to
inspect the properties, books or records of the Seller Parties. Neither the Agent nor any Managing
Agent shall be deemed to have knowledge of any Amortization Event or Potential Amortization Event
unless the Agent or such Managing Agent has received notice from Seller or a Purchaser. No
Managing Agent shall have any responsibility hereunder to any Purchaser other than the Purchasers
in its Purchase Group.

     Section 11.4 Reliance by Agent. The Agent and the Managing Agents shall in all cases
be entitled to rely, and shall be fully protected in relying, upon any document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including, without limitation, counsel
to Seller), independent accountants and other experts selected by the Agent or

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any Managing Agent. The Agent and the Managing Agents shall in all cases be fully justified
in failing or refusing to take any action under this Agreement or any other Transaction Document
unless it shall first receive such advice or concurrence of the Conduits or the Required Financial
Institutions or all of the Purchasers, as applicable, as they deem appropriate and they shall first
be indemnified to their satisfaction by the Purchasers, provided that unless and until the Agent or
any Managing Agent shall have received such advice, or unless the Required Financial Institutions
or each Managing Agent, as applicable, shall have directed the Agent to take or refrain from taking
any action, the Agent or such Managing Agent may take or refrain from taking any action, as the
Agent or such Managing Agent shall deem advisable and in the best interests of the Purchasers. The
Agent and the Managing Agents shall in all cases be fully protected in acting, or in refraining
from acting, in accordance with a request of the related Conduits or the Required Financial
Institutions or all of the Purchasers, as applicable, and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Purchasers.

     Section 11.5 Non-Reliance on Agent and Other Purchasers. Each Purchaser expressly
acknowledges that none of the Agent, the Managing Agents or any of their respective officers,
directors, employees, agents, attorneys-in-fact or affiliates has made any representations or
warranties to it and that no act by the Agent or any Managing Agent hereafter taken, including,
without limitation, any review of the affairs of any Seller Party, shall be deemed to constitute
any representation or warranty by the Agent or such Managing Agent. Each Purchaser represents and
warrants to the Agent and the Managing Agents that it has and will, independently and without
reliance upon the Agent, any Managing Agent or any other Purchaser and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, prospects, financial and other conditions and creditworthiness of
Seller and made its own decision to enter into this Agreement, the other Transaction Documents and
all other documents related hereto or thereto.

     Section 11.6 Reimbursement and Indemnification. The Financial Institutions agree to
reimburse and indemnify the Agent, and the Financial Institutions in each Purchase Group agree to
reimburse the Managing Agent for such Purchase Group, and their respective officers, directors,
employees, representatives and agents ratably according to their Pro Rata Shares or Adjusted Pro
Rata Shares, as applicable, to the extent not paid or reimbursed by the Seller Parties (i) for any
amounts for which the Agent, acting in its capacity as Agent, or any Managing Agent, acting in its
capacity as a Managing Agent, is entitled to reimbursement by the Seller Parties hereunder and (ii)
for any other expenses incurred by the Agent, in its capacity as Agent, or any Managing Agent,
acting in its capacity as a Managing Agent, and acting on behalf of the related Purchasers, in
connection with the administration and enforcement of this Agreement and the other Transaction
Documents. If there is a Terminating Financial Institution, for purposes of this Section, Pro Rata
Share and Adjusted Pro Rata Share shall be calculated based on such Terminating Financial
Institution’s Back-up Commitment immediately prior to its becoming a Terminating Financial
Institution; provided, however, that no Terminating Financial Institution shall be
required to reimburse or indemnify the Agent or any Managing Agent, or their respective officers,
directors, employees, representatives or agents for any amounts referenced in this Section
11.6 resulting from events occurring after such Terminating Financial Institution’s Capital
shall have been paid in full.

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     Section 11.7 Agents in their Individual Capacities. The Agent, each Managing Agent
and each of its respective Affiliates may make loans to, accept deposits from and generally engage
in any kind of business with any Seller Party or any Affiliate of any Seller Party as though it
were not the Agent or a Managing Agent hereunder. With respect to the acquisition of Purchaser
Interests pursuant to this Agreement, the Agent and each Managing Agent shall have the same rights
and powers under this Agreement in its individual capacity as any Purchaser and may exercise the
same as though it were not the Agent or a Managing Agent, and the terms “Financial Institution,”
“Purchaser,” “Financial Institutions” and “Purchasers” shall include the Agent and each Managing
Agent in its individual capacity.

     Section 11.8 Successor Agent. The Agent may, upon fifteen (15) days’ notice to Seller
and the Purchasers, and the Agent will, upon the direction of all of the Purchasers (other than
such Agent, in its individual capacity) resign as Agent. Each Managing Agent may, upon fifteen
(15) days’ notice to Seller and the Purchasers in its Purchase Group, and a Managing Agent will,
upon the direction of all the Purchasers in its Purchase Group (other than such Managing Agent in
its individual capacity), resign as Managing Agent. If the Agent shall resign, then the Required
Financial Institutions during such fifteen-day period shall appoint from among the Purchasers a
successor agent. If a Managing Agent shall resign, then the Purchasers in the related Purchase
Group shall appoint a successor agent during such fifteen-day period. If for any reason no
successor agent is appointed by the Required Financial Institutions or the applicable Purchase
Group, as applicable, during such fifteen-day period, then effective upon the termination of such
fifteen-day period, the Purchasers shall perform all of the duties of the Agent, or the Purchasers
in the related Purchase Group shall perform all of the duties of the applicable Managing Agent, as
applicable, hereunder and under the other Transaction Documents and Seller and the Servicer (as
applicable) shall make all payments in respect of the Aggregate Unpaids directly to the applicable
Purchasers and for all purposes shall deal directly with the Purchasers. After the effectiveness
of any retiring Agent’s or Managing Agent’s resignation hereunder as Agent or Managing Agent, as
applicable, the retiring Agent or Managing Agent shall be discharged from its duties and
obligations hereunder and under the other Transaction Documents and the provisions of this
Article XI and Article X shall continue in effect for its benefit with respect to
any actions taken or omitted to be taken by it while it was Agent or Managing Agent under this
Agreement and under the other Transaction Documents.

ARTICLE XII

ASSIGNMENTS; PARTICIPATIONS

     Section 12.1 Assignments.

          (a) The Seller, each Financial Institution and each other party hereto hereby agree and
consent to the complete or partial assignment (or participation) by each Conduit of all or any
portion of its rights under, interest in, title to and obligations under this Agreement to the
Financial Institutions pursuant to a Liquidity Agreement, and upon such assignment, such Conduit
shall be released from its obligations, if any, so assigned. Further, with the consent of the
Seller (not to be unreasonably withheld), each Conduit may assign all of its rights and obligations
hereunder to another commercial paper issuing conduit for which the Managing Agent of such
assigning Conduit acts as administrator. Further, Seller and each Financial

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Institution hereby agree that any assignee of a Conduit of this Agreement or all or any of the
Purchaser Interests of such Conduit shall have all of the rights and benefits under this Agreement
as if the term “Conduit” explicitly referred to such party, and no such assignment shall in any way
impair the rights and benefits of the Conduits hereunder. Neither the Seller nor the Servicer
shall have the right to assign its rights or obligations under this Agreement.

          (b) Any Financial Institution may at any time and from time to time, assign to one or more
Persons (“Purchasing Financial Institutions”) all or any part of its rights and obligations under
this Agreement and its Liquidity Agreement pursuant to an assignment agreement, substantially in
the form set forth in Exhibit VII hereto (the “Assignment Agreement”) executed by such
Purchasing Financial Institution and such selling Financial Institution. The consent of the
Conduit or Conduits in such Financial Institution’s Purchase Group and the Agent shall be required
prior to the effectiveness of any such assignment. Each assignee of a Financial Institution must
have a short-term debt rating of A-1 or better by S&P and P-1 by Moody’s (the “Required Ratings”)
and must agree to deliver to the Agent, promptly following any request therefor by the Managing
Agent for its Purchase Group or the affected Conduit or Conduits, an enforceability opinion in form
and substance satisfactory to such Managing Agent and such Conduit or Conduits. Upon delivery of
the executed Assignment Agreement to the Agent (with a copy to the Seller), such selling Financial
Institution shall be released from its obligations hereunder to the extent of such assignment.
Thereafter the Purchasing Financial Institution shall for all purposes be a Financial Institution
party to this Agreement and shall have all the rights and obligations of a Financial Institution
under this Agreement to the same extent as if it were an original party hereto and no further
consent or action by Seller, the Purchasers or the Agent shall be required.

          (c) Each of the Financial Institutions agrees that in the event that it shall cease to have
the Required Ratings (an “Affected Financial Institution”), such Affected Financial Institution
shall be obliged, at the request of the Conduits in such Financial Institution’s Purchase Group or
the applicable Managing Agent, to assign all of its rights and obligations hereunder and under its
Liquidity Agreement to (x) another Financial Institution or (y) another funding entity nominated by
such Managing Agent and acceptable to the affected Conduit or Conduits that has the Required
Ratings, and willing to participate in this Agreement through the Liquidity Termination Date in the
place of such Affected Financial Institution; provided that the Affected Financial Institution
receives payment in full, pursuant to an Assignment Agreement, of an amount equal to such Financial
Institution’s Pro Rata Share of the Capital and Yield owing to the Financial Institutions and all
accrued but unpaid fees and other costs and expenses payable in respect of its Pro Rata Share of
the Purchaser Interests of the Financial Institutions. In the event and on the date that an
Affected Financial Institution becomes a Terminating Financial Institution, the Purchase Limit
shall be reduced by an amount equal to such Affected Financial Institution’s Back-up Commitment.

     Section 12.2 Participations. Any Financial Institution may, in the ordinary course of
its business at any time sell to one or more Persons (each a “Participant”) participating
interests in its Pro Rata Share of the Purchaser Interests of the Financial Institutions, its
obligation to purchase Purchaser Interests from the applicable Conduits under a Liquidity Agreement
or any other interest of such Financial Institution hereunder. Notwithstanding any such sale by a
Financial Institution of a participating interest to a Participant, such Financial Institution’s
rights

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and obligations under this Agreement shall remain unchanged, such Financial Institution shall
remain solely responsible for the performance of its obligations hereunder, and Seller, the
Conduits, the Managing Agents and the Agent shall continue to deal solely and directly with such
Financial Institution in connection with such Financial Institution’s rights and obligations under
this Agreement. Each Financial Institution agrees that any agreement between such Financial
Institution and any such Participant in respect of such participating interest shall not restrict
such Financial Institution’s right to agree to any amendment, supplement, waiver or modification to
this Agreement, except for any amendment, supplement, waiver or modification described in
Section 13.1(b)(i).

     Section 12.3 Extension of Liquidity Termination Date. The Seller may advise any
Managing Agent in writing of its desire to extend the Liquidity Termination Date for an additional
364 days, provided such request is made not more than 60 days prior to, and not less than 40 days
prior to, the then current Liquidity Termination Date. Each Managing Agent so advised by the
Seller shall promptly notify each Financial Institution in its related Purchase Group of any such
request and each such Financial Institution shall notify its related Managing Agent, the Agent and
the Seller of its decision to accept or decline the request for such extension no later than 30
days prior to the then current Liquidity Termination Date (it being understood that each Financial
Institution may accept or decline such request in its sole discretion and on such terms as it may
elect, and the failure to so notify its Managing Agent, the Agent and the Seller shall be deemed an
election not to extend by such Financial Institution and, with respect to SunTrust and JPMCB, their
respective Conduits; it being further understood that SunTrust’s or JPMCB’s decision to decline an
extension request shall also constitute the decision of its related Conduit to decline such
extension request). In the event that at least one Financial Institution and the Conduit in its
Purchase Group agree to extend the Liquidity Termination Date, the Seller Parties, the Agent, the
applicable Conduit or Conduits, the extending Financial Institutions and the applicable Managing
Agent or Agents shall enter into such documents as such extending Financial Institutions may deem
necessary or appropriate to reflect such extension, and all reasonable costs and expenses incurred
by such Financial Institutions, such Conduit or Conduits, such Managing Agent or Agents and the
Agent (including reasonable attorneys’ fees) shall be paid by the Seller. In the event that any
Financial Institution (a) declines the request to extend the Liquidity Termination Date or (b) is
in a Purchase Group with respect to which the Seller did not seek an extension of the Liquidity
Termination Date (each such Financial institution being referred to herein as a “Non-Renewing
Financial Institution”), and, in the case of a Non-Renewing Financial Institution described in
clause (a), the Back-up Commitment and Liquidity Commitment of such Non-Renewing Financial
Institution are not assigned to another Person in accordance with the terms of this Article
XII prior to the then current Liquidity Termination Date, the Purchase Limit shall be reduced
by an amount equal to each such Non-Renewing Financial Institution’s Back-up Commitment on the then
current Liquidity Termination Date.

     Section 12.4 Federal Reserve. Notwithstanding any other provision of this Agreement
to the contrary, any Financial Institution may at any time pledge or grant a security interest in
all or any portion of its rights (including, without limitation, any Purchaser Interest and any
rights to payment of Capital and Yield) under this Agreement to secure obligations of such
Financial Institution to a Federal Reserve Bank, without notice to or consent of the Seller, any
Managing Agent or the Administrative Agent; provided that no such pledge or grant of a
security interest

38

 

shall release a Financial Institution from any of its obligations hereunder, or substitute any
such pledgee or grantee for such Financial Institution as a party hereto.

ARTICLE XIII

MISCELLANEOUS

     Section 13.1 Waivers and Amendments.

          (a) No failure or delay on the part of the Agent, any Managing Agent or any Purchaser in
exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or remedy preclude any other further
exercise thereof or the exercise of any other power, right or remedy. The rights and remedies
herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law.
Any waiver of this Agreement shall be effective only in the specific instance and for the specific
purpose for which given.

