Document:

exv10w1

Exhibit 10.1

Execution
Version

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of August 3, 2010

among

IMATION CORP.

and

IMATION ENTERPRISES CORP.,

as the US Borrowers,

IMATION EUROPE B.V.,

as the European Borrower,

BANK OF AMERICA, N.A.,

as Administrative Agent

and L/C Issuer,

and

THE
OTHER LENDERS PARTY THERETO,

JPMORGAN CHASE BANK, N.A.,

as Documentation Agent,

U.S. BANK NATIONAL ASSOCIATION,

as Documentation Agent,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Documentation Agent,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as Syndication Agent

and

BANC OF AMERICA SECURITIES LLC,

as Sole Lead Arranger and Sole Book Manager

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	1.01 Defined Terms
	 	 	1	 
	1.02 Other Interpretive Provisions
	 	 	43	 
	1.03 Accounting Terms
	 	 	43	 
	1.04 Rounding
	 	 	44	 
	1.05 References to Agreements and Laws
	 	 	44	 
	1.06 Times of Day
	 	 	44	 
	1.07 Letter of Credit Amounts
	 	 	44	 
	1.08 Uniform Commercial Code
	 	 	45	 
	1.09 Exchange Rates; Currency Equivalents; Applicable Currency.
	 	 	45	 
	1.10 Dutch Terms
	 	 	45	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	 	 	46	 
	2.01 Loans; Advances.
	 	 	46	 
	2.02 Borrowings, Conversions and Continuations of Loans.
	 	 	47	 
	2.03 Letters of Credit.
	 	 	51	 
	2.04 Prepayments.
	 	 	60	 
	2.05 Termination or Reduction of Commitments
	 	 	62	 
	2.06 Repayment of Loans
	 	 	63	 
	2.07 Interest.
	 	 	63	 
	2.08 Fees
	 	 	63	 
	2.09 Computation of Interest and Fees
	 	 	64	 
	2.10 Evidence of Debt.
	 	 	64	 
	2.11 Payments Generally.
	 	 	65	 
	2.12 Sharing of Payments
	 	 	68	 
	2.13 Marshaling; Payments Set Aside
	 	 	68	 
	2.14 Increase in Commitments.
	 	 	69	 
	2.15 Effect of Termination; Survival
	 	 	70	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	70	 
	3.01 Taxes.
	 	 	70	 
	3.02 Illegality
	 	 	73	 
	3.03 Inability to Determine Rates
	 	 	73	 
	3.04 Increased Costs.
	 	 	74	 
	3.05 Compensation for Losses
	 	 	75	 
	3.06 Mitigation Obligations; Replacement of Lenders.
	 	 	76	 
	3.07 Circumstances Affecting Euro Availability
	 	 	76	 
	3.08 Lender Representations
	 	 	77	 
	ARTICLE IV. CONDITIONS PRECEDENT
	 	 	77	 
	4.01 Conditions to Closing
	 	 	77	 
	4.02 Conditions to all Credit Extensions
	 	 	80	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES
	 	 	81	 
	5.01 Existence, Qualification and Power; Compliance with Laws
	 	 	81	 
	5.02 Authorization; No Contravention
	 	 	81	 

i

 

TABLE
OF CONTENTS (Continued)

	 	 	 	 	 
	Section	 	Page	 
	5.03 Governmental Authorization; Other Consents
	 	 	82	 
	5.04 Binding Effect
	 	 	82	 
	5.05 Financial Statements; No Material Adverse Effect; Solvency
	 	 	82	 
	5.06 Litigation
	 	 	83	 
	5.07 No Default
	 	 	83	 
	5.08 Ownership of Property
	 	 	83	 
	5.09 Environmental Compliance
	 	 	83	 
	5.10 Insurance
	 	 	83	 
	5.11 Taxes
	 	 	84	 
	5.12 ERISA Compliance
	 	 	84	 
	5.13 Subsidiaries
	 	 	85	 
	5.14 Margin Regulations; Investment Company Act
	 	 	85	 
	5.15 Disclosure
	 	 	85	 
	5.16 Compliance with Laws
	 	 	86	 
	5.17 Intellectual Property; Licenses, Etc
	 	 	86	 
	5.18 Accounts
	 	 	86	 
	5.19 Payable Practices
	 	 	87	 
	5.20 Labor Relations
	 	 	87	 
	5.21 Trade Relations
	 	 	87	 
	5.22 Surety Obligations
	 	 	88	 
	5.23 Bank Accounts
	 	 	88	 
	5.24 Validity and Priority of Security Interest
	 	 	88	 
	5.25 Material Agreements
	 	 	88	 
	5.26 Complete Disclosure
	 	 	88	 
	5.27 Retention of Title
	 	 	89	 
	ARTICLE VI. AFFIRMATIVE COVENANTS
	 	 	89	 
	6.01 Financial Statements
	 	 	89	 
	6.02 Certificates; Other Information
	 	 	90	 
	6.03 Notices
	 	 	92	 
	6.04 Payment of Obligations
	 	 	93	 
	6.05 Preservation of Existence, Etc
	 	 	94	 
	6.06 Maintenance of Properties
	 	 	94	 
	6.07 Maintenance of Insurance
	 	 	94	 
	6.08 Compliance with Laws
	 	 	95	 
	6.09 Books and Records
	 	 	96	 
	6.10 Inspection Rights; Appraisals
	 	 	96	 
	6.11 Use of Proceeds
	 	 	97	 
	6.12 Taxes
	 	 	97	 
	6.13 Additional Guarantors and Foreign Subsidiaries
	 	 	97	 
	6.14 After-Acquired Collateral
	 	 	98	 
	6.15 Landlord and Storage Agreements
	 	 	98	 
	6.16 Licenses
	 	 	99	 
	6.17 Administration of Inventory
	 	 	99	 
	6.18 Administration of Equipment
	 	 	99	 
	6.19 Commercial Tort Claims
	 	 	100	 

ii

 

TABLE
OF CONTENTS (Continued)

	 	 	 	 	 
	Section	 	Page	 
	6.20 Further Assurances
	 	 	100	 
	ARTICLE VII. NEGATIVE COVENANTS
	 	 	100	 
	7.01 Liens
	 	 	100	 
	7.02 Investments
	 	 	102	 
	7.03 Indebtedness
	 	 	104	 
	7.04 Fundamental Changes
	 	 	105	 
	7.05 Dispositions
	 	 	106	 
	7.06 Restricted Payments
	 	 	107	 
	7.07 Change in Nature of Business
	 	 	107	 
	7.08 Transactions with Affiliates
	 	 	107	 
	7.09 Burdensome Agreements
	 	 	108	 
	7.10 Use of Proceeds
	 	 	108	 
	7.11 Financial Covenant
	 	 	108	 
	7.12 Capital Expenditures
	 	 	108	 
	7.13 Subsidiaries
	 	 	108	 
	7.14 Organic Documents
	 	 	108	 
	7.15 Tax Consolidation
	 	 	108	 
	7.16 Accounting Changes
	 	 	108	 
	7.17 Restrictions on Payment of Borrowed Money
	 	 	108	 
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	 	 	109	 
	8.01 Events of Default
	 	 	109	 
	8.02 Remedies Upon Event of Default
	 	 	111	 
	8.03 Application of Funds
	 	 	112	 
	ARTICLE IX. ADMINISTRATIVE AGENT
	 	 	115	 
	9.01 Appointment and Authority
	 	 	115	 
	9.02 Rights as a Lender
	 	 	115	 
	9.03 Exculpatory Provisions
	 	 	115	 
	9.04 Reliance by Administrative Agent
	 	 	116	 
	9.05 Delegation of Duties
	 	 	117	 
	9.06 Resignation of Administrative Agent
	 	 	117	 
	9.07 Non-Reliance on Administrative Agent and Other Lenders
	 	 	118	 
	9.08 No Other Duties, Etc
	 	 	118	 
	9.09 Administrative Agent May File Proofs of Claim
	 	 	118	 
	9.10 Collateral and Guaranty Matters
	 	 	119	 
	ARTICLE X. MISCELLANEOUS
	 	 	119	 
	10.01 Amendments, Etc
	 	 	119	 
	10.02 Notices and Other Communications; Facsimile Copies
	 	 	121	 
	10.03 No Waiver; Cumulative Remedies
	 	 	123	 
	10.04 Expenses; Indemnity; Damage Waiver
	 	 	123	 
	10.05 Payments Set Aside
	 	 	125	 
	10.06 Successors and Assigns
	 	 	125	 
	10.07 Treatment of Certain Information; Confidentiality
	 	 	129	 
	10.08 Right of Set-off
	 	 	130	 

iii

 

TABLE
OF CONTENTS (Continued)

	 	 	 	 	 
	Section	 	Page	 
	10.09 Interest Rate Limitation
	 	 	131	 
	10.10 Counterparts
	 	 	131	 
	10.11 Integration
	 	 	131	 
	10.12 Survival of Representations and Warranties
	 	 	131	 
	10.13 Severability
	 	 	131	 
	10.14 Replacement of Lenders
	 	 	132	 
	10.15 European Borrower Service of Process
	 	 	132	 
	10.16 Governing Law
	 	 	133	 
	10.17 Waiver of Right to Trial by Jury
	 	 	133	 
	10.18 Time of the Essence
	 	 	133	 
	10.19 Entire Agreement
	 	 	133	 
	10.20 Joint and Several Liability of US Borrowers
	 	 	134	 
	10.21 Contribution and Indemnification between the US Borrowers
	 	 	135	 
	10.22 Appointment of Borrower Agent as Agent
for Requesting Loans and Receipts of
Loans and Statements
	 	 	135	 
	10.23 USA Patriot Act Notice

	 	 	136	 
	10.24 Binding Effect; Amendment and Restatement
of Existing Credit Agreement;
Further Assurances
	 	 	136	 
	10.25 Judgment Currency
	 	 	136	 
	10.26 Confirmation of Share Charge
	 	 	137	 
	10.27 Waiver
	 	 	137	 

iv

 

TABLE OF CONTENTS(Continued)

SCHEDULES

	 	 	 

	1.01(d)

	 	Applicable Designees
	1.01(e)

	 	Existing Letters of Credit
	1.01(f)

	 	European Security and Pledge Agreements
	1.01(m)

	 	Mandatory Cost Formula
	2.01

	 	Commitments and Pro Rata Shares
	5.05

	 	Supplement to Interim Financial Statements
	5.06

	 	Litigation
	5.09

	 	Environmental Matters
	5.12

	 	ERISA Matters
	5.13

	 	Subsidiaries and Other Equity Investments
	5.15

	 	Restrictive Agreements
	5.17

	 	Intellectual Property Matters
	5.20

	 	Labor Matters
	5.23

	 	Deposit Accounts
	5.25

	 	Material Agreements
	7.01

	 	Existing Liens
	7.02

	 	Existing Investments
	7.03

	 	Existing Indebtedness
	7.03(A)

	 	Other Indebtedness
	10.02

	 	Administrative Agent’s Office, Certain Addresses for Notices
	10.06

	 	Processing and Recordation Fees

EXHIBITS

	 	 	 

	Form of
	A

	 	Loan Notice
	B-1

	 	US Borrowers Note
	B-2

	 	European Borrower Note
	C

	 	Compliance Certificate
	D

	 	Assignment and Assumption
	E

	 	Guaranty
	F

	 	Opinion Matters
	G

	 	Joinder Agreement
	H

	 	US Security and Pledge Agreement

v

 

AMENDED AND RESTATED CREDIT AGREEMENT

     This AMENDED AND RESTATED CREDIT AGREEMENT dated as of August 3, 2010 (as amended, restated,
supplemented or otherwise modified from time to time, this “Credit Agreement” or
“Agreement”), among IMATION CORP., a Delaware corporation (“Imation”) and IMATION
ENTERPRISES CORP., a Delaware corporation (“Enterprises”), (each of Imation and Enterprises
is referred to individually herein as a “US Borrower” and collectively as the “US
Borrowers”), IMATION EUROPE B.V., a company organized under the laws of the Netherlands with a
corporate seat in Amsterdam, the Netherlands (the “European Borrower” and together with the
US Borrowers, each individually a “Borrower” and collectively, the “Borrowers”),
each lender from time to time party hereto (collectively, the “Lenders” and individually, a
“Lender”), and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer.

     The Lenders have made available senior secured revolving credit and letter of credit
facilities to the Borrowers pursuant to the Existing Credit Agreement. The Borrowers have
requested that the Lenders amend and restate the Existing Credit Agreement, which shall continue
the senior revolving credit and letter of credit facilities to the Borrowers, and the Lenders are
willing to do so on the terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

     1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings
set forth below:

     “Account” has the meaning specified in the UCC, including all rights to payment for
goods sold or leased, or for services rendered.

     “Account Debtor” means a Person who is obligated under an Account, Chattel Paper or
General Intangible.

     “Acquisition” means any transaction or series of related transactions for the purpose
of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the
assets of a Person, or of any business or division of a Person (other than a Person that is a
Subsidiary), (b) the acquisition of in excess of 50% of the capital stock, partnership interests,
membership interests or equity of any Person (other than a Person that is a Subsidiary), or
otherwise causing any Person to become a Subsidiary, or (c) a merger or consolidation or any other
combination with another Person (other than a Person that is a Subsidiary).

     “Act” means the USA Patriot Act (Title III of Pub. L 107-56 (signed into law on
October 26, 2001)).

     “Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent.

1

 

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as
the Administrative Agent may from time to time notify the Borrowers and the Lenders.

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

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto.

     “Aggregate Commitments” means the sum of the Commitments of all the Lenders.

     “Agreement Currency” has the meaning set forth in Section 10.25.

     “Anti-Terrorism Laws” means any laws relating to terrorism or money laundering,
including the Act.

     “Applicable Designee” means any office, branch or Affiliate of a Lender designated
thereby from time to time with the consent of the Administrative Agent (which such consent shall
not be unreasonably withheld, conditioned or delayed) to fund Loans or issue Letters of Credit to
or for the benefit of the European Borrower. As of the Closing Date, the Applicable Designees of
each Lender are set forth on Schedule 1.01(d) (which schedule may be updated from time to
time upon written notice by any Lender to the Administrative Agent). Any assignment by a Lender of
all or a portion of its Commitment to fund or participate in Loans or Letters of Credit to or for
the benefit of the European Borrower to an Applicable Designee shall be effected by delivering to
the Administrative Agent an addendum executed by such Lender and its Applicable Designee, in form
and substance satisfactory to the Administrative Agent. For all purposes of this Agreement, any
designation of an Applicable Designee by a Lender shall not affect such Lender’s rights and
obligations with respect to its Commitment and the Loan Parties, the other Lenders and the
Administrative Agent shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement and the other Loan Documents, except as
otherwise expressly permitted in this Agreement or in the applicable addendum.

     “Applicable Eligible Jurisdiction” means (a) in the case of Eligible US Accounts or
Eligible US Inventory, the United States or Canada, (b) in the case of Eligible European Accounts,
an Applicable Foreign Jurisdiction and (c) in the case of Eligible European Inventory, Germany.

     “Applicable Foreign Jurisdiction” means Spain, France, Germany, United Kingdom,
Netherlands, Portugal, Switzerland, Belgium, Denmark, Norway, Czech Republic, Hungary, South
Africa, Austria, Luxembourg, Sweden, Finland, Ireland, Israel, Italy, Hong Kong, Japan, Korea,
Taiwan and each other country that the Administrative Agent may add or remove in its Permitted
Discretion.

2

 

     “Applicable Rate” means the following percentages per annum, based upon the average
daily Total Availability for the most recently ended fiscal quarter as set forth in the most recent
Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

APPLICABLE RATE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Eurocurrency Rate	 	 
	 	 	 	 	 	 	 	 	 	 	Loans /	 	 
	 	 	 	 	 	 	 	 	 	 	Eurocurrency Base	 	 
	 	 	 	 	 	 	 	 	 	 	Rate Loans /	 	 
	 	 	 	 	 	 	 	 	 	 	European Swingline	 	US Base Rate Loans
	 	 	Average Daily Total	 	Facility	 	Loans / Letters of	 	/ US Swingline
	Pricing Level	 	Availability	 	Fee	 	Credit	 	Loans
	 
	1
	 	 	≥ $150,000,000	 	 	 	0.50	%	 	 	3.00	%	 	 	2.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2
	 	< $150,000,000 but ≥ $75,000,000	 	 	0.50	%	 	 	3.25	%	 	 	2.25	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3
	 	 	< $75,000,000	 	 	 	0.50	%	 	 	3.50	%	 	 	2.50	%

     Any increase or decrease in the Applicable Rate resulting from a change in the average daily
Total Availability for the immediately preceding fiscal quarter shall become effective as of the
first Business Day immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(a); provided, however, that if a Compliance Certificate is not
delivered when due in accordance with such Section, the next higher Pricing Level shall apply as of
the first Business Day after the date on which such Compliance Certificate was required to have
been delivered, with the next higher Pricing Level to apply as of each Business Day thereafter that
the Compliance Certificate was not delivered until the applicable Pricing Level is Pricing Level 3;
provided, further, that as of the first Business Day after the date on which such
Compliance Certificate is delivered, the Pricing Level shall revert to the applicable Pricing Level
pursuant to such Compliance Certificate. The Applicable Rate in effect from the Closing Date
through the date the Compliance Certificate in respect of the fiscal quarter ending September 30,
2010 is delivered or required to be delivered shall be determined based upon Pricing Level 2.

     “Approved Consignee” means each of Office Max, Office Depot, Best Buy, Staples and any
other consignee approved in advance by the Administrative Agent to the extent that (a) such
consignee has delivered all of the Required Consignee Documentation to the Administrative Agent or
(b) such consignee maintains a rating of BB+ (or better) with S&P and Ba1 (or better) with Moody’s.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

3

 

     “Arranger” means Banc of America Securities LLC, in its capacity as sole lead arranger
and sole book manager.

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit D or any other form approved by the Administrative Agent.

     “Assignment Fee” has the meaning specified in Schedule 10.06.

     “Attorney Costs” means and includes all reasonable fees, expenses and disbursements of
any law firm or other external counsel and, without duplication, the reasonable allocated cost of
internal legal services and all reasonable expenses and disbursements of internal counsel.

     “Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

     “Audited Financial Statements” means the audited consolidated balance sheet of Imation
and its Subsidiaries for the fiscal year ended December 31, 2009, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such fiscal year of
Imation and its Subsidiaries, including the notes thereto.

     “Auto-Renewal Letter of Credit” has the meaning specified in Section
2.03(b)(iii).

     “Availability Period” means the period from and including the Closing Date to the
earliest of (a) one Business Day prior to the Maturity Date, (b) the date of termination of the
Aggregate Commitments pursuant to Section 2.05, and (c) the date of termination of the
commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit
Extensions, pursuant to Section 8.02.

     “Availability Reserve” means (a) with respect to the US Borrowing Base, the sum
(without duplication) of (i) the Inventory Reserve; (ii) the Rent and Charges Reserve; (iii) the
Bank Product Reserve; (iv) the Real Estate Value Reserve; (v) the aggregate amount of liabilities
secured by Liens upon US Collateral that are senior to the Administrative Agent’s Liens (but
imposition of any such reserve shall not waive a Event of Default arising therefrom); and (vi) such
additional reserves, in such amounts and with respect to such matters, as the Administrative Agent
in its Permitted Discretion may elect to impose from time to time and (b) with respect to the
European Borrowing Base, the sum (without duplication) of (i) the Inventory Reserve; (ii) the Rent
and Charges Reserve; (iii) the Bank Product Reserve; (iv) the aggregate amount of liabilities
secured by Liens upon European Collateral that are senior to the Administrative Agent’s Liens (but
imposition of any such reserve shall not waive a Event of Default arising

4

 

therefrom); and (v) such additional reserves, in such amounts and with respect to such
matters, as the Administrative Agent in its Permitted Discretion may elect to impose from time to
time.

     “Bank of America” means Bank of America, N.A., and its successors.

     “Bank Product” means any of the following products, services or facilities extended to
any Loan Party by the Administrative Agent, any Lender or any of their respective Affiliates: (a)
Cash Management Services; (b) products under Swap Contracts; (c) commercial credit card and
merchant card services and E-Payables and comparable products; and (d) other banking products or
services as may be requested by any Loan Party, other than Letters of Credit; provided,
however, that for any of the foregoing to be included as an “Obligation”, the applicable
Secured Party and Loan Party must have previously provided written notice to the Administrative
Agent of the existence of such Bank Product (which notice shall be deemed given automatically upon
the creation or incurrence of any Bank Product provided by the Administrative Agent, Bank of
America or any of their Affiliates).

     “Bank Product Debt” means Indebtedness and other obligations of a Loan Party relating
to Bank Products. The amount of the Bank Product Debt may be changed from time to time upon
written notice to the Administrative Agent by the Secured Party and the Loan Party. No new Bank
Product may be established or existing Bank Product Debt voluntarily increased at any time that a
Default exists, or if a reserve against such amounts would cause an Overadvance.

     “Bank Product Reserve” means (a) with respect to the US Borrowing Base, the aggregate
amount of reserves established by the Administrative Agent from time to time in its Permitted
Discretion in respect of Bank Product Debt of a US Borrowing Base Loan Party and (b) with respect
to the European Borrowing Base, the aggregate amount of reserves established by the Administrative
Agent from time to time in its Permitted Discretion in respect of Bank Product Debt of the European
Borrower.

     “Bankruptcy Code” means the Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.).

     “Base Rate” means the US Base Rate and/or the Eurocurrency Base Rate, as applicable.

     “Base Rate Loan” means US Base Rate Loans and/or Eurocurrency Base Rate Loans, as
applicable.

     “Borrowed Money” means, as to any Person at a particular time, without duplication,
all of the following, whether or not included as indebtedness or liabilities in accordance with
GAAP:

     (a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     (b) all direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar
instruments;

5

 

     (c) capital leases and Synthetic Lease Obligations; and

     (d) all Guarantees of such Person in respect of any of the foregoing.

     “Borrower” has the meaning specified in the introductory paragraph hereto.

     “Borrower Agent” has the meaning specified in Section 10.22.

     “Borrower Materials” has the meaning specified in Section 6.02.

     “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and,
in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the
Lenders pursuant to Section 2.01.

     “Borrowing Base” means the US Borrowing Base, the European Borrowing Base and/or the
Total Borrowing Base, as applicable.

     “Borrowing Base Certificate” means a certificate, in form and substance satisfactory
to the Administrative Agent, by which the Borrowers certify calculation of the Borrowing Base.

     “Borrowing Base Collateral” means, collectively, (a) the Accounts and Inventory of the
Borrowing Base Loan Parties and (b) the Eligible Real Estate Assets.

     “Borrowing Base Loan Party” means each US Borrowing Base Loan Party and the European
Borrower.

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, Chicago,
Illinois, San Francisco, California, or in the state where the Administrative Agent’s Office is
located and, if such day relates to (a) any Eurocurrency Rate Loan, means any such day on which
dealings in US Dollar deposits are conducted by and between banks in the London interbank
Eurodollar market and (b) any Euro Denominated Loans, means any such day that is a TARGET Day.

     “Capital Expenditures” means, in respect of any Person, for any period: (a) any
payment that is made during such period by a Person plus (b) the aggregate amount of any
Indebtedness incurred by such Person during such period, in each case for (or in connection with)
the rental, lease, purchase, construction or use of any Property the value or cost of which, under
GAAP should be capitalized or appear on such Person’s balance sheet, without regard to the manner
in which such payments (or the instrument pursuant to which they are made) are characterized by
such Person or any other Person.

     “Cash Collateral” means cash, and any interest or other income earned thereon, that is
delivered to the Administrative Agent to Cash Collateralize any Obligations.

     “Cash Collateralize” means the delivery of cash to the Administrative Agent, as
security for the payment of the Obligations, in an amount equal to (a) with respect to L/C
Obligations, (i) 105% of the aggregate L/C Obligations with respect to Letters of Credit
denominated in US

6

 

Dollars and (ii) 110% of the aggregate L/C Obligations with respect to Letters of Credit
denominated in Euros, and (b) with respect to any inchoate, contingent or other Obligations
(including Obligations arising under Bank Products), the Administrative Agent’s good faith estimate
of the amount due or to become due, including all fees and other amounts relating to such
Obligations. “Cash Collateralization” has a correlative meaning.

     “Cash Dominion Trigger Period” means the period (a) commencing (i) at any time that US
Availability is less than $40,000,000, (ii) at any time that US Availability plus Domestic
Controlled Cash is less than $50,000,000 or (iii) at the option of the Administrative Agent, with
the consent of the Required Lenders, or at the direction of the Required Lenders, on the day that
an Event of Default occurs; and (b) continuing until, during the preceding 30 consecutive days, no
Event of Default has existed, US Availability has been greater than $65,000,000 at all times and US
Availability plus Domestic Controlled Cash has been greater than $75,000,000 at all times.

     “Cash Equivalents” means (a) marketable obligations issued or unconditionally
guaranteed by, and backed by the full faith and credit of, the United States government, maturing
within 12 months of the date of acquisition; (b) certificates of deposit, time deposits and
bankers’ acceptances maturing within 12 months of the date of acquisition, and overnight bank
deposits, in each case which are issued by a commercial bank organized under the laws of the United
States or any state or district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s
at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c)
repurchase obligations with a term of not more than 30 days for underlying investments of the types
described in clauses (a) and (b) entered into with any bank meeting the qualifications specified in
clause (b); (d) commercial paper rated A-1 (or better) by S&P or P-1 (or better) by Moody’s, and
maturing within nine months of the date of acquisition; and (e) shares of any money market fund
that has substantially all of its assets invested continuously in the types of investments referred
to above and has net assets of at least $500,000,000.

     “Cash Management Services” means any services provided from time to time by any Lender
or any of its Affiliates to any Loan Party in connection with operating, collections, payroll,
trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable,
electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository,
information reporting, lockbox and stop payment services.

     “CERCLA” means the Comprehensive Environmental Response Compensation and Liability Act
(42 U.S.C. § 9601 et seq.).

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority.

     “Change of Control” means, with respect to any Person, an event or series of events by
which:

7

 

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to
have “beneficial ownership” of all securities that such person or group has the right to acquire
(such right, an “option right”), whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, of 25% or more of the equity securities of such
Person entitled to vote for members of the board of directors or equivalent governing body of such
Person on a fully-diluted basis (and taking into account all such securities that such person or
group has the right to acquire pursuant to any option right); or

     (b) during any period of 12 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of such Person cease to be composed of individuals (i)
who were members of that board or equivalent governing body on the first day of such period, (ii)
whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body or (iii) whose election or nomination to that
board or other equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of office as, a member of that board or
equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other than a
solicitation for the election of one or more directors by or on behalf of the board of directors);
or

     (c) any Person or two or more Persons acting in concert shall have acquired by contract or
otherwise, the power to exercise, directly or indirectly, a controlling influence over the
management or policies of such Person, or control over the equity securities of such Person
entitled to vote for members of the board of directors or equivalent governing body of Imation on a
fully-diluted basis (and taking into account all such securities that such Person or group has the
right to acquire pursuant to any option right) representing 25% or more of the combined voting
power of such securities.

     “Closing Date” means August 3, 2010.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral” means, collectively, the US Collateral and the European Collateral.

     “Collateral Documents” means the Security Agreements, Guaranty, Mortgages, Notice of
Grant of Security Interest in Patents, Notice of Grant of Security Interests in Copyrights, Notice
of Grant of Security Interests in Trademarks, Insurance Assignments, Deposit Account Control
Agreements, pledge agreements and all other documents, instruments and agreements now or hereafter
securing (or given with the intent to secure) any Obligations or evidencing or relating to any Cash
Collateralization undertaken hereunder, together with any and all UCC financing

8

 

statements, and other instruments, documents and agreements as may be executed and delivered
in order to perfect, protect or enforce the Liens created thereby.

     “Commitment” means, as to each Lender, its obligation to (a) make Loans to the
Borrowers pursuant to Section 2.01, and (b) purchase participations in L/C Obligations; in
an aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from
time to time in accordance with this Agreement.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
C.

     “Consolidated EBITDA” means, for any Subject Period, for Imation and its Subsidiaries
on a consolidated basis, an amount equal to Consolidated Net Income for such period plus
(a) the following to the extent deducted in calculating such Consolidated Net Income: (i)
Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and
foreign income taxes of Imation and its Subsidiaries for such period, (iii) depreciation and
amortization expense, and (iv) non-cash charges from (A) asset sales (other than sales of inventory
in the Ordinary Course of Business), (B) asset impairments (including intangible asset
impairments), (C) severance, (D) stock options, stock grants and similar employment compensation
arrangements, (E) restructuring expenses and (F) litigation related accruals minus (b) to
the extent increasing Consolidated Net Income, non-cash gains from asset sales (other than sales of
inventory in the Ordinary Course of Business), and cash payments made in such period on account of
non-cash charges noted above expensed in a prior period.

     “Consolidated Fixed Charge Coverage Ratio” means, as of any date of determination, the
ratio of (a) Consolidated EBITDA for the Subject Period then ending, minus unfinanced
Capital Expenditures made by Imation and its consolidated Subsidiaries during such Subject Period,
plus cash receipts from federal, state, local and foreign income tax refunds of Imation and
its consolidated Subsidiaries during such Subject Period, minus federal, state, local and
foreign income taxes actually paid by Imation and its consolidated Subsidiaries during such Subject
Period minus any Restricted Payment made in cash pursuant to Section 7.06(d) to (b)
Consolidated Interest Charges for the Subject Period then ending plus scheduled principal
payments in respect of Indebtedness made by Imation and its consolidated Subsidiaries during the
Subject Period plus the scheduled amortization of the Original Real Estate Base Amount
during the Subject Period. The Consolidated Fixed Charge Coverage Ratio shall be calculated on a
Pro Forma Basis if any of the events described in the definition of “Pro Forma Basis” occurred on
the calculation date or prior to the calculation date but during the Subject Period.

     “Consolidated Interest Charges” means, for any period, for Imation and its
Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt discount,
fees, charges and related expenses of Imation and its Subsidiaries in connection with borrowed
money (including capitalized interest) or in connection with the deferred purchase price of assets,
in each case to the extent treated as interest in accordance with GAAP and (b) the portion of rent
expense of Imation and its Subsidiaries with respect to such period under capital leases that is
treated as interest in accordance with GAAP.

9

 

     “Consolidated Net Income” means, for any period, for Imation and its Subsidiaries on a
consolidated basis, the net income of Imation and its Subsidiaries (excluding extraordinary gains
but including extraordinary losses) for that period.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its Property is bound.

     “Control,” “Controlling” and “Controlled” have the meanings specified
in the definition of “Affiliate.”

     “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension.

     “Current Real Estate Amount” has the meaning specified in the definition of “Real
Estate Formula Amount”.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

     “Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the
Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum;
provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate
shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise
applicable to such Loan plus 2% per annum, in each case to the fullest extent permitted by
applicable Laws. In addition, Mandatory Cost shall be added to the Default Rate for any Loan to
the extent such Loan is lent from a Lending Office in the United Kingdom or a Participating Member
State.

     “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Loans or participations in L/C Obligations required to be funded by it hereunder within one
Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay
over to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within one Business Day of the date when due, unless the subject of a good faith dispute,
or (c) has been deemed insolvent or become the subject of an Insolvency Proceeding.

     “Deposit Account Control Agreement” means the Deposit Account control agreements to be
executed by each institution maintaining a Deposit Account for a Loan Party (other than in respect
of Deposit Accounts over which the Administrative Agent is not required to have control pursuant to
Section 5.23), in favor of the Administrative Agent, for the benefit of Secured Parties, as
security for the Obligations.

10

 

     “Dilution Percent” means the percent, determined for the Borrowers’ most recent fiscal
quarter, equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, credits,
credit memos and other dilutive items with respect to Accounts (excluding any of the foregoing
items to the extent specifically addressed in the Availability Reserve, applied to reduce the Value
of an Eligible Account, applied to cause an Account that would have otherwise constituted an
Eligible Account to not be an Eligible Account or otherwise deemed ineligible by the Administrative
Agent) divided by (b) gross sales.

     “Disposition” or “Dispose” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any Property by any Person, including
any sale, assignment constituting a sale or transfer or other disposal, with or without recourse,
of any notes or Accounts or any rights and claims associated therewith; provided that
“Disposition” and “Dispose” shall not include a sale of Inventory in the Ordinary
Course of Business.

     “Dollar Denominated Loan” means a Loan incurred in US Dollars.

     “Domestic Controlled Cash” has the meaning set forth in the definition of Liquidity.

     “Domestic Subsidiary” means any Subsidiary that is organized under the Laws of any
political subdivision of the United States.

     “Dominion Accounts” means the US Dominion Account and the European Dominion Account.

     “Dutch Civil Code” means the Dutch Civil Code (Burgerlijk Wetboek).

     “Dutch Financial Supervision Act” means the Financial Supervision Act (Wet op Het
Financieel Toezicht), as amended from time to time.

     “Eligible Account” means an Account owing to a Borrowing Base Loan Party that (i)
arises in the Ordinary Course of Business from the sale of goods, (ii) is payable to a US Borrowing
Base Loan Party in US Dollars or Canadian dollars or is payable to the European Borrower in US
Dollars, Euros, Swiss Francs, Swedish Kroner or British Pounds Sterling and (iii) is deemed by the
Administrative Agent, in its Permitted Discretion, to be an Eligible Account. Without limiting the
foregoing, no Account shall be an Eligible Account if:

     (a) it is unpaid for more than 60 days after the original due date, or more than 120 days
after the original invoice date;

     (b) 25% or more of the Accounts owing by the Account Debtor are not Eligible Accounts under
the foregoing clause;

     (c) when aggregated with other Accounts owing by the Account Debtor, it exceeds (i) 20% of the
aggregate Accounts for Account Debtors other than Wal-Mart Stores, Inc. or (ii) 25% of the
aggregate Accounts for Wal-Mart Stores, Inc. (or, in each case, such higher percentage as the
Administrative Agent may, with the consent of the Required Lenders, establish for the Account
Debtor from time to time) of all Borrowing Base Loan Parties;

11

 

     (d) it does not conform with a covenant or representation herein;

     (e) it is owing by a creditor or supplier (but ineligibility shall be limited to the amount
owing by the Account Debtor in its capacity as creditor or supplier), or is otherwise subject to a
potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense,
chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof);

     (f) an Insolvency Proceeding has been commenced by or against the Account Debtor; or the
Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or
winding up its affairs, or is not Solvent; or the Borrower is not able to bring suit or enforce
remedies against the Account Debtor through judicial process;

     (g) the Account Debtor is organized or has its principal offices or assets outside an
Applicable Eligible Jurisdiction;

     (h) it is owing by a Government Authority, unless the Account Debtor is the United States or
any department, agency or instrumentality thereof and the Account has been assigned to the
Administrative Agent in compliance with the Assignment of Claims Act;

     (i) it is not subject to a duly perfected, first priority Lien in favor of the Administrative
Agent, or is subject to any other Lien, other than a Permitted Lien permitted pursuant to
subsections (c) or (d) of Section 7.01;

     (j) the goods giving rise to it have not been delivered to and accepted by the Account Debtor,
the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does
not represent a final sale;

     (k) it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to
judgment;

     (l) its payment has been extended, the Account Debtor has made a partial payment, or it arises
from a sale on a cash-on-delivery basis;

     (m) it arises from a sale to an Affiliate, from a sale on a bill-and-hold, guaranteed sale,
sale-or-return, sale-on-approval, consignment (other than Accounts arising from sales of Inventory
through an Approved Consignee), or other repurchase or return basis, or from a sale to a Person for
personal, family or household purposes;

     (n) it represents a progress billing or retainage;

     (o) it includes a billing for interest, fees or late charges, but ineligibility shall be
limited to the extent thereof;

     (p) with respect to Accounts of the European Borrower, the Accounts are subject to extended
retention of title arrangements (verlängerter Eigentumsvorbehalf) with respect to any part of the
Inventory or goods giving rise to such Account or similar arrangements under any applicable law or
that are subject to an enforceable restriction on assignment (other than with respect to accounts
of Account Debtors located in the United States);

12

 

     (r) with respect to Accounts of the European Borrower, Accounts with respect to which the
agreement evidencing such Accounts (i) are not governed by the laws of the Netherlands or any state
in the United States, or the laws of such other jurisdictions acceptable to the Administrative
Agent in its Permitted Discretion, (each, an “Acceptable Governing Law”) or (ii) if
governed by an Acceptable Governing Law, the additional requirements for inclusion of such Accounts
as Eligible Accounts, if any, set forth in writing by the Administrative Agent (as determined by
the Administrative Agent in its Permitted Discretion) and made available to the European Borrower
with respect to such Acceptable Governing Law (or the respective Accounts) are not satisfied; or

     (s) with respect to Accounts of the European Borrower, Accounts where the Account Debtor
either maintains its principal office or is organized under the laws of an Applicable Foreign
Jurisdiction and the additional requirements for inclusion of such Accounts as Eligible Accounts,
if any, set forth in writing by the Administrative Agent (as determined by the Administrative Agent
in its Permitted Discretion) and made available to the European Borrower with respect to such
Account Debtor in such Applicable Foreign Jurisdiction have not been satisfied; provided
that, in any event, with respect to Accounts where the Account Debtors either maintain their
principal office or are organized under the laws of South Africa, Israel, Hong Kong, Japan, Korea,
Taiwan or any other jurisdiction that is not (i) a member of the European Economic and Monetary
Union or (ii) party to the Brussels Convention, Lugano Convention or other similar treaty, the
aggregate amount of such Accounts that may be considered Eligible Accounts shall be limited to
$2,000,000.

     In calculating delinquent portions of Accounts under clauses (a) and (b), credit balances more
than 90 days old will be excluded.

     “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved
Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative
Agent and the L/C Issuer, and (ii) unless an Event of Default has occurred and is continuing,
Imation (each such approval not to be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include (x) the Borrowers or any of
the Borrowers’ Affiliates or Subsidiaries or (y) any Person that cannot (either directly or through
an Applicable Designee) lend to the European Borrower in US Dollars or Euros, in each case, except
as the Administrative Agent may otherwise specifically agree in writing; provided
further that, in each case, the respective assignee must qualify as a professional market
party (professionele marktpartij) under the Dutch Financial Supervision Act.

     “Eligible European Account” means an Eligible Account owned by the European Borrower.

     “Eligible European Inventory” means Eligible Inventory owned by the European Borrower
and maintained in Germany.

     “Eligible Inventory” means Inventory owned by a Borrowing Base Loan Party that the
Administrative Agent, in its Permitted Discretion, deems to be Eligible Inventory. Without
limiting the foregoing, no Inventory shall be Eligible Inventory unless it (a) is finished goods or
raw materials, and not work-in-process, packaging or shipping materials, labels, samples, display

13

 

items, bags, replacement parts or manufacturing supplies; (b) is not held on consignment
(other than with respect to an Approved Consignee, provided that the amount of all such consigned
Inventory with Approved Consignees that may be included as Eligible Inventory shall not exceed
$40,000,000 in the aggregate at any time) nor subject to any deposit or downpayment; (c) is in new
and saleable condition and is not damaged, defective, shopworn or otherwise unfit for sale; (d) is
not slow-moving, obsolete or unmerchantable, and does not constitute returned or repossessed goods;
(e) meets all standards imposed by any Governmental Authority, and does not constitute hazardous
materials under any Environmental Law; (f) conforms with the covenants and representations herein;
(g) is subject to the Administrative Agent’s duly perfected, first priority Lien, and no other
Lien, other than a Permitted Lien permitted pursuant to subsections (c) or (d) of Section
7.01; (h) is within an Applicable Eligible Jurisdiction, is not in transit except between
locations of the Borrowers, and is not consigned to any Person (except as permitted pursuant to
clause (b) immediately above); (i) is not subject to any warehouse receipt or negotiable Document;
(j) is not subject to any License or other arrangement that restricts such Borrower’s or the
Administrative Agent’s right to dispose of such Inventory, unless the Administrative Agent has
received an appropriate Lien Waiver; and (k) is not located on leased premises or in the possession
of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person,
unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent and Charges
Reserve has been established in the Administrative Agent’s Permitted Discretion; and (l) is
reflected in the details of a current perpetual inventory report.

     “Eligible Real Estate Assets” means the Real Estate located at 1 Imation Place,
Oakdale, Minnesota (a) which is owned in fee simple by one or more Loan Parties, (b) which is
subject to a valid, enforceable and first priority Lien in favor of the Administrative Agent
(subject to Permitted Liens permitted pursuant to subsections (c), (d), (g) or (h) of Section
7.01), (c) with respect to which all items required by Section 4.01 shall have been
completed and delivered to the Administrative Agent, (d) for which an environmental assessment has
been prepared and approved in accordance with clause (f) of the definition of Related Real Estate
Documents, and (e) which otherwise conforms to the representations, warranties and covenants
contained herein and which at all times continues to be acceptable to the Administrative Agent in
its Permitted Discretion.

     “Eligible US Account” means an Eligible Account owned by a US Borrowing Base Loan
Party.

     “Eligible US Inventory” means Eligible Inventory owned by a US Borrowing Base Loan
Party.

     “Enforcement Action” means any action to enforce any Obligations or Loan Documents or
to realize upon any Collateral (whether by judicial action, self-help, notification of Account
Debtors, exercise of setoff or recoupment, or otherwise).

     “Enterprises” has the meaning specified in the introductory paragraph hereto.

     “Environmental Agreement” means each agreement of the Loan Parties with respect to any
Real Estate subject to a Mortgage, pursuant to which the Loan Parties agree to indemnify

14

 

and hold harmless the Administrative Agent and the Lenders from liability under any
Environmental Laws.

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrowers, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “Environmental Notice” means a written notice from any Governmental Authority or other
Person of any possible noncompliance with, investigation of a possible violation of, litigation
relating to, or potential fine or liability under any Environmental Law, or with respect to any
Environmental Release, environmental pollution or hazardous materials, including any complaint,
summons, citation, order, claim, demand or request for correction, remediation or otherwise.

     “Environmental Release” a release as defined in CERCLA or under any other
Environmental Law.

     “Equity Payment Obligations” has the meaning set forth in the definition of
“Indebtedness.”

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Borrowers within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by Imation or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by Imation or any ERISA Affiliate from a Multiemployer
Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of
intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or
4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or
Multiemployer Plan; (e) an event or condition which

15

 

constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of
a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, upon Imation or any ERISA Affiliate.

     “Euro or €” means the lawful currency of the participating countries of the European
Economic and Monetary Union that adopted a single currency in accordance with the Maastricht
Treaty.

     “Euro Denominated Loan” means each European Borrower Loan denominated in Euros at the
time of the incurrence thereof.

     “Euro Equivalent” means, at any time, with respect to any amount denominated in US
Dollars, the equivalent amount thereof in Euros as determined by the Administrative Agent at such
time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for
the purchase of Euros with US Dollars.

     “Euro Extensions” has the meaning set forth in Section 3.07.

     “Eurocurrency Base Rate” means, at any time during a calendar month, a
fluctuating rate per annum equal to the British Bankers Association LIBOR Rate (“BBA
LIBOR”), as published by Reuters (or other commercially available source providing quotations
of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00
a.m., London time, on the first Business Day of that calendar month, for deposits in US Dollars or
Euros (for delivery on such Business Day) with a term equivalent to a one-month BBA LIBOR interest
period as determined on such Business Day, plus 1.0%. If such rate is not available at
such time for any reason, then “Eurocurrency Base Rate” at any time during a calendar month shall
be the rate per annum determined by Bank of America based upon various factors including Bank of
America’s cost of funds and desired return, general economic conditions and other factors.

     “Eurocurrency Base Rate Loan” means a Loan that bears interest based on the
Eurocurrency Base Rate.

     “Eurocurrency LIBOR Rate” has the meaning set forth in the definition of Eurocurrency
Rate.

     “Eurocurrency Rate” means for any Interest Period with respect to a Eurocurrency Rate
Loan, a rate per annum determined by the Administrative Agent pursuant to the following formula:

	 	 	 	 	 

	Eurocurrency Rate =

	 	 Eurocurrency LIBOR Rate	 	 
	 	 

	 	 
	 	 1.00 – Eurocurrency Reserve Percentage	 	 

     Where,

     “Eurocurrency LIBOR Rate” means, for such Interest Period, the rate per annum
equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by
Reuters (or other commercially available source providing quotations of BBA LIBOR as

16

 

designated by the Administrative Agent from time to time) at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period, for
deposits in US Dollars or Euros, as applicable (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period. If such rate is not
available at such time for any reason, then the “Eurocurrency LIBOR Rate” for such Interest
Period shall be the rate per annum determined by the Administrative Agent to be the rate at
which deposits in US Dollars or Euros, as applicable, for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan
being made, continued or converted by Bank of America and with a term equivalent to such
Interest Period would be offered by Bank of America’s London Branch (or other Bank of
America branch or Affiliate) to major banks in the London or other offshore interbank market
for such currency at their request at approximately 11:00 a.m. (London time) two Business
Days prior to the commencement of such Interest Period.

