Document:

EX-10.2

 

Exhibit 10.2

 

 

$600,000,000

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

DATED
AS OF MARCH 25, 2008

AMONG

MONEYGRAM INTERNATIONAL, INC.,

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.,

THE LENDERS,

and

JPMORGAN CHASE BANK, N.A.

AS ADMINISTRATIVE AGENT

 

 

J.P. MORGAN SECURITIES INC.

AS LEAD ARRANGER AND SOLE BOOK RUNNER

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I
	 	DEFINITIONS	 	 	1	 
	Section 1.1
	 	Definitions	 	 	1	 
	Section 1.2
	 	Terms Generally	 	 	35	 
	Section 1.3
	 	Rounding	 	 	35	 
	Section 1.4
	 	Times of Day	 	 	35	 
	Section 1.5
	 	Timing of Payment or Performance	 	 	35	 
	Section 1.6
	 	Accounting	 	 	35	 
	Section 1.7
	 	Pro Forma Calculations	 	 	36	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	THE CREDITS	 	 	37	 
	Section 2.1
	 	Term Loans	 	 	37	 
	Section 2.2
	 	Term Loan Repayment	 	 	37	 
	Section 2.3
	 	Revolving Credit Commitments	 	 	38	 
	Section 2.4
	 	Other Required Payments	 	 	38	 
	Section 2.5
	 	Ratable Loans	 	 	38	 
	Section 2.6
	 	Types of Advances	 	 	38	 
	Section 2.7
	 	Swing Line Loans	 	 	38	 
	Section 2.8
	 	Commitment Fee; Reductions and Increases in Aggregate Revolving Credit Commitment	 	 	40	 
	Section 2.9
	 	Minimum Amount of Each Advance	 	 	42	 
	Section 2.10
	 	Optional and Mandatory Principal Payments	 	 	42	 
	Section 2.11
	 	Method of Selecting Types and Interest Periods for New Advances	 	 	44	 
	Section 2.12
	 	Conversion and Continuation of Outstanding Advances	 	 	45	 
	Section 2.13
	 	Changes in Interest Rate, etc.	 	 	45	 
	Section 2.14
	 	Rates Applicable After Default	 	 	46	 
	Section 2.15
	 	Method of Payment	 	 	46	 
	Section 2.16
	 	Noteless Agreement; Evidence of Indebtedness	 	 	46	 
	Section 2.17
	 	Telephonic Notices	 	 	47	 
	Section 2.18
	 	Interest Payment Dates; Interest and Fee Basis	 	 	47	 
	Section 2.19
	 	Notification of Advances, Interest Rates, Prepayments and Revolving Credit Commitment Reductions	 	 	47	 
	Section 2.20
	 	Lending Installations	 	 	48	 
	Section 2.21
	 	Non-Receipt of Funds by the Administrative Agent	 	 	48	 
	Section 2.22
	 	Letters of Credit	 	 	48	 
	Section 2.23
	 	Replacement of Lender	 	 	53	 
	Section 2.24
	 	Pro Rata Treatment; Intercreditor Agreements	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	YIELD PROTECTION; TAXES	 	 	56	 
	Section 3.1
	 	Yield Protection	 	 	56	 
	Section 3.2
	 	Changes in Capital Adequacy Regulations	 	 	57	 
	Section 3.3
	 	Availability of Types of Advances	 	 	57	 
	Section 3.4
	 	Funding Indemnification	 	 	58	 
	Section 3.5
	 	Taxes	 	 	58	 
	Section 3.6
	 	Lender Statements; Survival of Indemnity	 	 	61	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	CONDITIONS PRECEDENT	 	 	61	 
	Section 4.1
	 	Effectiveness and Closing Conditions	 	 	61	 
	Section 4.2
	 	Each Subsequent Credit Extension	 	 	65	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	REPRESENTATIONS AND WARRANTIES	 	 	65	 
	Section 5.1
	 	Existence and Standing	 	 	65	 
	Section 5.2
	 	Authorization and Validity	 	 	65	 
	Section 5.3
	 	No Conflict; Government Consent	 	 	66	 
	Section 5.4
	 	Financial Statements	 	 	67	 
	Section 5.5
	 	Material Adverse Change	 	 	67	 
	Section 5.6
	 	Taxes	 	 	67	 
	Section 5.7
	 	Litigation	 	 	67	 
	Section 5.8
	 	Subsidiaries; Capitalization	 	 	67	 
	Section 5.9
	 	ERISA; Labor Matters	 	 	67	 
	Section 5.10
	 	Accuracy of Information	 	 	68	 
	Section 5.11
	 	Regulation U	 	 	69	 
	Section 5.12
	 	Compliance With Laws	 	 	69	 
	Section 5.13
	 	Ownership of Properties	 	 	69	 
	Section 5.14
	 	Plan Assets; Prohibited Transactions	 	 	69	 
	Section 5.15
	 	Environmental Matters	 	 	69	 
	Section 5.16
	 	Investment Company Act	 	 	69	 
	Section 5.17
	 	Solvency	 	 	69	 
	Section 5.18
	 	Intellectual Property	 	 	70	 
	Section 5.19
	 	Collateral	 	 	70	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	COVENANTS	 	 	71	 
	Section 6.1
	 	Financial Reporting	 	 	71	 
	Section 6.2
	 	Use of Proceeds	 	 	73	 
	Section 6.3
	 	Notice of Default	 	 	73	 
	Section 6.4
	 	Conduct of Business	 	 	73	 
	Section 6.5
	 	Taxes	 	 	73	 
	Section 6.6
	 	Insurance	 	 	73	 
	Section 6.7
	 	Compliance with Laws	 	 	74	 
	Section 6.8
	 	Maintenance of Properties	 	 	74	 
	Section 6.9
	 	Inspection	 	 	74	 
	Section 6.10
	 	Restricted Payments	 	 	74	 
	Section 6.11
	 	Indebtedness	 	 	78	 
	Section 6.12
	 	Merger	 	 	82	 
	Section 6.13
	 	Sale of Assets	 	 	84	 
	Section 6.14
	 	Investments and Acquisitions	 	 	85	 
	Section 6.15
	 	Liens	 	 	88	 
	Section 6.16
	 	Affiliates	 	 	91	 
	Section 6.17
	 	Amendments to Agreements; Prepayments of Second Lien Debt	 	 	92	 
	Section 6.18
	 	Inconsistent Agreements	 	 	93	 
	Section 6.19
	 	Financial Covenants	 	 	94	 
	Section 6.20
	 	Minimum Liquidity Ratio	 	 	96	 
	Section 6.21
	 	Subsidiary Guarantees	 	 	96	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 6.22
	 	Collateral	 	 	97	 
	Section 6.23
	 	Holdco Covenant	 	 	97	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	DEFAULTS	 	 	98	 
	Section 7.1
	 	Representation or Warranty	 	 	98	 
	Section 7.2
	 	Non-Payment	 	 	98	 
	Section 7.3
	 	Specific Defaults	 	 	98	 
	Section 7.4
	 	Other Defaults	 	 	98	 
	Section 7.5
	 	Cross-Default	 	 	98	 
	Section 7.6
	 	Insolvency; Voluntary Proceedings	 	 	98	 
	Section 7.7
	 	Involuntary Proceedings	 	 	99	 
	Section 7.8
	 	Judgments	 	 	99	 
	Section 7.9
	 	Unfunded Liabilities; Reportable Event	 	 	99	 
	Section 7.10
	 	Change in Control	 	 	99	 
	Section 7.11
	 	Withdrawal Liability	 	 	99	 
	Section 7.12
	 	Guaranty	 	 	99	 
	Section 7.13
	 	Collateral Documents	 	 	99	 
	Section 7.14
	 	Events Not Constituting Default	 	 	99	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	 	 	101	 
	Section 8.1
	 	Acceleration	 	 	101	 
	Section 8.2
	 	Amendments	 	 	101	 
	Section 8.3
	 	Replacement Loans	 	 	102	 
	Section 8.4
	 	Errors	 	 	103	 
	Section 8.5
	 	Preservation of Rights	 	 	103	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	GENERAL PROVISIONS	 	 	104	 
	Section 9.1
	 	Survival of Representations	 	 	104	 
	Section 9.2
	 	Governmental Regulation	 	 	104	 
	Section 9.3
	 	Headings	 	 	104	 
	Section 9.4
	 	Entire Agreement	 	 	104	 
	Section 9.5
	 	Several Obligations; Benefits of this Agreement	 	 	104	 
	Section 9.6
	 	Expenses; Indemnification	 	 	104	 
	Section 9.7
	 	Severability of Provisions	 	 	105	 
	Section 9.8
	 	Nonliability of Lenders	 	 	105	 
	Section 9.9
	 	Confidentiality	 	 	106	 
	Section 9.10
	 	Nonreliance	 	 	107	 
	Section 9.11
	 	Disclosure	 	 	107	 
	Section 9.12
	 	USA PATRIOT Act	 	 	107	 
	Section 9.13
	 	Amendment and Restatement; Prior Defaults	 	 	107	 
	 
	 	 	 	 	 	 
	ARTICLE X
	 	THE ADMINISTRATIVE AGENT	 	 	108	 
	Section 10.1
	 	Appointment; Nature of Relationship	 	 	108	 
	Section 10.2
	 	Powers	 	 	108	 
	Section 10.3
	 	General Immunity	 	 	108	 
	Section 10.4
	 	No Responsibility for Loans, Recitals, etc	 	 	108	 
	Section 10.5
	 	Action on Instructions of Lenders	 	 	109	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 10.6
	 	Employment of Administrative Agents and Counsel	 	 	109	 
	Section 10.7
	 	Reliance on Documents; Counsel	 	 	109	 
	Section 10.8
	 	Administrative Agent’s Reimbursement and Indemnification	 	 	109	 
	Section 10.9
	 	Notice of Default	 	 	110	 
	Section 10.10
	 	Rights as a Lender	 	 	110	 
	Section 10.11
	 	Lender Credit Decision	 	 	110	 
	Section 10.12
	 	Successor Administrative Agent	 	 	111	 
	Section 10.13
	 	Administrative Agent and Arranger Fees	 	 	111	 
	Section 10.14
	 	Delegation to Affiliates	 	 	112	 
	Section 10.15
	 	Co-Documentation Agents, Co-Syndication Agents, etc	 	 	112	 
	Section 10.16
	 	Appointment of Collateral Agent	 	 	112	 
	Section 10.17
	 	Certain Releases of Collateral and Guarantors	 	 	112	 
	Section 10.18
	 	Intercreditor Agreement	 	 	112	 
	 
	 	 	 	 	 	 
	ARTICLE XI
	 	SETOFF; RATABLE PAYMENTS	 	 	113	 
	Section 11.1
	 	Setoff	 	 	113	 
	Section 11.2
	 	Ratable Payments	 	 	113	 
	 
	 	 	 	 	 	 
	ARTICLE XII
	 	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	 	 	113	 
	Section 12.1
	 	Successors and Assigns	 	 	113	 
	Section 12.2
	 	Dissemination of Information	 	 	118	 
	Section 12.3
	 	Tax Treatment	 	 	118	 
	 
	 	 	 	 	 	 
	ARTICLE XIII
	 	NOTICES	 	 	118	 
	Section 13.1
	 	Notices; Effectiveness; Electronic Communication	 	 	118	 
	 
	 	 	 	 	 	 
	ARTICLE XIV
	 	COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION	 	 	120	 
	Section 14.1
	 	Counterparts; Effectiveness	 	 	120	 
	Section 14.2
	 	Electronic Execution of Assignments	 	 	120	 
	 
	 	 	 	 	 	 
	ARTICLE XV
	 	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	 	 	120	 
	Section 15.1
	 	CHOICE OF LAW	 	 	120	 
	Section 15.2
	 	CONSENT TO JURISDICTION	 	 	120	 
	Section 15.3
	 	WAIVER OF JURY TRIAL	 	 	121	 

iv

 

EXHIBITS AND SCHEDULES

	 	 	 	 	 
	Schedules
	Commitment Schedule
	 	 	 	 
	Schedule 1

	 	—
	 	Scheduled Restricted Investments (Section 1.1)/Specified Securities (Section 1.1)
	Schedule 2.22

	 	—
	 	Outstanding Letters of Credit (Section 2.22)
	Schedule 5.8

	 	—
	 	Subsidiaries (Section 5.8)
	Schedule 5.13

	 	—
	 	Ownership of Properties (Section 5.13)
	Schedule 6.11

	 	—
	 	Existing Indebtedness (Section 6.11)
	Schedule 6.13

	 	—
	 	Investment Writedowns (Section 6.13)
	Schedule 6.14(viii)

	 	—
	 	Existing Investments (Section 6.14(viii))
	Schedule 6.14(xx)

	 	—
	 	Certain Acquisitions (Section 6.14(xx))
	Schedule 6.15

	 	—
	 	Existing Liens (Section 6.15)
	Schedule 6.16

	 	—
	 	Existing Affiliate Transactions (Section 6.16)
	 
	 	 	 	 
	Exhibits
	Exhibit A

	 	—
	 	Form of Revolving Credit Note
	Exhibit B-1

	 	—
	 	Form of Term A Note
	Exhibit B-2

	 	—
	 	Form of Term B Note
	Exhibit C

	 	—
	 	Form of Swing Line Note
	Exhibit D

	 	—
	 	Form of Assignment and Assumption Agreement
	Exhibit E

	 	—
	 	Form of Compliance Certificate
	Exhibit F

	 	—
	 	Form of Intercreditor Agreement

v

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     This
Second Amended and Restated Credit Agreement, dated as of
March 25, 2008, is among
MoneyGram International, Inc., a Delaware corporation (“Holdco”), MoneyGram Payment Systems
Worldwide, Inc., a Delaware corporation (the “Borrower”), the Lenders and JPMorgan Chase
Bank, N.A., a national banking association, as LC Issuer, as the Swing Line Lender, as
Administrative Agent and as Collateral Agent.

R E C I T A L S

     A. Holdco, the Administrative Agent and the financial institutions so designated on the
Commitment Schedule (the “Existing Lenders”) are party to that certain Amended and Restated
Credit Agreement dated as of June 29, 2005 (as previously amended, the “Existing Credit
Agreement”).

     B. Holdco, the Administrative Agent and the Existing Lenders wish to amend and restate the
Existing Credit Agreement on the terms and conditions set forth below to extend the Facility
Termination Date, to add a new tranche of term loans, and to make the other changes evidenced
hereby.

     C. MoneyGram Payment Systems Worldwide, Inc. wishes to become a party to this Agreement as the
“Borrower” hereunder and to accept and assume all of the rights and the obligations of the
“Borrower”. Each financial institution so designated on the Commitment Schedule wishes to become a
Lender party to this Agreement and to accept and assume all the rights and obligations of a
“Lender” with a Term B Loan.

     NOW, THEREFORE, in consideration of the premises and of the mutual agreements made herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Holdco, the Borrower, the Lenders and the Administrative Agent hereby agree, subject
to the terms and conditions hereof, that the Existing Credit Agreement is hereby amended and
restated in its entirety as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. As used in this Agreement:

     “Accounts Receivable” means net accounts receivable as reflected on a balance sheet in
accordance with GAAP.

     “Acquisition” means any transaction, or any series of related transactions,
consummated on or after the date of this Agreement, by which the Borrower or any of its
Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm,
corporation or limited liability company, or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most
recent transaction in a series of transactions) at least a majority (in number of votes) of the
securities of a corporation which have ordinary voting power for the election of directors (other
than

1

 

securities having such power only by reason of the happening of a contingency) or a majority
(by percentage or voting power) of the outstanding ownership interests of a partnership or limited
liability company.

     “Act” is defined in Section 9.12.

     “Administrative Agent” means JPMCB in its capacity as administrative agent of the
Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor
Administrative Agent appointed pursuant to Article X.

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

     “Advance” means an advance of funds hereunder, (i) made by the applicable Lenders on
the same Borrowing Date, or (ii) converted or continued by the applicable Lenders on the same date
of conversion or continuation, consisting, in either case, of the aggregate amount of the several
Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest Period. The
term “Advance” shall include Swing Line Loans unless otherwise expressly provided.

     “Affected Lender” is defined in Section 2.23.

     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 10% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise; provided, that, in no event shall any
of GSMP V Onshore US, Ltd., GSMP V Offshore US, Ltd. and GSMP V Institutional US, Ltd.
(“GSMP”) and their Subsidiaries and other Persons engaged primarily in the investment of
mezzanine securities that directly or indirectly are controlled by, or under common control with,
the same investment adviser as GSMP (collectively, “GS Mezzanine Entities”) or THL Credit
Partners, L.P. or its Affiliates (collectively, the “THL Credit Entities”), solely in the
capacity of such GS Mezzanine Entity or THL Credit Entity as a holder of Second Lien Indebtedness,
be deemed to control Holdco or any of its Subsidiaries for any purposes under this Credit
Agreement.

     “Aggregate Outstanding Revolving Credit Exposure” means, at any time, the aggregate of
the Outstanding Revolving Credit Exposure of all the Lenders.

     “Aggregate Revolving Credit Commitment” means the aggregate of the Revolving Credit
Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms
hereof. The Aggregate Revolving Credit Commitment as of the date hereof is $250,000,000.

     “Aggregate Term B Loan Commitment” means the aggregate of the Term B Loan Commitments
of all the Lenders. The Aggregate Term B Loan Commitment is $250,000,000.

2

 

     “Agreement” means this credit agreement, as it may be amended, restated, amended and
restated or otherwise modified and in effect from time to time.

     “Alternate Base Rate” means, for any day, a rate of interest per annum equal to the
higher of (i) the Prime Rate in effect on such day and (ii) the sum of the Federal Funds Effective
Rate for such day plus 1/2% per annum. Any change in the Alternate Base Rate due to a change in
the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the
effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.

     “Applicable Margin” means (i) with respect to any Revolving Credit Advance which is a
Floating Rate Advance and any portion of the Term A Loan which bears interest at the Floating Rate,
2.50% per annum, (ii) with respect to any portion of the Term B Loan which bears interest at the
Floating Rate, 4.00% per annum, (iii) with respect to any Revolving Credit Advance which is a
Eurodollar Advance and any portion of the Term A Loan which bears interest at the Eurodollar Rate,
3.50% per annum, (iv) with respect to any portion of the Term B Loan which bears interest at the
Eurodollar Rate, 5.00% per annum and (v) with respect to any Swing Line Loan, 2.50% per annum.

     “Approved Fund” is defined in Section 12.1(ii).

     “Arranger” means J.P. Morgan Securities Inc. and its successors, in its capacities as
Lead Arranger and Sole Book Runner.

     “Assignee” is defined in Section 12.1(ii)(A).

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Assignee (with the consent of any party whose consent is required by Section 12.1)
and accepted by the Administrative Agent, in the form of Exhibit D or any other form
approved by the Administrative Agent.

     “Authorized Officer” means any of the Chairman, Chief Executive Officer, President,
Chief Financial Officer, Treasurer, Assistant Treasurer or Controller of the Borrower, acting
singly.

     “Basket Amount” means, at any time, the sum of:

     (i) 50% of the Consolidated Net Income of the Borrower and the Borrower Subsidiaries
for the period (taken as one accounting period) from the first day of the first fiscal
quarter following the Effective Date to the end of the Borrower’s most recently ended fiscal
quarter for which internal financial statements are available at such time or, in the case
such Consolidated Net Income for such period is a deficit, minus 100% of such deficit (it
being understood that gains from the sale or other disposition of Specified Securities are
disregarded in the computation of Consolidated Net Income); plus

     (ii) 100% of the aggregate amount of cash contributed to the common equity capital of
the Borrower following the Effective Date (other than by a Borrower Subsidiary); plus

3

 

     (iii) to the extent not already included in Consolidated Net Income, the lesser of (x)
the aggregate amount received in cash by the Borrower after the Effective Date as a result
of the sale or other disposition (other than to the Borrower or a Borrower Subsidiary) of,
or by way of dividend, distribution or loan repayments on, Investments made pursuant to
Section 6.14(xiv) by the Borrower and the Borrower Subsidiaries after the Effective Date or
(y) the initial amount of such Investments made in compliance with the terms of this
Agreement after the Effective Date.

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act. The terms “Beneficial Ownership” and “Beneficially Own” have a
corresponding meaning.

     “Borrower” means MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation,
and its successors and assigns.

     “Borrower Subsidiary” means a Subsidiary of the Borrower.

     “Borrowing Date” means a date on which a Credit Extension is made hereunder.

     “Borrowing Notice” is defined in Section 2.11.

     “Business Combination” means (i) any reorganization, consolidation, merger, share
exchange or similar business combination transaction involving Holdco with any Person or (ii) the
sale, assignment, conveyance, transfer, lease or other disposition by Holdco of all or
substantially all of its assets.

     “Business Day” means (i) with respect to any borrowing, payment or rate selection of
Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in
Chicago and New York City for the conduct of substantially all of their commercial lending
activities, interbank wire transfers can be made on the Fedwire system and dealings in United
States dollars are carried on in the London interbank market and (ii) for all other purposes, a day
(other than a Saturday or Sunday) on which banks generally are open in Chicago and New York for the
conduct of substantially all of their commercial lending activities and interbank wire transfers
can be made on the Fedwire system.

     “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent
ownership interests in a Person other than a corporation and any and all warrants, rights or
options to purchase any of the foregoing (but excluding any debt security that is convertible into,
or exchangeable for, Capital Stock). The Purchase Agreement Equity shall be Capital Stock, whether
or not classified as indebtedness for purposes of GAAP.

     “Capitalized Lease” of a Person means any lease of Property by such Person as lessee
which would be capitalized on a balance sheet (excluding the footnotes thereto) of such Person
prepared in accordance with GAAP.

4

 

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of
such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such
Person prepared in accordance with GAAP.

     “Cash and Cash Equivalents” means:

     (i) U.S. dollars or Canadian dollars;

     (ii) (x) euros or any national currency of any participating member state of the EMU or
(y) such local currencies held from time to time in the ordinary course of business;

     (iii) Government Securities;

     (iv) securities issued by any agency of the United States or government-sponsored
enterprise (such as debt securities or mortgage-backed securities issued by Freddie Mac,
Fannie Mae, Federal Home Loan Banks and other government-sponsored enterprises), which may
or may not be backed by the full faith and credit of the United States, in each case
maturing within three months or less and rated Aa1 or better by Moody’s and AA+ or better by
S&P;

     (v) certificates of deposit, time deposits and eurodollar time deposits with maturities
of one year or less from the date of acquisition, banker’s acceptances with maturities not
exceeding 13 months and overnight bank deposits, in each case with any commercial bank
having capital and surplus in excess of $500,000,000 in the case of a domestic bank and
$250,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of
a foreign bank;

     (vi) repurchase obligations for underlying securities of the types described in clauses
(iii), (iv) and (v) entered into with any financial institution meeting the qualifications
specified in clause (iv) above;

     (vii) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each
case maturing within 12 months after the date of creation thereof;

     (viii) investment funds investing 95% of their assets in securities of the types
described in clauses (i) through (vi) above;

     (ix) readily marketable direct obligations issued by any state of the United States of
America or any political subdivision thereof having one of the two highest rating categories
obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of
acquisition; and

     (x) Scheduled Restricted Investments.

     “Change” is defined in Section 3.2.

     “Change in Control” means the occurrence of any of the following:

5

 

     (i) any Person (other than the Sponsors) acquires Beneficial Ownership, directly or
indirectly, of 50% or more of the combined voting power of the then-outstanding voting
securities of Holdco entitled to vote generally in the election of directors (“Outstanding Corporation Voting
Stock”);

     (ii) the consummation of a Business Combination pursuant to which either (A) the
Persons that were the Beneficial Owners of the Outstanding Corporation Voting Stock
immediately prior to such Business Combination Beneficially Own, directly or indirectly,
less than 50% of the combined voting power of the then-outstanding voting securities
entitled to vote generally in the election of directors (or equivalent) of the entity
resulting from such Business Combination (including, without limitation, a company that, as
a result of such transaction, owns Holdco or all or substantially all of Holdco’s assets
either directly or through one or more subsidiaries), or (B) any Person (other than the
Sponsors) Beneficially Owns, directly or indirectly, 50% or more of the combined voting
power of the then-outstanding voting securities entitled to vote generally in the election
of directors (or equivalent) of the entity resulting from such Business Combination;

     (iii) the failure by Holdco to directly own 100% of the Capital Stock of the Borrower;

     (iv) the failure by the Borrower to own 100% of the Capital Stock of MoneyGram Payment
Systems, Inc., a Delaware corporation; or

     (v) the adoption of a plan relating to the liquidation of Holdco or the Borrower.

     “Class”, when used in reference to any Loan or Advance, refers to whether such Loan,
or the Loans comprising such Advance, are Revolving Loans, Term A Loans, Term B Loans or Swing Line
Loans.

     “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise
modified from time to time.

     “Collateral” means all property with respect to which any security interests have been
granted (or purported to be granted) to the Collateral Agent pursuant to any Collateral Document.

     “Collateral Agent” means JPMorgan Chase Bank, N.A., in the capacity of collateral
agent for the Lenders and the other Secured Parties named in the Collateral Documents.

     “Collateral Documents” means each security agreement, pledge agreement, mortgage and
other document or instrument pursuant to which security is granted to the Collateral Agent pursuant
hereto for the benefit of the Secured Parties to secure the Obligations, including without
limitation that certain Amended and Restated Security Agreement, Amended and Restated Pledge
Agreement, Amended and Restated Trademark Security Agreement and Amended and

6

 

Restated Patent Security Agreement, in each case dated as of the date hereof and made between
the Borrower, Holdco and one or more other Loan Parties and the Collateral Agent.

     “Commitment” means a Revolving Credit Commitment or Term B Loan Commitment.

     “Commitment Schedule” means the Schedule attached hereto identified as such.

     “Consolidated Depreciation and Amortization Expense” means, with respect to any Person
for any period, the total amount of depreciation and amortization expense, including the
amortization of deferred financing fees of such Person and its Subsidiaries for such period on a
consolidated basis.

     “Consolidated EBITDA” means with respect to any Person for any period, the
Consolidated Net Income of such Person for such period:

     (i) increased (without duplication) to the extent deducted in computing the
Consolidated Net Income of such Person for such period by:

     (A) provision for taxes based on income or profits or capital gains of such
Person and its Subsidiaries (including any tax sharing arrangements); plus

     (B) Consolidated Interest Expense of such Person (including costs of surety
bonds in connection with financing activities, to the extent included in
Consolidated Interest Expense); plus

     (C) Consolidated Depreciation and Amortization Expense of such Person; plus

     (D) any fees and expenses incurred, or any amortization thereof regardless of
how characterized by GAAP, in connection with the Transactions, any acquisition,
disposition, recapitalization, Investment, asset sale, issuance or repayment of
Indebtedness, issuance of Capital Stock, refinancing transaction or amendment or
modification of any debt instrument (in each case, including any such transaction
consummated prior to the date hereof and any such transaction undertaken but not
completed) and any charges or non-recurring merger costs incurred as a result of any
such transaction; plus

     (E) other non-cash charges reducing the Consolidated Net Income of such Person,
excluding any such charge that represents an accrual or reserve for a cash
expenditure for a future period; plus

     (F) the amount of any minority interest expense deducted in calculating the
Consolidated Net Income of such Person (less the amount of any cash dividends or
distributions paid to the holders of such minority interests); plus

     (G) non-recurring or unusual losses or expenses (including costs and expenses
of litigation included in Consolidated Net Income pursuant to clause (ii) of the
definition of Consolidated Net Income) and severance, legal settlement,

7

 

relocation costs, curtailments or modifications to pension and post-retirement
employee benefit plans, the amount of any restructuring charges or reserves
deducted, including any restructuring costs incurred in connection with
acquisitions, costs related to the closure, opening and/or consolidation of
facilities, retention charges, systems establishment costs, spin-off costs,
transition costs associated with transferring operations offshore and other
transition costs, signing, retention and completion bonuses, conversion costs and
excess pension charges and consulting fees incurred in connection with any of the
foregoing and amortization of signing bonuses; plus

     (H) the amount of loss on sale of receivables and related assets in connection
with a Receivables Transaction;

     (ii) to the extent deducted or added in computing Consolidated Net Income of such
Person for such period, increased or decreased by (without duplication) any non-cash net
loss or gain resulting from currency remeasurements of indebtedness (including any non-cash
net loss or gain resulting from hedge agreements for currency exchange risk); and

     (iii) decreased (without duplication) to the extent included in computing Consolidated
Net Income of such Person for such period by:

     (A) non-cash items increasing Consolidated Net Income of such Person and its
Subsidiaries, excluding any items which represent the reversal of any accrual of, or
cash reserve for, anticipated cash charges in any prior period; plus

     (B) non-recurring or unusual gains increasing Consolidated Net Income of such
Person and its Subsidiaries.

     “Consolidated Interest Expense” means with respect to any Person for any period, the
sum, without duplication, of:

     (i) consolidated interest expense of such Person and its Subsidiaries for such period,
to the extent such expense was deducted in computing Consolidated Net Income for such period
(including (A) amortization of deferred financing fees, debt issuance costs, commissions,
fees, expenses and original issue discount resulting from the issuance of indebtedness at
less than par, (B) all commissions, discounts and other fees and charges owed with respect
to letters of credit or bankers’ acceptances, (C) non-cash interest payments (but excluding
any non-cash interest expense attributable to the movement in the mark-to-market valuation
of Rate Management Obligations or other derivative instruments pursuant to Financial
Accounting Standards Board Statement No. 133 — “Accounting for Derivative Instruments and
Rate Management Activities”), (D) the interest component of Capitalized Lease Obligations
and (E) net payments, if any, pursuant to interest rate Rate Management Obligations with
respect to Indebtedness); plus

     (ii) consolidated capitalized interest of such Person and its Subsidiaries for such
period, whether paid or accrued.

8

 

     For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate implicit in such Capitalized Lease Obligation in accordance with GAAP.
For purposes of clarity, no obligations in respect of Purchase Agreement Equity, whether or not
classified as indebtedness in accordance with GAAP, shall constitute interest expense.

     “Consolidated Net Income” means, with respect to any Person for any period, the Net
Income of such Person and its Subsidiaries calculated on a consolidated basis for such period;
provided, however, that:

     (i) to the extent included in Net Income for such period and without duplication:

     (A) there shall be excluded in computing Consolidated Net Income (x) all
extraordinary gains and (y) all extraordinary losses;

     (B) the Net Income for such period shall not include the cumulative effect of a
change in accounting principles or policies during such period, whether effected
through a cumulative effect adjustment or a retroactive application in each case in
accordance with GAAP;

     (C) any net after-tax income (loss) from disposed or discontinued operations
and any net after-tax gains or losses on disposal of disposed or discontinued
operations shall be excluded;

     (D) any net after-tax gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions other than in the ordinary course of
business, as determined in good faith by the Borrower, shall be excluded;

     (E) the Net Income for such period of any Person that is not a Subsidiary
thereof or that is accounted for by the equity method of accounting, shall be
excluded, except to the extent of the amount of dividends or distributions or other
payments that are actually paid in cash (or to the extent converted into cash) to
the referent Person or a Subsidiary thereof in respect of such period;

     (F) solely for the purpose of determining the amount available for Restricted
Payments under Section 6.10(viii), the Net Income or loss for such period of any
Subsidiary of such Person will be excluded to the extent that the declaration or
payment of dividends or similar distributions by that Subsidiary of its Net Income
is not at the date of determination permitted without any prior governmental
approval (that has not been obtained) or, directly or indirectly, by the operation
of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule, or governmental regulation applicable to that Subsidiary or its
stockholders, unless such restriction with respect to the payment of dividends or
similar distributions has been legally waived or such income has been dividended or
distributed to the Borrower or any of its Subsidiaries without such restriction (in
which case the amount of such dividends or distributions or other payments that are
actually paid in cash (or converted into cash) to the

9

 

referent Person in respect of such period shall be included in Net Income);
provided, however, that for the avoidance of doubt, any restrictions
based solely on (1) financial maintenance requirements imposed as a matter of state
regulatory requirements or (2) the type of restriction set forth in Section 6.15
(xvii) or excluded from the definition of Liens pursuant to clause (ii) or (iv) of
the definition thereof shall not result in the exclusion of Net Income (loss); and
provided, further, that any net loss of any Subsidiary of such
Person shall not be excluded pursuant to this clause (F);

     (G) any net after-tax income (loss) from the early extinguishment of
Indebtedness or Rate Management Obligations or other derivative instruments shall be
excluded;

     (H) any Net Income (loss) for such period will be excluded to the extent it
relates to the impairment or appreciation of, or it is realized out of the income
(or loss) generated by, or from the sale or disposition of, any assets included in
the Scheduled Restricted Investments;

     (I) any Net Income (loss) for such period will be excluded to the extent it
relates to the impairment or appreciation of, or it is realized out of the income
(or loss) generated by, or from the sale or disposition of, any Specified Security
or any asset included in the Restricted Investment Portfolio;

     (J) any impairment charge or asset write-off pursuant to Financial Accounting
Standards Board Statement No. 142 “Goodwill and Other Intangible Assets” or
Financial Accounting Standards Board Statement No. 144 “Accounting for the
Impairment or Disposal of Long-Lived Assets” and the amortization of intangibles
arising pursuant to Financial Accounting Standards Board Statement No. 141 “Business
Combinations” will be excluded;

     (K) any non-cash compensation expense recorded from grants of stock
appreciation or similar rights, stock options, restricted stock or other rights and
any non-cash charges associated with the rollover, acceleration or payout of Capital
Stock by management of the Borrower or any direct or indirect parent of the Borrower
in connection with Transactions shall be excluded; and

     (L) any non-cash items included in the Consolidated Net Income of the Borrower
as a result of an agreement of the Sponsors in respect of any equity participation
shall be excluded; and

     (ii) to the extent not already deducted from Net Income for such period, any costs
associated with any operational expenses or litigation costs or expenses (including any
judgment or settlement) made by any direct or indirect parent of the Borrower in respect of
which the Borrower has made a Restricted Payment pursuant to Sections 6.10(iv) or (v) shall
be deducted from Net Income.

10

 

     For purposes of clarity, any impact in respect of Purchase Agreement Equity, whether or not
classified as indebtedness in accordance with GAAP, shall be excluded from Consolidated Net Income.

     Notwithstanding the foregoing, for the purpose of Section 6.10 only and in order to avoid
double counting, there shall be excluded from Consolidated Net Income any income arising from any
sale or other disposition of Investments made by the Borrower and the Borrower Subsidiaries, any
repurchases and redemptions of Investments from the Borrower and the Borrower Subsidiaries, any
repayments of loans and advances that constitute Investments by the Borrower or any Borrower
Subsidiary, in each case to the extent such amounts increase clause (iii) of the definition of
Basket Amount.

     “Consolidated Senior Secured Indebtedness” means, at any time, the sum of indebtedness
for borrowed money that is secured by Liens and Capitalized Lease Obligations, in each case of any
Person and its Subsidiaries calculated on a consolidated basis as of such time. For purposes of
clarity, (i) the Second Lien Indebtedness shall constitute Consolidated Senior Secured Indebtedness
and (ii) no obligations in respect of Purchase Agreement Equity, whether or not classified as
indebtedness in accordance with GAAP, shall constitute Consolidated Senior Secured Indebtedness.

     “Contingent Obligation” is defined in the definition of Indebtedness.

     “Contract” is defined in Section 5.3

     “Controlled Group” means all members of a controlled group of corporations or other
business entities and all trades or businesses (whether or not incorporated) under common control
which, together with Holdco or any of its Subsidiaries, are treated as a single employer under
Section 414 of the Code.

     “Conversion/Continuation Notice” is defined in Section 2.12.

     “Credit Extension” means the making of an Advance or the issuance, amendment, renewal
or extension of a Letter of Credit.

     “Credit Extension Date” means the Borrowing Date for an Advance or the date of the
issuance, amendment (to the extent it increases the amount available for draw thereunder), renewal
or extension of a Letter of Credit.

     “D&T Deliverables” means the Satisfactory Audit Opinion and Deloitte & Touche LLP’s
consent to file the Satisfactory Audit Opinion in Holdco’s Annual Report on Form 10-K.

     “Default” means an event described in Article VII.

     “Disgorged Recovery” means the portion, if any, of any payment or other distribution
received by a Lender in satisfaction of Obligations of a Loan Party to such Lender, that is
required in any Insolvency Proceedings or otherwise to be disgorged, turned over or otherwise paid
to such Loan Party, such Loan Party’s estate or creditors of such Loan Party, whether

11

 

because the transfer of such payment or other property is avoided or otherwise, including,
without limitation, because it was determined to be a fraudulent or preferential transfer.

     “Disqualified Institutions” means those banks, financial institutions and other
Persons that are competitors of the Borrower and its Subsidiaries or Affiliates of such competitors
and are identified as such to the Administrative Agent on the date hereof and additional
competitors or Affiliates thereof identified to the Administrative Agent from time to time;
provided that if such identified Person is a commercial bank, the global funds transfer or
payment services activities of which are merely incidental to its primary business (an
“Incidental Competitor”) and which is not an Affiliate of a competitor of the Borrower
(other than an Incidental Competitor), the inclusion of such Person as a Disqualified Institution
shall be reasonably acceptable to the Administrative Agent.

     “Disqualified Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms, or by the terms of any security into which it is convertible or for
which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as a
result of a change of control or asset sale) in whole or in part, in each case prior to the date 91
days after the Facility Termination Date; provided, however, that if such Capital Stock is issued
to any plan for the benefit of employees, directors, managers or consultants of Holdco or its
Subsidiaries (or their direct or indirect parent) or by any such plan to such employees, directors,
managers, consultants (or their respective estates, heirs, beneficiaries, transferees, spouses or
former spouses), such Capital Stock shall not constitute Disqualified Stock solely because it may
be required to be repurchased by Holdco or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations. For purposes hereof, the amount (or principal amount) of any
Disqualified Stock shall be equal to its voluntary or involuntary liquidation preference.