          (b) No provision of this Agreement may be amended, supplemented, modified or waived except in
writing in accordance with the provisions of this Section 13.1(b); it being understood that
notwithstanding anything in this Section 13.1(b) to the contrary, no material amendment to
this Agreement shall become effective with respect to any Conduit unless, if required by the
documents governing such Conduit’s commercial paper program, such Conduit (or the applicable
Managing Agent on its behalf) shall have received written confirmation from each of the Rating
Agencies that such amendment shall not result in the reduction or withdrawal of the rating of such
Conduit’s Commercial Paper. The Conduits, the Seller, the Servicer, the Managing Agents and the
Agent, at the direction of the Required Financial Institutions, may enter into written
modifications or waivers of any provisions of this Agreement, provided, however, that no such
modification or waiver shall:

          (i) without the consent of each affected Purchaser, (A) extend the Liquidity
Termination Date or the date of any payment or deposit of Collections by Seller or the
Servicer, (B) reduce the rate or extend the time of payment of Yield (or any component
thereof), (C) reduce any fee payable to the Agent or the Managing Agents for the benefit of
the Purchasers, (D) except pursuant to Article XII hereof, change the amount of the
Capital of any Purchaser, any Financial Institution’s Pro Rata Share (except as may be
required pursuant to a Conduit’s Liquidity Agreement) or any Financial Institution’s Back-up
Commitment or Liquidity Commitment, (E) amend, modify or waive any provision of the
definition of Required Financial Institutions, this Section 13.1(b), (F) consent to
or permit the assignment or transfer by Seller of any of its rights and obligations under
this Agreement, (G) change the definition of “Facility Termination Date”,
“Eligible Receivable”, “Loss Reserve”, “Default Proxy Ratio”,
“Delinquency Ratio”, “Delinquent Receivable”, “Dilution Reserve”,
“Dilution Reserve Ratio”, “Dilution Trigger Ratio”, “Loss Reserve”,
“Loss Reserve Ratio”, “Loss-to-Liquidation Ratio”, or “Yield
Reserve”, or (H) amend or modify any defined term (or any defined term used directly or
indirectly in such defined term) used in clauses (A) through (G) above in a manner that
would circumvent the intention of the restrictions set forth in such clauses; or

39

 

          (ii) without the written consent of the Agent or any Managing Agent, amend, modify or
waive any provision of this Agreement if the effect thereof is to affect the rights or
duties of the Agent or such Managing Agent, as applicable.

Notwithstanding the foregoing, (i) without the consent of the Financial Institutions in any
Purchase Group (other than the Purchase Group to which such Financial Institutions are being
added), the Agent may, with the consent of Seller, amend this Agreement solely to add additional
Persons as Financial Institutions hereunder and (ii) the Agent, the Required Financial
Institutions, the Managing Agents, and the Conduits may enter into amendments to modify any of the
terms or provisions of Article XI, Article XII and Section 13.13 or any
other provision of this Agreement without the consent of Seller, provided that such
amendment has no negative impact upon Seller. Any modification or waiver made in accordance with
this Section 13.1 shall apply to each of the Purchasers equally and shall be binding upon
Seller, the Purchasers, the Managing Agents and the Agent.

     Section 13.2 Notices. Except as provided below, all communications and notices
provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile
transmission or similar writing) and shall be given to the other parties hereto at their respective
addresses or telecopy numbers set forth on the signature pages hereof or at such other address or
telecopy number as such Person may hereafter specify for the purpose of notice to each of the other
parties hereto. Each such notice or other communication shall be effective (i) if given by
telecopy, upon the receipt thereof, (ii) if given by mail, three (3) Business Days after the time
such communication is deposited in the mail with first class postage prepaid or (iii) if given by
any other means, when received at the address specified in this Section 13.2. Seller
hereby authorizes the Agent to effect purchases and each Managing Agent to make Tranche Period and
Discount Rate selections based on telephonic notices made by any Person whom the Agent or such
Managing Agent, as applicable, in good faith believes to be acting on behalf of Seller. Seller
agrees to deliver promptly to the Agent or the applicable Managing Agent a written confirmation of
each telephonic notice signed by an authorized officer of Seller; provided,
however, the absence of such confirmation shall not affect the validity of such notice. If
the written confirmation differs from the action taken by the Agent or such Managing Agent, the
records of the Agent or such Managing Agent shall govern absent manifest error.

     Section 13.3 Ratable Payments. If any Purchaser, whether by setoff or otherwise, has
payment made to it with respect to any portion of the Aggregate Unpaids owing to such Purchaser
(other than payments received pursuant to Section 10.2 or 10.3) in a greater
proportion than that received by any other Purchaser entitled to receive a ratable share of such
Aggregate Unpaids, such Purchaser agrees, promptly upon demand, to purchase for cash without
recourse or warranty a portion of such Aggregate Unpaids held by the other Purchasers so that after
such purchase each Purchaser will hold its ratable proportion of such Aggregate Unpaids; provided
that if all or any portion of such excess amount is thereafter recovered from such Purchaser, such
purchase shall be rescinded and the purchase price restored to the extent of such recovery, but
without interest.

40

 

     Section 13.4 Protection of Ownership Interests of the Purchasers.

          (a) Seller agrees that from time to time, at its expense, it will promptly execute and deliver
all instruments and documents, and take all actions, that may be necessary or desirable, or that
the Agent or any Managing Agent may request, to perfect, protect or more fully evidence the
Purchaser Interests, or to enable the Agent or the Purchasers to exercise and enforce their rights
and remedies hereunder. At any time after the occurrence of an Amortization Event, the Agent may
(or at the direction of the Managing Agents, shall), or the Agent may (or at the direction of the
Managing Agents, shall) direct Seller or the Servicer to, notify the Obligors of Receivables, at
Seller’s expense, of the ownership or security interests of the Purchasers under this Agreement and
may (or at the direction of the Managing Agents, shall) also direct that payments of all amounts
due or that become due under any or all Receivables be made directly to the Agent or its designee.
Seller or the Servicer (as applicable) shall, at any Purchaser’s request, withhold the identity of
such Purchaser in any such notification.

          (b) If any Seller Party fails to perform any of its obligations hereunder, the Agent or any
Purchaser may (but shall not be required to) perform, or cause performance of, such obligations,
and the Agent’s or such Purchaser’s costs and expenses incurred in connection therewith shall be
payable by Seller as provided in Section 10.3. Each Seller Party irrevocably authorizes
the Agent at any time and from time to time in the sole discretion of the Agent, and appoints the
Agent as its attorney-in-fact, to act on behalf of such Seller Party (i) to execute on behalf of
Seller as debtor and to file financing statements necessary or desirable in the Agent’s sole
discretion (including financing statements describing the collateral covered thereby as “all
assets” of the Seller or words to similar effect) to perfect and to maintain the perfection and
priority of the interest of the Purchasers in the Receivables and (ii) to file a carbon,
photographic or other reproduction of this Agreement or any financing statement with respect to the
Receivables as a financing statement in such offices as the Agent in its sole discretion deems
necessary or desirable to perfect and to maintain the perfection and priority of the interests of
the Purchasers in the Receivables. This appointment is coupled with an interest and is
irrevocable.

     Section 13.5 Confidentiality.

          (a) Each Seller Party and each Purchaser shall maintain and shall cause each of its employees
and officers to maintain the confidentiality of this Agreement and the other confidential or
proprietary information with respect to the Agent, the Managing Agents and the Purchasers and their
respective businesses obtained by it or them in connection with the structuring, negotiating and
execution of the transactions contemplated herein, except that such Seller Party and such Purchaser
and its officers and employees may disclose such information to such Seller Party’s and such
Purchaser’s external accountants and attorneys and as required by any applicable law or order of
any judicial or administrative proceeding. Anything herein to the contrary notwithstanding, each
Seller Party, each Purchaser, the Agent, each Indemnified Party and any successor or assign of any
of the foregoing (and each employee, representative or other agent of any of the foregoing) may
disclose to any and all Persons, without limitation of any kind, the “tax treatment” and “tax
structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the
transactions contemplated herein and all materials of any kind (including opinions or other tax
analyses) that are or have been provided to any of the foregoing relating to such tax treatment or
tax structure, and it is hereby confirmed that each of

41

 

the foregoing have been so authorized since the commencement of discussions regarding the
transactions. In addition, each Purchaser (or any administrative agent on its behalf), may
disclose any information delivered to it in connection with any Transaction Document to a
nationally recognized statistical rating organization in compliance with Rule 17g-5 under the
Securities Exchange Act of 1934 (or to any other rating agency in compliance with any similar rule
or regulation in any relevant jurisdiction).

          (b) Anything herein to the contrary notwithstanding, each Seller Party hereby consents to the
disclosure of any nonpublic information with respect to it (i) to the Agent, the Managing Agents or
the Purchasers by each other, (ii) by the Agent, the Managing Agents or the Purchasers to any
prospective or actual assignee or participant of any of them and (iii) by the Agent or the Managing
Agents to any rating agency, Commercial Paper dealer or provider of a surety, guaranty or credit or
liquidity enhancement to the Conduits or any entity organized for the purpose of purchasing, or
making loans secured by, financial assets for which either Managing Agent acts as the
administrative agent and to any officers, directors, employees, outside accountants and attorneys
of any of the foregoing, provided that any Person receiving information shall be advised by the
Agent or the applicable Managing Agent, as applicable, of the obligation to keep such information
confidential. In addition, the Purchasers, the Managing Agents and the Agent may disclose any such
nonpublic information pursuant to any law, rule, regulation, direction, request or order of any
judicial, administrative or regulatory authority or proceedings (whether or not having the force or
effect of law), provided that Purchasers, the Managing Agents and Agent shall, if practicable,
notify Seller in advance prior to disclosure and will use reasonable efforts to cooperate with
Seller at Seller’s expense in obtaining any protective order for such information.

          (c) Notwithstanding any other express or implied agreement to the contrary, the parties hereto
agree and acknowledge that each of them and each of their employees, representatives, and other
agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and
tax structure of the transaction and all materials of any kind (including opinions or other tax
analyses) that are provided to any of them relating to such tax treatment and tax structure, except
to the extent that confidentiality is reasonably necessary, to comply with U.S. federal or state
securities laws. For purposes of this paragraph, the terms “tax treatment” and “tax structure”
have the meanings specified in Treasury Regulation section 1.6011-4(c).

     Section 13.6 Bankruptcy Petition. Each of the Seller, the Servicer, the Agent, each
Managing Agent and each Financial Institution hereby covenants and agrees that, prior to the date
that is one year and one day after the payment in full of all outstanding senior indebtedness of a
Conduit, it will not institute against, or join any other Person in instituting against, such
Conduit or any such entity any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceeding under the laws of the United States or any state of the
United States.

     Section 13.7 Limitation of Liability; Limitation on Payment; No Recourse.

          (a) Except with respect to any claim arising out of the willful misconduct or gross negligence
of any Purchaser, Financial Institution, Managing Agent or the Agent, no claim

42

 

may be made by any Seller Party or any other Person against any Conduit, the Agent, any
Managing Agent, or any Financial Institution or their respective Affiliates, directors, officers,
employees, attorneys or agents for any special, indirect, consequential or punitive damages in
respect of any claim for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by this Agreement, or any act, omission or event occurring
in connection therewith; and each Seller Party hereby waives, releases, and agrees not to sue upon
any claim for any such damages, whether or not accrued and whether or not known or suspected to
exist in its favor.

          (b) No Conduit shall be required to make payment of the amounts required to be paid pursuant
hereto unless, and then only to the extent that, such Conduit has Excess Funds (as defined below).
If a Conduit does not have Excess Funds, the excess of the amount due hereunder over the amount
paid shall not constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against
such Conduit until such time as such Conduit has Excess Funds. If a Conduit does not have
sufficient Excess Funds to make any payment due hereunder, then such Conduit may pay a lesser
amount and make additional payments that in the aggregate equal the amount of deficiency as soon as
possible thereafter. The term “Excess Funds” means with respect to a Conduit the excess of (1) the
aggregate projected value of such Conduit’s assets and other property (including cash and cash
equivalents), over (2) the sum of (A) the sum of all scheduled payments of principal, interest and
other amounts payable on publicly or privately placed indebtedness of such Conduit for borrowed
money, plus (B) the sum of all other liabilities, indebtedness and other obligations of such
Conduit for borrowed money or owed to any credit or liquidity provider, together with all unpaid
interest then accrued thereon, plus (C) all taxes payable by such Conduit to the Internal Revenue
Service, plus (D) all other indebtedness, liabilities and obligations of such Conduit then due and
payable, but the amount of any liability, indebtedness or obligation of such Conduit shall not
exceed the projected value of the assets to which recourse for such liability, indebtedness or
obligation is limited. Excess Funds shall be calculated once each Business Day.

     Section 13.8 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING, BUT NOT LIMITED TO, 735 ILCS SECTION 105/5-1 ET SEQ.,
BUT OTHERWISE WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS) OF THE STATE OF ILLINOIS.

     Section 13.9 CONSENT TO JURISDICTION. EACH SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO
THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN
CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS
TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS
AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, ANY MANAGING AGENT OR
ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER

43

 

JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST THE AGENT, ANY MANAGING
AGENT OR ANY PURCHASER OR ANY AFFILIATE OF SUCH PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT
EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN
CHICAGO, ILLINOIS.

     Section 13.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN
ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY
DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.

     Section 13.11 Integration; Binding Effect; Survival of Terms.

          (a) This Agreement and each other Transaction Document contain the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter
hereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter hereof superseding all prior oral or written understandings.

          (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns (including any trustee in bankruptcy). This
Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms and shall remain in full force and effect until terminated in accordance
with its terms; provided, however, that the rights and remedies with respect to (i)
any breach of any representation and warranty made by any Seller Party pursuant to Article
V, (ii) the indemnification and payment provisions of Article X, and Sections
13.5 and 13.6 shall be continuing and shall survive any termination of this Agreement.

     Section 13.12 Counterparts; Severability; Section References. This Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same Agreement. Any provisions of this Agreement which are
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Unless otherwise expressly
indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean
articles and sections of, and schedules and exhibits to, this Agreement.