     “Eurocurrency Reserve Percentage” means, for any day during any Interest
Period, the reserve percentage (expressed as a decimal, carried out to five decimal places)
in effect on such day, whether or not applicable to any Lender, under regulations issued
from time to time by the FRB for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency
funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate for
each outstanding Eurocurrency Rate Loan shall be adjusted automatically as of the effective
date of any change in the Eurocurrency Reserve Percentage.

     “Eurocurrency Rate Loan” means (a) with respect to the US Borrower, a Dollar
Denominated Loan that bears interest at a rate based on the Eurocurrency Rate and (b) with respect
to the European Borrower, a Dollar Denominated Loan or a Euro Denominated Loan, as applicable, that
bears interest at a rate based on the Eurocurrency Rate.

     “European Accounts Formula Amount” means up to 85% of the Value of Eligible European
Accounts; provided, however, that such percentage shall be reduced by 1.0% for each
whole percentage point (or portion thereof) that the Dilution Percent exceeds 5.0%.

     “European Availability” means the amount by which (a) the lesser of (i) the European
Borrowing Base and (ii) the Total European Sublimit exceeds (b) European Outstandings.

     “European Borrower” has the meaning specified in the introductory paragraph hereto.

     “European Borrower Loan” has the meaning set forth in Section 2.01.

     “European Borrower Note” has the meaning specified in Section 2.10(a).

     “European Borrower Percentage” means the fraction (expressed as a percentage), the
numerator of which is the Total European Sublimit and the denominator of which is the Aggregate
Commitments.

17

 

     “European Borrowing Base” means on any date of determination, an amount equal to the
sum of the European Accounts Formula Amount, plus up to 85% of the NOLV Percentage of the
Value of Eligible European Inventory minus the Availability Reserve.

     “European Collateral” means all Property of the European Borrower described in any
Collateral Documents.

     “European Dominion Account” means a special account established by Borrowers at Bank
of America (London branch) or another bank acceptable to Administrative Agent in London, England,
over which Administrative Agent has exclusive control for withdrawal purposes.

     “European Honor Date” has the meaning set forth in Section 2.03(c)(i)(B).

     “European Letter of Credit Sublimit” means an amount equal to $25,000,000. The
European Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

     “European Letter of Credit” means any letter of credit issued hereunder for the
account of the European Borrower in Euros or US Dollars. A European Letter of Credit may be a
commercial letter of credit or a standby letter of credit.

     “European Obligations” means all advances to, and debts, liabilities, obligations,
covenants and duties of, the European Borrower arising under any Loan Document or otherwise with
respect to any European Borrower Loan, European Letter of Credit or Bank Product Debt, whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising (including Extraordinary Expenses) and interest and
fees that accrue after the commencement by or against the European Borrower or any Affiliate
thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

     “European Outstandings” means the aggregate Outstanding Amount of all Loans made to
the European Borrower and L/C Obligations with respect to European Letters of Credit.

     “European Security and Pledge Agreements” means each of the documents set forth on
Schedule 1.01(f) and all other documents, instruments and agreements now or hereafter
securing (or given with the intent to secure) any European Obligations.

     “European Swingline Loan” means any Borrowing of European Borrower Loans in US Dollars
or Euros at the Eurocurrency Base Rate funded with the Administrative Agent’s funds, until such
Borrowing is settled among the Lenders or repaid by the European Borrower.

     “European Unreimbursed Amount” has the meaning set forth in Section
2.03(c)(i)(B).

     “Event of Default” has the meaning specified in Section 8.01.

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     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of the
Borrowers hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar
tax imposed by any other jurisdiction in which the Borrowers are located and (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrowers under Section
10.14), any withholding tax that is imposed on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is
attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to
Section 3.01(a).

     “Existing Credit Agreement” means that certain Credit Agreement dated as of March 29,
2006, as amended, among the US Borrowers, Bank of America, as agent, and a syndicate of lenders.

     “Existing Letters of Credit” means the letters of credit specified in Schedule
1.01(e).

     “Extraordinary Expenses” means, collectively, all advances and out-of-pocket costs and
expenses that the Administrative Agent may make or incur during an Event of Default, or during the
pendency of an Insolvency Proceeding of a Loan Party, including those relating to (a) any audit,
inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or
advertising for sale, sale, collection, or other preservation of or realization upon any
Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against the
Administrative Agent, any Lender, any Loan Party, any representative of creditors of a Loan Party
or any other Person) in any way relating to any Collateral (including the validity, perfection,
priority or avoidability of the Administrative Agent’s Liens with respect to any Collateral), Loan
Documents, Letters of Credit or Obligations, including any lender liability or other claims; (c)
the exercise, protection or enforcement of any rights or remedies of the Administrative Agent in,
or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of any taxes,
charges or Liens with respect to any Collateral; (e) any Enforcement Action; (f) negotiation and
documentation of any modification, waiver, workout, restructuring or forbearance with respect to
any Loan Documents or Obligations; and (g) Protective Advances. Such costs, expenses and advances
include transfer fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation
and standby fees, reasonable legal fees, appraisal fees, brokers’ fees and commissions,
auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages and salaries
paid to employees of any Loan Party or independent contractors in liquidating any Collateral, and
travel expenses.

     “Facility Fee” means the fee payable pursuant to Section 2.08(a) herein.

19

 

     “FATCA” means Section 1471 through 1474 of the Code and any regulations or official
interpretations thereof.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve
Bank of New York on the Business Day next succeeding such day; provided that (a) if such
day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined
by the Administrative Agent.

     “Fee Letter” means that certain letter agreement dated as of July 27, 2010, among the
Borrowers, the Administrative Agent and the Arranger.

     “Financial Covenant Trigger Period” means the period (a) commencing on the day that
Liquidity is less than the greater of (i) $50,000,000 or (ii) 150% of the Current Real Estate
Amount, and (b) continuing until, during the preceding 30 consecutive days, no Event of Default has
existed and Liquidity has been greater than $75,000,000 at all times.

     “First-Tier Foreign Subsidiary” means any Foreign Subsidiary that is a direct
Subsidiary of one or more US Loan Parties.

     “Foreign Lender” means, in respect of any Borrower, any Lender that is organized under
the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For
purposes of this definition, the United States, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

     “Foreign Plan” means any employee benefit plan or arrangement (a) maintained or
contributed to by any Loan Party or Subsidiary that is not subject to the laws of the United
States; or (b) mandated by a government other than the United States for employees of any Loan
Party or Subsidiary.

     “Foreign Subsidiary” means any Subsidiary other than a Domestic Subsidiary.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Full Payment” means with respect to any Obligations, (a) the full and indefeasible
cash payment thereof (other than Bank Product Debt that is not yet due and owing), including any
interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed
in the proceeding); (b) if such Obligations are L/C Obligations, Bank Product Debt that is not yet
due and owing or inchoate or contingent in nature, Cash Collateralization thereof (or delivery of a
standby letter of credit acceptable to the Administrative Agent or the applicable Lender in its
discretion, in the amount of required Cash Collateral); and (c) a release of any claims of the Loan
Parties against the Administrative Agent, the Lenders, the L/C Issuer and

20

 

their respective representatives arising on or before the payment date, other than claims
arising out of the fraud, gross negligence or willful misconduct of such parties. No Loans shall
be deemed to have been paid in full until all Commitments related to such Loans have expired or
been terminated.

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

     “Governmental Authority” means any federal, state, municipal, foreign or other
governmental department, agency, commission, board, bureau, court, tribunal, instrumentality,
political subdivision, or other entity or officer exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions for or pertaining to any government or
court, in each case whether associated with the United States, a state, district or territory
thereof, or a foreign entity or government.

     “Granting Lender” has the meaning set forth in Section 10.06(h).

     “Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease Property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee
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 Guarantee 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. The term “Guarantee” as a verb has a corresponding
meaning.

21

 

     “Guarantors” means, collectively, (a) with respect to the US Obligations, each US
Guarantor and (b) with respect to the European Obligations, each US Loan Party.

     “Guaranty” means the Amended and Restated Guaranty made by the Guarantors in favor of
the Administrative Agent and the Lenders, substantially in the form of Exhibit E.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Imation” has the meaning specified in the introductory paragraph hereto.

     “Inactive Subsidiary” means, as of any time of determination, a Subsidiary that (a) is
either (i) the Imation Club of the U.S., Inc. or Imation Online Service Corp., or (ii) a Foreign
Subsidiary, (b) has at such time less than $100,000 in assets, and (c) is not at such time engaged
in any ongoing business.

     “Increase Effective Date” has the meaning set forth in Section 2.14(d).

     “Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     (a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     (b) all direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar
instruments;

     (c) net obligations of such Person under any Swap Contract;

     (d) all obligations of such Person to pay the deferred purchase price of Property or services
(other than trade accounts payable in the Ordinary Course of Business);

     (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on Property owned or
being purchased by such Person (including indebtedness arising under conditional sales or other
title retention agreements), whether or not such indebtedness shall have been assumed by such
Person or is limited in recourse;

     (f) capital leases and Synthetic Lease Obligations;

     (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any
payment in respect of any equity interest in such Person or any other Person, valued, in the case
of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends (“Equity Payment Obligations”); and

22

 

     (h) all Guarantees of such Person in respect of any of the foregoing.

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such
date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed
to be the amount of Attributable Indebtedness in respect thereof as of such date.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitee” has the meaning set forth in Section 10.04(b).

     “Initial Investment” has the meaning set forth in the definition of “Permitted
Acquisitions.”

     “Insolvency Proceeding” means (i) in relation to the US Borrowers only, any case or
proceeding commenced by or against a Person under any state, federal or foreign law for, or any
agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any
other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee,
liquidator, administrator, conservator or other custodian for such Person or any part of its
Property; or (c) an assignment or trust mortgage for the benefit of creditors or (ii) in relation
to the European Borrower only, (a) bankruptcy (faillissement), moratorium (surcéance van betaling)
or any other procedure having the effect that the entity to which it applies loses the free
management or ability to dispose of its property (irrespective of whether that procedure is
provisional or final); or (c) dissolution (ontbinding) or any other procedure having the effect
that the entity to which it applies ceases to exist.

     “Insurance Assignment” means, collectively, each collateral assignment of insurance
pursuant to which a Loan Party assigns to the Administrative Agent, for the benefit of Secured
Parties, such Loan Party’s rights under key-man life, business interruption or other insurance
policies as Administrative Agent deems appropriate in its Permitted Discretion, as security for the
Obligations.

     “Intellectual Property” means all intellectual and similar Property of a Person,
including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade
secrets, confidential or proprietary information, customer lists, know-how, software and databases;
all embodiments or fixations thereof and all related documentation, applications, registrations and
franchises; all licenses or other rights to use any of the foregoing; and all books and records
relating to the foregoing.

     “Intellectual Property Claim” means any written claim or assertion that a Borrower’s
or Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment,
Intellectual Property or other Property violates another Person’s Intellectual Property and such
claim or assertion could reasonably be expected to have a Material Adverse Effect.

23

 

     “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the
last day of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each
March, June, September and December and the Maturity Date.

     “Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on
the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency
Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the
Borrowers in a Loan Notice; provided that:

     (a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

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

     (c) no Interest Period shall extend beyond the Maturity Date.

     “Internal Control Event” means a material weakness in the design or operation of
Imation’s internal controls over financial reporting which is reasonably likely to adversely affect
Imation’s ability to record, process, summarize and report financial information, or fraud that
involves management or other employees who have a significant role in, Imation’s internal controls
over financial reporting, in each case as described in the Securities Laws.

     “Inventory” has the meaning set forth in the UCC, including all goods intended for
sale, lease, display or demonstration; all work in process; and all raw materials, and other
materials and supplies of any kind that are or could be used in connection with the manufacture,
printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise
used or consumed in a Borrower’s business (but excluding Equipment).

     “Inventory Formula Amount” means the lesser of (a) up to 65% of the Value of Eligible
US Inventory; or (b) up to 85% of the NOLV Percentage of the Value of Eligible US Inventory.

     “Inventory Reserve” means (a) with respect to the US Borrowing Base, reserves
established by the Administrative Agent in its Permitted Discretion to reflect factors that may
negatively impact the Value of Inventory of the US Borrowing Base Loan Parties, including change in
salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix,
markdowns, vendor chargebacks and any retention of title claims and (b) with respect to the
European Borrowing Base, reserves established by the Administrative Agent in its Permitted
Discretion to reflect factors that may negatively impact the Value of Inventory of the European
Borrower, including change in salability, obsolescence, seasonality, theft,

24

 

shrinkage, imbalance, change in composition or mix, markdowns, vendor chargebacks and any
retention of title claims.

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment.

     “Investment Property Control Agreement” shall mean an agreement in writing by and
among the Administrative Agent, any Loan Party (as the case may be) and any securities
intermediary, commodity intermediary or other person who has custody, control or possession of any
Investment Property of such Loan Party acknowledging that such securities intermediary, commodity
intermediary or other person has custody, control or possession of such Investment Property on
behalf of the Administrative Agent, that it will comply with entitlement orders originated by the
Administrative Agent with respect to such investment property, or other instructions of the
Administrative Agent, and has such other terms and conditions as the Administrative Agent may
require.

     “IP Rights” has the meaning set forth in Section 5.17.

     “IRS” means the United States Internal Revenue Service.

     “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice (or such later
version thereof as may be in effect at the time of issuance of such Letter of Credit).

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
any Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of
Credit.

     “Judgment Currency” has the meaning set forth in Section 10.25.

     “Joinder Agreement” means an agreement in substantially the form of Exhibit G.

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Pro Rata Share.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof.

25

 

     “L/C Documents” means all documents, instruments and agreements delivered by the
Borrowers or any other Person to the L/C Issuer or the Administrative Agent in connection with
issuance, amendment or renewal of, or payment under, any Letter of Credit.

     “L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder.

     “L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.07. For all purposes of this Agreement, if on any date of
determination a Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be
deemed to be “outstanding” in the amount so remaining available to be drawn.

     “L/C Rate” means (a) in respect of any day on which the Default Rate is in effect
pursuant to Section 2.07(b), the Applicable Rate in respect of Letters of Credit
plus 2% per annum, and (b) in respect of any other day, the Applicable Rate in respect of
Letters of Credit.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “Legal Reservations” means (a) the principle that equitable remedies may be granted or
refused at the discretion of a court, the limitation of enforcement by laws relating to insolvency,
reorganization and other laws generally affecting the rights of creditors; (b) the time barring of
claims under applicable limitation laws and defenses of set-off or counterclaim; and (c) any
general principles which are set out in the qualifications as to matters of law in any legal
opinion delivered under this Agreement.

     “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the L/C Issuer. Furthermore, with respect to (a) each provision of this
Agreement relating to the funding or participation in any Loans or Letters of Credit denominated in
Euros or the repayment or the reimbursement thereof by the Borrowers in connection therewith, (b)
any rights of set-off, (c) any rights of indemnification or expense reimbursement and (d) reserves,
capital adequacy or other provisions, each reference to a Lender shall be deemed to include such
Lender’s Applicable Designee. Notwithstanding the designation by any Lender of an Applicable
Designee, the Borrowers and the Administrative Agent shall be permitted to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement;
provided that each Applicable Designee shall be subject to the provisions obligating or
restricting Lenders under this Agreement.

26

 

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrowers and the Administrative Agent.

     “Letter of Credit” means any US Letter of Credit or European Letter of Credit, as
applicable.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is 30 days prior to the Maturity
Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

     “License” means any license or agreement under which a Loan Party is authorized to use
Intellectual Property in connection with any manufacture, marketing, distribution or disposition of
Collateral, any use of Property or any other conduct of its business.

     “Licensor” means any Person from whom a Loan Party obtains the right to use any
Intellectual Property.

     “Lien” means any mortgage, pledge, hypothecation, assignment (excluding any assignment
constituting a sale), deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement in the nature of a
security interest of any kind or nature whatsoever (including any conditional sale or other title
retention agreement, and any financing lease having substantially the same economic effect as any
of the foregoing), and any contingent or other agreement to provide any of the foregoing.

     “Lien Waiver” means an agreement, in form and substance satisfactory to the
Administrative Agent, by which (a) for any Collateral located on leased premises, the lessor waives
or subordinates any Lien it may have on the Collateral, and agrees to permit the Administrative
Agent to enter upon the premises and remove the Collateral or to use the premises to store or
dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper,
customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the
Collateral, agrees to hold any Documents in its possession relating to the Collateral as agent for
the Administrative Agent, and agrees to deliver the Collateral to the Administrative Agent upon
request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges
the Administrative Agent’s Lien, waives or subordinates any Lien it may have on the Collateral, and
agrees to deliver the Collateral to the Administrative Agent upon request; and (d) for any
Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to the
Administrative Agent the right, vis-à-vis such Licensor, to enforce the Administrative Agent’s
Liens with respect to the Collateral, including the right to dispose of it with the benefit of the
Intellectual Property, whether or not a default exists under any applicable License.

     “Liquidity” means the sum of (a) US Availability plus (b) unrestricted cash
and Cash Equivalents currently held by the Borrowers or their respective Subsidiaries and made
available to the Borrowers; provided, however, that, subject to the second proviso
below, for purposes of determining whether the Borrowers have sufficient Liquidity for any purpose
under this

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Agreement, at least $40,000,000 of Liquidity must be derived from US Availability and
unrestricted cash and Cash Equivalents held in the United States in one or more deposit accounts at
Bank of America or another U.S. financial institution acceptable to the Administrative Agent,
subject to one or more Deposit Account Control Agreements or Investment Property Control Agreements
with the Administrative Agent as the secured party thereto, each in form and substance satisfactory
to the Administrative Agent (collectively for all such accounts, the “Domestic Controlled
Cash”); and provided, further, that for purposes of determining whether the
Borrowers have sufficient Liquidity to exit a Financial Covenant Trigger Period pursuant to clause
(b) of the definition thereof, at least $65,000,000 of Liquidity must be derived from US
Availability and Domestic Controlled Cash.

     “Loan” means each European Borrower Loan, each US Borrower Loan, each Swingline Loan
and any advances made pursuant to Article II.

     “Loan Account” means the loan account established by each Lender on its books pursuant
to Section 2.10(c).

     “Loan Documents” means this Agreement, the Other Agreements, the Guaranty, the
Collateral Documents, the Fee Letter, and any certificate, including, without limitation, each
Borrowing Base Certificate and Compliance Certificate, executed by or on behalf of any Loan Party
hereunder.

     “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of US Borrower Loans
from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to
Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit
A.

     “Loan Parties” means, collectively, the Borrowers and each Guarantor.

     “Mandatory Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.01(m). 

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual or contingent),
condition (financial or otherwise) or prospects of the Borrowers and their Subsidiaries taken as a
whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under
any Loan Document to which it is a party; or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Loan Party of any Loan Document to which it
is a party.

     “Material Collateral” means Collateral with an aggregate value of $1,000,000 or more
for any single location of a Loan Party.

     “Material Contracts” means the agreements and contracts to which any Loan Party or any
of its Subsidiaries is party (a) that is deemed to be a material contract under any securities law
applicable to such Loan Party or its applicable Subsidiary, including the Securities Act of 1933;
(b) for which breach, termination, nonperformance or failure to renew could reasonably be expected
to have a Material Adverse Effect on the business, operations, properties, prospects or condition
(financial or otherwise) of any Loan Party or its applicable Subsidiary, taken as a

28

 

whole; or (c) that relates to Indebtedness for borrowed money in an aggregate amount of
$2,000,000 or more.

     “Material Environmental Liability” means any Environmental Liability that could
reasonably be expected to result in costs or expenses of $2,000,000 or more.

     “Maturity Date” means March 29, 2013.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

     “Mortgage” means each mortgage, deed of trust or deed to secure debt pursuant to which
a Loan Party grants to the Administrative Agent, for the benefit of Secured Parties, Liens upon the
Real Estate owned by such Loan Party, as security for the Obligations.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which Imation or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “Net Proceeds” means with respect to a Disposition, proceeds (including, when
received, any deferred or escrowed payments) received by a Loan Party in cash from such
disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection
therewith, including legal fees and sales commissions; (b) amounts applied to repayment of
Indebtedness secured by a Permitted Lien senior to Administrative Agent’s Liens on Collateral sold;
(c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer
needed.

     “NOLV Percentage” means the net orderly liquidation value of Inventory, expressed as a
percentage, expected to be realized at an orderly, negotiated sale held within a reasonable period
of time, net of all liquidation expenses, as determined from the most recent appraisal of a
Borrowing Base Loan Party’s Inventory performed by an appraiser and on terms satisfactory to the
Administrative Agent.

     “Non-Loan Party Subsidiary” means each Subsidiary of a Borrower that is not a Loan
Party.

     “Non-Material Intellectual Property” has the meaning set forth in the US Security and
Pledge Agreement.

     “Note” means a promissory note made by the US Borrowers or the European Borrower, as
applicable, in favor of a Lender evidencing Loans made by such Lender, substantially in the forms
of Exhibit B-1 and B-2, respectively.

     “Notice of Grant of Security Interests in Copyrights” means each notice of grant of
security interests in copyrights pursuant to which a Loan Party provides notice to the United
States Copyright Office that such Loan Party has assigned to the Administrative Agent, for the
benefit of Secured Parties, such Loan Party’s interests in its copyrights, as security for the

29

 

Obligations or such other applicable filing or registration as is necessary to accomplish the
same in the Netherlands, as applicable.

     “Notice of Grant of Security Interests in Patents” means each notice of grant of
security interests in patents pursuant to which a Loan Party provides notice to the United States
Patent and Trademark Office that such Loan Party has assigned to the Administrative Agent, for the
benefit of Secured Parties, such Loan Party’s interests in its patents, as security for the
Obligations or such other applicable filing or registration as is necessary to accomplish the same
in the Netherlands, as applicable.

     “Notice of Grant of Security Interests in Trademarks” means each notice of grant of
security interests in trademarks pursuant to which a Loan Party provides notice to the United
States Patent and Trademark Office that such Loan Party has assigned to the Administrative Agent,
for the benefit of Secured Parties, such Loan Party’s interests in its trademarks, as security for
the Obligations or such other applicable filing or registration as is necessary to accomplish the
same in the Netherlands, as applicable.

     “Obligations” means, collectively, the European Obligations and the US Obligations.

     “Ordinary Course of Business” means the ordinary course of business of any Borrower or
Subsidiary, consistent with past practices and undertaken in good faith.

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

     “Original Real Estate Base Amount” has the meaning specified in the definition of
“Real Estate Formula Amount”.

     “Other Agreement” means each Note; L/C Document; Lien Waiver; Environmental Agreement;
or other instrument or agreement (other than this Agreement or a Collateral Document) now or
hereafter delivered by a Loan Party or other Person to the Administrative Agent or a Lender in
connection with any transactions relating hereto.

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

     “Outstanding Amount” means (a) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or

30

 

repayments of Loans, as the case may be, occurring on such date; and (b) with respect to any
L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to
any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of
the L/C Obligations as of such date, including as a result of any reimbursements of outstanding
unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for
drawing under Letters of Credit taking effect on such date.

     “Overadvance” has the meaning set forth in Section 2.01(b).

     “Overadvance Loan” means a US Base Rate Loan made when an Overadvance exists or is
caused by the funding thereof.

     “Participant” has the meaning specified in Section 10.06(d).

     “Participating Member State” means each state so described in any legislative measures
of the European Council for the introduction of, changeover to or operation of a single or unified
European currency

     “Payment Item” means each check, draft or other item of payment payable to a Borrower,
including those constituting proceeds of any Collateral.

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by Imation or any ERISA Affiliate or to which Imation or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any time during the
immediately preceding five plan years.

     “Permitted Acquisitions” means the purchase or other acquisition of Property and
assets or businesses of any Person or of assets constituting a business unit, a line of business or
division of such Person, or equity interests in a Person that, upon the consummation thereof, will
be a Subsidiary of Imation (including as a result of a merger or consolidation); provided that,
with respect to each such purchase or other acquisition:

     (a) immediately before and immediately after giving pro forma effect to any such
purchase or other acquisition, no Default shall have occurred and be continuing;

     (b) a majority of all Property, assets and businesses acquired in such purchase or
other acquisition, if such acquisition is of a Person organized under the Laws of any
political subdivision of the United States or the assets are located in the United States
and acquired by a Loan Party, shall constitute Collateral and each applicable Loan Party and
any such newly created or acquired Domestic Subsidiary shall be a Guarantor and shall have
complied with the requirements of Section 6.13, within the times specified therein;

31

 

     (c) the acquired Property, assets, business or Person is in the same or substantially
the same line of business as Imation and its Subsidiaries, taken as a whole (or a business
that is reasonably related or ancillary thereto);

     (d) the board of directors (or similar governing body) of the Person to be so purchased
or acquired shall not have indicated publicly its opposition to the consummation of such
purchase or acquisition (which opposition has not been publicly withdrawn);

     (e) the total cash and noncash consideration paid by or on behalf of any Loan Party for
any such acquisition, when aggregated with the total cash and noncash consideration paid by
or on behalf of the Loan Parties for all other Permitted Acquisitions during such fiscal
year (including all transaction costs, and all Indebtedness (including earn-out payments and
similar obligations) incurred or assumed in connection with such acquisition and all such
other Permitted Acquisitions or otherwise reflected in the balance sheet of Imation and its
Subsidiaries on a consolidated basis) shall not exceed (i) $2,000,000 so long as none of
clauses (ii), (iii) or (iv) below are applicable, (ii) $5,000,000 so long as, in the case of
this clause (ii), pro forma US Availability for each day of the 30-day period immediately
preceding such acquisition, and on the date of such acquisition after giving effect thereto,
is at least $30,000,000, (iii) an amount equal to fifty percent (50%) of the lowest daily
pro forma US Availability for the 30-day period immediately preceding such acquisition so
long as, in the case of this clause (iii), (A) the pro forma Consolidated Fixed Charge
Coverage Ratio for the most recent Fiscal Quarter ended immediately prior to such
acquisition shall, after giving effect to such acquisition, be at least 1.20 to 1.00, (B)
pro forma US Availability for each day of the 30-day period immediately preceding such
acquisition, and on the date of such acquisition after giving effect thereto, is at least
$30,000,000 and (C) clause (iv) below is not applicable, and (iv) an unlimited amount so
long as, in the case of this clause (iv), pro forma Liquidity for each day of the 30-day
period immediately preceding such acquisition, and on the date of such acquisition after
giving effect thereto, is at least $100,000,000;

     (f) if the Inventory and Accounts acquired in connection with such acquisition are
proposed to be included in the determination of any Borrowing Base and the Administrative
Agent elects in its Permitted Discretion, the Administrative Agent shall have conducted an
audit and field examination with respect to such Accounts and an appraisal with respect to
such Inventory, in each case, to its satisfaction; and

     (g) as soon as available, but not less than fifteen (15) Business Days prior to the
closing of such acquisition, the Loan Parties shall submit to the Administrative Agent
notice of such acquisition and a certificate of the Chief Financial Officer or other
financial officer of the Borrower Agent, in form and substance reasonably satisfactory to
the Administrative Agent, (i) attaching copies of all business and financial information
reasonably requested by the Administrative Agent, (ii) certifying that all of the
requirements set forth in this definition, as applicable, have been satisfied or will be
satisfied on or prior to the consummation of such purchase or other acquisition and (iii) if
applicable (A) attaching pro forma financial statements demonstrating compliance with clause
(e)(ii) of this definition, (B) certifying that such pro forma financial statements

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present fairly in all material respects the financial condition of Imation and its
Subsidiaries on a consolidated basis as of the date thereof after giving effect to such
acquisition and setting forth reasonably detailed calculations demonstrating compliance with
the minimum Consolidated Fixed Charge Coverage Ratio set forth in clause (e)(ii)(A) of this
definition, and (C) setting forth reasonably detailed calculations demonstrating compliance
with the Liquidity requirement set forth in clause (e)(ii)(B) of this definition.

     “Permitted Discretion” means a determination made in good faith and in the exercise of
commercially reasonably business judgment.

     “Permitted Liens” has the meaning specified in Section 7.01.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by Imation or, with respect to any such plan that is subject to Section 412 of
the Code or Title IV of ERISA, any ERISA Affiliate.

     “Platform” has the meaning specified in Section 6.02.

     “Pledged Foreign Subsidiary” means a First-Tier Foreign Subsidiary that is a
wholly-owned Subsidiary, is not an Inactive Subsidiary and as to which (a) if the US Loan Party
holds more than 65% of the total Voting Stock, then up to 65% of the total Voting Stock thereof or
(b) if the US Loan Party holds less than 65% of the total Voting Stock, the aggregate of all such
Voting Stock thereof owned or held by a US Loan Party, in each case, has been pledged as collateral
for the Obligations to the Administrative Agent pursuant to documentation in form and substance
satisfactory to the Administrative Agent, together with such ancillary documents and opinions of
counsel as the Administrative Agent may request.

     “Pro Forma Basis” means, in connection with any calculation of Consolidated Fixed
Charge Coverage Ratio, the calculation thereof after giving effect on a pro forma basis to (a) the
sale or disposition of any assets constituting a business, division or product line of Imation or
any of its Subsidiaries (together, “Divestiture”) as if such Divestiture had occurred on
the first day of the relevant Subject Period, (b) the incurrence of any Indebtedness (other than
revolving Indebtedness, except to the extent the same is incurred to refinance other outstanding
Indebtedness or to finance a Permitted Acquisition) after the first day of the relevant Subject
Period as if such Indebtedness had been incurred (and the proceeds thereof applied) on the first
day of the relevant Subject Period, (c) the permanent repayment of any Indebtedness (other than
revolving Indebtedness except to the extent accompanied by a corresponding permanent commitment
reduction) after the first day of the relevant Subject Period as if such Indebtedness had been
retired or redeemed on the first day of the relevant Subject Period and/or (d) the Permitted
Acquisition, if any, then being consummated as well as any other Permitted Acquisition consummated
after the first day of the relevant Subject Period and on or prior to the date of the respective
Permitted Acquisition then being effected as if such Permitted Acquisition

33

 

had occurred on the first day of the relevant Subject Period, as the case may be, with the
following rules to apply in connection therewith:

     (i) all Indebtedness (x) (other than revolving Indebtedness, except to the extent same
is incurred to refinance other outstanding Indebtedness or to finance a Permitted
Acquisition) incurred or issued after the first day of the relevant Subject Period (whether
incurred to finance a Permitted Acquisition, to refinance Indebtedness or otherwise) shall
be deemed to have been incurred or issued (and the proceeds thereof applied) on the first
day of the respective Subject Period and remain outstanding through the date of
determination and (y) (other than revolving Indebtedness except to the extent accompanied by
a corresponding permanent commitment reduction) permanently retired or redeemed after the
first day of the relevant Subject Period shall be deemed to have been retired or redeemed on
the first day of the respective Subject Period and remain retired through the date of
determination;

     (ii) all Indebtedness assumed to be outstanding pursuant to preceding clause (i) shall
be deemed to have borne interest at (x) the rate applicable thereto, in the case of fixed
rate indebtedness, or (y) at the rate which would have been applicable thereto on the last
day of the respective Subject Period, in the case of floating rate Indebtedness (although
interest expense with respect to any Indebtedness for periods while same was actually
outstanding during the respective period shall be calculated using the actual rates
applicable thereto while same was actually outstanding); and

     (iii) in making any determination of Consolidated EBITDA for the purposes specified
above in this definition, pro forma effect shall be given to any Permitted Acquisition or
Divestiture consummated during the periods described above, with such Consolidated EBITDA to
be determined as if such Permitted Acquisition or Divestiture was consummated on the first
day of the relevant Subject Period, but without taking into account (in the case of any
Permitted Acquisition) any pro forma cost savings and expenses.

     “Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of
the Commitment of such Lender at such time and the denominator of which is the amount of the
Aggregate Commitments at such time; provided that if the commitment of each Lender to make
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02, then the Pro Rata Share of each Lender shall be determined based
on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect
to any subsequent assignments made pursuant to the terms hereof. The initial Pro Rata Share of
each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

     “Property” means any interest in any kind of property or asset, whether real, personal
or mixed, or tangible or intangible.

     “Protective Advances” has the meaning specified in Section 2.01(c).

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     “Real Estate” means all right, title and interest (whether as owner, lessor or lessee)
in any real Property or any buildings, structures, parking areas or other improvements thereon.

     “Real Estate Appraisal” shall mean that certain Appraisal of Real Property dated as of
April 21, 2009 and prepared by Cushman & Wakefield of Minnesota, Inc., Valuation Services, Capital
Markets Group, for the real property located at 1 Imation Place, Oakdale, Minnesota.

     “Real Estate Formula Amount” means the lesser of (a) 60% of the fair market value of
the Eligible Real Estate Assets determined pursuant to the Real Estate Appraisal (the “Original
Real Estate Base Amount”), provided, however, that the Original Real Estate
Base Amount shall be automatically reduced at the beginning of each month, commencing June 1, 2009,
by an amount equal to 1/84th of the Original Real Estate Base Amount (such amount as so
reduced being referred to in this Agreement as the “Current Real Estate Amount”) and (b)
$40,000,000.

     “Real Estate Value Reserve” means reserves established by the Administrative Agent in
its Permitted Discretion to reflect that sixty percent (60%) of the fair market value of the
Eligible Real Estate Assets as set forth in the most recent acceptable appraisal received by the
Administrative Agent with respect thereto has declined by more than the monthly amortization of the
Original Real Estate Base Amount.

     “Register” has the meaning set forth in Section 10.06(c).

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

     “Related Real Estate Documents” means with respect to any Real Estate subject to a
Mortgage, the following, in form and substance satisfactory to the Administrative Agent: (a) a
mortgagee title policy (or binder therefor) covering the Administrative Agent’s interest under the
Mortgage, in a form and amount and by an insurer acceptable to the Administrative Agent, which must
be fully paid on such effective date; (b) such assignments of leases, estoppel letters, attornment
agreements, consents, waivers and releases as the Administrative Agent may require with respect to
other Persons having an interest in the Real Estate; (c) a current, as-built survey of the Real
Estate containing a property description certified by a licensed surveyor, acceptable to the
Administrative Agent; (d) a flood plain certification and flood insurance in an amount, with
endorsements and by an insurer acceptable to the Administrative Agent, if the Real Estate is within
a flood plain; (e) a current appraisal of the Real Estate, prepared by an appraiser acceptable to
the Administrative Agent, and in form and substance satisfactory to the Administrative Agent; (f)
an environmental assessment, prepared by environmental engineers acceptable to the Administrative
Agent, and accompanied by such reports, certificates, studies or data as the Administrative Agent
may reasonably require, which shall all be in form and substance satisfactory to the Administrative
Agent; and (g) an Environmental Agreement and such other documents, instruments or agreements as
the Administrative Agent may reasonably require with respect to any environmental risks regarding
the Real Estate.

     “Rent and Charges Reserve” means (a) a reserve equal to the aggregate of (i) all past
due rent and other amounts owing by a US Borrowing Base Loan Party to any landlord,

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warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other
Person who possesses any Collateral or could by contract or applicable Law assert a Lien on any
Collateral; and (ii) the aggregate of at least three months rent and other charges that could be
payable to any such Person, unless it has executed a Lien Waiver and (b) a reserve equal to the
aggregate of (i) all past due rent and other amounts owing by the European Borrower to any
landlord, warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other
Person who possesses any Collateral or could by contract or applicable Law assert a Lien on any
Collateral; and (ii) the aggregate of at least three months rent and other charges that could be
payable to any such Person, unless it has executed a Lien Waiver.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30-day notice period has been waived.

     “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Loans, a Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of
Credit Application.

     “Required Consignee Documentation” means, with respect to any consignee, (a) a
fully-executed copy of the current consignment agreement between the applicable US Loan Party and
such consignee, (b) a fully-executed consignment UCC filing authorization agreement in form and
substance satisfactory to the Administrative Agent by and between the applicable Loan Party and
such consignee, (c) satisfactory evidence that a UCC-1 financing statement naming such consignee as
debtor, the applicable US Loan Party as secured party, and the Inventory subject to the respective
consignment as the collateral, and in all respects satisfactory to the Administrative Agent in its
discretion, has been filed in the proper filing office, (d) evidence that a UCC-3 financing
statement amendment has been filed with respect to the financing statement described in clause (c)
above, assigning the rights of the applicable US Loan Party, as secured party, to the
Administrative Agent, (e) notice of the applicable US Loan Party’s interest, and the Administrative
Agent’s security interest, in the consigned Inventory shall have been delivered to each Person with
a perfected Lien in the Inventory of such consignee and (f) all other documents, instruments,
certificates and agreements as the Administrative Agent may reasonably require with regard to such
consignee.

     “Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings
(with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations being deemed “held” by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

     “Responsible Officer” means the chief executive officer, chief financial officer,
president, vice president, treasurer, assistant treasurer or corporate controller of a Loan Party.
Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or

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other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other Property) with respect to any capital stock or other equity interest of the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other Property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other equity interest, or on
account of any return of capital to the Borrower’s stockholders, partners or members (or the
equivalent Person thereof).

     “Restrictive Agreement” means an agreement (other than a Loan Document) that
conditions or restricts the right of any Borrower, Subsidiary or other Loan Party to incur or repay
borrowed money, to grant Liens on any assets, to declare or make distributions, to modify, extend
or renew any agreement evidencing borrowed money, or to repay any intercompany Indebtedness.

     “Revaluation Date” means (a) with respect to any Euro Denominated Loan, each of the
following: (i) each date of a Borrowing of such Loan, (ii) each date of a continuation of such
Loan pursuant to Section 2.02, and (iii) such additional dates as the Administrative Agent
shall determine, in its Permitted Discretion, or the Required Lenders shall require, and (b) with
respect to any Letter of Credit denominated in Euros, each of the following: (i) each date of
issuance of such Letter of Credit, (ii) each date of an amendment of such Letter of Credit having
the effect of increasing the amount thereof (solely with respect to the increased amount), (iii)
each date of any payment by the L/C Issuer under such Letter of Credit, and (iv) such additional
dates as the Administrative Agent, in its Permitted Discretion, or the L/C Issuer, in its Permitted
Discretion, shall determine or the Required Lenders shall require.

     “Royalties” means all royalties, fees, expense reimbursement and other amounts payable
by a Borrower under a License.

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

     “Same Day Funds” means (a) with respect to disbursements and payments in US Dollars,
immediately available funds, and (b) with respect to disbursements and payments in Euros, same day
or other funds as may be determined by the Administrative Agent or the L/C Issuer, as the case may
be, to be customary in the place of disbursement or payment for the settlement of international
banking transactions in Euros.

     “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Secured Parties” means the Administrative Agent, the L/C Issuer, the Lenders and the
providers of Bank Products.

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     “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the SEC or the Public Company Accounting
Oversight Board, as each of the foregoing may be amended and in effect on any applicable date
hereunder.

     “Security Agreements” means the US Security and Pledge Agreement and the European
Security and Pledge Agreements.

     “Significant Inventory Locations” has the meaning set forth in Section 6.14.

     “Solvent” means, when used with respect to any Person, that at the time of
determination:

     (a) the assets of such Person, at a fair valuation, are in excess of the total amount
of its debts (including, without limitation, contingent liabilities); and

     (b) the present fair saleable value of its assets is greater than its probable
liability on its existing debts as such debts become absolute and matured; and

     (c) it is then able and expects to be able to pay its debts (including, without
limitation, contingent debts and other commitments) as they mature; and

     (d) it has capital sufficient to carry on its business as conducted and as proposed to
be conducted.

For purposes of determining whether a Person is Solvent, (x) the amount of any contingent liability
shall be computed as the amount that, in light of all the facts and circumstances existing at such
time, represents the amount that can reasonably be expected to become an actual or matured
liability, and (y) the value of rights of contribution from other Solvent entities shall be
included.

     “SPC” has the meaning set forth in Section 10.06(h).

     “Spot Rate” for a currency means the rate determined by the Administrative Agent or
the L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the
spot rate for the purchase by such Person of such currency with another currency through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days
prior to the date as of which the foreign exchange computation is made; provided that the
Administrative Agent or the L/C Issuer may obtain such spot rate from another financial institution
designated by the Administrative Agent or the L/C Issuer if the Person acting in such capacity does
not have as of the date of determination a spot buying rate for any such currency; and
provided further that the L/C Issuer may use such spot rate quoted on the date as
of which the foreign exchange computation is made in the case of any Letter of Credit denominated
in Euros. 

     “Subject Period” means, as of any date of determination for any Person, the trailing
twelve fiscal month period of such Person ending on such date.

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     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of a Borrower.

     “Super-Majority Lenders” means, as of any date of determination, Lenders having more
than 66 2/3% of the Aggregate Commitments or, if the commitment of each
Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 66
2/3% of the Total Outstandings (with the aggregate amount of each Lender’s
risk participation and funded participation in L/C Obligations being deemed “held” by such Lender
for purposes of this definition); provided that the Commitment of, and the portion of the
Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Super-Majority Lenders.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

     “Swingline Loans” means, collectively, US Swingline Loans and European Swingline
Loans.

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     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of Property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

     “TARGET Day” means any day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be
operative, such other payment system (if any) determined by the Administrative Agent to be a
suitable replacement) is open for the settlement of payments in Euro.

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

     “Threshold Amount” means $25,000,000.

     “Total Availability” means, collectively, US Availability and European Availability.

     “Total Borrowing Base” means the sum of the US Borrowing Base and the European
Borrowing Base.

     “Total European Sublimit” means an amount equal to the US Dollar Equivalent of
$50,000,000.

     “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.

     “Total US Sublimit” means an amount equal to $150,000,000.

     “Type” means, with respect to a US Borrower Loan, its character as a US Base Rate Loan
or a Eurocurrency Rate Loan.

     “UCC” means the Uniform Commercial Code as in effect in the State of New York or, when
the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform
Commercial Code of such jurisdiction.

     “UFCA” has the meaning set forth in Section 10.21.

     “UFTA” has the meaning set forth in Section 10.21.

     “Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
412 of the Code for the applicable plan year.

     “United States” and “U.S.” mean the United States of America.

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     “US Accounts Formula Amount” means up to 85% of the Value of Eligible US Accounts;
provided, however, that such percentage shall be reduced by 1.0% for each whole
percentage point (or portion thereof) that the Dilution Percent exceeds 5.0%.

     “US Availability” means the amount by which (a) the lesser of (i) the US Borrowing
Base and (ii) the Total US Sublimit exceeds (b) US Outstandings.

     “US Base Rate” means, for any day, a fluctuating rate per annum equal to
the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in
effect for such day as publicly announced from time to time by Bank of America as its “prime rate”
and (c) Eurocurrency Rate for a 30 day Interest Period as determined on such day, plus
1.0%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank
of America’s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America shall take effect at the opening of
business on the day specified in the public announcement of such change.

     “US Base Rate Loan” means a Loan that bears interest based on the US Base Rate.

     “US Borrower Loan” has the meaning set forth in Section 2.01.

     “US Borrower Note” has the meaning specified in Section 2.10(a).

     “US Borrowers” has the meaning specified in the introductory paragraph hereto.

     “US Borrowing Base” means on any date of determination, an amount equal to the sum of
the US Accounts Formula Amount, plus the Inventory Formula Amount, plus the Real
Estate Formula Amount minus the Availability Reserve.

     “US Borrowing Base Loan Party” means each US Borrower and each other US Loan Party
whose assets are included, from time to time in the discretion of the Administrative Agent, as
Eligible US Inventory or Eligible US Accounts.

     “US Collateral” means all Property of the US Loan Parties described in any Collateral
Documents.

     “US Dollar” and “$” mean lawful money of the United States.

     “US Dollar Equivalent” means at any time (a) as to any amount denominated in US
Dollars, the amount thereof at such time, and (b) as to any amount denominated in Euros, the
equivalent amount in US Dollars calculated by the Administrative Agent at such time on the basis of
the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of US
Dollars with Euros.

     “US Dominion Account” means a special account established by Borrowers at Bank of
America or another bank acceptable to Administrative Agent in the United States, over which
Administrative Agent has exclusive control for withdrawal purposes.

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     “US Guarantors” means, collectively, each Domestic Subsidiary (other than an Inactive
Subsidiary) of either of the US Borrowers (a) whose name appears on the signature page of the
Guaranty, or (b) that has executed a Joinder Agreement pursuant to Section 6.13.

     “US Honor Date” has the meaning set forth in Section 2.03(c)(i)(A).

     “US Letter of Credit” means any letter of credit issued hereunder for the account of
the US Borrowers in US Dollars or Euros and shall include the Existing Letters of Credit. A US
Letter of Credit may be a commercial letter of credit or a standby letter of credit.

     “US Letter of Credit Sublimit” means an amount equal to $75,000,000. The US Letter of
Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

     “US Loan Parties” means, collectively, the US Borrowers and the US Guarantors.

     “US Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any US Loan Party arising under any Loan Document or otherwise with respect to any
Loan, Letter of Credit or Bank Product Debt, whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or hereafter arising
(including Extraordinary Expenses) and interest and fees that accrue after the commencement by or
against any US Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees
are allowed claims in such proceeding.

     “US Outstandings” means the aggregate Outstanding Amount of all Loans made to the US
Borrowers and L/C Obligations with respect to US Letters of Credit.