     “Dollars” means lawful currency of the United States of America.

     “Domestic Subsidiary” means any Subsidiary of the Borrower that is (i) organized under
the laws of the United States of America, any state thereof or the District of Columbia or (ii) a
disregarded entity for U.S. federal income tax purposes the sole assets of which are Capital Stock
of Subsidiaries that are not organized under the laws of the United States of America, any state
thereof or the District of Columbia.

     “Effective Date” means the date on which the conditions specified in Section 4.1 have
been satisfied (or waived in accordance with Section 8.2) and the Term B Loan is funded, which is
the date hereof.

     “Effective Date MAE” means any circumstance, event, change, development or effect
that, (a) is material and adverse to the financial position, results of operations, business,
assets or liabilities of Holdco and its Subsidiaries, taken as a whole, (b) would materially impair
the ability of Holdco and its Subsidiaries, taken as a whole, to perform their obligations under
the Loan Documents, (c) would materially impair the rights and remedies of the Administrative Agent
or the Lenders under the Loan Documents, taken as a whole, or (d) would materially impair the
ability of Holdco to perform its obligations under the Equity Purchase Agreement or

12

 

otherwise materially threaten or materially impede the consummation of the Purchase (as
defined in the Equity Purchase Agreement) and the other transactions contemplated by the Equity
Purchase Agreement; provided, however, that the impact of the following matters
shall be disregarded: (i) changes in general economic, financial market, credit market, regulatory
or political conditions (whether resulting from acts of war or terrorism, an escalation of
hostilities or otherwise) generally affecting the U.S. economy, foreign economies or the industries
in which Holdco or its Subsidiaries operate, (ii) changes in generally accepted accounting
principles, (iii) changes in laws of general applicability or interpretations thereof by any
Governmental Entities (as defined in the Equity Purchase Agreement), (iv) any change in Holdco’s
stock price or trading volume, in and of itself, or any failure, in and of itself, by Holdco to
meet revenue or earnings guidance published or otherwise provided to the Administrative Agent or
the Lenders (provided that any fact, condition, circumstance, event, change, development or
effect underlying any such failure or change, other than any of the foregoing that is otherwise
excluded pursuant to clauses (i) through (viii) hereof, may be taken into account in determining
whether an Effective Date MAE has occurred or would reasonably be expected to occur), (v) losses
resulting from any change in the valuations of Holdco’s portfolio of securities or sales of such
securities and any effect resulting from such changes or sales, (vi) actions or omissions of Holdco
or the Sponsors taken as required by the Equity Purchase Agreement or with the prior written
consent of the Administrative Agent, (vii) public announcement, in and of itself, by a third party
not affiliated with Holdco of any proposal to acquire the outstanding securities or all or
substantially all of the assets of Holdco and (viii) the public announcement of the Loan Documents
and the transactions contemplated thereby (provided that this clause (viii) shall not apply with
respect to Sections 1.2(c)(v), 2.2(d), 2.2(h) and 2.2(k) of the Equity Purchase Agreement);
provided further, however, that Effective Date MAE shall be deemed not to
include the impact of the foregoing clauses (i), (ii) and (iii), in each case only insofar and to
the extent that such circumstances, events, changes, developments or effects described in such
clauses do not have a disproportionate effect on Holdco and its Subsidiaries (exclusive of its
payments systems business) relative to other participants in the industry.

     “EMU” means the economic and monetary union as contemplated in the Treaty on European
Union.

     “Environmental Laws” means any Laws relating to pollution, the environment or natural
resources.

     “Equity Purchase Agreement” means that certain Amended and Restated Purchase
Agreement, dated as of March 17, 2008, among Holdco and the several “Investors” named therein,
including all exhibits and schedules thereto, as in effect on the date hereof.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and any applicable rule or regulation issued thereunder.

     “Eurodollar Advance” means an Advance which, except as otherwise provided in Section
2.14, bears interest at the applicable Eurodollar Rate plus the
Applicable Margin.

     “Eurodollar Base Rate” means, with respect to any Eurodollar Advance for any Interest
Period, the rate appearing on Telerate Page 3750 (or on any successor or substitute page of such

13

 

service, or any successor to or substitute for such service, providing rate quotations
comparable to those currently provided on such page of such service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates
applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m. (London
time) two Business Days prior to the commencement of such Interest Period, as the rate for dollar
deposits with a maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the “Eurodollar Base Rate” with respect to such
Eurodollar Advance for such Interest Period shall be the rate at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal
London office of the Administrative Agent in immediately available funds in the London interbank
market at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of
such Interest Period.

     “Eurodollar Loan” means a Loan which, except as otherwise provided in Section 2.14,
bears interest at the applicable Eurodollar Rate plus the Applicable Margin.

     “Eurodollar Rate” means, with respect to any Eurodollar Advance for any Interest
Period, an interest rate per annum equal to the greater of (x) the Eurodollar Base Rate for such
Interest Period multiplied by the Statutory Reserve Rate (rounded upwards, if necessary, to the
next 1/16 of 1%) and (y) 2.5% per annum.

     “Excess Cash Flow” means, for any fiscal year of Holdco, the excess, if any, of:

     (i) the sum, without duplication, for such period of:

     (A) Consolidated EBITDA (it being understood, for avoidance of doubt, that any
Specified Equity Contribution shall not increase Consolidated EBITDA for purposes of
this definition);

     (B) foreign currency translation gains received in cash related to currency
remeasurements of indebtedness (including any net cash gain resulting from hedge
agreements for currency exchange risk), to the extent not otherwise included in
calculating Consolidated EBITDA;

     (C) net cash gains resulting in such period from Rate Management Obligations
and the application of Statement of Financial Accounting Standards No. 133 and
International Accounting Standards No. 39 and their respective pronouncements and
interpretations, to the extent not otherwise included in calculating Consolidated
EBITDA, including pursuant to clause (ii) of EBITDA;

     (D) extraordinary, unusual or nonrecurring cash gains (other than gains on
asset sales in the ordinary course of business, including Portfolio Securities), to
the extent not otherwise included in calculating Consolidated EBITDA; and

     (E) to the extent not otherwise included in calculating Consolidated EBITDA,
cash gains from any sale or disposition outside the ordinary course of business
(excluding gains from Prepayment Events to the extent an amount equal

14

 

to the Net Proceeds therefrom was applied to the prepayment of Term B Loans
pursuant to Section 2.10(ii));

minus

     (ii) the sum, without duplication, for such period of:

     (A) the amount of any taxes, including taxes based on income, profits or
capital, state, franchise and similar taxes, foreign withholding taxes and foreign
unreimbursed value added taxes (to the extent added in calculating Consolidated
EBITDA), and including penalties and interest on any of the foregoing, in each case,
payable in cash by Holdco and its Subsidiaries (to the extent not otherwise deducted
in calculating Consolidated EBITDA), including payments made pursuant to any tax
sharing agreements or arrangements among Holdco, its Subsidiaries and any direct or
indirect parent of Holdco (so long as such tax sharing payments are attributable to
the operations of Holdco and its Subsidiaries);

     (B) Consolidated Interest Expense, including costs of surety bonds in
connection with financing activities (to the extent included in Consolidated
Interest Expense), to the extent payable in cash and not otherwise deducted in
calculating Consolidated EBITDA;

     (C) foreign currency translation losses paid in cash related to currency
remeasurements of indebtedness (including any net cash loss resulting from hedge
agreements for currency risk), to the extent not otherwise deducted in calculating
Consolidated EBITDA;

     (D) without duplication of amounts deducted pursuant to this clause (D) or
clause (P) below in respect of a prior fiscal year, capital expenditures of Holdco
and its Subsidiaries made in cash prior to the date the applicable Excess Cash Flow
prepayment is required to be made pursuant to Section 2.10(iii);

     (E) repayments of long-term Indebtedness (including (i) payments of the
principal component of Capitalized Lease Obligations, (ii) the repayment of Loans
pursuant to Section 2.10 (but excluding prepayments of Loans deducted pursuant to
clause (B) of Section 2.10(iii)), (iii) the repayment of indebtedness with respect
to any Receivables Transaction and (iv) the aggregate amount of any premium,
make-whole or penalties paid in connection with any such repayments of Indebtedness,
made by Holdco and its Subsidiaries, but only to the extent that, in each case, such
repayments (x) by their terms cannot be reborrowed or redrawn and (y) are not
financed with the proceeds of long-term Indebtedness (other than revolving
Indebtedness)) and increases in Consolidated Net Income due to a sale, transfer or
other disposition of an asset (including pursuant to a sale and leaseback
transaction or a casualty or condemnation or similar proceeding) but not in excess
of the amount of such increase;

15

 

     (F) without duplication of amounts deducted pursuant to this clause (F) or
clause (P) below in respect of a prior fiscal year, the amount of Investments
permitted by Section 6.14 (other than Investments in (x) Cash Equivalents and (y)
Holdco or any of its Subsidiaries) made by Holdco and its Subsidiaries in cash prior
to the date the applicable Excess Cash Flow prepayment is required to be made
pursuant to Section 2.10(iii);

     (G) letter of credit fees paid in cash, to the extent not otherwise deducted in
calculating Consolidated EBITDA;

     (H) extraordinary, unusual or nonrecurring cash charges, to the extent not
otherwise deducted in calculating Consolidated EBITDA;

     (I) cash fees and expenses incurred in connection with the Transactions, any
acquisition, disposition, recapitalization, Investment, asset sale, the issuance or
repayment of any Indebtedness, issuance of Capital Stock, refinancing transaction or
amendment or modification of any debt instrument (in each case, including any such
transaction consummated prior to the date hereof and any such transaction undertaken
but not completed) and any cash charges or cash non-recurring merger costs incurred
during such period as a result of any such transaction or other early extinguishment
of Indebtedness permitted by this Agreement (in each case, whether or not
consummated);

     (J) cash charges or losses added to Consolidated EBITDA pursuant to clauses
(F), (G) and (H) and to Consolidated Net Income pursuant to clauses (i) (B), (G),
(H), (I), (J) or clause (ii);

     (K) the amount of Restricted Payments made by Holdco to the extent permitted by
clause (iii), (iv), (v), (vii), (ix) or (x) of Section 6.10;

     (L) cash expenditures in respect of Rate Management Obligations (including net
cash losses resulting in such period from Rate Management Obligations and the
application of Statement of Financial Accounting Standards No. 133 and International
Accounting Standards No. 39 and their respective pronouncements and
interpretations), to the extent not otherwise deducted in calculating Consolidated
EBITDA, including pursuant to clause (ii) or Consolidated EBITDA;

     (M) to the extent added to Consolidated Net Income, cash losses from any sale
or disposition outside the ordinary course of business;

     (N) cash payments by Holdco and its Subsidiaries in respect of long-term
liabilities (other than Indebtedness) of Holdco and its Subsidiaries;

     (O) the aggregate amount of expenditures actually made by Holdco and its
Subsidiaries in cash (including expenditures for the payment of financing fees) to
the extent that such expenditures are not expensed and signing bonus expenditures;

16

 

     (P) without duplication of amounts deducted from Excess Cash Flow in respect of
a prior fiscal year, the aggregate consideration required to be paid in cash by
Holdco and its Subsidiaries pursuant to binding contracts (the “Contract
Consideration”) entered into prior to or during such fiscal year relating to
Investments permitted by Section 6.14 (other than Investments in (x) Cash
Equivalents and (y) Holdco or any of its Subsidiaries) or capital expenditures to be
consummated or made plus cash restructuring expenses to be incurred, in each case,
during the period of 4 consecutive fiscal quarters of Holdco following the end of
such fiscal year; provided that to the extent the aggregate amount actually utilized
to finance such capital expenditures or Investments during such period of 4
consecutive fiscal quarters is less than the Contract Consideration, the amount of
such shortfall shall be added to the calculation of Excess Cash Flow at the end of
such period of 4 consecutive fiscal quarters;

     (Q) interest which is accrued and paid in kind or as an addition to the
outstanding principal amount of the Second Lien Indebtedness in lieu of the payment
of interest in cash; and

     (R) to the extent added to Consolidated Net Income, Excess Specified Security
Sale Proceeds.

     “Excess Specified Security Sale Proceeds” means, in the case of Specified Securities
listed under “C-2” on Schedule 1, the excess, if any, of the aggregate Net Proceeds received by the
Borrower or any Borrower Subsidiary from the sale or other disposition of, or any payment of
principal of, or return on investment in respect of, such Specified Securities listed under “C-2”
after February 29, 2008 over $34,000,000 and, in the case of Specified Securities listed under
“C-3” on Schedule 1, the aggregate Net Proceeds received by the Borrower or any Borrower Subsidiary from the
sale or other disposition of, or any payment of principal of, or return on investment in respect
of, such Specified Securities listed under “C-3” after February 29, 2008.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder.

     “Excluded Taxes” means, in the case of each Lender, LC Issuer or applicable Lending
Installation and the Administrative Agent, taxes imposed on its overall net income, and franchise
taxes and branch profits taxes imposed on it, by (i) the jurisdiction under the laws of which such
Lender, LC Issuer or the Administrative Agent is incorporated or organized or (ii) the jurisdiction
in which the Administrative Agent’s or such Lender’s or LC Issuer’s principal executive office or
such Lender’s or LC Issuer’s applicable Lending Installation is located.

     “Existing Credit Agreement” is defined in the Recitals hereto.

     “Existing Lenders” is defined in the Recitals hereto.

     “Facility
Termination Date” means the earlier of (i) March 25, 2013 and (ii) with
respect to the Revolving Credit Commitment only, any earlier date on which the Aggregate Revolving
Credit Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.

17

 

     “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 Administrative Agent from three Federal funds brokers of recognized standing selected by it.

     “Final 10-K” shall mean Holdco’s Annual Report on Form 10-K for the year ended
December 31, 2007, in a form identical to a form that shall have been provided to each of the
Lenders and the Investors not less than one day prior to the Effective Date, which shall be in a
form acceptable to each of the Lenders and the Investors in its respective sole judgment and
discretion, in compliance with all applicable rules promulgated under the Exchange Act, excluding
any rules related to filing deadlines, which such Final 10-K does not disclose or identify any
material weakness in the design or operation of internal controls which could adversely affect
Holdco’s ability to record, process, summarize and report financial data.

     “Final
10-K” shall mean Holdco’s Annual Report on
Form 10-K for the year ended December 31, 2007, in a form
identical to a form that shall have been provided to each of the
Lenders and the Investors not less than one day prior to the
Effective Date, which shall be in a form acceptable to each of the
Lenders and the Investors in its respective sole judgment and
discretion, in compliance with all applicable rules promulgated under
the Exchange Act, excluding any rules related to filing deadlines,
which such Final 10-K does not disclose or identify any material
weakness in the design or operation of internal controls which could
adversely affect Holdco’s ability to record, process, summarize
and report financial data.

     “Financial Condition” means, for any date, (i) prior to the Sell Down Date, the
Leverage Ratio (as defined in the Indenture) for the Borrower’s most recently ended four fiscal
quarters for which internal financial statements are available immediately preceding such date
would be less than 3.50 to 1.00, and (ii) on or after the Sell Down Date, the Fixed Charge Coverage
Ratio (as defined in the Indenture) for the Borrower’s most recently ended four fiscal quarters for
which internal financial statements are available immediately preceding such date would be at least
2.00 to 1.00, in each case determined on a pro forma basis (including a pro forma application of
the net proceeds of any Indebtedness incurred on such date, as if the additional Indebtedness had
been incurred and the application of proceeds therefrom had occurred at the beginning of such
four-quarter period.

     “Financial Officer” means the chief financial officer, the controller, the treasurer,
any assistant treasurer or any other officer with responsibilities customarily performed by such
officers.

     “Floating Rate” means, for any day, a rate per annum equal to the Alternate Base Rate
for such day, in each case changing when and as the Alternate Base Rate changes.

     “Floating Rate Advance” means an Advance which, except as otherwise provided in
Section 2.11, bears interest at the Floating Rate plus the Applicable Margin.

     “Floating Rate Loan” means a Loan which, except as otherwise provided in Section 2.14,
bears interest at the Floating Rate plus the Applicable Margin.

     “Foreign Plan” is defined in Section 5.9(iv).

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

18

 

     “GAAP” means generally accepted accounting principles as in effect from time to time
in the United States.

     “Government Securities” means securities that are:

     (i)  direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged; or

     (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of
America, which, in either case, are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank (as defined in Section
3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities
or a specific payment of the principal of or interest on any such Government Securities held
by such custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Securities or the specific payment of the principal
of or interest on the Government Securities evidenced by such depository receipt.

     “Governmental Entity” means any nation, sovereign or government, any state, province,
territory or other political subdivision thereof, any regulatory agency, commission, court, body,
entity or authority exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including a central bank or stock exchange.

     “Guarantors” means Holdco, MoneyGram Payment Systems, Inc., a Delaware corporation,
FSMC, Inc., a Minnesota corporation, MoneyGram Investments, LLC, a Delaware limited liability
company, PropertyBridge, Inc., a Delaware corporation, MoneyGram of New York LLC, a Delaware
limited liability company, any Person which becomes a Guarantor pursuant to the last sentence of
Section 6.21, and each other Wholly-Owned Subsidiary which, after the date hereof, becomes a
Material Domestic Subsidiary of the Borrower, and its successors and assigns, other than an SPE.

     “Guaranty” means that certain Amended and Restated Guaranty dated as of the date
hereof executed by each Guarantor in favor of the Administrative Agent, for the ratable benefit of
the Lenders and the Secured Parties, as it may be amended or modified (including by joinder
agreement) and in effect from time to time.

     “Hazardous Materials” means (i) petroleum and petroleum by-products, asbestos that is
friable, radioactive materials, medical or infectious wastes or polychlorinated biphenyls and (ii)
any other material, substance or waste that is prohibited, limited or regulated by Environmental
Law because of its hazardous, toxic or deleterious properties or characteristics.

     “Holdco” means MoneyGram International, Inc., a Delaware corporation and the parent
corporation of the Borrower.

19

 

     “Holdco Patents” means all patents and patent applications currently owned by Holdco
and its Subsidiaries that are material to the business of Holdco and its Subsidiaries, taken as a
whole, as currently conducted.

     “Indebtedness” of a Person means, without duplication, such Person’s (i) obligations
for borrowed money, (ii) obligations representing the deferred purchase price of Property or
services (other than accounts payable arising in the ordinary course of such Person’s business),
(iii) to the extent not otherwise included in this definition, Indebtedness of another Person
whether or not assumed, secured by Liens or payable out of the proceeds or production from Property
now or hereafter owned or acquired by such Person, (iv) obligations (or, without double counting,
reimbursement obligations in respect thereof) which are evidenced by notes, acceptances, or other
similar instruments to the extent not collateralized with Cash and Cash Equivalents or banker’s
acceptances, (v) Capitalized Lease Obligations, (vi) letters of credit or similar instruments which
are issued upon the application of such Person or upon which such Person is an account party to the
extent not collateralized with Cash and Cash Equivalents or banker’s acceptances, (vii) to the
extent not otherwise included, any obligation (each, a “Contingent Obligation”) by such
Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of
another Person, other than by endorsement of negotiable instruments for collection in the ordinary
course of business, (viii) Rate Management Obligations, (ix) Receivables Transaction Attributed
Indebtedness and (x) any other obligation for borrowed money or other financial accommodation which
in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such
Person. For the purposes hereof, the amount of any Contingent Obligation shall be deemed to be an
amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Contingent Obligation is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith. In respect of Indebtedness of another Person secured by a Lien on the assets
of the specified Person, the amount of such Indebtedness shall be the lesser of the fair market
value of such assets at the date of determination and the amount of the Indebtedness of the other
Person secured by such asset. Notwithstanding the foregoing, the following shall not constitute
Indebtedness: (i) obligations under Repurchase Agreements, (ii) Payment Services Obligations, (iii)
obligations to repay Payment Instruments Funding Amounts, (iv) Rate Management Obligations (to the
extent incurred in the ordinary course of business and not for speculative purposes), (v) Purchase
Agreement Equity, (vi) ordinary course contractual obligations with clearing banks relative to
clearing accounts and (vii) Receivables Transactions Attributed Indebtedness so long as the
aggregate outstanding amount thereof at the time of determination is not in excess of $300,000,000
(but any excess amount thereof over $300,000,000 shall constitute Indebtedness).

     “Indenture” means that certain Indenture, to be dated as of and effective as of the
Effective Date, among the Borrower, the guarantors party thereto and Deutsche Bank Trust Company
Americas, as trustee, in the form attached as an exhibit to the Note Purchase Agreement or as
amended after the Effective Date from time to time in accordance with the Intercreditor Agreement.

     “Infringe” means, in relation to Intellectual Property, infringing upon,
misappropriating or violating the rights of any third party.

20

 

     “Insolvency Proceedings” means, with respect to any Person, any case or proceeding
with respect to such Person under U.S. federal bankruptcy laws or any other state, federal or
foreign bankruptcy, insolvency, reorganization, liquidation, receivership or other similar laws, or
the appointment, whether at common law, in equity or otherwise, of any trustee, custodian,
receiver, liquidator or the like for all or any material portion of the property of such Person.

     “Intellectual Property” means the following and all rights pertaining thereto: (i)
patents, patent applications, provisional patent applications and statutory invention registrations
(including all utility models and other patent rights under the Laws of all countries), (ii)
trademarks, service marks, trade dress, logos, trade names, service names, corporate names, domain
names and other brand identifiers, registrations and applications for registration thereof, (iii)
copyrights, databases, and registrations and applications for registration thereof, (iv)
confidential and proprietary information, trade secrets, and know-how and (v) all similar rights,
however denominated, throughout the world.

     “Intercreditor Agreement” means that certain Intercreditor Agreement, to be dated as
of and effective as of the Effective Date, among the Collateral Agent, Deutsche Bank Trust Company
Americas, as Trustee and Collateral Agent for the Second Priority Secured Parties (as defined
therein), the Borrower, Holdco and the other Guarantors in substantially the form of Exhibit F
hereto.

     “Interest Period” means, with respect to a Eurodollar Advance, a period of one, two,
three or six months (or, if available to all relevant Lenders, nine or twelve months or a period
shorter than one month) commencing on a Business Day selected by the Borrower pursuant to this
Agreement. Such Interest Period shall end on the day which corresponds numerically to such date
one, two, three or six months (or other applicable period) thereafter, provided,
however, that if there is no such numerically corresponding day in such next, second, third
or sixth (or other corresponding) succeeding month, such Interest Period shall end on the last
Business Day of such next, second, third or sixth (or other corresponding) succeeding month. If an
Interest Period would otherwise end on a day which is not a Business Day, such Interest Period
shall end on the next succeeding Business Day, provided, however, that if said next
succeeding Business Day falls in a new calendar month, such Interest Period shall end on the
immediately preceding Business Day.

     “Investment” of a Person means all investments by such Person in any other Person in
the form of any loan, advance (other than commission, travel and similar advances to officers and
employees made in the ordinary course of business), extension of credit (other than accounts
receivable arising in the ordinary course of business on terms customary in the trade),
contribution of capital by such Person or Capital Stock, bonds, mutual funds, notes, debentures or
other securities of such other Person.

     “Investors” has the meaning set forth in the Equity Purchase Agreement.

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

21

 

     “Law” means any federal, state, local or foreign law, statute, ordinance, rule,
regulation, judgment, code, order, injunction, arbitration award, writ, decree, agency requirement,
license or permit of any Governmental Entity.

     “LC Disbursement” means a payment made by the LC Issuer pursuant to a Letter of Credit
which has not yet been reimbursed by or on behalf of the Borrower.

     “LC Exposure” means, at any time, the sum of (i) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (ii) the aggregate amount of all LC Disbursements
at such time. The LC Exposure of any Lender at any time shall be its Pro Rata Share of the total
LC Exposure at such time.

     “LC Fee” is defined in Section 2.22(xi).

     “LC Issuer” means JPMorgan Chase Bank, N.A. and each other Lender that agrees in
writing with the Borrower to issue Letters of Credit (provided that notice of such agreement is
given to the Administrative Agent), in each case, in its capacity as the issuer of Letters of
Credit hereunder, and its successors in such capacity as provided in Section 2.22(ix). Each LC
Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of such LC Issuer, in which case the term “LC Issuer” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate. With respect to any Letter of Credit, “LC Issuer”
shall mean the issuer thereof.

     “Lenders” means the lending institutions listed on the signature pages of this
Agreement, any Person which becomes a party hereto pursuant to Section 2.8(iii) and their
respective successors and assigns. Unless otherwise specified, the term “Lenders” includes a
Lender in its capacity as the Swing Line Lender.

     “Lending Installation” means, with respect to a Lender or the Administrative Agent,
the office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on
the signature pages hereof or on a Schedule or otherwise selected by such Lender or the
Administrative Agent pursuant to Section 2.20.

     “Letter of Credit” means any letter of credit issued pursuant to this Agreement
(including any Outstanding Letter of Credit).

     “Letter of Credit Application” means a letter of credit application or agreement
entered into or submitted by the Borrower pursuant to Section 2.22(ii).

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation,
assignment, encumbrance or preference, priority or other security agreement of any kind or nature
whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional
sale, Capitalized Lease or other title retention agreement). For the purposes hereof, none of the
following shall be deemed to be Liens: (i) setoff rights or statutory liens arising in the ordinary
course of business, (ii) restrictive contractual obligations with respect to assets comprising the
Payment Instruments Funding Amounts or Payment Service Obligations, provided that such
contractual obligations are no more restrictive in nature than those in effect on the Effective
Date, (iii) Liens purported to be created under Repurchase Agreements, provided that such
Liens

22

 

do not extend to any assets other than those that are the subject of such Repurchase
Agreements, (iv) ordinary course of business contractual obligations with clearing banks relative
to clearing accounts or (v) operating leases.

     “Loan” means a Revolving Loan, a Term A Loan, Term B Loan or a Swing Line Loan.

     “Loan Documents” means this Agreement, any amendment hereto, any Letter of Credit
Application, any Notes issued pursuant to Section 2.16, the Guaranty and the Collateral Documents.

     “Loan Parties” means the Borrower, Holdco and each of the other Guarantors that is a
party to a Loan Document.

     “Material Adverse Effect” means any event, condition or circumstance that has occurred
since the Effective Date that could reasonably be expected to have a material adverse effect on (i)
the business, financial condition, results of operations or assets of Holdco and its Subsidiaries,
taken as a whole, (ii) the ability of the Loan Parties, taken as a whole, to perform their
obligations under the Loan Documents or (iii) the rights or remedies of the Administrative Agent or
the Lenders under the Loan Documents, taken as a whole (other than, in each case, as related to:
(A) the valuation of the investment portfolio of Holdco and its Subsidiaries and (B) any
shareholder or derivative litigation arising as a result of the transactions contemplated hereby
and/or the disclosure of or failure to disclose information related to the valuation of the
investment portfolio of Holdco and its Subsidiaries).

     “Material Domestic Subsidiary” means a Domestic Subsidiary (other than an SPE) which
either (i) has 5% or more of the assets (valued at the greater of book or fair market value) of the
Borrower and its Subsidiaries determined on a consolidated basis as of the fiscal quarter end next
preceding the date of determination, (ii) is responsible for 5% or more of Consolidated Net Income
for the four quarter period ending on the fiscal quarter end next preceding the date of
determination or (iii) has been designated as a Material Domestic Subsidiary by the Borrower.

     “Material Indebtedness” means Indebtedness and/or Rate Management Obligations in an
outstanding principal or net payment amount of $15,000,000 or more in the aggregate (or the
equivalent thereof in any currency other than U.S. dollars).

     “Material Indebtedness Agreement” means any agreement under which any Material
Indebtedness was created or is governed or which provides for the incurrence of Indebtedness in an
amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness
constituting Material Indebtedness is outstanding thereunder).

     “Minimum Liquidity Ratio” means the ratio of (i) the fair value of the Restricted
Investment Portfolio (other than Scheduled Restricted Investments, which shall be valued at the
lower of (x) fair value and (y) the actual par amount of
each Scheduled Restricted Investment held by the Borrower or any
Borrower Subsidiary on the date of determination multiplied by (A) in
respect of the Scheduled Restricted
Investments set forth under the heading C-1 on Schedule 1, 0.98, (B)
in respect of the Scheduled Restricted Investments set forth
under the heading C-2 on Schedule 1, 0.049525, and (C) in respect of
the Scheduled Restricted Investments set forth under the heading C-3
on Schedule 1, zero; provided, that any Scheduled Restricted Investments set forth
under the heading C-1 on Schedule 1 shall be valued at fair
value after June 30, 2008; and
provided further, if any of such Scheduled Restricted Investments set forth under the
heading C-2 or C-3 on Schedule 1 (the “Specified SRIs”) have been sold, the aggregate value of
such remaining Specified SRIs shall be the lower of (x) fair value of such remaining Specified SRIs
and (y) the

23

 

aggregate
value of all Specified SRIs (determined in accordance with the
valuation methodology described above) less the net proceeds received
for the Specified SRIs sold (not to be less than zero)) to (ii) all Payment Service Obligations.

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

     “Multiemployer Plan” is defined in Section 5.9(iii).

     “Net Income” means, with respect to any Person, the net income (loss) of such Person,
determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends.

     “Net Proceeds” means, with respect to any event, (i) the cash proceeds received in
respect of such event, including (A) any cash received in respect of any non-cash proceeds
(including any cash payments received by way of deferred payment of principal pursuant to a note or
installment receivable or purchase price adjustment or earn-out, but excluding any reasonable
interest payments), but only as and when received, (B) in the case of a casualty, cash insurance
proceeds, and (C) in the case of a condemnation or similar event, cash condemnation awards and
similar payments received in connection therewith, minus (ii) the sum of direct costs
relating to such event and the sale or disposition of such non-cash proceeds, including, without
limitation, legal, accounting and investment banking fees, brokerage and sales commissions, any
relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after
taking into account any available tax credits or deductions and any tax sharing arrangements and,
if such costs have not been incurred or invoiced, the Borrower’s good faith estimates thereof),
amounts required to be applied to the repayment of principal, premium or penalty, if any, and
interest on Indebtedness required to be paid as a result of such transaction and any deduction of
appropriate amounts to be provided by the Borrower as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and retained by the Borrower
after such sale or other disposition thereof, including, without limitation, pension and other
post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction.

     “Non-Guarantor” means any Subsidiary of Holdco other than the Borrower or any
Guarantor.

     “Non-U.S. Lender” is defined in Section 3.5(iv).

     “Note” means any one or more of a Revolving Credit Note, Term A Note, Term B Note or
Swing Line Note.

     “Note
Purchase Agreement” means that certain Second Amended and Restated Note Purchase
Agreement, dated as of March 24, 2008, among Holdco, the Borrower, GSMP V Onshore US, Ltd. an
exempted company incorporated in the Cayman Islands with limited liability, GSMP V Offshore US,
Ltd., an exempted company incorporated in the Cayman Islands with limited liability, GSMP V
Institutional US, Ltd., an exempted company incorporated in the Cayman Islands with limited
liability, and THL Credit Partners, L.P., as in effect on the date hereof.

     “Obligations” means all unpaid principal of and accrued and unpaid interest on the
Loans, all reimbursement obligations with respect to LC Disbursements, all accrued and unpaid

24

 

fees and all expenses, reimbursements, indemnities and other obligations of the Borrower and
the other Loan Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified
party arising under the Loan Documents.

     “Other Taxes” is defined in Section 3.5(ii).

     “Outstanding Letters of Credit” is defined in Section 2.22(xii).

     “Outstanding Revolving Credit Exposure” means, as to any Lender at any time, the sum
of (i) the aggregate principal amount of its Revolving Loans outstanding at such time, plus (ii) an
amount equal to its LC Exposure at such time, plus (iii) an amount equal to its Swing Line Exposure
at such time.

     “Participants” is defined in Section 12.1(iii)(A).

     “Passive Holding Company Condition” shall be satisfied so long as Holdco or any of its
Subsidiaries (other than the Borrower and any of the Borrower Subsidiaries) does not:

     (i) directly incur any Indebtedness other than Permitted Holdco Indebtedness;

     (ii) create or suffer to exist any Lien upon any property or assets now owned or
hereafter acquired, leased or licensed by it (except Permitted Holdco Liens); or

     (iii) own any Capital Stock in any Person (other than the Borrower and the Borrower
Subsidiaries) and own any other material assets (excluding Capital Stock) other than (A)
Cash and Cash Equivalents, (B) assets under any stock incentive plans (including related
agreements), loan stock purchase programs or incentive compensation plans, (C) pre-paid
assets (e.g. deferred financing costs) and (D) deferred tax assets;

provided nothing in this definition shall restrict Holdco from performing its obligations under the
Equity Purchase Agreement and the securities issued thereunder and under the certificates of
designation contemplated thereby.

     “Payment Date” means the last day of each calendar year quarter.

     “Payment Instruments Funding Amounts” means amounts advanced to and retained by Holdco
and its Subsidiaries as advance funding for the payment instruments or obligations arising under an
official check agreement or a customer agreement entered into in the ordinary course of business.

     “Payment Service Obligations” means all liabilities of the Borrower and the Borrower
Subsidiaries calculated in accordance with GAAP for outstanding payment instruments (as classified
and defined as Payment Service Obligations in Holdco’s latest Annual Report on Form 10-K under the
Exchange Act, and if Holdco is not subject to the reporting requirements of Section 13(a) or
Section 15(d) of the Exchange Act, Holdco’s most recent audited financial statements).

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

25

 

     “Permits” means all permits, licenses, authorizations, orders and approvals of, and
filings, applications and registrations with, Governmental Entities.

     “Permitted Holdco Indebtedness” means:

     (i) Indebtedness arising from agreements of Holdco providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in
connection with the disposition of any business, assets or any of its Subsidiaries;
provided, however, that:

     (A) such Indebtedness is not reflected on the balance sheet of Holdco or any of
its Subsidiaries (contingent obligations referred to in a footnote to financial
statements and not otherwise reflected on the balance sheet will not be deemed to be
reflected on such balance sheet for purposes of this clause (A)); and

     (B) the maximum assumable liability in respect of all such Indebtedness shall
at no time exceed the gross proceeds including non-cash proceeds (the fair market
value of such non-cash proceeds being measured at the time received and without
giving effect to any subsequent changes in value) actually received by Holdco in
connection with such disposition;

     (ii) obligations incurred under the Loan Documents or the Second Lien Documents;

     (iii) Indebtedness incurred by Holdco in respect of interest rate hedging obligations
of Holdco in existence on the Effective Date; and

     (iv) guarantees of (x) other Indebtedness of the Borrower and the Subsidiary Guarantors
permitted under Sections 6.11(i), (iii) (to the extent existing at the Effective Date),
(iv), (v), (x) (to the extent the debt so extended, refunded, refinanced, renewed, replaced
or defeased was guaranteed by Holdco in accordance with this Agreement), (xvii) or (xviii)
and (y) Rate Management Obligations of the Borrower and the Subsidiary Guarantors permitted
under this Agreement.

     “Permitted Holdco Liens” means, any Permitted Liens other than Liens incurred pursuant
to clauses (x), (xi), (xx), (xxiii) or (xxv) of Section 6.15.

     “Permitted Liens” means Liens permitted by Section 6.15.

     “Person” means any natural person, corporation, firm, joint venture, partnership,
limited liability company, association, enterprise, trust or other entity or organization, or any
government or political subdivision or any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code as to which Holdco or any
member of the Controlled Group may have any liability.

26

 

     “Portfolio Securities” means, collectively, portfolio securities (i) designated as
“trading investments” on Holdco’s consolidated financial statements, (ii) designated as “available
for sale investments” on Holdco’s consolidated financial statements or (iii) otherwise designated
as investments on Holdco’s consolidated financial statements, in each case valued at fair value in
accordance with GAAP.

     “Prepayment Event” means:

     (i) any sale, transfer or other disposition pursuant to Section 6.13(x) or (xxi) other
than dispositions resulting in aggregate Net Proceeds not exceeding (1) $5,000,000 in the
case of any single transaction or series of related transactions or (2) $10,000,000 for all
such transactions during any fiscal year of Holdco; or

     (ii) the incurrence by Holdco, the Borrower or any Domestic Subsidiary after the
Effective Date of any Indebtedness other than Indebtedness permitted under Section 6.11 or
any Permitted Holdco Indebtedness.

     “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMorgan Chase Bank, N.A. as its prime rate in effect at its office located at 270 Park Avenue,
New York, New York; each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective.

     “Property” of a Person means any and all property, whether real, personal, tangible,
intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

     “Pro Rata Share” means, with respect to a Lender, a portion equal to a fraction the
numerator of which is such Lender’s Revolving Credit Commitment (or, if the Aggregate Revolving
Credit Commitment has expired or been terminated, such Lender’s Revolving Credit Commitment
immediately prior to such expiration or termination, giving effect to any subsequent assignments
made pursuant to the terms hereof and any subsequent repayments of such Lender’s Revolving Loans
and reductions in such Lender’s participation exposure relative to Letters of Credit and Swing Line
Loans) and the denominator of which is the Aggregate Revolving Credit Commitments (or, if the
Aggregate Revolving Credit Commitment has expired or been terminated, the Aggregate Revolving
Credit Commitment immediately prior to such expiration or termination, giving effect to any
subsequent repayments of the Revolving Loans and reductions in the aggregate participation exposure
relative to Letters of Credit and Swing Line Loans).

     “Purchase Agreement Equity” means Capital Stock of Holdco issued to the Sponsors
pursuant to the terms of the Equity Purchase Agreement, including any Capital Stock into which such
equity is converted or any additional Capital Stock issued after the Effective Date pursuant to the
terms of the certificates of designation referred to in, and attached as exhibits to, the Equity
Purchase Agreement.