     Section 13.13 Agent Roles.

          (a) JPMCB Roles. Each of the Financial Institutions acknowledges that JPMCB acts, or
may in the future act, (i) as Agent for the Purchasers, (ii) as Managing Agent for Falcon, (iii) as
issuing and paying agent for Falcon’s Commercial Paper, (iv) to provide credit or

44

 

liquidity enhancement for the timely payment for the Commercial Paper and (v) to provide other
services from time to time for some or all of the Conduits (collectively, the “JPMCB Roles”).
Without limiting the generality of this Section 13.13(a), each Financial Institution hereby
acknowledges and consents to any and all JPMCB Roles and agrees that in connection with any JPMCB
Role, JPMCB may take, or refrain from taking, any action that it, in its discretion, deems
appropriate, including, without limitation, in its role as Agent and Managing Agent for the related
Conduits, and the giving of notice to the Agent or Managing Agent of a mandatory purchase pursuant
its Liquidity Agreement.

          (b) Managing Agent Institution Roles. Each of the Financial Institutions acknowledges
that each Financial Institution that serves as a Managing Agent hereunder (a “Managing Agent
Institution”) acts, or may in the future act, (i) as Managing Agent for a Conduit or Conduits, (ii)
as issuing and paying agent for such Conduit’s Commercial Paper, (iii) to provide credit or
liquidity enhancement for the timely payment for the Commercial Paper and (iv) to provide other
services from time to time for some or all of the Conduits (collectively, the “Managing Agent
Institution Roles”). Without limiting the generality of this Section 13.13(b), each
Financial Institution hereby acknowledges and consents to any and all Managing Agent Institution
Roles and agrees that in connection with any Managing Agent Institution Role, the applicable
Managing Agent Institution may take, or refrain from taking, any action that it, in its discretion,
deems appropriate, including, without limitation, in its role as Managing Agent for the related
Conduits, and the giving of notice to the Agent or Managing Agent of a mandatory purchase pursuant
to its liquidity back-stop program.

     Section 13.14 Commercial Paper. Anixter and the Seller hereby acknowledge and agree
that any Purchaser or any affiliate of a Purchaser may, from time to time (but without any
obligation) purchase and hold Commercial Paper issued by any Conduit for its own account,
regardless of the terms (so long as such terms are substantially similar to the terms of a sale of
Commercial Paper to a third party).

     Section 13.15 Characterization.

          (a) It is the intention of the parties hereto that each purchase hereunder shall constitute
and be treated as an absolute and irrevocable sale, which purchase shall provide the applicable
Purchaser with the full benefits of ownership of the applicable Purchaser Interest. Except as
specifically provided in this Agreement, each sale of a Purchaser Interest hereunder is made
without recourse to Seller; provided, however, that (i) Seller shall be liable to
each Purchaser and the Agent for all representations, warranties, covenants and indemnities made by
Seller pursuant to the terms of this Agreement, and (ii) such sale does not constitute and is not
intended to result in an assumption by any Purchaser or the Agent or any assignee thereof of any
obligation of Seller or any Originator or any other person arising in connection with the
Receivables, the Related Security, or the related Contracts, or any other obligations of Seller or
any Originator.

          (b) In addition to any ownership interest which the Agent may from time to time acquire
pursuant hereto, Seller hereby grants to the Agent for the ratable benefit of the Purchasers a
valid and perfected security interest in all of Seller’s right, title and interest in, to and under
all Receivables now existing or hereafter arising, the Collections, each Lock-Box,

45

 

each Collection Account, all Related Security, all other rights and payments relating to such
Receivables, and all proceeds of any thereof prior to all other liens on and security interests
therein to secure the prompt and complete payment of the Aggregate Unpaids. The Agent and the
Purchasers shall have, in addition to the rights and remedies that they may have under this
Agreement, all other rights and remedies provided to a secured creditor under the UCC and other
applicable law, which rights and remedies shall be cumulative.

          (c) If, notwithstanding the intention of the parties expressed above, any sale or transfer by
Seller hereunder shall be characterized as a secured loan and not a sale or such sale shall for any
reason be ineffective or unenforceable (any of the foregoing being a “Recharacterization”),
then this Agreement shall be deemed to constitute a security agreement under the UCC and other
applicable law. In the case of any Recharacterization, Seller represents and warrants that each
remittance of Collections to the Agent or the Purchasers hereunder will have been (i) in payment of
a debt incurred in the ordinary course of business or financial affairs and (ii) made in the
ordinary course of business or financial affairs.

[SIGNATURE PAGES FOLLOW]

46

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered
by their duly authorized signatories as of the date hereof.

	 	 	 	 	 
	 	ANIXTER RECEIVABLES CORPORATION

 	 
	 	By:  	
/S/ ROD SHOEMAKER
 	 
	 	 	Name:  	Rod Shoemaker 	 
	 	 	Title:  	V.P.-Treasurer 

	 	 	 	 	 
	 	    Address: c/o Anixter Inc.

                    2301 Patriot Boulevard

                    Glenview, IL 60026

 	 

	 	 	 	 	 
	 	ANIXTER INC.

 	 
	 	By:  	/S/ ROD SHOEMAKER
 	 
	 	 	Name:  	Rod Shoemaker 	 
	 	 	Title:  	V.P.-Treasurer 	 
	 

	 	 	 	 	 
	 	    Address: Anixter Inc.

                    2301 Patriot Boulevard

                    Glenview, IL 60026

 	 

Signature Page

to

Second Amended and Restated Receivables Purchase Agreement

 

	 	 	 	 	 
	 	
FALCON ASSET SECURITIZATION COMPANY LLC, as a Conduit

 	 
	 	By:  	JPMorgan Chase Bank, N.A., its attorney-in-fact
 	 
	 	 	 
	 	By:  	                  /S/ JOEL GEDROIC
 	 
	 	 	Name:  	Joel Gedroic 	 
	 	 	Title:  	Executive Director 	 
	 

	 	 	 	 	 
	 	Address: c/o JPMorgan Chase Bank, N.A., as

               Managing Agent

               Asset Backed Finance

               Suite IL1-0079, 1-19

               Chase Tower

               Chicago, Illinois 60670-0079

Fax:        (312) 732-1844

 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as a Financial

Institution, a Managing Agent and as Agent

 	 
	 	By:  	/S/ JOEL GEDROIC
 	 
	 	 	Name:  	Joel Gedroic 	 
	 	 	Title:  	Executive Director 	 
	 

	 	 	 	 	 
	 	Address: JPMorgan Chase Bank, N.A.

               
Asset Backed Finance

               
Suite IL1-0596, 1-21

               
Chase Tower

               
Chicago, Illinois 60670-0596

Fax:
        (312) 732-4487

 	 

Signature Page

to

Second Amended and Restated Receivables Purchase Agreement

 

	 	 	 	 	 
	 	THREE PILLARS FUNDING LLC, as a Conduit

 	 
	 	By:  	 /S/ DORIS J. HEARN
 	 
	 	 	Name:  	Doris J. Hearn 	 
	 	 	Title:  	Vice President

	 

	 	 	 	 	 
	 	Address:         Three Pillars Funding LLC 
               c/o Amacar Group, L.L.C.

               6525 Morrison Boulevard

               Suite 318

               Charlotte, NC 28211

Fax:         (704) 365-1362

 	 

	 	 	 	 	 
	 	SUNTRUST BANK, as a Financial Institution

 	 
	 	By:  	/S/ JOSEPH R. FRANKE
 	 
	 	 	Name:  	Joseph R. Franke 	 
	 	 	Title:

  Address:

 Fax:   	Senior Vice President

  SunTrust Bank

  24th Floor MC 3950

  303 Peachtree Street

  Atlanta, GA 30308

       (404) 230-1344 	 

Signature Page

to

Second Amended and Restated Receivables Purchase Agreement

 

	 	 	 	 	 
	 	

SUNTRUST ROBINSON HUMPHREY, INC., as a Managing Agent

 	 
	 	By:  	/S/ MICHAEL PEDEN
 	 
	 	 	Name:  	Michael Peden 	 
	 	 	Title:

Address:

Fax:   	Vice President

       SunTrust Robinson Humphrey, Inc.

  24th Floor MC 3950

  303 Peachtree Street

  Atlanta, GA 30308

         (404) 230-1344 	 
	 

Signature Page

to

Second Amended and Restated Receivables Purchase Agreement

 

EXHIBIT I

DEFINITIONS

     As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined):

     “Accrual Period” means each calendar month, provided that the initial Accrual Period
hereunder means the period from (and including) the date of the initial purchase hereunder to (and
including) the last day of the calendar month thereafter.

     “Accu-Tech” means Accu-Tech Corporation, a Georgia corporation.

     “Accu-Tech Accounts” means, collectively, Collection Account #’s 3750777965,
3750777981 and 3750905180 maintained at Bank of America, N.A.

     “Accu-Tech Receivables” means any Receivables originated by Accu-Tech and sold to
Anixter pursuant to the Accu-Tech Transfer Agreement.

     “Accu-Tech Transfer Agreement” means that certain Receivables Transfer
Agreement, dated as of the date hereof, between Accu-Tech and Anixter, as the same may be amended,
restated or otherwise modified from time to time.

     “Adjusted Pro Rata Share” means, for each Financial Institution, the Back-up
Commitment of such Financial Institution within a given Purchase Group divided by the sum of the
Back-up Commitments of each Financial Institution in such Purchase Group, adjusted as necessary to
give effect to any assignments pursuant to Section 12.1(b) and to the termination of the
Back-up Commitment of any Terminating Financial Institution in such Purchase Group.

     “Adverse Claim” means a lien, security interest, charge or encumbrance, or other right
or claim in, of or on any Person’s assets or properties in favor of any other Person.

     “Affected Financial Institution” has the meaning specified in Section 12.1(c).

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. A Person
shall be deemed to be “controlled by” any other Person if such other Person possesses, directly or
indirectly, power (a) to vote 33% or more (or, in the case of an Affiliate of a Purchaser, 20% or
more) of the securities (on a fully diluted basis) having ordinary voting power for the election of
directors or managing general partners; or (b) to direct or cause the direction of the management
and policies of such Person whether by contract or otherwise.

     “Agent” has the meaning set forth in the preamble to this Agreement.

     “Aggregate Capital” means, as of any date of determination, the aggregate amount of
Capital of all Purchaser Interests outstanding on such date.

1

 

     “Aggregate Reduction” has the meaning set forth in Section 1.3.

     “Aggregate Reserves” means, on any date of determination, the sum of the Loss Reserve,
the Servicer Reserve, the Yield Reserve, and the Dilution Reserve.

     “Aggregate Unpaids” means, at any time, an amount equal to the sum of all accrued and
unpaid fees under the Fee Letter, Yield, Aggregate Capital and all other unpaid Obligations
(whether due or accrued) at such time.

     “Agreement” means this Second Amended and Restated Receivables Purchase Agreement, as
it may be amended or modified and in effect from time to time.

     “Agreement Accounting Principles” means GAAP as of the date of this Agreement together
with any changes in GAAP after the date hereof which are not “Material Accounting Changes” (as
defined below). If any changes in GAAP are hereafter required or permitted and are adopted by
Anixter International Inc. or Anixter with the agreement of its independent certified public
accountants and such changes result in a material change in the method of calculation of any of the
financial covenants, restrictions or standards herein or in the related definitions or terms used
therein (“Material Accounting Changes”), the parties hereto agree to enter into
negotiations, in good faith, in order to amend such provisions in a credit neutral manner so as to
reflect equitably such changes with the desired result that the criteria for evaluating Anixter’s
consolidated financial condition shall be the same after such changes as if such changes had not
been made; provided, however, that no Material Accounting Change shall be given
effect in such calculations until such provisions are amended in a manner reasonably satisfactory
to the Required Financial Institutions. If such amendment is entered into, all references in this
Agreement to Agreement Accounting Principles shall mean GAAP as of the date of such amendment
together with any changes in GAAP after the date of such amendment which are not Material
Accounting Changes.

     “Amortization Date” means the earliest to occur of:

     (i) the day on which any of the conditions precedent set forth in Section 6.2
(except for Section 6.2(d)(iii)) are not satisfied;

     (ii) the Business Day immediately prior to the occurrence of an Amortization Event set
forth in Section 9.1(d)(ii);

     (iii) the Business Day specified in a written notice from the Agent pursuant to
Section 9.2 following the occurrence of any other Amortization Event; and

     (iv) the Business Day specified in a written notice from the Agent following the
failure to obtain the Specified Rating within 90 days following delivery of a Ratings
Request to Seller and the Servicer, and (v) the date which is thirty (30) Business Days
after the Agent’s receipt of written notice from Seller that it wishes to terminate the
facility evidenced by this Agreement.

     “Amortization Event” has the meaning set forth in Article IX.

2

 

     “Applicable Loss Horizon Period” means, at any time:

     (a) if Rating Level I is in effect, the four Collection Periods most recently
ended;

     (b) if (x) Rating Level II is in effect or (y) Rating Level I is in effect and the
Servicer has notified the Managing Agents that it will deliver Reports as if Rating Level II
were in effect (and the Servicer is actually delivering Reports as if Rating Level II were
in effect), the three Collection Periods most recently ended and one-half of the fourth
Collection Period most recently ended;

     (c) if Rating Level III is in effect, the three Collection Periods most recently
ended and one-quarter of the fourth Collection Period most recently ended; and

     (d) if Rating Level IV is in effect, the three Collection Periods most recently
ended.

	 	 	For purposes of clarification, if any Applicable Loss Horizon Period includes a fraction of
a Collection Period, the aggregate Outstanding Balance of all Receivables generated during
such fraction of such Collection Period for purposes of calculating the Loss Horizon Ratio
shall be calculated by multiplying (a) such fraction by (b) the aggregate Outstanding
Balance of all Receivables generated during such Collection Period.

     “Applicable Margin” means 2.90%.