     “US Security and Pledge Agreement” means the Amended and Restated Security and Pledge
Agreement executed by the US Loan Parties in favor of the Administrative Agent and the Lenders,
substantially in the form of Exhibit H.

     “US Swingline Loan” means any Borrowing of US Borrower Loans in US Dollars at the US
Base Rate funded with the Administrative Agent’s funds, until such Borrowing is settled among the
Lenders or repaid by the US Borrowers.

     “US Unreimbursed Amount” has the meaning set forth in Section 2.03(c)(i)(A).

     “Value” means (a) for Inventory, its value determined on the basis of the lower of
cost or market, calculated on a first-in, first-out basis, and excluding any portion of cost
attributable to intercompany profit among the Borrowers and their Affiliates; and (b) for an
Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest
terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or
could be claimed by the Account Debtor or any other Person.

     “Voting Stock” means securities, ownership interests or membership interests of any
class or classes of a business entity, the holders of which are ordinarily, in the absence of
contingencies, (a) entitled to elect a majority of the corporate directors (or Persons performing
similar functions), if such entity is a corporation, (b) entitled to cast a majority of the votes
on the

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general business matters of such entity, or (c) entitled to act as the sole general partner or
sole manager, or entitled to elect the manager or managing partner of such entity.

     1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

     (a) 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, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan
Document, shall be construed to refer to such Loan Document in its entirety and not to any
particular provision thereof, (iv) all references in a Loan Document to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law or regulation shall, unless otherwise specified, refer to
such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.

     (b) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and
including.”

     (c) All calculations of Value, fundings of Loans, issuances of Letters of Credit and payments
of Obligations shall be in US Dollars or Euros, as applicable, and, unless the context otherwise
requires, all determinations (including calculations of Borrowing Base and financial covenants)
made from time to time under the Loan Documents shall be made in light of the circumstances
existing at such time and shall be stated in US Dollars. Borrowing Base calculations shall be
consistent with historical methods of valuation and calculation, and otherwise satisfactory to the
Administrative Agent in its Permitted Discretion (and not necessarily calculated in accordance with
GAAP).

     (d) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03 Accounting Terms.

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     (a) All accounting terms not specifically or completely defined herein shall be construed in
conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner
consistent with that used in preparing the Audited Financial Statements and using the same
inventory valuation method as used in such financial statements, except as otherwise
specifically prescribed herein.

     (b) If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrowers or the Required Lenders shall
so request, the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change
in GAAP (subject to the approval of the Required Lenders); provided that, until so
amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein and (ii) the Borrowers shall provide to the Administrative Agent and the
Lenders financial statements and other documents required under this Agreement or as reasonably
requested hereunder (such request to be made no later than the later of 6 months after the date of
the applicable financial statement or the end of the fiscal year pertaining to such financial
statement) setting forth a reconciliation between calculations of such ratio or requirement made
before and after giving effect to such change in GAAP.

     1.04 Rounding. Any financial ratios required to be maintained by the Borrowers pursuant to
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-up if there is no
nearest number).

     1.05 References to Agreements and Laws. Unless otherwise expressly provided herein, (a)
references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any
Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting such Law.

     1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Pacific Time (daylight or standard, as applicable).

     1.07 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of
Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at
such time; provided, however, that with respect to any Letter of Credit that, by
its terms or the terms of any Issuer Document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

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     1.08 Uniform Commercial Code. As used herein, the following terms are defined in accordance
with the UCC in effect in the State of New York from time to time: “Chattel Paper,” “Commercial
Tort Claim,” “Deposit Account,” “Document,” “Equipment,” “General Intangibles,” “Goods,”
“Instrument,” “Investment Property,” “Letter-of-Credit Right” and “Supporting Obligation.”

     1.09 Exchange Rates; Currency Equivalents; Applicable Currency.

          (a) For purposes of this Agreement, references to the applicable outstanding amount of Loans,
Letters of Credit, Total Outstandings or L/C Obligations shall be deemed to refer to the US Dollar
Equivalent thereof.

          (b) For purposes of this Agreement, the US Dollar Equivalent of any Loans, Letters of Credit,
other Obligations and other references to amounts denominated in Euros or the lawful currency of
any Applicable Foreign Jurisdiction shall be determined in accordance with the terms of this
Agreement in respect of the most recent Revaluation Date. Such US Dollar Equivalent shall become
effective as of such Revaluation Date for such Loans, Letters of Credit and other Obligations and
shall be the US Dollar Equivalent employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur for such Loans, Letters of Credit and other
Obligations. Except as otherwise expressly provided herein, the applicable amount of any currency
for purposes of the Loan Documents (including for purposes of financial statements and all
calculations in connection with financial covenants and the Borrowing Base) shall be the US Dollar
Equivalent thereof.

          (c) Wherever in this Agreement in connection with a borrowing, conversion, continuation or
prepayment of an Loan or the issuance, amendment or extension of a Letter of Credit, an amount,
such as a required minimum or multiple amount, is expressed in US Dollars, but such Loan or Letter
of Credit is denominated in Euros, such amount shall be the relevant Euro Equivalent of such US
Dollar amount (rounded to the nearest Euro, with 0.5 of a unit being rounded upward), as determined
by the Administrative Agent or the L/C Issuer, as the case may be.

          (d) For purposes of this Agreement, all repayments, prepayments or reimbursements with respect
to Loans, Letters of Credit and other Obligations shall be made in the currency applicable to such
Advance, Letter of Credit or other Obligation except as otherwise provided herein.

          (e) For purposes of this Agreement, Mandatory Cost shall be added to the applicable interest
rate for any Loan which is lent from a Lending Office in the United Kingdom or a Participating
Member State.

     1.10 Dutch Terms. In this Agreement, a reference to:

          (a) a “board of directors” means a managing board (bestuur) when the European Borrower is
concerned; and

          (b) a “director” means a managing director (bestuurder) when the European Borrower is
concerned.

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ARTICLE II.

THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01 Loans; Advances.

     (a) Loans. Subject to the terms and conditions set forth herein, each Lender
severally agrees to make (i) loans to the US Borrowers from time to time in US Dollars (each such
loan, a “US Borrower Loan”) and (ii) loans to the European Borrower from time to time in
Euros or US Dollars (each such loan, a “European Borrower Loan”), in each case on any
Business Day during the Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Commitment; provided, however, that after
giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the lesser of (A) the
Aggregate Commitments and (B) the Total Borrowing Base, and (ii) the aggregate Outstanding Amount
of the Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of
all L/C Obligations, shall not exceed such Lender’s Commitment. In no event shall Lenders have any
obligation to honor a request for (1) a US Borrower Loan if the unpaid balance of US Borrower Loans
and L/C Obligations with respect to US Letters of Credit outstanding at such time (including the
requested US Borrower Loan) would exceed the lesser of (x) the Total US Sublimit and (y) the US
Borrowing Base or (2) a European Borrower Loan if the unpaid balance of European Borrower Loans and
L/C Obligations with respect to European Letters of Credit outstanding at such time (including the
requested European Borrower Loan) would exceed the lesser of (x) the Total European Sublimit and
(y) the European Borrowing Base. Within the limits of each Lender’s Commitment, and subject to the
other terms and conditions hereof, the Borrowers may borrow under this Section 2.01, prepay
under Section 2.04, and reborrow under this Section 2.01. Loans may be made (a) in
the case of US Borrower Loans, at the option of the US Borrowers, as US Base Rate Loans or
Eurocurrency Rate Loans, in each case in US Dollars and (b) in the case of European Borrower Loans,
at the option of the European Borrower, as Eurocurrency Rate Loans in US Dollars or Euros, in each
case as further provided herein. In addition to the foregoing, certain Loans may be made to the
Borrowers to the extent they are deemed to be made in accordance with Sections 2.02(c),
2.02(g), 2.03(c)(i)(B), 2.03(c)(ii), 3.02, 3.03 and
3.07.

     (b) Overadvances. If the Total Outstandings exceed the Total Borrowing Base at any
time or if the US Outstandings exceed the US Borrowing Base at any time (a “US
Overadvance”) or if the European Outstandings exceed the European Borrowing Base at any time (a
“European Overadvance”; and together with the US Overadvances, each an
“Overadvance”), in each case the excess amount shall be payable by the Borrowers on demand
to the Administrative Agent, but the excess amount of the Total Outstandings shall nevertheless
constitute Obligations secured by the Collateral and entitled to all benefits of the Loan
Documents; provided that the European Borrower shall not be required to pay any Overadvance
other than a European Overadvance. Unless its authority has been revoked in writing by Required
Lenders, the Administrative Agent may require the Lenders to honor requests for Overadvance Loans
and to forbear from requiring the Borrowers to cure an Overadvance, (i) when no other Event of
Default is known to the Administrative Agent, as long as (A) the Overadvance does not continue for
more than 30 consecutive days (and no Overadvance may exist for at least five consecutive days
thereafter before further Overadvance Loans are required), and (B) the Overadvance is not known by
the Administrative Agent to (1) exceed 10% of the Total Borrowing Base or (2) with respect to the
US Outstandings, to exceed 10% of the US

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Borrowing Base or (3) with respect to the European Outstandings, to exceed 10% of the European
Borrowing Base; and (ii) regardless of whether an Event of Default exists, if the Administrative
Agent discovers an Overadvance not previously known by it to exist, as long as from the date of
such discovery the Overadvance (A) is not increased by more than $5,000,000, and (B) does not
continue for more than 30 consecutive days. Notwithstanding the foregoing, in no event shall
Overadvance Loans be requested that would cause the Total Outstandings to exceed the Aggregate
Commitments or the US Outstandings to exceed the Total US Sublimit or the European Outstandings to
exceed the Total European Sublimit. Any funding of an Overadvance Loan or sufferance of an
Overadvance shall not constitute a waiver by the Administrative Agent or the Lenders of the Event
of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a
beneficiary of this Section nor authorized to enforce any of its terms.

     (c) Protective Advances. The Administrative Agent shall be authorized, in its
discretion, at any time that any conditions in Section 4.02 are not satisfied, to make US
Base Rate Loans (“Protective Advances”) (i) up to an aggregate amount of $10,000,000
outstanding at any time, if the Administrative Agent deems such Loans necessary or desirable to
preserve or protect Collateral, or to enhance the collectability or repayment of Obligations; or
(ii) to pay any other amounts chargeable to the Loan Parties under any Loan Documents, including
costs, fees and expenses; provided that the European Borrower shall only be required to pay
the portion of any Protective Advance relating to the European Collateral or the collectability or
repayment of the European Obligations. Each Lender shall participate in each Protective Advance in
accordance with its Pro Rata Share; provided, that, to the extent that any Lender has not
participated in any Protective Advance, the Administrative Agent shall be entitled to reimbursement
of such outstanding amounts as an expense item. Notwithstanding the foregoing, in no event shall
the Administrative Agent be authorized to make any Protective Advance if, after giving effect to
each Lender’s participation in such Protective Advance, the Total Outstandings will exceed the
Aggregate Commitments or the US Outstandings will exceed the Total US Sublimit or the European
Outstandings will exceed the Total European Sublimit. The Required Lenders may at any time revoke
the Administrative Agent’s authority to make further Protective Advances by written notice to the
Administrative Agent. Absent such revocation, the Administrative Agent’s determination that
funding of a Protective Advance is appropriate shall be conclusive.

     2.02 Borrowings, Conversions and Continuations of Loans.

     (a) (i) Borrowings. Each Borrowing shall be made upon the Borrower Agent’s
irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice
must be received by the Administrative Agent (x) with respect to US Borrower Loans, not later than
8:00 a.m. (Pacific time) (I) three Business Days prior to the requested date of any Borrowing of
Eurocurrency Rate Loans, and (II) on the requested date of any Borrowing of US Base Rate Loans or
US Swingline Loans and (y) with respect to European Borrower Loans, not later than 11:00 a.m.
(London time) (I) three Business Days prior to the requested date of any Borrowing of Eurocurrency
Rate Loans and (II) on the requested date of any Borrowing of European Swingline Loans. Each
telephonic notice by the Borrower Agent pursuant to this Section 2.02(a)(i) must be
confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately
completed and signed by a Responsible Officer of the

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Borrower Agent. Each Borrowing of Eurocurrency Rate Loans shall be in a principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in
Section 2.03(c), each Borrowing of Base Rate Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic
or written) shall specify (A) the applicable Borrower or Borrowers, (B) the requested date of the
Borrowing (which shall be a Business Day), (C) the principal amount of Loans to be borrowed,
(D) with respect to the European Borrower only, whether the Borrowing is to be a Dollar Denominated
Loan or a Euro Denominated Loan and, in each case, whether it is to be made as a Eurocurrency Rate
Loan or a European Swingline Loan, (E) with respect to the US Borrowers only, whether the Borrowing
is to be a Eurocurrency Rate Loan, US Base Rate Loan or US Swingline Loan and (F) in the case of a
Eurocurrency Rate Loan, the duration of the Interest Period with respect thereto. If the Borrower
Agent requests a Borrowing of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify
an Interest Period, it will be deemed to have specified an Interest Period of one month. If the
Borrower Agent, on behalf of either of the US Borrowers, fails to specify the type of US Borrower
Loan in a Loan Notice, then the applicable US Borrower Loans shall be made as US Base Rate Loans.
If the European Borrower fails to specify the type of European Borrower Loan in a Loan Notice, then
the European Borrower shall be deemed to have requested a Borrowing of Eurocurrency Rate Loans in
US Dollars.

     (ii) Conversions and Continuations of Loans. Each conversion of US Borrower
Loans (other than US Swingline Loans) from one Type to the other, and each continuation of
Eurocurrency Rate Loans shall be made upon the Borrower Agent’s irrevocable notice to the
Administrative Agent, which may be given by telephone. Each such notice must be received by
the Administrative Agent (x) with respect to US Borrower Loans (other than US Swingline
Loans), not later than 8:00 a.m. (Pacific time) three Business Days prior to the requested
date of any conversion to or continuation of Eurocurrency Rate Loans or of any conversion of
the US Borrowers’ Eurocurrency Rate Loans to US Base Rate Loans and (y) with respect to
European Borrower Loans, not later than 11:00 a.m. (London time) three Business Days prior
to the requested date of any continuation of Eurocurrency Rate Loans. Each telephonic
notice by the Borrower Agent pursuant to this Section 2.02(a)(ii) must be confirmed
promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately
completed and signed by a Responsible Officer of the Borrower Agent. Each conversion to or
continuation of Eurocurrency Rate Loans, as applicable, shall be in a principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in
Section 2.03(c), each conversion to Base Rate Loans shall be in a principal amount
of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether
telephonic or written) shall specify (A) the applicable Borrower or Borrowers, (B) whether
the Borrower is requesting a conversion of US Borrower Loans from one Type to the other, or
a continuation of Eurocurrency Rate Loans, (C) the requested date of the conversion or
continuation, as the case may be (which shall be a Business Day), (D) the principal amount
of Loans to be converted or continued, (E) with respect to the US Borrowers only, the Type
of Loans to which existing Loans are to be converted, and (F) if applicable, the duration of
the Interest Period with respect thereto. If the Borrower Agent, on behalf of either of the
US Borrowers, fails to specify a Type of US Borrower Loan in a Loan Notice or if the
Borrower Agent fails to give a timely notice requesting a conversion or continuation, then
the applicable US Borrower Loans shall be converted to

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US Base Rate Loans. Any such automatic conversion to US Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect to the
applicable Eurocurrency Rate Loans. If the Borrower Agent requests a conversion to, or
continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify an
Interest Period, it will be deemed to have specified an Interest Period of one month.

     (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Pro Rata Share of the applicable Loans, and if no timely notice of a
conversion or continuation is provided by the Borrower Agent, the Administrative Agent shall notify
each Lender of the details of any automatic conversion to US Base Rate Loans described in the
preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan
available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not
later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing
is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all
funds so received available to the Borrowers in like funds as received by the Administrative Agent
either by (i) crediting the account of the Borrowers on the books of Bank of America with the
amount of such funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower
Agent; provided, however, that if, on the date the Loan Notice with respect to such
Borrowing is given by the Borrower Agent, there are L/C Borrowings outstanding, then the proceeds
of such Borrowing shall be applied, first, to the payment in full of any L/C Borrowings, and
second, to the Borrowers as provided above.

     (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or, if it
is a US Borrower Loan, converted only on the last day of an Interest Period for such Eurocurrency
Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or
continued as Eurocurrency Rate Loans without the consent of the Required Lenders. During the
existence of a Default, unless the Required Lenders consent, (i) all Eurocurrency Rate Loans which
are Dollar Denominated Loans shall be converted to US Base Rate Loans and (ii) all Eurocurrency
Rate Loans which are Euro Denominated Loans shall be converted to Eurocurrency Base Rate Loans.

     (d) The Administrative Agent shall promptly notify the Borrower Agent and the Lenders of the
interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of
such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent shall
be conclusive in the absence of manifest error. At any time that US Base Rate Loans are
outstanding, the Administrative Agent shall notify the Borrower Agent and the Lenders of any change
in Bank of America’s prime rate used in determining the US Base Rate promptly following the public
announcement of such change.

     (e) After giving effect to all Borrowings, all conversions of US Borrower Loans from one Type
to the other, and all continuations of Eurocurrency Rate Loans, there shall not be more than five
Interest Periods in effect with respect to US Borrower Loans and five Interest Periods in effect
with respect to European Borrower Loans.

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     (f) Unless payment is otherwise timely made by the US Borrowers, the becoming due of any US
Obligations (whether principal, interest, fees or other charges, including Extraordinary Expenses,
L/C Obligations, Cash Collateral and Bank Product Debt) shall be deemed to be a request by the US
Borrowers for US Base Rate Loans on the due date, in the amount of such US Obligations. The
proceeds of such Loans shall be disbursed as direct payment of the relevant US Obligation. In
addition, during any Cash Dominion Trigger Period, Administrative Agent may, at its option, charge
such US Obligations against any operating, investment or other account of a US Borrower maintained
with Administrative Agent or any of its Affiliates.

     (g) Unless payment is otherwise timely made by the European Borrower, the becoming due of any
European Obligations (whether principal, interest, fees or other charges, including Extraordinary
Expenses, L/C Obligations, Cash Collateral and Bank Product Debt) shall be deemed to be a request
for a European Swingline Loan, in the applicable currency, on the due date, in the amount of such
European Obligations. The proceeds of such Loans shall be disbursed as direct payment of the
relevant European Obligation. In addition, during any Cash Dominion Trigger Period, Administrative
Agent may, at its option, charge such European Obligations against any operating, investment or
other account of the European Borrower maintained with Administrative Agent or any of its
Affiliates.

     (h) If US Borrowers establish one or more controlled disbursement accounts in the United
States with Administrative Agent or any Affiliate of Administrative Agent, then the presentation
for payment of any check or other item of payment drawn on such account at a time when there are
insufficient funds to cover it shall be deemed to be a request for US Base Rate Loans on the date
of such presentation, in the amount of the check and items presented for payment. The proceeds of
such Loans may be disbursed directly to the controlled disbursement account or other appropriate
account. For the avoidance of doubt, no such deemed Borrowing request shall be available to the
European Borrower.

     (i) (i) The Administrative Agent may, but shall not be obligated to, advance Swingline Loans
to the Borrowers as expressly provided hereunder or as the Administrative Agent may deem
appropriate or necessary in lieu of any other Loan required or permitted to be made hereunder,
unless the funding is specifically required to be made by all Lenders hereunder. Swingline Loans
made to the US Borrowers shall not exceed an aggregate outstanding amount of $15,000,000 and
Swingline Loans made to the European Borrower shall not exceed an aggregate outstanding amount of
$5,000,000. Each Swingline Loan shall constitute a Loan for all purposes, except that payments
thereon shall be made to the Administrative Agent for its own account. The obligation of the
Borrowers to repay Swingline Loans shall be evidenced by the records of the Administrative Agent
and need not be evidenced by any promissory note.

     (ii) To facilitate administration of the Loans, the Lenders and the Administrative
Agent agree (which agreement is solely among them, and not for the benefit of or enforceable
by any Borrower) that settlement among them with respect to Swingline Loans and other Loans
may take place on a date determined from time to time by the Administrative Agent, which
shall occur at least once each week; provided that for purposes of settling any
Borrowing by the European Borrower, the Administrative Agent shall give the Lenders at least
three Business Days prior notice. On each settlement date,

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settlement shall be made with each Lender in accordance with the settlement report
delivered by the Administrative Agent to the Lenders; provided that European
Swingline Loans shall be settled as Eurocurrency Rate Loans with an Interest Period of one
month or such other longer period as the Administrative Agent and the Borrowers may agree
to. Between settlement dates, the Administrative Agent may in its discretion apply payments
(A) on European Borrower Loans to European Swingline Loans and (B) on US Borrower Loans to
US Swingline Loans, in each case regardless of any designation by the Borrower Agent or any
provision herein to the contrary. Each Lender’s obligation to make settlements with the
Administrative Agent is absolute and unconditional, without offset, counterclaim or other
defense, and whether or not the Commitments have terminated, an Overadvance exists or the
conditions in Section 4.02 are satisfied. If, due to an Insolvency Proceeding with
respect to the European Borrower or otherwise, any European Swingline Loan may not be
settled among the Lenders hereunder, then each Lender shall be deemed to have purchased from
the Administrative Agent a pro rata participation in each unpaid European Swingline Loan in
the applicable currency and shall transfer the amount of such participation (which shall
bear interest at the Eurocurrency Base Rate) to the Administrative Agent, in immediately
available funds, within three Business Days after the Administrative Agent’s request
therefor. If, due to an Insolvency Proceeding with respect to a US Borrower or otherwise,
any US Swingline Loan may not be settled among the Lenders hereunder, then each Lender shall
be deemed to have purchased from the Administrative Agent a pro rata participation in each
unpaid US Swingline Loan and shall transfer the amount of such participation (which shall
bear interest at the US Base Rate) to the Administrative Agent, in immediately available
funds, within one Business Day after the Administrative Agent’s request therefor.

     2.03 Letters of Credit.

     (a) The Letter of Credit Commitment.

     (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the other Lenders set forth in this Section 2.03,
(1) from time to time on any Business Day during the period from the Closing Date until the
Letter of Credit Expiration Date, to issue Letters of Credit for the account of the
Borrowers, and to amend or renew Letters of Credit previously issued by it, in accordance
with subsection (b) below, and (2) to honor drafts under the Letters of Credit; and (B) the
Lenders severally agree to participate in Letters of Credit issued for the account of the
Borrowers; provided that the L/C Issuer shall not be obligated to make any L/C
Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to
participate in any Letter of Credit if, as of the date of such L/C Credit Extension, after
giving effect thereto (u) Total Outstandings would exceed the lesser of the Total Borrowing
Base and the Aggregate Commitments, (v) US Outstandings would exceed the lesser of the US
Borrowing Base and the Total US Sublimit, (w) European Outstandings would exceed the lesser
of the European Borrowing Base and the Total European Sublimit, (x) the aggregate
Outstanding Amount of the Loans of any Lender, plus such Lender’s Pro Rata Share of
the Outstanding Amount of all L/C Obligations, would exceed such Lender’s Commitment, (y)
the Outstanding Amount of the L/C Obligations with respect to US Letters of Credit would
exceed the US Letter of Credit

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Sublimit or (z) the Outstanding Amount of the L/C Obligations with respect to European
Letters of Credit would exceed the European Letter of Credit Sublimit. Within the foregoing
limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain
Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the
foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or
that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to
have been issued pursuant hereto, and from and after the Closing Date shall be subject to
and governed by the terms and conditions hereof.

     (ii) The L/C Issuer shall not issue any Letter of Credit, if:

     (A) subject to Section 2.03(b)(iii), the expiry date of such requested
Letter of Credit would occur more than twelve months after the date of issuance or
last extension, unless the Required Lenders have approved such expiry date; or

     (B) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date.

     (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit
if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of Credit
in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is
not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material
to it;

     (B) the issuance of such Letter of Credit would violate one or more policies of
the L/C Issuer;

     (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
such Letter of Credit is in an initial stated amount less than $100,000, in the case
of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of
Credit;

     (D) such Letter of Credit is to be denominated in a currency other than US
Dollars or Euros;

     (E) such Letter of Credit contains any provisions for automatic reinstatement
of the stated amount after any drawing thereunder;

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     (F) the purpose is not consistent with Section 6.11 or the form of the
proposed Letter of Credit is not satisfactory to Administrative Agent and L/C Issuer
in their respective discretion; or

     (G) a default of any Lender’s obligations to fund under Section 2.03(c)
exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C
Issuer has entered into satisfactory arrangements with the applicable Borrower or
such Lender to eliminate the L/C Issuer’s risk with respect to such Lender.

     (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue such Letter of Credit in its amended form under the terms
hereof.

     (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if
(A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in
its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

     (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the L/C Issuer shall have
all of the benefits and immunities (A) provided to the Administrative Agent in
Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it and Issuer
Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Article IX included the L/C Issuer with respect to such acts or
omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

     (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of
Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrowers delivered to the L/C Issuer (with a copy to the Administrative
Agent) in the form of a Letter of Credit Application, appropriately completed and signed by
a Responsible Officer of the Borrower Agent. Such Letter of Credit Application must be
received by the L/C Issuer and the Administrative Agent (x) with respect to Letters of
Credit denominated in US Dollars, not later than 11:00 a.m. (Pacific time) at least two
Business Days (or such later date and time as the L/C Issuer may agree in a particular
instance in its sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be and (y) with respect to Letters of Credit denominated in Euros, not later
than 11:00 a.m. (London time) at least two Business Days (or such later date and time as the
L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed
issuance date or date of amendment, as the case may be. In the case of a request for an
initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in
form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the
requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the
expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents
to be presented by such beneficiary in case of any

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drawing thereunder; (F) the full text of any certificate to be presented by such
beneficiary in case of any drawing thereunder; (G) whether such Letter of Credit is a US
Letter of Credit or a European Letter of Credit; (H) whether such Letter of Credit is to be
denominated in US Dollars or Euros and (I) such other matters as the L/C Issuer may require.
In the case of a request for an amendment of any outstanding Letter of Credit, such Letter
of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1)
the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall
be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as
the L/C Issuer may require.

     (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from the Borrower Agent and,
if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless
the L/C Issuer has received written notice from any Lender, the Administrative Agent or any
Loan Party, at least one Business Day prior to the requested date of issuance or amendment
of the applicable Letter of Credit, that one or more applicable conditions contained in
Article IV shall not then be satisfied, then, subject to the terms and conditions
hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the
account of the Borrowers or enter into the applicable amendment, as the case may be, in each
case in accordance with the L/C Issuer’s usual and customary business practices.
Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk
participation in such Letter of Credit in an amount equal to the product of such Lender’s
Pro Rata Share times the amount of such Letter of Credit.

     (iii) The Lenders shall be deemed to have authorized (but may not require) the L/C
Issuer to permit the renewal of any Existing Letter of Credit that has automatic renewal
provisions (each, an “Auto-Renewal Letter of Credit”) at any time to an expiry date
not later than the Letter of Credit Expiration Date; provided, however, that
the L/C Issuer shall not permit any such renewal if (A) the L/C Issuer has determined that
it would have no obligation at such time to issue such Letter of Credit in its renewed form
under the terms hereof (by reason of the provisions of Section 2.03(a)(ii)or
otherwise), or (B) it has received notice (which may be by telephone or in writing) on or
before the day that is five Business Days before the non-renewal notice date set forth in
such Auto-Renewal Letter of Credit or, if not designated, the annual anniversary of the
issuance thereof, that (1) from the Administrative Agent that the Required Lenders have
elected not to permit such renewal or (2) from the Administrative Agent, any Lender or the
Borrowers that one or more of the applicable conditions specified in Section 4.02 is
not then satisfied.

     (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower Agent and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

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     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower Agent and the
Administrative Agent thereof.

     (A) Not later than (I) 11:00 a.m. (Pacific time) with respect to US Letters of
Credit denominated in US Dollars or (II) 11:00 a.m. (London time) with respect to US
Letters of Credit denominated in Euros, in each case on the date of any payment by
the L/C Issuer under a US Letter of Credit (each such date, a “US Honor
Date”), the US Borrowers shall reimburse the L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing. If the US
Borrowers fail to so reimburse the L/C Issuer by such time, the Administrative Agent
shall promptly notify each Lender of the US Honor Date, the amount of the
unreimbursed drawing (the “US Unreimbursed Amount”), and the amount of such
Lender’s Pro Rata Share thereof. In such event, the US Borrowers shall be deemed to
have requested a Borrowing of US Base Rate Loans to be disbursed on the US Honor
Date in an amount equal to the US Unreimbursed Amount, without regard to the minimum
and multiples specified in Section 2.02(a) for the principal amount of US
Base Rate Loans, but subject to the amount of the unutilized portion of the Total US
Sublimit and the conditions set forth in Section 4.02 (other than the
delivery of a Loan Notice). The US Unreimbursed Amount in connection with a US
Letter of Credit denominated in Euros shall be converted to its US Dollar Equivalent
and shall be payable in US Dollars.

     (B) Not later than (I) 11:00 a.m. (Pacific time) with respect to European
Letters of Credit denominated in US Dollars or (II) 11:00 a.m. (London time) with
respect to European Letters of Credit denominated in Euros, in each case on the date
of any payment by the L/C Issuer under a European Letter of Credit (each such date,
a “European Honor Date”), the European Borrower shall reimburse the L/C
Issuer through the Administrative Agent in an amount equal to the amount of such
drawing. If the European Borrower fails to so reimburse the L/C Issuer by such
time, the Administrative Agent shall promptly notify each Lender of the European
Honor Date, the amount of the unreimbursed drawing (the “European Unreimbursed
Amount”), and the amount of such Lender’s Pro Rata Share thereof. In such
event, the European Borrower shall be deemed to have requested a Borrowing of
European Swingline Loans in the same currency of such European Letter of Credit to
be disbursed on the European Honor Date in an amount equal to the European
Unreimbursed Amount, without regard to the minimum and multiples specified in
Section 2.02(a), but subject to the amount of the unutilized portion of the
Total European Sublimit and the conditions set forth in Section 4.02 (other
than the delivery of a Loan Notice).

     (C) Any notice given by the L/C Issuer or the Administrative Agent pursuant to
this Section 2.03(c)(i) may be given by telephone if immediately confirmed
in writing.

     (ii) With respect to US Letters of Credit, each Lender (including the Lender

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acting as L/C Issuer) shall upon any notice pursuant to Section
2.03(c)(i)(A) make funds available to the Administrative Agent for the account of the
L/C Issuer at the Administrative Agent’s Office in an amount equal to its Pro Rata Share of
the US Unreimbursed Amount, not later than 12:00 p.m. (noon) (Pacific time) on the Business
Day specified in such notice by the Administrative Agent, whereupon, subject to the
provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall
be deemed to have made a US Base Rate Loan to the applicable US Borrower in such amount.
With respect to European Letters of Credit, the proceeds of Swingline Loans shall be used to
repay the European Unreimbursed Amount, and such Swingline Loans shall be settled among the
Administrative Agent and the Lenders as soon as practicable pursuant to Section
2.02(i). The Administrative Agent shall remit the funds so received to the L/C Issuer.

     (iii) With respect to (A) any US Unreimbursed Amount that is not fully refinanced by a
Borrowing of US Base Rate Loans because the conditions set forth in Section 4.02
cannot be satisfied or for any other reason, the applicable US Borrower shall be deemed to
have incurred from the L/C Issuer an L/C Borrowing in the amount of the US Unreimbursed
Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand
(together with interest) and shall bear interest at the Default Rate and (B) any European
Unreimbursed Amount that is not fully refinanced by a Borrowing of European Swingline Loans,
in the applicable currency, because the conditions set forth in Section 4.02 cannot
be satisfied or for any other reason, the European Borrower shall be deemed to have incurred
from the L/C Issuer an L/C Borrowing in the amount of the European Unreimbursed Amount that
is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with
interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment
to the Administrative Agent for the account of the L/C Issuer pursuant to Section
2.03(c)(ii)shall be deemed payment in respect of its participation in such L/C
Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its
participation obligation under this Section 2.03.

     (iv) Until each Lender funds its Loan or L/C Advance pursuant to this Section
2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit,
interest in respect of such Lender’s Pro Rata Share of such amount shall be solely for the
account of the L/C Issuer.

     (v) Each Lender’s obligation to make Loans or L/C Advances to reimburse the L/C Issuer
for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c),
shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have
against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each
Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the
conditions set forth in Section 4.02 (other than delivery by the Borrowers of a Loan
Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation
of the Borrowers to reimburse the L/C Issuer for the amount of any payment made by the L/C
Issuer under any Letter of Credit, together with

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interest as provided herein.

     (vi) If any Lender fails to make available to the Administrative Agent for the account
of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii) or in accordance with Section 2.02(i), the L/C Issuer shall be
entitled to recover from such Lender (acting through the Administrative Agent), on demand,
such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the L/C Issuer at a rate per
annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer
in accordance with banking industry rules on interbank compensation. A certificate of the
L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any
amounts owing under this clause (vi) shall be conclusive absent manifest error.

     (d) Repayment of Participations.

     (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such payment in
accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related applicable Unreimbursed
Amount or interest thereon (whether directly from the Borrowers or otherwise, including
proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Pro Rata Share thereof (appropriately adjusted, in
the case of interest payments, to reflect the period of time during which such Lender’s L/C
Advance was outstanding) in the same funds as those received by the Administrative Agent.

     (ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the
circumstances described in Section 10.06 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Lender shall pay to the
Administrative Agent for the account of the L/C Issuer its Pro Rata Share thereof on demand
of the Administrative Agent, plus interest thereon from the date of such demand to
the date such amount is returned by such Lender, at a rate per annum equal to the Federal
Funds Rate from time to time in effect. The obligations of the Lenders under this clause
shall survive the payment in full of the Obligations and the termination of this Agreement.

     (e) Obligations Absolute. The obligation of the US Borrowers to reimburse the L/C
Issuer for each drawing under each US Letter of Credit and to repay each associated L/C Borrowing,
and the obligation of the European Borrower to reimburse the L/C Issuer for each drawing under each
European Letter of Credit and to repay each associated L/C Borrowing, shall in each case, be
absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Agreement under all circumstances, including the following:

     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

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     (ii) the existence of any claim, counterclaim, set-off, defense or other right that the
applicable Borrower may have at any time against any beneficiary or any transferee of such
Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

     (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the applicable Borrower.

     The Borrowers shall promptly examine a copy of each Letter of Credit and each amendment
thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrowers’
instructions or other irregularity, the Borrower Agent will immediately notify the L/C Issuer. The
Borrowers shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and the Borrowers agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, the
Administrative Agent or any of their Related Parties, nor any of the respective correspondents,
participants or assignees of the L/C Issuer, shall be liable to any Lender for (i) any action taken
or omitted in connection herewith at the request or with the approval of the Lenders or the
Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross
negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or Letter of Credit
Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or
transferee with respect to its use of any Letter of Credit; provided, however, that
this assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such rights and
remedies as they may have against the beneficiary or transferee at law or under any other
agreement. None of the L/C Issuer, the Administrative Agent or any of their Related Parties, nor

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any of the respective correspondents, participants or assignees of the L/C Issuer, shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section
2.03(e); provided, however, that anything in such clauses to the contrary
notwithstanding, the Borrowers may have a claim against the L/C Issuer, and the L/C Issuer may be
liable to the Borrowers, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrowers which the Borrowers prove were caused
by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to
pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In
furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part,
which may prove to be invalid or ineffective for any reason.

     (g) Cash Collateral. Upon the request of the Administrative Agent, (i) if the L/C
Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing
has resulted in an L/C Borrowing, (ii) if, as of the Letter of Credit Expiration Date, any Letter
of Credit may for any reason remain outstanding and partially or wholly undrawn, (iii) if US
Availability is less than zero after giving effect to the prepayment of outstanding Loans pursuant
to Section 2.04(b), or (iv) if any demand for Cash Collateralization has been made under
Section 8.02(c), the Borrowers shall immediately Cash Collateralize the then Outstanding
Amount of all L/C Obligations (in an amount equal to such Outstanding Amount determined as of the
date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be);
provided, that the European Borrower shall have no obligation to Cash Collateralize the L/C
Obligations in respect of any US Letters of Credit. Sections 2.04 and 8.02(c)set
forth certain additional requirements to deliver Cash Collateral hereunder. The Borrowers hereby
grant to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a security
interest in all such cash, Deposit Accounts and all balances therein and all proceeds of the
foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing Deposit Accounts
at Bank of America.

     (h) Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer
and the Borrower Agent when a Letter of Credit is issued (including any such agreement applicable
to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of
Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most
recently published by the International Chamber of Commerce at the time of issuance shall apply to
each commercial Letter of Credit.

     (i) Letter of Credit Fees. (i) The US Borrowers shall pay to the Administrative
Agent, for the account of each Lender in accordance with its Pro Rata Share, a US Letter of Credit
fee for each US Letter of Credit equal to the L/C Rate times the daily maximum amount
available to be drawn under such US Letter of Credit (whether or not such maximum amount is then in
effect under such US Letter of Credit) and (ii) the European Borrower shall pay to the
Administrative Agent, for the account of each Lender in accordance with its Pro Rata Share, a
European Letter of Credit fee for each European Letter of Credit equal to the L/C Rate
times the

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daily maximum amount available to be drawn under such European Letter of Credit (whether or
not such maximum amount is then in effect under such European Letter of Credit). Such letter of
credit fees shall be computed on a monthly basis in arrears. Such letter of credit fees shall be
due and payable on (i) the first Business Day after the end of each calendar month, commencing with
the Closing Date, (ii) on the Letter of Credit Expiration Date and (iii) thereafter on demand. If
there is any change in the L/C Rate during any month, the daily maximum amount of each Letter of
Credit shall be computed and multiplied by the L/C Rate separately for each period during such
month that such L/C Rate was in effect.

     (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer.

     (i) The US Borrowers shall pay directly to the L/C Issuer for their own account a
fronting fee with respect to each US Letter of Credit equal to 1/8 of 1% per annum
times the daily maximum amount available to be drawn under such US Letter of Credit.
Such fronting fee shall be computed on a monthly basis in arrears. Such fee shall be due
and payable on (i) the first Business Day after the end of each calendar month, commencing
with the first calendar month ending after the issuance of such US Letter of Credit, (ii) on
the Letter of Credit Expiration Date and (iii) thereafter on demand. In addition, the US
Borrowers shall pay directly to the L/C Issuer for their own account the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of
the L/C Issuer relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are nonrefundable.

     (ii) The European Borrower shall pay directly to the L/C Issuer for their own account a
fronting fee with respect to each European Letter of Credit equal to 1/8 of 1% per annum
times the daily maximum amount available to be drawn under such European Letter of
Credit. Such fronting fee shall be computed on a monthly basis in arrears. Such fee shall
be due and payable on (i) the first Business Day after the end of each calendar month,
commencing with the first calendar month ending after the issuance of such European Letter
of Credit, (ii) on the Letter of Credit Expiration Date and (iii) thereafter on demand. In
addition, the European Borrower shall pay directly to the L/C Issuer for their own account
the customary issuance, presentation, amendment and other processing fees, and other
standard costs and charges, of the L/C Issuer relating to letters of credit as from time to
time in effect. Such customary fees and standard costs and charges are due and payable on
demand and are nonrefundable.

     (k) Conflict with Letter of Credit Application. In the event of any conflict between
the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

     2.04 Prepayments.

     (a) The Borrowers may, upon notice to the Administrative Agent by the Borrower Agent, at any
time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty;
provided that (i) such notice must be received by the Administrative Agent (x) with respect
to US Borrower Loans not later than 8:00 a.m. (Pacific time) (A) three Business Days prior to any
date of prepayment of Eurocurrency Rate Loans and (B) on the date of

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prepayment of US Base Rate Loans and US Swingline Loans and (y) with respect to European
Borrower Loans not later than 11:00 a.m. (London time) (A) three Business Days prior to any date of
prepayment of Eurocurrency Rate Loans and (B) on the date of prepayment of any other European
Borrower Loans, including, without limitation, Eurocurrency Base Rate Loans, European Swingline
Loans; (ii) any prepayment of Eurocurrency Rate Loans shall be in a principal amount of $5,000,000
or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Loans
(including applicable Swingline Loans) shall be in a principal amount of $500,000 or a whole
multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and whether such Loans are Eurocurrency Rate Loans or Swingline Loans and in the case of European
Borrower Loans, whether such Loans are Dollar Denominated Loans or Euro Denominated Loans. The
Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of
the amount of such Lender’s Pro Rata Share of such prepayment. If such notice is given by the
Borrower Agent, the Borrowers shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency
Rate Loan shall be accompanied by all accrued interest thereon, together with any additional
amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the
Loans of the Lenders in accordance with their respective Pro Rata Shares.

     (b) (i) If any Disposition includes the disposition of Borrowing Base Collateral constituting
US Collateral, then the Net Proceeds of such Borrowing Base Collateral shall be applied to the US
Borrower Loans. Notwithstanding anything herein to the contrary, if an Overadvance exists (other
than one that is cured with an Overadvance Loan pursuant to Section 2.01(b)), Borrowers
shall, on the sooner of Administrative Agent’s demand or the first Business Day after any Borrower
has knowledge thereof repay the outstanding US Borrower Loans and/or Cash Collateralize outstanding
L/C Obligations with respect to US Letters of Credit, in an amount such that after giving effect to
such repayment of US Borrower Loans or Cash Collateralization of L/C Obligations with respect to US
Letters of Credit, Total Outstandings do not exceed the lesser of (A) the Total Borrowing Base and
(B) the Aggregate Commitments and US Outstandings do not exceed the lesser of (x) the US Borrowing
Base and (y) the Total US Sublimit; provided, however, that the Borrowers shall not
be required to Cash Collateralize the outstanding L/C Obligations with respect to US Letters of
Credit unless, after the prepayment in full of the US Borrower Loans, the Total Outstandings
continue to exceed the lesser of the Total Borrowing Base and the Aggregate Commitments and the US
Outstandings continue to exceed the lesser of the US Borrowing Base and the Total US Sublimit.

     (ii) If any Disposition includes the disposition of Borrowing Base Collateral
constituting European Collateral, then the Net Proceeds of such Borrowing Base Collateral
shall be applied to the European Borrower Loans. Notwithstanding anything herein to the
contrary, if an Overadvance exists (other than one that is cured with an Overadvance Loan
pursuant to Section 2.01(b)), Borrowers shall, on the sooner of Administrative
Agent’s demand or the first Business Day after any Borrower has knowledge thereof repay the
outstanding European Borrower Loans and/or Cash Collateralize outstanding L/C Obligations
with respect to European Letters of Credit, in an amount such that after giving effect to
such repayment of European Borrower Loans or Cash Collateralization of L/C Obligations with
respect to European Letters of Credit,

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Total Outstandings do not exceed the lesser of (A) the Total Borrowing Base and (B) the
Aggregate Commitments and European Outstandings do not exceed the lesser of (x) the European
Borrowing Base and (y) the Total European Sublimit; provided, however, that
the Borrowers shall not be required to Cash Collateralize the outstanding L/C Obligations
with respect to European Letters of Credit unless, after the prepayment in full of the
European Borrower Loans, the Total Outstandings continue to exceed the lesser of the Total
Borrowing Base and the Aggregate Commitments and the European Outstandings continue to
exceed the lesser of the European Borrowing Base and the Total European Sublimit.

     (c) If any condition set forth in Section 2.04(b) exists solely as a result of
currency fluctuations of Loans and Letters of Credit denominated in Euros, then the repayments or
Cash Collateralizations required pursuant to Section 2.04(b) shall only be required if (i)
the US Outstandings exceed 105% of the lesser of the US Borrowing Base and the Total US Sublimit or
(ii) the European Outstandings exceed 105% the lesser of the European Borrowing Base and the Total
European Sublimit, as applicable, as then in effect as provided in Section 2.04(b) for more
than three consecutive Business Days, at which time the excess of such outstandings over 100% shall
be required to be eliminated.

     2.05 Termination or Reduction of Commitments. The Borrowers may, upon notice to the
Administrative Agent by the Borrower Agent, terminate the Aggregate Commitments, or from time to
time permanently reduce the Aggregate Commitments, the Total US Sublimit or the Total European
Sublimit; provided that (i) any such notice shall be received by the Administrative Agent
not later than 8:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any
such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of
$1,000,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the Aggregate
Commitments, the Total US Sublimit or the Total European Sublimit if, after giving effect thereto
and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate
Commitments or the US Outstandings would exceed the Total US Sublimit or the European Outstandings
would exceed the Total European Sublimit, (iv) if, after giving effect to any reduction of the
Aggregate Commitments, the Total US Sublimit or the Total European Sublimit, the US Letter of
Credit Sublimit exceeds the Total US Sublimit, such US Letter of Credit Sublimit shall be
automatically reduced by the amount of such excess, (v) if, after giving effect to any reduction of
the Aggregate Commitments, the Total US Sublimit or the Total European Sublimit, the European
Letter of Credit Sublimit exceeds the Total European Sublimit, such European Letter of Credit
Sublimit shall be automatically reduced by the amount of such excess and (vi) the European Borrower
shall have no rights or obligations in respect of the Total US Sublimit. The amount of any such
Aggregate Commitment, Total US Sublimit or Total European Sublimit reduction shall not be applied
to the US Letter of Credit Sublimit or the European Letter of Credit Sublimit unless otherwise
specified by the Borrower Agent. The Administrative Agent will promptly notify the Lenders of any
such notice of termination or reduction of the Aggregate Commitments, the Total US Sublimit or the
Total European Sublimit. Any reduction of the Aggregate Commitments, the Total US Sublimit or the
Total European Sublimit shall be applied to the Commitment of each Lender according to its Pro Rata
Share. All facility and utilization fees accrued until the effective date of any termination of
the Aggregate Commitments shall be paid on the effective date of such termination.