     “Rate Management Counterparties” means Lenders and their Affiliates (or Persons which
were Lenders or their Affiliates at the time the applicable Rate Management Transaction was entered
into) which have entered into Rate Management Transactions with Holdco or any of its Subsidiaries.

27

 

     “Rate Management Obligations” of a Person means any and all obligations of such
Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
under (i) any and all Rate Management Transactions, and (ii) any and all cancellations, buy backs,
reversals, terminations or assignments of any Rate Management Transactions.

     “Rate Management Transaction” means any transaction (including an agreement with
respect thereto) now existing or hereafter entered into by Holdco or any of its Subsidiaries which
is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or
equity index swap, equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction,
currency swap transaction, cross-currency rate swap transaction, currency option or any other
similar transaction (including any option with respect to any of these transactions) or any
combination thereof, whether linked to one or more interest rates, foreign currencies, commodity
prices, equity prices or other financial measures.

     “Receivables Transaction” means any transaction or series of transactions entered into
by the Borrower or any Borrower Subsidiary pursuant to which the Borrower or any Borrower
Subsidiary may sell, convey or otherwise transfer to a Person accounts or notes receivable and
rights related thereto.

     “Receivables Transaction Attributed Indebtedness” means, at any time, the amount of
obligations outstanding at such time under the legal documents entered into as part of any
Receivables Transaction that would be characterized as principal if such Receivables Transaction
were structured as a secured lending transaction rather than as a purchase.

     “Refinanced Commitment”, “Refinanced Term A Loans” and “Refinanced Term B
Loans” are each defined in Section 8.3.

     “Refinancing Indebtedness” is defined in Section 6.11(x).

     “Register” is defined in Section 12.1(ii)(D).

     “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor or other regulation or official
interpretation of said Board of Governors relating to the extension of credit by banks for the
purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve
System.

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

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     “Release” means any release, spill, emission, leaking, pumping, emitting, discharging,
injecting, escaping, leaching, dumping, disposing or migrating into or through the environment in
derogation of Environmental Law.

     “Rentals” of a Person means the aggregate fixed amounts payable by such Person under
any Operating Lease.

     “Replacement Commitments”, “Replacement Term A Loans” and “Replacement
Term B Loans” are each defined in Section 8.3.

     “Reportable Event” means a reportable event as defined in Section 4043(c) of ERISA and
the regulations issued under such section, with respect to a Single Employer Plan, excluding,
however, such events as to which the PBGC has by regulation waived the requirement of Section
4043(a) of ERISA that it be notified within 30 days of the occurrence of such event,
provided, however, that a failure to meet the minimum funding standard of Section
412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance
of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or
Section 412(d) of the Code.

     “Repurchase Agreement” means an agreement of a Person to purchase securities arising
out of or in connection with the sale of the same or substantially similar securities.

     “Required B Lenders” means, at any time, Lenders holding more than 50% of the Term B
Balance at such time, but if there shall be more than one Lender with a Term B Balance, not less
than two Lenders (which Lenders, unless all Lenders with a
Term B Loan are Affiliates of one another, shall include not
less than two Lenders which are not Affiliates of one another).

     “Required Lenders” means, at any time, Lenders having in the aggregate more than 50%
of the sum of (i) the Term A Balance at such time plus (ii) the Aggregate Term B Loan Commitment
or, after the Effective Date, the Term B Balance at such time plus (iii) the sum of the Aggregate
Outstanding Revolving Credit Exposure and the unused Revolving Credit Commitments at such time.

     “Required Specified Lenders” means, at any time, Lenders having in the aggregate more
than 50% of the sum of (i) the Term A Balance at such time plus (ii) the sum of the Aggregate
Outstanding Revolving Credit Exposure and the unused Revolving Credit Commitments at such time.

     “Restricted Investment Portfolio” means assets of Holdco and its Subsidiaries which
are restricted by state law, contract or otherwise designated by the Borrower for the payment of
Payment Service Obligations.

     “Restricted Payment” means (i) any dividend or distribution in respect of the Capital
Stock of the Borrower or Holdco, (ii) any redemption, repurchase, acquisition or other retirement
of the Capital Stock of the Borrower or Holdco and (iii) any principal or other payment on, or any
redemption, repurchase, defeasance, acquisition or other retirement of any Subordinated
Indebtedness (other than Indebtedness permitted under Section 6.11(xix)) in each case prior to any
scheduled repayment, sinking fund or maturity.

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     “Revolving Credit Advance” means an Advance made by the Revolving Lenders pursuant to
Section 2.3, including any Advance previously made by the Revolving Lenders to Holdco pursuant to
Section 2.3 of the Existing Credit Agreement.

     “Revolving Credit Commitment” means, for each Revolving Lender, the obligation of such
Lender to make Revolving Loans and participate in Letters of Credit and Swing Line Loans in an
aggregate amount at any one time outstanding not exceeding the amount set forth opposite its name
under the heading “Revolving Credit Commitment” on the Commitment Schedule, as such amount may be
increased or reduced from time to time pursuant to the terms of this Agreement.

     “Revolving Credit Note” means a promissory note in substantially the form of
Exhibit A hereto, with appropriate insertions, and payable to the order of a Lender in the
amount of its Revolving Credit Commitment, including any amendment, modification, renewal or
replacement of such promissory note.

     “Revolving Lender” means a Lender having a Revolving Credit Commitment.

     “Revolving Loan” means, with respect to a Revolving Lender, such Lender’s loans made
pursuant to Section 2.3 hereof and all “Revolving Loans” of such Lender outstanding under the
Existing Credit Agreement as of the Effective Date.

     “S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill
Companies, Inc.

     “Satisfactory Audit Opinion” means either combined or separate unqualified reports on
the audit of Holdco, and its Subsidiaries, financial statements and internal controls over
financial reporting as of and for the year ended December 31, 2007 as illustrated within paragraphs
87 and 88 of the Public Company Accounting Oversight Board Bylaws and Rules, Auditing Standard No.
5, “An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of
Financial Statements,” prepared in accordance with GAAP (neither the Deloitte & Touche LLP
financial statement opinion as of and for the year ended December 31, 2007 nor the Notes to
Consolidated Financial Statements attached to the audited financial statements, nor Items 1 through
15 of Holdco’s December 31, 2007 Annual report on Form 10-K, shall include any reference to
Holdco’s ability to operate as a going concern).

     “Scheduled Restricted Investments” means the securities listed on Schedule 1 hereto.

     “SEC” means the United States Securities and Exchange Commission.

     “Second Lien Documents” means the Note Purchase Agreement, the Indenture, the notes
issued thereunder and all documents delivered in connection therewith.

     “Second Lien Indebtedness” means the senior second lien indebtedness incurred by the
Borrower pursuant to the Indenture.

     “Secured Parties” means the Administrative Agent, the Collateral Agent, the Lenders
and the Rate Management Counterparties.

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     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder.

     “Sell Down Date” means the “Sell Down Date” as defined in the Indenture.

     “Senior Secured Debt Ratio” means, at any time, the ratio of (i) Consolidated Senior
Secured Indebtedness of the Borrower and its Subsidiaries at such time to (ii) Consolidated EBITDA
of the Borrower and its Subsidiaries for the then most-recently ended four fiscal quarters.

     “Separation Agreements” means one or more of the Separation and Distribution
Agreement, the Tax Sharing Agreement, the Interim Services Agreement and the Employee Benefit
Agreement each dated as of June 30, 2004 and entered into between Holdco and Viad.

     “Similar Business” means (i) the global funds transfer and payment services business
conducted by Holdco and its Subsidiaries, (ii) any other business described under the heading
“Business” in Holdco’s Annual Report on Form 10-K under the Exchange Act for the fiscal year ended
December 31, 2006, and (iii) any business that is similar, reasonably related, incidental,
complementary or ancillary thereto or any reasonable extension thereof.

     “Single Employer Plan” means a Plan (other than a Multiemployer Plan) maintained by
Holdco or any member of the Controlled Group for employees of Holdco or any member of the
Controlled Group.

     “Specified Equity Contribution” is defined in Section 6.19.2.

     “Specified Securities” means the securities set forth on Schedule 1 listed under “C-2”
and “C-3”.

     “SPEs” means Ferrum Trust, a Delaware business trust, Tsavorite Trust, a Delaware
business trust, Hematite Trust, a Delaware business trust, Monazite Trust, a Delaware business
trust, and, to the extent the formation thereof is not prohibited hereunder, any Wholly-Owed
Subsidiary of the Borrower or trust (which is consolidated with the Borrower for financial
statement purposes), in each case formed for the limited organizational purpose of isolating and
transferring a limited and specified pool of assets and related rights and obligations with respect
to Payment Service Obligations, which assets shall consist solely of (i) Cash and Cash Equivalents,
(ii) Portfolio Securities (including, for purposes of clarity, Scheduled Restricted Investments),
(iii) Accounts Receivable, (iv) Rate Management Obligations (with respect to interest rate hedging)
that relate to Portfolio Securities and Payment Service Obligations.

     “Sponsor Capital” is defined in Section 4.1(xvi).

     “Sponsors” means the affiliates of Thomas H. Lee Partners L.P., Goldman Sachs Credit
Partners L.P. and Goldman Sachs Mezzanine Partners.

     “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental

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reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve
System to which the Administrative Agent is subject with respect to the Eurodollar Rate, for
eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D).
Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

     “Subordinated Indebtedness” means any Indebtedness which is by its terms subordinated
in right of payment or in respect of the proceeds of any collateral to the Obligations (other than
the Second Lien Indebtedness).

     “Subsidiary” of a Person means:

     (i) any corporation, association, or other business entity (other than a partnership,
joint venture, limited liability company or similar entity) of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees thereof is at
the time of determination owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of that Person or a combination thereof;

     (ii) any partnership, joint venture, limited liability company or similar entity of
which:

     (A) more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general or limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or one or more of the
other Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership or otherwise, and

     (B) such Person or any Subsidiary of such Person is a controlling general partner or
otherwise controls such entity; and

     (iii) with respect to Holdco, the Borrower and any Borrower Subsidiary which owns such
SPE, any SPE.

Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a
Subsidiary of the Borrower.

     “Subsidiary Guarantor” means each Guarantor other than Holdco.

     “Substantial Portion” means, with respect to the Property of the Borrower and its
Subsidiaries, Property which represents more than 10% of the consolidated assets (excluding
Portfolio Securities) of the Borrower and its Subsidiaries, as would be shown in the consolidated
financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month
period ending with the month in which such determination is made (or if financial statements

32

 

have not been delivered hereunder for that month which begins the twelve-month period, then
the financial statements delivered hereunder for the quarter ending immediately prior to that
month).

     “Swing Line Borrowing Notice” is defined in Section 2.7(ii).

     “Swing Line Commitment” means, with respect to the Swing Line Lender, its commitment
to make Swing Line Loans to the Borrower pursuant to Section 2.7 in an aggregate outstanding amount
at no time exceeding its Swing Line Commitment amount specified on the Commitment Schedule.

     “Swing Line Exposure” means, at any time, the aggregate principal amount of all Swing
Line Loans outstanding at such time. The Swing Line Exposure of any Lender at any time shall be
its Pro Rata Share of the total Swing Line Exposure at such time.

     “Swing Line Lender” means JPMCB.

     “Swing Line Loan” means a Loan made available to the Borrower by the Swing Line Lender
pursuant to Section 2.7.

     “Swing Line Note” means a promissory note, in substantially the form of Exhibit
C hereto, with appropriate insertions, and payable to the order of the Swing Line Lender in the
principal amount of its Swing Line Commitment, including any amendment, modification, renewal or
replacement of such promissory note.

     “Taxes” means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings, and any and all liabilities with respect to the foregoing, but
excluding Excluded Taxes and Other Taxes.

     “Term A Balance” means, at any time, the then aggregate outstanding principal amount
of the Term A Loans.

     “Term A Loan” means, with respect to each Lender, such Lender’s “Term Loan” (as
defined in the Existing Credit Agreement) outstanding as of the Effective Date and, with respect to
all Lenders, the aggregate of all such term loans. The aggregate amount of the Term A Loans of all
Lenders as of the date hereof is $100,000,000.

     “Term A Note” means a promissory note, in substantially the form of Exhibit
B-1 hereto, with appropriate insertions, and payable to the order of a Lender in the amount of
such Lender’s Term A Loan, including any amendment, modification, renewal or replacement of such
promissory note.

     “Term B Balance” means, at any time, the then aggregate outstanding principal amount
of the Term B Loans.

     “Term B Loan” means, with respect to each Lender, such Lender’s pro-rata portion of
any term Advance made by the Lenders on the Effective Date pursuant to Section 2.1(ii) and, with
respect to all Lenders, the aggregate of all such pro-rata portions.

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     “Term B Loan Commitment” means, for each Lender, the obligation of such Lender to make
a Term B Loan to the Borrower pursuant to Section 2.1(ii) in an amount not exceeding the amount set
forth opposite its name under the heading “Term B Loan Commitment” on the Commitment Schedule.

     “Term B Note” means a promissory note, in substantially the form of Exhibit
B-2 hereto, with appropriate insertions, and payable to the order of a Lender in the amount of
such Lender’s Term B Loan, including any amendment, modification, renewal or replacement of such
promissory note.

     “Term Loan” means each of the Term A Loan and the Term B Loan.

     “Transactions” means the transactions contemplated by this Agreement and the other
Loan Documents, the Second Lien Documents and the Equity Purchase Agreement.

     “Transferee” is defined in Section 12.2.

     “Travelers” means Travelers Express Company, Inc., a Minnesota corporation.

     “Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a
Eurodollar Advance and with respect to any Loan, its nature as a Floating Rate Loan or a Eurodollar
Loan.

     “Unfunded Liabilities” means the amount (if any) by which the present value of all
vested and unvested accrued benefits under all Single Employer Plans exceeds the fair market value
of all such Plan assets allocable to such benefits, all determined as of the then most recent
valuation date for such Plans based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87.

     “Unmatured Default” means an event which but for the lapse of time or the giving of
notice, or both, would constitute a Default.

     “Viad” means Viad Corp, a Delaware corporation.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness,
Disqualified Stock or preferred stock, as the case may be, at any date, the quotient obtained by
dividing:

     (i) the sum of the products of the number of years from the date of determination to
the date of each successive scheduled principal payment of such Indebtedness or redemption
or similar payment with respect to such Disqualified Stock or preferred stock multiplied by
the amount of such payment, by

     (ii) the sum of all such payments.

     “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’

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qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned
Subsidiaries of such Person.

     Section 1.2 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, restated, amended and restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s permitted
successors and permitted assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

     Section 1.3 Rounding. The calculation of any financial ratios under this Agreement
shall be calculated by dividing the appropriate component by the other component, carrying the
result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-down if there is no nearest
number).

     Section 1.4 Times of Day. Unless otherwise specified, all references herein to times
of day shall be references to New York time (daylight or standard, as applicable).

     Section 1.5 Timing of Payment or Performance. When the payment of any obligation or
the performance of any covenant, duty or obligation is stated to be due or performance required on
a day which is not a Business Day, the date of such payment or performance shall extend to the
immediately succeeding Business Day and such extension of time shall be reflected in computing
interest or fees, as the case may be; provided that with respect to any payment of interest on or
principal of Eurodollar Loans, if such extension would cause any such payment to be made in the
next succeeding calendar month, such payment shall be made on the immediately preceding Business
Day.

     Section 1.6 Accounting. Except as provided to the contrary herein, all accounting
terms used herein shall be interpreted and all accounting determinations hereunder shall be made in
accordance with GAAP, except that any calculation or determination which is to be made on a
consolidated basis shall be made for the Borrower and all of its Subsidiaries, including those
Subsidiaries, if any, which are unconsolidated on the Borrower’s audited financial statements. If
at any time any change in GAAP or application thereof would affect the computation of any financial
ratio or requirement set forth in any Loan Document, and the Borrower, the Administrative Agent or
the Required Lenders shall so request, the Administrative Agent, the

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Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change in GAAP or the application thereof
(subject to the approval of the Required Lenders), provided that, until so amended, such
ratio or requirement shall continue to be computed in accordance with GAAP or application thereof
prior to such change therein and the Borrower shall provide to the Administrative Agent and the
Lenders reconciliation statements showing the difference in such calculation, together with the
delivery of quarterly and annual financial statements required hereunder.

     Section 1.7 Pro Forma Calculations. For purposes of determining compliance with any
ratio set forth herein, such ratio shall be calculated in each case on a pro forma basis as
follows:

     (i) In the event that the Borrower or any Borrower Subsidiary incurs, assumes,
guarantees or redeems any Indebtedness subsequent to the commencement of the period for
which such ratio is being calculated but on or prior to or simultaneously with the event for
which the calculation of such ratio is made (the “Calculation Date”), then such
ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee
or redemption of Indebtedness, as if the same had occurred at the beginning of the
applicable reference period.

     (ii) For purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers and consolidations that have been made by the Borrower
or any Borrower Subsidiary during the reference period or subsequent to the reference period
and on or prior to or simultaneously with the Calculation Date shall be given pro forma
effect as if all such Investments, acquisitions, dispositions, mergers and consolidations
(and all related financing transactions) had occurred on the first day of the reference
period. Additionally, if since the beginning of such reference period any Person that
subsequently became a Borrower Subsidiary or was merged with or into the Borrower or any
Borrower Subsidiary since the beginning of such reference period shall have made any
Investment, acquisition, disposition, merger or consolidation that would have required
adjustment pursuant to this definition, then such ratio shall be calculated giving pro forma
effect thereto for such reference period as if such Investment, acquisition, disposition,
merger or consolidation (and all related financing transactions) had occurred at the
beginning of the reference period.

     (iii) For purposes of the calculations referred to herein, whenever pro forma effect is
to be given to a transaction, the pro forma calculations (including any cost savings
associated therewith) shall be made in accordance with Regulation S-X under the Securities
Act. In addition, any such pro forma calculation may include adjustments
appropriate, in the reasonable determination of the Borrower, to reflect any operating
expense reductions and other operating improvements or synergies projected in good faith to
result from any acquisition, amalgamation, merger or operational change (including, to the
extent applicable, from the Transactions); provided that (x) such operating expense
reductions and other operating improvements or synergies are reasonably identifiable and
factually supportable, (y) with respect to operational changes (not resulting from an
acquisition), such actions are taken or committed to be taken no later than 24 months after
the Effective Date and (z) the aggregate amount of projected

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operating expense reductions, operating improvements and synergies in respect of
operational changes (not resulting from an acquisition) included in any pro
forma calculation shall not exceed $20,000,000 for any four consecutive fiscal
quarter period unless otherwise approved by the Administrative Agent.

     (iv) If any Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in effect on
the Calculation Date had been the applicable rate for the entire period (taking into account
any Rate Management Obligations applicable to such Indebtedness). For purposes of making
the computation referred to above, interest on any Indebtedness under a revolving credit
facility computed on a pro forma basis shall be computed based upon the average daily
balance of such Indebtedness during the reference period. Interest on Indebtedness that may
optionally be determined at an interest rate based upon a factor of a prime or similar rate,
a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based
upon the rate actually chosen, or, if none, then based upon such optional rate as the
Borrower may designate.

     (v) Any Person that is a Borrower Subsidiary on the Calculation Date will be deemed to
have been a Borrower Subsidiary at all times during the reference period, and any Person
that is not a Borrower Subsidiary on the Calculation Date will be deemed not to have been a
Borrower Subsidiary at any time during the reference period.

ARTICLE II

THE CREDITS

     Section 2.1 Term Loans.

     (i) Each Existing Lender has made a Term A Loan to Holdco in the aggregate amount set
forth opposite its name on the Commitment Schedule. As of the Effective Date each such term
loan shall be continued as a Term A Loan hereunder and the Borrower accepts, assumes and
agrees to perform all obligations as the borrower and primary obligor in respect thereof.
No amount of the Term A Loan which is repaid or prepaid by the Borrower may be reborrowed
hereunder.

     (ii) Each Lender severally (and not jointly) agrees, on the terms and conditions set
forth in this Agreement, to make a Term B Loan to the Borrower on the Effective Date in the
amount of its respective Term B Loan Commitment. No amount of the Term B Loan which is
repaid or prepaid by the Borrower may be reborrowed hereunder. Not later than 1:00 p.m.,
New York City time, on the Effective Date, each Lender shall make available funds equal to
its Term B Loan Commitment in immediately available funds in Chicago to the Administrative
Agent at its address specified pursuant to Article XIII.

     Section 2.2 Term Loan Repayment. Except as otherwise expressly provided herein, the
principal amount of the Term A Loan shall be paid in full by the Borrower on the Facility

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Termination Date. Except as otherwise expressly provided herein, the principal amount of the
Term B Loan shall be paid in full by the Borrower as follows:

     (i) on each Payment Date from and including June 30, 2008 to and including December 31,
2012, the Borrower shall make an aggregate payment of $625,000; and

     (ii) on the Facility Termination Date, the Borrower shall pay the entire remaining
unpaid principal amount of the Term B Loan.

     Section 2.3 Revolving Credit Commitments. From and including the Effective Date and
prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions
set forth in this Agreement, to (i) make or continue Revolving Loans to the Borrower from time to
time and (ii) participate in Letters of Credit issued upon the request of the Borrower,
provided that, after giving effect to the making of each such Loan and the issuance of each
such Letter of Credit, such Lender’s Outstanding Revolving Credit Exposure shall not exceed in the
aggregate the amount of its Revolving Credit Commitment and the Aggregate Outstanding Revolving
Credit Exposure shall not exceed the Aggregate Revolving Credit Commitment. As of the Effective
Date each revolving loan made under the Existing Credit Agreement shall be continued as a Revolving
Loan hereunder and the Borrower accepts, assumes and agrees to perform all obligations as the
borrower and primary obligor in respect thereof. Subject to the terms of this Agreement, the
Borrower may borrow, repay and reborrow Revolving Loans, in whole or in part, at any time prior to
the Facility Termination Date. The Revolving Credit Commitments to extend credit hereunder shall
expire on the Facility Termination Date.

     Section 2.4 Other Required Payments. All outstanding Revolving Loans, Swing Line
Loans, unreimbursed LC Disbursements and all other unpaid Obligations shall be paid in full by the
Borrower on the Facility Termination Date.

     Section 2.5 Ratable Loans. Each Revolving Credit Advance hereunder shall consist of
Revolving Loans made from the several Revolving Lenders ratably according to their Pro Rata Shares.

     Section 2.6 Types of Advances. The Advances may be Floating Rate Advances or
Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with Sections
2.11 and 2.12, or Swing Line Loans selected by the Borrower in accordance with Section 2.7.

     Section 2.7 Swing Line Loans.

     (i) Subject to the terms and conditions set forth herein, the Swing Line Lender agrees
to make Swing Line Loans to the Borrower from time to time from and including the Effective
Date and prior to the Facility Termination Date, in an aggregate principal amount at any
time outstanding that will not result in (i) the aggregate principal amount of outstanding
Swing Line Loans exceeding $25,000,000, (ii) the aggregate principal amount of the Swing
Line Lender’s outstanding Swing Line Loans exceeding its Swing Line Commitment, or (iii) the
sum of the Aggregate Outstanding Revolving Credit Exposure exceeding the Aggregate Revolving
Credit Commitment; provided that

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the Swing Line Lender shall not be required to make a Swing Line Loan to refinance an
outstanding Swing Line Loan. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Borrower may borrow, prepay and reborrow Swing Line Loans.
The Borrower will repay in full each Swing Line Loan on or before the fifth (5th)
Business Day after the Borrowing Date for such Swing Line Loan.

     (ii) To request a Swing Line Loan, the Borrower shall notify the Administrative Agent
of such request by telephone or electronic mail (to such electronic mail addresses as the
Administrative Agent shall specify) (in each case confirmed by telecopy), not later than
1:00 p.m., New York City time, on the day of a proposed Swing Line Loan. Each such notice
(a “Swing Line Borrowing Notice”) shall be irrevocable and shall specify the
requested date (which shall be a Business Day) and amount of the requested Swing Line Loan,
which shall be an amount not less than $1,000,000. The Administrative Agent will promptly
advise the Swing Line Lender of any such notice received from the Borrower. The Swing Line
Lender shall make each Swing Line Loan available to the Borrower by means of a credit to a
general deposit account of the Borrower with the Swing Line Lender or wire transfer to an
account designated by the Borrower (or, in the case of a Swing Line Loan made to finance the
reimbursement of an LC Disbursement as provided in Section 2.22(v), by remittance to the LC
Issuer) by 3:00 p.m., New York City time, on the requested date of such Swing Line Loan.

     (iii) The Swing Line Lender may (and shall on the fifth (5th) Business Day
after the Borrowing Date of each Swing Line Loan made by it that is then still outstanding)
by written notice given to the Administrative Agent not later than 10:00 a.m., New York City
time, on any Business Day require the Revolving Lenders to acquire participations on such
Business Day in all or a portion of its Swing Line Loans outstanding. Such notice shall
specify the aggregate amount of Swing Line Loans in which Revolving Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give
notice thereof to each Revolving Lender, specifying in such notice such Lender’s Pro Rata
Share of such Swing Line Loan or Loans. Each Revolving Lender hereby absolutely and
unconditionally agrees, upon receipt of notice as provided above, to pay to the
Administrative Agent, for the account of the Swing Line Lender, such Lender’s Pro Rata Share
of such Swing Line Loan or Loans. Each Revolving Lender acknowledges and agrees that its
obligation to acquire participations in Swing Line Loans pursuant to this paragraph is
unconditional, continuing, irrevocable and absolute and shall not be affected by any
circumstances, including, without limitation, (a) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the Administrative Agent, the
Swing Line Lender or any other Person, (b) the occurrence or continuance, prior to or after
the funding of any Swing Line Loan, of a Default or Unmatured Default, (c) any adverse
change in the condition (financial or otherwise) of the Borrower or (d) any other
circumstance, happening or event whatsoever, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender
shall comply with its obligation under this paragraph by wire transfer of immediately
available funds, in the same manner as provided in Section 2.11 with respect to Loans made
by such Lender (and Sections 2.11 and 2.21 shall apply, mutatis mutandis, to
the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to
the

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Swing Line Lender the amounts so received by it from the Lenders. The Administrative
Agent shall notify the Borrower of any participations in any Swing Line Loan acquired
pursuant to this paragraph. Any amounts received by the Swing Line Lender from the Borrower
(or other party on behalf of the Borrower) in respect of a Swing Line Loan after receipt by
the Swing Line Lender of the proceeds of a sale of participations therein shall be promptly
remitted to the Administrative Agent; any such amounts received by the Administrative Agent
shall be promptly remitted by the Administrative Agent to the Lenders that shall have made
their payments pursuant to this paragraph and to the Swing Line Lender, as their interests
may appear; provided that any such payment so remitted shall be repaid to the Swing
Line Lender or to the Administrative Agent, as applicable, if and to the extent such payment
is required to be refunded to the Borrower for any reason. The purchase of participations
in a Swing Line Loan pursuant to this paragraph shall not relieve the Borrower of any
default in the payment thereof.

     Section 2.8 Commitment Fee; Reductions and Increases in Aggregate Revolving Credit
Commitment.

     (i) The Borrower agrees to pay to the Administrative Agent for the account of each
Revolving Lender a commitment fee, which shall accrue at the rate of .50% per annum on the
daily amount of the difference between the Revolving Credit Commitment of such Lender and
the Outstanding Revolving Credit Exposure (excluding Swing Line Exposure) of such Lender
during the period from and including the date hereof to but excluding the date on which such
Revolving Credit Commitment terminates. Accrued commitment fees shall be payable in arrears
on the last day of March, June, September and December of each year and on the date on which
the Revolving Credit Commitments terminate, commencing on the first such date to occur after
the date hereof. All commitment fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

     (ii) The Borrower may permanently reduce the Aggregate Revolving Credit Commitment in
whole, or in part ratably among the Revolving Lenders in minimum amounts of $10,000,000 and
integral multiples of $1,000,000 in excess thereof, upon at least three Business Days’
written notice to the Administrative Agent, which notice shall specify the amount of any
such reduction, provided, however, that the amount of the Aggregate
Revolving Credit Commitment may not be reduced below the Aggregate Outstanding Revolving
Credit Exposure and further provided that a notice of a reduction of the Aggregate Revolving
Credit Commitment delivered by the Borrower may state that such notice is conditioned upon
the effectiveness of other credit facilities, in which case such notice may be revoked by
the Borrower (by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. All accrued commitment fees shall be payable on
the effective date of any termination of the obligations of the Lenders to make Credit
Extensions hereunder. Notwithstanding the foregoing, the Borrower shall not voluntarily
reduce the Aggregate Revolving Credit Commitment unless at the time of such reduction the
Term B Balance is zero.

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     (iii) The Borrower may, at its option, on up to three occasions, seek to increase the
Aggregate Revolving Credit Commitment and/or the Aggregate Term B Loan Commitment or
aggregate Term A Loans by up to an aggregate amount of $50,000,000 in a minimum amount of
$10,000,000 and in integral multiples of $5,000,000 in excess thereof, upon at least three
(3) Business Days’ prior written notice to the Administrative Agent, which notice shall
specify the amount of any such increase and whether such increase is in the Aggregate
Revolving Credit Commitment, the Aggregate Term B Loan Commitment, the Term A Loans or a
combination of any thereof and shall be delivered at a time when no Default or Unmatured
Default has occurred and is continuing. Notwithstanding anything herein to the contrary, no
Term B Loan shall be permitted to be borrowed pursuant to this clause (iii) if, after giving
effect thereto, the Term B Balance would exceed $250,000,000. The Borrower may, after
giving such notice, offer the increase (which may be declined by any Lender in its sole
discretion) in the Commitments or Term A Loans on either a ratable basis to the Lenders or
on a non pro-rata basis to one or more Lenders and/or to other Lenders or entities
reasonably acceptable to the Administrative Agent. No increase in the Commitments or Term A
Loans shall become effective until the existing or new Lenders extending such incremental
Revolving Credit Commitment, Term B Loan Commitment or Term A Loans and the Borrower shall
have delivered to the Administrative Agent a document in form and substance reasonably
satisfactory to the Administrative Agent pursuant to which each such existing Lender states
the amount of its Commitment or Loan increase, each such new Lender becomes a party hereto,
states its Commitment or Loan amount and agrees to assume and accept the obligations and
rights of a Lender hereunder and the Borrower accepts such incremental Commitments or Loans.
In the event of an increase in the Aggregate Revolving Credit Commitment pursuant to this
Section, the Revolving Lenders (new or existing) shall accept an assignment from the
existing Revolving Lenders, and the existing Revolving Lenders shall make an assignment to
the new or existing Revolving Lender accepting a new or increased Revolving Credit
Commitment, of an interest in each then outstanding Revolving Credit Advance, Swing Line
Loan, Letter of Credit and LC Disbursement such that, after giving effect thereto, all
Revolving Credit Advances, Swing Line Loans, Letters of Credit and LC Disbursements are held
ratably by the Revolving Lenders in proportion to their respective Revolving Credit
Commitments. Assignments pursuant to the preceding sentence shall be made in exchange for
the principal amount assigned plus accrued and unpaid interest and shall not be subject to
the assignment fee set forth in Section 12.1(ii)(B)(3). The Borrower shall make any
payments under Section 3.4 resulting from such assignments. In the event of an increase in
the Aggregate Term B Loan Commitment or Term A Loans pursuant to this Section, each Lender
accepting a portion of such increased Aggregate Term B Loan Commitment or Term A Loans
shall, on the effective date of the increase in such Aggregate Term B Loan Commitment or
Term A Loans, make a loan to the Borrower (which shall be deemed to be, as applicable, a
“Term A Loan” or a “Term B Loan” hereunder for all purposes hereof, including Section 2.24)
in the amount of its portion of such increase. Any such increase of the Aggregate Revolving
Credit Commitment, Aggregate Term B Loan Commitment or Term A Loans shall be subject to
receipt by the Administrative Agent from the Borrower of such supplemental opinions,
resolutions, certificates and other documents as the Administrative Agent may reasonably
request.

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     Section 2.9 Minimum Amount of Each Advance. Each Eurodollar Advance (other than an
Advance to repay Swing Line Loans) shall be in the minimum amount of $5,000,000 (and in multiples
of $1,000,000 if in excess thereof), and each Floating Rate Advance (other than a Swing Line Loan)
shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof),
provided, however, that any Revolving Credit Advance which is a Floating Rate
Advance may be in the amount of the unused Aggregate Revolving Credit Commitment.

     Section 2.10 Optional and Mandatory Principal Payments.

     (i) The Borrower may from time to time pay, without penalty or premium, all outstanding
Floating Rate Advances (other than Swing Line Loans), or, in a minimum aggregate amount of
$5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the
outstanding Floating Rate Advances (other than Swing Line Loans) upon one Business Day’s
prior notice to the Administrative Agent. The Borrower may at any time pay, without penalty
or premium, all outstanding Swing Line Loans, or, in a minimum amount of $1,000,000 and
increments of $500,000 in excess thereof, any portion of the outstanding Swing Line Loans,
with notice to the Administrative Agent and the Swing Line Lender by 12:00 p.m., New York
City time, on the date of repayment. The Borrower may from time to time pay, subject to the
payment of any funding indemnification amounts required by Section 3.4 but without penalty
or premium, all outstanding Eurodollar Advances, or, in a minimum aggregate amount of
$5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the
outstanding Eurodollar Advances upon three Business Days’ prior notice to the Administrative
Agent. All voluntary principal payments in respect of the Term B Loan shall be applied to
the principal installments thereof in such order as the Borrower may elect, or if not so
specified on or prior to the date of such optional prepayment, in the direct order of
maturity. All mandatory principal payments in respect of the Term B Loan shall be applied
to the principal installments thereof under Section 2.2 in the direct order of maturity.
Notwithstanding the foregoing, the Borrower shall not voluntarily prepay the Term A Loan
unless at the time of such prepayment the Term B Balance is zero.

     (ii) In the event and on each occasion that any Net Proceeds are received by or on
behalf of Holdco or any of its Subsidiaries in respect of any Prepayment Event, the Borrower
shall, within five Business Days after such Net Proceeds are received, prepay the Term B
Loan until paid in full; provided that in the case of any such event described in
clause (i) of the definition of the term “Prepayment Event,” if the Borrower or any
Subsidiary applies (or commits to apply) the Net Proceeds from such event (or a portion
thereof) within fifteen months after receipt of such Net Proceeds to pay all or a portion of
the purchase price in connection with an Acquisition permitted hereunder of a Similar
Business or to acquire, restore, replace, rebuild, develop, maintain or upgrade real
property, equipment or other capital assets useful or to be used in the business of the
Borrower and the Subsidiaries (and, in each case, the Borrower has delivered to the
Administrative Agent within five Business Days after such Net Proceeds are received a
certificate of its Financial Officer stating its intention to do so and certifying that no
Default has occurred and is continuing), then, so long as no Default has occurred and is

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continuing at the time of the giving of such notice and at the time of the proposed
reinvestment, no prepayment shall be required pursuant to this paragraph in respect of the
Net Proceeds in respect of such event (or the portion of such Net Proceeds specified in such
certificate, if applicable) except to the extent of any such Net Proceeds therefrom that
have not been so applied (or committed to be so applied) by the end of such fifteen month
period, (or if committed to be so applied within such fifteen month period, have not been so
applied within 180 days after such fifteen month period has expired). The Borrower shall
provide to the Administrative Agent any such evidence reasonably requested by the
Administrative Agent with respect to any commitment of the Borrower or any Subsidiary to
apply Net Proceeds in accordance with this Section 2.10(ii). Notwithstanding the foregoing,
if on any Business Day there exist “Net Proceeds” (as defined in the Indenture) which
(assuming no investment or application thereof is made within the following five Business
Days) would constitute “Excess Proceeds” (as defined in the Indenture) in an amount in
excess of $25,000,000 on such fifth following Business Day, then prior to such fifth
following Business Day the Borrower shall prepay the Term B Loan until paid in full in an
aggregate amount equal to such “Excess Proceeds” amount in excess of $25,000,000. Upon
making such prepayment, the Borrower shall be relieved of any further obligation under this
Section 2.10(ii) to make any prepayment with respect to such Net Proceeds.

     (iii) Following the end of each fiscal year of the Borrower, commencing with the fiscal
year ending December 31, 2009, the Borrower shall prepay the Term B Loan in an aggregate
amount equal to the Excess Cash Flow for such fiscal year multiplied by 50%. Each
prepayment pursuant to this clause shall be made on or before the date that is five Business
Days after the date on which annual financial statements are required to be delivered
pursuant to Section 6.1(i) with respect to the fiscal year for which Excess Cash Flow is
being calculated. Notwithstanding the foregoing, (A) no prepayment shall be required by
this clause with respect to any fiscal year of the Borrower as to which the Senior Secured
Debt Ratio is less than 3.0 to 1.0 as of the end of such fiscal year and (B) the amount
required to be prepaid pursuant to this clause with respect to any fiscal year shall be
reduced dollar for dollar by the amount of (1) voluntary prepayments of Revolving Loans
which were accompanied by corresponding permanent reductions in the Aggregate Revolving
Credit Commitment, (2) all optional prepayments of the Term A Loan or Term B Loan, (3)
mandatory prepayments of the Term B Loan, in each case only to the extent that such
prepayments, expenditures or investments (x) were made by the Borrower or its Subsidiaries
after the start of the applicable fiscal year and prior to the due date for (or, if earlier,
the actual payment date of) the prepayment under this clause with respect to such fiscal
year and (y) have not resulted in a reduction of Excess Cash Flow or prepayments pursuant to
this clause with respect to any prior fiscal year and (C) no prepayment shall be required
with respect to the portion of Excess Cash Flow attributable to a Subsidiary that is
required to maintain a minimum net worth or similar requirement under applicable law, rule
or regulation or by order, decree or power of any Governmental Entity, to the extent (and
only to the extent) that the payment of cash by such Subsidiary to the Borrower in respect
of such portion of Excess Cash Flow (by way of dividend, intercompany loan or otherwise)
would result in such Subsidiary’s failure to comply with such requirement.