     “Assignment Agreement” has the meaning set forth in Section 12.1(b).

     “Authorized Officer” means, with respect to any Person, its president, corporate
controller, treasurer or chief financial officer.

     “Back-up Commitment” means, for each Financial Institution, the commitment of such
Financial Institution to purchase Purchaser Interests from the Seller, in an amount not to exceed
(x) in the aggregate, the amount set forth opposite such Financial Institution’s name under the
Back-up Commitment column on Schedule A to this Agreement, as such amount may be modified
in accordance with the terms hereof, and (y) with respect to any individual purchase from the
Seller hereunder, its Pro Rata Share of the Purchase Price therefor.

     “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as
amended, and any successor statute thereto.

     “Base Rate” means:

     (a) with respect to each Financial Institution in the Falcon Purchase Group, for any
day, a rate per annum 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 1/2 of 1% and (c) the LIBO Rate
for a one month Tranche Period on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1%, provided that, for the avoidance

3

 

of doubt, the LIBO Rate for purposes of this definition for any day shall be based on
the rate appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor or
substitute page of such page) at approximately 11:00 a.m. London time on such day; and

     (b) with respect to each Financial Institution in the Three Pillars Purchase Group, for
any day, a rate per annum equal to the greater of (i) the SunTrust Federal Funds Rate most
recently determined by SunTrust Bank plus one half of one percent (0.50%), and (ii) the
SunTrust Prime Rate.

Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective
Rate, the SunTrust Federal Funds Rate or the LIBO Rate shall be effective from and including
the effective date of such change in the Prime Rate, the Federal Funds Effective Rate, the
SunTrust Federal Funds Rate or the LIBO Rate, respectively.

     “Broken Funding Costs” means, with respect to the Falcon Purchase Group, Falcon Broken
Funding Costs and, with respect to the Three Pillars Purchase Group, Three Pillars Broken Funding
Costs.

     “Business Day” means any day on which banks are not authorized or required to close in
New York, New York or Chicago, Illinois and The Depository Trust Company of New York is open for
business, and, if the applicable Business Day relates to any computation or payment to be made with
respect to the LIBO Rate, any day on which dealings in dollar deposits are carried on in the London
interbank market.

     “Capital” means with respect to any Purchaser Interest, at any time, (A) the Purchase
Price of such Purchaser Interest, minus (B) the sum of the aggregate amount of Collections
and other payments received by the Agent or the applicable Managing Agent which in each case have
been applied to reduce the Capital of such Purchaser Interest in accordance with the terms and
conditions of this Agreement; provided that such Capital shall be restored (in accordance with
Section 2.5) in the amount of any Collections or other payments so received and applied if
at any time the distribution of such Collections or payments are rescinded, returned or refunded
for any reason.

     “Capital Pro Rata Share” means, for any Purchaser at any time, the amount of Capital
allocated to the Purchaser Interests of such Purchaser at such time divided by the Aggregate
Capital at such time.

     “Change of Control” means (i) the acquisition by any Person, or two or more Persons
acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and
Exchange Commission under the Securities Exchange Act of 1934) of 20% or more of the outstanding
shares of voting stock of any Seller Party or (ii) the failure of Anixter to own, directly or
indirectly, 100% of the equity interests of the Seller.

     “Charged-Off Receivable” means a Receivable: (i) as to which the Obligor thereof has
taken any action, or suffered any event to occur, of the type described in Section 9.1(d)
(as if references to Seller Party therein refer to such Obligor); (ii) as to which the Obligor
thereof, if a natural person, is deceased, (iii) which, consistent with the Credit and Collection
Policy, would

4

 

be written off Seller’s books as uncollectible, (iv) which has been identified by Seller as
uncollectible or (v) as to which any payment, or part thereof, remains unpaid for 120 days or more
from the original invoice date for such Receivable.

     “Closing Date” means May 31, 2011.

     “Collection Account” means each concentration account, depositary account, lock-box
account or similar account in which any Collections are collected or deposited and which is listed
on Exhibit IV.

     “Collection Account Agreement” means an account control agreement in form and
substance reasonably satisfactory to the Agent.

     “Collection Bank” means, at any time, any of the banks holding one or more Collection
Accounts.

     “Collection Notice” means a “notice of exclusive control”, a “springing notice” or the
equivalent of any of the foregoing that could be delivered by the Agent to a Collection Bank from
time to time pursuant to a Collection Account Agreement.

     “Collection Period” means each fiscal month of the Seller Parties.

     “Collections” means, with respect to any Receivable, all cash collections and other
cash proceeds in respect of such Receivable, including, without limitation, all yield, Finance
Charges or other related amounts accruing in respect thereof and all cash proceeds of Related
Security with respect to such Receivable.

     “Commercial Paper” means promissory notes of any Conduit issued by such Conduit in the
commercial paper market.

     “Conduit” means each of Falcon and Three Pillars, and their respective successors and
assigns as Conduits hereunder.

     “Consolidated EBITDA” means, for any period, for the Consolidated Group calculated in
accordance with Agreement Accounting Principles, (a) Consolidated Net Income for such period taken
as a single accounting period plus (b) the sum of the following, without duplication, to
the extent deducted in determining Consolidated Net Income for such period: (i) the provision for
depreciation and amortization expense of the Consolidated Group for such period, (ii) income taxes
of the Consolidated Group for such period, and (iii) net interest expense of the Consolidated Group
for such period; provided that there shall be excluded from Consolidated EBITDA any
non-cash, non-operating gains or losses (including, without limitation, extraordinary or unusual
gains or losses, gains or losses arising from the sale of capital assets or the sale of owned
buildings and properties and other non-recurring gains or losses) during such period.

     “Consolidated Fixed Charge Coverage Ratio” means, as of any date of determination, the
ratio of (a) the sum of Consolidated EBITDA and Rental Expense to (b) the Consolidated Fixed

5

 

Charge Expense, in each case determined in accordance with Section 7.18 of the Credit
Agreement as in effect as of the date hereof for the period of four consecutive Fiscal Quarters
ending on or immediately prior to such determination date.

     “Consolidated Fixed Charge Expense” means, for any period, the net interest expense of
the Consolidated Group (including the interest component of capital leases, the interest component
of synthetic lease obligations, commitment fees and fees for standby letters of credit, excluding
amortization of deferred financing fees) plus consolidated yield or discount accrued on the
outstanding aggregate investment or principal amount of claims held by purchasers, assignees or
other transferees of (or of interests in) receivables of Anixter and its Subsidiaries in connection
with any Receivables Securitization Transaction (as defined in the Credit Agreement in effect as of
the date hereof) (regardless of the accounting treatment of such Receivables Securitization
Transaction) plus Rental Expense for such period calculated in accordance with Agreement
Accounting Principles.

     “Consolidated Funded Indebtedness” means, as of any date of determination, for the
Consolidated Group on a consolidated basis, the sum of (a) the outstanding principal amount of all
obligations and liabilities, whether current or long-term, for borrowed money (including
Obligations (as defined in the Credit Agreement in effect as of the date hereof)), (b) that portion
of obligations with respect to capital leases that are capitalized in the consolidated balance
sheet of the Consolidated Group, (c) the principal portion of synthetic lease obligations, (d) the
outstanding aggregate investment or principal amount of claims held by purchasers, assignees or
transferees of (or of interests in) receivables under Receivables Securitization Transactions (as
defined in the Credit Agreement in effect as of the date hereof), and (e) without duplication, all
Accommodation Obligations (as defined in the Credit Agreement in effect as of the date hereof) with
respect to Indebtedness of the type specified in subsections (a), (b), (c) and (d) above of Persons
other than Anixter or any Subsidiary.

     “Consolidated Group” means Anixter and each of its Subsidiaries.

     “Consolidated Net Income” means, for any period, for the Consolidated Group on a
consolidated basis, the net income of the Consolidated Group for that period, determined in
accordance with Agreement Accounting Principles.

     “Contract” means, with respect to any Receivable, any and all instruments, agreements,
invoices or other writings pursuant to which such Receivable arises or which evidences such
Receivable.

     “CP Rate” means for any Accrual Period, with respect to any Purchaser Interest owned
by the Falcon Purchase Group, the Falcon CP Rate and with respect to any Purchaser Interest owned
by the Three Pillars Purchase Group, the Three Pillars CP Rate.

     “Credit Agreement” means that certain Five-Year Revolving Credit Agreement dated as of
April 8, 2011 by and among Anixter, the Subsidiaries of Anixter identified as Borrowing
Subsidiaries thereunder, Wells Fargo Bank, National Association as Administrative Agent, Bank of
America, N.A. and JPMCB, as Co-Syndication Agents, SunTrust Bank and The Royal Bank

6

 

of Scotland plc as Co-Documentation Agents, and the lenders party thereto from time to time,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

     “Credit and Collection Policy” means (i) Anixter’s credit and collection policies and
practices relating to Contracts and Receivables existing on the date hereof and (ii) Accu-Tech’s
credit and collection policies and practices relating to Contracts and Receivables existing on the
date hereof, as summarized in Exhibit VIII and as modified from time to time in accordance
with this Agreement.

     “Daily Report” means a report, in the form agreed to by the Servicer and the Managing
Agents from time to time (appropriately completed), furnished by the Servicer to the Managing
Agents pursuant to Section 8.5.

     “Debt Rating” for any Person at any time means the then current rating by (i) S&P,
(ii) Moody’s or (iii) any other nationally recognized statistical rating agency of such Person’s
long term public senior unsecured noncredit enhanced debt.

     “Deemed Collections” means the aggregate of all amounts Seller shall have been deemed
to have received as a Collection of a Receivable. Seller shall be deemed to have received a
Collection in full of a Receivable if at any time (i) the Outstanding Balance of any such
Receivable is either (x) reduced as a result of any defective or rejected goods or services, any
discount or any adjustment or otherwise by Seller (other than cash Collections on account of the
Receivables) or (y) reduced or canceled as a result of a setoff in respect of any claim by any
Person (whether such claim arises out of the same or a related transaction or an unrelated
transaction) or (ii) any of the representations or warranties in Article V are no longer
true with respect to such Receivable.

     “Default Fee” means with respect to any amount due and payable by Seller in respect of
any Aggregate Unpaids, an amount equal to interest on any such unpaid Aggregate Unpaids at a rate
per annum equal to 3.90% above the Base Rate.

     “Default Proxy Ratio” means, for any Collection Period, a fraction (calculated as a
percentage) equal to (i) the aggregate Outstanding Balance of all Receivables (without duplication)
which, as of the last day of such Collection Period, remain unpaid for at least one hundred twenty
(120) but less than one hundred fifty (150) days from the original invoice date plus the
aggregate Outstanding Balance of all Receivables (without duplication) which, consistent with the
Credit and Collection Policy, were or should have been written off the Seller’s books as
uncollectible and are less than one hundred twenty (120) days past invoice date during such period,
divided by (ii) the aggregate Outstanding Balance of all Receivables generated
during the Collection Period which ended on the date four (4) months prior to the last day of the
current Collection Period.

     “Delinquency Ratio” means, at any time, a percentage equal to (i) the aggregate
Outstanding Balance of all Receivables that were Delinquent Receivables at such time divided by
(ii) the aggregate Outstanding Balance of all Receivables at such time.

7

 

     “Delinquent Receivable” means a Receivable as to which any payment, or part thereof,
remains unpaid for 91 days or more from the original invoice date for such Receivable.

     “Determination Date” means the third Business Day prior to each Monthly Settlement
Date.

     “Dilution Horizon Ratio” means, as of any date as set forth in the most recent Monthly
Report, a ratio computed by dividing (i) the aggregate of all Receivables generated during the two
(2) most recently ended Collection Periods by (ii) the aggregate Net Receivables Balance as at the
last day of the most recently ended Collection Period.

     “Dilution Ratio” means, for any Collection Period, the ratio (expressed as a
percentage) computed as of the last day of such Collection Period by dividing (i) the aggregate
amount of Dilutions during such Collection Period by (ii) the aggregate Outstanding Balance of all
Receivables generated during the preceding Collection Period.

     “Dilution Reserve” means, on any date, an amount equal to (x) the greater of (i) 9%
and (ii) the Dilution Reserve Ratio then in effect, times (y) the Net Receivables Balance
as of the close of business on the immediately preceding Business Day.

     “Dilution Reserve Ratio” means, as of any date, an amount calculated as follows:

     DRR = [(Stress Factor x ADR) + [(HDR-ADR) x (HDR/ADR)]] x DHR

	 	 	 	 	 	 
	 	 	 
		where:
	 	 	 	 
		 
	 	 	 	 
		DRR

	 	=
	 	the Dilution Reserve Ratio;
		 
	 	 	 	 
		ADR

	 	=
	 	the average of the Dilution Ratios for the past twelve Collection Periods;
		 
	 	 	 	 
		HDR

	 	=
	 	the highest average Dilution Ratio for any two (2) consecutive Collection Periods during the most recent twelve months; and
		 
	 	 	 	 
		DHR

	 	=
	 	the Dilution Horizon Ratio.

The Dilution Reserve Ratio shall be calculated monthly in each Monthly Report and such Dilution
Reserve Ratio shall, absent manifest error, be effective from the corresponding Monthly Settlement
Date until the next succeeding Monthly Settlement Date.

     “Dilutions” means, at any time, the aggregate amount of reductions or cancellations
described in clause (i) of the definition of “Deemed Collections”.

     “Dilution Trigger Ratio” means, as of the end of any Collection Period, the ratio
(expressed as a percentage), computed as of the last day of such Collection Period by dividing (i)
the aggregate amount of Dilutions during such Collection Period by (ii) the aggregate Outstanding
Balance of all Receivables at the end of such Collection Period minus the aggregate

8

 

outstanding amount of all credit memos from Originators outstanding at the end of such
Collection Period.

     “Discount Rate” means, the LIBO Rate or the Base Rate, as applicable, with respect to
each Purchaser Interest of the Financial Institutions, and any Purchaser Interest of a Conduit, an
undivided interest in which has been assigned by such Conduit to a Financial Institution pursuant
to the applicable Liquidity Agreement.