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     2.06 Repayment of Loans. The Borrowers shall repay to the Lenders on the Maturity Date the
aggregate principal amount of Loans outstanding on such date.

     2.07 Interest.

     (a) Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall
bear interest on the outstanding principal amount thereof for each Interest Period at a rate per
annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate;
(ii) each US Base Rate Loan and US Swingline Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the US Base Rate
plus the Applicable Rate; and (iii) each Eurocurrency Base Rate Loan and European Swingline
Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Eurocurrency Base Rate plus the Applicable Rate.

     (b) If any amount payable by the Borrowers under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or
otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
Furthermore, upon the request of the Required Lenders and after notice thereof to the Borrowers,
while any Event of Default exists, the interest shall accrue on the principal amount of all
outstanding Obligations at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due
amounts (including interest on past due interest) shall be due and payable upon demand.

     (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

     2.08 Fees. In addition to certain fees described in subsections (i) and (j) of Section
2.03:

     (a) Facility Fee. The Borrowers shall pay to the Administrative Agent for the account
of each Lender in accordance with its Pro Rata Share, a Facility Fee equal to the Applicable Rate
times the actual daily amount of the Aggregate Commitments (or, if the Aggregate
Commitments have terminated, on the Outstanding Amount of all Loans and L/C Obligations),
regardless of usage; provided that the European Borrower shall not be required to pay any
portion of such fees in excess of the European Borrower Percentage thereof. The Facility Fee shall
accrue at all times during the Availability Period (and thereafter so long as any Loans or L/C
Obligations remain outstanding), including at any time during which one or more of the conditions
in Article IV is not met, and shall be due and payable monthly in arrears on the last
Business Day of each month, commencing with the first such date to occur after the Closing Date,
and on the Maturity Date (and, if applicable, thereafter on demand). The Facility Fee shall be
calculated monthly in arrears, and if there is any change in the Applicable Rate during any

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month, the actual daily amount shall be computed and multiplied by the Applicable Rate
separately for each period during such month that such Applicable Rate was in effect.

     (b) Other Fees.

     (i) The Borrowers shall pay to the Arranger and the Administrative Agent for their own
respective accounts fees in the amounts and at the times specified in the Fee Letter. Such
fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

     (ii) The Borrowers shall pay to the Lenders such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

     2.09 Computation of Interest and Fees. All computations of interest for Base Rate Loans when
the Base Rate is determined by Bank of America’s “prime rate” shall be made on the basis of a year
of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees
and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid,
provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.11(a), bear interest for one day.

     2.10 Evidence of Debt.

     (a) Agent Record; Notes. The Credit Extensions made by each Lender shall be evidenced
by one or more accounts or records maintained by such Lender and by the Administrative Agent in the
ordinary course of business. The accounts or records maintained by the Administrative Agent and
each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made
by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or
any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers
hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the
Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, (i) the US Borrowers shall execute and deliver to such Lender (through
the Administrative Agent) a Note, which shall evidence such Lender’s US Borrower Loans in addition
to such accounts or records (the “US Borrower Note”) and (ii) the European Borrower shall
execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence
such Lender’s European Borrower Loans in addition to such accounts or records (the “European
Borrower Note”). Each Lender may attach schedules to its Note and endorse thereon the date,
Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

     (b) Lender Records. In addition to the accounts and records referred to in subsection
(a), each Lender and the Administrative Agent shall maintain in accordance with its usual

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practice accounts or records evidencing the purchases and sales by such Lender of
participations in Letters of Credit. In the event of any conflict between the accounts and records
maintained by the Administrative Agent and the accounts and records of any Lender in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of
manifest error.

     (c) Loan Accounts. The Administrative Agent shall maintain in accordance with its
usual and customary practices an account or accounts for each of the US Borrowers and the European
Borrower (“Loan Accounts”) evidencing the Indebtedness of the Borrowers resulting from each
Loan or issuance of a Letter of Credit from time to time. Any failure of the Administrative Agent
to record anything in the Loan Account, or any error in doing so, shall not limit or otherwise
affect the obligation of Borrowers to pay any amount owing hereunder. The Administrative Agent may
maintain a single Loan Account in the name of Imation and a single Loan Account in the name of
Imation Europe B.V., and each US Borrower confirms that such arrangement shall have no effect on
the joint and several character of its liability for the Obligations.

     (d) Entries Binding. Entries made in the Loan Accounts shall constitute presumptive
evidence of the information contained therein. If any information contained in the Loan Accounts
is provided to or inspected by any Person, then such information shall be conclusive and binding on
such Person for all purposes absent manifest error, except to the extent such Person notifies the
Administrative Agent in writing within 30 days after receipt or inspection that specific
information is subject to dispute.

     2.11 Payments Generally.

     (a) Payments.

     (i) All payments to be made by the Borrowers shall be made without condition or
deduction for any counterclaim, defense, recoupment or set-off. Except as otherwise
expressly provided herein, all payments by the Borrowers hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the Administrative Agent’s Office in US Dollars or Euros, as applicable, and in
Same Day Funds (A) with respect to the payments in US Dollars, not later than 11:00 a.m.
(Pacific time) on the date specified herein and (B) with respect to payments in Euros, not
later than 11:00 a.m. (London time) on the date specified herein. The Administrative Agent
will promptly distribute to each Lender its Pro Rata Share (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent after 1:00 p.m. (Pacific
time or London time, as applicable) shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. Without limiting the
generality of the foregoing, the Administrative Agent may require that any payments due
under this Agreement be made in the United States. If, for any reason, any Borrower is
prohibited by any Law from making any required payment hereunder in Euros, such Borrower
shall make such payment in US Dollars in the US Dollar Equivalent of the Euro payment
amount.

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     (ii) The ledger balance in any Dominion Account as of the end of a Business Day shall
be applied to the US Obligations or European Obligations, as applicable, on the same
Business Day, during any Cash Dominion Trigger Period. If, as a result of such application,
a credit balance exists, the balance shall not accrue interest in favor of Borrowers and
shall be made available to Borrowers as long as no Default exists. At any time Section
8.03 applies, each Borrower irrevocably waives the right to direct the application of
any payments or Collateral proceeds, and agrees that the Administrative Agent shall have the
continuing, exclusive right to apply and reapply same against the Obligations then due and
owing, in accordance with the terms of this Agreement.

     (iii) The Administrative Agent may (but shall not be required to), in its discretion,
retain any payments or other funds received by the Administrative Agent that are to be
provided to a Defaulting Lender hereunder, and may apply such funds to such Lender’s
defaulted obligations or readvance the funds to Borrowers in accordance with this Agreement.
The failure of any Lender to fund a Loan, to make any payment in respect of L/C Obligations
or to otherwise perform its obligations hereunder shall not relieve any other Lender of its
obligations, and no Lender shall be responsible for default by another Lender. The Lenders
and the Administrative Agent agree (which agreement is solely among them, and not for the
benefit of or enforceable by any Borrower) that, solely for purposes of determining a
Defaulting Lender’s right to vote on matters relating to the Loan Documents and to share in
payments, fees and Collateral proceeds thereunder, a Defaulting Lender shall not be deemed
to be a “Lender” until all its defaulted obligations have been cured.

     (iv) The US Borrower Loans, L/C Obligations with respect to US Letters of Credit and
other US Obligations shall constitute one general obligation of the US Borrowers and (unless
otherwise expressly provided in any Loan Document) shall be secured by the Administrative
Agent’s Lien upon all US Collateral; provided, however, that the
Administrative Agent and each Lender shall be deemed to be a creditor of, and the holder of
a separate claim against, each US Borrower to the extent of any US Obligations jointly or
severally owed by such US Borrower.

     (v) The European Borrower Loans, L/C Obligations with respect to European Letters of
Credit and other European Obligations shall constitute one general obligation of the
European Borrower and (unless otherwise expressly provided in any Loan Document) shall be
secured by the Administrative Agent’s Lien upon all Collateral.

     (vi) All repayments, prepayments or reimbursements with respect to US Loans, US Letters
of Credit and other US Obligations shall be made to the Administrative Agent’s Office for US
Obligations and all repayments, prepayments or reimbursements with respect to European
Loans, European Letters of Credit and other European Obligations shall be made to the
Administrative Agent’s Office for European Obligations.

     (b) Payment after Business Day. If any payment to be made by the Borrowers shall come
due on a day other than a Business Day, payment shall be made on the next following

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Business Day, and such extension of time shall be reflected in computing interest or fees, as
the case may be.

     (c) Failure to Make Payment. Unless the Borrower Agent or any Lender has notified the
Administrative Agent, prior to the date any payment is required to be made by it to the
Administrative Agent hereunder, that the Borrowers or such Lender, as the case may be, will not
make such payment, the Administrative Agent may assume that the Borrowers or such Lender, as the
case may be, have or has timely made such payment and may (but shall not be so required to), in
reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to
the extent that such payment was not in fact made to the Administrative Agent in immediately
available funds, then:

     (i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand
repay to the Administrative Agent the portion of such assumed payment that was made
available to such Lender in immediately available funds, together with interest thereon in
respect of each day from and including the date such amount was made available by the
Administrative Agent to such Lender to the date such amount is repaid to the Administrative
Agent in immediately available funds at the Federal Funds Rate from time to time in effect
for amounts in US Dollars (and at the Administrative Agent’s cost of funds for amounts in
Euros); and

     (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand
pay to the Administrative Agent the amount thereof in immediately available funds, together
with interest thereon for the period from the date such amount was made available by the
Administrative Agent to the Borrowers to the date such amount is recovered by the
Administrative Agent (the “Compensation Period”) at a rate per annum equal to the
Federal Funds Rate from time to time in effect for amounts in US Dollars (and at the
Administrative Agent’s cost of funds for amounts in Euros). If such Lender pays such amount
to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the
Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor
upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent,
together with interest thereon for the Compensation Period at a rate per annum equal to the
rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to
relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights
which the Administrative Agent or the Borrowers may have against any Lender as a result of
any default by such Lender hereunder.

     A notice of the Administrative Agent to any Lender or the Borrowers with respect to any amount
owing under this subsection (c) shall be conclusive, absent manifest error.

     (d) Return of Funds. If any Lender makes available to the Administrative Agent funds
for any Loan to be made by such Lender as provided in the foregoing provisions of this Article
II, and such funds are not made available to the Borrower by the Administrative Agent because
the conditions to the applicable Credit Extension set forth in Article IV are not satisfied

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or waived in accordance with the terms hereof, the Administrative Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without interest.

     (e) Obligations of Lenders. The obligations of the Lenders hereunder to make Loans
and to fund participations in Letters of Credit are several and not joint. The failure of any
Lender to make any Loan or to fund any such participation on any date required hereunder shall not
relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Loan or purchase its
participation.

     (f) Manner of Obtaining Loans. Nothing herein shall be deemed to obligate any Lender
to obtain the funds for any Loan in any particular place or manner or to constitute a
representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

     2.12 Sharing of Payments. If, other than as expressly provided elsewhere herein, any Lender
shall obtain on account of the Loans made by it, or the participations in L/C Obligations held by
it, any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or
otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such
Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from
the other Lenders such participations in the Loans made by them and/or such subparticipations in
the participations in L/C Obligations held by them, as the case may be, as shall be necessary to
cause such purchasing Lender to share the excess payment in respect of such Loans or such
participations, as the case may be, pro rata with each of them; provided, however,
that if all or any portion of such excess payment is thereafter recovered from the purchasing
Lender under any of the circumstances described in Section 10.05 (including pursuant to any
settlement entered into by the purchasing Lender in its discretion), such purchase shall to that
extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price
paid therefor, together with an amount equal to such paying Lender’s ratable share (according to
the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered, without further interest
thereon. The Borrowers agree that any Lender so purchasing a participation from another Lender
may, to the fullest extent permitted by law, exercise all its rights of payment (including the
right of set-off, but subject to Section 10.08) with respect to such participation as fully
as if such Lender were the direct creditor of the Borrowers in the amount of such participation.
The Administrative Agent will keep records (which shall be conclusive and binding in the absence of
manifest error) of participations purchased under this Section and will in each case notify the
Lenders following any such purchases or repayments. Each Lender that purchases a participation
pursuant to this Section shall from and after such purchase have the right to give all notices,
requests, demands, directions and other communications under this Agreement with respect to the
portion of the Obligations purchased to the same extent as though the purchasing Lender were the
original owner of the Obligations purchased.

     2.13 Marshaling; Payments Set Aside. None of the Administrative Agent or Lenders shall be
under any obligation to marshal any assets in favor of any Loan Party or against any Obligations.
If any payment by or on behalf of Borrowers is made to the Administrative Agent,

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L/C Issuer or any Lender, or the Administrative Agent, L/C Issuer or any Lender exercises a
right of setoff, and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent, L/C Issuer or such
Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then to the
extent of such recovery, the Obligation originally intended to be satisfied, and all Liens, rights
and remedies relating thereto, shall be revived and continued in full force and effect as if such
payment had not been made or such setoff had not occurred.

     2.14 Increase in Commitments.

     (a) Request for Increase. Provided there exists no Default, upon notice to the
Administrative Agent (which shall promptly notify the Lenders), the Borrowers may, on no more than
three occasions, request an increase in the Aggregate Commitments by an amount not exceeding
$50,000,000 in the aggregate for all such occurrences together; provided that any such
request for an increase shall be in a minimum amount of $5,000,000 and shall only apply to the
Total US Sublimit. At the time of sending such notice, the Borrower Agent (in consultation with
the Administrative Agent) shall specify the time period within which each Lender is requested to
respond (which shall in no event be less than ten Business Days from the date of delivery of such
notice to the Lenders).

     (b) Lender Elections to Increase. Each Lender shall notify the Administrative Agent
within such time period whether or not it agrees to increase its Commitment and, if so, whether by
an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any
Lender not responding within such time period shall be deemed to have declined to increase its
Commitment.

     (c) Notification by Administrative Agent; Additional Lenders. The Administrative
Agent shall notify the Borrower Agent and each Lender of the Lenders’ responses to each request
made hereunder. To achieve the full amount of a requested increase and subject to the approval of
the Administrative Agent and the L/C Issuer (which approvals shall not be unreasonably withheld),
the Borrowers may also invite additional Eligible Assignees to become Lenders pursuant to a joinder
agreement in form and substance satisfactory to the Administrative Agent and its counsel.

     (d) Effective Date and Allocations. If the Aggregate Commitments are increased in
accordance with this Section, the Administrative Agent and the Borrower Agent shall determine the
effective date (the “Increase Effective Date”) and the final allocation of such increase.
The Administrative Agent shall promptly notify the Borrower Agent and the Lenders of the final
allocation of such increase and the Increase Effective Date.

     (e) Conditions to Effectiveness of Increase. As a condition precedent to such
increase, the Borrower Agent shall deliver to the Administrative Agent a certificate of each Loan
Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a
Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such
Loan Party approving or consenting to such increase, and (ii) in the case of the Borrowers,
certifying that, before and after giving effect to such increase, (A) the representations and

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warranties contained in Article V and the other Loan Documents are true and correct on
and as of the Increase Effective Date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct as of
such earlier date, and except that for purposes of this Section 2.14, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01, and (B) no Default exists. The Borrowers shall prepay any Loans outstanding
on the Increase Effective Date (and pay any additional amounts required pursuant to Section
3.05) to the extent necessary to keep the outstanding Loans ratable with any revised Pro Rata
Shares arising from any nonratable increase in the Commitments under this Section.

     (f) Conflicting Provisions. This Section shall supersede any provisions in
Sections 2.12 or 10.01 to the contrary.

     2.15 Effect of Termination; Survival. On the effective date of any termination of the entire
Commitments, all Obligations (other than Bank Product Debt) shall be immediately due and payable,
and any Lender may terminate its and its Affiliates’ Bank Products if expressly permitted to do so
in the agreements relating to such Bank Products. All undertakings of the Borrowers contained in
the Loan Documents shall survive any termination, and the Administrative Agent shall retain its
Liens in the Collateral and all of its rights and remedies under the Loan Documents until Full
Payment of the Obligations. Notwithstanding Full Payment of the Obligations, the Administrative
Agent shall not be required to terminate its Liens in any Collateral unless, with respect to any
damages the Administrative Agent may incur as a result of the dishonor or return of Payment Items
applied to Obligations, the Administrative Agent receives (a) a written agreement, executed by the
Borrowers and any Person whose advances are used in whole or in part to satisfy the Obligations,
indemnifying the Administrative Agent and the Lenders from any such damages; or (b) such Cash
Collateral as the Administrative Agent, in its discretion, deems necessary to protect against any
such damages. Sections 2.03, 2.14, 3.01, 3.03, 3.04,
3.05 and 10.04, this Section, Articles III and IX, and the
obligation of each Loan Party and Lender with respect to each indemnity given by it in any Loan
Document, shall, in each case, survive termination of the Aggregate Commitments, Full Payment of
the Obligations and any release relating to this credit facility.

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 Taxes.

     (a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of the Borrowers hereunder or under any other Loan Document shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if
the Borrowers shall be required by applicable Law to deduct any Indemnified Taxes (including any
Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable
under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made; provided,
that with respect to any sum payable to a Foreign

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Lender, the relevant Foreign Lender has complied with its obligations under Section
3.01(e), (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall timely pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable Law.

     (b) Payment of Other Taxes by the Borrowers. Without limiting the provisions of
subsection (a) above, the Borrowers shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable Law.

     (c) Indemnification by the Borrowers. The Borrowers shall indemnify the
Administrative Agent, each Lender and the L/C Issuer, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes with respect to this Agreement or any other Loan Document or
Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) paid by the Administrative Agent, such Lender or the L/C
Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrowers by a Lender or the L/C Issuer (with a copy
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender or the L/C Issuer, shall be conclusive absent manifest error.

     (d) Evidence of Payments. As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Borrowers to a Governmental Authority, the Borrower Agent shall deliver
to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

     (e) Status of Lenders.

     (i) Any Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which a Borrower is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable Law or reasonably
requested by the Borrower or the Administrative Agent, 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 of withholding. In addition, any Lender, if requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed
by applicable Law or reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements.

     (ii) Without limiting the generality of the foregoing, in the event that a Borrower is
resident for tax purposes in the United States, any Foreign Lender shall deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender

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becomes a Lender under this Agreement (and from time to time thereafter upon the
request of the Borrower or the Administrative Agent, but only if such Foreign Lender is
legally entitled to do so), whichever of the following is applicable:

     (A) duly completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is a
party,

     (B) duly completed copies of Internal Revenue Service Form W-8ECI,

     (C) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under section 881(c) of the Code, (x) a certificate to the effect
that such Foreign Lender is not (1) a “bank” within the meaning of section
881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the
meaning of section 881(c)(3)(B) of the Code, or (3) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed
copies of Internal Revenue Service Form W-8BEN, or

     (D) any other form prescribed by applicable Law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly
completed together with such supplementary documentation as may be prescribed by
applicable Law to permit the Borrower to determine the withholding or deduction
required to be made.

     (f) FATCA. If a payment made to a Lender under any Loan Document would be subject to
U.S. Federal withholding Tax imposed by FATCA if such Lender fails to comply with the applicable
reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent (i) a
certification signed by the chief financial officer, principal accounting officer, treasurer or
controller, and (ii) other documentation reasonably requested by the Borrowers and the
Administrative Agent sufficient for the Administrative Agent and the Borrowers to comply with their
obligations under FATCA and to determine that such Lender has complied with such applicable
reporting requirements.

Each Lender shall provide new forms (or successor forms) upon the expiration or obsolescence of any
previously delivered forms and to promptly notify the Administrative Agent of any change in
circumstances which would modify or render invalid any claimed exemption or reduction. In
addition, any Lender, if requested by the Borrowers or the Administrative Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrowers or the
Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether
such Lender is subject to backup or other withholding or other information reporting requirements.

     (g) Treatment of Certain Refunds. If the Administrative Agent, any Lender or the L/C
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 a Borrower or with respect to which the Borrower has
paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to
such refund (but only to the extent of indemnity payments made, or additional amounts

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paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise
to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or the
L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Borrower, upon the
request of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid
over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent, such Lender or the L/C Issuer in the event the
Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such
Governmental Authority. This subsection shall not be construed to require the Administrative
Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Borrowers or any other Person.

     3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates
based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions
on the authority of such Lender to purchase or sell, or to take deposits of, US Dollars in the
London interbank market, then, on notice thereof by such Lender to the Borrowers through the
Administrative Agent, any obligation of such Lender to make or continue Eurocurrency Rate Loans or
to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended until such Lender notifies
the Administrative Agent and the Borrowers that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice, (a) the US Borrowers shall, upon demand from such
Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all
Eurocurrency Rate Loans of such Lender into US Base Rate Loans, either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate
Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurocurrency Rate Loans and (b) the European Borrower shall, upon demand from such Lender (with a
copy of the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans of
such Lender to Eurocurrency Base Rate Loans in the same currency, either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate
Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay
accrued interest on the amount so prepaid or converted.

     3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof
that (a) US Dollar or Euro deposits are not being offered to banks in the London interbank
Eurodollar market for the applicable amount and Interest Period of such Eurocurrency Rate Loan, (b)
adequate and reasonable means do not exist for determining the Eurocurrency LIBOR Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Loan, or (c) the
Eurocurrency LIBOR Rate for any requested Interest Period with respect to a proposed Eurocurrency
Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the
Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended until the
Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon
receipt of such notice, (a) the

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US Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurocurrency Rate Loans or, failing that, will be deemed to have converted such request into a
request for a Borrowing of US Base Rate Loans in the amount specified therein and (b) the European
Borrower may revoke any pending request for a Borrowing of, or continuation of Eurocurrency Rate
Loans or, failing that, will be deemed to have converted such request into a request for a
Borrowing of European Swingline Loans in the same currency.

     3.04 Increased Costs.

     (a) Increased Costs Generally. If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of, or credit extended or participated in by, any Lender (except (A) any reserve requirement
reflected in the Eurocurrency Rate and (B) the requirements of the Bank of England and the
Financial Services Authority or the European Central Bank reflected in the Mandatory Cost,
other than as set forth below) or the L/C Issuer;

     (ii) subject any Lender or the L/C Issuer to any tax of any kind whatsoever with
respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or
any Eurocurrency Rate Loan made by it, or change the basis of taxation of payments to such
Lender or the L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes
covered by Section 3.01 and the imposition of, or any change in the rate of, any
Excluded Tax payable by such Lender or the L/C Issuer);

     (iii) result in the failure of the Mandatory Cost, as calculated hereunder, to
represent the cost to any Lender of complying with the requirements of the Bank of England
and/or the Financial Services Authority or the European Central Bank in relation to its
making, funding or maintaining Eurocurrency Rate Loans; or

     (iv) impose on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurocurrency Rate Loans made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurocurrency Rate Loan (or of maintaining its obligation to make any such Loan), or
to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining
any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer
hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or
the L/C Issuer, the Borrowers will pay to such Lender or the L/C Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be,
for such additional costs incurred or reduction suffered; provided that the European
Borrower’s obligation to pay such amounts shall be limited to amounts relating to the European
Obligations and allocable to the European Borrower Loans and European Letters of Credit .

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     (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change
in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such
Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements has or would
have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on
the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this
Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below
that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C
Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with
respect to capital adequacy), then from time to time the Borrowers will pay to such Lender or the
L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or
the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
suffered; provided that the European Borrower shall not be required to pay any portion of
such amounts in excess of the European Borrower Percentage thereof.

     (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer
setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its
holding company, as the case may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such
Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof.

     (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer
to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided
that the Borrowers shall not be required to compensate a Lender or the L/C Issuer pursuant to the
foregoing provisions of this Section for any increased costs incurred or reductions suffered more
than six months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies
the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect thereof).

     3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative
Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such
Lender harmless from any loss, cost or expense incurred by it as a result of:

     (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

     (b) any failure by the Borrowers (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in
the amount notified by the Borrower Agent;

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     (c) any failure by any Borrower to make payment of any Loan or drawing under any Letter of
Credit (or interest due thereon) denominated in Euros on its scheduled due date or any payment
thereof in a different currency; or

     (d) any assignment of a Eurocurrency Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by the Borrower Agent pursuant to Section
10.14;

including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrowers shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing; provided that
the European Borrower’s obligation to pay such amounts shall be limited to amounts relating to the
European Obligations and allocable to the European Borrower Loans and European Letters of Credit .

For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the
Eurocurrency LIBOR Rate used in determining the Eurocurrency Rate for such Loan by a matching
deposit or other borrowing in the London interbank Eurodollar market for a comparable amount and
for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded.

     3.06 Mitigation Obligations; Replacement of Lenders.

     (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or the Borrowers are required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section
3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall
use reasonable efforts to designate a different Lending Office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates that is a professional market party (professionele marktpartij) under the Dutch
Financial Supervision Act, if, in the judgment of such Lender, such designation or assignment (i)
would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the
case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02,
as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to
pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

     (b) Replacement of Lenders. If any Lender requests compensation under Section
3.04, or if the Borrowers are required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower
Agent may replace such Lender in accordance with Section 10.14.

     3.07 Circumstances Affecting Euro Availability. In connection with any request for a Euro
Denominated Loan or Letter of Credit denominated in Euros (collectively, the “Euro
Extensions”) or a continuation or extension thereof, if (a) for any reason a fundamental change

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has occurred in the foreign exchange or interbank markets with respect to the Euro (including,
without limitation, changes in national or international financial, political or economic
conditions or currency exchange rates or exchange controls), (b) the introduction of, or any change
in, any Law or any change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any of Lenders (or any of their applicable lending office) with any
request or directive (whether or not having the force of law) of any such Governmental Authority,
central bank or comparable agency, shall make it unlawful or impossible for any of Lenders (or any
of their applicable lending office) to honor its obligations to make or maintain any Euro
Extensions or (c) the Lenders are otherwise unable to make a Euro Extension, as a result of a
material disruption to the international currency markets, then the Administrative Agent shall
promptly give notice thereof to the Borrower Agent and the other Lenders. Thereafter, until the
Administrative Agent notifies the Borrower Agent that such circumstances no longer exist, the
obligation of Lenders to make Euro Extensions or any continuation or extension thereof, as
applicable, shall be suspended and the European Borrower shall either (i) repay in full (or cause
to be repaid in full) the then outstanding principal amount of such Euro Denominated Loans,
together with accrued interest thereon, on the last day of the then current Interest Period
applicable to such Euro Denominated Loans or (ii) convert the then outstanding principal amount of
each such Euro Denominated Loan to a Eurocurrency Rate Loan denominated in US Dollars or a US Base
Rate Loan as of the last day of such Interest Period; provided that if the European
Borrower elects to make such conversion, the European Borrower shall pay to the Administrative
Agent and Lenders any and all costs, fees and other expenses, if any, incurred by the
Administrative Agent and Lenders in effecting such conversion.

     3.08 Lender Representations. Each Lender party to this Agreement on the date hereof
represents that it is a professional market party (professionele marktpartij) under the Dutch
Financial Supervision Act on the date of this Agreement. Each Lender that becomes a Lender after
the date of this Agreement represents that it is a professional market party (professionele
marktpartij) under the Dutch Financial Supervision Act on the date it becomes a party to this
Agreement.

ARTICLE IV.

CONDITIONS PRECEDENT

     4.01 Conditions to Closing. This Agreement shall become effective upon, and the obligation of
each Lender to make the initial Credit Extensions on the Closing Date is subject to, the
satisfaction of the following conditions precedent:

     (a) the Administrative Agent shall have received counterparts of this Agreement executed by
the Administrative Agent, the Lenders and the Borrowers;

     (b) the Administrative Agent shall have received counterparts of the Guaranty executed by each
of the Guarantors;

     (c) the Administrative Agent shall have received acknowledgments of all filings or
recordations necessary to perfect its Liens in the Collateral (including, without limitation,
Intellectual Property), as well as UCC, Lien and Intellectual Property searches and other

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evidence satisfactory to the Administrative Agent that such Liens are the only Liens upon the
Collateral, except Permitted Liens;

     (d) the Administrative Agent shall have received (i) a modification to the Mortgage for the
Real Estate of Imation comprising Imation’s corporate headquarters at 1 Imation Place, Oakdale,
Minnesota and (ii) amendments to the Related Real Estate Documents for such Real Estate, as
applicable;

     (e) the Administrative Agent shall have received (i) Deposit Account Control Agreements (or
the foreign equivalent thereof) executed by each depositary institution and Loan Party, as
applicable, in form and substances satisfactory to the Administrative Agent, (ii) Investment
Property Control Agreements (or the foreign equivalent thereof) executed by each securities
intermediary and Loan Party, as applicable, in form and substances satisfactory to the
Administrative Agent or (iii) in the case of existing Deposit Account Control Agreements and/or
Investment Property Control Agreements, amendments thereto (if necessary) executed by each
depositary institution or securities intermediary and Loan Party, as applicable, in form and
substances satisfactory to the Administrative Agent;

     (f) the Administrative Agent shall have received a Notice of Grant of Security Interest in
Patents executed by each applicable Loan Party, in form and substance satisfactory to the
Administrative Agent;

     (g) the Administrative Agent shall have received counterparts of the Security Agreements,
executed by each applicable Loan Party;

     (h) the Administrative Agent shall have received satisfactory evidence that the Liens in favor
of the Administrative Agent on the equity interests of the First-Tier Foreign Subsidiaries required
to be pledged continue to have been validly created, are enforceable and have been perfected under
the laws of each applicable jurisdiction;

     (i) the Administrative Agent shall have received certificates, in form and substance
satisfactory to it, from a Responsible Officer of each Borrower certifying that, after giving
effect to this Agreement and the transactions hereunder, (i) such Borrower is Solvent; (ii) no
Default or Event of Default exists; (iii) the representations and warranties set forth in
Article V hereof are true and correct in all material respects on and as of the date of
such Credit Extension, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct as of such earlier date;
provided, however, that any representation or warranty that is qualified as to
“materiality”, “Material Adverse Effect” or similar language shall be true and correct (after
giving effect to any qualification therein) in all respects; and (iv) such Borrower has complied
with all agreements and conditions to be satisfied by it under the Loan Documents;

     (j) the Administrative Agent shall have received a certificate of a Responsible Officer of
each Loan Party, certifying (i) that copies of such Loan Party’s Organization Documents previously
delivered pursuant to the Third Amendment to the Existing Credit Agreement are true and complete,
and in full force and effect, without amendment except as shown; (ii) that an attached copy of
resolutions authorizing execution and delivery of the Loan

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Documents is true and complete, and that such resolutions are in full force and effect, were
duly adopted, have not been amended, modified or revoked; and (iii) to the title, name and
signature of each Person authorized to sign the Loan Documents (the Administrative Agent may
conclusively rely on this certificate until it is otherwise notified by the applicable Loan Party
in writing);

     (k) the Administrative Agent shall have received copies of the charter documents of each Loan
Party, certified by the Secretary of State or other appropriate official of such Loan Party’s
jurisdiction of organization; 

     (l) the Administrative Agent shall have received good standing certificates for each Loan
Party, issued by the Secretary of State or other appropriate official of such Loan Party’s
jurisdiction of organization and each other jurisdiction reasonably requested by the Administrative
Agent where such Loan Party’s conduct of business or ownership of Property necessitates
qualification;

     (m) the Administrative Agent shall have received written opinions of Dorsey & Whitney LLP,
Imation’s General Counsel and Dutch and German counsel to the Administrative Agent, as well as any
local counsel in respect of the Real Estate subject to a Mortgage, in form and substance
satisfactory to the Administrative Agent;

     (n) the Administrative Agent shall have completed its business, financial and legal due
diligence of the Loan Parties, including such collateral reviews, field examinations, audits,
appraisals, assessments and other reviews by the Administrative Agent and/or third parties, as the
Administrative Agent deems appropriate;

     (o) the Administrative Agent shall have received appraisals of the European Borrower’s
Inventory by the Administrative Agent and its Affiliates and/or third parties, in scope and with
results in all respects satisfactory to the Administrative Agent in its sole discretion;

     (p) the Administrative Agent shall have received all original stock certificates or other
certificates evidencing the equity interests pledged pursuant to the Collateral Documents, together
with an undated stock/membership power for each such certificate duly executed in blank by the
registered owner thereof;

     (q) the Administrative Agent shall have received executed agreements, documents, instruments,
financing statements, consents, landlord waivers, documents indicating compliance in all material
respects with all applicable federal and state environmental laws and regulations, evidences of
corporate authority, and such other documents to confirm and effectuate this Agreement and first
priority Liens in the Collateral, as may be reasonably required by the Administrative Agent and its
counsel;

     (r) no material adverse change shall have occurred, in the opinion of the Administrative Agent
or the Arranger, in the business, assets, properties, liabilities, operations, condition or
prospects of the Borrowers since December 31, 2009;

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     (s) no action, suit, investigation, litigation or proceeding pending or threatened in any
court or before any arbitrator or governmental instrumentality that in the Administrative Agent’s
or the Arranger’s judgment could reasonably be expected to have a Material Adverse Effect;

     (t) the Administrative Agent and the Arranger shall have received, in form and substance
satisfactory to them, (i) monthly consolidated financial projections of Imation and its
Subsidiaries through December 31, 2010, (ii) annual consolidated financial projections of Imation
and its Subsidiaries through the fiscal year ending December 31, 2012, and (iii) interim
consolidated financial statements for Imation and its Subsidiaries as of a date not more than 45
days prior to the Closing Date;

     (u) the Administrative Agent shall have received Insurance Assignments and certificates of
insurance with respect to the Borrowers’ property and liability insurance, together with a lender’s
loss payable endorsement naming the Administrative Agent as loss payee, all in form and substance
satisfactory to the Administrative Agent;

     (v) the Administrative Agent shall have received satisfactory evidence that the Borrowers have
received all governmental and third party consents and approvals as may be appropriate in
connection with this Agreement and the transactions contemplated hereby;

     (w) the Administrative Agent shall be satisfied with all environmental aspects relating to
each Borrower and its Real Estate, including all environmental reports as may be required by the
Administrative Agent;

     (x) the Administrative Agent shall be satisfied with the Borrowers’ capital structure and
indebtedness, including the Administrative Agent’s receipt of satisfactory evidence that the
Borrowers are adequately capitalized, that the fair saleable value of the Borrowers’ assets will
exceed its liabilities on the Closing Date, and that the Borrowers will have sufficient working
capital to pay its debts as they become due;

     (y) the Borrowers shall have paid all fees and expenses to be paid to the Administrative Agent
and the Lenders in connection with the Fee Letter, the Credit Agreement and the other Loan
Documents;

     (z) the Administrative Agent shall have received a US Borrowing Base Certificate and a
European Borrowing Base Certificate, each prepared as of June 30, 2010; and

     (aa) the Administrative Agent shall have received internal credit approval of this Agreement
and the transactions contemplated hereby and the Arranger shall have received internal approval of
the related syndication activities.

     4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request
for Credit Extension (other than a Loan Notice requesting only a conversion of US Borrower Loans to
the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the following
conditions precedent:

     (a) The representations and warranties of the Borrowers and each other Loan Party contained in
Article V or any other Loan Document, or which are contained in any document

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furnished at any time under or in connection herewith or therewith, shall be true and correct
in all material respects on and as of the date of such Credit Extension, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct as of such earlier date; provided, however, that any
representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct (after giving effect to any qualification therein) in
all respects, and except that for purposes of this Section 4.02, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to
the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.01.

     (b) No Default shall exist, or would result from such proposed Credit Extension.

     (c) All conditions precedent in any other Loan Document shall be satisfied.

     (d) The Administrative Agent and, if applicable, the L/C Issuer shall have received a Request
for Credit Extension in accordance with the requirements hereof.

     Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of US
Borrower Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by the
Borrower Agent shall be deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a) and (b) have been satisfied on and as of the date of the
applicable Credit Extension.

ARTICLE V.

REPRESENTATIONS AND WARRANTIES

     The Borrowers represent and warrant to the Administrative Agent and the Lenders that:

     5.01 Existence, Qualification and Power; Compliance with Laws. Each Loan Party (a) is a
corporation, partnership or limited liability company duly organized or formed, validly existing
and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b)
has all requisite power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own its assets and carry on its business and (ii) execute, deliver
and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified
and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease
or operation of properties or the conduct of its business requires such qualification or license,
and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or
(d), to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect.

     5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan
Party of each Loan Document to which such Person is party, have been duly authorized by all
necessary corporate or other organizational action, and do not and will not (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, (i) any Contractual Obligation to which such
Person is a party or (ii) any order, injunction, writ or decree of any Governmental Authority or
any arbitral award to which such Person or its Property is subject; or (c) violate any Law.

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     5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, any Loan Party of this Agreement or any other Loan Document.

     5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms, except as enforceability may be limited by (a)
applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights
generally or by equitable principles relating to enforceability or (b) Legal Reservations with
respect to the European Borrower.

     5.05 Financial Statements; No Material Adverse Effect; Solvency.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly present the financial condition of Imation and its Subsidiaries as of the date thereof and
their results of operations for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or contingent, of Imation and
its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and
Indebtedness.

     (b) The unaudited consolidated balance sheet of Imation and its Subsidiaries dated March 31,
2010, and the related consolidated statements of income or operations, shareholders’ equity and
cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of Imation and its Subsidiaries as of the
date thereof and their results of operations for the period covered thereby, subject, in the case
of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.
Schedule 5.05 sets forth all material indebtedness and other material liabilities, direct
or contingent, of Imation and its consolidated Subsidiaries as of the date of such financial
statements (and to the extent not set forth in such financial statements), including liabilities
for taxes, material commitments and Indebtedness.

     (c) Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

     (d) The Borrowers and each of other Loan Parties are Solvent, prior to and after giving effect
to the making of any Loans hereunder, and the issuance of any Letters of Credit hereunder.

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     5.06 Litigation. Except as specifically disclosed in Schedule 5.06, there are no
actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrowers after
due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or
before any Governmental Authority, by or against the Borrowers or any of their Subsidiaries or
against any of their properties or revenues that (a) purport to affect or pertain to this Agreement
or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

     5.07 No Default. No event or circumstance has occurred or exists that constitutes a Default.
No Borrower or Subsidiary is in default, and no event or circumstance has occurred or exists that
with the passage of time or giving of notice would constitute a default, under or with respect to
any Contractual Obligation that could, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

     5.08 Ownership of Property. Each Borrower and Subsidiary has good and marketable title to (or
valid leasehold interests in) all of its Real Estate, and good and marketable title to all of its
personal Property, including all Property reflected in any financial statements delivered to
Administrative Agent or Lenders. Each Borrower and Subsidiary has paid and discharged all lawful
claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens and, with
respect to Non-Loan Party Subsidiaries, could not reasonably be expected to have a Material Adverse
Effect.

     5.09 Environmental Compliance. Except as disclosed on Schedule 5.09, no Loan Party or
Pledged Foreign Subsidiary or any such Person’s present or, to any such Person’s knowledge, past
operations, Real Estate or other Properties are subject to any federal, state or local
investigation to determine whether any remedial action is needed to address any environmental
pollution, hazardous material or environmental clean-up that is an unresolved Material
Environmental Liability and, from and after the Closing Date, that could reasonably be expected to
have a Material Adverse Effect. Except as disclosed on Schedule 5.09, as of the Closing
Date, no Non-Loan Party Subsidiary (excluding any Pledged Foreign Subsidiary) or such Non-Loan
Party Subsidiary’s operations, Real Estate or other Properties are subject to any federal, state or
local investigation or requirements, to determine whether any remedial action is needed to address
any environmental pollution, hazardous material or environmental clean-up that could reasonably be
expected to result in a Material Environmental Liability. No Loan Party or Pledged Foreign
Subsidiary has received any Environmental Notice or has any contingent liability with respect to
any Environmental Release, environmental pollution or hazardous material on any Real Estate now or
previously owned, leased or operated by it that (a) as of the Closing Date could reasonably be
expected to result in a Material Environmental Liability and (b) after the Closing Date that could
reasonably be expected to have a Material Adverse Effect. The representations and warranties
contained in the Environmental Agreement are true and correct on the Closing Date.

     5.10 Insurance. The properties of the Borrowers and their Subsidiaries are insured with
financially sound and reputable insurance companies not Affiliates of the Borrowers, in such
amounts, with such deductibles and covering such risks as are customarily carried by

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companies engaged in similar businesses and owning similar properties in localities where the
Borrowers or the applicable Subsidiary operates.

     5.11 Taxes. The Borrowers and their Subsidiaries have filed all Federal, material state and
other material tax returns and reports required to be filed by any Governmental Authority, and have
paid all Federal, material state and other material taxes, assessments, fees and other governmental
charges levied or imposed upon them or their properties, income or assets otherwise due and
payable, except those which are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves have been provided in accordance with GAAP. There is no
proposed tax assessment against the Borrowers or any Subsidiary that would, if made, have a
Material Adverse Effect.

     5.12 ERISA Compliance.

     (a) Except as could not reasonably be expected to have a Material Adverse Effect, each Plan is
in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws.
Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable
determination letter from the IRS or an application for such a letter is currently being processed
by the IRS with respect thereto, provided that each Plan that is in the form of a prototype
document has an opinion letter issued by the IRS to the prototype plan sponsor, and no failure to
satisfy a qualification requirement applicable thereto could reasonably be expected to have a
Material Adverse Effect. The Borrowers and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412 of the Code, and no application for a funding
waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made
with respect to any Plan.

     (b) There are no pending or, to the best knowledge of the Borrowers, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
be reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect.

     (c) (i) Except as disclosed on Schedule 5.12, no ERISA Event has occurred or is
reasonably expected to occur; (ii) neither the Borrowers nor any ERISA Affiliate has incurred, or
reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan
(other than premiums due and not delinquent under Section 4007 of ERISA); (iii) neither the
Borrowers nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and
no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in
such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv)
neither the Borrowers nor any ERISA Affiliate has engaged in a transaction that could reasonably be
expected to be subject to Sections 4069(a) or 4212(c) of ERISA.

     (d) With respect to any Foreign Plan, (i) all employer and employee contributions required by
law or by the terms of the Foreign Plan have been made, or, if applicable, accrued, in accordance
with normal accounting practices except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect; (ii) the fair market value of the assets

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of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through
insurance, or the book reserve established for any Foreign Plan, together with any accrued
contributions, is sufficient to procure or provide for the accrued benefit obligations with respect
to all current and former participants in such Foreign Plan according to the actuarial assumptions
and valuations most recently used to account for such obligations in accordance with applicable
generally accepted accounting principles; and (iii) it has been registered as required and has been
maintained in good standing with applicable regulatory authorities except where failure to do so
could not reasonably be expected to have a Material Adverse Effect.

     5.13 Subsidiaries. With the exception of Inactive Subsidiaries, Part (a) of Schedule
5.13 shows, for each Borrower and Subsidiary, its name, its jurisdiction of organization, and
the holders of its equity interests, and, for each of the Loan Parties and the Pledged Foreign
Subsidiaries, its authorized and issued equity interests. Except as disclosed on Part (a) of
Schedule 5.13, in the five years preceding the Closing Date, no Loan Party has acquired any
substantial assets from any other Person nor been the surviving entity in a merger or combination.
Each Loan Party has good title to its equity interests in its Subsidiaries, subject only to the
Administrative Agent’s Lien (in the case of equity interests in the Loan Parties and the Pledged
Foreign Subsidiaries), and all such equity interests are duly issued, fully paid and
non-assessable. There are no outstanding purchase options, warrants, subscription rights,
agreements to issue or sell, convertible interests, phantom rights or powers of attorney relating
to equity interests of any Borrower or Subsidiary other than those specifically disclosed in Part
(b) of Schedule 5.13. Other than Inactive Subsidiaries and the Subsidiaries listed in Part
(a) of Schedule 5.13, no Borrower has any equity investments (a) directly in any public
corporation or similar public entity or (b) in any private corporation or similar private entity
representing greater than a five percent ownership interest therein other than, in each case, those
specifically disclosed in Part (c) of Schedule 5.13.

     5.14 Margin Regulations; Investment Company Act.

     (a) No Borrower or Subsidiary is engaged, principally or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying any margin stock. No
Loan proceeds or Letters of Credit will be used by Borrowers to purchase or carry, or to reduce or
refinance any Indebtedness incurred to purchase or carry, any margin stock or for any related
purpose governed by Regulations T, U or X of the Board of Governors.