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     (iv) In the event that the Borrower or any Borrower Subsidiary
desires to make any Restricted Payment pursuant to Section 6.10(xi), the Borrower shall
prepay the Term B Loan with any Excess Specified Security Sale
Proceeds in the amount of $50,000,000, such prepayment to be made prior to
any such Restricted Payment under Section 6.10(xi) (it being
understood that after the Borrower has prepaid the Term B Loan
in the amount of $50,000,000 with Excess Specified Security Sale
Proceeds, it shall have no further obligation to prepay the
Term B Loan under this clause (iv)).

     (v) In the event and on each occasion that the Borrower or any Borrower Subsidiary
makes any Restricted Payment pursuant to Section 6.10(xi) in an amount which, when
aggregated with all other Restricted Payments made pursuant to Section 6.10(xi) after the
Effective Date, is greater than $62,500,000, the Borrower shall, on the date such Restricted
Payment is made, prepay the Term Loans in an amount equal to the amount of such Restricted
Payment or, if less, the portion thereof which resulted in such aggregate Restricted Payment
amount exceeding $62,500,000, which prepayment shall be applied to the Term B Loan until
paid in full and thereafter applied to the Term A Loan.

     (vi) In the event of any voluntary or mandatory prepayment (other than pursuant to
Section 2.10(iv)) of the Term B Loan, on the date of prepayment the Borrower shall pay the
Administrative Agent for the ratable benefit of the holders of the Term B Loan a prepayment
premium in an amount equal to (A) 2% of the principal amount prepaid in the case of a
prepayment on or prior to the first anniversary of the Effective Date, (B) 1% in the case of
a prepayment after the first anniversary of the Effective Date but on or prior to the second
anniversary of the Effective Date and (C) 0% thereafter.

     Section 2.11 Method of Selecting Types and Interest Periods for New Advances. The
Borrower shall select the Type of Advance and, in the case of each Eurodollar Advance, the Interest
Period applicable thereto from time to time. The Borrower shall give the Administrative Agent
irrevocable notice (a “Borrowing Notice”) not later than 12:00 noon, New York City time, on
the Borrowing Date of each Floating Rate Advance (other than a Swing Line Loan) and three Business
Days before the Borrowing Date for each Eurodollar Advance. Each such notice shall specify:

     (i) the Borrowing Date, which shall be a Business Day, of such Advance,

     (ii) the aggregate amount of such Advance,

     (iii) the Type of Advance selected, and

     (iv) in the case of each Eurodollar Advance, the Interest Period applicable thereto.

Not later than 1:00 p.m., New York City time, on each Borrowing Date, each Lender shall make
available its Revolving Loan or Revolving Loans in funds immediately available in Chicago to the
Administrative Agent at its address specified pursuant to Article XIII. The Administrative Agent
will make the funds so received from the Lenders available to the Borrower in an account designated
in writing by the Borrower.

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     Section 2.12 Conversion and Continuation of Outstanding Advances. Floating Rate
Advances (other than Swing Line Loans) shall continue as Floating Rate Advances unless and until
such Floating Rate Advances are converted into Eurodollar Advances pursuant to this Section 2.12 or
are repaid in accordance with Section 2.10. Each Eurodollar Advance shall continue as a Eurodollar
Advance until the end of the then applicable Interest Period therefor, at which time such
Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such
Eurodollar Advance is or was repaid in accordance with Section 2.10 or (y) the Borrower shall have
given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that,
at the end of such Interest Period, such Eurodollar Advance continue as a Eurodollar Advance for
the same or another Interest Period. Subject to the terms of Section 2.9, the Borrower may elect
from time to time to convert all or any part of a Floating Rate Advance (other than Swing Line
Loans) into a Eurodollar Advance. The Borrower shall give the Administrative Agent irrevocable
notice (a “Conversion/Continuation Notice”) of each conversion of a Floating Rate Advance
into a Eurodollar Advance or continuation of a Eurodollar Advance not later than 2:00 p.m., New
York City time, at least three Business Days prior to the date of the requested conversion or
continuation, specifying:

     (i) the requested date, which shall be a Business Day, of such conversion or
continuation,

     (ii) the aggregate amount and Type of the Advance which is to be converted or
continued, and

     (iii) the amount of such Advance which is to be converted into or continued as a
Eurodollar Advance and the duration of the Interest Period applicable thereto.

     Section 2.13 Changes in Interest Rate, etc. Each Floating Rate Advance (other than
Swing Line Loans) shall bear interest on the outstanding principal amount thereof, for each day
from and including the date such Advance is made or is automatically converted from a Eurodollar
Advance into a Floating Rate Advance pursuant to Section 2.12, to but excluding the date it is paid
or is converted into a Eurodollar Advance pursuant to Section 2.12 hereof, at a rate per annum
equal to the Floating Rate plus the Applicable Margin for such day. Each Swing Line Loan shall bear interest on the
outstanding principal amount thereof, for each day from and including the day such Swing Line Loan
is made to but excluding the date it is paid hereof, at a rate per annum equal to the Floating Rate
plus the Applicable Margin for such day. Changes in the rate of interest on that portion of any Advance maintained as a
Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate.
Each Eurodollar Advance shall bear interest on the outstanding principal amount thereof from and
including the first day of the Interest Period applicable thereto to (but not including) the last
day of such Interest Period at the interest rate determined by the Administrative Agent as
applicable to such Eurodollar Advance based upon the Borrower’s selections under Sections 2.11 and
2.12 and otherwise in accordance with the terms hereof, plus the Applicable Margin. No Interest Period may end after the
Facility Termination Date. Interest on Loans outstanding on the Effective Date shall be calculated
(x) for periods up to and including the Effective Date at the rates set forth on the Pricing
Schedule in the Existing Credit Agreement and (y) for periods after the Effective Date at the rates
set forth in this Agreement.

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     Section 2.14 Rates Applicable After Default. Notwithstanding anything to the contrary
contained in Section 2.11, 2.12 or 2.13, during the continuance of a Default, the Required Lenders
may, at their option, by notice to the Borrower (which notice may be revoked at the option of the
Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the
Lenders to changes in interest rates), declare that no Advance may be made as, converted into or
continued as a Eurodollar Advance. During the continuance of a Default under Section 7.2, unless
waived by the Required Lenders or until such defaulted amount shall have been paid in full, (i)
each overdue Eurodollar Advance shall bear interest for the remainder of the applicable Interest
Period at the rate otherwise applicable hereunder to such Interest Period plus 2% per annum and (ii) each
overdue Floating Rate Advance and all overdue fees and other overdue amounts payable hereunder
shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus the Applicable Margin plus
2% per annum, in each case without any election or action on the part of the Administrative Agent
or any Lender.

     Section 2.15 Method of Payment. All payments of the Obligations hereunder shall be
made, without setoff, deduction, or counterclaim, in immediately available funds to the
Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or
at any other Lending Installation of the Administrative Agent specified in writing by the
Administrative Agent to the Borrower, by noon (local time) on the date when due and shall (except
with respect to repayments of Swing Line Loans and except in the case of reimbursement obligations
with respect to LC Disbursements for which the LC Issuer has not been fully indemnified by the
Lenders, or as otherwise specifically required hereunder) be applied ratably by the Administrative
Agent among the applicable Lenders. Each payment delivered to the Administrative Agent for the
account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the
same type of funds that the Administrative Agent received at its address specified pursuant to
Article XIII or at any Lending Installation specified in a notice received by the Administrative
Agent from such Lender. Each reference to the Administrative Agent in this Section 2.15 shall also
be deemed to refer, and shall apply equally, to the LC Issuer, in the case of payments required to
be made by the Borrower to the LC Issuer pursuant to Section 2.22(v).

     Section 2.16 Noteless Agreement; Evidence of Indebtedness. (i) Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Borrower to such Lender resulting from each Loan made by such Lender from time to time,
including the amounts of principal and interest payable and paid to such Lender from time to time
hereunder.

     (i) The Administrative Agent shall also maintain the Register as set forth in Section
12.1(ii)(D).

     (ii) The entries maintained in the accounts maintained pursuant to paragraphs (i) and
(ii) above shall be prima facie evidence of the existence and amounts of the Obligations
therein recorded absent manifest error; provided, however, that the failure
of the Administrative Agent or any Lender to maintain such accounts or any error therein
shall not in any manner affect the obligation of the Borrower to repay the Obligations in
accordance with their terms.

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     (iii) Any Lender may request that its Loans be evidenced by a promissory note in
substantially the form of a Revolving Credit Note, a Term A Note, a Term B Note or a Swing
Line Note, in each case as applicable. In such event, the Borrower shall prepare, execute
and deliver to such Lender such Note payable to the order of such Lender. Thereafter, the
Loans evidenced by such Note and interest thereon shall at all times (prior to any
assignment pursuant to Section 12.1) be represented by one or more Notes payable to the
order of the payee named therein, except to the extent that any such Lender subsequently
returns any such Note for cancellation and requests that such Loans once again be evidenced
as described in paragraphs (i) and (ii) above.

     Section 2.17 Telephonic Notices. The Borrower hereby authorizes the Lenders and the
Administrative Agent to extend, convert or continue Advances, effect selections of Types of
Advances and to transfer funds based on telephonic notices made by any person or persons the
Administrative Agent or any Lender in good faith believes to be acting on behalf of the Borrower,
it being understood that the foregoing authorization is specifically intended to allow Borrowing
Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to
deliver promptly to the Administrative Agent a written confirmation, if such confirmation is
requested by the Administrative Agent or any Lender, of each telephonic notice signed by an
Authorized Officer. If the written confirmation differs in any material respect from the action
taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the
Lenders shall govern absent manifest error.

     Section 2.18 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each
Floating Rate Advance shall be payable on each Payment Date, commencing with the first such date to
occur after the date hereof, on any date on which the Floating Rate Advance is prepaid, whether due
to acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Advance shall
be payable on the last day of its applicable Interest Period, on any date on which the Eurodollar
Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on
each Eurodollar Advance having an Interest Period longer than three months shall also be payable on
the last day of each three-month interval during such Interest Period. Interest on Eurodollar
Advances, commitment fees and LC Fees shall be calculated for actual days elapsed on the basis of a
360-day year. Interest on Floating Rate Advances shall be calculated for actual days elapsed on
the basis of a 365/366-day year. Interest shall be payable for the day an Advance is made but not
for the day of any payment on the amount paid if payment is received prior to noon, New York City
time, at the place of payment. If any payment of principal of or interest on an Advance or other
amount hereunder shall become due on a day which is not a Business Day, such payment shall be made
on the next succeeding Business Day and, in the case of a principal payment, such extension of time
shall be included in computing interest in connection with such payment.

     Section 2.19 Notification of Advances, Interest Rates, Prepayments and Revolving Credit
Commitment Reductions. Promptly after receipt thereof, the Administrative Agent will notify
each Lender of the contents of each Aggregate Revolving Credit Commitment reduction notice,
Borrowing Notice, Swing Line Borrowing Notice, Conversion/Continuation Notice, and repayment notice
received by it hereunder. Promptly after notice from the LC Issuer, the Administrative Agent will
notify each Lender of the contents of each request for issuance of a Letter of Credit hereunder.
The Administrative Agent will notify each Lender of the interest rate

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applicable to each Eurodollar Advance promptly upon determination of such interest rate and
will give each Lender prompt notice of each change in the Alternate Base Rate.

     Section 2.20 Lending Installations. Each Lender may book its Loans and its
participation in any LC Exposure and the LC Issuer may book the Letters of Credit at any Lending
Installation selected by such Lender or the LC Issuer, as the case may be, and may change its
Lending Installation from time to time. All terms of this Agreement shall apply to any such
Lending Installation and the Loans, Letters of Credit, participations in LC Exposure and any Notes
issued hereunder shall be deemed held by each Lender or the LC Issuer, as the case may be, for the
benefit of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to
the Administrative Agent and the Borrower in accordance with Article XIII, designate replacement or
additional Lending Installations through which Loans will be made by it or Letters of Credit will
be issued by it and for whose account Loan payments or payments with respect to Letters of Credit
are to be made.

     Section 2.21 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or
a Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is
scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds
of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the
Administrative Agent for the account of the Lenders, that it does not intend to make such payment,
the Administrative Agent may assume that such payment has been made. The Administrative Agent may,
but shall not be obligated to, make the amount of such payment available to the intended recipient
in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in
fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand
by the Administrative Agent, repay to the Administrative Agent the amount so made available
together with interest thereon in respect of each day during the period commencing on the date such
amount was so made available by the Administrative Agent until the date the Administrative Agent
recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the
Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest
rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest
rate applicable to the relevant Loan.

     Section 2.22 Letters of Credit.

     (i) General. Subject to the terms and conditions set forth herein, the
Borrower may request the issuance of Letters of Credit for its own account, in a form
reasonably acceptable to the applicable LC Issuer, at any time and from time to time from
and including the Effective Date and prior to the Facility Termination Date. In the event
of any inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any Letter of Credit Application or other agreement submitted by the Borrower
to, or entered into by the Borrower with, the LC Issuer relating to any Letter of Credit,
the terms and conditions of this Agreement shall control.

     (ii) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To
request the issuance of a Letter of Credit (or the amendment, renewal or extension of an
outstanding Letter of Credit), the Borrower shall mail, hand deliver or telecopy (or
transmit by electronic communication, if arrangements for doing so have been approved

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by the LC Issuer) to the LC Issuer and the Administrative Agent (reasonably in advance
of the requested date of issuance, amendment, renewal or extension) a notice requesting the
issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed
or extended, and specifying the date of issuance, amendment, renewal or extension (which
shall be a Business Day), the date on which such Letter of Credit is to expire (which shall
comply with paragraph (iii) of this Section), the amount of such Letter of Credit, the name
and address of the beneficiary thereof and such other information as shall be necessary to
prepare, amend, renew or extend such Letter of Credit. If requested by the LC Issuer, the
Borrower also shall submit a letter of credit application on the LC Issuer’s standard form
in connection with any request for a Letter of Credit. A Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of
each Letter of Credit, the Borrower shall be deemed to represent and warrant that), after
giving effect to such issuance, amendment, renewal or extension (x) the LC Exposure shall
not exceed $100,000,000 and (y) the Aggregate Outstanding Revolving Credit Exposure shall
not exceed the Aggregate Revolving Credit Commitment.

     (iii) Expiration Date. Each Letter of Credit shall expire at or prior to the
close of business on the earlier of (x) the date one year after the date of the issuance of
such Letter of Credit and (y) the Facility Termination Date; provided that any
Letter of Credit with a one year period may provide for the renewal thereof for additional
one year periods but in no event shall the date of such Letters of Credit extend beyond the
period in clause (y) hereof.

     (iv) Participations. By the issuance of a Letter of Credit (or an amendment to
a Letter of Credit increasing the amount thereof) and without any further action on the part
of the LC Issuer or the Lenders, the LC Issuer hereby grants to each Lender, and each Lender
hereby acquires from the LC Issuer, a participation in such Letter of Credit equal to such
Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for the account of the LC
Issuer, such Lender’s Pro Rata Share of each LC Disbursement made by the LC Issuer and not
reimbursed by the Borrower on the date due as provided in paragraph (v) of this Section, or
of any reimbursement payment required to be refunded to the Borrower for any reason. Each
Lender acknowledges and agrees that its obligation to acquire participations pursuant to
this paragraph in respect of Letters of Credit is absolute and unconditional and shall not
be affected by any circumstance whatsoever, including any amendment, renewal or extension of
any Letter of Credit or the occurrence and continuance of a Default or reduction or
termination of the Commitments, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever.

     (v) Reimbursement. If the LC Issuer shall make any LC Disbursement in respect
of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the
Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New
York City time, on the Business Day next following the date notice of such drawing is given
to the Borrower (any such notice received after 1:00 p.m.,

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New York City time, shall be deemed received by the Borrower on the next Business Day);
provided that, the Borrower may, subject to the conditions to borrowing set forth
herein, request in accordance with Section 2.7 or 2.11 that such payment be financed with a
Revolving Credit Advance which is a Floating Rate Advance or Swing Line Loan in an
equivalent amount and, to the extent so financed, the Borrower’s obligation to make such
payment shall be discharged and replaced by the resulting Revolving Credit Advance or Swing
Line Loan. If the Borrower fails to reimburse an LC Disbursement when due, the
Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment
then due from the Borrower in respect thereof and such Lender’s Pro Rata Share thereof.
Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent
its Pro Rata Share of the payment then due from the Borrower, in the same manner as provided
in Section 2.11 with respect to Loans made by such Lender (and Sections 2.11 and 2.21 shall
apply, mutatis mutandis, to the payment obligations of the Lenders), and the
Administrative Agent shall promptly pay to the LC Issuer the amounts so received by it from
the Lenders. Promptly following receipt by the Administrative Agent of any payment from the
Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment
to the LC Issuer or, to the extent that Lenders have made payments pursuant to this
paragraph to reimburse the LC Issuer, then to such Lenders and the LC Issuer as their
interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse
the LC Issuer for any LC Disbursement (other than the funding of a Revolving Credit Advance
or a Swing Line Loan as contemplated above) shall not constitute a Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement.

     (vi) Obligations Absolute. The Borrower’s obligation to reimburse LC
Disbursements as provided in paragraph (v) of this Section shall be absolute, unconditional
and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement under any and all circumstances whatsoever and irrespective of (A) any lack of
validity or enforceability of any Letter of Credit or this Agreement, or any term or
provision therein, (B) any draft or other document presented under a Letter of Credit
proving to be forged, fraudulent or invalid in any respect or any statement therein being
untrue or inaccurate in any respect, (C) payment by the LC Issuer under a Letter of Credit
against presentation of a draft or other document that does not comply with the terms of
such Letter of Credit, or (D) any other event or circumstance whatsoever, whether or not
similar to any of the foregoing, that might, but for the provisions of this Section,
constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the LC
Issuer, nor any of their Related Parties, shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit or any
payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay
in transmission or delivery of any draft, notice or other communication under or relating to
any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the
control of the LC Issuer; provided that the foregoing shall not be construed to
excuse the LC Issuer from liability to the Borrower to the extent of any direct damages (as
opposed to consequential damages, claims in respect of which are

50

 

hereby waived by the Borrower to the extent permitted by applicable law) suffered by
the Borrower that are caused by the LC Issuer’s failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof. The parties hereto expressly agree that, in the absence of gross negligence,
willful misconduct or bad faith, in each case on the part of the LC Issuer, the LC Issuer
shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect
to documents presented which appear on their face to be in substantial compliance with the
terms of a Letter of Credit, the LC Issuer may, in its sole discretion, either accept and
make payment upon such documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse to accept and make
payment upon such documents if such documents are not in strict compliance with the terms of
such Letter of Credit.

     (vii) Disbursement Procedures. The LC Issuer shall, promptly following its
receipt thereof, examine all documents purporting to represent a demand for payment under a
Letter of Credit. The LC Issuer shall promptly notify the Administrative Agent and the
Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the LC
Issuer has made or will make an LC Disbursement thereunder; provided that any
failure to give or delay in giving such notice shall not relieve the Borrower of its
obligation to reimburse the LC Issuer and the Lenders with respect to any such LC
Disbursement.

     (viii) Interim Interest. If the LC Issuer shall make any LC Disbursement,
then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC
Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and
including the date such LC Disbursement is made (or, if notice of such LC Disbursement is
given later than 1:00 p.m., New York City time, on the date of such LC Disbursement, then
from and including the next Business Day) to but excluding the date that the Borrower
reimburses such LC Disbursement, at the Floating Rate plus the
Applicable Margin; provided that, if the
Borrower fails to reimburse such LC Disbursement within five Business Days of the date when
due pursuant to paragraph (v) of this Section, then the unpaid amount thereof shall bear
interest, for each day from and including the date when due to and including the date that
the Borrower reimburses such LC Disbursement, at the Floating Rate
plus the Applicable Margin plus 2% per annum.
Interest accrued pursuant to this paragraph shall be for the account of the LC Issuer with
respect to the applicable Letter of Credit, except that interest accrued on and after the
date of payment by any Lender pursuant to paragraph (v) of this Section to reimburse such LC
Issuer shall be for the account of such Lender to the extent of such payment.

     (ix) Replacement of the LC Issuer. An LC Issuer may be replaced at any time by
written agreement among the Borrower, the Administrative Agent and the successor LC Issuer.
The Administrative Agent shall notify the Lenders of any such replacement of an LC Issuer.
At the time any such replacement shall become effective, the Borrower shall pay all unpaid
fees accrued for the account of the replaced LC Issuer pursuant to paragraph (xi) of this
Section. From and after the effective date of any such replacement, (x) the successor LC
Issuer shall have all the rights and obligations of an LC Issuer under

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this Agreement with respect to Letters of Credit to be issued thereafter and (y)
references herein to the term “LC Issuer” shall be deemed to refer to such successor or to
any previous LC Issuer, or to such successor and all previous LC Issuers, as the context
shall require. After the replacement of an LC Issuer hereunder, the replaced LC Issuer
shall remain a party hereto and shall continue to have all the rights and obligations of an
LC Issuer under this Agreement with respect to Letters of Credit issued by it prior to such
replacement, but shall not be required to issue additional Letters of Credit.

     (x) Cash Collateralization. If any Default shall occur and be continuing, on
the Business Day that the Borrower receives notice from the Administrative Agent or the
Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC
Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of
cash collateral pursuant to this paragraph (which notice shall be delivered no earlier than
the earlier of the fifth Business Day of such Default continuing and the date of any
acceleration of the Obligations with respect to such Default), the Borrower shall deposit in
an account with the Administrative Agent, in the name of the Administrative Agent and for
the benefit of the Revolving Lenders, an amount in cash equal to the LC Exposure as of such
date plus any accrued and unpaid interest thereon; provided that the obligation to
deposit such cash collateral shall become effective immediately, and such deposit shall
become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Default with respect to the Borrower described in Section 7.6 or 7.7.
Such deposit shall be held by the Administrative Agent as collateral for the payment and
performance of the obligations of the Borrower under this Agreement. The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of
withdrawal, over such account. Other than any interest earned on the investment of such
deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear
interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse
the LC Issuer for LC Disbursements for which it has not been reimbursed and, to the extent
not so applied, shall be held for the satisfaction of the reimbursement obligations of the
Borrower for the LC Exposure at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of Lenders with LC Exposure representing greater
than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower
under this Agreement. If the Borrower is required to provide an amount of cash collateral
hereunder as a result of the occurrence of a Default, such amount (to the extent not applied
as aforesaid) shall be returned to the Borrower within three Business Days after all
Defaults have been cured or waived.

     (xi) Fees. The Borrower agrees to pay (A) to the Administrative Agent for the
account of each Revolving Lender a participation fee (the “LC Fee”) with respect to
its participations in Letters of Credit, which shall accrue at a per annum rate equal to the
Applicable Margin then in effect with respect to Revolving Loans that are Eurodollar Loans
on the face amount of such Letters of Credit during the period from and including the
Effective Date to but excluding the later of the date on which such Lender’s Commitment
terminates and the date on which such Lender ceases to have any LC Exposure, and (B) to each
LC Issuer a fronting fee, which shall accrue at the rate per

52

 

annum separately agreed upon (but no more than 0.125% per annum) between the Borrower
and such LC Issuer on the average daily amount of the LC Exposure with respect to Letters of
Credit issued by such LC Issuer (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding
the later of the date of termination of the Revolving Credit Commitments and the date on
which there ceases to be any LC Exposure, as well as such LC Issuer’s standard fees with
respect to the issuance, amendment, renewal or extension of any Letter of Credit or
processing of drawings thereunder. LC Fees and fronting fees accrued through and including
the last day of March, June, September and December of each year shall be payable on the
third Business Day following such last day, commencing on the first such date to occur after
the Effective Date; provided that all such fees shall be payable on the date on
which the Revolving Credit Commitments terminate and any such fees accruing after the date
on which the Revolving Credit Commitments terminate shall be payable on demand. Any other
fees payable to the LC Issuers pursuant to this paragraph shall be payable within 30 days
after demand. All LC Fees and fronting fees shall be computed on the basis of a year of 360
days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

     (xii) Outstanding Letters of Credit. The letters of credit set forth on
Schedule 2.22 hereto (the “Outstanding Letters of Credit”) were issued or deemed
issued pursuant to the Existing Credit Agreement and remain outstanding as of the date of
this Agreement. The Borrower, the LC Issuer and each of the Revolving Lenders hereby agree
with respect to the Outstanding Letters of Credit that effective upon the Effective Date (A)
such Outstanding Letters of Credit shall be deemed to be Letters of Credit issued under and
governed in all respects by the terms and conditions of this Agreement and (B) each Lender
shall participate in each Outstanding Letter of Credit in an amount equal to its Pro Rata
Share of the face amount of such Outstanding Letter of Credit.

     Section 2.23 Replacement of Lender. If (i) the Borrower is required pursuant to
Section 3.1, 3.2 or 3.5 to make any additional payment to any Lender, (ii) any Lender’s obligation
to make or continue, or to convert Floating Rate Advances into, Eurodollar Advances shall be
suspended pursuant to Section 3.3, (iii) any Lender shall default in its obligation to fund Loans
hereunder, (iv) any Lender shall become insolvent or the subject of a bankruptcy or insolvency
proceeding or (v) any Lender shall fail to consent to a departure or waiver of any provision of the
Loan Documents or fail to agree to any amendment thereto, which waiver, consent or amendment
requires the consent of all Lenders or of all Lenders directly affected thereby and has been
consented to by the Required Lenders (any Lender described in clause (i), (ii), (iii), (iv) or (v)
being an “Affected Lender”), the Borrower may (a) elect to replace such Affected Lender as
a Lender party to this Agreement; provided that the Borrower shall have such right only if
(A) concurrently with such replacement, (1) another bank or other entity (other than a Disqualified
Institution) which is reasonably satisfactory to the Borrower and the Administrative Agent shall
agree, as of such date, to purchase for cash the Loans and other Obligations due to the Affected
Lender pursuant to an assignment substantially in the form of Exhibit D and to become a
Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender
to be terminated as of such date and to comply with the requirements of Section 12.1 applicable to
assignments, and (2) the Borrower shall pay to such

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Affected Lender in same day funds on the day of such replacement (x) all interest, fees and
other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and
including the date of termination, including without limitation payments due to such Affected
Lender under Sections 3.1, 3.2 and 3.5, and (y) an amount, if any, equal to the payment which would
have been due to such Lender on the day of such replacement under Section 3.4 had the Loans or
other Obligations of such Affected Lender been prepaid on such date rather than sold to the
replacement Lender, (B) in the case of clause (i) or (ii) above, such additional payments continue
to be required or such suspension is still effective and will be reduced or negated by such
assignment and (C) in the case of clause (iv) above, the applicable Assignee shall have agreed to
the applicable departure, waiver or amendment of the Loan Documents or (b) terminate all
Commitments of such Affected Lender and repay all Obligations of the Borrower owing to such Lender
as of such termination date (including any amounts owing pursuant to Section 3.4 as a result of
such repayment).

     Section 2.24 Pro Rata Treatment; Intercreditor Agreements.

     (i) Except as provided below in this Section 2.24 and as required under Section 2.7,
2.10, 2.13, 3.1, 3.2, 3.4, 3.5 or 11.2, each Advance, each payment or prepayment of
principal of any Advance, each payment of interest on the Loans, each payment of the
commitment fee set forth in Section 2.8 and the LC Fee, each reduction of the Revolving
Credit Commitment and each conversion of any Advance to or continuation of any Advance as an
Advance of any Type shall be allocated pro rata among the Lenders in accordance with their
respective applicable Commitments (or, if such Commitments shall have expired or been
terminated, in accordance with the respective principal amounts of their respective
applicable outstanding Loans).

     (ii) Notwithstanding anything to the contrary contained in this Agreement, any payment
or other distribution (whether from proceeds of Collateral or any other source, whether in
the form of cash, securities or otherwise, and whether made by any Loan Party or in
connection with any exercise of remedies by the Administrative Agent, the Collateral Agent
or any Lender) made or applied in respect of any of the Obligations (a) following any
acceleration of the Obligations, (b) during the existence of a Default under Section 7.2 or
(c) during or in connection with Insolvency Proceedings involving any Loan Party (or any
plan of liquidation, distribution or reorganization in connection therewith), shall be made
or applied, as the case may be, in the following order of priority (with higher priority
Obligations to be paid in full prior to any payment or other distribution in respect of
lower priority Obligations): (i) first, to payment of that portion of the
Obligations constituting fees, indemnities, expenses and other amounts, including attorney
fees, payable to the Administrative Agent in its capacity as such, the LC Issuer in its
capacity as such and the Collateral Agent in its capacity as such (ratably among the
Administrative Agent, the LC Issuer and the Collateral Agent in proportion to the respective
amounts described in this clause first payable to them); (ii) second, to
payment of that portion of the Obligations constituting indemnities and other amounts (other
than principal, interest and fees) payable to the Lenders, including attorney fees (ratably
among such Lenders in proportion to the respective amounts described in this clause
second payable to them); (iii) third, to payment of that portion of the
Obligations constituting accrued and unpaid interest (including any default interest) on the
Term B

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Loans and any Replacement Term B Loans (ratably among such Lenders in proportion to the
respective amounts described in this clause third payable to them), including
interest accruing after the filing or commencement of any Insolvency Proceedings in respect
of any Loan Party, whether or not any claim for post-filing or post-petition interest is or
would be allowed, allowable or otherwise enforceable in any such Insolvency Proceedings;
(iv) fourth, to payment of that portion of the Obligations constituting unpaid
principal of the Term B Loans and any Replacement Term B Loans (ratably among such Lenders
in proportion to the respective amounts described in this clause fourth held by
them); (v) fifth, to payment of that portion of the Obligations constituting accrued
and unpaid fees or interest (including any default interest) on or relating to the Revolving
Loans, Term A Loans, Swing Line Loans and LC Exposure (ratably among such Lenders in
proportion to the respective amounts described in this clause fifth payable to
them), including interest accruing after the filing or commencement of Insolvency
Proceedings in respect of any Loan Party, whether or not any claim for post-filing or
post-petition interest is or would be allowed, allowable or otherwise enforceable in any
such Insolvency Proceedings; (vi) sixth, to payment of that portion of the
Obligations constituting unpaid principal of the Revolving Loans, Term A Loans, Swing Line
Loans and LC Exposure (including any termination payments and any accrued and unpaid
interest thereon) (ratably among such Lenders in proportion to the respective amounts
described in this clause sixth held by them) and amounts constituting Rate
Management Obligations (but only to the extent such Rate Management Obligations are secured
by the Collateral and the source of the applicable payment is Collateral proceeds); (vii)
seventh on or after (A) the Facility Termination Date, (B) the occurrence of any
Default with respect to any Loan Party described in Section 7.6 or 7.7 or (C) the
declaration by the Administrative Agent or the Required Lenders that the Loans are due and
payable pursuant to Article VII, to pay an amount to the Administrative Agent for the
account of the LC Issuer equal to one hundred one percent (101%) of the aggregate undrawn
face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid LC
Disbursements to be held as cash collateral; (viii) eighth, to payment of any other
Obligations due to the Administrative Agent or any Lender by the Borrower, ratably; and (ix)
last, in the case of proceeds of Collateral, the balance, if any, thereof, after all
of the Obligations (including, without limitation, all Obligations in respect of LC Exposure
but excluding any contingent obligations) have been paid in full, to the Borrower or as
otherwise required by a court of competent jurisdiction. Each Lender agrees that the
provisions of this Section 2.24 (including, without limitation, the priority of the
Obligations as set forth herein) constitute an intercreditor agreement among them for value
received that is independent of any value received from the Loan Parties, and that such
agreement shall be enforceable as against each Lender, including, without limitation, in any
Insolvency Proceedings in respect of any Loan Party (including without limitation with
respect to interests and costs regardless of whether or not such interest or costs are
allowed as a claim in any such Insolvency Proceedings or enforceable or recoverable against
the Loan Party or its bankruptcy estate), to the same extent that such agreement is
enforceable under applicable non-bankruptcy law (including, without limitation, pursuant to
Section 510(a) of the U.S. federal Bankruptcy Code or any comparable provision of applicable
insolvency law), and that, if any Lender receives any payment or distribution in respect of
any Obligation (including, without limitation, in

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connection with any Insolvency Proceedings or any plan of liquidation, distribution or
reorganization therein) to which such Lender is not entitled in accordance with the
priorities set forth in this Section 2.24, such amount shall be held in trust by such Lender
for the benefit of the Person or Persons entitled to such payment or distribution hereunder,
and promptly shall be turned over by such Lender to the Administrative Agent for
distribution to the Person or Persons entitled to such payment or distribution in accordance
with this Section 2.24.

     (iii) In the event there is any Disgorged Recovery in respect of any Lender’s Revolving
Loans, Term Loans, Swing Line Loans or LC Exposure in any Insolvency Proceedings of any Loan
Party, such Revolving Loans, Term Loans, Swing Line Loans and LC Exposure shall be deemed to
be outstanding as if such Disgorged Recovery had never been received by such Lender, and
each Lender agrees that the intercreditor agreements and priorities set forth in this
Section 2.24 shall be enforced in accordance with their terms in respect of such Revolving
Loans, Term Loans, Swing Line Loans or LC Exposure, including, without limitation, for
purposes of the allocation of payments and distributions made or applied in respect of the
Obligations (whether from proceeds of Collateral or otherwise), as well as for purposes of
determining whether such other Lender must turn over all or any portion of any payment or
other distribution received by such other Lender (whether before or after occurrence of such
Disgorged Recovery) to the Administrative Agent for redistribution in accordance with the
last sentence of Section 2.24(ii).

ARTICLE III

YIELD PROTECTION; TAXES

     Section 3.1 Yield Protection. If, after the date of this Agreement (or, in the case
of any assignee, after the date it became a party to this Agreement), the adoption of any law or
any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or
not having the force of law), or any change in the interpretation or administration thereof by any
governmental or quasi-governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or applicable Lending
Installation or any LC Issuer with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency:

     (i) imposes or increases or deems applicable any reserve, assessment, insurance charge,
special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender or any applicable Lending Installation (other than
reserves and assessments taken into account in determining the interest rate applicable to
Eurodollar Advances), or

     (ii) imposes any other condition the result of which is to increase the cost to any
Lender or any applicable Lending Installation or any LC Issuer of making, funding or
maintaining its Eurodollar Loans, or of issuing or participating in Letters of Credit, or
reduces any amount receivable by any Lender or any applicable Lending Installation in
connection with its Eurodollar Loans, Letters of Credit or participations therein, or

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requires any Lender or any applicable Lending Installation or any LC Issuer to make any
payment calculated by reference to the amount of Eurodollar Loans, Letters of Credit or
participations therein held or interest or LC Fees received by it, in each case by an amount
deemed material by such Lender or such LC Issuer as the case may be,

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation or such LC Issuer, as the case may be, of making or maintaining its Eurodollar Loans
or Commitment or of issuing or participating in Letters of Credit or to reduce the return received
by such Lender or applicable Lending Installation or such LC Issuer, as the case may be, in
connection with such Eurodollar Loans, Commitment, Letters of Credit or participations therein,
then, within 30 days of written demand by such Lender or such LC Issuer, as the case may be, the
Borrower shall pay such Lender or such LC Issuer, as the case may be, such additional amount or
amounts as will compensate such Lender or such LC Issuer, as the case may be, for such increased
cost or reduction in amount received. Notwithstanding the foregoing, this Section 3.1 shall not
apply to any tax-related matters.

     Section 3.2 Changes in Capital Adequacy Regulations. If a Lender or an LC Issuer
determines the amount of capital required or expected to be maintained by such Lender, any Lending
Installation of such Lender or such LC Issuer, or any corporation controlling such Lender or such
LC Issuer is increased as a result of a Change, then, within 30 days of written demand by such
Lender or such LC Issuer, the Borrower shall pay such Lender or such LC Issuer the amount necessary
to compensate for any shortfall in the rate of return on the portion of such increased capital
which such Lender or such LC Issuer determines is attributable to this Agreement, its Outstanding
Credit Exposure or its Commitment to make Loans and issue or participate in Letters of Credit, as
the case may be, hereunder (after taking into account such Lender’s or such LC Issuer’s policies as
to capital adequacy). “Change” means (i) any change after the date of this Agreement in
the Risk-Based Capital Guidelines, or (ii) any adoption of or change in any other law, governmental
or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or
not having the force of law) after the date of this Agreement which affects the amount of capital
required or expected to be maintained by any Lender or any LC Issuer or any Lending Installation or
any corporation controlling any Lender or any LC Issuer. “Risk-Based Capital Guidelines” means (i)
the risk-based capital guidelines in effect in the United States on the date of this Agreement,
including transition rules, and (ii) the corresponding capital regulations promulgated by
regulatory authorities outside the United States implementing the July 1988 report of the Basel
Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of
Capital Measurements and Capital Standards,” including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     Section 3.3 Availability of Types of Advances. If any Lender determines that
maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable
law, rule, regulation, or directive, whether or not having the force of law, or if the Required
Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar
Advances are not available or (ii) the interest rate applicable to Eurodollar Advances does not
accurately reflect the cost of making or maintaining Eurodollar Advances, then the Administrative
Agent shall suspend the availability of Eurodollar Advances and require any

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affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to
the payment of any funding indemnification amounts required by Section 3.4.

     Section 3.4 Funding Indemnification. If any payment of a Eurodollar Advance occurs on
a date which is not the last day of the applicable Interest Period, whether because of
acceleration, prepayment or otherwise, or a Eurodollar Advance is not made on the date specified by
the Borrower for any reason other than default by the Lenders, the Borrower will indemnify each
Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any
loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar
Advance.