     “Eligible Receivable” means, at any time, a Receivable:

          (i) the Obligor of which (a) if a natural person, is a resident of the United
States or, if a corporation or other business organization, is organized under the laws of
the United States or any political subdivision thereof and has its chief executive office in
the United States; (b) is not an Affiliate of any of the parties hereto; (c) is not the
subject of a proceeding under the Bankruptcy Code or any other insolvency proceeding and (d)
is not a government or a governmental subdivision or agency;

          (ii) due from an Obligor that is the Obligor on another Receivable or Receivables,
and the Outstanding Balance of all Receivables from such Obligor which are Charged-Off
Receivables is less than 20% of the Outstanding Balance of all Receivables from such
Obligor;

          (iii) which is not a Charged-Off Receivable or a Delinquent Receivable;

          (iv) which by its terms is due and payable within 90 days of the original billing
date therefor and has not had its payment terms extended; provided, however, that no more
than 25% of the aggregate Outstanding Balance of all Receivables which are due and payable
between 61 and 90 days of the original billing date therefor will be deemed to be “Eligible
Receivables”;

          (v) which is “an “account” within the meaning of Section 9-102(a)(2) of the UCC of
all applicable jurisdictions, and which represents all or part of the sales price of
merchandise, insurance and services within the meaning of Section 3(c)(5) of the Investment
Company Act of 1940, as amended;

          (vi) which is denominated and payable only in United States dollars in the United
States;

          (vii) which arises under a Contract in substantially the form of one of the form
contracts set forth on Exhibit IX hereto or otherwise approved by the Managing
Agents in writing, which, together with such Receivable, is in full force and effect and
constitutes the legal, valid and binding obligation of the related Obligor enforceable
against such Obligor in accordance with its terms;

          (viii) which arises under a Contract which (A) does not require the Obligor under
such Contract to consent to the transfer, sale or assignment of the rights

9

 

and duties of any
Originator or any of its assignees under such Contract (unless such
consent has been obtained) and (B) does not contain a confidentiality provision that
purports to restrict the ability of any Purchaser to exercise its rights under this
Agreement, including, without limitation, its right to review the Contract;

          (ix) which arises under a Contract that contains an obligation to pay a specified
sum of money, contingent only upon the sale of goods or the provision of services by an
Originator;

          (x) which, together with the Contract related thereto, does not contravene any law,
rule or regulation applicable thereto (including, without limitation, any law, rule and
regulation relating to truth in lending, fair credit billing, fair credit reporting, equal
credit opportunity, fair debt collection practices and privacy) and with respect to which no
part of the Contract related thereto is in violation of any such law, rule or regulation;

          (xi) which satisfies all applicable requirements of the Credit and Collection
Policy;

          (xii) which was generated in the ordinary course of an Originator’s business;

          (xiii) which arises solely from the sale of goods or the provision of services to
the related Obligor by an Originator, and not by any other Person (in whole or in part);

          (xiv) as to which the Agent has not notified Seller that the Agent has determined
that such Receivable or class of Receivables is not acceptable as an Eligible Receivable,
including, without limitation, because such Receivable arises under a Contract that is not
acceptable to the Agent; provided, that Agent shall not determine a Receivable to be
ineligible pursuant to this clause (xiv) because the Obligor is in a particular industry if
on the date hereof any Originator has outstanding Receivables from Obligors in such
industry; and provided further, that Agent shall not determine a Receivable
to be ineligible pursuant to this clause (xiv) because it is generated by a particular type
of business of any Originator if such Originator is engaged in such type of business on the
date hereof.

          (xv) which is not subject to any right of rescission, set-off, counterclaim, any
other defense (including defenses arising out of violations of usury laws) of the applicable
Obligor against any Originator or any other Adverse Claim;

          (xvi) due from an Obligor that holds no right as against any Originator to cause
such Originator to repurchase the goods or merchandise the sale of which shall have given
rise to such Receivable (except with respect to sale discounts effected pursuant to the
Contract, or defective goods returned in accordance with the terms of the Contract);

10

 

          (xvii) as to which the applicable Originator has satisfied and fully performed all
obligations on its part with respect to such Receivable required to be fulfilled by it, and
no further action is required to be performed by any Person with respect thereto other than
payment thereon by the applicable Obligor;

          (xviii) all right, title and interest to and in which has been validly transferred
by (A) the applicable Originator directly to Anixter under and in accordance with the
applicable Transfer Agreement and subsequently to Seller under and in accordance with the
Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear
of any Adverse Claim or (B) Anixter directly to Seller under and in accordance with the
Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear
of any Adverse Claim;

          (xix) (A) for which Anixter has given reasonably equivalent value to the applicable
Originator in consideration therefor pursuant to the applicable Transfer Agreement, which
was not made for or on account of an antecedent debt and which is not voidable under any
section of the Bankruptcy Code and for which Seller has subsequently given reasonably
equivalent value to Anixter in consideration therefor pursuant to the Receivables Sale
Agreement, which was not made for or on account of an antecedent debt and which is not
voidable under any section of the Bankruptcy Code or (B) for which Seller has given
reasonably equivalent value to Anixter in consideration therefor pursuant to the Receivables
Sale Agreement, which was not made for or on account of an antecedent debt and which is not
voidable under any section of the Bankruptcy Code;

          (xx) in which the Agent, for the benefit of the Purchasers, has a valid and
perfected first priority undivided percentage ownership or security interest, free and clear
of any Adverse Claim;

          (xxi) that does not represent “billed but not yet shipped” goods or merchandise,
partially performed or unperformed services, consigned goods or “sale or return” goods and
does not arise from a transaction for which any additional performance by any Originator, or
acceptance by or other act of the Obligor thereunder, including any required submission of
documentation, remains to be performed as a condition to any payments on such Receivable or
the enforceability of such Receivable under applicable law; and

          (xxii) which is not associated with the delivery of goods with “free on board
destination” terms (“FOB Receivables”) where goods have not yet been delivered to
the related Obligor (any determination whether a Receivable would not constitute an Eligible
Receivable hereunder because of this clause (xxii) shall be made based upon (1) the
information available to the Servicer at such time and/or (2) the information with respect
to accruals related to FOB Receivables most recently prepared by the Servicer in accordance
with Section 8.5).

11

 

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

     “Excluded Receivable” means indebtedness and other obligations owed to Anixter, in
respect of: (i) all accounts receivable generated by Anixter’s Latin American export locations,
(ii) all accounts receivable generated by Anixter’s “Pacer”, “IMS” and “Pentacon” divisions which
are not included in Anixter’s main subledger system, (iii) all accounts receivable generated by any
of Anixter’s divisions which are acquired after July 24, 2009 which are not included in Anixter’s
main subledger system, (iv) all accounts receivable owing by Obligors with the following customer
prefixes: N-N, NN+, SIE or SG. (in each case, as such customer prefixes are in effect or otherwise
categorized as of July 24, 2009), and thereafter, and (v) all accounts receivable existing at
Anixter’s general corporate division coded WC (as such division is in effect or otherwise
structured as of July 24, 2009).

     “Facility Account” means Seller’s Account No. 8188016122 at Bank of America.

     “Facility Termination Date” means the earliest of (i) the Liquidity Termination Date
and (ii) the Amortization Date.

     “Falcon” has the meaning set forth in the preamble in this Agreement.

     “Falcon Broken Funding Costs” means (a) for any Purchaser Interest owned by JPMCB on
behalf of the Purchasers in the Falcon Purchase Group which: (i) has its Capital reduced without
compliance by Seller with the notice requirements hereunder or (ii) does not become subject to an
Aggregate Reduction following the delivery of any Reduction Notice or (iii) is assigned pursuant to
the Falcon Liquidity Agreement or has a Tranche Period to which it is subject terminated prior to
the date on which it was originally scheduled to end; an amount equal to the excess, if any, of (A)
the Yield that would have accrued during the remainder of the Tranche Periods or the tranche
periods for Commercial Paper determined by JPMCB to relate to such Purchaser Interest (as
applicable) subsequent to the date of such reduction, assignment or termination (or in respect of
clause (ii) above, the date such Aggregate Reduction was designated to occur pursuant to the
Reduction Notice) of the Capital of such Purchaser Interest if such reduction, assignment or
termination had not occurred or such Reduction Notice had not been delivered, over (B) the sum of
(x) to the extent all or a portion of such Capital is allocated to another Purchaser Interest with
respect to the same Purchaser, the amount of Yield actually accrued during the remainder of such
period on such Capital for the new Purchaser Interest, and (y) to the extent such Capital is not
allocated to another Purchaser Interest, the income, if any, actually received during the remainder
of such period by the holder of such Purchaser Interest from investing the portion of such Capital
not so allocated, and (b) any loss or expense incurred by any Purchaser (including any loss or
expense incurred by reason of the liquidation or reemployment of funds acquired by such Purchaser
in order to make any such requested Incremental Purchase) as a result of any Incremental Purchase
not being made in accordance with a request therefor under Section 1.2 (whether because of
the failure of the conditions precedent with respect to such Incremental Purchase to be satisfied
or for any other reason, other than default by the relevant Purchaser). All Falcon Broken Funding
Costs shall be due and payable upon demand.

12

 

     “Falcon CP Rate” means for any Accrual Period for any Purchaser Interest owned by
Falcon if and to the extent it funds the Purchase or maintenance of its Purchaser Interest by the
issuance of commercial paper notes during such Settlement Period, the per annum rate that reflects,
for each day during such Settlement Period, the sum of (i) discount accrued on Pooled Commercial
Paper of Falcon on such day, plus (ii) any and all accrued commissions in respect of placement
agents and commercial paper dealers, and issuing and paying agent fees incurred, in respect of
Pooled Commercial Paper of such Conduit for such day, plus (iii) other costs associated with
funding small or odd-lot amounts with respect to all receivable purchase facilities which are
funded by Pooled Commercial Paper of Falcon for such day, minus (iv) any accrual of income net of
expenses received on such day from investment of collections received under all receivable purchase
facilities funded substantially with Pooled Commercial Paper of Falcon, minus (v) any payment
received on such day net of expenses in respect of Broken Funding Costs related to the prepayment
of any Purchaser Interest of Falcon pursuant to the terms of any receivable purchase facilities
funded substantially with Pooled Commercial Paper; provided, however, that in addition to the
foregoing costs, if the Seller shall request any additional Purchase by Falcon during any period of
time determined by Falcon’s Managing Agent in its sole discretion to result in an incrementally
higher CP Rate applicable to such additional Purchase, the Capital associated with any such
additional Purchase shall, during such period, be deemed to be funded by Falcon in a special pool
(which may include capital associated with other receivable purchase facilities) for purposes of
determining such higher CP Rate applicable only to such special pool and charged each day during
such period against such Capital.

     “Falcon LIBO Rate” means, with respect to any Tranche Period, the rate per annum equal
to the sum of:

     (i) (a) the applicable British Bankers’ Association Interest Settlement Rate for deposits in
U.S. dollars appearing on Reuters Screen FRBD as of 11:00 a.m. (London time) two Business Days
prior to the first day of the relevant Tranche Period, and having a maturity equal to such Tranche
Period, provided that, (1) if Reuters Screen FRBD is not available to the Agent for any
reason, the applicable LIBO Rate for the relevant Tranche Period shall instead be the applicable
British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars as reported by
any other generally recognized financial information service as of 11:00 a.m. (London time) two
Business Days prior to the first day of such Tranche Period, and having a maturity equal to such
Tranche Period, and (2) if no such British Bankers’ Association Interest Settlement Rate is
available to the Agent, the applicable LIBO Rate for the relevant Tranche Period shall instead be
the rate determined by the applicable Managing Agent to be the rate at which such Managing Agent
offers to place deposits in U.S. dollars with first-class banks in the London interbank market at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Tranche
Period, in the approximate amount to be funded at the LIBO Rate and having a maturity equal to such
Tranche Period, divided by (b) one minus the maximum aggregate reserve requirement
(including all basic, supplemental, marginal or other reserves) which is imposed against the Agent
(or, in the case of clause (ii), such Managing Agent) in respect of Eurocurrency liabilities, as
defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from
time to time (expressed as a decimal), applicable to such Tranche Period; plus

13

 

     (ii) the Applicable Margin in effect from time to time.

     “Falcon Liquidity Agreement” means an agreement entered into by Falcon with its
Financial Institutions in connection herewith for the purpose of providing liquidity with respect
to the Capital funded by Falcon under this Agreement.

     “Falcon Purchase Group” means Falcon, JPMCB and each of the Financial Institutions
identified as a member of the Falcon Purchase Group on Schedule A hereto, together with their
respective successors, assigns and participants.

     “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Agent from three Federal funds brokers of recognized standing selected by it.

     “Fee Letter” means that certain letter agreement dated as of May 31, 2011 hereof among
Seller and each Managing Agent, as it may be amended or modified and in effect from time to time.

     “Finance Charges” means, with respect to a Contract, any finance, interest, late
payment charges or similar charges owing by an Obligor pursuant to such Contract.

     “Financial Institutions” has the meaning set forth in the preamble in this Agreement.

     “Fiscal Quarter” means a 13-week (or, as the case may be, periodically a 14-week)
accounting period of Anixter ending on or about March 31, June 30, September 30 or December 31 of
any fiscal year.

     “Funding Agreement” means this Agreement and any agreement or instrument executed by
any Funding Source with or for the benefit of a Conduit, including any Liquidity Agreement.

     “Funding Source” means (i) any Financial Institution or (ii) any insurance company,
bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or
facilities to a Conduit.

     “GAAP” means generally accepted accounting principles in effect in the United States
of America as of the date of this Agreement.

     “Group Pro Rata Share” means, with respect to any Purchase Group and as of any date of
determination, an amount equal to (expressed as a percentage) the Back-Up Commitment of such
Purchase Group on such date divided by the Purchase Limit as of such date.