     (b) None of the Borrowers, any Person Controlling the Borrowers, or any Subsidiary is or is
required to be registered as an “investment company” under the Investment Company Act of 1940.

     5.15 Disclosure. The Borrowers have disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries
is subject, and all other matters known to them, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. Except as disclosed on Schedule
5.15, no Loan Party or Pledged Foreign Subsidiary is party or subject to any Restrictive
Agreement and no Non-Loan Party (excluding any Pledged Foreign Subsidiary) is party or subject to
any Restrictive Agreement that restricts its ability to pay dividends or distributions to its
parent company or that could otherwise reasonably be expected to have a

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Material Adverse Effect. No such Restrictive Agreement prohibits the execution, delivery or
performance of any Loan Document by a Loan Party or Pledged Foreign Subsidiary. No report,
financial statement, certificate or other information furnished (whether in writing or orally) by
or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the
transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as
modified or supplemented by other information so furnished) contains any material misstatement of
fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that, with respect
to projected financial information, the Borrowers represent only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time.

     5.16 Compliance with Laws. Each of the Borrowers and each Subsidiary is in compliance in all
material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except (other than with respect to any failure to comply
with Anti-Terrorism Laws) in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

     5.17 Intellectual Property; Licenses, Etc. The Borrowers and their Subsidiaries own, or
possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents,
patent rights, franchises, Licenses and other intellectual property rights (collectively, “IP
Rights”) that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person except as disclosed on Schedule 5.17,
except where the failure to own or possess such IP Rights could not reasonably be expected to have
a Material Adverse Effect. To the best knowledge of the Borrowers, no slogan or other advertising
device, product, process, method, substance, part or other material now employed, or now
contemplated to be employed, by the Borrowers or any Subsidiary infringes upon any rights held by
any other Person in a manner that could reasonably be expected to have a Material Adverse Effect.
Except as specifically disclosed in Schedule 5.17, there is no pending, or to any
Borrower’s knowledge, threatened Intellectual Property Claim with respect to any Borrower, any
Subsidiary or any of their Property (including any Intellectual Property).

     5.18 Accounts. The Administrative Agent may rely, in determining which Accounts are Eligible
Accounts, on all statements and representations made by the Borrowers with respect thereto. The
Borrowers warrant, with respect to each Account at the time it is shown as an Eligible Account in a
Borrowing Base Certificate, that:

     (a) it is genuine and in all material respects what it purports to be, and is not evidenced by
a judgment;

     (b) it arises out of a completed, bona fide sale and delivery of goods in the Ordinary Course
of Business (provided, that an aggregate of up to $10,000,000 shall be permitted for FOB
destination Accounts), and substantially in accordance with any purchase order, contract or other
document relating thereto;

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     (c) it is for a sum certain, maturing as stated in the invoice covering such sale, a copy of
which has been furnished or is available to the Administrative Agent on request;

     (d) it is not subject to any offset under contract or applicable Law, Lien (other than the
Administrative Agent’s Lien or a Permitted Lien permitted pursuant to subsections (c) or (d) of
Section 7.01), deduction, defense, dispute, counterclaim or other adverse condition except
as arising in the Ordinary Course of Business and disclosed to the Administrative Agent; and it is
absolutely owing by the Account Debtor, without contingency in any respect;

     (e) no purchase order, agreement, document or applicable Law restricts assignment of the
Account to the Administrative Agent (regardless of whether, under the UCC, the restriction is
ineffective), and the applicable Borrower is the sole payee or remittance party shown on the
invoice;

     (f) no extension, compromise, settlement, modification, credit, deduction or return has been
authorized with respect to the Account, except discount, allowances or other adjustments granted in
the Ordinary Course of Business for prompt payment that are immaterial or are reflected in the
reports submitted to the Administrative Agent hereunder; and

     (g) to the best of the Borrowers’ knowledge, (i) there are no facts or circumstances that are
reasonably likely to impair the enforceability or collectibility of such Account; (ii) the Account
Debtor had the capacity to contract when the Account arose, continues to meet the applicable
Borrower’s customary credit standards, is Solvent, is not contemplating or subject to an Insolvency
Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no
proceedings or actions threatened or pending against any Account Debtor that could reasonably be
expected to have a material adverse effect on the Account Debtor’s financial condition.

     5.19 Payable Practices. No Borrower or Subsidiary has made any change in its historical
accounts payable practices from those in effect on the Closing Date which change could reasonably
be expected have a Material Adverse Effect.

     5.20 Labor Relations. Except as described on Schedule 5.20, no Borrower or Subsidiary
is party to or bound by any collective bargaining agreement or similar agreement with any union,
labor organization or other bargaining agent. There are no grievances, disputes or controversies
with any union or other organization of any Borrower’s or Subsidiary’s employees, or, to any
Borrower’s knowledge, any asserted or threatened strikes, work stoppages or demands for collective
bargaining which could reasonably be expected to have a Material Adverse Effect.

     5.21 Trade Relations. There exists no actual or threatened termination, limitation or
modification of any business relationship between any Borrower or Subsidiary and any customer or
supplier, or any group of customers or suppliers, who individually or in the aggregate are material
to the business of the Borrowers and their Subsidiaries, taken as a whole. There exists no
condition or circumstance that could reasonably be expected to impair the ability of the Borrowers
and their Subsidiaries, taken as a whole, to conduct their business at any time hereafter in
substantially the same manner as conducted on the Closing Date.

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     5.22 Surety Obligations. No Borrower or Subsidiary is obligated as surety or indemnitor under
any bond or other contract that assures payment or performance of any obligation of any Person,
except as otherwise permitted hereunder.

     5.23 Bank Accounts. Schedule 5.23 contains a complete and accurate list of all
Deposit Accounts, including all Dominion Accounts, maintained by each Loan Party with any bank or
other financial institution. Each Borrower shall take all actions necessary to establish the
Administrative Agent’s control of each such Deposit Account (other than (a) an account exclusively
used for payroll, payroll taxes or employee benefits, (b) a special purpose account established
solely for the purpose of securing obligations under certain third party guarantees or (c) an
account containing not more than $100,000 at any time, provided, that all such accounts
described in this subclause (c) shall not have more than $250,000 in the aggregate on deposit
therein at any time); provided, that with respect to Deposit Accounts maintained in
Germany, France, Italy, Spain, Poland and Turkey, the Borrowers shall not be required to take
action necessary to establish the Administrative Agent’s control of such Deposit Accounts except
upon the request of the Administrative Agent in its sole discretion during a Cash Dominion Trigger
Period. Each Borrower shall be the sole account holder of each Deposit Account and shall not allow
any other Person (other than the Administrative Agent) to have control over a Deposit Account or
any Property deposited therein. Each Borrower shall promptly notify the Administrative Agent of
any opening or closing of a Deposit Account and, with the consent of the Administrative Agent, will
amend Schedule 5.23 to reflect same.

     5.24 Validity and Priority of Security Interest. The provisions of this Agreement, the
Security Agreements, the Mortgages and/or the other Loan Documents create legal and valid Liens on
all the Collateral in favor of the Administrative Agent, for the benefit of the Administrative
Agent and the Lenders, and such Liens constitute (or will, upon the Administrative Agent’s duly
filing or recording any required financing statements or Mortgages, as applicable, and taking
possession or control (including possession of any certificate of title) of Collateral that may be
perfected only by possession or control) perfected and continuing Liens on the Collateral, securing
the Obligations, enforceable against the applicable Loan Party (except as enforceability may be
limited by Legal Reservations with respect to the European Borrower) and all third parties, and
having priority over all other Liens on the Collateral except (i) in the case of Liens described in
clauses (c), (d) and (g) of Section 7.01 solely to the extent any
such Liens would have priority over the Administrative Agent’s Liens pursuant to any applicable Law
and (ii) Liens granted in the Pledged Foreign Subsidiaries.

     5.25 Material Agreements. As of the Closing Date, Schedule 5.25 sets forth all
Material Contracts (other than the Loan Documents) of the Loan Parties.

     5.26 Complete Disclosure. No representation or warranty of a Loan Party in any Loan Document
as of the date made or deemed to be made contains any untrue statement of a material fact, nor,
when considered as a whole, fails to disclose any material fact necessary to make the statements
contained therein not materially misleading. There is no fact or circumstance, to the knowledge of
any Responsible Officer of a Loan Party, that such Loan Party has failed to disclose to the
Administrative Agent in writing that has had or would have a Material Adverse Effect.

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     5.27 Retention of Title. There do not exist any rights or claims of any third parties to the
European Collateral and the claims pertaining thereto, and the European Collateral is not subject
to any retention of title arrangements.

ARTICLE VI.

AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding,
each of the Borrowers shall, and shall (except in the case of the covenants set forth in
Sections 6.01, 6.02, 6.03, 6.11, and 6.13) cause each
Subsidiary to:

     6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and
detail satisfactory to the Administrative Agent and the Required Lenders:

     (a) as soon as available, but in any event within 90 days after the end of each fiscal year of
Imation, a consolidated balance sheet of Imation and its Subsidiaries as at the end of such fiscal
year, and the related consolidated statements of income or operations, shareholders’ equity and
cash flows for such fiscal year, setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and
accompanied by a report and opinion of an independent certified public accountant of nationally
recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and shall not be subject to
any “going concern” or like qualification or exception or any qualification or exception as to the
scope of such audit;

     (b) as soon as available, but in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of Imation, a consolidated balance sheet of Imation and
its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of
income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the
portion of Imation’s fiscal year then ended, setting forth in each case in comparative form the
figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year, all in reasonable detail and certified by a Responsible
Officer of Imation as fairly presenting the financial condition, results of operations,
shareholders’ equity and cash flows of Imation and its Subsidiaries in accordance with GAAP,
subject only to normal year-end audit adjustments and the absence of footnotes;

     (c) as soon as available, and in any event within 30 days after the end of each month (but
within 45 days after the last month in a fiscal year), unaudited balance sheets as of the end of
such month and the related statements of income and cash flow for such month and for the portion of
the fiscal year then elapsed, on a consolidated basis for Borrowers and Subsidiaries, setting forth
in comparative form corresponding figures for the preceding fiscal year and certified by a
Responsible Officer of Imation as prepared in accordance with GAAP and fairly presenting the
financial position and results of operations for such month and period, subject to normal year-end
adjustments and the absence of footnotes; and

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     (d) not later than 30 days after the beginning of each fiscal year, projections of
Imation and its Subsidiaries’ consolidated balance sheets, results of operations, cash flow, Total
Availability for such fiscal year, month by month.

As to any information contained in materials furnished pursuant to Section 6.02(e), the
Borrowers shall not be separately required to furnish such information under clause (a) or (b)
above, but the foregoing shall not be in derogation of the obligation of the Borrowers to furnish
the information and materials described in subsections (a) and (b) above at the times specified
therein.

     6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in
form and detail satisfactory to the Administrative Agent and the Required Lenders:

     (a) concurrently with the delivery of the financial statements referred to in
Sections 6.01(a), (b), and (c), a duly completed Compliance Certificate
signed by a Responsible Officer of Imation which Compliance Certificate shall include a calculation
of the Consolidated Fixed Charge Coverage Ratio calculated as of the end of the most recently ended
fiscal month within the reporting period;

     (b) concurrently with delivery of financial statements under Section 6.01(a) above,
copies of all management letters and other material reports submitted to Borrowers by their
accountants in connection with such financial statements;

     (c) at Administrative Agent’s request, a listing of each Borrower’s trade payables, specifying
the trade creditor and balance due, and a detailed trade payable aging, all in form satisfactory to
Administrative Agent;

     (d) promptly after any request by the Administrative Agent or any Lender, copies of any
detailed audit reports, management letters or recommendations submitted to the board of directors
(or the audit committee of the board of directors) of Imation by independent accountants in
connection with the accounts or books of Imation or any Subsidiary, or any audit of any of them;

     (e) promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of Imation, and copies of all
annual, regular, periodic and special reports and registration statements which Imation may file or
be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934,
and not otherwise required to be delivered to the Administrative Agent pursuant hereto;

     (f) by the 20th day of each month, the Borrower Agent shall deliver to the Administrative
Agent (and Administrative Agent shall promptly deliver same to Lenders) (i) a Borrowing Base
Certificate calculating the US Borrowing Base prepared as of the close of business of the previous
month, and at such other times as the Administrative Agent may request and (ii) a Borrowing Base
Certificate calculating the European Borrowing Base prepared as of the close of business of the
previous month, and at such other times as the Administrative Agent may request. All calculations
of US Availability and European Availability in any Borrowing Base Certificate shall originally be
made by Borrowers and certified by a Responsible Officer,

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provided that the Administrative Agent may from time to time review and adjust any such
calculation (A) to reflect its reasonable estimate of declines in value of any Collateral, due to
collections received in any Dominion Account, or otherwise; (B) to adjust advance rates in its
Permitted Discretion to reflect changes in dilution, quality, mix and other factors affecting
Collateral; and (C) to the extent the calculation is not made in accordance with this Agreement or
does not accurately reflect the Availability Reserves;

     (g) the Borrower Agent shall provide to the Administrative Agent, on or before the 20th day of
each month, (i) with respect to the US Loan Parties, (A) a detailed aged trial balance of all
Accounts as of the end of the preceding month, specifying each Account’s Account Debtor name and
address, amount, invoice date and due date, showing any discount, allowance, credit, authorized
return or dispute, and including such proof of delivery, copies of invoices and invoice registers,
copies of related documents, repayment histories, and status reports, (B) inventory reports by
location of the US Loan Parties, and (C) such other reports and information as the Administrative
Agent may reasonably request, in each case, in form satisfactory to the Administrative Agent and
(ii) with respect to the European Borrower, (A) a detailed aged trial balance of all Accounts as of
the end of the preceding month, specifying each Account’s Account Debtor name and address, amount,
invoice date and due date, showing any discount, allowance, credit, authorized return or dispute,
and including such proof of delivery, copies of invoices and invoice registers, copies of related
documents, repayment histories, and status reports, (B) inventory reports by location of the
European Borrower, and (C) such other reports and information as the Administrative Agent may
reasonably request, in each case, in form satisfactory to the Administrative Agent. If Accounts in
an aggregate face amount of $5,000,000 or more cease to be Eligible Accounts, the Borrower Agent
shall notify the Administrative Agent of such occurrence promptly after any Borrower has knowledge
thereof and shall identify whether such Accounts are Eligible US Accounts or Eligible European
Accounts;

     (h) within five days after the end of each month (or such shorter intervals as the
Administrative Agent may require in its Permitted Discretion), the Borrower Agent shall have filed
the Dutch Supplemental Pledge Agreement, substantially in the form of Exhibit A to the Dutch
Notarial Deed of Pledge of Receivables (Undisclosed) with the appropriate tax authorities in the
Netherlands, and promptly thereafter, provide to the Administrative Agent evidence that such filing
has been made. The Borrower Agent shall have attached to each Dutch Supplemental Pledge Agreement
an exhibit specifying the then existing present accounts receivable, all in accordance with the
relevant provisions of the Dutch Notarial Deed of Pledge of Receivables (Undisclosed);

     (i) promptly after the sending or filing thereof, copies of any annual report to be filed in
connection with each Plan or Foreign Plan; and

     (j) promptly, such other reports and information (financial or otherwise) as the
Administrative Agent or any Lender may reasonably request from time to time in connection with any
Collateral or any Borrower’s, Subsidiary’s or other Loan Party’s financial condition, corporate
affairs or business.

     Documents required to be delivered pursuant to Section 6.01(a), (b) or
(c) or Section 6.02(e) (to the extent any such documents are included in materials
otherwise filed with the SEC)

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may be delivered electronically and if so delivered, shall be deemed to have been delivered on
the date (i) on which Imation posts such documents, or provides a link thereto on Imation’s website
on the Internet at the website address listed on Schedule 10.02; or (ii) on which such
documents are posted on Imation’s behalf on IntraLinks/IntraAgency or another relevant website, if
any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that:
(i) Imation shall deliver paper copies of such documents to the Administrative Agent or any Lender
that requests Imation to deliver such paper copies until a written request to cease delivering
paper copies is given by the Administrative Agent or such Lender and (ii) Imation shall notify
(which may be by facsimile or electronic mail) the Administrative Agent and each Lender of the
posting of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in
every instance Imation shall be required to provide paper copies of the Compliance Certificates
required by Section 6.02(a) to the Administrative Agent and each of the Lenders. Except
for such Compliance Certificates, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by Imation with any such request for delivery, and each Lender
shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

     The Borrowers hereby acknowledge that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders and the L/C Issuer materials and/or information provided by or on
behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to Imation or its securities) (each, a “Public
Lender”). The Borrowers hereby agree that (w) all Borrower Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum,
shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the
Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials
as not containing any material non-public information with respect to Imation or its securities for
purposes of United States Federal and state securities laws (provided, however,
that to the extent such Borrower Materials constitute Information, they shall be treated as set
forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be
made available through a portion of the Platform designated “Public Investor;” and (z) the
Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Investor.” Notwithstanding the foregoing, the Borrowers shall be under no obligation to
mark any Borrower Materials “PUBLIC.”

     6.03 Notices. Promptly upon any Responsible Officer having knowledge thereof, notify the
Administrative Agent and each Lender:

     (a) of the occurrence of any Default;

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     (b) of any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect, including (insofar as the same has resulted in or could reasonably be expected to
result in a Material Adverse Effect) (i) breach or non-performance of, or any default under, a
Contractual Obligation of any Borrower or any Subsidiary; (ii) any dispute, litigation,
investigation, proceeding or suspension between any Borrower or any Subsidiary and any Governmental
Authority, including any violation or asserted violation of any applicable Law; (iii) the
commencement of, or any material development in, any litigation or proceeding affecting any
Borrower or any Subsidiary of a type or nature required to be disclosed on Schedule 5.06,
or that could reasonably be expected to result in a Material Environmental Liability; or (iv) the
assertion of any Intellectual Property Claim;

     (c) of the occurrence of any ERISA Event;

     (d) of any material change in accounting policies or financial reporting practices by any
Borrower or any Subsidiary, or of the occurrence of any Internal Control Event;

     (e) that any Guarantor has ceased to be a Subsidiary of a Loan Party;

     (f) of any judgment in an amount exceeding $5,000,000;

     (g) the discharge of or any withdrawal or resignation by Borrowers’ independent accountants;

     (h) any opening of a new office or place of business of a Loan Party, within a reasonable
period of time prior to such opening;

     (i) of any pending or threatened labor dispute, strike or walkout, or the expiration of any
material labor contract that, in each case, could reasonably be expected to have a Material Adverse
Affect; and

     (j) of any Environmental Release by a Loan Party or on any Real Estate owned, leased or
occupied by a Loan Party, or receipt by a Loan Party of any Environmental Notice that, if
determined adversely to such Loan Party, could reasonably be expected to result in a Material
Environmental Liability.

     Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer of the Borrowers setting forth details of the occurrence referred to therein and stating
what action the Borrowers have taken and proposes to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any such Default, including
any and all provisions of this Agreement and any other Loan Document that have been breached.

     6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all
its obligations and liabilities, including (a) all tax liabilities, assessments and governmental
charges or levies upon it or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP
are being maintained by Imation or such Subsidiary; (b) all lawful claims which, if unpaid, would
by law become a Lien upon its Property unless the same are

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otherwise permitted under Section 7.01(d); and (c) all Indebtedness, as and when due
and payable, but subject to any subordination provisions contained in any instrument or agreement
evidencing such Indebtedness.

     6.05 Preservation of Existence, Etc.

     (a) Preserve, renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization, except in a transaction permitted
by Section 7.04 or 7.05;

     (b) take all reasonable action to maintain all rights, privileges, permits, and franchises
necessary or desirable in the normal conduct of its business, except to the extent that failure to
do so could not reasonably be expected to have a Material Adverse Effect; and

     (c) preserve or renew all of its registered patents, trademarks, trade names, service marks,
and other IP Rights the non-preservation of which could reasonably be expected to have a Material
Adverse Effect.

     6.06 Maintenance of Properties.

     (a) Maintain, preserve and protect all of its material Properties and Equipment necessary in
the operation of its business in good working order and condition, ordinary wear and tear excepted;

     (b) make all necessary repairs thereto and renewals and replacements thereof except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect; and

     (c) use the standard of care typical in the industry in the operation and maintenance of its
facilities.

     6.07 Maintenance of Insurance.

     (a) Maintain, and shall cause each Loan Party to maintain, with endorsements and with insurers
(with a Best Rating of at least A7, unless otherwise approved by the Administrative Agent)
satisfactory to the Administrative Agent, insurance (i) with respect to the Collateral, Properties
and business of the Loan Parties covering casualty, hazard, larceny, embezzlement, theft or other
criminal misappropriation, malicious mischief, product liability, workers’ compensation, flood and
other risks, in amounts satisfactory to the Administrative Agent, and (ii) covering business
interruption with policy limits, coverage amounts and deductibles determined from time to time by
the Loan Parties in their commercially reasonable business judgment and not otherwise materially
inconsistent with the past policies of such Loan Party regarding policy limits, coverage amounts
and deductibles, and subject to an Insurance Assignment satisfactory to the Administrative Agent.
All proceeds under each policy shall be payable to the Administrative Agent. From time to time
upon request, the Borrower Agent shall deliver to the Administrative Agent the originals or
certified copies of the Loan Parties’ insurance policies and updated flood plain searches. Unless
the Administrative Agent shall agree otherwise, each policy shall include satisfactory endorsements
(i) showing the Administrative Agent as loss payee; (ii) requiring 30

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days prior written notice to the Administrative Agent in the event of cancellation of the
policy for any reason whatsoever; and (iii) specifying that the interest of the Administrative
Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any Subsidiary or
the owner of the Property, nor by the occupation of the premises for purposes more hazardous than
are permitted by the policy. If any Borrower fails to provide and pay (or cause its respective
Subsidiaries that are Loan Parties to provide and pay) for any insurance required by this
Section 6.07(a), the Administrative Agent may, at its option, but shall not be required to,
procure the insurance and charge the Borrowers therefor. Each Borrower agrees to deliver to the
Administrative Agent, promptly as rendered, copies of all reports made to insurance companies in
respect of the Loan Parties. While no Event of Default exists, the Borrowers may settle, adjust or
compromise any insurance claim, as long as the proceeds are delivered to the Administrative Agent
to the extent required pursuant to Section 6.07(b). If an Event of Default exists, only
the Administrative Agent shall be authorized to settle, adjust and compromise such claims.

     (b) Any proceeds of insurance (other than proceeds from workers’ compensation or D&O
insurance) and any awards arising from condemnation (i) of any Collateral during a Cash Dominion
Trigger Period, shall be paid to the Administrative Agent and shall be applied in accordance with
Section 8.03 and (ii) of any Collateral in an amount in excess of $500,000, subject to
clause (c) below and during any time other than a Cash Dominion Trigger Period, shall be
paid to the Administrative Agent and shall be applied to the payment of the Loans, and then to any
other Obligations then due and owing.

     (c) During any period other than a Cash Dominion Trigger Period, if requested by the Borrower
Agent in writing within 15 days after the Administrative Agent’s receipt of any insurance proceeds
or condemnation awards relating to any loss or destruction of Equipment of the Loan Parties, the
Borrowers may use such proceeds or awards to repair or replace such Equipment (and until so used,
the proceeds shall be held by the Administrative Agent as Cash Collateral) as long as (i) no
Default exists; (ii) such repair or replacement is promptly undertaken and concluded, in accordance
with plans reasonably satisfactory to the Administrative Agent; (iii) the repaired or replaced
Property is free of Liens, other than Permitted Liens that are not purchase money liens; (iv) the
Borrowers comply with disbursement procedures for such repair or replacement as the Administrative
Agent may reasonably require; and (v) the aggregate amount of such proceeds or awards from any
single casualty or condemnation does not exceed $10,000,000.

     (d) With respect to each Non-Loan Party Subsidiary, maintain with financially sound and
reputable insurance companies not Affiliates of the Borrowers, insurance with respect to its
Properties and business against loss or damage of the kinds customarily insured against by Persons
engaged in the same or similar business, of such types and in such amounts as are customarily
carried under similar circumstances by such other Persons and providing for not less than 30 days’
prior notice to the Administrative Agent of termination, lapse or cancellation of such insurance.

     6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws
and all orders, writs, injunctions and decrees applicable to it or to its business or Property,
except (other than with respect to any failure to comply with Anti-Terrorism Laws) in such
instances in which (a) such requirement of Law or order, writ, injunction or decree is being

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contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to
comply therewith could not reasonably be expected to have a Material Adverse Effect. Without
limiting the generality of the foregoing, if any Environmental Release occurs at or on any
Properties of any Loan Party or Pledged Foreign Subsidiary, or if any Environmental Release that
could reasonably be expected to have a Material Adverse Effect occurs at or on any Properties of
any Non-Loan Party (other than a Pledged Foreign Subsidiary), the respective Loan Party, Pledged
Foreign Subsidiary or Non-Loan Party Subsidiary (i) shall act promptly and diligently to
investigate, (ii) if the Environmental Release can reasonably be expected to result in (A) a
Material Environmental Liability with respect to a Loan Party or Pledged Foreign Subsidiary only,
or (B) a Material Adverse Effect, report to the Administrative Agent and (iii) report to all
appropriate Governmental Authorities the extent of, and to make appropriate remedial action to
eliminate, such Environmental Release, as required by applicable Law or as directed to do so by any
Governmental Authority.

     6.09 Books and Records. Maintain proper books of record and account, in which full, true and
correct entries in conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of the Borrowers or such Subsidiary, as
the case may be.

     6.10 Inspection Rights; Appraisals.

     (a) Permit representatives and independent contractors of the Administrative Agent and each
Lender to visit and inspect any of its Properties, to examine its corporate, financial and
operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs,
business, assets, prospects, results of operations, finances and accounts with its directors,
officers, and independent public accountants, all (except when a Default exists) upon reasonable
prior notice and at such reasonable times and intervals and to such reasonable extent as the
Administrative Agent or any such Lender may reasonably request.

     (b) Whether or not a Default exists, the Administrative Agent shall have the right at any
time, in the name of the Administrative Agent, any designee of the Administrative Agent or any
Borrower, to verify the validity, amount or any other matter relating to any Accounts of the
Borrowers by mail, telephone or otherwise. The Borrowers shall cooperate fully with the
Administrative Agent in an effort to facilitate and promptly conclude any such verification
process.

     (c) Reimburse the Administrative Agent for all reasonable out-of-pocket charges, costs and
expenses of Administrative Agent in connection with (i) examinations of any Borrower’s or any
Subsidiary’s books and records or any other financial or Collateral matters as the Administrative
Agent deems appropriate, up to three times per fiscal year; (ii) appraisals of Inventory up to two
times per Loan Year; and (iii) appraisals of Real Estate up to one time during the period beginning
on the Closing Date and ending on the Maturity Date; provided, however, that if an
examination or appraisal is initiated during a Default, all charges, costs and expenses therefor
shall be reimbursed by Borrowers without regard to such limits. Subject to and without limiting
the foregoing, Borrowers specifically agree to pay the Administrative Agent’s, or its third-party
designee, then standard charges for each day that an employee of the Administrative Agent or its
Affiliates or its third-party designee is engaged in any examination

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activities, and shall pay the standard charges of the Administrative Agent’s internal
appraisal group or its third-party designee, which as of the Closing Date is $1,000 per diem, per
examiner. This Section shall not be construed to limit the Administrative Agent’s right to conduct
examinations or to obtain appraisals at any time in its discretion, nor to use third parties for
such purposes.

     6.11 Use of Proceeds. Use the proceeds of the Loans (i) to refinance amounts outstanding
under the Existing Credit Agreement, (ii) to pay fees, commissions and expenses in connection with
the Agreement and the transactions contemplated hereby and (iii) for ongoing working capital
requirements, capital expenditures and other general corporate purposes of the Borrowers.

     6.12 Taxes. Pay and discharge all Federal, state, and material taxes prior to the date on
which they become delinquent or penalties attach, except those which are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate reserves have been
provided in accordance with GAAP. If an Account of any Borrower includes a charge for any taxes,
the Administrative Agent is authorized, in its discretion, to pay the amount thereof to the proper
taxing authority for the account of such Borrower and to charge Borrowers therefor; provided,
however, that neither the Administrative Agent nor Lenders shall be liable for any Taxes that may
be due from Borrowers or with respect to any Collateral.

     6.13 Additional Guarantors and Foreign Subsidiaries.

     (a) Notify the Administrative Agent (i) of the creation or acquisition of any Domestic
Subsidiary or (ii) in the case of Glyphics Media Inc., a New York corporation, at the time such
Subsidiary first has more than $20,000,000 in assets, and in either case (i) or (ii) promptly
thereafter (and in any event within thirty (30) days), cause such Person to (A) become a Guarantor
by delivering to the Administrative Agent a duly executed Joinder Agreement or such other document
as the Administrative Agent shall deem appropriate for such purpose, (B) grant a security interest
in all Collateral owned by such Subsidiary by delivering to the Administrative Agent a duly
executed supplement to each Collateral Document or such other document as the Administrative Agent
shall deem appropriate for such purpose and comply with the terms of each Collateral Document, (C)
deliver to the Administrative Agent such documents, instruments, and agreements, including a
favorable opinion of counsel to such Person (which shall cover, among other things, the legality,
validity, binding effect and enforceability of the Joinder Agreement), in each case, in form,
content and scope reasonably satisfactory to the Administrative Agent and take such other actions
as may be reasonably requested by the Administrative Agent, (D) deliver to the Administrative Agent
such original capital stock or other certificates and stock or other transfer powers evidencing the
capital stock of such Person, and (E) deliver to the Administrative Agent such updated Schedules to
the Loan Documents as requested by the Administrative Agent with respect to such Person.
Notwithstanding the foregoing, the Borrower shall be under no obligation under this Section
6.13 in respect of Imation Online Service Corp., a New York corporation, provided and so long
as such Person does not have assets in excess of $100,000, and conducts no business activities.

     (b) Notify the Administrative Agent at the time that any Person becomes a First-Tier Foreign
Subsidiary of any US Loan Party, and at the request of the Administrative Agent,

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promptly thereafter (and in any event within forty-five (45) days after such request), cause
(i) the applicable US Loan Party to deliver to the Administrative Agent Collateral Documents
pledging one hundred percent (100%) of the total outstanding non-voting capital stock of such new
Foreign Subsidiary and (A) if the US Loan Party holds more than 65% of the total Voting Stock of
such new Foreign Subsidiary, then up to 65% of the total Voting Stock thereof or (B) if the US Loan
Party holds less than 65% of the total Voting Stock of such new Foreign Subsidiary, the aggregate
of all such Voting Stock thereof owned or held by the US Loan Party, and a consent thereto executed
by such new Foreign Subsidiary (including, without limitation, if applicable, original stock
certificates (or the equivalent thereof pursuant to the applicable Laws and practices of any
relevant foreign jurisdiction) evidencing the capital stock of such new Foreign Subsidiary,
together with an appropriate undated stock power for each certificate duly executed in blank by the
registered owner thereof), (ii) such Person to deliver to the Administrative Agent such documents
and certificates as may be reasonably requested by the Administrative Agent, (iii) the applicable
US Loan Party to deliver to the Administrative Agent such updated Schedules to the Loan Documents
as reasonably requested by the Administrative Agent with regard to such Person and (iv) such Person
to deliver to the Administrative Agent such other documents as may be reasonably requested by the
Administrative Agent, all in form, content and scope satisfactory to the Administrative Agent.

     6.14 After-Acquired Collateral. Promptly (a) notify the Administrative Agent in writing if,
after the Closing Date any Loan Party obtains any interest in any Collateral (i) consisting of
Deposit Accounts, Chattel Paper, Documents, Instruments, Material Intellectual Property, or
Letter-of-Credit Rights and (ii) Collateral consisting of Investment Property that does not, upon
such acquisition, become subject to the Administrative Agent’s perfected first priority Lien and
(b) upon the Administrative Agent’s request, take such actions as the Administrative Agent deems
appropriate to effect the Administrative Agent’s duly perfected, first priority Lien upon such
Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver;
provided, that the Administrative Agent shall be permitted to request Lien Waivers for locations
only where there is Material Collateral, except that for any two or more locations where the
aggregate value of the Collateral is $2,500,000 or more (such locations being “Significant
Inventory Locations”), the Administrative Agent may request, and the Loan Parties shall obtain,
a Lien Waiver for as many of the Significant Inventory Locations as is necessary so that the
aggregate value of Collateral at any two or more locations for which Lien Waivers shall have not
been obtained is less than $2,500,000 and, provided further, the Loan Parties shall
use commercially reasonable best efforts to obtain all such Lien Waivers requested pursuant to this
Section 6.14. If any Material Collateral is in the possession of a third party, at the
Administrative Agent’s request, the Loan Parties shall use commercially reasonable efforts to
obtain an acknowledgment that such third party holds the Collateral for the benefit of the
Administrative Agent.

     6.15 Landlord and Storage Agreements. Upon request, provide the Administrative Agent with
copies of all existing agreements, and promptly after execution thereof provide the Administrative
Agent with copies of all future agreements, between a Loan Party and any landlord, warehouseman,
processor, shipper, bailee or other Person that owns any location at which any Material Collateral
is kept or that is a Significant Inventory Location for which the Agent is entitled to request a
Lien Waiver pursuant to Section 6.14, or that otherwise possesses or handles any Material
Collateral.

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     6.16 Licenses. Keep each material License affecting any Collateral (including the
manufacture, distribution or disposition of Inventory) or any other material Property of the
Borrowers and the Subsidiaries, taken as a whole, in full force and effect; promptly notify the
Administrative Agent of any proposed material modification to any such material License, or entry
into any new material License; pay all Royalties when due (unless being contested in good faith by
appropriate proceedings); and notify the Administrative Agent of any default or breach asserted by
any Person to have occurred under any material License affecting any Collateral or any other
material Property of the Borrowers and Subsidiaries, taken as a whole.

     6.17 Administration of Inventory.

     (a) Records and Reports of Inventory. Keep accurate and complete records of each
Borrowing Base Loan Party’s Inventory, including costs and daily withdrawals and additions. Each
Borrowing Base Loan Party shall conduct a physical inventory at least once per calendar year (and
on a more frequent basis if requested by the Administrative Agent when an Event of Default exists)
and periodic cycle counts consistent with historical practices, and shall provide to the
Administrative Agent a report based on each such inventory and count promptly upon completion
thereof, together with such supporting information as the Administrative Agent may reasonably
request. The Administrative Agent may participate (at its expense if no Event of Default exists)
in and observe each physical count.

     (b) Returns of Inventory. Not return any Inventory of a Borrowing Base Party to a
supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is
in the Ordinary Course of Business; (b) no Default or Overadvance exists or would result therefrom;
and (c) the Administrative Agent is promptly notified if the aggregate Value of all Inventory
returned in any month by the Borrowing Base Loan Parties exceeds $7,500,000.

     (c) Acquisition, Sale and Maintenance. Not acquire or accept any Inventory on
approval except pursuant to a consignment arrangement, and shall take all commercially reasonable
steps to assure that all Inventory is produced in accordance with applicable Law, including the
Fair Labor Standards Act. No Borrowing Base Loan Party shall sell any Inventory on approval,
except pursuant to a consignment arrangement, or on any other basis under which the customer may
return or require the applicable Borrowing Base Loan Party to repurchase such Inventory. Each
Borrowing Base Loan Party shall use, store and maintain all Inventory with reasonable care and
caution, in accordance with applicable standards of any insurance and in conformity in all material
respects with all applicable Law, and shall make current rent payments (within applicable grace
periods provided for in leases and unless being contested in good faith by appropriate proceedings)
at all locations where any Material Collateral is located.

     6.18 Administration of Equipment.

     (a) Records and Schedules of Equipment. Keep accurate and complete records in all
material respects of the Loan Parties’ and the Pledged Foreign Subsidiaries’ respective Equipment,
including kind, quality, quantity, cost, acquisitions and dispositions thereof, and shall submit to
the Administrative Agent, on such periodic basis as the Administrative Agent may reasonably
request, a current schedule thereof, in form satisfactory to the Administrative Agent. Promptly
upon request, the Loan Parties shall deliver to the Administrative Agent

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evidence of the Loan Parties’ and the Pledged Foreign Subsidiaries’ ownership or interests in
any Equipment.

     (b) Dispositions of Equipment. Not sell, lease or otherwise dispose of any Equipment,
without the prior written consent of the Administrative Agent, other than (a) an asset disposition
otherwise permitted under this Agreement; (b) replacement of Equipment that is worn, damaged or
obsolete with Equipment of like function and value, if the replacement Equipment is acquired
substantially contemporaneously with such disposition and is free of Liens; and (c) a disposition
in the Ordinary Course of Business.

     (c) Condition of Equipment. Ensure that the Equipment is in good operating condition
and repair, and all necessary replacements and repairs have been made so that the value and
operating efficiency of the Equipment is preserved at all times, reasonable wear and tear excepted.
Each Loan Party and each Pledged Foreign Subsidiary shall ensure that the Equipment is
mechanically and structurally sound, and capable of performing the functions for which it was
designed, in accordance with manufacturer specifications, in each case in all material respects,
reasonable wear and tear excepted.

     6.19 Commercial Tort Claims. Promptly notify the Administrative Agent in writing if any Loan
Party has a Commercial Tort Claim (other than, as long as no Default exists, a Commercial Tort
Claim for less than $1,000,000) and, upon the Administrative Agent’s request, promptly take such
actions as the Administrative Agent deems appropriate to confer upon the Administrative Agent (for
the benefit of Secured Parties) a duly perfected, first priority Lien upon such claim.

     6.20 Further Assurances. Execute and deliver, or cause to be executed and delivered, to the
Administrative Agent and/or the Lenders such documents and agreements, instruments, assignments,
title certificates, or other documents or agreements, and take or cause to be taken such actions,
as the Administrative Agent or any Lender may, from time to time, reasonably request to carry out
the terms and conditions of this Agreement and the other Loan Documents.

ARTICLE VII.

NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, no
Borrower shall, nor shall it permit any Subsidiary to, directly or indirectly:

     7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property,
assets or revenues, whether now owned or hereafter acquired, other than the following (collectively
“Permitted Liens”):

     (a) Liens pursuant to any Loan Document or to secure the Obligations;

     (b) Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals or
extensions thereof, provided that the Property covered thereby is not increased and any
renewal or extension of the obligations secured or benefited thereby is permitted by Section
7.03(b);

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     (c) Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP;

     (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the Ordinary Course of Business which are not overdue for a period of more than 30 days
or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person;

     (e) pledges or deposits in the Ordinary Course of Business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien
imposed by ERISA, and other than any such Lien on Borrowing Base Collateral or any such Lien on the
equity securities of any Subsidiary;

     (f) deposits to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or
litigation), performance bonds and other obligations of a like nature incurred in the Ordinary
Course of Business (other than Liens on Borrowing Base Collateral or Liens on the equity securities
of any Subsidiary);

     (g) Liens encumbering any Real Estate subject to a Mortgage that are described on a mortgagee
title policy covering the Administrative Agent and approved by the Administrative Agent, and which
Liens do not in any case materially detract from the value of Real Estate subject thereto or
materially interfere with the ordinary conduct of the business of the applicable Person;

     (h) easements, rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do not in any case
materially detract from the value of the Property subject thereto or materially interfere with the
ordinary conduct of the business of the applicable Person;

     (i) Liens (other than Liens on Borrowing Base Collateral or Liens on the equity securities of
any Subsidiary) securing judgments, decrees or awards (i) in respect of which the Borrowers or any
of their Subsidiaries shall in good faith be prosecuting an appeal or proceedings for review and in
respect of which there shall have been secured a subsisting stay of execution pending such appeal
or proceedings or (ii) in an aggregate amount equal to or less than $5,000,000;

     (j) Liens (other than Liens on Borrowing Base Collateral or Liens on the equity securities of
any Subsidiary) securing Indebtedness permitted under Section 7.03(e); provided
that (i) such Liens do not at any time encumber any Property other than the Property financed by
such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market
value, whichever is lower, of the Property being acquired on the date of acquisition;

     (k) Liens on any Property (other than Borrowing Base Collateral and the equity securities of
any Subsidiary) (i) of any Subsidiary which are in existence at the time that such Subsidiary is
acquired pursuant to a Permitted Acquisition and (ii) of the Borrower or any of its

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Subsidiaries existing at the time such Property (other than Borrowing Base Collateral) is
purchased or otherwise acquired by the Borrower or such Subsidiary thereof pursuant to a
transaction permitted pursuant to this Agreement; provided that, with respect to each of
the foregoing clauses (i) and (ii), (A) such Liens (1) are not incurred in connection with, or in
anticipation of, such Permitted Acquisition, purchase or other acquisition, (2) are applicable only
to specific Property (other than Borrowing Base Collateral and the equity securities of any
Subsidiary), (3) are not “blanket” or all-asset Liens and (4) do not attach to any other property
or assets of the Borrower or any of its Subsidiaries and (B) the Indebtedness secured by such Liens
is permitted under Section 7.03(g);

     (l) normal and customary rights of setoff upon deposits in favor of depository institutions,
and Liens of a collecting bank on Payment Items in the course of collection;

     (m) Liens on assets of any Non-Loan Party Subsidiary (excluding the equity securities of such
Person) to secure Indebtedness permitted under Section 7.03(f);

     (n) Liens granted by a Non-Loan Party Subsidiary in favor of a Loan Party in respect of
Indebtedness and by such Subsidiary;

     (o) Liens created pursuant to any provisions included in the general conditions of any bank
operating in The Netherlands which are based on clauses 24, 25 and 26 of the general conditions
drawn up by the Netherlands Bankers’ Association (Nederlandse Vereniging van Banken) and the
Consumers Union (Consumentenbond);

     (p) any interest or title of a lessor, sublessor, licensee or licensor under any lease or
license agreement not prohibited by this Agreement; and

     (q) Liens (other than Liens on Borrowing Base Collateral and Liens on the equity securities of
any Subsidiary) not otherwise permitted herein securing Indebtedness not in favor of any Affiliate
of Imation and not exceeding in the aggregate at any time the principal amount of $2,500,000.

     7.02 Investments. Make any Investments, except:

     (a) Cash Equivalents, provided that Cash Equivalents of any Loan Party shall be subject to the
Administrative Agent’s Lien and control, pursuant to documentation in form and substance
satisfactory to the Administrative Agent;

     (b) Investments existing or specifically contemplated on the Closing Date, in each case, as
set forth on Schedule 7.02;

     (c) Investments of (i) any US Loan Party in any other US Loan Party, (ii) the European
Borrower in any US Loan Party, (iii) any Non-Loan Party Subsidiary in any Loan Party or any other
Non Loan-Party Subsidiary and (iv) any Loan Party in any Non-Loan Party Subsidiary or the European
Borrower after the Closing Date so long as (A) both before and after giving effect thereto, no
Default has occurred and is continuing, and (B) the amount of such Investments, when combined with
Investments made pursuant to Section 7.02(k) shall not exceed (1) $5,000,000 in the
aggregate during any fiscal year if, after giving effect to any such

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Investment under this subclause (1), pro forma US Availability for each day of the 30-day
period immediately preceding such Investment and on the date of such Investment after giving effect
thereto is less than $50,000,000, (2) $10,000,000 in the aggregate during any fiscal year if, after
giving effect to any such Investment under this subclause (2), pro forma US Availability for each
day of the 30-day period immediately preceding such Investment and on the date of such Investment
after giving effect thereto is less than or equal to $100,000,000 and greater than or equal to
$50,000,000 and (3) $20,000,000 in the aggregate during any fiscal year if, after giving effect to
any such Investment under this subclause (3), pro forma Liquidity for each day of the 30-day period
immediately preceding such Investment and on the date of such Investment after giving effect
thereto is greater than $100,000,000; provided, that for the avoidance of doubt, in each of the
foregoing clauses (1), (2) and (3), Investments consisting of loans in any fiscal year shall be
measured only on the basis of the amount of such loan outstanding at any time during such fiscal
year;

     (d) Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the Ordinary Course of Business, and
Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

     (e) Guarantees permitted by Section 7.03(c);

     (f) Swap Contracts permitted by Section 7.03(d);

     (g) Permitted Acquisitions;

     (h) loans or other advances of money (i) to officers, directors and employees of the Borrowers
and Subsidiaries in an amount not to exceed $1,500,000 in the aggregate at any time outstanding and
(ii) for travel, entertainment, relocation and similar items in the Ordinary Course of Business;

     (i) advances of money for prepaid expenses and extensions of trade credit made in the Ordinary
Course of Business;

     (j) deposits with financial institutions permitted hereunder; and

     (k) Investments not otherwise permitted herein so long as (i) both before and after giving
effect thereto, no Default has occurred and is continuing, and (ii) the amount of such Investments,
when combined with Investments made pursuant to Section 7.02(c)(iv) shall not exceed (1)
$5,000,000 in the aggregate during any fiscal year if, after giving effect to any such Investment
under this subclause (1), pro forma US Availability for each day of the 30-day period immediately
preceding such Investment and on the date of such Investment after giving effect thereto, is less
than $50,000,000, (2) $10,000,000 in the aggregate during any fiscal year if, after giving effect
to any such Investment under this subclause (2), pro forma US Availability for each day of the
30-day period immediately preceding such Investment and on the date of such Investment after giving
effect thereto, is less than or equal to $100,000,000 and greater than or equal to $50,000,000 and
(3) $20,000,000 in the aggregate during any fiscal year if, after giving effect to any such
Investment under this subclause (3), pro forma Liquidity for each day of the 30-day period
immediately preceding such Investment and on the date of such Investment after

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giving effect thereto, is greater than $100,000,000; provided, that for the avoidance of
doubt, in each of the foregoing clauses (1), (2) and (3), Investments consisting of loans in any
fiscal year shall be measured only on the basis of the amount of such loan outstanding at any time
during such fiscal year.