     Section 3.5 Taxes.

     (i) All payments by the Borrower to or for the account of any Lender, any LC Issuer or
the Administrative Agent hereunder or under any Note or Letter of Credit Application shall
be made free and clear of and without deduction for any and all Taxes. If the Borrower
shall be required by law to deduct or withhold any Taxes from or in respect of any sum
payable hereunder to any Lender, any LC Issuer or the Administrative Agent, (A) the sum
payable shall be increased as necessary so that after making all required deductions or
withholdings (including deductions applicable to additional sums payable under this Section
3.5) such Lender, such LC Issuer or the Administrative Agent (as the case may be) receives
an amount equal to the sum it would have received had no such deductions or withholdings
been made, (B) the Borrower shall make such deductions or withholdings, (C) the Borrower
shall pay the full amount deducted or withheld to the relevant authority in accordance with
applicable law and (D) the Borrower shall furnish to the Administrative Agent the original
or a certified copy of a receipt evidencing payment thereof within 30 days after such
payment is made.

     (ii) In addition, the Borrower hereby agrees to pay any present or future stamp or
documentary taxes and any other excise or property taxes, charges or similar levies which
arise from any payment made hereunder or under any Loan Document or from the execution or
delivery of, or otherwise with respect to, this Agreement or any Loan Document (“Other
Taxes”).

     (iii) The Borrower hereby agrees to indemnify the Administrative Agent, such LC Issuer
and each Lender for the full amount of Taxes or Other Taxes (including, without limitation,
any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the
Administrative Agent, such LC Issuer or such Lender as a result of its Commitment, any Loans
made by it hereunder, or otherwise in connection with its participation in this Agreement
and any liability (including penalties, interest and expenses) arising therefrom or with
respect thereto. Payments due under this indemnification shall be made within 30 days of
the date the Administrative Agent, such LC Issuer or such Lender makes written demand
therefor pursuant to Section 3.6.

     (iv) Each Lender and LC Issuer that is not incorporated under the laws of the United
States of America, a state thereof or the District of Columbia (each a “Non-U.S.
Lender”) agrees that it will, on or before the date that it becomes party to this
Agreement,

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(A) deliver to the Borrower and the Administrative Agent two duly completed copies of
United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that
such Non-U.S. Lender is entitled to receive payments under this Agreement without deduction
or withholding of any United States federal income taxes, and (B) deliver to the Borrower
and the Administrative Agent a United States Internal Revenue Form W-8 and certify that it
is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender
further undertakes to deliver to each of the Borrower and the Administrative Agent (x)
renewals or additional copies of such form (or any successor form) on or before the date
that such form expires or becomes obsolete or upon the reasonable request of the Borrower or
the Administrative Agent, and (y) after the occurrence of any event requiring a change in
the most recent forms so delivered by it, such additional forms or amendments thereto. All
forms or amendments described in the preceding sentence shall certify that such Non-U.S.
Lender is entitled to receive payments under this Agreement without deduction or withholding
of any United States federal income taxes, unless an event (including without limitation any
change in treaty, law or regulation) has occurred prior to the date on which any such
delivery would otherwise be required which renders all such forms inapplicable or which
would prevent such Non-U.S. Lender from duly completing and delivering any such form or
amendment with respect to it and such Non-U.S. Lender advises the Borrower and the
Administrative Agent that it is not capable of receiving payments without any deduction or
withholding of United States federal income tax.

     (v) Each Lender and LC Issuer that is incorporated under the laws of the United States
of America, a state thereof or the District of Columbia (each a “U.S. Lender”) agrees that
it will, on or before the date that it becomes a party to this Agreement, deliver to the
Borrower and the Administrative Agent two duly completed copies of United States Internal
Revenue Service Form W-9, certifying that it is entitled to an exemption from United States
backup withholding tax. Each U.S. Lender further undertakes to deliver to each of the
Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any
successor form) on or before the date that such form expires or becomes obsolete or upon the
reasonable request of the Borrower or the Administrative Agent, and (y) after the occurrence
of any event requiring a change in the most recent forms so delivered by it, such additional
forms or amendments thereto. All forms or amendments described in the preceding sentence
shall certify that such U.S. Lender is entitled to receive payments under this Agreement
without deduction or withholding of any United States federal income taxes, unless an event
(including without limitation any change in treaty, law or regulation) has occurred prior to
the date on which any such delivery would otherwise be required which renders all such forms
inapplicable or which would prevent such U.S. Lender from duly completing and delivering any
such form or amendment with respect to it and such U.S. Lender advises the Borrower and the
Administrative Agent that it is not capable of receiving payments without any deduction or
withholding of United States federal income tax.

     (vi) For any period during which a Lender or LC Issuer has failed to provide the
Borrower with an appropriate form pursuant to clause (iv) or (v) of this Section 3.5 (unless
such failure is due to a change in treaty, law or regulation, or any change in the
interpretation or administration thereof by any governmental authority, occurring

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subsequent to the date on which a form originally was required to be provided), such
Lender or LC Issuer shall not be entitled to indemnification or gross-up under this Section
3.5 with respect to Taxes imposed by the United States; provided that, should a
Lender or LC Issuer that is otherwise exempt from or subject to a reduced rate of
withholding tax become subject to Taxes because of its failure to deliver a form required
under clause (iv) or (v) of this Section 3.5, the Borrower shall take such steps at such
Lender’s or LC Issuer’s expense as such Lender or LC Issuer shall reasonably request to
assist such Lender or LC Issuer to recover such Taxes.

     (vii) Any Lender or LC Issuer that is entitled to an exemption from or reduction of
withholding tax with respect to payments under this Agreement or any Note pursuant to the
law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to
the Administrative Agent), at the time or times prescribed by applicable law, such properly
completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate.

     (viii) If the U.S. Internal Revenue Service or any other governmental authority of the
United States or any other country or any political subdivision thereof asserts a claim that
the Administrative Agent did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form was not delivered or properly completed,
because such Lender failed to notify the Administrative Agent of a change in circumstances
which rendered its exemption from withholding ineffective, or for any other reason), such
Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or
indirectly, by the Administrative Agent as tax, withholding therefor, or otherwise,
including penalties and interest, and including taxes imposed by any jurisdiction on amounts
payable to the Administrative Agent under this subsection, together with all costs and
expenses related thereto (including attorneys fees and time charges of attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative Agent). The
obligations of the Lenders under this Section 3.5(vii) shall survive the payment of the
Obligations and termination of this Agreement.

     (ix) If a Lender or LC Issuer determines, in its sole discretion, that it has received
a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or
with respect to which the Borrower has paid additional amounts pursuant to this Section 3.5,
it shall pay to the Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.5
with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses of the Lender or LC Issuer and without interest (other than any
interest paid by the relevant Governmental Entity with respect to such refund), provided
that (i) the Borrower, upon the request of the Lender or LC Issuer, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges imposed by
the relevant Governmental Entity) to the Lender or LC Issuer in the event the Lender or LC
Issuer is required to repay such refund to such Governmental Entity and (ii) nothing herein
contained shall interfere with the right of a Lender or LC Issuer to arrange its tax affairs
in whatever manner it thinks fit nor oblige any Lender or LC Issuer to claim any tax refund
or to make available its tax returns or disclose any information relating to its tax affairs
or any computations in respect thereof or require any

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Lender or LC Issuer to do anything that would prejudice its ability to benefit from any
other refunds, credits, reliefs, remissions or repayments to which it may be entitled.

     Section 3.6 Lender Statements; Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation to reduce any liability of
the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of
Eurodollar Advances under Section 3.3, so long as such designation is not, in the commercially
reasonable judgment of such Lender, materially disadvantageous to such Lender. Each Lender shall
deliver a written statement of such Lender to the Borrower (with a copy to the Administrative
Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement
shall set forth in reasonable detail the calculations upon which such Lender determined such amount
and shall be final, conclusive and binding on the Borrower in the absence of manifest error.
Determination of amounts payable under Sections 3.1, 3.2, 3.4 or 3.5 in connection with a
Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the
purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in
determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not.
Unless otherwise provided herein, the amount specified in the written statement of any Lender shall
be payable on demand after receipt by the Borrower of such written statement. The Borrower shall
not be required to indemnify any Lender pursuant to Section 3.1, 3.2, 3.4 or 3.5 for any amounts
paid or losses incurred by such Lender as to which such Lender has not made demand hereunder within
120 days after the date such Lender has actual knowledge of such amounts or losses and their
applicability to the lending transactions contemplated hereby. The obligations of the Borrower
under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of
this Agreement.

ARTICLE IV

CONDITIONS PRECEDENT

     Section 4.1 Effectiveness and Closing Conditions. The amendments to the Existing
Credit Agreement embodied herein shall not become effective (in which case the Existing Credit
Agreement shall remain in full force and effect) and the Lenders shall not be required to make the
Term B Loan hereunder unless and until the following conditions precedent (other than clause (xi))
have been satisfied (or waived pursuant to Section 8.2 hereof) and, in the case of clause (xi), the
Term B Loan proceeds shall be funded simultaneously with the
satisfaction of such condition, in each case on or before
March 27, 2008:

     (i) Each Loan Party, each Existing Lender, each Lender with a Term B Loan Commitment,
the Administrative Agent and the Collateral Agent shall each have executed and delivered
each of the Loan Documents to which it is a party.

     (ii) All shareholder, governmental and third party approvals necessary in connection
with the financing and other transactions contemplated hereby and the continuing operations
of Holdco and its Subsidiaries shall have been obtained and be in full force and effect and
all waiting periods applicable to the transactions contemplated hereby shall have expired or
been terminated, in each case, to the extent required to be delivered under the Equity
Purchase Agreement.

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     (iii) The Administrative Agent shall have received (x) satisfactory audited
consolidated financial statements of Holdco for the two most recent fiscal years ended prior
to the Effective Date as to which such financial statements are available and (y)
satisfactory unaudited interim consolidated financial statements of Holdco for each
quarterly period ended subsequent to the date of the latest financial statements delivered
pursuant to clause (x) of this paragraph as to which such financial statements are
available.

     (iv) Liens creating a first (subject only to Permitted Liens) priority security
interest in the Collateral shall have been perfected or documents required to perfect such
security interest shall have been delivered to the Administrative Agent or arrangements have
been made with respect thereto satisfactory to the Administrative Agent.

     (v) The Administrative Agent shall have received such corporate records, officer’s
certificates and other instruments as are customary for transactions of this type or as it
may reasonably request, all in form and substance reasonably satisfactory to the
Administrative Agent.

     (vi) The Collateral Agent, the Trustee and Collateral Agent for the holders of the
Second Lien Indebtedness and the other parties thereto shall have entered into the
Intercreditor Agreement.

     (vii) The Administrative Agent shall be reasonably satisfied that adequate bank
clearing arrangements of MoneyGram Payment Systems, Inc. are in effect on the Effective
Date.

     (viii) The Administrative Agent shall be reasonably satisfied that adequate contractual
arrangements pursuant to which surety bonds are made available to support the businesses of
the Borrower’s Subsidiaries are in effect.

     (ix) The Lenders shall be satisfied with the investment policy adopted by the board of
directors of Holdco with respect to the portfolio investments of its Subsidiaries and with
the rate hedging and foreign exchange arrangements and outstanding amounts thereof of Holdco
and its Subsidiaries.

     (x) Except as Previously Disclosed (as defined in the Equity Purchase Agreement), since
September 30, 2007, no change or event shall have occurred and no circumstances shall exist
which have had, or would reasonably be expected to have, individually or in the aggregate,
an Effective Date MAE. With respect to matters which have been Previously Disclosed, in
determining whether this condition is satisfied, any circumstance, event or condition
occurring after the date of the Equity Purchase Agreement shall be taken into account,
including any deterioration, worsening or adverse consequence of such Previously Disclosed
matters occurring after the date of the Equity Purchase Agreement.

     (xi) Holco’s receipt from Deloitte & Touche LLP of the D&T Deliverables, which shall be
delivered if the amounts set forth on Schedule F to the Equity Purchase Agreement shall have
been placed into an escrow account pursuant to an escrow

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agreement reasonably acceptable to each of the Investors, Holdco, Deloitte & Touche
LLP, the parties hereto and the parties to the Note Purchase Agreement with irrevocable
instructions to be released to Holdco on the Effective Date upon Holdco’s receipt of the D&T
Deliverables, or (ii) if the amounts set forth on Schedule F to the Equity Purchase
Agreement shall not have been placed into an escrow account with irrevocable instructions to
be released to Holdco on the Effective Date upon Holdco’s receipt of the D&T Deliverables,
then Holdco shall have committed to the Investors, the Administrative Agent, the Collateral
Agent and the Lenders on the Effective Date that, after both Holdco and Deloitte & Touche
LLP shall have verified that the amounts set forth on Schedule F to the Equity Purchase
Agreement have been credited to the bank account set forth across from such amount on
Schedule F to the Equity Purchase Agreement, Holdco will receive from Deloitte & Touche LLP
the D&T Deliverables and (B) Holdco’s financial printer Bowne shall have notified the
Investors and the Administrative Agent (on the Effective Date) that Holdco has delivered the
Final 10-K to Bowne with the irrevocable instruction that Bowne file the Final 10-K on
behalf of Holdco, and that Bowne is prepared to file and will file the Final 10-K with the
SEC, in each case, immediately upon notification from Holdco that the amounts set forth on
Schedule F to the Equity Purchase Agreement have been successfully credited to Holdco bank
account set forth across from such amount on Schedule F to the Equity Purchase Agreement.

     (xii) On the Effective Date (A) all representations and warranties in the Loan
Documents (including, without limitation, the representation in Section 5.5(i) as to the
absence of an Effective Date MAE) are true and correct in all material respects after giving
effect to the substantially contemporaneous consummation of the transactions contemplated
hereby on the Effective Date, (B) after giving effect to the Credit Extensions and other
substantially contemporaneous transactions consummated on the Effective Date, no Default or
Unmatured Default has occurred and is continuing, and (C) the Administrative Agent shall
have received a satisfactory certificate to such effect dated the Effective Date and signed
by the Chief Financial Officer or Treasurer of Holdco and the Borrower.

     (xiii) On the Effective Date, any waiver period under the Existing Credit Agreement
shall no longer exist and each waived Default or Unmatured Default shall have been
permanently waived.

     (xiv) The Lenders, the Administrative Agent and the Arranger shall have received all
fees required to be paid, and all expenses for which invoices have been presented, on or
before the Effective Date.

     (xv) After giving effect to the making and application of the proceeds of the Effective
Date transactions contemplated hereby, there shall exist unused Aggregate Revolving Credit
Commitments of at least $100,000,000 and Aggregate Revolving Credit Commitment shall be
$250,000,000.

     (xvi) The Administrative Agent shall have received evidence reasonably satisfactory to
it that substantially contemporaneously with the funding of the Term B

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Loans, (i) Holdco shall have received gross cash proceeds of at least $760,000,000 from
the issuance by Holdco of common and preferred stock (the “Sponsor Capital”) to the
Sponsors on the terms and conditions set forth in the Equity Purchase
Agreement (giving effect to any waivers of closing conditions therein
deemed immaterial by the Administrative Agent) and (ii) the
Borrower shall have received gross cash proceeds of at least $500,000,000 from the
incurrence by the Borrower of the Second Lien Indebtedness, in each case on the terms and
conditions set forth in the Note Purchase Agreement and the
Indenture, as applicable (giving effect to any waivers of closing
conditions therein deemed immaterial by the Administrative Agent), and in
each case as such amounts may be reduced in accordance with the Equity Purchase Agreement.

     (xvii) That certain $150,000,000 364-day Credit Agreement dated as of November 15,
2007, as amended, by and among Holdco, JPMorgan Chase Bank, N.A., as administrative agent,
and the lenders party thereto shall have been terminated and on the Effective Date there
shall be no amounts outstanding thereunder.

     (xviii) Substantially contemporaneously with the funding of the Term B Loan, (A) the
proceeds to Holdco of the issuance of the Sponsor Capital (net of (1) transactional fees and
expenses and (2) a reserve for general corporate purposes in an aggregate amount not to
exceed $15,000,000) shall be contributed by Holdco to the common equity of the Borrower
(such contribution being a material inducement to the Borrower to accept and assume existing
obligations of Holdco as contemplated hereby) and (B) such contributed amount, together with
an amount equal to the proceeds to the Borrower of the incurrence of the Second Lien
Indebtedness (net of (1) transactional fees and expenses, (2) a reserve for general
corporate purposes in an aggregate amount not to exceed $15,000,000 and (3) a repayment of
$100,000,000 of the Revolving Loans outstanding under the Existing Credit Facility) shall be
contributed by the Borrower to the common equity of MoneyGram Payment Systems, Inc.

     (xix) Neither Deloitte & Touche LLP nor any other accounting firm shall have issued to
Holdco any opinion regarding the consolidated financial statements of Holdco and its
Subsidiaries as of and for the year ended December 31, 2007 which is not a Satisfactory
Audit Opinion.

     (xx) Any Notes requested by a Lender pursuant to Section 2.16 shall have been issued by
the Borrower payable to the order of each such requesting Lender.

     (xxi) The Administrative Agent shall have received such legal opinions as are customary
for transactions of this type or as it may reasonably request, all in form and substance
reasonably satisfactory to the Administrative Agent.

     (xxii) Wal-Mart Stores, Inc. shall have confirmed in writing to Holdco (A) that the
Money Services Agreement by and among MoneyGram Payment Systems, Inc. and Wal-Mart Stores,
Inc. (as amended through that certain Amendment 3 to Money Services Agreement dated as of
February 11, 2008 but not amended by any subsequent amendments other than, if necessary, to
make effective the extension of the term of the Money Services Agreement through January 31,
2013) will be in full force and effect after the consummation of the transactions
contemplated hereby (which shall include an effective extension of the term of the Money
Services Agreement through January 31,

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2013) and (B) that the Equity Purchase Agreement and the transactions contemplated
thereby and hereby do not give Wal-Mart Stores, Inc. the right to terminate the Money
Services Agreement.

     Section 4.2 Each Subsequent Credit Extension. The Lenders shall not be required to
make any Credit Extension (except as otherwise set forth in Section 2.7 with respect to Revolving
Loans for the purpose of repaying Swing Line Loans) after the Effective Date unless on the
applicable Credit Extension Date:

     (i) There exists no Default or Unmatured Default; provided, however,
that solely for purposes of this Section 4.2(i), no Default or Unmatured Default under
Section 7.1 shall be deemed to exist with respect to the material falsity of any
representation or warranty made on the Effective Date unless the same evidenced or had a
Material Adverse Effect.

     (ii) The representations and warranties contained in Article V are true and correct as
of such Credit Extension Date in all material respects except to the extent any such
representation or warranty is stated to relate solely to an earlier date, in which case such
representation or warranty shall have been true and correct on and as of such earlier date.

     Each Borrowing Notice, Swing Line Borrowing Notice, or request for issuance of a Letter of
Credit, as the case may be, with respect to each such Credit Extension shall constitute a
representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and
(ii) have been satisfied.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     The Borrower and Holdco represent and warrant to the Lenders that:

     Section 5.1 Existence and Standing. Each of the Borrower, Holdco and its Material
Domestic Subsidiaries is a corporation, partnership, trust or limited liability company duly and
properly incorporated or organized, as the case may be, and validly existing, duly qualified or
licensed to do business and (to the extent such concept applies to such entity) in good standing
under the laws of its jurisdiction of incorporation or organization and has all requisite authority
to conduct its business in each jurisdiction in which its business is conducted in each case (other
than as to the valid existence of the Borrower), except where, individually or in the aggregate,
the failure to exist, qualify, be licensed or be in good standing or have such power and authority
could not reasonably be expected to result in a Material Adverse Effect.

     Section 5.2 Authorization and Validity. Each of the Borrower, Holdco and its Material
Domestic Subsidiaries has the power and authority and legal right to execute and deliver the Loan
Documents to which it is a party and to perform its obligations thereunder. The execution and
delivery by each of the Borrower, Holdco and its Material Domestic Subsidiaries of the Loan
Documents to which it is a party and the performance of its obligations thereunder have been duly
authorized by proper corporate or other organizational proceedings, and the Loan

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Documents to which each of the Borrower, Holdco and its Material Domestic Subsidiaries is a
party constitute legal, valid and binding obligations of each of the Borrower, Holdco and its
Material Domestic Subsidiaries enforceable against each of the Borrower, Holdco and its Material
Domestic Subsidiaries in accordance with their terms, except as enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or
by general equitable principles. Except for the shareholder approval set forth in Section 4.1(g)
of the Equity Purchase Agreement, no stockholder vote of the Borrower, Holdco or any Subsidiary is
required to authorize, approve or consummate any of the Transactions.

     Section 5.3 No Conflict; Government Consent. Neither the execution and delivery by
any Loan Party of the Loan Documents to which it is a party, nor the consummation of the
transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any
applicable law, rule, regulation, ruling, order, writ, judgment, injunction, decree or award
binding on Holdco or any of its Subsidiaries or any Property of such Person or (ii) Holdco’s or any
Material Domestic Subsidiary’s articles or certificate of incorporation, partnership agreement,
certificate of partnership, articles or certificate of organization, by-laws, or operating or other
management agreement, or substantially equivalent governing document, as the case may be, or (iii)
the provisions of any note, bond, mortgage, deed of trust, license, lease indenture, instrument,
agreement or other obligation (each a “Contract”) to which Holdco or any Subsidiary is a
party or is subject, or by which it, or its Property, is bound, or conflict with, result in a
breach of any provision thereof or constitute a default thereunder (or result in an event which,
with notice or lapse of time or both, would constitute a default thereunder), or result in the
termination of, or accelerate the performance required by, or result in a right of termination or
acceleration of, or (except for the Liens created by the Loan Documents and the Second Lien
Documents, Permitted Liens and Permitted Holdco Liens) result in, or require, the creation or
imposition of any Lien in, of or on the Property of Holdco or any of its Subsidiaries pursuant to
the terms of any such note, bond, mortgage, deed of trust, license, lease indenture, instrument,
agreement or other obligation, except with respect to clauses (i) or (iii), to the extent,
individually or in the aggregate, that such violation, conflict, breach, default or creation or
imposition of any lien could not reasonably be expect to result in a Material Adverse Effect. No
order, consent, adjudication, approval, license, authorization, or validation of, or filing,
recording or registration with, or exemption by, or other action in respect of any governmental or
public body or authority, or any subdivision thereof, which has not been obtained by Holdco or any
of its Material Domestic Subsidiaries, is required to be obtained by Holdco or any Material
Domestic Subsidiary in connection with the execution and delivery of the Loan Documents, the
borrowings under this Agreement, the payment and performance by the Borrower of the Obligations or
the legality, validity, binding effect or enforceability of any of the Loan Documents.

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     Section 5.4 Financial Statements. The consolidated financial statements of Holdco and
its Subsidiaries heretofore delivered to the Lenders as of and for the fiscal year ended December
31, 2006 and as of and for the fiscal quarter and portion of the fiscal year ended September 30,
2007 were prepared in accordance with generally accepted accounting principles in effect on the
date such statements were prepared and fairly present in all material respects the consolidated
financial condition and operations of Holdco and its Subsidiaries at such date and the consolidated
results of their operations for the period then ended.

     Section 5.5 Material Adverse Change. (i) As of the Effective Date, there exists no
event or circumstance which constitutes or could reasonably be expected to result in an Effective
Date MAE, and (ii) since the Effective Date, there has been no event or circumstance which
constitutes or could reasonably be expected to have a Material Adverse Effect.

     Section 5.6 Taxes. Holdco and its Subsidiaries have filed or caused to be filed all
United States federal tax returns and all other material tax returns and reports required to be
filed and have paid or caused to be paid all taxes due pursuant to said returns or pursuant to any
assessment received by such Persons, except such taxes, if any, which are not overdue by more than
30 days or which (i) are being contested in good faith and as to which adequate reserves have been
provided in accordance with GAAP or (ii) the non-payment of which could not reasonably be expected
to have a Material Adverse Effect. The United States federal income tax returns of MoneyGram
Payment Systems, Inc. and its Subsidiaries have been audited by the Internal Revenue Service (or
the statute of limitations applicable to audits of such tax returns has run) through the fiscal
year ended December 31, 2003. As of the Effective Date, neither Holdco nor any of its Subsidiaries
has entered into any “listed transaction” as defined under Section 1.6011-4(b)(2) of the Treasury
Regulations promulgated under the Code.

     Section 5.7 Litigation. There is no litigation, arbitration, governmental
investigation, proceeding or inquiry pending or, to the knowledge of any of their senior officers,
threatened against or affecting Holdco or any of its Subsidiaries which, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. Neither Holdco nor any
of its Subsidiaries is subject to any order, judgment or decree that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

     Section 5.8 Subsidiaries; Capitalization. Schedule 5.8 contains an accurate list of
all Subsidiaries of Holdco and identifies all Material Domestic Subsidiaries all as of the date of
this Agreement, setting forth their respective jurisdictions of organization and the percentage of
their respective Capital Stock or other ownership interests owned by Holdco, the Borrower or other
Subsidiaries. All of the issued and outstanding shares of Capital Stock or other ownership
interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to
such ownership interests) duly authorized and issued and are fully paid and non-assessable and are
owned by Holdco, the Borrower or the applicable Subsidiary free and clear of any Lien, except for
Permitted Liens.

     Section 5.9 ERISA; Labor Matters.

     (i) The Unfunded Liabilities of all Single Employer Plans do not in the aggregate
exceed $125,000,000. No Reportable Event has occurred with respect to any

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Single Employer Plan, neither Holdco, any of its Subsidiaries nor any other member of
the Controlled Group has withdrawn from any Multiemployer Plan or initiated steps to do so,
and no steps have been taken to reorganize or terminate any Single Employer Plan.

     (ii) Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, (A) Holdco and each of its Subsidiaries has made all
required contributions to each Plan in accordance with its terms; (B) there is not now, nor
do any circumstances exist that are likely to give rise to any requirement for the posting
of security with respect to a Plan or the imposition of any material liability or material
lien on the assets of Holdco or any of its Subsidiaries under ERISA or the Code in respect
of any Plan, and no liability (other than for premiums to the Pension Benefit Guaranty
Corporation) under Title IV of ERISA or under Sections 412 or 4971 of the Code has been or
is reasonably expected to be incurred by Holdco or any of its Subsidiaries; and (C) there
are no pending or, to the knowledge of Holdco or Borrower, threatened claims (other than
claims for benefits in the ordinary course), lawsuits or arbitrations which have been
asserted or instituted against the Plans or the assets of any of the trusts under any of the
Plans.

     (iii) None of Holdco, any of its Subsidiaries or any other person or entity under
common control with Holdco within the meaning of Section 414(b), (c), (m) or (o) of the Code
participates in, or is required to contribute to, any “multiemployer plan” (within the
meaning of Section 3(37) of ERISA) (a “Multiemployer Plan”).

     (iv) Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, with respect to any employee benefit plan, program, policy,
arrangement or agreement maintained or contributed to by Holdco or any of its Subsidiaries
with respect to employees employed outside the United States (a “Foreign Plan”), (A)
each Foreign Plan required to be registered has been registered and has been maintained in
good standing with applicable regulatory authorities; and (B) all Foreign Plans that are
required to be funded are funded in accordance with applicable Laws, and with respect to all
other Foreign Plans, adequate reserves therefore have been established on the accounting
statements of Holdco or its applicable Subsidiary.

     Section 5.10 Accuracy of Information.

     (i) As of the Effective Date, no information, exhibit or report (as modified or
supplemented by other information so furnished) furnished by Holdco or any of its
Subsidiaries to the Administrative Agent or to any Lender (other than projections and other
forward looking information and information of a general economic or industry specific
nature) in connection with the negotiation of, or compliance with, the Loan Documents
contained any material misstatement of fact or omitted to state a material fact or any fact
necessary to make the statements contained therein not misleading.

     (ii) As of the Effective Date, any projections and other financial estimates and
forecasts furnished by Holdco to the Administrative Agent or to any Lender on or prior to
the Effective Date in connection with the negotiation of, or compliance with, this Agreement
were based on good faith estimates and assumptions believed by Holdco to be

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reasonable at the time made, it being recognized by the Lenders that such projections
as to future events are not to be viewed as facts and that actual results during the period
or periods covered by any such projections may differ from the projected results.

     Section 5.11 Regulation U. Margin stock (as defined in Regulation U) constitutes less
than 25% of the value of those assets of Holdco and its Subsidiaries which are subject to any
limitation on sale, pledge, or other restriction hereunder.

     Section 5.12 Compliance With Laws. Holdco and its Subsidiaries have complied with all
applicable Laws of any Governmental Entity having jurisdiction over the conduct of their respective
businesses or the ownership of their respective Property, except for any failure to comply with any
of the foregoing which could not reasonably be expected to have a Material Adverse Effect.

     Section 5.13 Ownership of Properties. Except as set forth on Schedule 5.13, Holdco
and its Subsidiaries have good and indefeasible title to or valid leasehold interests in, free of
all Liens other than Permitted Liens, to all of the Property and assets reflected in Holdco’s most
recent consolidated financial statements provided to the Administrative Agent as owned by Holdco
and its Subsidiaries.

     Section 5.14 Plan Assets; Prohibited Transactions. Neither Holdco nor any of its
Subsidiaries is an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101
of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of
ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of
this Agreement nor the making of the Loans or Letters of Credit hereunder gives rise to a
prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.

     Section 5.15 Environmental Matters. Except for those matters that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (a)
each of Holdco and its Subsidiaries is in compliance with all applicable Environmental Laws, and
neither Holdco nor any of its Subsidiaries has received any written communication alleging that
Holdco is in violation of, or has any liability under, any Environmental Law, (b) each of Holdco
and its Subsidiaries validly possesses and is in compliance with all Permits required under
Environmental Laws to conduct its business as presently conducted, and all such Permits are valid
and in good standing, (c) there are no claims relating to Environmental Laws pending or, to the
knowledge of Holdco or the Borrower, threatened against Holdco or any of its Subsidiaries and (d)
none of Holdco or any of its Subsidiaries has Released any Hazardous Materials in a manner that
would reasonably be expected to result in any claim relating to Environmental Laws against Holdco
or any of its Subsidiaries.

     Section 5.16 Investment Company Act. Neither Holdco nor any of its Subsidiaries is an
“investment company” or a company “controlled” by an “investment company”, within the meaning of
the Investment Company Act of 1940, as amended.

     Section 5.17 Solvency. On the Effective Date, after giving effect to any Credit
Extensions made on such date, proceeds of the notes issued pursuant to the Second Lien

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Documents, the proceeds of the equity issued in accordance with the Equity Purchase Agreement,
the sale of securities contemplated by the Equity Purchase Agreement and the other Transactions,
and after giving effect to the application of the proceeds of the foregoing, (A) the fair value of
the assets of Holdco and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed
the debts and liabilities, subordinated, contingent or otherwise, of Holdco and its Subsidiaries on
a consolidated basis; (B) the present fair saleable value of the Property of Holdco and its
Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay
the probable liability of Holdco and its Subsidiaries on a consolidated basis on their debts and
other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (C) Holdco and its Subsidiaries on a consolidated basis will be able
to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (D) Holdco and its Subsidiaries on a consolidated
basis will not have unreasonably small capital with which to conduct the businesses in which they
are engaged as such businesses are now conducted and are proposed to be conducted after the
Effective Date.

     Section 5.18 Intellectual Property. As of the date hereof:

     (i) Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, (A) to the knowledge of Holdco and the Borrower, Holdco and
its Subsidiaries own, free of all encumbrances except Permitted Liens, or have the valid
right to use all the Intellectual Property used in the conduct of the business of Holdco and
its Subsidiaries as currently conducted and (B) to the knowledge of Holdco and the Borrower
the conduct of the business of Holdco and its Subsidiaries as currently conducted does not
Infringe any Intellectual Property rights of any third party. Except as would not
reasonably be expected to have a Material Adverse Effect, no claim or demand has been given
in writing to Holdco or any of its Subsidiaries to the effect that the conduct of the
business of Holdco or such Subsidiary Infringes upon the Intellectual Property rights of any
third party to the knowledge of Holdco and the Borrower. Except as would not reasonably be
expected to have a Material Adverse Effect, to the knowledge of Holdco and the Borrower, no
third parties are infringing the Intellectual Property rights of Holdco or the Borrower.

     (ii) To the knowledge of Holdco and the Borrower, all material registered trademarks
and registered service marks, trademark and service mark applications and all Holdco Patents
have been duly registered or application filed with the U.S. Patent and Trademark Office or
applicable foreign governmental authority. Except as would not reasonably be expected to
have a Material Adverse Effect, (A) none of the Holdco Patents have been adjudged to be
invalid or unenforceable in whole or in part and (B) there are no actual or, to the
knowledge of Holdco or the Borrower, threatened opposition proceedings, cancellation
proceedings, interference proceedings or other similar action challenging the validity or
ownership of any Holdco Patents.

     Section 5.19 Collateral. As of the Effective Date, the Collateral Documents will be
effective to create (to the extent described therein), in favor of and for the ratable benefit of
the Secured Parties, a legal, valid and enforceable security interest in the Collateral described
therein, except as may be limited by applicable domestic or foreign bankruptcy, insolvency,

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fraudulent transfer, reorganization, receivership, moratorium and other similar laws of
general applicability relating to or affecting creditors’ rights generally and general equitable
principles (whether considered in a proceeding in equity or at law). When the actions specified in
each Collateral Document have been duly taken, the security interests granted pursuant thereto
shall constitute (to the extent described therein) a perfected security interest (subject only to
Permitted Liens) in all right, title and interest of each pledgor party thereto in the Collateral
described therein with respect to such pledgor if and to the extent perfection can be achieved by
taking such actions.

ARTICLE VI

COVENANTS

     During the term of this Agreement, unless the Required Lenders shall otherwise consent in
writing:

     Section 6.1 Financial Reporting. Borrower will maintain, for itself and each
Subsidiary, a system of accounting established and administered in accordance with generally
accepted accounting principles, and the Borrower will furnish to the Lenders the following:

     (i) within 90 days after the close of Holdco’s fiscal year (in the case of the fiscal
year ending on December 31, 2007) and the Borrower’s fiscal year in the case of each fiscal
year ending on or after December 31, 2008, an audit report certified by Deloitte & Touche
USA LLP or other independent certified public accountants of recognized national standing
(which in each case shall be without a “going concern” or like qualification or exception
and without any qualification or exception as to the scope of such audit), prepared in
accordance with GAAP on a consolidated and consolidating basis (consolidating statements
need not be certified by such accountants) for Holdco and its Subsidiaries (in the case of
fiscal year 2007 only) and the Borrower and its Subsidiaries (in the case of each subsequent
fiscal year), including balance sheets as of the end of such period, related profit and loss
and reconciliation of surplus statements, and a statement of cash flows on a consolidated
and consolidating basis, accompanied by any final management letter prepared by said
accountants to Holdco or the Borrower, as applicable; provided, however, that such audit
report with respect to Holdco’s fiscal year ending December 31, 2007 shall be furnished as
soon as practicable, but in any event on or before the date required pursuant to this clause
for delivery of the audited financial statements for the Borrower’s fiscal year ending
December 31, 2008;

     (ii) within 45 days after the close of the first three quarterly periods of each of
the Borrower’s fiscal years, for the Borrower and its Subsidiaries, consolidated and
consolidating unaudited balance sheets as at the close of each such period, consolidated and
consolidating profit and loss and reconciliation of surplus statements and a consolidated
and consolidating statement of cash flows for the period from the beginning of such fiscal
year to the end of such quarter, and a balance sheet as at the close of such period and such
profit and loss and reconciliation of surplus statements and statement of cash flows for the
Borrower individually, certified by a Financial Officer of the Borrower as in each case
fairly presenting, in all material respects, the consolidated financial

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condition of the Borrower and its consolidated Subsidiaries (or the Borrower
individually, as applicable) (subject to normal year-end adjustments and the absence of
footnotes) and having been prepared in reasonable detail;

     (iii) so long as corresponding financial statements are required to be delivered under
the Note Purchase Agreement or the Indenture, within 30 days after the end of each of the
first two months of each fiscal quarter of the Borrower, a company-prepared consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such period
and related company-prepared statements of income in a form customarily prepared by
management for the Borrower and its consolidated Subsidiaries for such monthly period,
certified by a Financial Officer of the Borrower as fairly presenting, in all material
respects, the consolidated financial condition of the Borrower and its consolidated
Subsidiaries (subject to normal year-end adjustments and the absence
of footnotes) and having been prepared in reasonable detail;

     (iv) together with the financial statements required under Sections 6.1(i) and (ii), a
compliance certificate in substantially the form of Exhibit E signed by a Financial
Officer showing the calculations necessary to determine compliance with this Agreement
(including Sections 6.19.1, 6.19.2 and 6.20) and stating that no Default or Unmatured
Default exists, or if any Default or Unmatured Default exists, stating the nature and status
thereof;

     (v) within 60 days after the commencement of each fiscal year of the Borrower and its
Subsidiaries (commencing with the fiscal year ending December 31, 2008), a budget of the
Borrower and its Subsidiaries for such fiscal year in the form approved by the board of
directors of the Borrower;

     (vi) within 270 days after the close of each fiscal year, a statement of the Unfunded
Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under
ERISA;

     (vii) within 10 Business Days after the Borrower knows that any Reportable Event has
occurred with respect to any Single Employer Plan, a statement, signed by a Financial
Officer of the Borrower describing said Reportable Event and the action which the Borrower
proposes to take with respect thereto.