     “Group Purchase Limit” means, for each Purchase Group, the sum of the Back-up
Commitments of the Financial Institutions in such Purchase Group, adjusted as necessary to give

14

 

effect to the termination of the Back-up Commitment of any Terminating Financial Institution
in such Purchase Group.

     “Incremental Purchase” means a purchase of one or more Purchaser Interests which
increases the total outstanding Aggregate Capital hereunder.

     “Indebtedness” means, as to any Person at a particular time, all of the following
(without duplication): (i) all obligations of such Person for borrowed money and all obligations of
such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
(ii) any direct or contingent obligations of such Person arising under letters of credit (including
standby and commercial), banker’s acceptances, bank guaranties, surety bonds and similar
instruments; (iii) net obligations under any hedging contract in an amount equal to (x) if such
hedging contract has been closed out, the termination value thereof, or (y) if such hedging
contract has not been closed out, the mark-to-market value thereof determined on the basis of
readily available quotations provided by any recognized dealer in such hedging contract; (iv)
whether or not so included as liabilities in accordance with GAAP, all obligations of such Person
to pay the deferred purchase price of property or services, and indebtedness (excluding prepaid
interest thereon) secured by a lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements), whether or not
such indebtedness shall have been assumed by such Person or is limited in recourse; (v) capital
leases and synthetic lease obligations; (vi) the outstanding aggregate investment or principal
amount of claims held by purchasers, assignees or transferees of (or of interests in) receivables
of such Person in connection with any Receivables Securitization Transaction (as defined in the
Credit Agreement in effect as of the date hereof); and (vii) all Accommodation Obligations (as
defined in the Credit Agreement in effect as of the date hereof) of such Person in respect of any
of the foregoing.

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture in which such Person is a general partner or a joint venturer, unless
such Indebtedness is expressly made non-recourse to such Person except for customary exceptions
acceptable to the Required Financial Institutions. The amount of any capital lease or synthetic
lease obligation as of any date shall be deemed to be the amount of Attributable Indebtedness (as
defined in the Credit Agreement in effect as of the date hereof) in respect thereof as of such
date.

     “Independent Director” shall mean a member of the Board of Directors of Seller who (i)
shall not have been at the time of such Person’s appointment or at any time during the preceding
five years, and shall not be as long as such Person is a director of Seller, (A) a director,
officer, employee, partner, shareholder, member, manager or Affiliate of any of the following
Persons (collectively, the “Independent Parties”): the Servicer, any Originator, or any of
their respective Subsidiaries or Affiliates (other than Seller), (B) a supplier to any of the
Independent Parties, (C) a Person controlling or under common control with any partner,
shareholder, member, manager, Affiliate or supplier of any of the Independent Parties, or (D) a
member of the immediate family of any director, officer, employee, partner, shareholder, member,
manager, Affiliate or supplier of any of the Independent Parties; (ii) has prior experience as an
independent director for a corporation or limited liability company whose charter documents
required the unanimous

15

 

consent of all independent directors thereof before such corporation or limited liability
company could consent to the institution of bankruptcy or insolvency proceedings against it or
could file a petition seeking relief under any applicable federal or state law relating to
bankruptcy and (iii) has at least three years of employment experience with one or more entities
that provide, in the ordinary course of their respective businesses, advisory, management or
placement services to issuers of securitization or structured finance instruments, agreements or
securities.

     “JPMCB” means JPMorgan Chase Bank, N.A. in its individual capacity and its successors.

     “Leverage Ratio” means, as of any date of determination, for Anixter and its
Subsidiaries, determined on a consolidated basis and in accordance with Section 7.18 of the Credit
Agreement as in effect as of the date hereof, the ratio of (a) Consolidated Funded Indebtedness as
of such date to (b) Consolidated EBITDA for the period of the four Fiscal Quarters ending on or
immediately prior to such date, provided that, for purposes of calculating the Leverage
Ratio, Consolidated EBITDA shall be calculated on a pro forma basis (in accordance with Article 11
of Regulation S-X of the Commission) to the extent necessary to give effect to (i) any acquisition
made by Anixter or any Subsidiary during such period (without giving effect to any increase in
Consolidated EBITDA reflecting projected synergies resulting from such acquisition) so long as, and
to the extent that, (A) Anixter delivers to the Agent (which shall promptly deliver to each
Financial Institution) a summary in reasonable detail of the underlying assumptions, and the
calculations made, in computing Consolidated EBITDA on a pro forma basis and (B) the Required
Financial Institutions do not object to such assumptions and/or calculations within 10 Business
Days after receipt thereof; and (ii) any divestiture of a Subsidiary, division or other operating
unit made during such period.

     “LIBO Rate” means the Falcon LIBO Rate or the Three Pillars LIBO Rate, as the case may
be.

     “Liquidity Agreement” means the Falcon Liquidity Agreement and/or the Three Pillars
Liquidity Agreement, as the case may be.

     “Liquidity Commitment” means, for each Financial Institution, the commitment of such
Financial Institution to purchase Purchaser Interests from the Conduit in its Purchase Group in an
amount not to exceed (a) in the aggregate, the amount set forth opposite such Financial
Institution’s name under the Liquidity Commitment Column on Schedule A to this Agreement, as such
amount may be modified in accordance with the terms hereof, and (b) with respect to any individual
purchase from such Conduit, its Adjusted Pro Rata Share of the Purchase Price therefor.

     “Liquidity Termination Date” means May 31, 2013.

     “Lock-Box” means each locked postal box with respect to which a bank who has executed
a Collection Account Agreement has been granted exclusive access for the purpose of retrieving and
processing payments made on the Receivables and which is listed on Exhibit IV.

16

 

     “Loss Horizon Ratio” means, for any Collection Period, a fraction (calculated as a
percentage) computed by dividing (i) the aggregate Outstanding Balance of all Receivables generated
during Applicable Loss Horizon Period by (ii) the aggregate Net Receivables Balance as at the last
day of the most recently ended Collection Period.

     “Loss Reserve” means, on any date, an amount equal to (x) the greater of (i) 12% and
(ii) the Loss Reserve Ratio then in effect times (y) the aggregate Net Receivables Balance as of
the close of business on the immediately preceding Business Day.

     “Loss Reserve Ratio” means, as of any date, an amount calculated as follows:

	 	 	 	 	 	 
	 	 	 
		LRR

	 	=
	 	Stress Factor x DPR x LHR, where
		 
	 	 	 	 
		LRR

	 	=
	 	the Loss Reserve Ratio;
		 
	 	 	 	 
		DPR

	 	=
	 	the highest average of the Default Proxy Ratios for any three
consecutive Collection Periods during the most recent twelve months; and
		 
	 	 	 	 
		LHR

	 	=
	 	the Loss Horizon Ratio.

The Loss Reserve Ratio shall be calculated monthly in each Monthly Report and such Loss Reserve
Ratio shall, absent manifest error, be effective from the corresponding Monthly Settlement Date
until the next succeeding Monthly Settlement Date.

     “Loss-to Liquidation Ratio” means, for any Collection Period, a fraction (calculated
as a percentage) equal to (i) the aggregate Outstanding Balance of all Receivables (without
duplication) which, as of the last day of such Collection Period, remain unpaid for at least one
hundred twenty (120) but less than one hundred fifty (150) days from the original invoice date
plus the aggregate Outstanding Balance of all Receivables (without duplication) which,
consistent with the Credit and Collection Policy, were or should have been written off the Seller’s
books as uncollectible and are less than one hundred twenty (120) days past invoice date during
such period, divided by (ii) the aggregate amount of Collections during such
Collection Period.

     “Managing Agent” means, as to any Conduit, the financial institution responsible for
the administration of such Conduit’s Commercial Paper program and related activities. As of the
date hereof, JPMCB is the Managing Agent for Falcon and its Financial Institutions, and SunTrust is
the Managing Agent for Three Pillars and its Financial Institutions.

     “Material Adverse Effect” means a material adverse effect on (i) the financial
condition or operations of any Seller Party and its Subsidiaries, (ii) the ability of any Seller
Party to perform its obligations under this Agreement, (iii) the legality, validity or
enforceability of this Agreement or any other Transaction Document, (iv) any Purchaser’s interest
in the Receivables generally or in any significant portion of the Receivables, the Related Security
or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or
of any material portion of the Receivables.

17

 

     “Mid-Month Report” means a report, in substantially the form of Exhibit XI
hereto (appropriately completed), furnished by the Servicer to the Managing Agents pursuant to
Section 8.5.

     “Mid-Month Report Date” has the meaning set forth in Section 8.5.

     “Monthly Report” means a report, in substantially the form of Exhibit X hereto
(appropriately completed), furnished by the Servicer to the Managing Agents pursuant to Section
8.5.

     “Monthly Settlement Date” means the 17th day of each month, or if such day is not a
Business Day, the next succeeding Business Day.

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

     “Net Receivables Balance” means, at any time, the aggregate Outstanding Balance of
Eligible Receivables at such time reduced by the aggregate amount by which the Outstanding Balance
of Eligible Receivables from each Obligor and its Affiliates exceeds the Standard Concentration
Limit or Special Concentration Limit for such Obligor, as the case may be.

     “Non-Renewing Financial Institution” has the meaning set forth in Section
12.3.

     “Obligations” has the meaning set forth in Section 2.1.

     “Obligor” means a Person obligated to make payments pursuant to a Contract.

     “Originator” means (i) Anixter, (ii) Accu-Tech or (iii) any other Person approved from
time to time by the Managing Agents, in each case, in such Person’s capacity as a “Seller” party to
the Receivables Sale Agreement or a Transfer Agreement.

     “Outstanding Balance” means, with respect to any Receivable at any time, the then
outstanding principal balance thereof.

     “Outstanding Balance of Eligible Receivables” means, for purposes of the definitions
of “Net Receivables Balance”, “Special Concentration Limit” and “Standard
Concentration Limit”, the Outstanding Balance of all Eligible Receivables (the Outstanding
Balance of an Eligible Receivable subject to any right of rescission, set-off, counterclaim or
other defense as described in clause (xv) of the definition of “Eligible Receivable” being the
outstanding principal balance of such Receivable less the amount of such right of
rescission, set-off, counterclaim or other defense).

     “Participant” has the meaning set forth in Section 12.2.

     “Person” means an individual, partnership, corporation (including a business trust),
limited liability company, joint stock company, trust, unincorporated association, joint venture or
other entity, or a government or any political subdivision or agency thereof.

18

 

     “Pooled Commercial Paper” means Commercial Paper notes of a Conduit subject to any
particular pooling arrangement by such Conduit, but excluding Commercial Paper issued by such
Conduit for a tenor and in an amount specifically requested by any Person in connection with any
agreement effected by such Conduit.

     “Potential Amortization Event” means an event which, with the passage of time or the
giving of notice, or both, would constitute an Amortization Event.

     “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMCB as its prime rate in effect at its principal office in New York City; each change in the
Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

     “Proposed Reduction Date” has the meaning set forth in Section 1.3.

     “Pro Rata Share” means, (1) for each Financial Institution, the Back-up Commitment of
such Financial Institution divided by the Purchase Limit, adjusted as necessary to give effect to
the application of any assignments pursuant to Article XII and (2) for each Conduit, the
Group Pro Rata Share of its Purchase Group.

     “Purchase Group” means each Conduit, its Financial Institutions and their related
Managing Agent.

     “Purchase Limit” means $275,000,000, as such amount may be increased or decreased in
accordance with the provisions of Article XII.

     “Purchase Notice” has the meaning set forth in Section 1.2.

     “Purchase Price” means, with respect to any Incremental Purchase of a Purchaser
Interest, the amount paid to Seller for such Purchaser Interest which shall not exceed the least of
the amount requested by Seller in the applicable Purchase Notice, the Unused Purchase Limit on the
applicable purchase date and the excess, if any, of the Net Receivables Balance (less the Aggregate
Reserves) on the applicable purchase date over the aggregate outstanding amount of Aggregate
Capital determined as of the date of the most recent Monthly Report.

     “Purchaser” means any Conduit or Financial Institution, as applicable and “Purchasers”
means, collectively, all Conduits and Financial Institutions.

     “Purchaser Interest” means, at any time, an undivided percentage ownership interest
(computed as set forth below) associated with a designated amount of Capital, selected pursuant to
the terms and conditions hereof in (i) each Receivable arising prior to the time of the most recent
computation or recomputation of such undivided interest, (ii) all Related Security with respect to
each such Receivable, and (iii) all Collections with respect to, and other proceeds of, each such
Receivable. Each such undivided percentage interest shall equal:

19

 

	 	 	 

		C

	 
		 
	 
		NRB-AR
	 

	 	 	 	 	 

		where:
	 	 	 
		 
	 	 	 
		C

	=
	 	the aggregate outstanding Capital of such Purchaser Interest.
		 
	 	 	 
		AR

	=
	 	the Aggregate Reserves.
		 
	 	 	 
		NRB

	=
	 	the Net Receivables Balance.

Such undivided percentage ownership interest shall be initially computed on its date of purchase.
Thereafter, until the Amortization Date, each Purchaser Interest shall be automatically recomputed
(or deemed to be recomputed) on each day prior to the Amortization Date. The variable percentage
represented by any Purchaser Interest as computed (or deemed recomputed) as of the close of the
business day immediately preceding the Amortization Date shall remain constant at all times
thereafter.

     “Purchasing Financial Institution” has the meaning set forth in Section
12.1(b).

     “Rating Level” means, any of the following based upon the Debt Rating of Anixter then
in effect:

     Rating Level I: Greater than or equal to BBB- by S&P and Baa3 by Moody’s;

     Rating Level II: Less than BBB- by S&P or Baa3 by Moody’s but greater than or equal to
BB by S&P or Ba2 by Moody’s;

     Rating Level III: Less than BB by S&P and Ba2 by Moody’s but greater than or equal to
B+ by S&P and B1 by Moody’s; and

     Rating Level IV: Less than B+ by S&P or B1 or by Moody’s or unrated by S&P or Moody’s.