Notwithstanding the foregoing, neither Borrower shall, nor shall it permit any Subsidiary to,
directly or indirectly, make any Investment (other than non-cash capital contributions) in Memorex
Products Europe Ltd.

     7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

     (a) Indebtedness under the Loan Documents;

     (b) Indebtedness outstanding on the Closing Date and listed on Schedule 7.03 and any
refinancings, refundings, renewals or extensions thereof; provided that the amount of such
Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and
expenses reasonably incurred, in connection with such refinancing and by an amount equal to any
existing commitments unutilized thereunder;

     (c) (A)(i) Guarantees of the Borrowers or any Subsidiary in respect of Indebtedness otherwise
permitted hereunder of a Loan Party, (ii) Guarantees of any Non-Loan Party Subsidiary in respect of
Indebtedness otherwise permitted hereunder of any Non-Loan Party Subsidiary, (iii) unsecured
Guarantees of the Borrowers or any Subsidiary in respect of obligations of any Subsidiary arising
in the Ordinary Course of Business in an amount for all such Guaranties under this clause (iii) not
exceeding $50,000,000 in the aggregate at any time, and (iv) Indebtedness consisting of surety or
indemnitor obligations under any bond or other contract for the benefit of any Borrower or
Subsidiary to the extent incurred in the Ordinary Course of Business and (B) Guarantees arising
under a declaration of joint and several liability used for the purpose of section 2:403 of the
Dutch Civil Code (and any residual liability under such declaration arising pursuant to section
2:404(2) of the Dutch Civil Code);

     (d) obligations (contingent or otherwise) of the Borrowers or any Subsidiary existing or
arising under any Swap Contract, provided that (i) such obligations are (or were) entered
into by such Person in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held or reasonably
anticipated by such Person, or changes in the value of securities issued by such Person, and not
for purposes of speculation or taking a “market view;” and (ii) such Swap Contract does not contain
any provision exonerating the non-defaulting party from its obligation to make payments on
outstanding transactions to the defaulting party and other Bank Product Debt;

     (e) Indebtedness in respect of capital leases, Synthetic Lease Obligations and purchase money
obligations for fixed or capital assets within the limitations set forth in
Section 7.01(j); provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding together with all Indebtedness outstanding under
Section 7.03(h) shall not exceed $25,000,000 in the aggregate;

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     (f) Indebtedness of Non-Loan Party Subsidiaries, provided, however, that the
principal amount of all such Indebtedness, together with all Dispositions made pursuant to
Section 7.05(j), shall not exceed $75,000,000 in the aggregate at any time outstanding;

     (g) Indebtedness of a Person existing at the time such Person is acquired by the Borrower or
any Subsidiary (whether by stock purchase, merger or otherwise); provided that such Indebtedness
was in existence prior to the contemplation of such acquisition and do not extend to any assets
other than those of the Person acquired and the amount of such Indebtedness does not exceed
$5,000,000 in the aggregate at any time outstanding;

     (h) Indebtedness secured by fixed or capital assets and property acquired by the Borrowers or
any Subsidiary; provided that such Indebtedness (i) does not exceed the value of such
property or assets so acquired, (ii) was in existence prior to the contemplation of such
acquisition, and (iii) together with all Indebtedness outstanding under Section 7.03(e),
does not exceed $25,000,000 in the aggregate;

     (i) Indebtedness subordinated to the Obligations on terms satisfactory to, and otherwise
having material terms satisfactory to, the Required Lenders;

     (j) any Indebtedness arising under a declaration of joint and several liability used for the
purpose of section 2:403 of the Dutch Civil Code (and any residual liability under such declaration
arising pursuant to section 2:404(2) of the Dutch Civil Code);

     (k) Indebtedness complying with the requirements set forth on Schedule 7.03(A) so long
as immediately before and after giving effect to such Indebtedness, US Availability shall be at
least $30,000,000;

     (l) Indebtedness with respect to intercompany loans made pursuant to and in accordance with
the terms of Sections 7.02(b), 7.02(c) and 7.02(k); and

     (m) other unsecured Indebtedness that does not exceed $10,000,000 in the aggregate at any time
outstanding.

     7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another
Person, change its name or conduct business under any fictitious name, change its tax, charter or
other organizational identification number, change its form or state of organization, or Dispose of
(whether in one transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no
Default exists or would result therefrom:

     (a) any wholly-owned Subsidiary (other than the European Borrower) may merge with (i) a
Borrower, provided that the Borrower shall be the continuing or surviving Person, or
(ii) any one or more other wholly-owned Subsidiaries, provided that when any Loan Party is
merging with another Subsidiary, the Loan Party shall be the continuing or surviving Person;

     (b) any wholly-owned Subsidiary (other than the European Borrower) may Dispose of all or
substantially all of its assets (upon voluntary liquidation or otherwise) to a Borrower or

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to another wholly-owned Subsidiary; provided that if the transferor in such a
transaction is a Loan Party, then the transferee must either be a Borrower or another Loan Party;
and

     (c) either Borrower or any Subsidiary may dissolve any Inactive Subsidiary.

     7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition,
except:

     (a) Dispositions of obsolete or worn out Property, whether now owned or hereafter acquired, in
the Ordinary Course of Business;

     (b) Dispositions of Inventory in the Ordinary Course of Business;

     (c) Dispositions of Equipment to the extent that (i) such Property is exchanged for credit
against the purchase price of similar replacement Property or (ii) the proceeds of such Disposition
are reasonably promptly applied to the purchase price of such replacement Property;

     (d) Dispositions of Property by a Borrower or any Subsidiary to a US Borrower or to a
wholly-owned Subsidiary; provided that if the transferor of such Property is a Borrower or
a Guarantor, the transferee thereof must either be a US Borrower or a Guarantor;

     (e) Dispositions permitted by Section 7.02 or Section 7.04;

     (f) non-exclusive or exclusive (within defined fields of application) licenses of IP Rights in
the Ordinary Course of Business and substantially consistent with past practice; provided
that such licenses are granted on an arm’s length basis and to Persons other than Affiliates of the
Borrowers;

     (g) Dispositions of IP Rights that are Non-Material Intellectual Property; provided
that at the time of such Disposition, no Event of Default shall exist or would result from such
Disposition;

     (h) Dispositions of Real Estate (other than the Eligible Real Estate Assets and appurtenant
real estate) owned by any Borrower or Subsidiary that is no longer used in the Ordinary Course of
Business; provided that at the time of such Disposition, no Default shall exist or would
result from such Disposition;

     (i) a Disposition pursuant to a sale-leaseback of any Equipment or Real Estate (including
buildings or other fixtures thereon) of the Borrowers or any Subsidiary (other than the Eligible
Real Estate Assets and appurtenant real estate thereto); provided that at the time of such
Disposition, no Default shall exist or would result from such Disposition;

     (j) sales of Accounts of Non-Loan Party Subsidiaries in connection with one or more foreign
securitization programs; provided, however, that the aggregate face amount of the Accounts
sold (less the applicable discount), together with all Indebtedness outstanding under Section
7.03(f), shall not exceed $75,000,000 in the aggregate at any time outstanding; and

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     (k) Dispositions by the Borrowers and their Subsidiaries not otherwise permitted under this
Section 7.05, other than Dispositions of Borrowing Base Collateral; provided that
(i) at the time of such Disposition, no Default shall exist or would result from such Disposition,
(ii) the aggregate book value of all Property Disposed of in reliance on this clause (j) in any
fiscal year shall not exceed $25,000,000 and (iii) at least 75% of the consideration for Property
disposed of pursuant to this clause (j) with a fair market value in excess of $5,000,000 shall
consist of cash or Cash Equivalents;

provided, however, that (x) any Disposition pursuant to clauses (a) through (k)
shall be for fair market value, (y) with respect to clauses (a) through (i), at least 75% of the
consideration therefor shall consist of cash or Cash Equivalents and (z) with respect to clause
(j), one hundred percent (100%) of the consideration therefor shall consist of cash or Cash
Equivalents.

     7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or
incur any obligation (contingent or otherwise) to do so, except that:

     (a) any Subsidiary may make Restricted Payments to a Borrower or another Loan Party;

     (b) the Borrowers and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common equity interests of such Person;

     (c) the Borrowers and each Subsidiary may purchase, redeem or otherwise acquire shares of its
common stock or other common equity interests or warrants or options to acquire any such shares
with the proceeds received from the substantially concurrent issue of new shares of its common
stock or other common equity interests; and

     (d) the Borrowers may declare or pay cash dividends to their stockholders and Imation may
purchase, redeem or otherwise acquire shares of its capital stock or warrants, rights or options to
acquire any such shares for cash, provided that immediately after giving effect to such
proposed action, no Default would exist and, provided further, that for the
avoidance of doubt, if after giving effect to any such Restricted Payment, a Financial Covenant
Trigger Period would exist, the Borrowers shall have a Consolidated Fixed Charge Coverage Ratio of
not less than 1.20 to 1.00, calculated on a pro forma basis.

     7.07 Change in Nature of Business. Engage in any material line of business substantially
different from those lines of business conducted by Imation and its Subsidiaries on the date hereof
or any business substantially related or incidental thereto, provided that any business based
substantially on information storage technologies shall be deemed substantially related or
incidental thereto.

     7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate
of Imation, whether or not in the Ordinary Course of Business, other than on fair and reasonable
terms substantially as favorable to the Borrowers or such Subsidiary as would be obtainable by the
Borrowers or such Subsidiary at the time in a comparable arm’s length transaction with a Person
other than an Affiliate.

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     7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement
or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted
Payments to the Borrowers or any Guarantor or to otherwise transfer Property to the Borrowers or
any Guarantor, (ii) of any Subsidiary to Guarantee the Indebtedness of the Borrowers or (iii) of
the Borrowers or any Subsidiary to create, incur, assume or suffer to exist Liens on Property of
such Person; provided, however, that this clause (iii) shall not prohibit any
negative pledge incurred or provided in favor of any holder of Indebtedness permitted under
Section 7.03(e) solely to the extent any such negative pledge relates to the Property
financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an
obligation of such Person if a Lien is granted to secure another obligation of such Person.

     7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or
indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock
(within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of
purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

     7.11 Financial Covenant. At any time during a Financial Covenant Trigger Period, permit the
Consolidated Fixed Charge Coverage Ratio, calculated as of the end of each fiscal month, for each
Subject Period ending during or immediately before such Financial Covenant Trigger Period, to be
less than 1.20 to 1.00.

     7.12 Capital Expenditures. Make Capital Expenditures in excess of $25,000,000 in the
aggregate during any fiscal year; provided that up to 100% of any amount permitted but not
expended in any fiscal year may be carried over for expenditure in the next succeeding fiscal year
only (it being understood that no portion of such carried over amount for any fiscal year may be
used until the entire initial amount of permitted Capital Expenditures for the current fiscal year
has been used for Capital Expenditures).

     7.13 Subsidiaries. Form or acquire any Subsidiary after the Closing Date, except in
accordance with Sections 7.02 and 6.13; or permit any existing Subsidiary to issue
any additional equity interests except director’s qualifying shares.

     7.14 Organic Documents. Amend, modify or otherwise change any of its Organization Documents
as in effect on the Closing Date in any manner that would have an adverse effect on the Lenders.

     7.15 Tax Consolidation. File or consent to the filing of any consolidated income tax return
with any Person other than Borrowers and their respective Subsidiaries.

     7.16 Accounting Changes. Make any material change in accounting treatment or reporting
practices, except as required by GAAP and in accordance with Section 1.03; or change its
fiscal year.

     7.17 Restrictions on Payment of Borrowed Money. Make any payments (whether voluntary or
mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect to any
Borrowed Money in excess of the Threshold Amount (other than the Obligations) prior to its
scheduled due date under the agreements evidencing such Indebtedness

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as in effect on the Closing Date (or as amended thereafter with the consent of the
Administrative Agent).

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

     8.01 Events of Default. Any of the following shall constitute an Event of Default:

     (a) Non-Payment. Any Borrower or any other Loan Party fails to pay (i) when and as
required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or
(ii) within three days after the same becomes due, any interest on any Loan or on any L/C
Obligation, or any facility, utilization or other fee due hereunder, or (iii) within five days
after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

     (b) Specific Covenants. Any Borrower fails to perform or observe any term, covenant
or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05,
6.10, 6.11, and 6.12 or Article VII; or

     (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part
to be performed or observed and such failure continues for 30 days; or

     (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of any Borrower or any other Loan Party
herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be (i) incorrect or misleading when made or deemed made, in the case of any
representation, warranty, certificate or statement of fact that is qualified as to “materiality”,
“Material Adverse Effect” or similar language or (ii) materially incorrect or materially misleading
when made or deemed made, in the case of any other representation, warranty, certification or
statement of fact; or

     (e) Cross-Default. (i) Any Borrower or any Subsidiary (A) fails to make any payment
when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness
under Swap Contracts) having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, or to permit the holder or holders of such
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased
or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or

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(ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap
Contract) resulting from (A) any event of default under such Swap Contract as to which any Borrower
or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination
Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary is an
Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the
Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; or

     (f) Insolvency Proceedings, Etc. Any Loan Party or any of its Subsidiaries (other
than an Inactive Subsidiary) institutes or consents to the institution of any proceeding under any
Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer for it or for all or any material part of its Property; or any receiver, trustee,
custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the
application or consent of such Person and the appointment continues undischarged or unstayed for 45
calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all
or any material part of its Property is instituted without the consent of such Person and continues
undismissed or unstayed for 45 calendar days, or an order for relief is entered in any such
proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) Any Borrower or any Subsidiary (other
than an Inactive Subsidiary) becomes unable or admits in writing its inability or fails generally
to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or
similar process is issued or levied against all or any material part of the Property of any such
Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or

     (h) Judgments. There is entered against any Borrower or any Subsidiary (other than
solely against an Inactive Subsidiary) (i) a final judgment or order for the payment of money in an
aggregate amount exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage) unless (A) a stay of
enforcement of such judgment or order is in effect, by reason of a pending appeal or otherwise, or
(B) such judgment has been paid as and when due and US Availability after giving effect to such
payment is at least $30,000,000, or (ii) any one or more non-monetary final judgments that have, or
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment
or order, or (B) there is a period of 10 consecutive days during which a stay of enforcement of
such judgment for which enforcement proceedings have been commenced, by reason of a pending appeal
or otherwise, is not in effect; or

     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of the Borrowers
under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of the Threshold Amount, or (ii) any Borrower or any ERISA Affiliate fails to pay when
due, after the expiration of any applicable grace period, any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
amount in excess of the Threshold Amount; or

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     (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full
of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other
Person contests in any manner the validity or enforceability of any Loan Document; or any Loan
Party denies that it has any or further liability or obligation under any Loan Document, or
purports to revoke, terminate or rescind any Loan Document; or

     (k) Change of Control. There occurs any Change of Control with respect to Imation.

     (l) Government Seizure. If any Governmental Authority (or Person acting in any such
capacity after a coup thereof) shall have condemned, nationalized, seized, or otherwise
expropriated all or any substantial part of the property, shares of capital stock or other assets
of the European Borrower, or shall have assumed custody or control of such property or other assets
or of the business or operations of the European Borrower, or shall have taken any action for the
dissolution or disestablishment of the European Borrower or any action that would prevent the
European Borrower or any of its officers from carrying on the business of the European Borrower or
a substantial part thereof.

     8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrowers;

     (c) require the Loan Parties to Cash Collateralize L/C Obligations, Bank Product Debt and
other Obligations that are contingent or not yet due and payable, and, if the Loan Parties fail
promptly to deposit such Cash Collateral, the Administrative Agent may (and shall upon the
direction of the Required Lenders) advance the required Cash Collateral as Loans (whether or not an
Overadvance exists or is created thereby, or the conditions in Section 4 are satisfied);
and

     (d) exercise on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents or applicable Law;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to a Borrower under the Bankruptcy Code of the United States or any
other applicable bankruptcy or insolvency law, the obligation of each Lender to make Loans and any
obligation of the L/C Issuer to make L/C Credit Extensions to either Borrower shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts
as aforesaid shall automatically become due and payable, and the obligation of the

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Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become
effective, in each case without further act of the Administrative Agent or any Lender.

     8.03 Application of Funds.

     (a) US Obligations. During a Cash Dominion Trigger Period or after the exercise of
remedies provided for in Section 8.02 (or after the US Borrower Loans have automatically
become immediately due and payable and the L/C Obligations with respect to US Letters of Credit
have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 8.02), any amounts received on account of the US Obligations shall be applied by
the Administrative Agent in the following order:

     First, to payment of that portion of the US Obligations constituting fees,
indemnities, expenses and other amounts (including Attorney Costs and amounts payable under
Article III) payable to the Administrative Agent in its capacity as such;

     Second, to payment of that portion of the US Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to the Lenders
(including Attorney Costs and amounts payable under Article III, but excluding
amounts relating to Bank Products), ratably among them in proportion to the amounts
described in this clause Second payable to them;

     Third, to payment of that portion of the US Obligations constituting accrued
and unpaid interest and principal on the US Swingline Loans payable to the Administrative
Agent;

     Fourth, to payment of that portion of the US Obligations constituting accrued
and unpaid interest on the US Borrower Loans, L/C Borrowings with respect to US Letters of
Credit and other US Obligations (excluding amounts relating to Bank Products), ratably among
the Lenders in proportion to the respective amounts described in this clause Third
payable to them;

     Fifth, to payment of that portion of the US Obligations constituting unpaid
principal of the US Borrower Loans, L/C Borrowings with respect to US Letters of Credit,
ratably among the Lenders in proportion to the respective amounts described in this clause
Fourth held by them;

     Sixth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of
US Letters of Credit;

     Seventh, to payment of all other US Obligations other than Bank Product Debt
and Obligations due and owing to Defaulting Lenders;

     Eighth, to payment of the European Obligations;

     Ninth, to payment of Bank Product Debt constituting US Obligations other than
Obligations due and owing to Defaulting Lenders;

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     Tenth, to payment of any other US Obligations due and owing to Defaulting
Lenders; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly
paid in full, to the US Borrowers or as otherwise required by Law.

     Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate
undrawn amount of US Letters of Credit pursuant to clause Sixth above shall be
applied to satisfy drawings under such US Letters of Credit as they occur. If any amount
remains on deposit as Cash Collateral after all US Letters of Credit have either been fully
drawn or expired, such remaining amount shall be applied to the other US Obligations, if
any, in the order set forth above. Amounts distributed with respect to any Bank Product
Debt shall be the actual amount of Bank Product Debt most recently reported in writing to
the Administrative Agent.

     (b) European Obligations. During a Cash Dominion Trigger Period or after the exercise
of remedies provided for in Section 8.02 (or after the European Borrower Loans have
automatically become immediately due and payable and the L/C Obligations with respect to European
Letters of Credit have automatically been required to be Cash Collateralized as set forth in the
proviso to Section 8.02), any amounts received on account of the European Obligations shall
be applied by the Administrative Agent in the following order:

     First, to payment of that portion of the European Obligations constituting
fees, indemnities, expenses and other amounts (including Attorney Costs and amounts payable
under Article III) payable to the Administrative Agent in its capacity as such;

     Second, to payment of that portion of the European Obligations constituting
fees, indemnities and other amounts (other than principal and interest) payable to the
Lenders (including Attorney Costs and amounts payable under Article III, but
excluding amounts relating to Bank Products), ratably among them in proportion to the
amounts described in this clause Second payable to them;

     Third, to payment of that portion of the European Obligations constituting
accrued and unpaid interest and principal on the European Swingline Loans payable to the
Administrative Agent;

     Fourth, to payment of that portion of the European Obligations constituting
accrued and unpaid interest on the European Borrower Loans, L/C Borrowings with respect to
European Letters of Credit and other European Obligations (excluding amounts relating to
Bank Products), ratably among the Lenders in proportion to the respective amounts described
in this clause Third payable to them;

     Fifth, to payment of that portion of the European Obligations constituting
unpaid principal of the European Borrower Loans, L/C Borrowings with respect to European
Letters of Credit, ratably among the Lenders in proportion to the respective amounts
described in this clause Fourth held by them;

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     Sixth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of
European Letters of Credit;

     Seventh, to payment of all other European Obligations other than Bank Product
Debt and Obligations due and owing to Defaulting Lenders; and

     Eighth, to payment of Bank Product Debt constituting European Obligations other
than Obligations due and owing to Defaulting Lenders;

     Ninth, to payment of any other European Obligations due and owing to Defaulting
Lenders; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly
paid in full, to the European Borrower or as otherwise required by Law.

     Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate
undrawn amount of European Letters of Credit pursuant to clause Sixth above shall be
applied to satisfy drawings under such European Letters of Credit as they occur. If any
amount remains on deposit as Cash Collateral after all European Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to the other
European Obligations, if any, in the order set forth above. Amounts distributed with
respect to any Bank Product Debt shall be the actual amount of Bank Product Debt most
recently reported in writing to the Administrative Agent.

     (c) Application of Payments. Notwithstanding anything to the contrary set forth in
any of the Loan Documents, (i) all payments by or on behalf of the European Borrower shall be
applied only to the European Obligations, (ii) all payments on behalf of a US Borrower or US
Guarantor shall be applied first to US Obligations then due until paid in full (except as otherwise
provided herein), (iii) all payments in respect of the European Obligations shall be applied first
to European Obligations denominated in the same currency as the payments received; provided
that payments and collections received in any currency other than the currency in which any
outstanding Obligations are denominated will be accepted and/or applied at the discretion of the
Administrative Agent, in the event that the Administrative Agent elects to accept and apply such
amounts when there are no Obligations (other than Letter of Credit Obligations or other contingent
Obligations) then outstanding in the same currency, the Administrative Agent shall convert such
currency received to the currency in which the Obligations are denominated at the Spot Rate on such
date (regardless of whether such rate is the best available rate) and in such event, Borrowers
shall pay the costs of such conversion (or the Administrative Agent may, at its option, charge such
costs to the loan account of any Borrower maintained by the Administrative Agent) and (iv) to the
extent any Borrower or Guarantor, directly or indirectly, uses any proceeds of the applicable Loans
or L/C Obligations to acquire rights in or the use of any Collateral or to repay any Indebtedness
used to acquire rights in or the use of any Collateral, payments in respect of the Obligations
shall be deemed applied first to the Obligations arising from Loans and L/C Obligations that were
not used for such purposes and second to the Obligations arising from Loans and L/C Obligations the
proceeds of which were used to acquire rights in or the use of any Collateral in the chronological
order in which such Borrower acquired such rights in or the use of

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such Collateral. For purposes of this Section 8.03, “paid in full” of a type of
Obligation means payment in cash or immediately available funds of all amounts owing on account of
such type of Obligation, including interest accrued after the commencement of any Insolvency
Proceeding, default interest, interest on interest, and expense reimbursements, irrespective of
whether any of the foregoing would be or is allowed or disallowed in whole or in part in any
Insolvency Proceeding.

ARTICLE IX.

ADMINISTRATIVE AGENT

     9.01 Appointment and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably
appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the
other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto (in particular,
to act as a pledge administrator for the purposes of any security governed under US Law or any
other jurisdiction). The provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrowers nor any other Loan
Party shall have rights as a third party beneficiary of any of such provisions.

     9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Each of Bank of America
and its Affiliates may accept deposits from, maintain deposits or credit balances for, invest in,
lend money to, provide Bank Products to, act as trustee under indentures of, serve as financial or
other advisor to, and generally engage in any kind of business with, the Loan Parties and their
Affiliates, as if Bank of America were any other bank, without any duty to account therefor
(including any fees or other consideration received in connection therewith) to the other Lenders.
In their individual capacity, Bank of America and its Affiliates may receive information regarding
the Loan Parties, their Affiliates and their Account Debtors (including information subject to
confidentiality obligations), and each Lender agrees that Bank of America and its Affiliates shall
be under no obligation to provide such information to the Lenders, if acquired in such individual
capacity and not as Administrative Agent hereunder.

     9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without
limiting the generality of the foregoing, the Administrative Agent:

     (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

     (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise as directed in

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writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that the Administrative
Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or
applicable Law; and

     (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving
as the Administrative Agent or any of its Affiliates in any capacity.

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or
(ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent
shall be deemed not to have knowledge of any Default unless and until notice describing such
Default is given to the Administrative Agent by a Borrower, a Lender or the L/C Issuer.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

     9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to
have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C
Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

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     9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub
agent may perform any and all of its duties and exercise its rights and powers by or through their
respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub
agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall
apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent.

     9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give
notice of its resignation to the Lenders, the L/C Issuer and the Borrowers. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, in consultation with the
Borrowers, to appoint a successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that if the
Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (2) all payments,
communications and determinations provided to be made by, to or through the Administrative Agent
shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above in this Section.
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if
not already discharged therefrom as provided above in this Section). The fees payable by the
Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrowers and such successor. After the retiring
Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of
this Article and Section 10.04 shall continue in effect for the benefit of such retiring
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as
Administrative Agent.

     Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer
shall be discharged from all of their respective duties and obligations

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hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue
letters of credit having the same terms (other than pricing not specified in
Section 2.03(i)), including face amount as, and, in substitution for, the Letters of
Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with
respect to such Letters of Credit.

     9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer
acknowledges that it has, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

     9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Bookrunners, Arrangers, Syndication Agents or Documentation Agents listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C
Issuer hereunder.

     9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of
the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the
Administrative Agent and their respective agents and counsel and all other amounts due the Lenders,
the L/C Issuer and the Administrative Agent under Sections 2.03(i) and (j),
2.09 and 10.04) allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other Property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Administrative Agent and, in the event that the Administrative Agent shall

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consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.09 and 10.04.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

     9.10 Collateral and Guaranty Matters. The Lenders and the L/C Issuer irrevocably authorize
the Administrative Agent, at its option and in its discretion,

     (a) to release any Lien on any Property granted to or held by the Administrative Agent under
any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all
Obligations (other than contingent indemnification obligations) and the expiration or termination
of all Letters of Credit, (ii) that is sold or to be sold, transferred or to be transferred or
otherwise disposed of as part of or in connection with any Disposition permitted hereunder or under
any other Loan Document, or (iii) subject to Section 10.01, if approved, authorized or
ratified in writing by the Required Lenders; and

     (b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder.

     Notwithstanding the foregoing, the Administrative Agent is not authorized to release
Collateral with a book value greater than $10,000,000 during any calendar year, except as currently
contemplated by the Loan Documents, without the prior written consent of all Lenders (except any
Defaulting Lender). Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent’s authority to release its interest in particular
types or items of Property, or to release any Guarantor from its obligations under the Guaranty
pursuant to this Section 9.10.

ARTICLE X.

MISCELLANEOUS

     10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other
Loan Document, and no consent to any departure by any Borrower or any other Loan Party therefrom,
shall be effective unless in writing signed by the Required Lenders and the Borrowers or the
applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each
such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no such amendment, waiver or
consent shall:

     (a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

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     (b) extend or increase the Commitment of any Lender (or reinstate any Commitment
terminated pursuant to Section 8.02) without the written consent of such Lender;

     (c) postpone any date fixed by this Agreement or any other Loan Document for any payment of
principal, interest, fees or other amounts due to the Lenders (or any of them) by any Borrower
hereunder or under any other Loan Document without the written consent of each Lender directly
affected thereby;

     (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees
or other amounts payable by any Borrower hereunder or under any other Loan Document, or change the
manner of computation of any financial ratio (including any change in any applicable defined term)
used in determining the Applicable Rate that would result in a reduction of any interest rate on
any Loan or any fee payable hereunder without the written consent of each Lender directly affected
thereby; provided, however, that only the consent of the Required Lenders shall be
necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to
pay interest at the Default Rate;

     (e) change Section 2.12 or Section 8.03 in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender;

     (f) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender;

     (g) release all or substantially all Guarantors from the Guaranty without the written consent
of each Lender;

     (h) release all or substantially all of the Collateral without the written consent of each
Lender;

     (i) amend the definition of “Borrowing Base” (or the defined terms used in such definition) in
a manner which would have the effect of increasing the amount in which the Borrowers are entitled
to borrow without the written consent of the Super-Majority Lenders;

     (j) amend the US Dollar amounts set forth in clauses (a)(i) and (b) of the definition of “Cash
Dominion Trigger Period” without the written consent of the Super-Majority Lenders; and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Letter of Credit Application relating to
any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document; and (iii) Section 10.06(h) may not be amended, waived or otherwise modified
without the consent of each Granting Lender all or any part of whose Loans are being funded by an
SPC at the time of such amendment, waiver or other modification; and (iv) the Fee Letter may be

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amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder, except that the
Commitment of such Lender may not be increased or extended without the consent of such Lender.

     10.02 Notices and Other Communications; Facsimile Copies.

     (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (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, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows:

     (i) if to the Borrower, the Administrative Agent or the L/C Issuer, to the address,
telecopier number, electronic mail address or telephone number specified for such Person on
Schedule 10.02; and

     (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire.

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 subsection (b) below,
shall be effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e
mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures 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 sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or

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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.

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR
THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of the Borrowers’ or the
Administrative Agent’s transmission of Borrower Materials through the Internet, except to the
extent that such losses, claims, damages, liabilities or expenses are determined by a court of
competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party; provided, however, that in no
event shall any Agent Party have any liability to the Borrowers, any Lender, the L/C Issuer or any
other Person for indirect, special, incidental, consequential or punitive damages (as opposed to
direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrowers, the Administrative Agent and the
L/C Issuer may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Lender may change its
address, telecopier or telephone number for notices and other communications hereunder by notice to
the Borrowers, the Administrative Agent and the L/C Issuer. In addition, each Lender agrees to
notify the Administrative Agent from time to time to ensure that the Administrative Agent has on
record (i) an effective address, contact name, telephone number, telecopier number and electronic
mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender.

     (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative
Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including
telephonic Loan Notices) purportedly given by or on behalf of the Borrowers even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by
the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the
Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all
losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of the Borrowers. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each
of the parties hereto hereby consents to such recording.

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     10.03 No Waiver; Cumulative Remedies. No failure by any Lender, the L/C Issuer or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

     10.04 Expenses; Indemnity; Damage Waiver.

     (a) Costs and Expenses. The Borrowers shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent), in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all Extraordinary Expenses, (iii) all
reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iv)
all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in
the administration of and actions relating to any Collateral contemplated in the Loan Documents and
transactions contemplated thereby, including any actions taken to perfect or maintain priority of
Administrative Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to
verify Collateral; (v) subject to the limits of Section 6.10(c), all reasonable costs and
expenses incurred by the Administrative Agent and its Affiliates for each inspection, audit or
appraisal with respect to any Loan Party or Collateral, whether prepared by Administrative Agent’s
personnel or a third party, and (vi) all reasonable out-of-pocket expenses incurred by the
Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements
of any counsel for the Administrative Agent, any Lender or the L/C Issuer), and shall pay all
reasonable fees and time charges for attorneys who may be employees of the Administrative Agent,
any Lender or the L/C Issuer, in connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans or Letters of Credit. All legal, accounting and consulting fees shall be
charged to the Borrowers by the Administrative Agent’s professionals at their full hourly rates,
regardless of any reduced or alternative fee billing arrangements that the Administrative Agent,
any Lender or any of their Affiliates may have with such professionals with respect to this or any
other transaction that are paid directly by the Administrative Agent, any Lender or any of their
Affiliates. If, for any reason (including inaccurate reporting on financial statements or a
Compliance Certificate), it is determined that a higher Applicable Rate should have applied to a
period than was actually applied, then the proper margin shall be applied retroactively and
Borrowers shall immediately pay to Administrative Agent, for the Pro Rata benefit of Lenders, an
amount equal to the difference between the amount of interest and fees that would have accrued
using the proper margin and the amount actually paid. All amounts payable by Borrowers under this
Section shall be due on demand.

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     (b) Indemnification by the Borrowers. The Borrowers shall indemnify the
Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses (including the fees, charges and disbursements of any counsel for any
Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges
and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee
or asserted against any Indemnitee by any third party or by the Borrowers or any other Loan Party
arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the case of the
Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or
proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence
or release of Hazardous Materials on or from any Property owned or operated by the Borrowers or any
of their Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of
their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrowers or any other Loan Party, and regardless of
whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y)
result from a claim brought by the Borrowers or any other Loan Party against an Indemnitee for
breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if
the Borrowers or such Loan Party have obtained a final and nonappealable judgment in its or their
favor on such claim as determined by a court of competent jurisdiction.

     (c) Reimbursement by Lenders. To the extent that the Borrowers for any reason fail to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any
of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s Pro Rata Share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against
any Related Party of any of the foregoing acting for the Administrative Agent (or any such
sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under
this subsection (c) are subject to the provisions of Section 2.11(d).

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     (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable Law, the Borrowers shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of,
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the
transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the
proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems
in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

     (e) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor.

     (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent and the L/C Issuer, the replacement of any Lender, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

     10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrowers is
made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises
its right of set-off, and such payment or the proceeds of such set-off or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such set-off had not occurred, and
(b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable
share of any amount so recovered from or repaid by the Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to
the Federal Funds Rate from time to time in effect.

     10.06 Successors and Assigns.

     (a) Successors and Assigns Generally. 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, except that neither Borrowers nor any other Loan Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of
the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the
provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (h) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,

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expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations) at the time owing to it); provided that

     (i) except in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to
a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding
thereunder) or, if the Commitment is not then in effect, the principal outstanding balance
of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as
of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Borrower Agent
otherwise consents (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an Assignee
Group and concurrent assignments from members of an Assignee Group to a single Eligible
Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a
single assignment for purposes of determining whether such minimum amount has been met;

     (ii) 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 with respect to the
Loans or the Commitment assigned;

     (iii) any assignment of a Commitment must be approved by the Administrative Agent and
the L/C Issuer unless the Person that is the proposed assignee is itself a Lender (whether
or not the proposed assignee would otherwise qualify as an Eligible Assignee); and

     (iv) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with the Assignment Fee in the amount, if any,
required as set forth in Schedule 10.06, and the Eligible Assignee, if it shall not
be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and

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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 3.01,
3.04, 3.05, and 10.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment. Upon request, the Borrowers (at their expense)
shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this subsection 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 subsection (d) of this Section.

     (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrowers, shall maintain at the Administrative Agent’s Office 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 amounts of the Loans and L/C Obligations owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders
may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a
Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by each of the Borrowers, the Lenders and the L/C Issuer
at any reasonable time and from time to time upon reasonable prior notice. In addition, at any
time that a request for a consent for a material or substantive change to the Loan Documents is
pending, any Lender may request and receive from the Administrative Agent a copy of the Register.

     (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in L/C Obligations) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrowers, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that affects such Participant. Subject to subsection (e) of this Section,
the Borrowers agree that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by
law, each Participant also

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shall be entitled to the benefits of Section 10.08 as though it were a Lender,
provided such Participant agrees to be subject to Section 2.14 as though it were a
Lender.

     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrowers’ prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 3.01 unless the Borrowers are notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with
Section 3.01(e) as though it were a Lender.

     (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as
a party hereto.

     (g) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption 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,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     (h) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary
contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle identified as such in writing from time to time by the Granting Lender to the
Administrative Agent and the Borrowers (an “SPC”) the option to provide all or any part of
any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement;
provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan,
and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of
such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof
or, if it fails to do so, to make such payment to the Administrative Agent as is required under
Section 2.12(b)(ii). Each party hereto hereby agrees that (A) neither the grant to any SPC
nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise
increase or change the obligations of the Borrowers under this Agreement (including its obligations
under Section 3.04), (B) no SPC shall be liable for any indemnity or similar payment
obligation under this Agreement for which a Lender would be liable, and (C) the Granting Lender
shall for all purposes, including the approval of any amendment, waiver or other modification of
any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by
an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if,
such Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto
hereby agrees (which agreement shall survive

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the termination of this Agreement) that, prior to the date that is one year and one day after
the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will
not institute against, or join any other Person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United
States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC
may (1) with notice to, but without prior consent of the Borrowers and the Administrative Agent and
with the payment of a processing fee in the amount of $2,500, assign all or any portion of its
right to receive payment with respect to any Loan to the Granting Lender and (2) disclose on a
confidential basis any non-public information relating to its funding of Loans to any rating
agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity
enhancement to such SPC.

     (i) Resignation as L/C Issuer after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans
pursuant to subsection (b) above, Bank of America may, upon 45 days’ notice to the Borrowers and
the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the
Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder;
provided, however, that no failure by the Borrowers to appoint any such successor
shall affect the resignation of Bank of America as L/C Issuer, unless the Borrowers, after the
exercise of commercially reasonable efforts (which the Borrowers acknowledge may entail the payment
of fees and expenses to such successor L/C Issuer in amounts greater than those then payable to
Bank of America, provided that such fees shall be customary and reasonable and not include a
transition fee), shall have failed to procure a successor L/C Issuer, in which event Bank of
America shall remain L/C Issuer hereunder pending the accession of a successor L/C Issuer. If Bank
of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of
the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date
of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right
to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue letters of credit having
the same terms (other than pricing not specified in Section 2.03(i)), including face amount
as, and, in substitution for, the Letters of Credit, if any, outstanding at the time of such
succession or make other arrangements satisfactory to Bank of America to effectively assume the
obligations of Bank of America with respect to such Letters of Credit.

     10.07 Treatment of Certain Information; Confidentiality.

     (a) Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (i)
to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and representatives (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (ii) to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws
or regulations or by any subpoena or similar legal process, (iv) to

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any other party hereto, (v) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement
containing provisions substantially the same as those of this Section, to (A) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any Bank
Product, (vii) with the consent of the Borrowers or (viii) to the extent such Information (x)
becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective
Affiliates on a nonconfidential basis from a source other than the Borrowers.

     (b) For purposes of this Section, “Information” means all information received from
any Borrower or any Subsidiary relating to any Borrower or any Subsidiary or any of their
respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by any Borrower
or any Subsidiary, provided that, in the case of information received from any Borrower or
any Subsidiary after the date hereof, such information is clearly identified at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.

     (c) Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the
Information may include material non-public information concerning the Borrowers or a Subsidiary,
as the case may be, (ii) it has developed compliance procedures regarding the use of material
non-public information and (iii) it will handle such material non-public information in accordance
with applicable Law, including Federal and state securities Laws.

     10.08 Right of Set-off. If an Event of Default shall have occurred and be continuing, each
Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final, in whatever currency) at
any time held and other obligations (in whatever currency) at any time owing by such Lender, the
L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers or any other
Loan Party against any and all of the obligations of the Borrowers or such Loan Party now or
hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C
Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand
under this Agreement or any other Loan Document and although such obligations of the Borrowers or
such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or
the L/C Issuer different from the branch or office holding such deposit or obligated on such
indebtedness; provided, however, that none of the Lenders, L/C Issuer or any of
their respective Affiliates may offset amounts owed by it to the European Borrower or deposits of
the European Borrower held by it against amounts owed to such Person by the US Loan Parties (except
in respect of the US Loan Parties’ guaranties of the European Obligations). The rights of each
Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of set-off) that such Lender, the L/C Issuer or their
respective Affiliates may have. Each Lender and the L/C Issuer

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agrees to notify the Borrowers and the Administrative Agent promptly after any such set-off
and application, provided that the failure to give such notice shall not affect the
validity of such set-off and application.

     10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for,
charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations hereunder.

     10.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     10.11 Integration. This Agreement, together with the other Loan Documents, comprises the
complete and integrated agreement of the parties on the subject matter hereof and thereof and
supersedes all prior agreements, written or oral, on such subject matter. In the event of any
conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document
shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint
participation of the respective parties thereto and shall be construed neither against nor in favor
of any party, but rather in accordance with the fair meaning thereof.

     10.12 Survival of Representations and Warranties. All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or
in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or
on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice
or knowledge of any Default at the time of any Credit Extension, and shall continue in full force
and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

     10.13 Severability. If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which

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comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

     10.14 Replacement of Lenders. If any Lender requests compensation under Section 3.04,
or if the Borrowers are required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a
Defaulting Lender, or if any Lender fails to give its consent to any amendment, waiver or action
for which consent of all Lenders, each Lender affected thereby or other similar formulation was
required and Required Lenders consented, or if any other circumstance exists hereunder that gives
the Borrowers the right to replace a Lender as a party hereto, then the Borrowers may, at their
sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required by, Section 10.06), all of its interests, rights and
obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:

     (a) the Borrowers shall have paid to the Administrative Agent the Assignment Fee;

     (b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrowers (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

     (d) such assignment does not conflict with applicable Laws.

     A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to
require such assignment and delegation cease to apply.

     10.15 European Borrower Service of Process. The European Borrower hereby irrevocably appoints
Corporation Service Company its authorized agent to accept and acknowledge service of any and all
process which may be served in any suit, action or proceeding of the nature referred to in this
Article X and consents to process being served in any such suit, action or proceeding upon
Corporation Service Company in any manner or by the mailing of a copy thereof by registered or
certified mail, postage prepaid, return receipt requested, to the Company’s address referred to in
Section 10.2. The European Borrower agrees that such service (a) shall be deemed in every
respect effective service of process upon it in any such suit, action or proceeding and (b) shall,
to the fullest extent permitted by law, be taken and held to be valid personal service upon and
personal delivery to it. Nothing in this Section 10.15 shall affect the right of any
Lender to serve process in any manner permitted by Law or limit the

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right of any Lender to bring proceedings against any Loan Party in any court of any
jurisdiction or jurisdictions.

     10.16 Governing Law. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL
RIGHTS ARISING UNDER FEDERAL LAW.

     (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK
CITY, OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, THE BORROWERS, THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE
BORROWERS, THE ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVE ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH THEY MAY
NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT
OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. THE BORROWERS, THE ADMINISTRATIVE AGENT
AND EACH LENDER WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE
MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE, SUBJECT TO SUCH OTHER FORM OF NOTICE AS
MAY BE REQUIRED UNDER APPLICABLE LAW WITH RESPECT TO THE EUROPEAN BORROWER.

     10.17 Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES
ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR
OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     10.18 Time of the Essence. Time is of the essence of the Loan Documents.

     10.19 Entire Agreement. This Agreement and the other Loan Documents represent the final
agreement among the parties and may not be contradicted by evidence of prior,

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contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral
agreements among the parties.

     10.20 Joint and Several Liability of US Borrowers.

     (a) The liability of the US Borrowers for all amounts due to the Administrative Agent or any
Lender under this Agreement shall be joint and several regardless of which US Borrower actually
receives Loans or other extensions of credit hereunder or the amount of such Loans received or the
manner in which the Administrative Agent or such Lender accounts for such Loans or other extensions
of credit on its books and records. Each US Borrower’s Obligations with respect to Loans made to
it, and each US Borrower’s Obligations arising as a result of the joint and several liability of
the US Borrowers hereunder, with respect to Loans made to the other US Borrower hereunder, shall be
separate and distinct obligations, but all such Obligations shall be primary obligations of each US
Borrower.

     (b) Each US Borrower’s Obligations arising as a result of the joint and several liability of
the US Borrowers hereunder with respect to Loans or other extensions of credit made to the other US
Borrower hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of
(1) the validity or enforceability, avoidance or subordination of the Obligations of such other US
Borrower or of any promissory note or other document evidencing all or any part of the Obligations
of such other US Borrower, (2) the absence of any attempt to collect the Obligations from such
other US Borrower, any other guarantor, or any other security therefor, or the absence of any other
action to enforce the same, (3) the waiver, consent, extension, forbearance or granting of any
indulgence by the Administrative Agent or any Lender with respect to any provision of any
instrument evidencing the Obligations of such other US Borrower, or any part thereof, or any other
agreement now or hereafter executed by such other US Borrower and delivered to the Administrative
Agent or any Lender, (4) the failure by the Administrative Agent or any Lender to take any steps to
perfect and maintain its security interest in, or to preserve its rights to, any security or
collateral for the Obligations of such other US Borrower, (5) the Administrative Agent’s or any
Lender’s election, in any proceeding instituted under the Bankruptcy Code, of the application of
Section 1111(b)(2) of the Bankruptcy Code, (6) any borrowing or grant of a security interest by
such other US Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code, (7) the
disallowance of all or any portion of the Administrative Agent’s or any Lender’s claim(s) for the
repayment of the Obligations of such other US Borrower under Section 502 of the Bankruptcy Code, or
(8) any other circumstances which might constitute a legal or equitable discharge or defense of a
guarantor or of such other US Borrower. With respect to each US Borrower’s Obligations arising as
a result of the joint and several liability of the US Borrowers hereunder with respect to Loans or
other extensions of credit made to any of the other US Borrowers hereunder, such US Borrower
waives, until the Obligations shall have been paid in full and the Agreement shall have been
terminated, any right to enforce any right of subrogation or any remedy which the Administrative
Agent or any Lender now or may hereafter have against any US Borrower, any endorser or any
guarantor of all or any part of the Obligations, and any benefit of, and any right to participate
in, any security or collateral given to the Administrative Agent or any Lender to secure payment of
the Obligations or any other liability of the US Borrowers to the Administrative Agent or any
Lender.