     (viii) promptly upon the filing thereof, electronic notice to the Administrative Agent
of the filing of all proxy statements, registration statements and periodic and current
reports on forms 10K, 10Q and 8K which the Borrower or any of its Subsidiaries files with
the SEC;

     (ix) as soon as possible and in any event on the later of (i) 30 days following the
occurrence of the following events or (ii) the first date required for delivery of the
financial statements pursuant to Section 6.1(i) or (ii) after the occurrence of the
following events, written notice of the creation, establishment or acquisition of any
Subsidiary or the issuance by or to the Borrower or any of its Subsidiaries of any Capital
Stock; and

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     (x) such other information (including non-financial information) as the Administrative
Agent or any Lender may from time to time reasonably request.

     Information required to be delivered pursuant to this Section 6.1 shall be deemed to have been
delivered if such information, or one or more annual or quarterly reports containing such
information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to
which the Lenders have been granted access or such reports shall be available on the website of the
SEC at http://www.sec.gov or on the website of Holdco at
http://www.moneygram.com and the Borrower
has given notice that such reports are so available. Information required to be delivered pursuant
to this Section may also be delivered by electronic communications pursuant to procedures approved
by the Administrative Agent. If any information which is required to be furnished to the Lenders
under this Section 6.1 is required by law or regulation to be filed by Holdco or the Borrower with
a government body on an earlier date (other than the December 31, 2007 financial statements and any
filings required by the SEC for the fiscal year then ended), then the information required
hereunder shall be furnished to the Lenders at such earlier date.

     Section 6.2 Use of Proceeds. The Borrower will, and will cause each Subsidiary to,
use the proceeds of the Credit Extensions for general corporate purposes and acquisitions permitted
hereunder. The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of
the Advances to purchase or carry any “margin stock” (as defined in Regulation U).

     Section 6.3 Notice of Default. The Borrower will give prompt notice in writing to the
Lenders of the occurrence of any Default or Unmatured Default, the occurrence of any “Default” or
“Event of Default” under the Second Lien Documents and of any other development, financial or
otherwise, which could reasonably be expected to have a Material Adverse Effect.

     Section 6.4 Conduct of Business. The Borrower will, and will cause each Borrower
Subsidiary to, carry on and conduct its business in the financial or payment services industry or
the support thereof and do all things necessary to remain duly incorporated or organized, validly
existing and (to the extent such concept applies to such entity) in good standing as a domestic
corporation, partnership or limited liability company in its jurisdiction of incorporation or
organization, as the case may be, and maintain all requisite authority to conduct its business in
each jurisdiction in which its business is conducted except as permitted by Sections 6.12 and 6.13
or where the failure to maintain such authority could not reasonably be expected to have a Material
Adverse Effect.

     Section 6.5 Taxes. Holdco will, and will cause each of its Subsidiaries to, timely
file complete and correct United States federal and applicable foreign, state and local tax returns
required by law (after giving effect to extensions thereof) and pay when due all taxes, assessments
and governmental charges and levies upon it or its income, profits or Property, except (i) those
which are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves have been set aside in accordance with GAAP or (ii) those which the failure to
pay or discharge could not reasonably be expected to have a Material Adverse Effect.

     Section 6.6 Insurance. Holdco will maintain or cause to be maintained, with
financially sound and reputable insurers, insurance on all its Property as may customarily be

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carried or maintained under similar circumstances by Persons of established reputation engaged
in similar businesses of similar sizes, in each case in such amounts (giving effect to
self-insurance), with such deductibles, covering such risks and otherwise on such terms and
conditions as shall be customary for such Persons. The Borrower will furnish to any Lender upon
request full information as to the insurance carried (but no more often than once per year absent a
Default).

     Section 6.7 Compliance with Laws. Holdco will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions,
decrees or awards to which it may be subject including, without limitation, all Environmental Laws,
the noncompliance with which could reasonably be expected to have a Material Adverse Effect.

     Section 6.8 Maintenance of Properties. Holdco will, and will cause each of its
Subsidiaries to, do all things necessary to maintain, preserve, protect and keep its Property in
good repair, working order and condition (other than wear and tear occurring in the ordinary course
of business, routine obsolescence and casualty or condemnation), and from time to time make or
cause to be made, all necessary and proper repairs, renewals and replacements so that its business
carried on in connection therewith may be properly conducted at all times, in each case, except to
the extent such non-compliance could not reasonably be expected to have a Material Adverse Effect.

     Section 6.9 Inspection. Holdco will, and will cause each of its Subsidiaries to, keep
adequate books of record and accounts to allow preparation of financial statements in accordance
with GAAP and permit the Administrative Agent and the Lenders, by their respective representatives
and agents, to inspect any of the Property, books and financial records of Holdco and each of its
Subsidiaries, to examine and make copies of the books of accounts and other financial records of
Holdco and each of its Subsidiaries, and to discuss the affairs, finances and accounts of Holdco
and each of its Subsidiaries with, and to be advised as to the same by, their respective officers
at such reasonable times and intervals as the Administrative Agent or any Lender may designate.
The costs of such inspections shall be for the account of the Borrower, except in the case of (i) a
Lender inspection in the absence of the occurrence and continuation of a Default, which shall be
done at such Lender’s expense, or (ii) any Administrative Agent inspections in excess of one
inspection during any 12-month period in the absence of the occurrence and continuation of a
Default, each of which shall be done at Administrative Agent’s expense.

     Section 6.10 Restricted Payments. The Borrower will not, nor will it permit any
Borrower Subsidiary to, declare or pay any Restricted Payments except that, so long as (other than
with respect to clauses (iv)(A), (B), (C), (D), (E) and (I) below) no Default or Unmatured Default
then exists or would result therefrom, the following shall be permitted:

     (i) the payment by the Borrower or any Borrower Subsidiary of dividends payable in its
own Capital Stock (other than Disqualified Stock);

     (ii) the making of any Restricted Payment in exchange for, or out of the proceeds of,
the substantially concurrent contribution of common equity capital to the

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Borrower; provided that the amount of any such net cash proceeds that are utilized for
any such Restricted Payment will be excluded from clause (ii) of the definition of Basket
Amount;

     (iii) repurchases of Capital Stock deemed to occur upon exercise of stock options or
warrants if such Capital Stock represents a portion of the exercise price of such options or
warrants;

     (iv) the declaration and payment of dividends or distributions by the Borrower, or the
making of loans by the Borrower, to its direct or indirect parent, in amounts required for
either of their respective direct or indirect parent to actually pay the following:

     (A) franchise and excise taxes and other fees, taxes and expenses required to
maintain their corporate existence;

     (B) foreign, federal, state and local income or franchise taxes, to the extent
such income or franchise taxes are attributable to the income of the Borrower and
the Borrower Subsidiaries;

     (C) general corporate expenses related to third party audit, insurance legal
and similar administrative expenses of any direct or indirect parent of the
Borrower, including customary expenses for a public holding company;

     (D) customary salary, bonus, contributions to pension and 401(k) plans,
deferred compensation and other benefits payable to directors, officers and
employees of any direct or indirect parent of the Borrower to the extent such
amounts are attributable to the ownership or operation of the Borrower and the
Borrower Subsidiaries (other than pursuant to clause (vii) of this Section 6.10);

     (E) indemnification obligations of any direct or indirect parent of the
Borrower owing to directors, officers, employees or other Persons (including,
without limitation, the Sponsors) under its charter or by-laws or pursuant to
written agreements with such Person, or obligations in respect of director and
officer insurance (including any premiums therefor); provided, however, that any
indemnities owing to the Sponsors pursuant to the Equity Purchase Agreement shall
only be permitted under this clause (E) to the extent such indemnities are as a
result of third party claims relating to the Transactions; and provided, further,
that no Restricted Payment may be made pursuant to this clause (E) to the extent
such Restricted Payments are covered by clause (v)(B) below;

     (F) fees and expenses incurred in connection with the Transactions;

     (G) amounts required to be paid by Holdco in connection with clause (iv) of the
definition of Permitted Holdco Indebtedness;

     (H) cash payments in lieu of issuing fractional shares in connection with the
exercise of warrants, options or other securities convertible into or

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exchangeable for Capital Stock of the Borrower or any direct or indirect parent
of the Borrower; and

     (I) amounts paid to Borrower by or withheld by Borrower from Borrower
employees’ and officers’ compensation to the minimum extent necessary to settle
Borrower employees’ and officers’ (1) federal, state and income tax liabilities (if
any) related to restricted stock units and similar stock based awards under Holdco’s
stock incentive plan or (2) option price payments owed by employees and officers
with respect thereto, and Holdco shall apply such amounts to make required federal,
state and income tax payments or to settle option price payments owed by Borrower
employees and officers with respect thereto;

     (v) a Restricted Payment with respect to the payment of (A) any litigation expenses,
judgments or settlement of any litigation of any direct or indirect parent of the Borrower
or (B) indemnification obligations of any direct or indirect parent of the Borrower owing to
directors, officers or employees under its charter or by-laws, in respect of a settlement to
the extent such payments represent indirect payment obligations of the parent;
provided, however, that after giving effect to each Restricted Payment under
this clause (v) the Borrower would be in pro forma compliance with Sections 6.19.1 (or,
prior to March 31, 2009, as if the ratio specified in such Section were at such time in
effect and required to be no less than 1.50 to 1.0), 6.19.2 (or, prior to March 31, 2009, as
if the Senior Secured Debt Ratio were at such time in effect and required to be no greater
than 7.0 to 1.0) and 6.20;

     (vi) the defeasance, redemption, repurchase or other acquisition or retirement of
Subordinated Indebtedness of the Borrower made by exchange for, or out of the proceeds of
the substantially concurrent sale of, new Indebtedness of the Borrower, as the case may be,
that is incurred in compliance with Section 6.11 so long as:

     (A) the principal amount (or accreted value, if applicable) of such new
Indebtedness does not exceed the principal amount plus any accrued and unpaid
interest on the Subordinated Indebtedness being so redeemed, repurchased, acquired
or retired for value, plus the amount of any premium required to be paid under the
terms of the instrument governing the Subordinated Indebtedness being so redeemed,
repurchased, acquired or retired and any fees and expenses incurred in the issuance
of such new Indebtedness;

     (B) such Indebtedness is subordinated to the Obligations at least to the same
extent as such Subordinated Indebtedness so purchased, exchanged, redeemed,
repurchased, acquired or retired for value;

     (C) such Indebtedness has a final scheduled maturity date equal to or later
than the final scheduled maturity date of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired; and

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     (D) such Indebtedness has a Weighted Average Life to Maturity equal to or
greater than the remaining Weighted Average Life to Maturity of the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired;

     (vii) a Restricted Payment to pay for the repurchase, retirement or other acquisition
or retirement for value of Capital Stock of the Borrower or any direct or indirect parent of
the Borrower held by any current or former employee, director, manager or consultant of the
Borrower, any Borrower Subsidiary or any direct or indirect parent of the Borrower (or their
respective estates, heirs, beneficiaries, transferees, spouses or former spouses) pursuant
to any management equity plan or stock option plan or any other management or employee
benefit plan or similar agreement; provided, that the aggregate amount of Restricted
Payments made pursuant to this clause (vii) in any four-fiscal quarter period shall not
exceed $5,000,000 as of the last day of such four-fiscal quarter period;

     (viii) a Restricted Payment by the Borrower or the Borrower Subsidiaries which together
with (A) the aggregate amount of all other Restricted Payments made by the Borrower and the
Borrower Subsidiaries after the date hereof (excluding Restricted Payments permitted by
clauses (ii), (iii), (iv), (v)(A), (vi), (vii), (x) and (xi) of this Section 6.10), (B) the
aggregate amount of all Investments made by the Borrower and the Borrower Subsidiaries
pursuant to Section 6.14(xiv) after the date hereof and (C) the aggregate amount of all
payments of Second Lien Indebtedness made pursuant to Section 6.17(ii)(C) after the date
hereof, is less than the Basket Amount at such time;

     (ix) other Restricted Payments which, when aggregated with all other Restricted
Payments made pursuant to this clause (ix) after the date hereof and all payments of Second
Lien Indebtedness made pursuant to Section 6.17(ii)(D) after the date hereof, do not exceed
$25,000,000;

     (x) the declaration and payment of dividends or distributions to holders of any class
or series of preferred stock of any Borrower Subsidiary issued in accordance with Section
6.11; and

     (xi) so long as the Term B Balance is at such time no greater than $200,000,000,
Restricted Payments which, when aggregated with all other Restricted Payments made pursuant
to this clause (xi) after the date hereof, do not exceed the sum of (A) the lesser of (1)
the aggregate Excess Specified Security Sale Proceeds received by the Borrower or a Borrower
Subsidiary after February 29, 2008 minus $50,000,000 and (2) $62,500,000 plus (B) 50% of the
difference (if greater than zero) of (1) the aggregate Excess Specified Security Sale
Proceeds received by the Borrower or a Borrower Subsidiary after February 29, 2008 minus (2)
$112,500,000.

     Notwithstanding the foregoing, the making of any dividend or distribution or the consummation
of any irrevocable redemption within 60 days after the date of declaration of the dividend or
distribution or giving of the redemption notice, as applicable, will not be prohibited if, at the
date of declaration or notice such payment or redemption would have complied with the provisions of
this Agreement.

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     In addition, Holdco will not make any Restricted Payment in excess of the sum of (A) the
aggregate amount of Restricted Payments received by Holdco from the Borrower in accordance with
this Section 6.10 after the Effective Date, (B) the aggregate amount of capital contributions or
proceeds from issuances of Capital Stock (valued in each case at fair market value at the time
received in case of non-cash contributions) received by Holdco after the Effective Date and (C) the
aggregate amount of interest or gains of Holdco on investments by Holdco of such Restricted
Payments, contributions or proceeds permitted by the Passive Holding Company Condition;
provided, however, that Holdco may also make Restricted Payments of the types
permitted by the Borrower pursuant to Sections 6.10(i), (ii) and (iii).

     Section 6.11 Indebtedness. The Borrower will not, nor will it permit any Borrower
Subsidiary to, create, incur or suffer to exist any Indebtedness, nor will it permit any Borrower
Subsidiary to issue preferred stock (other than shares of preferred stock of a Borrower Subsidiary
issued to the Borrower or a Subsidiary Guarantor), except:

     (i) Obligations of the Loan Parties under the Loan Documents;

     (ii) Indebtedness existing on the Effective Date and described in all material respects
in Schedule 6.11;

     (iii) Indebtedness arising under the Second Lien Documents not exceeding (A)
$500,000,000 in aggregate principal amount (or, if less, the initial aggregate principal
amount of such Indebtedness on the Effective Date) minus (B) the aggregate amount of all
principal repayments of such Indebtedness after the Effective Date;

     (iv) after the first anniversary of the Effective Date, and provided the Financial
Condition is satisfied at such time, the Borrower may incur Indebtedness and any Subsidiary
Guarantor or any Non-Guarantor may incur Indebtedness (in respect of all Non-Guarantors in
an aggregate amount of Indebtedness outstanding not to exceed at any time $10,000,000);

     (v) Indebtedness or preferred stock of (A) the Borrower or a Guarantor incurred to
finance an acquisition permitted hereunder or (B) Persons that are acquired by the Borrower
or a Guarantor or merged into the Borrower or a Guarantor in accordance with the terms of
this Agreement; provided, however, that after giving effect to such acquisition or merger,
the Borrower is in pro forma compliance with the Senior Secured Debt Ratio set forth in
Section 6.19.2 (or, prior to March 31, 2009, the Senior Secured Debt Ratio shall not exceed
7.0 to 1.0);

     (vi) Indebtedness incurred by the Borrower or any Borrower Subsidiary constituting
reimbursement obligations with respect to letters of credit issued in the ordinary course of
business in respect of workers’ compensation claims, or other Indebtedness with respect to
reimbursement type obligations regarding workers’ compensation claims; provided, however,
that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such
obligations are reimbursed within 30 days following such drawing or incurrence;

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     (vii) Indebtedness arising from agreements of the Borrower or a Borrower Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each
case, incurred or assumed in connection with the disposition of any business, assets or a
Borrower Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring
all or any portion of such business, assets or Borrower Subsidiary for the purpose of
financing such acquisition; provided, however, that:

     (A) such Indebtedness is not reflected on the balance sheet of the Borrower or
any Borrower Subsidiary (contingent obligations referred to in a footnote to
financial statements and not otherwise reflected on the balance sheet will be deemed
to be reflected on such balance sheet for purposes of this clause (vii)(A)); and

     (B) the maximum assumable liability in respect of all such Indebtedness shall
at no time exceed the gross proceeds including non-cash proceeds (the fair market
value of such non-cash proceeds being measured at the time received and without
giving effect to any subsequent changes in value) actually received by the Borrower
or any Borrower Subsidiary in connection with such disposition;

     (viii) (A) Indebtedness of the Borrower to a Guarantor or (B) Indebtedness of a
Subsidiary Guarantor to the Borrower or another Subsidiary Guarantor; provided that any such
Indebtedness is made pursuant to an intercompany note; provided, further, that any
subsequent transfer of any such Indebtedness (except to the Borrower or another Subsidiary
Guarantor) shall be deemed, in each case, to be an incurrence of such Indebtedness that was
not permitted by this clause (viii);

     (ix) the guarantee by the Borrower or any of the Subsidiary Guarantors of Indebtedness
of the Borrower or a Borrower Subsidiary that was permitted to be incurred by another
provision of this covenant; provided that if the Indebtedness being guaranteed is
subordinated to the Obligations, then the guarantee shall be subordinated to the same extent
as the Indebtedness guaranteed;

     (x) the incurrence by the Borrower or any Borrower Subsidiary of Indebtedness or
issuance of preferred stock that serves to extend, refund, refinance, renew, replace or
defease any Indebtedness or preferred stock incurred or issued as permitted under clause
(ii) or (iv) above, this clause (x) or any Indebtedness or preferred stock incurred or
issued to so refund or refinance such Indebtedness or preferred stock (the “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that such
Refinancing Indebtedness:

     (A) has a Weighted Average Life to Maturity at the time such Refinancing
Indebtedness is incurred which is not less than the remaining Weighted Average Life
to Maturity of the Indebtedness or preferred stock being refunded or refinanced;

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     (B) to the extent such Refinancing Indebtedness refinances (i) Indebtedness
subordinated or pari passu to the Obligations, such Refinancing Indebtedness is
subordinated or pari passu to the Obligations at least to the same extent as the
Indebtedness being refinanced or refunded; or (ii) preferred stock, such Refinancing
Indebtedness must be preferred stock;

     (C) shall not include:

     (1) Indebtedness or preferred stock of a Borrower Subsidiary that
refinances Indebtedness or preferred stock of the Borrower; or

     (2) Indebtedness or preferred stock of a Borrower Subsidiary that is
not a Guarantor that refinances Indebtedness or preferred stock of a
Guarantor; and

     (D) is in a principal amount not in excess of the principal amount of
Indebtedness being refunded or refinanced (including additional Indebtedness
incurred to pay premiums, fees and expenses in connection therewith);

     (xi) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course
of business; provided such Indebtedness is extinguished within five Business Days of its
incurrence;

     (xii) the incurrence by the Borrower or any Borrower Subsidiary of Indebtedness in
respect of workers’ compensation claims, payment obligations in connection with health or
other types of social security benefits, unemployment or other insurance or self-insurance
obligations in the ordinary course of business;

     (xiii) Indebtedness that may be deemed to exist pursuant to any performance, completion
or similar guarantees, performance, surety, statutory, appeal, bid, payment (other than
payment of Indebtedness) or reclamation bonds, statutory obligations or similar obligations
(including any bonds or letters of credit issued with respect thereto and all guarantee,
reimbursement and indemnity agreements entered into in connection therewith) incurred in the
ordinary course of business;

     (xiv) obligations incurred in connection with any management or director deferred
compensation plan;

     (xv) Indebtedness in respect of (A) employee credit card programs and (B) netting
services, cash pooling arrangements or similar arrangements in connection with cash
management and deposit accounts; provided that, with respect to any such arrangements, the
total amount of all deposits subject to such arrangement at all times equals or exceeds the
total amount of overdrafts subject to such arrangement;

     (xvi) overnight Repurchase Agreements incurred in the ordinary course of business;

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     (xvii) Repurchase Agreements with maturities of less than 30 days (and excluding
Indebtedness incurred pursuant to clause (xvi) above) which at any one time outstanding do
not exceed $100,000,000;

     (xviii) Indebtedness (including Capitalized Lease Obligations) and preferred stock
incurred by the Borrower or any Subsidiary Guarantor, the proceeds of which are applied to
finance the development, construction, purchase, lease, repairs, additions or improvement of
property (real or personal), equipment or other fixed or capital assets that are used or
useful in a Similar Business, whether through the direct purchase of assets or the Capital
Stock of any Person owning such assets, in an aggregate principal amount which, when
aggregated with the principal amount of all other Indebtedness and preferred stock then
outstanding and incurred pursuant to this clause (xviii) and including all Indebtedness and
preferred stock incurred to refund, refinance or replace any other Indebtedness incurred
pursuant to this clause (xviii), does not exceed $10,000,000;

     (xix) (A) Indebtedness or preferred stock in an aggregate amount outstanding at any
time not to exceed $75,000,000 of the Borrower or of a Subsidiary Guarantor owing to a
Non-Guarantor (other than an SPE) that is subordinated in right of payment to the
Obligations of such Borrower or Subsidiary Guarantor and (B) Indebtedness or preferred stock
in an aggregate amount outstanding at any time not to exceed $75,000,000 of a Non-Guarantor
(other than an SPE) owing to the Borrower or to a Subsidiary Guarantor; provided,
that any subsequent transfer of any such Indebtedness or preferred stock (except to the
Borrower or a Borrower Subsidiary) shall be deemed, in each case, to be an incurrence of
such Indebtedness that was not permitted by this clause (xix); and

     (xx) Indebtedness or preferred stock of the Borrower or any Subsidiary Guarantor not
otherwise permitted hereunder in an aggregate principal amount or liquidation preference,
which when aggregated with the principal amount and liquidation preference of all other
Indebtedness or preferred stock then outstanding and incurred pursuant to this clause (xx),
does not at any one time outstanding exceed $100,000,000.

Without limiting the generality of the foregoing, neither the Borrower nor any Borrower Subsidiary
shall incur or have outstanding any Indebtedness to the SPEs.

     For purposes of determining compliance with this Section 6.11: (i) in the event that an item
of Indebtedness or preferred stock (or any portion thereof) meets the criteria of more than one of
the categories of permitted Indebtedness or preferred stock described in clauses (i) through (xx)
above, the Borrower, in its sole discretion, may classify or reclassify such item of Indebtedness
or preferred stock (or any portion thereof) and will only be required to include the amount and
type of such Indebtedness or preferred stock in one of the above clauses; and (ii) at the time of
incurrence or reclassification, the Borrower will be entitled to divide and classify an item of
Indebtedness or preferred stock in more than one of the types of Indebtedness or preferred stock
described in clauses (i) through (xx) above.

     Accrual of interest, the accretion of accreted value and the payment of interest or dividends
in the form of additional Indebtedness will not be deemed to be an incurrence of Indebtedness for
purposes of this Section 6.11.

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     For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case
of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange
rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced.

     The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred
in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing.

     Section 6.12 Merger.

     (i) The Borrower will not consolidate or merge with or into (whether or not the
Borrower is the surviving entity), or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all the properties or assets of the Borrower and the
Borrower Subsidiaries, taken as a whole, in one or more related transactions, to another
Person, unless:

     (A) either:

     (1) the Borrower is the surviving company; or

     (2) the Person formed by or surviving any such consolidation or merger (if
other than the Borrower) or to which such sale, assignment, transfer, conveyance or
other disposition has been made is an entity organized or existing under the laws of
the United States, any state thereof, the District of Columbia, or any territory
thereof (such Person, as the case may be, being herein called the “Successor
Company”);

     (B) the Successor Company, if other than the Borrower, expressly assumes all
the Obligations of the Borrower under the Loan Documents pursuant to documents in
form reasonably satisfactory to the Administrative Agent;

     (C) immediately before and after such transaction, no Default or Unmatured
Default exists;

     (D) the Successor Company would be in pro forma compliance, as if such
transaction had occurred at the beginning of the applicable four-quarter period,
with Sections 6.19.1 (or, prior to March 31, 2009, as if the ratio specified in such
Section were at such time in effect and required to be no less than 1.50 to

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1.0) and 6.19.2 (or, prior to March 31, 2009, as if the Senior Secured Debt
Ratio were at such time in effect and required to be no greater than 7.0 to 1.0);

     (E) each Guarantor, unless it is the other party to the transactions described
above, in which case clause (ii) below applies, shall have confirmed that its
Obligations under the applicable Loan Documents to which it is a party remain
outstanding pursuant to documentation reasonably satisfactory to the Administrative
Agent; and

     (F) the Borrower shall have delivered to the Administrative Agent an officer’s
certificate stating that such consolidation, merger or transfer complies with the
provisions described in this clause (i).

     The Successor Company will succeed to, and be substituted for the Borrower under this
Agreement and each other Loan Document.

     Notwithstanding the foregoing (but subject to clause (ii) below), any Borrower Subsidiary may
consolidate with, merge into or transfer all or part of its properties and assets to the Borrower
or to another Borrower Subsidiary.

     (ii) No Guarantor will, and the Borrower will not permit any Guarantor to, consolidate
or merge with or into or wind up into (whether or not such Guarantor is the surviving
entity), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all its properties or assets in one or more related transactions, to any
Person unless:

     (A) (1) such Guarantor is the surviving entity or the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) or
to which such sale, assignment, transfer, conveyance or other disposition
will have been made is an entity organized or existing under the laws of the
United States, any state thereof, the District of Columbia, or any territory
thereof (such Guarantor or such Person, as the case may be, being herein
called the “Successor Person”); and

(2) the Successor Person, if other than such Guarantor, expressly
assumes all the obligations of such Guarantor under the Loan
Documents pursuant to documents in form reasonably satisfactory to
the Administrative Agent; and

(3) immediately before and after such transaction, no Default or
Unmatured Default exists; or

     (B) such transaction is made in compliance with Section 6.13 (without regard to
Section 6.13(xi)) or constitutes an Investment permitted by Section 6.14.

     The Successor Person will succeed to, and be substituted for such Guarantor under the Guaranty
and each other Loan Document.

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     Notwithstanding the foregoing, any Subsidiary Guarantor may consolidate with, merge into or
transfer all or part of its properties and assets to the Borrower or to another Subsidiary
Guarantor.

     Section 6.13 Sale of Assets. The Borrower will not, nor will it permit any Borrower
Subsidiary to, lease, sell or otherwise dispose of its Property to any other Person, except:

     (i) the disposition of (A) Cash and Cash Equivalents in the ordinary course of
business, (B) obsolete or worn out equipment or other tangible personal property or (C)
inventory sales in the ordinary course of business;

     (ii) transfers of property subject to casualty, condemnation or similar events
(including in lieu thereof) upon receipt of the Net Proceeds in respect thereof;

     (iii) (x) the disposition of Portfolio Securities (other than Specified Securities) for
Cash and Cash Equivalents or securities contained in the Restricted Investment Portfolio and
(y) the disposition of Portfolio Securities on or before the Effective Date contemplated by
the Equity Purchase Agreement;

     (iv) the making of any Restricted Payment or Investment that is permitted to be made,
and is made, under Section 6.10 or 6.14, as applicable;

     (v) the unwinding of any Rate Management Transaction;

     (vi) any transfer to MoneyGram International Holdings Limited of the loan from
MoneyGram Payment Systems, Inc. to MoneyGram International Holdings Limited in the amount of
€92,500,000 pursuant to the Loan Agreement dated January 17, 2003 made to effectuate the
forgiveness of such loan;

     (vii) sales of securities pursuant to Repurchase Agreements;

     (viii) sales, transfers or other dispositions of its Property to an SPE made in
compliance with Section 6.14(v);

     (ix) transfers from a Subsidiary to the Borrower, from the Borrower to any Guarantor,
from a Guarantor to any other Guarantor or from a Non-Guarantor to the Borrower or a
Borrower Subsidiary;

     (x) sales or dispositions of the official check business or FSMC, Inc. (or any
successor) by the Borrower and the Borrower Subsidiaries;

     (xi) the disposition of all or substantially all the assets of the Borrower or any
Borrower Subsidiary in a manner permitted pursuant to Section 6.12;

     (xii) to the extent allowable under Section 1031 of the Code, any exchange of like
property (excluding any boot thereon) for use in a Similar Business;

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     (xiii) surrender or waiver of contract rights or the settlement, release or surrender
of contract, tort or other claims;

     (xiv) the lease, assignment or sub-lease of any real or personal property in the
ordinary course of business;

     (xv) foreclosures on assets;

     (xvi) sales of assets pursuant to any financing transaction otherwise permitted by this
Agreement with respect to property built or acquired by the Borrower or a Borrower
Subsidiary after the Effective Date, including sale and leaseback transactions;

     (xvii) the granting of Liens otherwise permitted by this Agreement;

     (xviii) sales of accounts receivable in connection with the collection or compromise
thereof;

     (xix) the abandonment of intellectual property rights in the ordinary course of
business, which in the reasonable good faith determination of the Borrower, are not material
to the conduct of the business of Holdco and its Subsidiaries taken as a whole;

     (xx) sales of accounts or notes receivable, or participations therein, and related
assets as part of a Receivables Transaction permitted hereunder which does not give rise to
Indebtedness;

     (xxi) leases, sales or other dispositions of its Property that, together with all other
Property of the Borrower and Borrower Subsidiaries previously leased, sold or disposed of as
permitted by this clause (xxi) during the twelve-month period ending with the month in which
any such lease, sale or other disposition occurs, do not constitute a Substantial Portion of
the Property of the Borrower and the Borrower Subsidiaries;

     (xxii) the abandonment of the Investments described on Schedule 6.13; and

     (xxiii) the sale or other disposition of Specified Securities so long as the Net
Proceeds thereof are applied in accordance with this Agreement.

For purposes of this Section 6.13, Property of a Borrower Subsidiary shall be deemed to
include Capital Stock (other than preferred stock) of such Borrower Subsidiary issued or
sold to any Person other than (x) a Loan Party, (y) in the case of a Foreign Subsidiary, a
Wholly-Owned Subsidiary of the Borrower, or (z) any Capital Stock issued to an equity holder
other than the Borrower or a Borrower Subsidiary to maintain its pro rata ownership.

     Section 6.14 Investments and Acquisitions. The Borrower will not, nor will it permit
any Borrower Subsidiary to, make any Acquisition of any Person or make any Investment in any
Person, except:

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     (i) Acquisitions of (or all or substantially all of the assets of) entities engaged in
a Similar Business, so long as (A) the acquired entity (x) becomes a Guarantor in compliance
with Section 6.21 and complies with the requirement in Section 6.22 to pledge its assets as
Collateral or (y) is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all its assets to, or is liquidated into, the Borrower or a Guarantor;
(B) after giving effect to such acquisition, the Borrower shall be in compliance with, and,
on a pro forma basis, the Borrower would be in compliance therewith for the previous four
fiscal quarters, its covenants in Sections 6.19.1 (or, prior to March 31, 2009, as if the
ratio specified in such Section were at such time in effect and required to be no less than
1.50 to 1.0) and 6.19.2 (or, prior to March 31, 2009, as if the Senior Secured Debt Ratio
were at such time in effect and required to be no greater than 7.0 to 1.0); (C) for any
Acquisition with aggregate consideration in excess of $50,000,000, the Borrower shall have
delivered to the Administrative Agent a certificate executed by an Authorized Officer
setting forth the calculations demonstrating such compliance and (D) both before and after
giving effect to such acquisition no Default or Unmatured Default exists;

     (ii) any Investment arising out of the forgiveness of the loan from MoneyGram Payment
Systems, Inc. to MoneyGram International Holdings Limited in the amount of 92,500,000 Euros
pursuant to the Loan Agreement dated January 17, 2003;

     (iii) any Investment in the Borrower or any Guarantor;

     (iv) any Investments in any Non-Guarantor (other than any SPE) that together with all
Investments made pursuant to this clause (iv) after the date hereof shall not exceed
$150,000,000;

     (v) any Investments (including Investments outstanding as of the date hereof) in SPEs
provided that the total assets of all SPEs shall not exceed $2,000,000,000 at any one time
outstanding;

     (vi) any Investment in Cash or Cash Equivalents;

     (vii) any Investment in the Restricted Investment Portfolio;

     (viii) any Investment existing on the date hereof (excluding assets held by any SPE) or
made pursuant to legally binding written commitments in existence on the date hereof which,
in either case, is set forth in all material respects on Schedule 6.14(viii), and any
Investment that replaces, refinances or refunds any such Investment; provided that
such replacing, refinancing or refunding Investment is in an amount that does not exceed the
amount replaced, refinanced or refunded, and is made in the same Person as the Investment
replaced, refinanced or refunded;

     (ix) loans and advances to employees, directors, managers or consultants of Holdco, the
Borrower or any of the Borrower Subsidiaries for reasonable and customary business related
travel expenses, moving expenses and similar expenses, in each case incurred in the ordinary
course of business whether or not consistent with past practice, and payroll advances;

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     (x) any Investment acquired by the Borrower or any Borrower Subsidiary:

     (A) in exchange for any other Investment or accounts receivable held by the
Borrower or any Borrower Subsidiary in connection with or as a result of a
bankruptcy, workout, reorganization or recapitalization of such other Investment or
accounts receivable; or

     (B) as a result of a foreclosure by the Borrower or any Borrower Subsidiary
with respect to any secured Investment or other transfer of title with respect to
any secured Investment in default;

     (xi) Investments to the extent the payment for which consists of Capital Stock (other
than Disqualified Stock) of the Borrower or any direct or indirect parent of the Borrower;

     (xii) Indebtedness (including Subordinated Indebtedness) permitted under Section 6.11
or any Restricted Payment permitted under Section 6.10, in each case to the extent it
constitutes an Investment;

     (xiii) any Investments received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Borrower
or any Borrower Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B)
litigation, arbitration or other disputes with Persons who are not Affiliates;

     (xiv) any Investment by the Borrower or the Borrower Subsidiaries which together with
(A) the aggregate amount of all Restricted Payments made by the Borrower and the Borrower
Subsidiaries after the date hereof pursuant to Section 6.10 (excluding Restricted Payments
permitted by Sections 6.10 (ii), (iii), (iv), (v)(A), (vi), (vii), (x) and (xi)), (B) the
aggregate amount of all other Investments made by the Borrower and the Borrower Subsidiaries
pursuant to this clause (xiv) after the date hereof and (C) the aggregate amount of all
payments of Second Lien Indebtedness made pursuant to Section 6.17(ii)(C) after the date
hereof, is less than the Basket Amount at such time;

     (xv) any Investment in securities or other assets not constituting Cash or Cash
Equivalents and received in connection with an asset sale made pursuant to Section 6.13;

     (xvi) Rate Management Obligations permitted hereunder;

     (xvii) receivables owing to the Borrower or any of its Subsidiaries created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary
trade terms;

     (xviii) Investments in the Second Lien Indebtedness to the extent not prohibited by
Section 6.17(ii);

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     (xix) upfront payments, signing bonuses and similar payments paid to agents and
guaranties of agent commissions, in each case in the ordinary course of business and
consistent with past practice;

     (xx) Acquisitions, for aggregate consideration not to exceed $28,000,000 in the
aggregate, on terms substantially consistent with the terms set forth on Schedule 6.14(xx);
and

     (xxi) additional Investments in an aggregate amount, taken together with all other
Investments previously made pursuant to this clause (xxi) not to exceed $25,000,000 (with
the fair market value of each Investment being measured at the time made and without giving
effect to subsequent changes in value).