     “Ratings Request” has the meaning set forth in Section 10.2(c) hereof.

     “Receivable” means all indebtedness and other obligations owed to Seller or any
Originator (at the time it arises, and before giving effect to any transfer or conveyance under the
applicable Transfer Agreement, the Receivables Sale Agreement or hereunder) other than Excluded
Receivables or in which Seller or such Originator has a security interest or other interest,
including, without limitation, any indebtedness, obligation or interest constituting an account,
chattel paper, instrument or general intangible, arising in connection with the sale of goods or
the rendering of services by an Originator, and further includes, without limitation, the
obligation to pay any Finance Charges with respect thereto. Indebtedness and other rights and
obligations arising from any one transaction, including, without limitation, indebtedness and other
rights and obligations represented by an individual invoice, shall constitute a Receivable

20

 

separate from a Receivable consisting of the indebtedness and other rights and obligations
arising from any other transaction; provided further, that any indebtedness, rights
or obligations referred to in the immediately preceding sentence shall be a Receivable regardless
of whether the account debtor or Seller treats such indebtedness, rights or obligations as a
separate payment obligation.

     “Receivables Sale Agreement” means that certain Second Amended and Restated
Receivables Sale Agreement, dated as of May 31, 2011, between Anixter and Seller, as the same may
be amended, restated or otherwise modified from time to time.

     “Recharacterization” has the meaning set forth in Section 13.15(c) hereof.

     “Records” means, with respect to any Receivable, all Contracts and other documents,
books, records and other information (including, without limitation, computer programs, tapes,
disks, punch cards, data processing software and related property and rights) relating to such
Receivable, any Related Security therefor and the related Obligor.

     “Reduction Notice” has the meaning set forth in Section 1.3.

     “Regulatory Change” has the meaning set forth in Section 10.2(a) hereof.

     “Reinvestment” has the meaning set forth in Section 2.2.

     “Related Security” means, with respect to any Receivable:

          (A) all of Seller’s interest in the inventory and goods (including
returned or repossessed inventory or goods), if any, the sale of which by an
Originator gave rise to such Receivable, and all insurance contracts with
respect thereto,

          (B) all other security interests or liens and property subject
thereto from time to time, if any, purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or
otherwise, together with all financing statements and security agreements
describing any collateral securing such Receivable,

          (C) all guaranties, letters of credit, insurance and other
agreements or arrangements of whatever character from time to time
supporting or securing payment of such Receivable whether pursuant to the
Contract related to such Receivable or otherwise,

          (D) all service contracts and other contracts and agreements
associated with such Receivable,

          (E) all Records related to such Receivable,

21

 

          (F) all of Seller’s right, title and interest in, to and under the
applicable Transfer Agreement and the Receivables Sale Agreement in respect
of such Receivable, and

          (G) all proceeds of any of the foregoing.

     “Rental Expense” means, for any period, the total rental expense for operating leases
of the Consolidated Group on a consolidated basis, as determined in accordance with Agreement
Accounting Principles.

     “Report” means a Monthly Report, a Mid-Month Report, a Weekly Report or a Daily
Report, as applicable.

     “Required Financial Institutions” means, at any time, (a) if any Conduit holds any
Purchaser Interests, the Managing Agent for each such Conduit and Financial Institutions with
Back-Up Commitments equal to or greater than 50% of the Purchase Limit, and (b) if no Conduit holds
any Purchaser Interests, Financial Institutions with Back-up Commitments equal to or greater than
50% of the Purchase Limit.

     “Required Ratings” has the meaning set forth in Section 12.1(b).

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

     “Seller” has the meaning set forth in the preamble to this Agreement.

     “Seller Parties” has the meaning set forth in the preamble to this Agreement.

     “Servicer” means at any time the Person (which may be the Agent) then authorized
pursuant to Article VIII to service, administer and collect Receivables.

     “Servicer Reserve” means, on any date, an amount equal to (a) if Anixter or any
Affiliate of Anixter is the Servicer on such date, the product of (x) 0.36% and (y) the Outstanding
Balance of all Receivables generated during the most recently ended Collection Period immediately
preceding such date, or (b) if a Person other than Anixter or any Affiliate of Anixter is the
Servicer on such date, the product of (i) 0.33% and (ii) the Outstanding Balance of all Receivables
as at the end of the most recently ended Collection Period immediately preceding such date, or such
other amount as the Managing Agents shall determine in its reasonable judgment.

     “Servicing Fee” has the meaning set forth in Section 8.6.

     “Settlement Date” means (A) the Monthly Settlement Date, and (B) the last day of the
relevant Tranche Period in respect of each Purchaser Interest of the Financial Institutions.

22

 

     “Settlement Period” means (A) in respect of each Purchaser Interest of the Conduits,
the immediately preceding Accrual Period, and (B) in respect of each Purchaser Interest of the
Financial Institutions, the entire Tranche Period of such Purchaser Interest.

     “Significant Subsidiary” has the meaning set forth in Regulation S-X of the Securities
and Exchange Commission, 17 C.F.R. Part 210, as in effect on the date hereof.

     “Special Concentration Limit” means, at any time, with respect to any Special Obligor,
a dollar amount equal to a percentage of the aggregate Outstanding Balance of Eligible Receivables
or such other limit as the Agent, with the consent of Moody’s and S&P, may designate for such
Special Obligor; provided, that the Agent may, upon notice to Seller, cancel or reduce any
Special Concentration Limit.

     “Special Obligor” means any Obligor as may be designated by the Agent from time to
time as a “Special Obligor.”

     “Specified Rating” has the meaning set forth in Section 10.2(c) hereof.

     “Standard Concentration Limit” means, at any time, with respect to any Obligor other
than a Special Obligor, 3% of the aggregate Outstanding Balance of Eligible Receivables at such
time.

     “Stress Factor” means, as of any date, (i) if the Servicer’s Debt Ratings are greater
than or equal to BB- and Ba3 as of such date, 2.0 and (ii) at all other times, 2.25.

     “Subsidiary” means, with respect to any Person, (i) any corporation more than 50% of
the outstanding securities having ordinary voting power of which shall at the time be owned or
controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such
Person and one or more of its Subsidiaries, or (ii) any partnership, association, limited liability
company, joint venture or similar business organization more than 50% of the ownership interests
having ordinary voting power of which shall at the time be so owned or controlled. Unless
otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of
Anixter.

     “SunTrust” has the meaning set forth in the preamble to this Agreement.

     “SunTrust Bank” means SunTrust Bank in its individual capacity and its successors.

     “SunTrust Federal Funds Rate” means, for any day the greater of (i) the average rate
per annum as determined by SunTrust Bank at which overnight Federal funds are offered to SunTrust
Bank for such day by major banks in the interbank market, and (ii) if SunTrust Bank is borrowing
overnight funds from a Federal Reserve Bank that day, the average rate per annum at which such
overnight borrowings are made on that day. Each determination of the SunTrust Federal Funds Rate
by SunTrust Bank shall be conclusive and binding on the Seller except in the case of manifest
error.

23

 

     “SunTrust Prime Rate” means, as of any date of determination, the rate of interest
most recently announced by SunTrust Bank at its principal office in Atlanta, Georgia as its prime
rate (it being understood that at any one time there shall exist only one such prime rate so
announced, which rate is not necessarily intended to be the lowest rate of interest determined by
SunTrust Bank in connection with extensions of credit).

     “Terminating Financial Institution” means (i) any Affected Financial Institution or
Non-Renewing Financial Institution which has not assigned all of its rights and obligations
hereunder pursuant to Article XII, and (ii) a Financial Institution (a) to which the
related Conduit has assigned such Financial Institution’s Pro Rata Share of the Purchaser Interests
then held by such Conduit, or (b) which, pursuant to the applicable Liquidity Agreement, has had
its Liquidity Commitment under the Liquidity Agreement and Back-up Commitment hereunder terminated
by the Conduit, in either such case in connection with such Financial Institution’s decision not to
renew its Liquidity Commitment under such Liquidity Agreement or its Back-up Commitment hereunder
or such Financial Institution’s becoming an Affected Financial Institution.

     “Terminating Tranche” has the meaning set forth in Section 4.3(b).

     “Termination Date” has the meaning set forth in Section 2.2.

     “Termination Percentage” has the meaning set forth in Section 2.2.

     “Three Pillars” has the meaning set forth in the preamble to this Agreement.

     “Three Pillars Broken Funding Costs” if

     (a) any request for an Incremental Purchase is made and such Incremental Purchase
does not occur; or

     (b) any Incremental Purchase or Reinvestment that is funded through the issuance of
commercial paper (a “CP Rate Funding”) or any Incremental Purchase or Reinvestment
that is not funded through the issuance of commercial paper (an “Alternate Rate
Funding”) (i) in either such case, has its principal reduced without compliance by
Seller with the notice requirements hereunder, (ii) [Reserved], (iii) in the case of a CP
Rate Funding, is assigned under any Three Pillars Credit Agreement to the related Three
Pillars Credit Bank for credit related reasons, due to a termination event or event of
default or as required under the Three Pillars Credit Agreement or (iv) in the case of an
Alternate Rate Funding, is terminated or reduced prior to the last day of the then current
Settlement Period,

then, the amount of “Three Pillars Broken Funding Costs” related thereto shall be equal to
the excess, if any, of (1) the CP Costs and fees that would have accrued during the
remainder of the Settlement Period determined by SunTrust to relate to such Incremental
Purchase or Reinvestment subsequent to, as applicable, the proposed date related to such
failure to complete such Incremental Funding or Reinvestment or the date of such reduction,
assignment or termination, assuming that, as applicable, such Incremental Purchase or
Reinvestment had occurred, such reduction, assignment or termination had

24

 

not occurred or such notice had not been delivered, over (2) the income, if any, actually
received during the remainder of such period by Three Pillars from investing the principal
related to, as applicable, such Incremental Purchase that did not occur or such reduction,
assignment or termination that did not occur. All Three Pillars Broken Funding Costs shall
be due and payable hereunder upon demand.

     “Three Pillars Credit Agreement” means any program-wide agreement entered into by any
Three Pillars Credit Bank providing for the issuance of one or more letters of credit for the
account of Three Pillars, the issuance of one or more surety bonds for which Three Pillars is
obligated to reimburse the applicable Three Pillars Credit Bank for any drawings hereunder, the
sale by Three Pillars to any Three Pillars Credit Bank of receivables or other financial assets
owned or held by Three Pillars (or portions thereof) and/or the making of loans and/or other
extensions of credit to Three Pillars in connection with its commercial paper program, together
with any cash collateral agreement, letter of credit, surety bond or other agreement or instrument
executed and delivered in connection therewith (but excluding the Three Pillars Liquidity
Agreement, or similar agreement, or any voluntary advance agreement).

     “Three Pillars Credit Bank” means SunTrust Bank and any other or additional bank or
other Person (other than the Seller or any other customer of Three Pillars or any liquidity
provider as such) now or hereafter extending credit or a purchase commitment to or for the account
of Three Pillars or issuing a letter of credit, surety bond or other instrument, in each case to
support any obligations arising under or in connection with Three Pillar’s commercial paper
program.

     “Three Pillars CP Rate” means, for any day during any Accrual Period, the per annum
rate equivalent to the sum of the weighted average of the per annum rates paid or payable by Three
Pillars from time to time as interest on or otherwise in respect of the Commercial Paper issued by
Three Pillars that are allocated, in whole or in part, by the Managing Agent for the Three Pillars
Purchase Group (on behalf of Three Pillars) to fund or maintain the Purchaser Interests owned by
Three Pillars, the commissions and charges charged by placement agents and commercial paper dealers
with respect to such Commercial Paper.

     “Three Pillars LIBO Rate” means, for any Tranche Period (i) the rate per annum,
determined by SunTrust Bank, on the Rate Setting Day (as defined below) of such Tranche Period on
the basis of the offered rates shown on Telerate Page 3750 or any successor page as the composite
offered rate for London interbank deposits, as shown under the heading “USD” as of 11:00 a.m.
(London time); provided that in the event no such rate is shown, the LIBOR Rate shall be the rate
per annum (rounded upwards, if necessary, to the nearest one thousandth of one percent), determined
by SunTrust Bank, based on the offered rates at which Dollar deposits for are displayed on the
Reuters Screen as of 11:00 a.m. (London time) on the Rate Setting Day (it being understood that if
at least two such offered rates appear on such page, the rate will be the arithmetic mean of such
displayed rates); provided further, that in the event fewer than two such rates are displayed, or
if no such offered rate is relevant, the LIBO Rate shall be the rate per annum, determined by
SunTrust Bank, equal to the average of the rates at which deposits in Dollars are offered by the
Managing Agent for the Three Pillars Purchase Group at approximately 11:00 a.m. (London time) on
the Rate Setting Day to prime banks in the London

25

 

interbank market plus (ii) the Applicable Margin. The “Rate Setting Day” for any Tranche
Period shall mean, two (2) Business Days prior to the commencement of such Tranche Period. In the
event such day is not a Business Day, then the Rate Setting Day shall be the immediately preceding
Business Day.

     “Three Pillars Liquidity Agreement” means (i) the Liquidity Asset Purchase Agreement
(regarding the Seller), dated as of October 3, 2002, among Three Pillars, as borrower, SunTrust
Bank, as liquidity agent for the Liquidity Banks, SunTrust Capital Markets, Inc., as administrator
for Three Pillars, and the Liquidity Banks, and (ii) any other agreement thereafter entered into by
Three Pillars providing for the sale by Three Pillars of Purchaser Interests owned by it (or
portions thereof), or the making of loans or other extensions of credit to Three Pillars secured by
security interests in the Purchaser Interests owned by it (or portions thereof), to support all or
part of Three Pillar’s payment obligations under its Commercial Paper or to provide an alternate
means of funding Three Pillars’ investments in accounts receivable or other financial assets, in
each case as amended, supplemented or otherwise modified from time to time.