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     (c) Upon any Event of Default, the Administrative Agent may proceed directly and at once,
without notice, against either US Borrower to collect and recover the full amount, or any portion
of the Obligations, without first proceeding against the other US Borrower or any other Person, or
against any security or collateral for the Obligations. Each US Borrower consents and agrees that
the Administrative Agent shall be under no obligation to marshal any assets in favor of such US
Borrower or against or in payment of any or all of the Obligations.

     10.21 Contribution and Indemnification between the US Borrowers. Each US Borrower is
obligated to repay the Obligations as joint and several obligor under this Agreement. To the
extent that a US Borrower shall, under this Agreement as a joint and several obligor, repay any of
the Obligations constituting Loans made to the other US Borrower hereunder or other Obligations
incurred directly and primarily by the other US Borrower (an “Accommodation Payment”), then
the US Borrower making such Accommodation Payment shall be entitled to contribution and
indemnification from, and be reimbursed by, the other US Borrower in an amount, for such other US
Borrower, equal to a fraction of such Accommodation Payment, the numerator of which fraction is
such other US Borrower’s “Allocable Amount” (as defined below) and the denominator of which is the
sum of the Allocable Amounts of both of the US Borrowers. As of any date of determination, the
“Allocable Amount” of each US Borrower shall be equal to the maximum amount of liability for
Accommodation Payments which could be asserted against such US Borrower hereunder without (a)
rendering such US Borrower “insolvent” within the meaning of Section 101(32) of the Bankruptcy
Code, Section 2 of the Uniform Fraudulent Transfer Act (the “UFTA”) or Section 271 of the
New York Uniform Fraudulent Conveyance Act (the “UFCA”), (b) leaving such US Borrower with
unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code,
Section 4 of the UFTA, or Sections 274 and 275 of the UFCA, or (c) leaving such US Borrower unable
to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or
Section 4 of the UFTA, or Section 275 of the UFCA. All rights and claims of contributions,
indemnification and reimbursement under this section shall be subordinate in right of payment to
the prior payment in full of the Obligations. The provisions of this section shall, to the extent
expressly inconsistent with any provision in any Loan Document, supersede such inconsistent
provision.

     10.22 Appointment of Borrower Agent as Agent for Requesting Loans and Receipts of Loans and
Statements. Each Borrower hereby designates Imation (“Borrower Agent”) as its
representative and agent for all purposes under the Loan Documents, including requests for Loans
and Letters of Credit, designation of interest rates, delivery or receipt of communications,
preparation and delivery of Borrowing Base and financial reports, receipt and payment of
Obligations, requests for waivers, amendments or other accommodations, actions under the Loan
Documents (including in respect of compliance with covenants), and all other dealings with the
Administrative Agent, L/C Issuer or any Lender. Borrower Agent hereby accepts such appointment.
The Administrative Agent and the Lenders shall be entitled to rely upon, and shall be fully
protected in relying upon, any notice or communication (including any notice of borrowing)
delivered by Borrower Agent on behalf of either Borrower. The Administrative Agent and the Lenders
may give any notice or communication with a Borrower hereunder to Borrower Agent on behalf of such
Borrower. Each of the Administrative Agent, L/C Issuer and the Lenders shall have the right, in
its discretion, to deal exclusively with Borrower Agent for any or all purposes under the Loan
Documents. Each Borrower agrees that

135

 

any notice, election, communication, representation, agreement or undertaking made on its
behalf by Borrower Agent shall be binding upon and enforceable against it.

     10.23 USA Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the Act,
it is required to obtain, verify and record information that identifies the Borrowers, which
information includes the name and address of the Borrowers and other information that will allow
such Lender or the Administrative Agent, as applicable, to identify the Borrowers in accordance
with the Act.

     10.24 Binding Effect; Amendment and Restatement of Existing Credit Agreement; Further
Assurances. This Agreement shall become effective at such time, on or after the Closing Date, that
the conditions precedent set forth in Section 4.01 have been satisfied and when it shall
have been executed by the Borrowers and the Administrative Agent, and the Administrative Agent
shall receive copies hereof (telecopied or otherwise) which, when taken together, bear the
signatures of each Lender (including the L/C Issuer), and thereafter this Agreement shall be
binding upon and inure to the benefit of each Borrower, each Lender (including the L/C Issuer) and
the Administrative Agent, together with their respective successors and assigns. Each Borrower
agrees, upon the request of the Administrative Agent and/or the Required Lenders, to promptly take
such actions, as reasonably requested, as are appropriate to carry out the intent of this Agreement
and the other Loan Documents, including, but not limited to, such actions as are reasonably
necessary to ensure that the Administrative Agent, for its own benefit and the ratable benefit of
Lenders, have a perfected security interest in all collateral securing the Obligations, subject to
no Liens other than Permitted Liens. This Agreement amends and restates the Existing Credit
Agreement and is not intended to be or operate as a novation or an accord and satisfaction of the
Existing Credit Agreement or the Obligations evidenced or secured thereby or provided for
thereunder.

     10.25 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is
necessary to convert a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures the Administrative Agent could purchase the first currency with such other currency on
the Business Day preceding that on which final judgment is given. The obligation of each Borrower
in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under
the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable
provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent
that on the Business Day following receipt by the Administrative Agent or such Lender, as the case
may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such
Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement
Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less
than the sum originally due to the Administrative Agent or any Lender from any Borrower in the
Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such
loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due
to the Administrative Agent or any Lender in such currency, the Administrative Agent or such
Lender,

136

 

as the case may be, agrees to return the amount of any excess to such Borrower (or to any
other Person who may be entitled thereto under applicable law).

     10.26 Confirmation of Share Charge. Imation confirms and acknowledges to each Secured Party
that, notwithstanding the amendment and restatement of the Existing Credit Agreement, the Share
Charge dated June 3, 2009 between Imation as Chargor and the Administrative Agent in respect of
shares in Imation Ireland Limited remains in full force and effect to secure the Obligations as
amended, restated and extended by this Agreement.

     10.27 Waiver. Pursuant to Section 4.3 of that certain Security and Pledge Agreement dated as
of June 3, 2009 and executed by the US Borrowers and certain of their respective Subsidiaries in
favor of the Administrative Agent and the Lenders (the “Existing Security and Pledge
Agreement”), Imation was required to give prior written notice to the Administrative Agent of
the closure of any Deposit Account (other than Excluded Deposit Accounts) described on Schedule
3.10 to such Existing Security and Pledge Agreement. By their execution hereof, the Lenders hereby
waive any Event of Default under the Existing Credit Agreement that may have resulted from
Imation’s failure to provide such prior written notice of the closure of the deposit accounts. The
waiver set forth herein (a) is expressly limited to the transactions described in this Section
10.27, (b) is a limited one-time waiver and (c) shall not obligate the Lenders to grant any
additional or future waiver caused by a violation of any provision of the Existing Security and
Pledge Agreement, the Existing Credit Agreement or the other Loan Documents (as such term is
defined in the Existing Credit Agreement).

[Signature Pages Follow]

137

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	IMATION CORP., as a US Borrower

 	 
	 	By:  	/s/ Paul R. Zeller
 	 
	 	 	Name:  	Paul R. Zeller 	 
	 	 	Title:  	Senior Vice President and Chief
Financial Officer 	 
	 

	 	 	 	 	 
	 	IMATION ENTERPRISES CORP., as a US Borrower

 	 
	 	By:  	/s/ Paul R. Zeller
 	 
	 	 	Name:  	 Paul R. Zeller	 
	 	 	Title:  	
Senior Vice President and Chief
Financial Officer 	 
	 

	 	 	 	 	 
	 	IMATION EUROPE B.V., as the European Borrower

 	 
	 	By:  	/s/ John L. Sullivan
 	 
	 	 	Name:  	John L. Sullivan 	 
	 	 	Title:  	Managing Director 	 
	 

[Amended and Restated Credit Amendment — Imation]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	/s/ Jason Riley
 	 
	 	 	Name:  	Jason Riley 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as L/C Issuer and as a Lender

 	 
	 	By:  	/s/ Jason Riley
 	 
	 	 	Name:  	Jason Riley 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Amended and Restated Credit Amendment — Imation]

 

 

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

 	 
	 	By:  	/s/ David A. Lehner
 	 
	 	 	Name:  	David A. Lehner 	 
	 	 	Title:  	Vice President 	 
	 

[Amended and Restated Credit Amendment — Imation]

 

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a
Lender

 	 
	 	By:  	/s/ Victor Pierzchalski
 	 
	 	 	Name:  	Victor Pierzchalski 	 
	 	 	Title:  	Authorized Signatory 	 
	 

     [Amended and Restated Credit Amendment — Imation]

 

 

	 	 	 	 	 
	 	US BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Gaylen J. Frazier
 	 
	 	 	Name:  	Gaylen J. Frazier 	 
	 	 	Title:  	A.V.P. 	 
	 

     [Amended and Restated Credit Amendment — Imation]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a
Lender

 	 
	 	By:  	/s/ Brian Buck
 	 
	 	 	Name:  	Brian Buck 	 
	 	 	Title:  	Director 	 
	 

[Amended and Restated Credit Amendment — Imation]

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By:  	/s/ Gary S. Losey
 	 
	 	 	Name:  	Gary S. Losey 	 
	 	 	Title:  	Vice President — Corporate Banking 	 
	 

[Amended and Restated Credit Amendment — Imation]

 

 

SCHEDULE 1.01(d)

APPLICABLE DESIGNEES

	 	 	 	 	 
	 	 	Applicable Designee
	Lender of Record	 	Lender to US Borrowers	 	Lender to European Borrower
	Bank of America, N.A.

	 	See Lender of Record
	 	Bank of America, N.A. (London Branch)
	 

	 	 	 	5 CANADA SQUARE
	Address:

	 	 	 	LONDON
	135 South LaSalle Street, Fourth Floor

	 	 	 	E14 5AQ
	Chicago, Illinois 60603

	 	 	 	UNITED KINGDOM
	 
	 	 	 	 
	JPMorgan Chase Bank, N.A.

	 	See Lender of Record
	 	JP Morgan Chase Bank, N.A., London Branch
	 

	 	 	 	125 London Wall
	Address:

	 	 	 	London EC2Y 5AJ
	10 South Dearborn
	 	 	 	 
	Chicago, IL 60603-3403
	 	 	 	 
	 
	 	 	 	 
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	 	See Lender of Record
	 	See Lender of Record
	 
	 	 	 	 
	Address:
	 	 	 	 
	1251 Avenue of the Americas, 12th Floor
	 	 	 	 
	New York, NY 10020-1104
	 	 	 	 
	 
	 	 	 	 
	US Bank National Association

	 	See Lender of Record
	 	See Lender of Record
	 
	 	 	 	 
	Address:
	 	 	 	 
	800 Nicollet Mall
	 	 	 	 
	Minneapolis, MN 55402
	 	 	 	 

 

	 	 	 	 	 
	 	 	Applicable Designee
	Lender of Record	 	Lender to US Borrowers	 	Lender to European Borrower
	Wells Fargo Bank, National Association

	 	See Lender of Record
	 	See Lender of Record
	 
	 	 	 	 
	Address:
	 	 	 	 
	90 S. 7th Street
	 	 	 	 
	Mail Code: N9305-077
	 	 	 	 
	Minneapolis, MN 55402
	 	 	 	 
	 
	 	 	 	 
	Fifth Third Bank

	 	See Lender of Record
	 	See Lender of Record
	 
	 	 	 	 
	Address:
	 	 	 	 
	38 Fountain Square Plaza
	 	 	 	 
	Mail Drop 109046
	 	 	 	 
	Cincinnati, OH 45202
	 	 	 	 

2

 

SCHEDULE 1.01(e)

EXISTING LETTERS OF CREDIT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Outstanding	 	 	 	 	 	 	 	 	 
	Fronted By:	 	L/C Number	 	Amount	 	Beneficiary	 	Expiration	 	 	Evergreen	 	Notes
	Bank of America
	 	**	 	$380,000	 	Sentry Insurance A Mutual Company	 	 	09/30/10	 	 	Yes	 	Work Comp
	Bank of America
	 	**	 	$786,800	 	Liberty Mutual Insurance Company	 	 	08/31/10	 	 	Yes	 	Work Comp
	Bank of America
	 	**	 	$375,000	 	St. Paul Fire and Marine Insurance Co.	 	 	07/31/10	 	 	Yes	 	GL, Work Comp
	Bank of America
	 	**	 	$128,887	 	The Travelers Indemnity Co.	 	 	08/12/10	 	 	Yes	 	GL
	Outstanding Trade LC Balance
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	**	 	$747,375	 	Chen Zhou Hualu Digital Technology Co. Ltd.	 	 	09/14/10	 	 	No	 	Import; Imation purchases Memorex branded models of Blu-Ray players
	Bank of America
	 	**	 	$428,250	 	Chen Zhou Hualu Digital Technology Co. Ltd.	 	 	10/06/10	 	 	No	 	Import; Imation purchases Memorex branded models of Blu-Ray players

 

			
	**	 	The appearance of a double asterisk denotes confidential information that has been omitted from the exhibit and filed separately,
accompanied by a confidential treatment request, with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934.

 

SCHEDULE 1.01(f)

EUROPEAN SECURITY AND PLEDGE AGREEMENTS

1. Dutch Notarial Deed of Pledge of Receivables (Undisclosed)

2. Dutch Notarial Deed of Pledge of Shares

3. Dutch Disclosed Pledge of Bank Account

4. Dutch Deed of Pledge of (Future) Inventory, Future IP Rights and (Future) Stock

5. German Security Transfer Agreement Regarding Inventory and Equipment

6. UK Charge Over Deposit Accounts

7. Luxembourg Share Pledge Agreement

 

SCHEDULE 1.01(m)

MANDATORY COST FORMULA

	1.	 	The Mandatory Cost (to the extent applicable) is an addition to the interest rate to
compensate Lenders for the cost of compliance with:

	 	(a)	 	the requirements of the Bank of England and/or the Financial Services Authority
(or, in either case, any other authority which replaces all or any of its functions);
or
	 
	 	(b)	 	the requirements of the European Central Bank.

	2.	 	On the first day of each Interest Period (or as soon as possible thereafter) the
Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory
Cost will be calculated by the Administrative Agent as a weighted average of the Lenders’
Additional Cost Rates (weighted in proportion to the percentage participation of each Lender
in the relevant Loan) and will be expressed as a percentage rate per annum. The
Administrative Agent will, at the request of the Company or any Lender, deliver to the Company
or such Lender as the case may be, a statement setting forth the calculation of any Mandatory
Cost.
	 
	3.	 	The Additional Cost Rate for any Lender lending from a Lending Office in a Participating
Member State will be the percentage notified by that Lender to the Administrative Agent. This
percentage will be certified by such Lender in its notice to the Administrative Agent to be
its reasonable determination of the cost (expressed as a percentage of such Lender’s
participation in all Loans made from such Lending Office) of complying with the minimum
reserve requirements of the European Central Bank in respect of Loans made from that Lending
Office.
	 
	4.	 	The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom
will be calculated by the Administrative Agent as follows:

	 	(a)	 	in relation to any Loan in Sterling:

	 	 	 	 	 

	 

	 	AB+C(B-D)+E x 0.01
	 	per cent per annum
	 

	 	100 — (A+C) 
	 
	 

	 		 	 

	 	(b)	 	in relation to any Loan in any currency other than Sterling:

	 	 	 	 	 	 	 

	 

	 	 E x 0.01
	 	per cent per annum
	 

	 	300 	 
	 

	 	 		 	 	 

 

Where:

	 	“A” 	 	 is the percentage of Eligible Liabilities (assuming these to be in excess of
any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio
requirements.
	 
	 	“B” 	 	 is the percentage rate of interest (excluding the Applicable Rate, the
Mandatory Cost and any interest charged on overdue amounts pursuant to the first
sentence of Section 2.08(b) and, in the case of interest (other than on overdue
amounts) charged at the Default Rate, without counting any increase in interest rate
effected by the charging of the Default Rate) payable for the relevant Interest Period
of such Loan.
	 
	 	“C” 	 	 is the percentage (if any) of Eligible Liabilities which that Lender is
required from time to time to maintain as interest bearing Special Deposits with the
Bank of England.
	 
	 	“D” 	 	 is the percentage rate per annum payable by the Bank of England to the
Administrative Agent on interest bearing Special Deposits.
	 
	 	“E” 	 	 is designed to compensate Lenders for amounts payable under the Fees Rules and
is calculated by the Administrative Agent as being the average of the most recent rates
of charge supplied by the Lenders to the Administrative Agent pursuant to paragraph
7 below and expressed in pounds per £1,000,000.

	5.	 	For the purposes of this Schedule:

	 	(a)	 	“Eligible Liabilities” and “Special Deposits” have the meanings
given to them from time to time under or pursuant to the Bank of England Act 1998 or
(as may be appropriate) by the Bank of England;
	 
	 	(b)	 	“Fees Rules” means the rules on periodic fees contained in the FSA
Supervision Manual or such other law or regulation as may be in force from time to time
in respect of the payment of fees for the acceptance of deposits;
	 
	 	(c)	 	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under
the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee
required pursuant to the Fees Rules but taking into account any applicable discount
rate); and
	 
	 	(d)	 	“Tariff Base” has the meaning given to it in, and will be calculated in
accordance with, the Fees Rules.

	6.	 	In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5% will be included in the formula as 5 and not as 0.05). A negative result
obtained by subtracting D from B shall be taken as zero. The resulting figures shall be
rounded to four decimal places.

6

 

	7.	 	If requested by the Administrative Agent or the Company, each Lender with a Lending Office in
the United Kingdom or a Participating Member State shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Administrative Agent and the
Company, the rate of charge payable by such Lender to the Financial Services Authority
pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services
Authority (calculated for this purpose by such Lender as being the average of the Fee Tariffs
applicable to such Lender for that financial year) and expressed in pounds per £1,000,000 of
the Tariff Base of such Lender.
	 
	8.	 	Each Lender shall supply any information required by the Administrative Agent for the purpose
of calculating its Additional Cost Rate. In particular, but without limitation, each Lender
shall supply the following information in writing on or prior to the date on which it becomes
a Lender:

	 	(a)	 	the jurisdiction of the Lending Office out of which it is making available its
participation in the relevant Loan; and
	 
	 	(b)	 	any other information that the Administrative Agent may reasonably require for
such purpose.

Each Lender shall promptly notify the Administrative Agent in writing of any change to the
information provided by it pursuant to this paragraph.

	9.	 	The percentages of each Lender for the purpose of A and C above and the rates of charge of
each Lender for the purpose of E above shall be determined by the Administrative Agent based
upon the information supplied to it pursuant to paragraphs 7 and 8 above and
on the assumption that, unless a Lender notifies the Administrative Agent to the contrary,
each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same
as those of a typical bank from its jurisdiction of incorporation with a Lending Office in the
same jurisdiction as its Lending Office.
	 
	10.	 	The Administrative Agent shall have no liability to any Person if such determination results
in an Additional Cost Rate which over- or under-compensates any Lender and shall be entitled
to assume that the information provided by any Lender pursuant to paragraphs 3,
7 and 8 above is true and correct in all respects.
	 
	11.	 	The Administrative Agent shall distribute the additional amounts received as a result of the
Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based
on the information provided by each Lender pursuant to paragraphs 3, 7 and
8 above.
	 
	12.	 	Any determination by the Administrative Agent pursuant to this Schedule in relation to a
formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall,
in the absence of manifest error, be conclusive and binding on all parties hereto.
	 
	13.	 	The Administrative Agent may from time to time, after consultation with the Company and the
Lenders, determine and notify to all parties any amendments which are required to be made to
this Schedule in order to comply with any change in law, regulation or any

7

 

	 	 	requirements from time to time imposed by the Bank of England, the Financial Services
Authority or the European Central Bank (or, in any case, any other authority which replaces
all or any of its functions) and any such determination shall, in the absence of manifest
error, be conclusive and binding on all parties hereto.

8

 

SCHEDULE 2.01

COMMITMENTS AND PRO RATA SHARES

	 	 	 	 	 	 	 	 	 
	Lender	 	Commitment	 	 	Pro Rata Share	 
	Bank of America, N.A.
	 	$	58,461,538.45	 	 	 	29.23076923	%
	Wells Fargo Bank, National Association
	 	$	30,769,230.77	 	 	 	15.38461539	%
	The Bank of Tokyo-Mitsubishi UFJ,
Ltd., New York Branch
	 	$	30,769,230.77	 	 	 	15.38461539	%
	Fifth Third Bank
	 	$	30,769,230.77	 	 	 	15.38461539	%
	JPMorgan Chase Bank, N.A.
	 	$	24,615,384.62	 	 	 	12.30769231	%
	U.S. Bank National Association
	 	$	24,615,384.62	 	 	 	12.30769231	%
	Total
	 	$	200,000,000.00	 	 	 	100	%

 

SCHEDULE 5.05

SUPPLEMENT TO INTERIM FINANCIAL STATEMENTS

Material Indebtedness

None.

Other Material Liabilities

None.

 

SCHEDULE 5.06

LITIGATION

None.

 

SCHEDULE 5.09

ENVIRONMENTAL MATTERS

None.

 

SCHEDULE 5.12

ERISA MATTERS

There was an ERISA Event, a Reportable Event, in 2010 due to the reduction of the number of active
participants in the Borrowers’ Pension Plan. As a result of the reduction of the number of active
participants, the Borrowers have already vested the accounts of all, or almost all, the affected
Pension Plan participants. The Reportable Event is only an informational filing with the PBGC and
this ERISA Event has not resulted in, and is not reasonably expected to result in, liability of the
Borrowers under Title IV of ERISA to the Pension Plan or the PBGC in an aggregate amount in excess
of the Threshold Amount.

 

SCHEDULE 5.13

SUBSIDIARIES AND OTHER EQUITY INVESTMENTS

Part A – Borrowers, Subsidiaries and Acquisitions

	 	 	 	 	 
	 	 	Jurisdiction	 	Holder(s)
	 	 	of	 	of
	Name	 	Organization	 	Equity Interests
	Imation Corp.

	 	Delaware
	 	Widely held
	Imation Enterprises Corp.

	 	Delaware
	 	Imation Corp.
	Imation Latin America Corp.

	 	Delaware
	 	Imation Enterprises Corp.
	Imation Funding Corp.

	 	Delaware
	 	Imation Corp.
	Memorex Products, Inc.

	 	California
	 	Imation Corp.
	Imation Government Corp.

	 	Delaware
	 	Imation Corp.
	Imation Mercosur Trading S.A.

	 	Uruguay
	 	Imation Latin America Corp.
	Imation Electronics Mexico S.A. de C.V.

	 	Mexico
	 	Imation Corp.
Imation Enterprises Corp.
	Imation Latin America Marketing S.A.

	 	Panama
	 	Imation Latin America Corp.
	Imation do Brasil Ltda.

	 	Brazil
	 	Imation Latin America Corp.
Imation Latin America Marketing S.A.
	Imation Chile S.A.

	 	Chile
	 	Imation Latin America Corp.
	Imation Mexico S.A. de C.V.

	 	Mexico
	 	Imation Latin America Corp.
Imation Latin America Marketing S.A.
	IMN Data Storage LLC

	 	Delaware
	 	Imation Corp.
	IMN Data Storage Holdings CV

	 	Netherlands
	 	Imation Corp.
IMN Data Storage LLC
	Imation Argentina S.A.

	 	Argentina
	 	Imation Corp.
Imation Enterprises Corp.
	Imation Colombia S.A.

	 	Colombia
	 	Imation Corp.
Imation Enterprises Corp.
Imation Funding Corp.
	Imation Canada Inc.

	 	Canada
	 	Imation Corp.
	Imation (Thailand) Ltd.

	 	Thailand
	 	Imation Corp.
Imation Enterprises Corp.
Imation Asia Pacific Pte. Ltd.
	Imation Holdings Pte Ltd.

	 	Singapore
	 	Imation Corp.
	Imation Asia Pacific Pte Ltd.

	 	Singapore
	 	Imation Holdings Pte Ltd.
	Imation ANZ Pty Ltd.

	 	Australia
	 	Imation Asia Pacific Pte Ltd.

 

 

	 	 	 	 	 
	 	 	Jurisdiction	 	Holder(s)
	 	 	of	 	of
	Name	 	Organization	 	Equity Interests
	TDK (Australia) Pty Ltd.

	 	Australia
	 	Imation ANZ Pty Ltd.
	Imation (Shanghai) Co. Ltd.

	 	China
	 	Imation Asia Pacific Pte Ltd.
	Imation (Guangzhou) International Co. Ltd.

	 	China
	 	Imation Asia Pacific Pte Ltd.
	Imation Information Technology (Beijing) Ltd.

	 	China
	 	Imation Asia Pacific Pte Ltd.
	Imation Hong Kong Ltd.

	 	Hong Kong
	 	Imation Asia Pacific Pte Ltd.
	Imation India Private Ltd.

	 	India
	 	Imation Asia Pacific Pte Ltd.
	Imation Corporation Japan

	 	Japan
	 	Imation Asia Pacific Pte Ltd.
	Imation Korea, Inc.

	 	Korea
	 	Imation Asia Pacific Pte Ltd.
	Imation (Malaysia) SDN.BHD.

	 	Malaysia
	 	Imation Asia Pacific Pte Ltd.
	Imation Singapore Pte. Ltd.

	 	Singapore
	 	Imation Asia Pacific Pte Ltd.
	Imation Taiwan Ltd.

	 	Taiwan
	 	Imation Asia Pacific Pte Ltd.
	Memorex Products (Taiwan) Inc.

	 	Taiwan
	 	Imation Asia Pacific Pte Ltd.
	Imation Europe B.V.

	 	Netherlands
	 	Imation Corp.
	Imation France S.A.

	 	France
	 	Imation Europe B.V.
	Imation Deutschland GmbH

	 	Germany
	 	Imation Europe B.V.
	Imation S.r.l.

	 	Italy
	 	Imation Europe B.V.
TME GmbH
	Imation Iberia, S.A.

	 	Spain
	 	Imation Europe B.V.
	Imation Middle East FZE

	 	U.A.E.
	 	Imation Europe B.V.
	Imation U.K. Limited

	 	United Kingdom
	 	Imation Europe B.V.
	TME GmbH

	 	Germany
	 	Imation Europe B.V.
	Imation Polska Sp z.o.o.

	 	Poland
	 	Imation Corp.
	Imation Ireland Limited

	 	Ireland
	 	Imation Corp.
	Global Data Media FZ-LLC

	 	U.A.E.
	 	Imation Corp.
Moser Baer India, Ltd.
	Glyphics Media, Inc.*

	 	New York
	 	Global Data Media FZ-LLC
	MBI International FZ-LLC

	 	U.A.E.
	 	Global Data Media FZ-LLC
	MBI International Services Private Ltd.

	 	India
	 	MBI International FZ-LLC
	MBII India Marketing Private Ltd.

	 	India
	 	MBI International FZ-LLC
	Memorex Products Europe Ltd.

	 	United Kingdom
	 	Imation Corp.
	Memorex France S.A.

	 	France
	 	Memorex Products Europe Ltd.

 

			
	*	 	To be dissolved.

Note: Global Data Media FZ-LLC and its subsidiaries are joint ventures.

15

 

Authorized and Issued Equity Interests

	 	 	 	 	 	 	 
	Loan Party/Pledged Foreign Subsidiary	 	Authorized		Issued
	Imation Corp.
	 	125,000,000†	 		38,170,554‡	
	Imation Enterprises Corp.
	 	1,000	 		1,000	
	Imation Funding Corp.
	 	1,000	 		100	
	Imation Latin America Corp.
	 	100	 		100	
	Memorex Products, Inc.
	 	10,000	 		200	
	IMN Data Storage LLC
	 	N/A	 		N/A	
	Imation Electronics México S.A. de C.V.
	 	296,325	 		296,325	
	Imation Canada Inc.
	 	Unlimited	 		316,476.513	
	Imation Holdings Pte Ltd.
	 	34,400,048	 		34,400,048	
	Imation Ireland Limited
	 	1,000,002	 		250,000	
	Imation México S.A. de C.V.
	 	5,913,628	 		5,913,628	
	IMN Data Storage Holdings CV
	 	1,000	 		205	
	Imation Europe B.V.
	 	N/A	 		N/A	
	Imation do Brasil Ltda.
	 	N/A	 		N/A	
	Imation Polska Sp z.o.o.
	 	1,500,000	 		13,748	
	Imation Government Corp.
	 	1,000	 		100	

 

			
	†	 	As of April 1, 2010
	 
	‡	 	As of April 1, 2010

16

 

     Acquisitions

On June 30, 2008, Imation Corp. acquired substantially all of the assets of Xtreme Accessories, LLC
(XtremeMac), a Florida-based product design and marketing firm focused on consumer electronic
products and accessories.

On July 31, 2007, Imation Corp. completed the acquisition of substantially all of the assets
relating to the marketing, distribution, sales, customer service and support of removable recording
media products, accessory products and ancillary products under the TDK Life on Record brand name
(TDK Recording Media), from TDK Corporation, a Japanese corporation (TDK), pursuant to an
acquisition agreement dated April 19, 2007, between Imation and TDK (the TDK Acquisition
Agreement). As provided in the TDK Acquisition Agreement, Imation Corp. acquired substantially all
of the assets of the TDK Recording Media operations, including the assets or capital stock of
certain of TDK’s operating subsidiaries engaged in the TDK Recording Media operations, and use of
the TDK Life on Record brand name for current and future recording media products including
magnetic tape, optical media, flash media and accessories.

On July 9, 2007, Imation Corp. completed the acquisition of certain assets of Memcorp, Inc., a
Florida corporation, and Memcorp Asia Limited, a corporation organized under the laws of Hong Kong
(together Memcorp, subsidiaries of Hopper Radio of Florida, Inc., a Florida corporation), pursuant
to an asset purchase agreement dated as of May 7, 2007 (the Memcorp Purchase Agreement). As
provided in the Memcorp Purchase Agreement, we acquired the assets of Memcorp used in or relating
to the sourcing and sale of consumer electronic products, principally sold under the Memorex brand
name, including inventories, equipment and other tangible personal property and intellectual
property. The acquisition also included existing brand licensing agreements, including Memcorp’s
agreement with MTV Networks, a division of Viacom International, to design and distribute consumer
electronics under certain Nickelodeon character-based properties and the NPower brand.

On April 28, 2006, Imation Corp. closed on the acquisition of substantially all of the assets of
Memorex International Inc., including the capital stock of its operating subsidiaries engaged in
the business of the design, development, sourcing, marketing, distribution and sale of hardware,
media and accessories used for the storage of electronic data under the Memorex brand name.

Part B – Rights Agreements

- Rights Agreement between Imation and The Bank of New York, as Rights Agent, dated as of June 21,
2006, as amended by the First Amendment to Rights Agreement, dated as of July 30, 2007.

17

 

Part C — Other Equity Interests of Borrowers

	 	 	 	 	 
	Loan Party	 	Equity Investment	 	Percentage Interest
	Imation Corp.
	 	O-Mass (Subsidiary of Tandberg Storage ASA), Norway	 	< 10.0%
	 
	 	 	 	 
	Imation Corp.
	 	Inphase Technologies, Inc., Delaware	 	< 10.0%
	 
	 	 	 	 
	Imation Corp.
	 	Exabyte Corporation, Delaware	 	11.1%
	 
	 	 	 	 
	Imation Corp.
	 	21VC Fund II, LP, Delaware	 	5%
	 
	 	 	 	 
	Imation Corp.
	 	Hummer Winblad Venture Partners II, LP, Delaware	 	5%

18

 

SCHEDULE 5.15

RESTRICTIVE AGREEMENTS

None.

19

 

SCHEDULE 5.17

INTELLECTUAL PROPERTY

Intellectual Property Rights

None.

Intellectual Property Claims

None.

 

 

SCHEDULE 5.20

LABOR MATTERS

	1.	 	Mexico has labor unions pursuant to legal requirements.
	 
	2.	 	Certain employees in Europe belong to labor unions and there may be collective bargaining
agreements (negotiated industry wide) that apply in Europe. In addition, the company is
required to have works councils in certain locations in Europe which must be consulted
regarding various actions by the business.
	 
	3.	 	Certain employees in Japan belong to a labor organization and the Borrowers are bound to
comply with that collective bargaining agreement.

 

 

SCHEDULE 5.23

	 	 	 	 	 
	Name and Address of Bank	 	Account No.	 	Purpose
	Bank of America
	 	**	 	Collection Account
	Bank of America Plaza
	 	Imation Enterprises Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Collection Account
	Bank of America Plaza
	 	Imation Enterprises Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Collection Account - Lockbox
	Bank of America Plaza
	 	Imation Government Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Collection Account -Lockbox
	Bank of America Plaza
	 	Imation Enterprises Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Collection Account - Lockbox
	Bank of America Plaza
	 	Imation Enterprises Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Collection Account
	Bank of America Plaza
	 	Imation Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Collection Account
	Bank of America Plaza
	 	Imation Latin America Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Transfer - Payables
	Bank of America Plaza
	 	Imation Latin America Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 

 

			
	**	 	The appearance of a double asterisk denotes confidential information that has been
omitted from the exhibit and filed separately, accompanied by a confidential treatment request, with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934.

 

 

	 	 	 	 	 
	Name and Address of Bank	 	Account No.	 	Purpose
	Bank of America
	 	**	 	Transfer - Tax payments
	Bank of America Plaza
	 	Imation Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Disbursement Account
	Bank of America Plaza
	 	Imation Enterprises Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Transfer – Parent
	Bank of America Plaza
	 	Imation Corp.	 	Concentration Account
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Transfer - Payables
	Bank of America Plaza
	 	Imation Enterprises Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	Disbursement Account
	Bank of America Plaza
	 	Imation Corp.	 	 
	901 Main St., 7th Floor

Dallas, TX 75202
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	CAD Collection Account
	200 Front Street West
	 	Memorex Products, Inc.	 	 
	Toronto, ON M5V 3L2

Canada
	 	 	 	 
	 
	 	 	 	 
	Bank of America
	 	**	 	CAD Collection Account
	5 Canada Square
	 	Imation Enterprises Corp.	 	 
	London E14 5AQ

United Kingdom
	 	 	 	 
	 
	 	 	 	 
	Citibank
	 	**	 	Transfer
	233 S. Wacker Drive, 86th Floor
	 	Imation Enterprises Corp.	 	 
	Chicago, IL 60606
	 	 	 	 
	 
	 	 	 	 
	Harris Bank
	 	**	 	Disbursement Account
	111 Monroe Street, 9 West
	 	Imation Enterprises Corp.	 	 
	Chicago, IL 60603
	 	 	 	 

 

			
	**	 	The appearance of a double asterisk denotes confidential information that has been
omitted from the exhibit and filed separately, accompanied by a confidential treatment request, with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934.

 

 

	 	 	 	 	 
	Name and Address of Bank	 	Account No.	 	Purpose
	US Bank
	 	**	 	Transfer - Payroll
	800 Nicollet Mall
	 	Imation Corp.	 	 
	Minneapolis, MN 55402
	 	 	 	 
	 
	 	 	 	 
	Citibank International plc
	 	**	 	Disbursement Account
	Schiphol Boulevard 257
	 	Imation Europe B.V.	 	Closure in process
	WTC Building, Tower D, Floor 8

1118 BH Luchthaven Schiphol

The Netherlands
	 	 	 	 
	 
	 	 	 	 
	Citibank International plc
	 	**	 	Collection Account
	Schiphol Boulevard 257
	 	Imation Europe B.V.	 	 
	WTC Building, Tower D, Floor 8

1118 BH Luchthaven Schiphol

The Netherlands
	 	 	 	 
	 
	 	 	 	 
	ABN AMRO
	 	**	 	Cash Collateral
	Marktplein,
	 	Imation Europe B.V.	 	 
	Postbus 11
2130 AA Hoofddorp

The Netherlands
	 	 	 	 
	 
	 	 	 	 
	ABN AMRO
	 	**	 	Cash Collateral
	Marktplein,
	 	Imation Europe B.V.	 	 
	Postbus 11
2130 AA Hoofddorp

The Netherlands
	 	 	 	 
	 
	 	 	 	 
	Citibank International plc
	 	**	 	Disbursement Account
	Schiphol Boulevard 257
	 	Imation Europe B.V.	 	 
	WTC Building, Tower D, Floor 8

1118 BH Luchthaven Schiphol

The Netherlands
	 	 	 	 
	 
	 	 	 	 
	Citibank Aktiengesellschaft,
	 	**	 	Collection Account
	Reuterweg 16
	 	Imation Europe B.V.	 	 
	60323 Frankfurt/ Main

Germany
	 	 	 	 
	 
	 	 	 	 
	Citibank International plc
	 	**	 	Collection Account
	1-5 rue Paul Cezabbe
	 	Imation Europe B.V.	 	 
	75008 Paris

France
	 	 	 	 
	 
	 	 	 	 

 

			
	**	 	The appearance of a double asterisk denotes confidential information that has been
omitted from the exhibit and filed separately, accompanied by a confidential treatment request, with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934.

 

 

	 	 	 	 	 
	Name and Address of Bank	 	Account No.	 	Purpose
	Citibank
	 	**	 	Disbursement Account
	16 Foro Buonaparte
	 	Imation Europe B.V.	 	 
	20121 Milan

Italy
	 	 	 	 
	 
	 	 	 	 
	Citibank International plc
	 	**	 	Only tax purposes/
	Norway Branch
	 	Imation Europe B.V.	 	requirements
	8-10 Tordenskjolds Gaten
	 	 	 	- no movements
	Oslo

Norway
	 	 	 	 
	 
	 	 	 	 
	Citibank New York
	 	**	 	Used for MBI payments
	 
	 	Imation Europe B.V.	 	Closure in process
	 
	 	 	 	 
	Bank Handlowy W Warszawie SA
	 	**	 	Collection/ Disbursement
	16, Senatoriska
	 	Imation Europe B.V.	 	Account
	Warszawa 00-923

Poland
	 	 	 	 
	 
	 	 	 	 
	Bank Handlowy W Warszawie SA
	 	**	 	Collection/ Disbursement
	16, Senatoriska
	 	Imation Europe B.V.	 	Account
	Warszawa 00-923

Poland
	 	 	 	 
	 
	 	 	 	 
	Citibank International PLC Sucursal en
	 	**	 	Collection Account
	Espana/ Avenida de Europa, 19 - Plabta
	 	Imation Europe B.V.	 	 
	Baja/ Parque Empresarial “LA MORELEJA”/

28108 Alcobenidas (Madrid)
	 	 	 	 
	 
	 	 	 	 
	Citibank
	 	**	 	Header/ Disbursement Account
	Citibank House, 336 Strand,
	 	Imation Europe B.V.	 	 
	London, WC2R 1HB

Great Britain
	 	 	 	 
	 
	 	 	 	 
	Citibank
	 	**	 	Collection Account
	Citibank House, 336 Strand,
	 	Imation Europe B.V.	 	 
	London,WC2R 1HB

Great Britain
	 	 	 	 
	 
	 	 	 	 
	Citibank
	 	**	 	Collection Account
	Citibank House, 336 Strand,
	 	Imation Europe B.V.	 	 
	London, WC2R 1HB

Great Britain
	 	 	 	 

 

			
	**	 	The appearance of a double asterisk denotes confidential information that has been
omitted from the exhibit and filed separately, accompanied by a confidential treatment request, with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934.

 

 

	 	 	 	 	 
	Name and Address of Bank	 	Account No.	 	Purpose
	Citibank
	 	**	 	Collection Account
	Citibank House, 336 Strand, London,
	 	Imation Europe B.V.	 	 
	WC2R 1HB

Great Britain
	 	 	 	 
	 
	 	 	 	 
	Citigroup
	 	**	 	Header/ Disbursement Account
	Canada Square, Canary Wharf
	 	Imation Europe B.V.	 	 
	London E14 5LB

Great Britain
	 	 	 	 
	 
	 	 	 	 
	Citigroup
	 	**	 	Header/ Disbursement Account
	Canada Square, Canary Wharf
	 	Imation Europe B.V.	 	 
	London E14 5LB

Great Britain
	 	 	 	 
	 
	 	 	 	 
	Citibank International plc
	 	**	 	Collection Account
	Schiphol Boulevard 257
	 	Imation Europe B.V.	 	 
	WTC Building, Tower D, Floor 8

1118 BH Luchthaven Schiphol

The Netherlands
	 	 	 	 
	 
	 	 	 	 
	Citibank A.S.
	 	**	 	Disbursement Account
	Tekfen Tower
	 	Imation Europe B.V.	 	 
	Eski Buyukdere Cad. No: 209
Kat:3

34394 Levent, Istanbul, Turkey
	 	 	 	 
	 
	 	 	 	 
	Citibank A.S.
	 	**	 	Disbursement Account
	Tekfen Tower
	 	Imation Europe B.V.	 	 
	Eski Buyukdere Cad. No: 209
Kat:3

34394 Levent, Istanbul, Turkey
	 	 	 	 
	 
	 	 	 	 
	Citigroup
	 	**	 	Cash Collateral
	Canada Square, Canary Wharf
	 	Imation Europe B.V.	 	 
	London E14 5LB

Great Britain
	 	 	 	 

 

			
	**	 	The appearance of a double asterisk denotes confidential information that has been
omitted from the exhibit and filed separately, accompanied by a confidential treatment request, with the
Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934.

 

 

SCHEDULE 5.25

MATERIAL CONTRACTS

	1.	 	Asset Purchase Agreement, dated May 7, 2007, among Hopper Radio of Florida,
Inc., Memcorp, Inc., Memcorp Asia Limited and Imation Corp.

	2.	 	Acquisition Agreement, dated April 19, 2007, by and between Imation Corp. and
TDK Corporation.

	3.	 	Acquisition Agreement, dated January 19, 2006, by and between Imation Corp. and
Memorex International Inc.

	4.	 	Inducement Agreement, dated January 19, 2006, among Hanny Holding Limited,
Hanny Magnetics (B.V.I.) Limited, Investor Capital Management Asia Limited, Investor
Capital Partners — Asia Fund L.P, Global Media Limited, Memorex Holdings Limited and
Imation Corp.

	5.	 	Restated Certificate of Incorporation of Imation.

	6.	 	Amended and Restated Bylaws of Imation.

	7.	 	Rights Agreement between Imation and The Bank of New York, as Rights Agent,
dated as of June 21, 2006.

	8.	 	First Amendment to Rights Agreement, dated as of July 30, 2007.

	9.	 	Amended and Restated Certificate of Designation, Preferences and Rights of
Series A Junior Participating Preferred Stock.

	10.	 	Shareholders Agreement in relation to Global Data Media FZ-LLC.

	11.	 	Amendment Agreement to Shareholders Agreement in relation to Global Data Media
FZ-LLC.

	12.	 	Trademark License Agreement, dated July 31, 2007, by and between Imation Corp.
and TDK Corporation.

	13.	 	IMN Trademark License Agreement, dated July 31, 2007, by and between IMN Data
Storage Holdings C.V. and TDK Corporation.

	14.	 	Supply Agreement, dated July 31, 2007, by and between Imation Corp. and TDK
Corporation.

	15.	 	Investor Rights Agreement, dated July 31, 2007, by and between Imation Corp.
and TDK Corporation.

	16.	 	Indemnity Agreements between Imation and each of its directors.

 

 

	17.	 	Employment Closure Agreement between Imation Corp. and Bruce Henderson.

	18.	 	Amendment to Bruce Henderson’s Performance Option Agreement.

	19.	 	Amendment to Employment Agreement between Imation and Bruce Henderson.

	20.	 	Imation 1996 Employee Stock Incentive Program.

	21.	 	1996 Directors Stock Compensation Program, as amended May 8, 2002.

	22.	 	Imation 2000 Stock Incentive Plan, as amended.

	23.	 	Restricted Stock Award Agreement between Imation and Frank Russomanno

	24.	 	Compensatory arrangement between Imation and Frank Russomanno.

	25.	 	2000 Stock Incentive Plan Restricted Stock Award Agreements — Executive
Officers.

	26.	 	Amendment to 2000 Stock Incentive Plan Restricted Stock Award Agreements —
Executive Officers.

	27.	 	Amendment to 2000 Employee Stock Incentive Plan Restricted Stock Award
Agreements — Executive Officers.

	28.	 	2000 Stock Incentive Plan Stock Option Agreements — Executive Officers.

	29.	 	2000 Stock Incentive Plan Stock Option Agreements — Employees.