     Section 6.15 Liens. The Borrower will not, nor will it permit any Borrower Subsidiary
to, create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of
the Borrower Subsidiaries, except:

     (i) second-priority Liens securing obligations under the Second Lien Documents;

     (ii) Liens created pursuant to the Collateral Documents (which Liens shall equally and
ratably secure Rate Management Obligations owing to Rate Management Counterparties);

     (iii) Liens for taxes, assessments or governmental charges, claims or levies not yet
overdue for a period of more than 30 days or subject to penalties for nonpayment, or which
are being contested in good faith and by appropriate proceedings;

     (iv) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s and mechanics’
Liens and other similar Liens arising in the ordinary course of business which secure
payment of obligations not more than 30 days past due or which are being contested in good
faith by appropriate proceedings or other Liens arising out of judgments or awards against
such Person with respect to which such Person shall then be proceeding in good faith with an
appeal or other proceeding for review so long as no such Lien secures claims constituting a
Default under Section 7.8;

     (v) Liens arising out of pledges or deposits under worker’s compensation laws,
unemployment insurance, old age pensions, or other social security or retirement benefits,
or similar legislation;

     (vi) minor survey exceptions, minor encumbrances, easements or reservations of, or
rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of
real properties or Liens incidental to the conduct of the business of such Person or to the
ownership of its properties;

     (vii) Liens in existence on the Effective Date and identified in all material respects
on Schedule 6.15 hereto;

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     (viii) ordinary course pledges or deposits to secure bids, tenders, contracts (other
than for the payment of Indebtedness for borrowed money) or leases to which such Person is a
party or deposits as security for contested taxes, import duties or the payment of rent;

     (ix) Liens in favor of the issuer of stay, customs, appeal, performance and surety
bonds or bid bonds or with respect to other regulatory requirements or securing bonds
required by applicable state regulatory licensing requirements or letters of credit or bank
guarantees or similar instruments in lieu of such items or to support the issuance thereof
issued pursuant to the request of and for the account of such Person in the ordinary course
of its business;

     (x) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, such Liens are not created or incurred in connection with, or
in contemplation of, such other Person becoming such a Subsidiary; provided further that
such Liens may not extend to any other property owned by the Borrower or any Borrower
Subsidiary and that such Liens are released within 30 days of such Person becoming a
Subsidiary;

     (xi) Liens on property at the time the Borrower or a Borrower Subsidiary acquired the
property, including any acquisition by means of a merger or consolidation with or into the
Borrower or any Borrower Subsidiary; provided, however, that such Liens are not created or
incurred in connection with, or in contemplation of, such acquisition; and provided further
that the Liens may not extend to any other property owned by the Borrower or any Borrower
Subsidiary;

     (xii) licenses, sublicenses, leases or subleases entered into in the ordinary course of
business that do not materially impair their use in the operation of the business of Holdco,
the Borrower and the Borrower Subsidiaries, taken as a whole;

     (xiii) purported Liens evidenced by the filing of precautionary UCC financing
statements relating solely to operating leases of personal property entered into in the
ordinary course of business;

     (xiv) deposits made in the ordinary course of business to secure liability to insurance
carriers;

     (xv) Liens (A) of a collection bank arising under Section 4-210 of the UCC on items in
the course of collection, (B) encumbering reasonable customary initial deposits and margin
deposits and similar Liens attaching to commodity trading accounts or other brokerage
accounts incurred in the ordinary course of business and (C) in favor of banking
institutions arising as a matter of law encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking industry;

     (xvi) any attachment or judgment Lien against Holdco, the Borrower or any Borrower
Subsidiary, or any property of Holdco, the Borrower or any Borrower

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Subsidiary, so long as such Lien secures claims not constituting a Default under
Section 7.8;

     (xvii) the deposit or pre-funding of amounts in escrow pursuant to contractual
obligations contained in customer agreements securing obligations not exceeding $50,000,000
in the aggregate;

     (xviii) Liens securing Indebtedness permitted to be incurred pursuant to Section
6.11(v)(B) or (xviii); provided, that Liens securing Indebtedness permitted to be
incurred pursuant to Section 6.11(v)(B) or (xviii) are solely on the assets financed,
purchased, constructed, improved or acquired or assets of the acquired entity as the case
may be, and the proceeds and products thereof and accessions thereto;

     (xix) Liens securing Rate Management Obligations not exceeding $50,000,000 outstanding
at any time;

     (xx) Liens on specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances issued or created for
the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods;

     (xxi) any Liens to secure any refinancing, refunding, extension, renewal or replacement
(or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or
in part, of any Indebtedness secured by any Lien of the type referred to in clause (i),
(ii), (vii), (x), (xi) or (xviii); provided, however, that (x) such new Lien
shall be limited to all or part of the same property that secured the original Lien (plus
improvements on such property and the proceeds and products thereof), and (y) the
Indebtedness secured by such Lien at such time is not increased to any amount greater than
the sum of (A) the outstanding principal amount of the Indebtedness permitted pursuant to
such clause (i), (ii), (vii), (x), (xi) or (xviii) and (B) an amount necessary to pay any
fees and expenses, including premiums, related to such refinancing, refunding, extension,
renewal or replacement;

     (xxii) Liens in favor of the Borrower or any Subsidiary Guarantor;

     (xxiii) Liens solely on any cash earnest money deposits relating to asset sales or
acquisitions not in the ordinary course in connection with any letter of intent or purchase
agreement not prohibited by this Agreement;

     (xxiv) any zoning or similar law or right reserved to or vested in any governmental
office or agency to control or regulate the use of any real property;

     (xxv) Liens securing Indebtedness or other obligations of a Borrower Subsidiary owing
to the Borrower or a Subsidiary Guarantor permitted to be incurred in accordance with
Section 6.11;

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     (xxvi) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods in the ordinary
course of business;

     (xxvii) Liens securing not in excess of $300,000,000 of Receivables Transaction
Attributed Indebtedness; and

     (xxviii) other Liens not otherwise permitted by this Section 6.15 securing obligations
not at any time exceeding $100,000,000 in the aggregate.

     Section 6.16 Affiliates. The Borrower will not, and will not permit any Borrower
Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate of the Borrower, except:

     (i) on terms not materially less favorable to the Borrower or such Borrower Subsidiary
as the Borrower or such Borrower Subsidiary would obtain in a comparable arms-length
transaction, and in connection with such transaction or series of related transactions
involving aggregate payments or consideration in excess of $5,000,000 the Borrower delivers
to the Administrative Agent a resolution adopted by the disinterested members of the board
of directors of the Borrower approving such transaction and set forth in an officer’s
certificate certifying that such transaction complies with this clause (i);

     (ii) the forgiveness of Indebtedness referred to in Section 6.14(ii);

     (iii) reimbursement of the Sponsors or their Affiliates for expenses in accordance with
the provisions of the Equity Purchase Agreement as in effect on the date hereof and payment
of fees and indemnification obligations payable to the Sponsors or their Affiliates in
connection with the consummation of the Transactions pursuant to the Equity Purchase
Agreement or Note Purchase Agreement, each as in effect on the date hereof; provided,
however, that notwithstanding anything contained in this Agreement to the contrary, neither
Holdco nor the Borrower will, nor will they permit any Subsidiary to, pay any management
fees to the Sponsors or their Affiliates;

     (iv) reasonable and customary fees, expenses and indemnities provided in the ordinary
course of business to officers, directors, managers, employees or consultants of the
Borrower, any direct or indirect parent of the Borrower or any Borrower Subsidiary;

     (v) customary tax sharing arrangements among Holdco and its Subsidiaries entered into
in the ordinary course of business;

     (vi) transactions among Holdco and its Subsidiaries not expressly prohibited under this
Agreement;

     (vii) any transaction or series of transactions involving consideration of less than
$1,000,000;

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     (viii) transactions in existence as of the Effective Date set forth in all material
respects on Schedule 6.16;

     (ix) payments or loans (or cancellation of loans) to employees of the Borrower,
employees of any direct or indirect parent of the Borrower or employees of any Borrower
Subsidiary and employment agreements, severance agreements, stock option plans and other
similar arrangements with such employees which, in each case are approved by the
disinterested members of the board of directors of the Borrower in good faith that are not
otherwise prohibited by this Agreement;

     (x) the Transactions and the payment of all fees and expenses related to the
Transactions;

     (xi) the payment of reasonable charges for travel in the ordinary course of business by
any officer, director, manager, employee, agent, consultant, Affiliate or advisor of the
Borrower or any Borrower Subsidiary;

     (xii) any Restricted Payments permitted under Section 6.10 (other than pursuant to
Section 6.10(viii)); and

     (xiii) sales of accounts receivable, or participations therein, in connection with any
Receivables Transaction permitted by this Agreement.

     Section 6.17 Amendments to Agreements; Prepayments of Second Lien Debt.

     (i) Holdco will not, and will not permit any of its Subsidiaries to, amend or terminate
the Separation Agreements, the Equity Purchase Agreement, the Note Purchase Agreement, the
Indenture, the certificates of designation with respect to the Series B Preferred Stock, the
Series B-1 Preferred Stock or the Series D Preferred Stock, in each case as defined in, and
attached as an exhibit to, the Equity Purchase Agreement, the organizational documents of
the Borrower or any Borrower Subsidiary or any documents with respect to Subordinated Debt
which is Material Indebtedness, in each case in any manner which could reasonably be
expected to be materially adverse to the interests of the Lenders.

     (ii) The Borrower will not, and will not permit any Borrower Subsidiary to, make any
optional prepayments of the Second Lien Indebtedness other than (A) any optional prepayment
made by exchange for, or out of the proceeds of, any Refinancing Indebtedness; (B) any
optional prepayment made out of the proceeds of sales of Capital Stock of the Borrower or
any direct or indirect parent of the Borrower and/or any contributions received by them; (C)
prepayments in an amount which, together with (1) the aggregate amount of all Restricted
Payments made by the Borrower and the Borrower Subsidiaries after the date hereof (excluding
Restricted Payments permitted by clauses (ii), (iii), (iv), (v)(A), (vi), (vii), (x) and
(xi) of Section 6.10), (2) the aggregate amount of all Investments made by the Borrower and
the Borrower Subsidiaries pursuant to Section 6.14(xiv) after the date hereof and (3) the
aggregate amount of all other payments of Second Lien Indebtedness made pursuant to this
Section 6.17(ii)(C) after the date hereof, is less than the Basket Amount at such time; (D)
prepayments in an amount which, when

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aggregated with all Restricted Payments made after the date hereof pursuant to Section
6.10(ix) and all other payments of Second Lien Indebtedness made pursuant to this Section
6.17(ii)(D) after the date hereof, does not exceed $25,000,000; or (E) any conversion of the
Second Lien Indebtedness into Capital Stock. For purposes hereof, any voluntary purchase,
defeasance or acquisition of Second Lien Indebtedness shall constitute a voluntary
prepayment thereof.

     Section 6.18 Inconsistent Agreements. The Borrower shall not, and shall not permit
any Borrower Subsidiary to, enter into any indenture, agreement, instrument (or amendment thereto)
or other arrangement which directly or indirectly prohibits or restrains, or has the effect of
prohibiting or restraining (x) the incurrence or repayment of the Obligations or the ability of the
Borrower or any Borrower Subsidiary to create or suffer to exist Liens on such Person’s Property
securing the Obligations or (y) the ability of any Borrower Subsidiary to (1) pay dividends or make
other distributions on its capital or (2) pay any Indebtedness owed to, or make loans or advances
to, or sell, lease or transfer any of its Property to, the Borrower or any Borrower Subsidiary,
except that the following are permitted:

     (i) contractual encumbrances or restrictions contained in any Loan Document, any Second
Lien Document (including any related Rate Management Transaction and its related
documentation) or otherwise in effect on the Effective Date;

     (ii) purchase money obligations for property acquired in the ordinary course of
business and Capitalized Lease Obligations that impose restrictions on disposition of the
property so acquired;

     (iii) applicable law or any applicable rule, regulation or order or similar
restriction;

     (iv) any agreement or other instrument of a Person acquired by the Borrower or any
Borrower Subsidiary in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person, or the property or assets of
the Person, so acquired;

     (v) contracts for the sale of assets, including, without limitation, customary
restrictions with respect to a Borrower Subsidiary pursuant to an agreement that has been
entered into relating to the sale or disposition of all or substantially all the Capital
Stock or assets of that Borrower Subsidiary pursuant to a transaction otherwise permitted by
this Agreement;

     (vi) restrictions imposed by the terms of secured Indebtedness otherwise permitted to
be incurred pursuant to Sections 6.11 and 6.15 hereof that, in the case of a Loan Party,
relate to the assets securing such Indebtedness;

     (vii) restrictions on cash or other deposits or portfolio securities or net worth
imposed by customers or Governmental Entities under contracts entered into in the ordinary
course of business;

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     (viii) customary provisions in joint venture agreements, asset sale agreements,
sale-lease back agreements and other similar agreements;

     (ix) customary provisions contained in leases and other agreements entered into in the
ordinary course of business;

     (x) any agreement for the sale or other disposition of a Borrower Subsidiary that
restricts dividends, distributions, loans or advances by such Borrower Subsidiary pending
such sale or other disposition;

     (xi) Permitted Liens;

     (xii) restrictions and conditions contained in documentation governing any Receivables
Transaction permitted by this Agreement, which restrictions and conditions apply only to the
assets that are the subject of such Receivables Transaction or otherwise customary for such
facilities.

     (xiii) restrictions and conditions on the creation or existence of Liens imposed by the
terms of the documentation governing any Indebtedness or preferred stock of a Non-Guarantor,
which Indebtedness or preferred stock is permitted by Section 6.11;

     (xiv) customary provisions in joint venture agreements and other similar agreements
applicable to joint ventures permitted under Section 6.14 and applicable solely to such
joint venture entered into in the ordinary course of business; and

     (xv) any encumbrances or restrictions of the type referred to in the lead-in to this
Section 6.18 imposed by any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses (i) through (xiv) above; provided, that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such
encumbrance and other restrictions than those prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing.

     Section 6.19 Financial Covenants.

     6.19.1 Interest Coverage Ratio. The Borrower will not permit the ratio, determined as
of the end of each of the Borrower’s fiscal quarters for the then most-recently ended four fiscal
quarters, commencing with the fiscal quarter ending March 31, 2009, of (i) Consolidated EBITDA of
the Borrower and its Subsidiaries for such period to (ii) the sum of (x) Consolidated Interest
Expense of the Borrower and its Subsidiaries for such period paid or payable in cash less (y) (to
the extent less than or equal to Consolidated Interest Expense) interest income of the Borrower and
its Subsidiaries during such period attributable to Cash and Cash Equivalents (and not to Portfolio
Securities) to be less than the applicable ratio set forth below for such fiscal quarter:

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	 	 	Interest Coverage
	Fiscal Quarter Ending	 	Ratio
	March 31, 2009
	 	1.50:1.00
	June 30, 2009

September 30, 2009
	 	 
	December 31, 2009
	 	1.50:1.00
	March 31, 2010

June 30, 2010

September 30, 2010
	 	 
	December 31, 2010
	 	1.75:1.00
	March 31, 2011

June 30, 2011

September 30, 2011
	 	 
	December 31, 2011
	 	1.75:1.00
	March 31, 2012

June 30, 2012

September 30, 2012
	 	 
	December 31, 2012 and thereafter
	 	2.00:1.00

     6.19.2 Senior Secured Debt Ratio. The Borrower will not permit the Senior Secured
Debt Ratio, determined as of the end of each of its fiscal quarters, commencing with the fiscal
quarter ending March 31, 2009, to be greater than the applicable ratio set forth below for such
fiscal quarter:

	 	 	 
	 	 	Senior Secured
	Fiscal Quarter Ending	 	Debt Ratio
	March 31, 2009
	 	6.50:1.00
	June 30, 2009

September 30, 2009
	 	 
	December 31, 2009
	 	6.00:1.00
	March 31, 2010

June 30, 2010

September 30, 2010
	 	 
	December 31, 2010
	 	5.50:1.00
	March 31, 2011

June 30, 2011

September 30, 2011
	 	 
	December 31, 2011
	 	5.00:1.00
	March 31, 2012

June 30, 2012

September 30, 2012
	 	 
	December 31, 2012 and thereafter
	 	4.50:1.00

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Notwithstanding anything to the contrary contained in this Section 6.19, if (i) the Borrower fails
to comply with the requirements of Section 6.19.1 or 6.19.2 as of the end of any fiscal quarter and
(ii) at any time during such fiscal quarter or thereafter until the date that is 20 days after the
date the Borrower is required to deliver financial statements with respect to such period pursuant
to Section 6.1, the Borrower receives a cash contribution to its equity capital in exchange for
common shares of its Capital Stock and gives written notice to the Administrative Agent that such
cash contribution has been received and is a Specified Equity Contribution (any amount so
identified, a “Specified Equity Contribution”), then the amount of such Specified Equity
Contribution will be deemed to be an increase to Consolidated EBITDA solely for the purposes of
determining compliance with Sections 6.19.1 and 6.19.2 at the end of such fiscal quarter (and for
purposes of determining compliance with future periods that include such fiscal quarter) (but such
Specified Equity Contribution shall not be included for purposes of determining the Basket Amount
or other purposes hereunder); provided that (1) in each four fiscal quarter period, there shall be
a period of at least two fiscal quarters in respect of which no Specified Equity Contribution is
made and (2) the amount of any Specified Equity Contribution shall be no greater than the amount
required to cause the Borrower to be in compliance with Sections 6.19.1 and 6.19.2. If after
giving effect to the foregoing recalculations the Borrower shall be in compliance with the
requirements of Sections 6.19.1 and 6.19.2, the Borrower shall be deemed to have satisfied the
requirements of such covenants as of the relevant date of determination with the same effect as
though there had been no failure to comply therewith at such date, and the applicable Default in
respect of such covenant that had occurred shall be deemed cured for this purposes of this
Agreement. From the date on which the Borrower gives the Administrative Agent written notice of a
Specified Equity Contribution with respect to a fiscal period until the 20th day after
financial statements are required to be delivered pursuant to Section 6.1 for such fiscal period,
none of the Administrative Agent, the Collateral Agent, any Lender or any Secured Party shall
exercise any rights or remedies with respect to a breach of Section 6.19.1 or 6.19.2 with respect
to such fiscal period, but any such breach shall not be deemed waived for purposes of Section 4.2
until such Specified Equity Contribution is received by the Borrower.

     Section 6.20 Minimum Liquidity Ratio. The Borrower and the Borrower Subsidiaries
shall maintain at all times on a consolidated basis a Minimum Liquidity Ratio of at least 1.00 to
1.00.

     Section 6.21 Subsidiary Guarantees. On or before the later of (i) 30 days following
the occurrence of the following events or (ii) the first date required for delivery of the
financial statements pursuant to Section 6.1(i) or (ii) after the occurrence of the following
events (or such longer period as the Administrative Agent may agree), the Borrower shall cause an
Authorized Officer of a Wholly-Owned Subsidiary that has become a Material Domestic Subsidiary to
execute and deliver to the Administrative Agent for the benefit of the Lenders a guaranty of the
Obligations pursuant to a guaranty substantially similar to the Guaranty (or a joinder agreement
under the Guaranty), all pursuant to documentation (including related certificates, opinions)
reasonably acceptable to the Administrative Agent. The Borrower shall promptly notify the
Administrative Agent at which time any Authorized Officer becomes aware that a Wholly-Owned
Subsidiary has become a Material Domestic Subsidiary. Notwithstanding the foregoing, substantially
contemporaneously with any Subsidiary becoming a “Guarantor” (as defined in the Indenture), the
Borrower shall cause such Subsidiary to become a Guarantor hereunder pursuant to documentation as
described above.

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     Section 6.22 Collateral. Effective upon any Subsidiary becoming a Guarantor after the
date hereof, the Borrower shall cause such Guarantor within fifteen Business Days after becoming a
Guarantor (or such later date as the Administrative Agent may agree) to grant to the Collateral
Agent for the benefit of the Secured Parties a first (subject to Permitted Liens) priority security
interest in all assets (including real property and the Capital Stock of its Subsidiaries) of such
Guarantor pursuant to documentation (including related certificates and opinions) reasonably
acceptable to the Administrative Agent. The Borrower will, and will cause each of the Guarantors
to, at the expense of the Borrower, make, execute, endorse, acknowledge, file and/or deliver to the
Administrative Agent from time to time such schedules, confirmatory assignments, conveyances,
financing statements, transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments and take such further steps relating to the Collateral as the
Administrative Agent may reasonably require. Notwithstanding any of the foregoing, (i) neither the
Borrower nor any Guarantor shall be obligated hereby to grant a security interest in any asset if
the granting of such security interest would result in the violation of any applicable law or
regulation, (ii) the Collateral shall not include a security interest in any asset if the granting
of such security interest would be prohibited by enforceable anti-assignment provisions of
contracts or applicable law (after giving effect to relevant provisions of the Uniform Commercial
Code), (iii) fee-owned real property having an individual fair market value of less than $2,500,000
or aggregate fair market value of less than $10,000,000 shall be excluded from the Collateral, (iv)
the Collateral shall not include cash and cash equivalents, accounts receivable or Portfolio
Securities, or deposit or security accounts (except to the extent that the foregoing are proceeds
of Collateral; provided, that in no event shall any control agreements be required) containing any
of the foregoing, other assets requiring perfection through control agreements, letter-of-credit
rights, leasehold real property, motor vehicles and other assets subject to certificates of title
(other than any corporate aircraft), interests in certain joint ventures and non-Wholly-Owned
Subsidiaries which cannot be pledged without the consent of one or more third parties and
obligations the interest on which is wholly exempt from the taxes imposed by subtitle A of the
Code, (v) the pledge of the Capital Stock of Foreign Subsidiaries shall be limited to 65% of the
Capital Stock of material first-tier Foreign Subsidiaries, (vi) the Administrative Agent shall have
the discretion to exclude from the Collateral immaterial assets, assets as to which it and the
Borrower determine that the cost of obtaining such security interest would outweigh the benefit to
the Lenders and other assets in which it may determine that the taking of a security interest would
not be advisable, and (vii) no foreign law security or pledge agreements shall be required.

     Section 6.23 Holdco Covenant. Holdco shall not, nor shall it permit any of its
Subsidiaries (other than the Borrower and any of its Subsidiaries) to, engage in any activity or
suffer to have any condition outstanding that would violate the Passive Holding Company Condition.

ARTICLE VII

DEFAULTS

     The occurrence of any one or more of the following events shall constitute a Default:

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     Section 7.1 Representation or Warranty. Any representation or warranty made or deemed
made by or on behalf of Holdco, the Borrower or any of the Subsidiaries to the Lenders or the
Administrative Agent under or in connection with any Loan Document, any Credit Extension, or any
certificate or information required to be delivered under any Loan Document shall be materially
false on the date as of which made.

     Section 7.2 Non-Payment. Nonpayment of principal of any Loan when due, nonpayment of
any reimbursement obligation in respect of any LC Disbursement within five Business Days after the
same becomes due and the Borrower has received written notice of such fact, or nonpayment of
interest upon any Loan or of any commitment fee, LC Fee or other obligations under any of the Loan
Documents within five Business Days after the same becomes due.

     Section 7.3 Specific Defaults. The breach by any Loan Party of any of the terms or
provisions of Section 6.3, Sections 6.10 through and including 6.19.

     Section 7.4 Other Defaults. The breach by any Loan Party (other than a breach which
constitutes a Default under Section 7.2 or 7.3 of this Article VII) of any of the terms or
provisions of this Agreement or any other Loan Document which is not remedied within thirty days
after written notice thereof from the Administrative Agent to the Borrower.

     Section 7.5 Cross-Default. Failure of Holdco or any of its Subsidiaries to pay when
due any Material Indebtedness; or the default by Holdco or any of its Subsidiaries in the
performance (beyond the applicable grace period with respect thereto, if any, and provided that
such default has not been cured or waived) of any term, provision or condition contained in any
Material Indebtedness Agreement, or any other event shall occur or condition exist, the effect of
which default, event or condition is to cause, or to permit the holder(s) of such Material
Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material
Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of Holdco or
any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or
repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof.

     Section 7.6 Insolvency; Voluntary Proceedings. Holdco or any of its Subsidiaries
shall (i) have an order for relief entered with respect to it under the Federal or state bankruptcy
laws as now or hereafter in effect, (ii) make a general assignment for the benefit of creditors,
(iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian,
trustee, examiner, liquidator or similar official for it or any Substantial Portion of its
Property, (iv) institute any proceeding seeking an order for relief under the Federal or state
bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors or fail to file an answer or other pleading denying the material allegations
of any such proceeding filed against it, (v) take any corporate or partnership action to authorize
or effect any of the foregoing actions set forth in this Section 7.6, (vi) fail to contest in good
faith any appointment or proceeding described in Section 7.7 or (vii) not pay, or admit in writing
its inability to pay, its debts generally as they become due.

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     Section 7.7 Involuntary Proceedings. Without the application, approval or consent of
Holdco or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or similar official
shall be appointed for Holdco or any of its Subsidiaries or any Substantial Portion of its
Property, or a proceeding described in Section 7.6(iv) shall be instituted against Holdco or any of
its Subsidiaries and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of 45 consecutive days.

     Section 7.8 Judgments. Holdco or any of its Subsidiaries shall fail within 30 days to
pay, bond or otherwise discharge one or more judgments or orders for the payment of money in excess
of $15,000,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate.

     Section 7.9 Unfunded Liabilities; Reportable Event. The Unfunded Liabilities of all
Single Employer Plans shall exceed in the aggregate $125,000,000 or any Reportable Event shall
occur in connection with any Single Employer Plan that could reasonably be expected to have a
Material Adverse Effect.

     Section 7.10 Change in Control. Any Change in Control shall occur.

     Section 7.11 Withdrawal Liability. Holdco or any other member of the Controlled Group
shall have been notified by the sponsor of a Multiemployer Plan that it has incurred withdrawal
liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts
required to be paid to Multiemployer Plans by Holdco or any other member of the Controlled Group as
withdrawal liability (determined as of the date of such notification) could reasonably be expected
to have a Material Adverse Effect.

     Section 7.12 Guaranty. The Guaranty shall fail to remain in full force or effect
(other than by reason of a release of a Guarantor in accordance with the terms hereof and thereof)
or any Guarantor shall assert in writing the invalidity or unenforceability of the Guaranty, or any
Guarantor shall deny in writing that it has any further liability under any guaranty of the
Obligations to which it is a party, or shall give notice to such effect.

     Section 7.13 Collateral Documents. Any Collateral Document shall cease to be in full
force and effect (other than by reason of a release of Collateral in accordance with the terms
hereof or thereof), or shall cease to give the Collateral Agent for the benefit of the Secured
Parties the Liens, rights, powers and privileges purported to be created thereby, except to the
extent such failure results from any act or omission of the Collateral Agent, the Administrative
Agent or any Lender.

     Section 7.14 Events Not Constituting Default. Notwithstanding the provisions of
Sections 7.1 and 7.4, (i) any breach of any representation and warranty made hereunder or under or
in connection with any Loan Document, (ii) any falsity of any certificate or information required
to be delivered under any Loan Document or (iii) any breach under Section 7.4 (other than such a
breach arising out of a breach of Section 6.20 after the Effective Date) of this Agreement or any
other Loan Document that, in the case of each of clauses (i) through (iii) above, arises, directly
or indirectly, out of the restatement of the consolidated financial statements of Holdco and its
Subsidiaries heretofore delivered or of Holdco and its Subsidiaries

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or the Borrower and its Subsidiaries required to be delivered to the Lenders under this
Agreement (such financial statements so restated, the “Restated Financial Statements”) as a
result of (x) the historical valuation, accounting and/or processes, in each case for fiscal
periods ended prior to the Effective Date, related to the investment portfolio of Holdco and its
Subsidiaries or (y) the February 11, 2008 SEC non-public inquiry to Holdco shall in no event
constitute a Default or Unmatured Default under this Agreement; provided, however,
that (A) the Borrower furnishes to the Lenders the Restated Financial Statements promptly after the
public filing thereof (and in the case of Restated Financial Statements of the Borrower, promptly
after public filing of the corresponding restated financial statements of Holdco) and (B) in the
event of a breach described in clause (iii) of this Section 7.14 consisting of any failure to
deliver financial statements required by Section 6.1(i) or (ii) to be delivered for periods ending
after the earliest period for which financial statements are being restated (the “Subsequent
Financial Statements”), (1) the Borrower furnishes to the Lenders the Subsequent Financial
Statements as to which such a breach exists not later than the earlier of (x) the public filing of
the corresponding financial statements of Holdco and (y) the date that is 45 days, in the case of
any delivery of financial statements for the first three fiscal quarters of any fiscal year, or 60
days, in the case of financial statements for any fiscal year, after the public filing of any
Restated Financial Statements (and in the case of Restated Financial Statements of the Borrower,
promptly after public filing of the corresponding restated financial statements of Holdco), (2)
during such period for which the Subsequent Financial Statements or related audit report, if
applicable, required by Section 6.1(i) or (ii) were not available (which period shall in no event
extend beyond the dates set forth in clause (1) above), the Borrower furnishes to the Lenders, in
lieu thereof, internal unaudited annual financial statements and internal unaudited quarterly
financial statements within the time periods set forth in Section 6.1(i) and (ii) respectively
which are prepared on a consistent basis as internal unaudited financial statements prepared by
Holdco and its Subsidiaries or the Borrower and its Subsidiaries, as the case may be, which shall
be certified by a Financial Officer as (subject to the effect of adjustments for any pending
restatement, normal year-end adjustments and the absence of footnotes) fairly presenting, in all
material respects, the consolidated financial condition and operations at such date and the
consolidated results of operations for the period then ended, in each case of Holdco and its
Subsidiaries or the Borrower and its Subsidiaries, as applicable (it being understood that neither
(x) the fact that such certification is subject to such adjustments for any pending restatement nor
(y) any failure, as a result of such adjustments for any pending restatement, of such internal
unaudited financial statements to fairly present, in all material respects, such consolidated
financial condition and operations and consolidated results of operations shall constitute a
Default or Unmatured Default under this Agreement or any other Loan Document), and (3) within one
year of the date an audit report would be due under Section 6.1(i) with respect to Subsequent
Financial Statements for any fiscal year, the Borrower delivers to the Lenders an audit report as
required by Section 6.1(i) with respect to the applicable Subsequent Financial Statements (which
audit report may include a qualification relating to any pending restatement described above and
which qualified report shall not constitute a Default or Unmatured Default under this Agreement or
any other Loan Document). Notwithstanding any of the foregoing, in no event will any Subsequent
Financial Statements be delivered to the Lenders hereunder later than corresponding financial
statements are delivered to the noteholders under the Note Purchase Agreement.

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ARTICLE VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     Section 8.1 Acceleration. If any Default described in Section 7.6 or 7.7 occurs with
respect to the Borrower, the obligations of the Lenders to make Loans hereunder and the obligation
and power of the LC Issuer to issue Letters of Credit shall automatically terminate and the
Obligations shall immediately become due and payable without any election or action on the part of
the Administrative Agent, the LC Issuer or any Lender. If any other Default occurs, the Required
Lenders (or the Administrative Agent with the consent of the Required Lenders) may terminate or
suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the
LC Issuer to issue Letters of Credit, or declare the Obligations to be due and payable, or both,
whereupon the Obligations shall become immediately due and payable, without presentment, demand,
protest or notice of any kind, all of which the Borrower hereby expressly waives.

     Section 8.2 Amendments. Subject to the provisions of this Section 8.2 and Sections
8.3 and 8.4 below, the Required Lenders (or the Administrative Agent with the consent in writing of
the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the
purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the
rights of the Lenders or the Borrower hereunder or waiving any Default or Unmatured Default
hereunder; provided, however, that no such supplemental agreement shall, without the
consent of all of the Lenders adversely affected thereby (or in the case of subsections 8.2(ii),
(iv), (v) and (vi), all of the Lenders):

     (i) Extend the final maturity of any Loan, or extend the expiry date of any Letter of
Credit to a date after the Facility Termination Date or forgive all or any portion of the
principal amount thereof or any LC Disbursements, or reduce the rate or extend the time of
payment of interest or fees hereunder or LC Disbursements (it being understood that the
waiver of default interest pursuant to Section 2.14 shall only require the consent of
Required Lenders), or amend Section 2.24(ii).

     (ii) Reduce the percentage specified in the definition of Required Lenders.

     (iii) Increase any Commitment of any Lender hereunder (it being understood that any
change to or waivers or modifications of conditions precedent, covenants, Defaults or
Unmatured Defaults or of a mandatory prepayment shall not constitute an increase or
extension of the Commitments of any Lender).

     (iv) Permit the Borrower to assign its rights under this Agreement (it being understood
that any modification to Section 6.12 or 6.13 shall only require approval of the Required
Lenders).

     (v) Amend this Section 8.2 or Section 11.2 (it being understood that with the consent
of the Required Lenders, additional extensions of credit pursuant to this Agreement
(including pursuant to Section 2.8(iii)) may be included in the determination of the
Required Lenders on substantially the same basis as the Commitments and

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extensions of credit thereunder on the Effective Date and this Section 8.2 may be
amended by the Required Lenders to reflect such extensions of credit.

     (vi) Release all or substantially all of the Collateral or release all or substantially
all of the Guarantors from their obligations under the Guaranty, except, in either case, as
contemplated by Section 10.17.

Without limiting the foregoing and notwithstanding anything herein or in Section 2.8(iii) to the
contrary: (A) any amendment having the effect of permitting the aggregate amount of Term B Loans
allowed or incurred pursuant to Section 2.8(iii) after the date hereof to exceed $50,000,000 or
permitting the Term B Balance at any time to exceed $250,000,000 shall require the consent of the
Required Specified Lenders and the Required B Lenders; and (B) the consent of the Required B
Lenders shall be required with respect to any amendment that (1) extends the scheduled date of
payment of the principal amount of any Term B Loan, (2) alters the amount or application of any
prepayment pursuant to Section 2.10 in a manner adverse to the interests of Lenders with Term B
Loans or (3) has the effect of providing Collateral to the Revolving Lenders or Lenders with Term A
Loans on a basis inconsistent with Section 2.24(ii).

No amendment of any provision of this Agreement relating to the Administrative Agent shall be
effective without the written consent of the Administrative Agent, and no amendment of any
provision relating to the LC Issuer shall be effective without the written consent of the LC
Issuer. No amendment of any provision of this Agreement relating to the Swing Line Lender or any
Swing Line Loan made by such Swing Line Lender shall be effective without the written consent of
the Swing Line Lender. The Administrative Agent may waive payment of the fee required under
Section 12.1(ii)(B)(3) without obtaining the consent of any other party to this Agreement.
Notwithstanding the foregoing, upon the execution and delivery of all documentation required by
Section 2.8(iii) to be delivered in connection with an increase to the Aggregate Revolving Credit
Commitment, the Administrative Agent, the Borrower and the new or existing Lenders whose
Commitments have been affected may and shall enter into an amendment hereof (which shall be binding
on all parties hereto) solely for the purpose of reflecting any new Lenders and their new Revolving
Credit Commitments and any increase in the Revolving Credit Commitment of any existing Lender.

     Section 8.3 Replacement Loans. In addition, notwithstanding the foregoing, this
Agreement and the other Loan Documents may be amended (or amended and restated) with the written
consent of the Administrative Agent, the Borrower and the Lenders providing the relevant
Replacement Term Loans to permit the refinancing of all of the outstanding Term A Loans (the
“Refinanced Term A Loans”) or all of the outstanding Term B Loans (the “Refinanced Term
B Loans”) or the replacement of the Aggregate Revolving Credit Commitment (the “Refinanced
Commitment”) with one or more replacement term loan tranches hereunder which shall be Loans
hereunder (“Replacement Term A Loans” or the “Replacement Term B Loans”, as
applicable) or one or more new revolving commitments (the “Replacement Commitments”);
provided, that (i) the aggregate principal amount of such Replacement Term A Loans and
Replacement Term B Loans shall not exceed the aggregate principal amount of such Refinanced Term A
Loans and Refinanced Term B Loans, respectively, (ii) the Applicable Margin for such Replacement
Term A Loans and Replacement Term B Loans shall not be higher than the Applicable Margin for such
Refinanced Term A Loans and Refinanced Term B Loans,

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respectively, (iii) the Weighted Average Life to Maturity of such Replacement Term A Loans and
Replacement Term B Loans shall not be shorter than the Weighted Average Life to Maturity of such
Refinanced Term A Loans and Refinanced Term B Loans, respectively, at the time of such refinancing,
(iv) the aggregate amount of the Replacement Commitment shall not exceed the Refinanced Commitment,
(v) the Applicable Margin for such Replacement Commitment shall not exceed the Applicable Margin
for the Refinanced Commitment, (vi) the borrower of such Replacement Term A Loans, Replacement Term
B Loans or Replacement Commitment shall be the Borrower and (vii) all other terms applicable to
such Replacement Term A Loans, Replacement Term B Loans or Replacement Commitments shall be
substantially identical to, or not materially more favorable to the Lenders providing such
Replacement Term A Loans, Replacement Term B Loans or Replacement Commitments than, those
applicable to such Refinanced Term A Loans, Refinanced Term B Loans or Refinanced Commitments,
except to the extent necessary to provide for covenants and other terms applicable to any period
after the latest final maturity of the Term A Loans or Term B Loans, as applicable, in effect
immediately prior to such refinancing.

     Section 8.4 Errors. Further, notwithstanding anything to the contrary contained in
Section 8.2, if following the Effective Date, the Administrative Agent and the Borrower shall have
agreed in their sole and absolute discretion that there is an ambiguity, inconsistency, manifest
error or any error or omission of a technical or immaterial nature, in each case, in any provision
of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend
such provision and such amendment shall become effective without any further action or consent of
any other party to any Loan Documents if the same is not objected to in writing by the Required
Lenders within ten Business Days following receipt of notice thereof (it being understood that the
Administrative Agent has no obligation to agree to any such amendment).

     Section 8.5 Preservation of Rights. No delay or omission of the Lenders, the LC
Issuer or the Administrative Agent to exercise any right under the Loan Documents shall impair such
right or be construed to be a waiver of any Default or an acquiescence therein, and a Credit
Extension notwithstanding the existence of a Default or the inability of the Borrower to satisfy
the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence.
Any single or partial exercise of any such right shall not preclude other or further exercise
thereof or the exercise of any other right, and no waiver, amendment or other variation of the
terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing
signed by the Lenders required pursuant to Section 8.2 or as otherwise provided in Section 8.3 or
8.4, and then only to the extent in such writing specifically set forth. All remedies contained in
the Loan Documents or by law afforded shall be cumulative and all shall be available to the
Administrative Agent, the LC Issuer and the Lenders until the Obligations have been paid in full.

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ARTICLE IX

GENERAL PROVISIONS

     Section 9.1 Survival of Representations. All representations and warranties of the
Borrower and Holdco contained in this Agreement shall survive the making of the Credit Extensions
herein contemplated.

     Section 9.2 Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit
to the Borrower in violation of any limitation or prohibition provided by any applicable statute or
regulation.

     Section 9.3 Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions of the Loan
Documents.

     Section 9.4 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent, the LC Issuer and the Lenders and
supersede all prior agreements and understandings among the Borrower, the Administrative Agent, the
LC Issuer and the Lenders relating to the subject matter thereof other than those contained in the
fee letter described in Section 10.13 which shall survive and remain in full force and effect
during the term of this Agreement.

     Section 9.5 Several Obligations; Benefits of this Agreement. The respective
obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner
or agent of any other (except to the extent to which the Administrative Agent is authorized to act
as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve
any other Lender from any of its obligations hereunder. This Agreement shall not be construed so
as to confer any right or benefit upon any Person other than the parties to this Agreement and
their respective successors and assigns, provided, however, that the parties hereto
expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.8
and 10.11 to the extent specifically set forth therein and shall have the right to enforce such
provisions on its own behalf and in its own name to the same extent as if it were a party to this
Agreement.

     Section 9.6 Expenses; Indemnification.