     “Three Pillars Liquidity Bank” means SunTrust Bank and the various financial
institutions as are, or may become, parties to the Three Pillars Liquidity Agreement, as purchasers
thereunder.

     “Three Pillars Purchase Group” means Three Pillars, SunTrust, each Three Pillars
Credit Bank and each of the Financial Institutions identified as a member of the Three Pillars
Purchase Group on Schedule A hereto, together with each of their respective successors, assigns and
participants.

     “Tranche Period” means, with respect to any Purchaser Interest held by a Financial
Institution, including any Purchaser Interest or undivided interest in a Purchaser Interest
assigned to a Financial Institution pursuant to a Liquidity Agreement:

     (a) if Yield for such Purchaser Interest is calculated on the basis of the LIBO Rate,
a period of one, two or three months, or such other period as may be mutually agreeable to
the applicable Managing Agent and Seller, commencing on a Business Day selected by Seller or
such Managing Agent pursuant to this Agreement. Such Tranche Period shall end on the day in
the applicable succeeding calendar month which corresponds numerically to the beginning day
of such Tranche Period, provided, however, that if there is no such numerically
corresponding day in such succeeding month, such Tranche Period shall end on the last
Business Day of such succeeding month; or

     (b) if Yield for such Purchaser Interest is calculated on the basis of the Base Rate,
a period selected by Seller and agreed to by the applicable Managing Agent, commencing and
ending on a Business Day, provided no such period shall exceed one month.

If any Tranche Period would end on a day which is not a Business Day, such Tranche Period shall end
on the next succeeding Business Day, provided, however, that in the case of Tranche Periods
corresponding to the LIBO Rate, if such next succeeding Business Day falls in a new

26

 

month, such Tranche Period shall end on the immediately preceding Business Day. In the case of any
Tranche Period for any Purchaser Interest which commences before the Amortization Date and would
otherwise end on a date occurring after the Amortization Date, such Tranche Period shall end on the
Amortization Date. The duration of each Tranche Period which commences after the Amortization Date
shall be of such duration as selected by the applicable Managing Agent. In no event shall any
Tranche Period extend beyond the Facility Termination Date.

     “Transaction Documents” means, collectively, this Agreement, each Purchase Notice,
each Transfer Agreement, the Receivables Sale Agreement, each Collection Account Agreement, the Fee
Letter, the Subordinated Notes (as defined in the Receivables Sale Agreement) and all other
instruments, documents and agreements executed and delivered in connection herewith.

     “Transfer Agreement” means (a) the Accu-Tech Transfer Agreement and (b) each other
receivables transfer agreement entered into from time to time between an Originator (other than
Anixter) approved by the Agent, and Anixter, in form and substance satisfactory to the Agent, as
the same may be amended, restated or otherwise modified from time to time.

     “UCC” means the Uniform Commercial Code as from time to time in effect in the
specified jurisdiction.

     “Unused Back-up Commitment” means, with respect to any Financial Institution at any
time, such Financial Institution’s Back-up Commitment at such time minus such Financial
Institution’s Pro Rata Share of the Aggregate Capital outstanding at such time.

     “Unused Purchase Limit” means, at any time, the Purchase Limit at such time
minus the Aggregate Capital outstanding at such time.

     “Weekly Period” means, a period commencing on a Monday and ending on the immediately
following Sunday.

     “Weekly Report” means a report, in the form agreed to by the Servicer and the Managing
Agents from time to time (appropriately completed), furnished by the Servicer to the Managing
Agents pursuant to Section 8.5.

     “Yield” means (a) for each respective Tranche Period relating to Purchaser Interests
of the Financial Institutions, including any Purchaser Interests or undivided interest in a
Purchaser Interest assigned to a Financial Institution pursuant to a Liquidity Agreement, an amount
equal to the product of the applicable Discount Rate for each Purchaser Interest multiplied by the
Capital of such Purchaser Interest for each day elapsed during such Tranche Period, annualized on a
360 day basis, and (b) for each respective Settlement Period relating to Purchaser Interests of the
Conduits, other than a Purchaser Interest which, or an undivided interest in which, has been
assigned by a Conduit to a Financial Institution pursuant to a Liquidity Agreement, an amount equal
to the product of the applicable CP Rate multiplied by the Capital of such Purchaser Interest for
each day elapsed during such Settlement Period, annualized on a 360 day basis.

27

 

     “Yield Reserve” means, on any date, an amount equal to the product of (a) the Purchase
Limit and (b) 1.875%.

     All accounting terms not specifically defined herein shall be construed in accordance with
GAAP. All terms used in Article 9 of the UCC in the State of Illinois, and not specifically
defined herein, are used herein as defined in such Article 9.

28exv10w1

EXHIBIT 10.1

Execution Copy

Amendment No. 8 and Waiver to Credit Agreement

          This Amendment No. 8 and Waiver, dated as of April 19, 2011 (this
“Amendment”), among MVC Capital, Inc., a Delaware corporation (the
“Company”), MVC Financial Services, inc., a Delaware corporation (“MVCFS”,
and together with the Company, each a “Borrower”, and collectively, the
“Borrowers”), the Lenders identified on the signature pages hereto (the “Lenders”),
and Guggenheim Corporate Funding, LLC, as administrative agent for the lenders (in such
capacity, the “Administrative Agent”), amends certain provisions of the Credit Agreement,
dated as of April 27, 2006 (as amended to the date hereof and as the same may be further amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”) among the
Borrowers, the institutions from time to time party thereto as Lenders (the “Lenders”), and
the Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall
have the meanings ascribed to them in the Credit Agreement.

W i t n e s s e t h:

          Whereas, the Borrowers have requested that the Required Lenders amend and waive the
Credit Agreement in certain respects as set forth below;

          Whereas, the Required Lenders have agreed, subject to the terms and conditions set
forth below, to amend and waive the Credit Agreement in certain respects as set forth below;

          Now, Therefore, in consideration of the premises and the covenants and obligations
contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

     Section 1. Amendments to the Credit Agreement. Effective as of the Amendment Effective Date
(as defined below) and subject to the satisfaction (or due waiver) of the conditions set forth in
Section 3 (Conditions Precedent to the Effectiveness of this Amendment) hereof, the Credit
Agreement is hereby amended as follows:

          (a) Section 1.1 (Defined Terms) is hereby amended by inserting among the existing defined
terms therein in alphabetical order the following defined term:

          “FIMA Letter of Credit” means that certain letter of credit, dated on or after
April 19, 2011 issued by JP Morgan Chase Bank to DNB Nord Bank on behalf of UAB FIMA, as the
beneficiary, in an aggregate amount not to exceed €5,000,000; provided, that the FIMA Letter
of Credit shall have a term not to exceed 18 months and not be amended, extended refinanced
or replaced.

          (b) Section 6.3 (Limitation on Liens) is hereby amended by (i) deleting the word “and” at the
end of clause (h), (ii) replacing the “.” at the end of clause (i) with “; and” and (iii) adding
the following at the end of such section:

          (j) pledges and deposits for the benefit of the issuer of the FIMA Letter of Credit
securing reimbursement obligations in respect of the FIMA Letter of Credit.

          (c) Section 6.8 (Limitation on Investments) is hereby amended by (i) deleting the word “and”
at the end of clause (d), (ii) replacing the “.” at the end of clause (e) with “; and” and (iii)
adding the following at the end of such section:

 

 

          (f) Investments resulting from pledges and deposits referred to in Section 6.3(j) in an
aggregate amount not to exceed €5,000,000.

     Section 2. Waiver

          Subject to the satisfaction of the conditions precedent set forth in Section 3 below and in
reliance upon the representations and warranties and covenants set forth herein, and
notwithstanding anything to the contrary in any Loan Document, the Required Lenders hereby waive
any noncompliance of the Borrowers with respect to Section 6.1(b) (Interest Coverage Ratio) of the
Credit Agreement solely for the fiscal period ended July 31, 2011; provided, however, that the
waiver set forth in this Section 2 shall be effective only in this specific instance and for the
specific purposes set forth herein and do not allow for any other or further departure from the
terms and conditions of the Credit Agreement or any other Loan Documents, which terms and
conditions shall remain in full force and effect (other than as expressly provided in this
Amendment).

     Section 3. Conditions Precedent to the Effectiveness of this Amendment

          This Amendment shall become effective as of the date (such date, the “Amendment Effective
Date”) when, and only when, the Administrative Agent shall have received: (i) this Amendment,
duly executed by the Borrowers, the Administrative Agent and the Required Lenders, (ii) payment
from the Borrower, for the account of each Lender who has provided an executed signature page to
this Amendment by April 18, 2011, an amendment fee equal to 0.20% of such Lender’s Commitment
currently in effect and (iii) reimbursement for all its out-of-pocket costs and expenses incurred
in connection with the Credit Agreement and the negotiation, preparation, execution and delivery of
this Amendment and the transactions contemplated hereby, including, without limitation, reasonable
fees and disbursements and other charges of counsel to the Administrative Agent.

     Section 4. Representations and Warranties

          On and as of the date hereof, after giving effect to this Amendment, the Borrowers hereby
represent and warrant to the Administrative Agent and each Lender as follows:

          (a) this Amendment has been duly authorized, executed and delivered by each Borrower and
constitutes the legal, valid and binding obligation of each Borrower, enforceable against each
Borrower in accordance with its terms, and the Credit Agreement as amended by this Amendment
constitutes the legal, valid and binding obligation of each Borrower, enforceable against each
Borrower in accordance with its terms;

          (b) each of the representations and warranties contained in Section 3 (Representations and
Warranties) of the Credit Agreement, the other Loan Documents or in any certificate, document or
financial or other statement furnished at any time under or in connection therewith is true and
correct in all material respects on and as of the date hereof as if made on and as of such date and
except to the extent that such representations and warranties specifically relate to a specific
date, in which case such representations and warranties shall be true and correct in all material
respects as of such specific date; provided, however, that references therein to the “Credit
Agreement” shall be deemed to refer to the Credit Agreement as amended hereby;

          (c) no Default or Event of Default has occurred and is continuing; and

          (d) no litigation has been commenced against any Loan Party or any of its Subsidiaries seeking
to restrain or enjoin (whether temporarily, preliminarily or permanently) the

2

 

performance of any
action by any Loan Party required or contemplated by this Amendment, the Credit Agreement or any
Loan Document, in each case as amended hereby (if applicable).

     Section 5. Fees and Expenses

     The Borrowers and each other Loan Party agree to pay on demand in accordance with the terms of
Section 9.5 (Payment of Expenses) of the Credit Agreement all reasonable out of pocket costs and
expenses of the Administrative Agent in connection with the preparation, reproduction, execution
and delivery of this Amendment and all other Loan Documents entered into in connection herewith.

     Section 6. Reference to the Effect on the Loan Documents

          (a) As of the date hereof, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan
Documents to the Credit Agreement (including, without limitation, by means of words like
“thereunder”, “thereof” and words of like import), shall mean and be a reference to the Credit
Agreement as modified hereby, and this Amendment and the Credit Agreement shall be read together
and construed as a single instrument.

          (b) Except as expressly modified hereby, all of the terms and provisions of the Credit
Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby
ratified and confirmed.

          (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Lenders or the
Administrative Agent under any of the Loan Documents, nor constitute a waiver or amendment of any
other provision of any of the Loan Documents or for any purpose except as expressly set forth
herein.

          (d) This Amendment shall be deemed a Loan Document.

     Section 7. Execution in Counterparts

          This Amendment may be executed in any number of counterparts and by different parties in
separate counterpart (including by facsimile), each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement. Signature
pages may be detached from multiple separate counterparts and attached to a single counterpart so
that all signature pages are attached to the same document. Delivery of an executed counterpart by
telecopy shall be effective as delivery of a manually executed counterpart of this Amendment.

     Section 8. Governing Law

          This Amendment shall be governed by and construed in accordance with the law of the State of
New York.

     Section 9. Section Titles

          The Section titles contained in this Amendment are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto.

3

 

     Section 10. Notices

          All communications and notices hereunder shall be given as provided in the Credit Agreement.

     Section 11. Severability

          The fact that any term or provision of this Agreement is held invalid, illegal or
unenforceable as to any person in any situation in any jurisdiction shall not affect the validity,
enforceability or legality of the remaining terms or provisions hereof or the validity,
enforceability or legality of such offending term or provision in any other situation or
jurisdiction or as applied to any person.

     Section 12. Successors

          The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the
Lenders, the other parties hereto and their respective successors and assigns.

     Section 13. Waiver of Jury Trial

          Each of the parties hereto irrevocably waives trial by jury in any action or proceeding with
respect to this Amendment or any other Loan Document.

[Signature Pages Follow]

4

 

          In Witness Whereof, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date first written
above.

	 	 	 	 	 
	 	MVC Capital, Inc.

as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MVC Financial Services, Inc.

as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature page to MVC Amendment No. 8 And Waiver]

 

 

	 	 	 	 	 
	 	Guggenheim Corporate Funding, LLC,

as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature page to MVC Amendment No. 8 And Waiver]

 

 

	 	 	 	 	 
	 	Midland National Life Insurance Company,

as Lender

By: Guggenheim Partners Asset Management Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	North American Company for Life and health

Insurance, as Lender

By: Guggenheim Partners Asset Management Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Sands Point Funding Ltd., as Lender

By: Guggenheim Investment Management, LLC,

its Collateral Manager

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Copper River CLO Ltd., as Lender

By: Guggenheim Investment Management, LLC,

its Collateral Manager

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature page to MVC Amendment No. 8 And Waiver]

 

 

	 	 	 	 	 
	 	Kennecott Funding Ltd., as Lender

By: Guggenheim Investment Management, LLC,

its Collateral Manager

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Green Lane CLO Ltd., as Lender

By: Guggenheim Investment Management, LLC,

its Collateral Manager

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Iron Hill CLO Limited, as Lender

By: Guggenheim Partners Europe Limited, its

Collateral Manager

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature page to MVC Amendment No. 8 And Waiver]

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