     (i) The Borrower shall reimburse the Administrative Agent and the Arranger for all
reasonable and documented out-of-pocket expenses (limited to the reasonable fees,
disbursements and other charges of one counsel to the Administrative Agent and the Arranger
taken as a whole and, if reasonably necessary, of one local counsel in any relevant
jurisdiction) paid or incurred by such parties in connection with the preparation,
negotiation, execution, delivery, syndication, distribution (including, without limitation,
via the internet), review, amendment (proposed or actual), modification, and administration
of the Loan Documents. The Borrower also agrees to reimburse the Administrative Agent, the
Collateral Agent, the LC Issuer and the Lenders for all reasonable and documented
out-of-pocket expenses (limited with respect to legal

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expenses to the reasonable fees, disbursements and other charges of one counsel to all
such Persons, and, if reasonably necessary, of one local counsel in any relevant
jurisdiction) paid or incurred by the Administrative Agent, the Arranger, the Collateral
Agent, the LC Issuer or any Lender in connection with the collection and enforcement of the
Loan Documents.

     (ii) The Borrower hereby further agrees to indemnify the Administrative Agent, the
Arranger, each Lender, their respective affiliates, and each of their directors, officers
and employees against all losses, claims, damages, penalties, judgments, liabilities and
expenses (limited to the reasonable out-of-pocket fees, disbursements and other charges of
one counsel to the indemnified Persons taken as a whole and, if reasonably necessary, one
local counsel in any relevant jurisdiction) which any of them may pay or incur arising out
of or relating to this Agreement, the other Loan Documents, the transactions contemplated
hereby or the direct or indirect application or proposed application of the proceeds of any
Credit Extension hereunder except to the extent that they are determined in a final
non-appealable judgment by a court of competent jurisdiction to have resulted from the gross
negligence, bad faith or willful misconduct of, or breach of the Loan Documents by, the
indemnified party (or their Related Parties) or any dispute solely among the indemnified
persons (or their Related Parties) and not involving Holdco, the Borrower, the Sponsors or
their Affiliates. The obligations of the Borrower under this Section 9.6 shall survive the
termination of this Agreement.

     Section 9.7 Severability of Provisions. Any provision in any Loan Document that is
held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that
jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     Section 9.8 Nonliability of Lenders. The relationship between the Borrower on the one
hand and the Lenders, the LC Issuer and the Administrative Agent on the other hand shall be solely
that of borrower and lender. Neither the Administrative Agent, the Arranger, the LC Issuer nor any
Lender shall have any fiduciary responsibilities to the Borrower. Neither the Administrative
Agent, the Arranger nor any Lender undertakes any responsibility to the Borrower to review or
inform the Borrower of any matter in connection with any phase of the Borrower’s business or
operations. The Borrower agrees that neither the Administrative Agent, the Arranger, the LC Issuer
nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or
otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any way
related to, the transactions contemplated and the relationship established by the Loan Documents,
or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the
gross negligence, bad faith or willful misconduct of, or breach of the Loan Documents by, the party
from which recovery is sought or any dispute solely between or among the Administrative Agent, the
Arranger, the LC Issuer and/or any Lender and not involving Holdco, the Borrower, the Sponsors or
their respective Affiliates. Neither the Administrative Agent, the Arranger, the LC Issuer nor any
Lender shall have any liability with respect to, and the Borrower hereby waives, releases and
agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the
Borrower in connection with,

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arising out of, or in any way related to the Loan Documents or the transactions contemplated
thereby.

     Section 9.9 Confidentiality. The Administrative Agent and each Lender agrees to hold
any Information (as defined below) which it may receive from the Borrower in connection with this
Agreement in confidence, except for disclosure (i) to its Affiliates and to the Administrative
Agent and any other Lender and their respective Affiliates for use solely in connection with the
performance of their respective obligations hereunder contemplated hereby, (ii) to legal counsel,
accountants, and other professional advisors to such Lender or to a Transferee, (iii) to regulatory
officials, (iv) to any Person as required by law, regulation, or legal process, (v) in connection
with the exercise of any remedies hereunder or any suit, action or proceeding relating to the Loan
Documents or the enforcement of rights thereunder, (vi) to its direct or indirect contractual
counterparties in swap agreements or to legal counsel, accountants and other professional advisors
to such counterparties, (vii) permitted by Section 12.2, and (viii) to rating agencies if requested
or required by such agencies in connection with a rating relating to the Advances hereunder.
Without limiting Section 9.4, the Borrower agrees that the terms of this Section 9.9 shall set
forth the entire agreement between the Borrower and each Lender (including the Administrative
Agent) with respect to any Information previously or hereafter received by such Lender in
connection with this Agreement, and this Section 9.9 shall supersede any and all prior
confidentiality agreements entered into by such Lender with respect to such Information. For the
purposes of this Section, “Information” means all information received from Holdco, the Borrower,
its Subsidiaries or their agents or representatives relating to Holdco, the Borrower, its
Subsidiaries or their agents or other representatives or its business, other than any such
information that is available to the Administrative Agent, the LC Issuer or any Lender on a
non-confidential basis prior to disclosure by Holdco or the Borrower. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own
confidential information.

          EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION 9.9 FURNISHED TO IT
PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDCO AND ITS
AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS
THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION
AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES
AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

          ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT HOLDCO AND ITS
AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR

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RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE
ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT
WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS
COMPLIANCE PROCEDURES AND APPLICABLE LAW.

     Section 9.10 Nonreliance. Each Lender hereby represents that it is not relying on or
looking to any margin stock (as defined in Regulation U) for the repayment of the Credit Extensions
provided for herein.

     Section 9.11 Disclosure. The Borrower and each Lender hereby acknowledge and agree
that JPMCB and/or its Affiliates from time to time may hold investments in, make other loans to or
have other relationships with the Borrower and its Affiliates.

     Section 9.12 USA PATRIOT Act. Each Lender that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to
identify the Borrower in accordance with the Act.

     Section 9.13 Amendment and Restatement; Prior Defaults.

     (i) On the Effective Date the Existing Credit Agreement shall be amended, restated and
superseded in its entirety hereby. The parties hereto acknowledge and agree that (i) this
Agreement, any Notes delivered pursuant to Section 2.16 and the other Loan Documents
executed and delivered in connection herewith do not constitute a novation, payment and
reborrowing, or termination of the “Obligations” (as defined in the Existing Credit
Agreement) under the Existing Credit Agreement as in effect prior to the Effective Date and
(ii) such “Obligations” are in all respects continuing with only the terms thereof being
modified (and, as applicable, the primary obligor being changed) as provided in this
Agreement. Except in so far as the terms thereof are expressly modified hereby, nothing
herein or in any Loan Document shall release any Loan Party from any payment obligation in
respect of the Obligations under any Loan Document (as defined in the Existing Credit
Agreement). All indemnification obligations of the Borrower pursuant to the Existing Credit
Agreement are continued hereunder.

     (ii) The parties agree that as of the Effective Date the “Waiver Period” under the
Existing Credit Agreement shall terminate and all Defaults and Unmatured
Defaults arising under the Existing Credit Agreement shall be permanently waived; provided that such prior or permanent
waiver shall not constitute a waiver of any Default or Unmatured Default arising under this
Agreement upon or after the effectiveness of this Agreement.

     (iii)
The Lenders hereby waive the prior notice required by
Section 2.10 of the Existing Credit Agreement with respect to
the repayment on the date hereof of $100,000,000 of Revolving Loans
outstanding under the Existing Credit Agreement.

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ARTICLE X

THE ADMINISTRATIVE AGENT

     Section 10.1 Appointment; Nature of Relationship. JPMCB is hereby appointed by each
of the Lenders and the LC Issuer as its contractual representative (herein referred to as the
“Administrative Agent”) hereunder and under each other Loan Document, and each of the
Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of
such Lender with the rights and duties expressly set forth herein and in the other Loan Documents.
The Administrative Agent agrees to act as such contractual representative upon the express
conditions contained in this Article X. Notwithstanding the use of the defined term
“Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall
not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan
Document and that the Administrative Agent is merely acting as the contractual representative of
the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan
Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent
(i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative”
of the Lenders within the meaning of the New York Uniform Commercial Code and (iii) is acting as an
independent contractor, the rights and duties of which are limited to those expressly set forth in
this Agreement and the other Loan Documents together with such rights and powers as are reasonably
incident thereto. Each of the Lenders hereby agrees to assert no claim against the Administrative
Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of
which claims each Lender hereby waives.

     Section 10.2 Powers. The Administrative Agent shall have and may exercise such powers
under the Loan Documents as are specifically delegated to the Administrative Agent by the terms of
each thereof, together with such powers as are reasonably incidental thereto. The Administrative
Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any
action thereunder except any action specifically provided by the Loan Documents to be taken by the
Administrative Agent.

     Section 10.3 General Immunity. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender
for any action taken or omitted to be taken by it or them hereunder or under any other Loan
Document or in connection herewith or therewith except to the extent such action or inaction is
determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen
from the gross negligence, bad faith or willful misconduct of such Person.

     Section 10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be responsible for or have any
duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in
connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of
any of the covenants or agreements of any obligor under any Loan Document, including, without
limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the
satisfaction of any condition specified in Article IV, except receipt of items required to be
delivered solely to the Administrative Agent; (d) the existence or possible existence of any
Default or Unmatured Default; (e) the validity, enforceability, effectiveness,

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sufficiency or genuineness of any Loan Document or any other instrument or writing furnished
in connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien
in any collateral security; or (g) the financial condition of the Borrower or any guarantor of any
of the Obligations or of any of the Borrower’s or any such guarantor’s respective Subsidiaries.
Except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating to the Borrower or
any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative
Agent or any of its Affiliates in any capacity.

     Section 10.5 Action on Instructions of Lenders. The Administrative Agent shall in all
cases be fully protected in acting, or in refraining from acting, hereunder and under any other
Loan Document in accordance with written instructions signed by the Required Lenders, and such
instructions and any action taken or failure to act pursuant thereto shall be binding on all of the
Lenders. The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to
take any discretionary action permitted to be taken by it pursuant to the provisions of this
Agreement or any other Loan Document unless it shall be requested in writing to do so by the
Required Lenders. The Administrative Agent shall be fully justified in failing or refusing to take
any action hereunder and under any other Loan Document unless it shall first be indemnified to its
satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may
incur by reason of taking or continuing to take any such action.

     Section 10.6 Employment of Administrative Agents and Counsel. The Administrative
Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan
Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the
Lenders, except as to money or securities received by it or its authorized agents, for the default
or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The
Administrative Agent shall be entitled to advice of counsel concerning the contractual arrangement
between the Administrative Agent and the Lenders and all matters pertaining to the Administrative
Agent’s duties hereunder and under any other Loan Document.

     Section 10.7 Reliance on Documents; Counsel. The Administrative Agent shall be
entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex, electronic mail message, statement, paper or document believed by it to be
genuine and correct and to have been signed or sent by the proper Person or Persons, and, in
respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which
counsel may be employees of the Administrative Agent. For purposes of determining compliance with
the conditions specified in Sections 4.1 and 4.2, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable or satisfactory to
such Lender or the Administrative Agent unless the Administrative Agent shall have received notice
from such Lender prior to the applicable date specifying its objection thereto.

     Section 10.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders
agree to reimburse and indemnify the Administrative Agent ratably in proportion to their respective
Commitments (or, if the Commitments have been terminated, in proportion to their Commitments
immediately prior to such termination) (i) for any amounts not reimbursed by the Borrower for which
the Administrative Agent is entitled to reimbursement by the Borrower

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under the Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on
behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the
Administrative Agent in connection with any dispute between the Administrative Agent and any Lender
or between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature
whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any
way relating to or arising out of the Loan Documents or any other document delivered in connection
therewith or the transactions contemplated thereby (including, without limitation, for any such
amounts incurred by or asserted against the Administrative Agent in connection with any dispute
between the Administrative Agent and any Lender or between two or more of the Lenders), or the
enforcement of any of the terms of the Loan Documents or of any such other documents,
provided that (i) no Lender shall be liable for any of the foregoing to the extent any of
the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to
have resulted from the gross negligence, bad faith or willful misconduct of the Administrative
Agent and (ii) any indemnification required pursuant to Section 3.5(vii) shall, notwithstanding the
provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions
thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the
Obligations and termination of this Agreement.

     Section 10.9 Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the
Administrative Agent has received written notice from a Lender or the Borrower referring to this
Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of
default”. In the event that the Administrative Agent receives such a notice, the Administrative
Agent shall give prompt notice thereof to the Lenders.

     Section 10.10 Rights as a Lender. In the event the Administrative Agent is a Lender,
the Administrative Agent shall have the same rights and powers hereunder and under any other Loan
Document with respect to its Commitment and its Loans as any Lender and may exercise the same as
though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time
when the Administrative Agent is a Lender, unless the context otherwise indicates, include the
Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may
accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or
other transaction, in addition to those contemplated by this Agreement or any other Loan Document,
with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not
restricted hereby from engaging with any other Person. The Administrative Agent, in its individual
capacity, is not obligated to remain a Lender.

     Section 10.11 Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent, the Arranger or any other Lender
and based on the financial statements prepared by the Borrower and such other documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement and the other Loan Documents. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent, the Arranger or any other Lender
and based on such documents and information as it shall deem

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appropriate at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement and the other Loan Documents.

     Section 10.12 Successor Administrative Agent. The Administrative Agent may resign at
any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be
effective upon the appointment of a successor Administrative Agent or, if no successor
Administrative Agent has been appointed, sixty days after the retiring Administrative Agent gives
notice of its intention to resign. Upon any such resignation, the Required Lenders (with the
consent of the Borrower unless at the applicable time a Default under Section 7.2, 7.6 (in respect
of bankruptcy only) or 7.7 (in respect of bankruptcy only) shall have occurred and be continuing)
shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor
Administrative Agent, other than a Disqualified Institution. If no successor Administrative Agent
shall have been so appointed by the Required Lenders within forty-five days after the resigning
Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative
Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent,
other than a Disqualified Institution (with the consent of the Borrower unless at the applicable
time a Default under Section 7.2, 7.6 (in respect of bankruptcy only) or 7.7 (in respect of
bankruptcy only) shall have occurred and be continuing). Notwithstanding the previous sentence,
the Administrative Agent may at any time (with the consent of the Borrower, not to be unreasonably
withheld but without the consent of any Lender) appoint any of its Affiliates which is a commercial
bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned and
no successor Administrative Agent has been appointed, the Lenders may perform all the duties of the
Administrative Agent hereunder and the Borrower shall make all payments in respect of the
Obligations to the applicable Lender and for all other purposes shall deal directly with the
Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such
successor Administrative Agent has accepted the appointment. Any such successor Administrative
Agent shall be a commercial bank having capital and retained earnings of at least $250,000,000 and
shall not be a Disqualified Institution. Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
resigning Administrative Agent. Upon the effectiveness of the resignation of the Administrative
Agent, the resigning Administrative Agent shall be discharged from its duties and obligations
hereunder and under the Loan Documents. After the effectiveness of the resignation of an
Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of
such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was
acting as the Administrative Agent hereunder and under the other Loan Documents. In the event that
there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its
duties and obligations to an Affiliate pursuant to this Section 10.12, then the term “Prime Rate”
as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new
Administrative Agent.

     Section 10.13 Administrative Agent and Arranger Fees. The Borrower agrees to pay to
the Administrative Agent and the Arranger, for their respective accounts, the fees agreed to by the
Borrower, the Administrative Agent and the Arranger pursuant to that certain fee letter agreement
dated February 14, 2008, or as otherwise agreed from time to time.

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     Section 10.14 Delegation to Affiliates. The Borrower and the Lenders agree that the
Administrative Agent may delegate any of its duties under this Agreement to any of its Affiliates.
Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs
duties in connection with this Agreement shall be entitled to the same benefits of the
indemnification, waiver and other protective provisions to which the Administrative Agent is
entitled under Articles IX and X.

     Section 10.15 Co-Documentation Agents, Co-Syndication Agents, etc. No Lender
identified in this Agreement as a “Co-Documentation Agent” or a “Co-Syndication Agent” shall have
any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders
shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes
the same acknowledgments with respect to such Lenders as it makes with respect to the
Administrative Agent in Section 10.11 mutatis mutandis.

     Section 10.16 Appointment of Collateral Agent. Each of the Lenders and the LC Issuer
hereby irrevocably appoints the Collateral Agent as its agent and authorizes the Collateral Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Collateral
Agent by the terms hereof or of the other Loan Documents, together with such actions and powers as
are reasonably incidental thereto. Such authorization shall include the authority to enter into
the Collateral Documents (including amendments thereof to facilitate the securing of Rate
Management Obligations) on such terms as it deems appropriate. All provisions of this Article X
relating to the Administrative Agent (and all indemnities of the Administrative Agent by the
Borrower and all provisions relating to reimbursement of expenses of the Administrative Agent by
the Borrower) shall be equally applicable to the Collateral Agent mutatis mutandis.

     Section 10.17 Certain Releases of Collateral and Guarantors. Without limiting the
foregoing, (i) if any of the Collateral under the Collateral Documents is sold in a transaction
permitted hereunder (other than to a Loan Party), such Collateral (but not the proceeds thereof)
shall be sold free and clear of the Liens created by the Collateral Documents and the
Administrative Agent and the Collateral Agent shall be authorized to take any actions deemed
appropriate in order to effect the foregoing and (ii) if any Guarantor is sold in a transaction
permitted hereby, the Administrative Agent is authorized to release such Guarantor from the
Guaranty upon consummation of such sale.

     Section 10.18 Intercreditor Agreement. Each Lender hereby authorizes and directs the
Collateral Agent to enter into the Intercreditor Agreement as attorney-in-fact on behalf of such
Lender and agrees that in consideration of the benefits of the security being provided to such
Lender in accordance with the Security Documents and the Intercreditor Agreement and by acceptance
of those benefits, each Lender (including any Lender which becomes such by assignment pursuant to
Section 12.1 after the date hereof) shall be bound by the terms and provisions of the Intercreditor
Agreement and shall comply (and shall cause any Affiliate thereof which is the holder of any First
Priority Obligations (as defined therein) to comply) with such terms and provisions.

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ARTICLE XI

SETOFF; RATABLE PAYMENTS

     Section 11.1 Setoff. If a Default shall have occurred and be continuing, each Lender
and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time owing by such
Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the
Obligations of the Borrower now or hereafter existing under this Agreement held by such Lender or
Affiliate, irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such Obligations may be unmatured. The rights of each Lender under this
Section 11.1 are in addition to other rights and remedies (including other rights of setoff) which
such Lender may have.

     Section 11.2 Ratable Payments. If any Lender shall, by exercising any right of setoff
or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of
its Loans or participations in LC Disbursements or Swing Line Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans and participations
in LC Disbursements and Swing Line Loans and accrued interest thereon than the proportion received
by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations in the Loans and participations in LC Disbursements and Swing Line Loans
of other Lenders to the extent necessary so that the benefit of all such payments shall be shared
by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest
on their respective Loans and participations in LC Disbursements and Swing Line Loans;
provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any Assignee or Participant.

ARTICLE XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     Section 12.1 Successors and Assigns.

     (i) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including
any Affiliate of the LC Issuer that issues any Letter of Credit), except that (A) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent shall be null and void) and (B) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this
Section 12.1. Nothing in this Agreement, expressed or implied,

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shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby (including any Affiliate of the LC Issuer
that issues any Letter of Credit), Participants (solely to the extent provided in paragraph
(iii) of this Section) and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent, the LC Issuer and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

(ii) (A) Subject to the conditions set forth in paragraph (ii)(B) below, any Lender
may assign to one or more assignees other than any Disqualified Institution (each,
an “Assignee”) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans at the time
owing to it) with the prior written consent (such consent not to be unreasonably
withheld) of:

     (1) the Borrower, provided that no consent of the Borrower
shall be required for an assignment to a Lender, an Affiliate of a Lender,
an Approved Fund or, if a Default under Section 7.2, 7.6 (in respect of
bankruptcy only) or 7.7 (in respect of bankruptcy only) has occurred and is
continuing, any other Assignee;

     (2) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of (x) any
Revolving Credit Commitment to an Assignee that is a Lender with a Revolving
Credit Commitment immediately prior to giving effect to such assignment or
the Borrower or any of its Affiliates and (y) all or any portion of a Term
Loan to a Lender, an Affiliate of a Lender or an Approved Fund or the
Borrower or any of its Affiliates; and

     (3) the LC Issuer, provided that no consent of the LC Issuer
shall be required for an assignment of all or any portion of a Term Loan.

     (B) Assignments shall be subject to the following additional conditions:

     (1) except in the case of an assignment to a Lender or an Affiliate of
a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of any Class, the amount of the Commitment or
Loans of the assigning Lender subject to each such assignment (determined as
of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000 in
the case of a Revolving Credit Commitment or, in the case of a Term Loan,
$1,000,000 unless each of the Borrower and the Administrative Agent
otherwise consent;

     (2) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, provided that this clause shall not be
construed to

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prohibit the assignment of a proportionate part of all the assigning
Lender’s rights and obligations in respect of one Class of Commitments or
Loans;

     (3) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500; and

     (4) the Assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the Assignee
designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about Holdco
and its Affiliates, the Loan Parties and their related parties or their
respective securities) will be made available and who may receive such
information in accordance with the Assignee’s compliance procedures and
applicable laws, including Federal and state securities laws.

     For the purposes of this Section 12.1(ii), the term “Approved Fund” has the
following meaning:

“Approved Fund” means any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in
the ordinary course of its business and that is administered or managed by (1) a Lender, (2)
an Affiliate of a Lender or (3) an entity or an Affiliate of an entity that administers or
manages a Lender.

     (C) Subject to acceptance and recording thereof pursuant to paragraph (ii)(E)
of this Section, from and after the effective date specified in each Assignment and
Assumption the Assignee thereunder (except in the case of an assignment to the
Borrower) shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 3.1, 3.2, 3.4, 3.5 and 9.6). Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with
this Section 12.1 shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
paragraph (iii) of this Section 12.1. Notwithstanding anything to the contrary in
this Agreement or any Assignment and Assumption, all Commitments, Loans, and all
other rights assigned to the Borrower pursuant to this Section 12.1 shall be deemed
canceled for all purposes under this Agreement, including without limitation with
respect to Section 8.2 and Section 6.19, and, without the consent of the
Administrative Agent, neither the

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Borrower nor any Affiliate of the Borrower which is a Lender shall be entitled
to receive information delivered to the Lenders or attend meetings of the Lenders.

     (D) The Administrative Agent, acting for this purpose as an agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amount of the Loans
and LC Disbursements and any interest thereon owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent, the LC Issuers and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower, any LC Issuer and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.

     (E) Upon its receipt of a duly completed Assignment and Assumption executed by
an assigning Lender and an Assignee, the Assignee’s completed Administrative
Questionnaire (unless the Assignee shall already be a Lender hereunder, the
processing and recordation fee referred to in paragraph (ii)(B)(3) of this Section
12.1 and any written consent to such assignment required by paragraph (ii) of this
Section 12.1, the Administrative Agent shall accept such Assignment and Assumption
and record the information contained therein in the Register; provided that
if either the assigning Lender or the Assignee shall have failed to make any payment
required to be made by it pursuant to Section 2.7, 2.21, 2.22(v), 10.8 or 11.2, the
Administrative Agent shall have no obligation to accept such Assignment and
Assumption and record the information therein in the Register unless and until such
payment shall have been made in full, together with all accrued interest thereon.
No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

(iii) (A) Any Lender may, without the consent of the Borrower, the Administrative
Agent, the LC Issuer or the Swing Line Lender, sell participations to one or more
banks or other entities other than a Disqualified Institution (each, a
“Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans
owing to it); provided that (1) such Lender’s obligations under this
Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (3) the
Borrower, the Administrative Agent, the LC Issuer and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that (x) such
Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement;
provided that any

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such agreement or instrument may provide that such Lender will not, without the
consent of the Participant (other than a Participant which is the Borrower), agree
to any amendment, modification or waiver described in Section 8.2(i) that affects
such Participant, and (y) in the case of a Participant which is the Borrower or an
Affiliate of the Borrower, the selling Lender shall not (without the consent of the
Administrative Agent), and shall not be obligated to, provide such Participant with
information such Participant would not be entitled to receive in accordance with
Section 12.1(ii)(C) were such participation an assignment. Subject to paragraph
(iii)(B) of this Section, the Borrower agrees that each Participant shall be
entitled to the benefits of Sections 3.1, 3.2, 3.4 and 3.5 to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to paragraph
(ii) of this Section. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 11.1 as though it were a Lender, provided
such Participant agrees to be subject to Section 11.2 as though it were a Lender.
Notwithstanding anything to the contrary in this Agreement or any agreement or
instrument pursuant to which a Lender sells a participation to the Borrower, all
Commitments, Loans and all other rights subject to such participation to the
Borrower shall be deemed canceled for all purposes under this Agreement, including
without limitation with respect to Section 8.2 and Section 6.19, but, in the case of
a participation of any Revolving Credit Commitment, such cancellation shall be
subject to the making of cash collateralization arrangements reasonably satisfactory
to the applicable LC Issuer and the Swing Line Lender with respect to Letters of
Credit and Swing Line Loans outstanding at the time of such participation which are
subject to such participation.

     (B) A Participant shall not be entitled to receive any greater payment under
Section 3.1, 3.2, 3.4 or 3.5 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant. A Participant
shall not be entitled to the benefits of Section 3.5 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 3.5(iv) or (v), as applicable, as
though it were a Lender.

     (C) Each Lender having sold a participation in its rights or Obligations under
this Agreement, acting for this purpose as an agent of the Borrower, shall maintain
a register for the recordation of the names and addresses of such Participants and
the rights, interests or obligations of such Participants in any Obligation, in any
Commitment and in any right to receive any payments hereunder.

     (iv) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including
without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank,
and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto.

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     Section 12.2 Dissemination of Information. The Borrower authorizes each Lender to
disclose to any Participant, actual or proposed assignee of an interest in the Obligations or Loan
Documents (each a “Transferee”) and any prospective Transferee any and all information in
such Lender’s possession concerning the creditworthiness of Holdco and its Subsidiaries, including
without limitation any information contained in any financial statements delivered pursuant to
Section 6.1 hereof; provided that each Transferee and prospective Transferee agrees to be
bound by Section 9.9 of this Agreement.

     Section 12.3 Tax Treatment. If any interest in any Loan Document is transferred to
any Transferee, the transferor Lender shall cause such Transferee, concurrently with the
effectiveness of such transfer, to comply with the provisions of Section 3.5(iv) or (v), as
applicable.

ARTICLE XIII

NOTICES

     Section 13.1 Notices; Effectiveness; Electronic Communication.

     (i) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in paragraph (b)
below), all notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by telecopier as follows:

     (A) if to the Borrower, to it at c/o MoneyGram International, Inc., 1550 Utica
Avenue South, MS 2010, Minneapolis, MN 55416-5312, Attention of: Teresa H. Johnson
(Facsimile Number (952) 591-3859);

with a copy to (which shall not constitute notice):

Mr. Scott Jaeckel

Thomas H. Lee Partners, L.P.

100 Federal Street, 35th Floor

Boston, Massachusetts 02110

(Fax No. (617) 227-3514)

Email: sjaeckel@thlee.com

and

Angela L. Fontana, Esq.

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas 75201-6950

(Fax No. (214) 746-7777)

Email: angela.fontana@weil.com

     (B) if to the Administrative Agent, to it at JPMorgan Chase Bank, N.A., 10 S.
Dearborn Street, Floor 7, Chicago, IL 60603-2003, Mail Code: IL1-

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0010, Attention of: Claudia A. Kech (Facsimile Number (312) 385-7096), with a
copy to JPMorgan Chase Bank, N.A., 111 East Wisconsin Avenue, Floor 16, Milwaukee,
WI 53202-4815, Mail Code: WI1-2042, Attention of: Brian L. Grossman (Facsimile
Number (414) 977-6777);

     (C) if to the LC Issuer, to it at JPMorgan Chase Bank, N.A., 10 S. Dearborn
Street, Floor 7, Chicago, IL 60603-2003, Mail Code: IL1-0010, Attention of: Claudia
A. Kech (Facsimile Number (312) 385-7096);

     (D) if to a Lender, to it at its address or telecopier number set forth in its
Administrative Questionnaire provided to the Administrative Agent.

Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by telecopier shall be
deemed to have been given when sent (except that, if not given during normal business hours
for the recipient, shall be deemed to have been given at the opening of business on the next
Business Day for the recipient). Notices delivered through electronic communications to the
extent provided in paragraph (ii) below, shall be effective as provided in said paragraph
(ii).

     (ii) Electronic Communications. Notices and other communications to the
Lenders may be delivered or furnished by electronic communication (including e-mail and
internet or intranet websites) pursuant to procedures approved by the Administrative Agent
or as otherwise determined by the Administrative Agent, provided that the foregoing
shall not apply to notices to any Lender pursuant to Article II if such Lender has notified
the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication and, in the case of notice of Default or Unmatured Default, shall
permit notification only by Intralinks or a similar website. The Administrative Agent or
the Borrower may, in its respective discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved
by it or as it otherwise determines, provided that such determination or approval
may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided
that if such notice or other communication is not given during the normal business hours of
the recipient, such notice or communication shall be deemed to have been given at the
opening of business on the next Business Day for the recipient, and (ii) notices or
communications posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying
the website address therefor.

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     (iii) Change of Address, Etc. Any party hereto may change its address or
telecopier number for notices and other communications hereunder by notice to the other
parties hereto.

ARTICLE XIV

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION

     Section 14.1 Counterparts; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
Except as provided in Article IV, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the parties hereto,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this
Agreement.

     Section 14.2 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any assignment and assumption agreement shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or
any other state laws based on the Uniform Electronic Transactions Act.

ARTICLE XV

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

     Section 15.1 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A
CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 15.2 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW
YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE
BORROWER 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

120

 

AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE LC ISSUER OR
ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY
JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR ANY
LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT
SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

     Section 15.3 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT, THE
COLLATERAL AGENT, EACH LC ISSUER AND EACH LENDER HEREBY WAIVE 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 ANY LOAN DOCUMENT OR THE
RELATIONSHIP ESTABLISHED THEREUNDER.

[signature pages follow]

121

 

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed this
Agreement as of the date first above written.

	 	 	 	 	 
	 	 	MONEYGRAM INTERNATIONAL, INC.
	 
	 	 	 	 

	 	 	 	 	 
	 	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David J. Parrin
	 

	 	 	 	 
	 

	 	Its:
	 	Executive Vice President and Chief Financial Officer
	 

	 	 	 	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,
	 	 	individually, as Administrative Agent,
	 	 	Collateral Agent, LC Issuer and Swing Line
	 	 	Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/  Sabir Hashmy
	 

	 	 	 	 
	 

	 	Its:
	 	Vice President
	 

	 	 	 	 

Signature Page to MoneyGram Second Amended and Restated Credit AgreementEX-10.3

 

Exhibit 10.3

THOMAS H. LEE EQUITY FUND VI, L.P.

c/o Thomas H. Lee Partners, L.P.

100 Federal Street, 35th Floor

Boston, Massachusetts 02110

GOLDMAN, SACHS & CO.

GS CAPITAL PARTNERS VI FUND, L.P.

c/o Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

March 25, 2008

MONEYGRAM INTERNATIONAL, INC.

1500 Utica Avenue South, MS 8020

Minneapolis, Minnesota 55416

Ladies and Gentlemen:

     Reference is hereby made to (i) that certain Amended and Restated Purchase Agreement, dated as
of March 17, 2008 (the “Purchase Agreement”), among MoneyGram International, Inc., a
Delaware corporation (the “Company”), and the several parties set forth on Schedule
A attached thereto and (ii) that certain engagement letter by and among Goldman, Sachs & Co.
(“GS&Co.”), Thomas H. Lee Equity Fund VI, L.P., and GS Capital Partners VI Fund, L.P.,
dated March 25, 2008 (the “Engagement Letter”), pursuant to which GS&Co. was engaged as a
financial advisor in connection with the possible acquisition of all or a portion of the Company.

     Thomas H. Lee Equity Fund VI, L.P. (“THL”) and GS Capital Partners VI Fund, L.P. (“GS
Capital”) (collectively, the “Investor Parties”) hereby request that the Company issue to
GS&Co. or its designee 7,500 shares of Series B-1 Participating Convertible Preferred Stock (the
“Company Stock”) at the closing of the transactions contemplated by the Purchase Agreement
(the “Closing”) as payment (the “Payment”) on behalf of the Investor Parties of the fee
payable to GS&Co. by the Investor Parties pursuant to the Engagement Letter. The Investor Parties
confirm that there is no agreement or understanding by which any of GS Capital, GS&Co., or The
Goldman Sachs Group, Inc. or any of its affiliates is required to forward any part of the Payment
to THL or any of its affiliates. Each of the parties set forth on Schedule A of the
Purchase Agreement hereby (1) represents that a true and complete copy of the Engagement Letter has
been delivered to the Company; (2) agrees that the Payment does not violate or affect the terms,
conditions, representations, warranties or obligations set forth in the Purchase Agreement; (3)
agrees that the Payment does not give rise to any adjustment pursuant to the anti-dilution
provisions of the Series B Participating Convertible Preferred Stock Certificate of Designations of
the Company or the Series B-1 Participating Preferred Stock Certificate of Designations of the
Company; and (4) waives any rights under Section 4.7 of the Purchase Agreement (“Anti-Dilution
Rights”) with respect to the Payment. Each of the parties set forth on Schedule A of the
Purchase Agreement hereby further agrees that the provisions of this letter agreement shall be
binding on its permitted transferees, successors and assigns. The Company hereby agrees that the
Payment does not violate or affect the terms, conditions, representations, warranties or
obligations set forth in the Purchase Agreement.

     GS&Co. hereby directs the Company to issue the
Company Stock to The Goldman Sachs Group, Inc. at the
Closing. It is agreed and understood that if the
Closing does not occur, the Company will not make the
Payment.

 

 

	 	 	 	 	 
	 	Very truly yours,

THOMAS H. LEE EQUITY FUND VI, L.P.

 	 
	 	By:  	THL EQUITY ADVISORS VI, LLC,
 	 
	 	 	its general partner 	 
	 	By:  	                                              THOMAS H. LEE PARTNERS, L.P.,
 	 
	 	 	its sole member 	 
	 	By:  	                                              THOMAS H. LEE ADVISORS, LLC,
 	 
	 	 	its general partner 	 
	 	 	 	 
	 	 	 
	 	By:  	                        /s/ Seth Lawry
 	 
	 	 	Name:  	Seth Lawry 	 
	 	 	Title:  	Managing Director 	 
	 
	 	THOMAS H. LEE PARALLEL FUND VI, L.P.

 	 
	 	By:  	THL EQUITY ADVISORS VI, LLC
 	 
	 	 	its general partner 	 
	 	By:  	                                              THOMAS H. LEE PARTNERS, L.P.,
 	 
	 	 	its sole member 	 
	 	By:  	                                              THOMAS H. LEE ADVISORS, LLC,
 	 
	 	 	its general partner 	 
	 	 	 	 
	 	 	 
	 	By:  	                        /s/ Seth Lawry
 	 
	 	 	Name:  	Seth Lawry 	 
	 	 	Title:  	Managing Director 	 
	 
	 	THOMAS H. LEE PARALLEL (DT) FUND VI, L.P.

 	 
	 	By:  	THL EQUITY ADVISORS VI, LLC
 	 
	 	 	its general partner 	 
	 	By:  	                                              THOMAS H. LEE PARTNERS, L.P.,
 	 
	 	 	its sole member 	 
	 	By:  	                                              THOMAS H. LEE ADVISORS, LLC,
 	 
	 	 	its general partner 	 
	 	 	 	 
	 	 	 
	 	By:  	                        /s/ Seth Lawry
 	 
	 	 	Name:  	Seth Lawry 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Advisory Fee Letter]

 

 

	 	 	 	 	 
	 	GOLDMAN, SACHS & CO.

 	 
	 	By:  	/s/ Scott R. Norby
 	 
	 	 	Name:  	Scott R. Norby 	 
	 	 	Title:  	Managing Director 	 
	 
	 	GS CAPITAL PARTNERS VI FUND, L.P.

 	 
	 	By:  	GSCP VI Advisors, L.L.C., its General Partner
 	 
	 	 	 	 
	 	 	 
	 	By:  	                                     /s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 
	 	GS CAPITAL PARTNERS VI OFFSHORE FUND, L.P.

 	 
	 	By:  	GSCP VI Offshore Advisors, L.L.C., its General Partner
 	 
	 	 	 
	 	By:  	                                     /s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 
	 	GS CAPITAL PARTNERS VI GmbH & Co. KG

 	 
	 	By:  	GS Advisors VI, L.L.C., its Managing Limited Partner
 	 
	 	 	 	 
	 	 	 
	 	By:  	                                     /s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 
	 	GS CAPITAL PARTNERS VI PARALLEL, L.P.

 	 
	 	By:  	GS Advisors VI, L.L.C., its General Partner
 	 
	 	 	 	 
	 	 	 
	 	By:  	                                     /s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 

[Signature Page to Advisory Fee Letter]

 

 

	 	 	 	 	 
	 	GSMP V ONSHORE US, LTD.

 	 
	 	By:  	/s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 
	 	GSMP V OFFSHORE US, LTD.

 	 
	 	By:  	/s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 
	 	 	 
	 	By:  	                                                              /s/ Bradley Gross
 	 
	 	 	Name:  	Bradley Gross 	 
	 	 	Title:  	Managing Director and Vice President 	 
	 

[Signature Page to Advisory Fee Letter]

 

 

Accepted and agreed as of

the date first written above:

MONEYGRAM INTERNATIONAL, INC.

			
	By:	 	/s/ Philip W. Milne                    

Name: Philip W. Milne

Title: Chairman, President and Chief Executive Officer

[Signature Page to Advisory Fee Letter]

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