	30.	 	Restricted Stock Award Agreements — Employees 2004.

	31.	 	Restricted Stock Award Agreements — Executive Officers 2004.

	32.	 	Stock Option Agreements — Employees 2004.

	33.	 	Stock Option Agreements — Executive Officers 2004.

	34.	 	Imation 2005 Stock Incentive Plan, as amended November 9, 2005.

	35.	 	Imation 2005 Stock Incentive Plan Stock Option Agreement — Employees.

	36.	 	Imation 2005 Stock Incentive Plan Stock Option Agreement — Executive Officers.

	37.	 	Amendment to 2005 Stock Incentive Plan Option Agreement — Executive Officers.

	38.	 	Imation 2005 Stock Incentive Plan Stock Option Agreement — Directors.

 

 

	39.	 	Amendment to 2005 Stock Incentive Plan Stock Option Agreement — Directors.

	40.	 	Imation 2005 Stock Incentive Plan Restricted Stock Award Agreement — Employees.

	41.	 	Imation 2005 Stock Incentive Plan Restricted Stock Award Agreement — Executive
Officers.

	42.	 	Amendment to 2005 Stock Incentive Plan Restricted Stock Award Agreement —
Executive Officers.

	43.	 	Imation 2005 Stock Incentive Plan Restricted Stock Award Agreement — Directors.

	44.	 	Amendment to 2005 Stock Incentive Plan Restricted Stock Award Agreement —
Directors.

	45.	 	Amendment to 2004 and 2005 Executive Officer Option Agreements under the 2000
Employee Stock Incentive Plan.

	46.	 	Amendment to 2005 Stock Option Agreement — Non-Employee Directors.

	47.	 	Non-Employee Director Option Agreement.

	48.	 	Amendment to 2005 Restricted Stock Award Agreement — Non-Employee Directors.

	49.	 	Non-Qualified Stock Option Agreement for Executive Officers under the Imation
Corp. 2005 Stock Incentive Plan

	50.	 	Non-Employee Director Restricted Stock Award Agreement.

	51.	 	Executive Officer Option Agreement.

	52.	 	Executive Officer Restricted Stock Award Agreement.

	53.	 	Non-Employee Director Restricted Stock Award Agreement.

	54.	 	Executive Officer Option Agreement.

	55.	 	Executive Officer Restricted Stock Award Agreement.

	56.	 	Imation Corp. 2008 Stock Incentive Plan.

	57.	 	Non-Qualified Stock Option Agreement for Executive Officers under the Imation
Corp. 2008 Stock Incentive Plan.

	58.	 	Non-Qualified Stock Option Agreement for Directors under the Imation Corp. 2008
Stock Incentive Plan.

 

 

	59.	 	Restricted Stock Agreement for Executive Officers under the Imation Corp. 2008
Stock Incentive Plan.

	60.	 	Restricted Stock Agreement for Directors under the Imation Corp. 2008 Stock
Incentive Plan.

	61.	 	Imation Excess Benefit Plan.

	62.	 	Employment Offer Letter from Imation Corp. to Mark E. Lucas.

	63.	 	Directors Compensation Program effective May 4, 2005 (as amended May 5, 2010).

	64.	 	Amended and Restated Severance Agreement with Executive Officers.

 

 

SCHEDULE 7.01

EXISTING LIENS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Debtor	 	Secured Party	 	Jurisdiction	 	Filing Information	 	Collateral
	1.
	 	Imation Corp.	 	Cisco Systems Capital	 	Delaware Secretary of State	 	File No. 30288376	 	[Specific leased equipment.]
	 
	 	 	 	 	 	 	 	Filed: 1/16/2003	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 1/16/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	2.
	 	Imation Corp.	 	Wells Fargo Equipment Finance, Inc.	 	Delaware Secretary of State	 	File No. 52546241	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 8/16/2005	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 8/16/2010	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	3.
	 	Imation Corp.	 	Toyota Motor Credit Corporation	 	Delaware Secretary of State	 	File No. 20073738811	 	[Specific leased equipment.]
	 
	 	 	 	 	 	 	 	Filed: 10/3/2007	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 10/3/2012	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	4.
	 	Imation Corp.	 	US Bancorp	 	Delaware Secretary of State	 	File No. 20073860763	 	[Specific leased equipment.]
	 
	 	 	 	 	 	 	 	Filed: 10/15/2007	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 10/15/2012	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	5.
	 	Imation Corp.	 	Banc of America Leasing & Capital, LLC	 	Delaware Secretary of State	 	File No. 20074799010	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 12/19/2007	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 12/19/2012	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	6.
	 	Imation Corp.	 	Banc of America Leasing & Capital, LLC	 	Delaware Secretary of State	 	File No. 20080030708	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 1/3/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 1/3/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	7.
	 	Imation Corp.	 	Toyota Motor Credit Corporation	 	Delaware Secretary of State	 	File No. 20080844967	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 3/10/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 3/10/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	8.
	 	Imation Corp.	 	Banc of America Leasing & Capital, LLC	 	Delaware Secretary of State	 	File No. 20081533650	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 5/2/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 5/2/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	9.
	 	Imation Corp.	 	Toyota Motor Credit Corporation	 	Delaware Secretary of State	 	File No. 20081559564	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 5/6/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 5/6/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	10.
	 	Imation Corp.	 	Toyota Motor Credit Corporation	 	Delaware Secretary of State	 	File No. 20081650447	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 5/13/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 5/13/2013	 	 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Debtor	 	Secured Party	 	Jurisdiction	 	Filing Information	 	Collateral
	11.
	 	Imation Corp.	 	Toyota Motor Credit Corporation	 	Delaware Secretary of State	 	File No. 20082302840	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 7/7/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 7/7/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	12.
	 	Imation Corp.	 	Toyota Motor Credit Corporation	 	Delaware Secretary of State	 	File No. 20082543674	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 7/24/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 7/24/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	13.
	 	Imation Corp.	 	Banc of America Leasing & Capital, LLC	 	Delaware Secretary of State	 	File No. 20084190466	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 12/17/2008	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 12/17/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	14.
	 	Imation Corp.	 	Banc of America Leasing & Capital, LLC	 	Delaware Secretary of State	 	File No. 20090384922	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 2/4/2009	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 2/4/2014	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	15.
	 	Imation Corp.	 	Taishin International Bank and	 	Delaware Secretary of State	 	File No. 20092581996	 	[Inventory]
	 
	 	 	 	TEON USA Corporation	 	 	 	Filed: 8/11/2009	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 8/11/2014	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	16.
	 	Memorex Products, Inc.	 	NMHG Financial Services Inc.	 	California Secretary of State	 	File No. 0230160702	 	[Leased equipment]
	 
	 	 	 	 	 	 	 	Filed: 10/28/2002	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 10/28/2012	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	17.
	 	Memorex Products, Inc.	 	NMHG Financial Services, Inc.	 	California Secretary of State	 	File No. 0327960876	 	[Leased equipment]
	 
	 	 	 	 	 	 	 	Filed: 10/3/2003	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 10/3/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	18.
	 	Memorex Products, Inc.	 	Toyota Motor Credit Corporation	 	California Secretary of State	 	File No. 057036692462	 	[Specific equipment]
	 
	 	 	 	 	 	 	 	Filed: 8/2/2005	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 8/2/2010	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	19.
	 	Memorex Products Inc.	 	Wells Fargo Financial Leasing, Inc.	 	California Secretary of State	 	File No. 067092402343	 	[Specific leased equipment]
	 
	 	 	 	 	 	 	 	Filed: 11/17/2006	 	 
	 
	 	 	 	 	 	 	 	Lapse Date: 11/17/2011	 	 

 

SCHEDULE 7.02

INVESTMENTS

Other Equity Interests of Borrowers

	 	 	 	 	 	 	 
	Loan Party	 	Equity Investment	 	Percentage Interest
	Imation Corp.
	 	O-Mass (Subsidiary of Tandberg Storage ASA),
Norway

	 	< 10.0%

	Imation Corp.
	 	Inphase Technologies, Inc., Delaware

	 	< 10.0%

	Imation Corp.
	 	Exabyte Corporation, Delaware

	 	 	11.1	%
	Imation Corp.
	 	21VC Fund II, LP, Delaware

	 	 	5	%
	Imation Corp.
	 	Hummer Winblad Venture Partners II, LP, Delaware

	 	 	5	%

In 2010, Imation Corp. entered into an amendment of its license agreement with ProStor
Systems, Inc. (“ProStor”) to extend the agreement and provide for semi-exclusivity and a share of
ProStor’s royalty stream in exchange for a $5 million payment to ProStor.

 

 

     

Other Investments

A. Intercompany Investments

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Contributing Loan Party4	 	Recipient Subsidiary	 	Currency	 	Contribution	 	 	Exchange Rate	 	US$ Equiv	 
	Imation Corp.	 	Imation (Thailand) Ltd.
	 	USD	 	$	39,000	 	 	1.00	 	$	39,000	 
	Imation Corp.	 	Imation Holdings Pte. Ltd.
	 	USD	 	$	22,472,000	 	 	1.00	 	$	22,472,000	 
	Imation Corp.	 	Imation Corporation Japan
	 	USD	 	$	14,103,000	 	 	1.00	 	$	14,103,000	 
	Imation Corp.	 	IMN Data Storage Holdings CV
	 	USD	 	$	274,292,00	 	 	1.00	 	$	274,292,00	 
	Imation Corp.	 	Imation Electronics Mexico
S.A. de C.V.
	 	USD	 	$	245,000	 	 	1.00	 	$	245,000	 
	Imation Corp.	 	Imation Argentina S.A.
	 	USD	 	$	23,331,000	 	 	1.00	 	$	23,331,000	 
	Imation Corp.	 	Imation Colombia S.A.
	 	USD	 	$	1,225,000	 	 	1.00	 	$	1,225,000	 
	Imation Corp.	 	Imation Venezuela SA
	 	USD	 	$	1,350,000	 	 	1.00	 	$	1,350,000	 
	Imation Corp.	 	Imation Latin America
Marketing S.A.
	 	USD	 	$	2,513,000	 	 	1.00	 	$	2,513,000	 
	Imation Corp.	 	Imation de Costa Rica
	 	USD	 	$	1,220,000	 	 	1.00	 	$	1,220,000	 
	Imation Corp.	 	Imation de El Salvador SA de CV
	 	USD	 	$	522,000	 	 	1.00	 	$	522,000	 
	Imation Corp.	 	Imation Europe B.V.
	 	USD	 	$	99,759,000	 	 	1.00	 	$	99,759,000	 
	Imation Corp.	 	Imation Ireland Limited
	 	USD	 	$	3,030,000	 	 	1.00	 	$	3,030,000	 
	Imation Funding Corp.	 	Imation Europe B.V.
	 	USD	 	$	113,938,000	 	 	1.00	 	$	113,938,000	 
	Imation Corp.	 	Imation Canada Inc.
	 	USD	 	$	2,325,000	 	 	1.00	 	$	2,325,000	 
	Imation Corp.	 	Global Data Media FZ-LLC
	 	USD	 	$	2,039,000	 	 	1.00	 	$	2,039,000	 
	Imation Latin America Corp.	 	Imation Mexico S.A. de C.V.
	 	USD	 	$	1,054,000	 	 	1.00	 	$	1,054,000	 
	Imation Latin America Corp.	 	Imation do Brasil Ltda.
	 	USD	 	$	11,090,000	 	 	1.00	 	$	11,090,000	 
	Imation Latin America Corp.	 	Imation Chile S.A.
	 	USD	 	$	2,281,000	 	 	1.00	 	$	2,281,000	 
	Imation Corp.	 	Imation Caribbean Inc.
	 	USD	 	$	832,000	 	 	1.00	 	$	832,000	 
	Imation Corp.	 	Imation Polska Sp z.o.o.
	 	USD	 	$	73,000	 	 	1.00	 	$	73,000	 
	Imation Europe B.V.	 	TME GmbH
	 	EUR	 	€	9,395,434	 	 	1.00	 	USD $9,379,951	 
	Imation Europe B.V.	 	TME GmbH
	 	EUR	 	€	4,378,512	 	 	0.68	 	USD $6,444,675	 
	Imation Europe B.V.	 	Imation Deutschland Gmbh
	 	EUR	 	€	5,564,054	 	 	0.96	 	USD $5,801,601	 
	Imation Europe B.V.	 	Imation France S.A.
	 	EUR	 	€	10,061,635	 	 	0.80	 	USD $12,588,000	 
	Imation Europe B.V.	 	Imation Middle East FZE
	 	EUR	 	€	875,544	 	 	1.07	 	USD $816,882	 
	Imation Europe B.V.	 	Imation Iberia, S.A.
	 	EUR	 	€	2,595,795	 	 	0.97	 	USD $2,680,090	 
	Imation Europe B.V.	 	Imation U.K. Limited
	 	EUR	 	€	3,992,352	 	 	0.96	 	USD $4,148,000	 
	Imation Europe B.V.	 	Imation S.r.l.
	 	EUR	 	€	120,267	 	 	0.71	 	USD $169,456	 

 

			
	4	 	The Contributing Loan Party is the entity that
records and tracks the capital contribution on its books, however it is not
necessarily the parent of the subsidiary being capitalized.

 

 

B. Scheduled Intercompany Investments

The proposed guarantee by Imation Europe B.V. of the pension obligations of Imation U.K. Limited
in an amount up to GBP 12,000,000.

C. Intercompany Loans

	 	 	 	 	 	 	 	 	 
	Loan Party	 	Name / Address of Debtor	 	Principal Balance	 	Nature of Debt	 	Maturity Date
	Imation Corp.
	 	Imation ANZ Pty Ltd.
	 	$2,188,572 USD	 	Intercompany Loan	 	12/31/2010
	 
	 	Unit 2, 1 Coronation Ave
	 	 	 	 	 	 
	 
	 	Kings Park 2148  AUSTRALIA	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Corp.
	 	Imation ANZ Pty Ltd.
	 	$4,008,580 AUS	 	Intercompany Loan	 	12/31/2010
	 
	 	Unit 2, 1 Coronation Ave
	 	 	 	 	 	 
	 
	 	Kings Park 2148  AUSTRALIA	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Corp
	 	Imation (Shanghai) Co. Ltd.
	 	$208,061 USD	 	Intercompany Loan	 	12/31/2010
	 
	 	Room 2313-2314
	 	 	 	 	 	 
	 
	 	Bank of China Tower
	 	 	 	 	 	 
	 
	 	200 Yingcheng Road Central
	 	 	 	 	 	 
	 
	 	Pudong New Area
	 	 	 	 	 	 
	 
	 	Shanghai 200120, PRC	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	Loan Party	 	Name / Address of Debtor	 	Principal Balance	 	Nature of Debt	 	Maturity Date
	Imation Corp
	 	IMN Data Storage Holdings CV
	 	$23,583,481 USD	 	Intercompany Loan	 	12/31/2010
	 
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Corp
	 	IMN Data Storage Holdings CV
	 	$10,862,125 USD	 	Intercompany Loan	 	12/31/2010
	 
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp, NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Corp
	 	IMN Data Storage Holdings CV
	 	$5,170,372 USD	 	Intercompany Loan	 	12/31/2010
	 
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Corp
	 	Tandberg Data ASA
	 	$2,000,000 USD	 	Promissory Note	 	12/31/2010
	 
	 	10225 Westmoore Drive, Suite 125
	 	 	 	 	 	 
	 
	 	Westminster, CO 80021	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Deutschland
	 	Imation Europe B.V.
	 	€4,641,224 EUR	 	Intercompany Loan	 	12/31/2010
	GmbH
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation U.K.
	 	Imation Europe B.V.
	 	€3,432,081 EUR	 	Intercompany Loan	 	12/31/2010
	Limited
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation S.r.l.
	 	Imation Europe BV
	 	€1,091,233 EUR	 	Intercompany Loan	 	12/31/2010
	 
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Ireland
	 	Imation Europe B.V.
	 	€2,582,479 EUR	 	Intercompany Loan	 	12/31/2010
	Limited
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	Loan Party	 	Name / Address of Debtor	 	Principal Balance	 	Nature of Debt	 	Maturity Date
	Imation Ireland
	 	Imation Europe B.V.
	 	$1,650,000 USD	 	Intercompany Loan	 	12/31/2010
	Limited
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TME GmbH
	 	Imation Europe B.V.
	 	€27,313,144 EUR	 	Intercompany Loan	 	12/31/2010
	 
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Europe B.V.
	 	IMN Data Storage Holdings CV
	 	$10,500,500 USD	 	Intercompany loan	 	12/31/2010
	 
	 	Siriusdreef 46-52
	 	 	 	 	 	 
	 
	 	2132 WT Hoofddorp  NETHERLANDS	 	 	 	 	 	 

 

 

SCHEDULE 7.03

EXISTING INDEBTEDNESS

Material Indebtedness as of June 30, 2010

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Aggregate Committed	 	 	 	 
	Name of Obligor	 	Name of Creditor	 	Principal Amount	 	Nature of Debt	 	Maturity Date
	Imation Europe B.V.
	 	Sixt Leasing (Schweiz) AG	 	13,800.00 CHF	 	Lease car guarantee	 	11/9/2010
	 
	 	 	 	 	 	(no cash coll)	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Europe B.V.
	 	Fiege Deutschland Stiftung	 	25,000.00 EUR	 	Customs guarantee	 	12/28/2012
	 
	 	and CoKg	 	 	 	(no cash coll)	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Europe B.V.
	 	Commerz Grundbesitz	 	145,687.54 EUR	 	Rental Guarantee Office Netherlands	 	Open ended
	 
	 	Investment Gesellschaft mbH	 	 	 	(cash coll)	 	 
	 
	 	te Wiesbaden	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Europe B.V.
	 	KN Logistics BV te Rotterdam	 	$1,776,000.00 USD	 	Tax/Customs guarantee Memorex	 	8/15/2011
	 
	 	 	 	 	 	(cash coll)	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Europe B.V.
	 	Lyreco France	 	350,000.00 EUR	 	Tax guarantee	 	1/31/2014
	 
	 	 	 	 	 	(cash coll)	 	 
	 
	 	 	 	 	 	 	 	 
	Imation Corp.
	 	Philips	 	$24,800,000 USD	 	Settlement	 	7/2012

Other Material Indebtedness

None.

 

SCHEDULE 7.03(A)

OTHER INDEBTEDNESS

None.

 

 

SCHEDULE 10.02

ADMINISTRATIVE AGENT’S OFFICE, CERTAIN ADDRESSES FOR NOTICES

IMATION CORP.

IMATION ENTERPRISES CORP.:

1 Imation Way

Oakdale, MN 55128

Attention: Timothy J. Gallaher

Telephone: (651) 704-4311

Facsimile: (651) 704-4415

Electronic Mail: tjgallaher@imation.com

Website Address: www.imation.com

ADMINISTRATIVE AGENT:

Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

135 South LaSalle Street, Fourth Floor

Chicago, Illinois 60603

Attention: Division President

Telephone: (312) 904-6394

Facsimile: (312) 992-1501

with a copy to:

Bank of America, N.A.

20975 Swenson Drive, Suite 200

Mail Code WI3-500-02-01

Waukesha, Wisconsin 53186

Attention: Robert Lund

Telephone: (262) 207-3285

Facsimile: (312) 453-3438

L/C ISSUER:

 

 

Bank of America, N.A.

135 South LaSalle Street, Fourth Floor

Chicago, Illinois 60603

Attention: Division President

Telephone: (312) 904-6394

Facsimile: (312) 992-1501

with a copy to:

Bank of America, N.A.

20975 Swenson Drive, Suite 200

Mail Code WI3-500-02-01

Waukesha, Wisconsin 53186

Attention: Robert Lund

Telephone: (262) 207-3285

Facsimile: (312) 453-3438

LENDERS:

BANK OF AMERICA, N.A., as a Lender

For Requests for Credit Extensions:

Bank of America, N.A.

135 South LaSalle Street, Fourth Floor

Chicago, Illinois 60603

Attention: Division President

Telephone: (312) 904-6394

Facsimile: (312) 992-1501

with a copy to:

Bank of America, N.A.

20975 Swenson Drive, Suite 200

Mail Code WI3-500-02-01

Waukesha, Wisconsin 53186

Attention: Robert Lund

Telephone: (262) 207-3285

Facsimile: (312) 453-3438

 

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

For Requests for Credit Extensions:

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

601 Carlson Parkway, Suite 370

Minnetonka, MN 55305

Attention: Scott Ackerman

Telephone: (952) 473-7894

Facsimile: (952) 473-5152

Electronic Mail: sackerman@us.mufg.jp

Notices (other than Requests for Credit Extensions):

BTM Operations Office for the Americas

C/O The Bank of Tokyo-Mitsubishi UFJ, Ltd., NY Branch

1251 Avenue of the Americas, 12th Floor

New York, NY 10020-1104

Attention: Rolando Uy

Telephone: (201) 413-8570

Facsimile: (201) 521-2304

Electronic Mail: N/A

 

 

JPMORGAN CHASE BANK, N.A.

For Requests for Credit Extensions:

JPMorgan Chase Bank

10 South Dearborn

Chicago, IL 60603-3403

Attention: Daisy Eades

Telephone: (312) 732-7569

Facsimile: (312) 377-1108

Electronic Mail: daisy.m.eades@chase.com

Notices (other than Requests for Credit Extensions):

JPMorgan Chase Bank

10 South Dearborn

Chicago, IL 60603-3403

Attention: Fe Naviamos

Telephone: (312) 732-7519

Facsimile: (312) 377-1108

Electronic Mail: fe.c.naviamos@chase.com

U.S. BANK NATIONAL ASSOCIATION

For Requests for Credit Extensions:

U.S. Bank National Association

800 Nicollet Mall

Minneapolis, MN 55402

Attention: John Frazier

Telephone: (612) 303-3720

Facsimile: (612) 303-2265

Electronic Mail: gaylen.frazier@usbank.com

Notices (other than Requests for Credit Extensions):

U.S. Bank National Association

800 Nicollet Mall

Minneapolis, MN 55402

Attention: Barbara Campbell

Telephone: (920) 237-7951

Facsimile: (920) 237-7993

Electronic Mail: complex_credits_oshkosh@usbank.com

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

For Requests for Credit Extensions:

Wells Fargo Bank, National Association

90 S. 7th Street

Mail Code: N9305-077

Minneapolis, MN 55402

Attention: Brian Buck

Telephone: (612) 667-3857

Facsimile: (612) 667-2276

Electronic Mail: brian.r.buck@wellsfargo.com

Notices (other than Requests for Credit Extensions):

Wells Fargo Bank, National Association

90 S. 7th Street

Mail Code: N9305-077

Minneapolis, MN 55402

Attention: Greg Strauss

Telephone: (612) 667-7775

Facsimile: (612) 667-2276

Electronic Mail: gregory.j.strauss@wellsfargo.com

 

 

FIFTH THIRD BANK

For Requests for Credit Extensions:

Fifth Third Bank

38 Fountain Square Plaza

Mail Drop 109046

Cincinnati, OH 45202

Attention: Gary Losey

Telephone: (513) 534-7757

Facsimile: (513) 534-5947

Electronic Mail: gary.losey@53.com

Notices (other than Requests for Credit Extensions):

Fifth Third Bank

38 Fountain Square Plaza

Mail Drop 109046

Cincinnati, OH 45202

Attention: Pam Willinger

Telephone: (513) 534-6724

Facsimile: (513) 534-5947

Electronic Mail: pam.willinger@53.com

Fifth Third Bank

38 Fountain Square Plaza

Mail Drop 109046

Cincinnati, OH 45202

Attention: Christin Bell

Telephone: (513) 358-2633

Facsimile: (513) 534-5947

Electronic Mail: christin.bell@53.com

 

 

SCHEDULE 10.06

PROCESSING AND RECORDATION FEES

     The Administrative Agent will charge a processing and recordation fee (an “Assignment
Fee”) in the amount of $3,500 for each assignment; provided, however, that
in the event of two or more concurrent assignments to members of the same Assignee Group (which may
be effected by a suballocation of an assigned amount among members of such Assignee Group) or two
or more concurrent assignments by members of the same Assignee Group to a single Eligible Assignee
(or to an Eligible Assignee and members of its Assignee Group), the Assignment Fee will be $3,500
plus the amount set forth below:

	 	 	 	 	 
	Transaction:	 	Assignment Fee:	 
	First four concurrent assignments or suballocations to members of an Assignee Group (or from members of
an Assignee Group, as applicable)
	 	 	-0-	 
	 
	 	 	 	 
	Each additional concurrent assignment or suballocation to a member of such Assignee Group (or from a member of such
Assignee Group, as applicable)
	 	$	500	 

 

 

EXHIBIT A

FORM OF LOAN NOTICE

Date:                                         ,                     

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

     Reference is made to that certain Amended and Restated Credit Agreement, dated as of August 3,
2010 (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Agreement;” the terms defined therein being used herein as therein defined),
among Imation Corp., a Delaware corporation, Imation Enterprises Corp., a Delaware corporation,
Imation Europe B.V., a company organized under the laws of the Netherlands (each, a
“Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent and L/C Issuer.

     The undersigned hereby request (select one):

     o A Borrowing of Loans            o A conversion or continuation of Loans

	 	1.	 	By                                         [specify Borrower].
	 
	 	2.	 	On                                         (a Business Day).
	 
	 	3.	 	In the amount of $                                        .
	 
	 	4.	 	With respect to the European Borrower only:                                         .
[Dollar Denominated Loan made as a Eurocurrency Rate Loan or a European Swingline
Loan or Euro Denominated Loan made as a Eurocurrency Rate Loan or a European
Swingline Loan]
	 
	 	5.	 	With respect to the US Borrowers only, Loans comprised of _______________________.
[Eurocurrency Rate Loan, US Base Rate Loan or US Swingline Loan]
	 
	 	6.	 	For Eurocurrency Rate Loans: with an Interest Period of         months.

     [The Borrowing requested herein complies with the requirements of Section 2.01(a) of
the Agreement.]

IMATION CORP., as Borrower Agent

	 	 	 	 	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

A - 1

 

EXHIBIT B-1

FORM OF NOTE

                                                            

     FOR VALUE RECEIVED, the undersigned (each, a “Borrower”), hereby promise to pay to
                                                             or registered assigns (the “Lender”), in accordance with the
provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time
to time made by the Lender to the Borrower under that certain Amended and Restated Credit
Agreement, dated as of August 3, 2010 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being
used herein as therein defined), among the undersigned, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.

     The Borrower promises to pay interest on the unpaid principal amount of each Loan from the
date of such Loan until such principal amount is paid in full, at such interest rates and at such
times as provided in the Agreement. All payments of principal and interest shall be made to the
Administrative Agent for the account of the Lender in US Dollars in immediately available funds at
the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such
unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date
of actual payment (and before as well as after judgment) computed at the per annum rate set forth
in the Agreement.

     This Note is one of the Notes referred to in the Agreement, is entitled to the benefits
thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. This Note is also entitled to the benefits of the Guaranty. Upon the occurrence and
continuation of one or more of the Events of Default specified in the Agreement, all amounts then
remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable
all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan
accounts or records maintained by the Lender in the ordinary course of business. The Lender may
also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans
and payments with respect thereto.

     The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

[Signature Page Follows]

B-1 - 1

 

	 	 	 	 	 
	 	IMATION CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	IMATION ENTERPRISES CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-1 - 2

 

LOANS AND PAYMENTS WITH RESPECT THERETO

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount of Principal	 	Outstanding	 	 
	 	 	 	 	 	 	 	 	End of Interest	 	or Interest Paid	 	Principal Balance	 	 
	Borrower	 	Date	 	Type of Loan Made	 	Amount of Loan Made	 	Period	 	This Date	 	This Date	 	Notation Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

B-1 - 3

 

EXHIBIT
B-2

FORM OF NOTE

                                                            

     FOR VALUE RECEIVED, the undersigned
 (the “Borrower”), hereby promises to pay to                                                     
         or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of August 3, 2010 (as amended, restated, extended, supplemented
 or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used
 herein as therein defined), among the undersigned, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.

     The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the applicable currency of
 each Loan in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

     This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranty. Upon the occurrence and
 continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this
 Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans made by the Lender
 shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may
 also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

     
The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest,
 demand, dishonor and non-payment of this Note.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[Signature Page Follows]

B-2 - 1

 

	 	 	 	 	 
	 	IMATION EUROPE B.V.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-2 - 2

 

LOANS AND PAYMENTS WITH RESPECT THERETO

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrower	 	Date	 	Type of 
Loan 
Made	 	Amount of 
Loan Made	 	Currency	 	End of 
Interest 
Period	 	Amount of 
Principal 
or Interest 
Paid This 
Date	 	Outstanding 
Principal 
Balance 
This Date	 	Notation 
Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

B-2 - 3

 

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:                                         ,

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

     Reference is made to that certain Amended and Restated Credit Agreement, dated as of August 3,
2010 (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Agreement;” the terms defined therein being used herein as therein defined),
among Imation Corp. (“Imation”), a Delaware corporation, Imation Enterprises Corp., a
Delaware corporation, Imation Europe B.V., a company organized under the laws of the Netherlands
(collectively, the “Borrowers”), the Lenders from time to time party thereto, and Bank of
America, N.A., as Administrative Agent and L/C Issuer.

     The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                                        of Imation, and that, as such, he/she is authorized to execute
and deliver this Certificate to the Administrative Agent on the behalf of the Borrowers, and that:

     [Use following paragraph 1 for fiscal year-end financial statements]

     1. Attached hereto as Schedule 1 are the year-end audited financial statements
required by Section 6.01(a) of the Agreement for Imation and its Subsidiaries for the
fiscal year of Imation ended as of the above date, together with the report and opinion of an
independent certified public accountant required by such section.

     [Use following paragraph 1 for fiscal quarter-end financial statements]

     1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 6.01(b) of the Agreement for Imation and its Subsidiaries for the fiscal quarter of
Imation ended as of the above date. Such financial statements fairly present the financial
condition, results of operations and cash flows of the Borrowers and its Subsidiaries in accordance
with GAAP as at such date and for such period, subject only to normal year-end audit adjustments
and the absence of footnotes.

     [Use following paragraph 1 for fiscal month-end financial statements]

     1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 6.01(c) of the Agreement for the Borrowers and the Subsidiaries for the calendar
month ended as of the above date. Such financial statements fairly present the financial
condition, results of operations and cash flows of the Borrowers and the Subsidiaries in accordance
with GAAP as at such date and for such period, subject only to normal year-end audit adjustments
and the absence of footnotes.

C - 1

 

     2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made,
or has caused to be made under his/her supervision, a detailed review of the transactions and
condition (financial or otherwise) of the Borrowers during the accounting period covered by the
attached financial statements.

     3. A review of the activities of the Borrowers during such fiscal period has been made under
the supervision of the undersigned with a view to determining whether during such fiscal period the
Borrowers performed and observed all its Obligations under the Loan Documents, and

[select one:]

     [to the best knowledge of the undersigned during such fiscal period, the Borrowers performed
and observed each covenant and condition of the Loan Documents applicable to them.]

—or—

     [the following covenants or conditions have not been performed or observed and the following
is a list of each such Default and its nature and status:]

     4. The representations and warranties of the Borrowers contained in Article V of the
Agreement, or which are contained in any document furnished at any time under or in connection with
the Loan Documents, are true and correct on and as of the date hereof, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they are
true and correct as of such earlier date, and except that for purposes of this Compliance
Certificate, the representations and warranties contained in subsections (a) and (b) of
Section 5.05 of the Agreement shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Agreement,
including the statements in connection with which this Compliance Certificate is delivered.

     [Use following paragraph 5 for Compliance Certificates delivered during a Financial Covenant
Trigger Period as determined in accordance with Section 1 of Schedule 2]

     5. The financial covenant analysis and information set forth on Schedule 2 attached hereto are
true and accurate on and as of the date of this Certificate and reflect a Consolidated Fixed Charge
Coverage Ratio for the fiscal month ending                      of                      to 1.00 which [is]/[is not] in
compliance with Section 7.11 of the Credit Agreement.

     [Use following paragraph 5 for Compliance Certificates delivered during any time other than a
Financial Covenant Trigger Period as determined in accordance with Section 1 of Schedule 2]

     5. The calculation of Consolidated Fixed Charge Coverage Ratio set forth on Schedule 2
attached hereto is true and accurate on and as of the date of this Certificate and reflects a
Consolidated Fixed Charge Coverage Ratio for the fiscal month ending                      of                      to 1.00.

     [Use following paragraph 6 for Compliance Certificates delivered at the end of each fiscal
year and fiscal quarter]

C - 2

 

     [6. The average daily amount of US Availability applicable to the immediately preceding fiscal
quarter was $[                    ]. The average daily amount of European Availability applicable to the
immediately preceding fiscal quarter was $[                    ]. The average daily amount of Total
Availability applicable to the immediately preceding fiscal quarter was $[                    ]. The average
daily amount of Liquidity applicable to the immediately preceding fiscal quarter was $[                    ].
Attached hereto as Schedule 3 are calculations that support such statement of average daily
US Availability, European Availability, Total Availability and Liquidity.]

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as
of                     ,                     .

C - 3

 

SCHEDULE 1

to the Compliance Certificate

[Financial Statements Attached]

C - 4

 

For the Quarter/Year ended                     (“Statement Date”)

SCHEDULE 2

to the Compliance Certificate

($ in 000’s)

	 	 	 	 	 	 	 	 	 	 	 
	I.	 	Liquidity
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	A.	 	US Availability	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	1.	 	US Borrowing Base:
	 	$                    
	 

	 	 	 	2.	 	Total US Sublimit:
	 	$                    
	 

	 	 	 	3.	 	US Outstandings:
	 	$                    
	 

	 	 	 	4.	 	US Availability (the amount by
which (a) the lesser of Line I.A.1 and Line
I.A.2 exceeds (b) Line I.A.3):
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	B.	 	Unrestricted cash and Cash Equivalents:	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	C.	 	Liquidity (Line I.A.4 + I.B)1:	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	D.	 	150% of the Current Real Estate Amount	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	E.	 	The greater of Line I.D. and $50,000,000	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	F.	 	Has either an Event of Default occurred or
is Line I.C. less than Line I.E.?	 	[Yes]/[No]
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	If Yes, a Financial Covenant Trigger Period is in effect.

 

			
	1	 	If less than $40,000,000 of the amount of
Liquidity from Line I.C. is derived from US Availability and unrestricted cash
and Cash Equivalents held in the United States in one or more accounts at Bank
of America or another U.S. financial institution, subject to one or more
Deposit Account Control Agreements or Investment Property Control Agreements
with the Administrative Agent, then insert $0 in the corresponding blank.

C - 5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	II.	 	Section 7.11(a) – Consolidated Fixed Charge Coverage Ratio.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	A.	 	 	Consolidated EBITDA for four consecutive
fiscal quarters ending on above date (“Subject
Period”):	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	1.		 	 	Consolidated Net Income for Subject Period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	2.		 	 	Consolidated Interest Charges for Subject Period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.		 	 	Provision for income taxes for Subject Period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.		 	 	Depreciation expenses for Subject Period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	5.		 	 	Amortization expenses for intangibles for Subject Period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	6.		 	 	Non-cash charges from asset
sales (other than sales of inventory in the
Ordinary Course of Business), asset impairments
(including intangible asset impairments),
severance, employment compensation
arrangements, restructuring expenses and
litigation accruals for Subject Period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 		 	 	7.		 	 	To the extent increasing
Consolidated Net Income, non-cash gains from
asset sales (other than sales of inventory in
the Ordinary Course of Business) for Subject
Period, and cash payments made in such period
on account of non-cash charges expensed in a
prior period:
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 		 	 	8.		 	 	Consolidated EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6- 7):
	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	B.	 	 	Unfinanced Capital Expenditures:	 	$                    
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	C.	 	 	Consolidated Interest Charges:	 	$                    

C - 6

 

	 	 	 	 	 

	D.

	 	Cash receipts from income tax refunds during
Subject Period:
	 	$                    
	 
	 	 	 	 
	E.

	 	Income taxes actually paid during
Subject Period:
	 	$                    
	 
	 	 	 	 
	F.

	 	Restricted Payments made in cash pursuant to Section 7.06(d):
	 	$                    
	 
	 	 	 	 
	G.

	 	Scheduled principal payments for Indebtedness for such Subject Period:
	 	$                    
	 
	 	 	 	 
	H.

	 	Scheduled amortization of the Original Real
Estate Base Amount for such
Subject Period:
	 	$                    
	 
	 	 	 	 
	I.

	 	Minimum Consolidated Fixed Charge Ratio
((Line II.A. – II.B. +II.D. – II.E. – II.F.)  ̧ (II.C. + II.G. + II.H.)):
	 	$                    

	 		
	[Minimum permitted: 1.20:1.00
	 	                     to 1.00]2

 

			
	2	 	Applicable during a Financial Covenant
Trigger Period.

C - 7

 

For the Quarter/Year ended                                         (“Statement Date”)

SCHEDULE 3

to the Compliance Certificate

($ in 000’s)

	 	 	 	 	 	 	 

	I.	 	Liquidity (See Schedule 2)	 	$                    
	 
	 	 	 	 	 	 
	II.	 	US Availability (See Schedule 2)	 	$                    
	 
	 	 	 	 	 	 
	III.	 	European Availability	 	 
	 
	 	 	 	 	 	 
	 

	 	A.
	 	European Borrowing Base:
	 	$                    
	 

	 	B.
	 	Total European Sublimit:
	 	$                    
	 

	 	C.
	 	European Outstandings:
	 	$                    
	 

	 	D.
	 	European Availability (the amount by which	 	 
	 

	 	 	 	(a) the lesser of Line III.A. and Line III.B. exceeds	 	 
	 

	 	 	 	(b) Line III.C.):
	 	$                    
	 
	 	 	 	 	 	 
	IV.	 	Total Availability	 	 
	 

	 	A.
	 	US Availability (Line II.):
	 	$                    
	 

	 	B.
	 	European Availability (Line III.):
	 	$                    
	 

	 	C.
	 	Total Availability (Line II. + Line III.):
	 	$                    

C - 8

 

EXHIBIT D

ASSIGNMENT AND ASSUMPTION

     This Assignment and Assumption (this “Assignment and Assumption”) is dated as of
the Effective Date set forth below and is entered into by and between [the][each] Assignor
identified in item 1 below ([the][each, an] “Assignor”) and [the][each] Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that
the rights and obligations of [the Assignors][the Assignees] hereunder are several and not joint.]
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

     For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the
Assignee][the respective Assignees], aAnd [the][each] Assignee hereby irrevocably purchases and
assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’]
rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the
extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] under the respective facilities
identified below (including, without limitation, the Letters of Credit included in such facilities
) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of [the Assignor (in its capacity as a Lender)][the respective
Assignors (in their respective capacities as Lenders)] against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way
based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i)
and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).
Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by [the][any]
Assignor.

	1.	 	Assignor [s]:                                                                     
         
                             
	 
	2.	 	Assignee [s]:                                                                       
       
                              [for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
	 
	3.	 	Borrowers: Imation Corp., Imation Enterprises Corp. and Imation Europe B.V.

D - 1 

 

	4.	 	Administrative Agent: Bank of America, N.A., as the administrative agent under the
Credit Agreement
	 
	5.	 	Credit Agreement: Amended and Restated Credit Agreement, dated as of August 3, 2010
(as amended, modified or supplemented from time to time), among Imation Corp., Imation
Enterprises Corp. and Imation Europe B.V., as Borrowers, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.
	 
	6.	 	Assigned Interest[s]:

	 	 	 	 	 	 	 	 	 
	 	 	Aggregate	 	 	 	 	 	 
	 	 	Amount of	 	Amount of	 	Percentage	 	 
	 	 	Commitment/Loan	 	Commitment/Loans	 	Assigned of	 	 
	Facility Assigned	 	for all Lenders*	 	Assigned*	 	Commitment/Loans	 	CUSIP
	                    
	 	$                    
	 	$                    
	 	                     %
	 	 
	                    
	 	$                    
	 	$                    
	 	                     %	 	 
	                    
	 	$                    
	 	$                    
	 	                     %	 	 

[7. Trade Date:                           ]

Effective Date:                     , 20___[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE
THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

     The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 
	 	ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

			
	*	 	Amount to be adjusted by the counterparties to
take in account any payments or prepayments made between the Trade Date and the
Effective Date.

D - 2 

 

	 	 	 	 	 
	Consented to and Accepted:

BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	By:  	 	 
	 	Title: 	 
	 	 	 	 
	Consented to:

IMATION CORP.

 	 
	By:  	 	 
	 	Title: 	 
	 	 	 	 

D - 3 

 

	 	 	 	 	 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

[                    ]

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

     1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Loan Document or (iv) the performance or observance by
the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

     1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06(b)(iii),
(v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under
Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of
[the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it
is sophisticated with respect to decisions to acquire assets of the type represented by [the][such]
Assigned Interest and either it, or the Person exercising discretion in making its decision to
acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has
received a copy of the Credit Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof,
as applicable, and such other documents and information as it deems appropriate to make its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest, (vi) it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender,
attached hereto is any documentation required to be delivered by it pursuant to the terms of the
Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it
will, independently and without reliance upon the Administrative Agent,

D - 4 

 

[the][any] Assignor or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal,
interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to
but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued
from and after the Effective Date.

     3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

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EXHIBIT E

FORM OF AMENDED AND RESTATED GUARANTY

     THIS AMENDED AND RESTATED GUARANTY (this “Guaranty”), dated as of August 3, 2010, is
made by Imation Corp., a Delaware corporation (“Imation”) and Imation Enterprises Corp., a
Delaware corporation (“Enterprises”) (each of Imation and Enterprises is referred to
individually herein as a “US Borrower” and collectively as the “US Borrowers”),
each Domestic Subsidiary of the US Borrowers named in the signature pages hereof (each a “US
Subsidiary Guarantor” and collectively, the “US Subsidiary Guarantors”; and together
with the US Borrowers, each a “Guarantor” and, collectively, the “Guarantors”), in
favor of the Lenders party to the Credit Agreement referred to below and Bank of America, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”) and L/C Issuer.

     The US Borrowers, Imation Europe B.V., a company organized under the laws of the Netherlands
with a corporate seat in Amsterdam, the Netherlands (the “European Borrower” and together
with the US Borrowers, each individually a “Borrower” and collectively, the
“Borrowers”), the Lenders from time to time party thereto (each a “Lender” and,
collectively, the “Lenders”), the L/C Issuer, and the Administrative Agent are parties to
an Amended and Restated Credit Agreement dated as of August 3, 2010 (as amended, modified, renewed
or extended from time to time, the “Credit Agreement”).

     It is a condition precedent to the Borrowings and issuances of Letters of Credit under the
Credit Agreement that (a) each US Subsidiary Guarantor guarantee the indebtedness and other
obligations of the US Borrowers to the Guaranteed Parties under or in connection with the Credit
Agreement as set forth herein and (b) each Guarantor guarantee the indebtedness and other
obligations of the European Borrower to the Guaranteed Parties under or in connection with the
Credit Agreement as set forth herein. Each Guarantor will derive substantial direct and indirect
benefits from the making of the Loans to, and issuances of Letters of Credit for the account of,
the Borrowers pursuant to the Credit Agreement (which benefits are hereby acknowledged by each
Guarantor).

     Accordingly, to induce the Administrative Agent, the L/C Issuer and the Lenders to enter into
the Credit Agreement, and in consideration thereof, each Guarantor hereby agrees as follows:

     SECTION 1 Definitions; Interpretation.

     (a) Terms Defined in Credit Agreement. All capitalized terms used in this Guaranty
(including in the recitals hereof) and not otherwise defined herein shall have the meanings
assigned to them in the Credit Agreement.

     (b) Certain Defined Terms. As used in this Guaranty (including in the recitals
hereof), the following terms shall have the following meanings:

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     “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et
seq.).

     “European Subordinated Debt” has the meaning set forth in Section 7.

     “Guaranteed Obligations” has the meaning set forth in Section 2.

     “Guaranteed Parties” means the Administrative Agent, the Lenders and the L/C Issuer.

     “Guarantor Documents” means this Guaranty and all other certificates, documents,
agreements and instruments delivered to any Guaranteed Party under or in connection with this
Guaranty and the Loan Documents.

     “Insolvency Proceeding” means, with respect to any Person, (a) any case, action or
proceeding with respect to such Person before any court or other Governmental Authority relating to
bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or
relief of debtors, or (b) any general assignment for the benefit of creditors, composition,
marshalling of assets for creditors, or other, similar arrangement in respect of its creditors
generally or any substantial portion of its creditors; in either case undertaken under Debtor
Relief Laws.

     “US Subordinated Debt” has the meaning set forth in Section 7.

     (b) Interpretation. The rules of interpretation set forth in Sections 1.02 to
1.05 and 1.09 of the Credit Agreement shall be applicable to this Guaranty and are
incorporated herein by this reference.

     SECTION 2 Guaranty.

     (a) Guaranty. (i) Each US Subsidiary Guarantor hereby unconditionally and irrevocably
guarantees to the Guaranteed Parties, and their respective successors, endorsees, transferees and
assigns, the full and prompt payment when due (whether at stated maturity, by required prepayment,
declaration, acceleration, demand or otherwise) and performance of the indebtedness, liabilities
and other obligations of the US Borrowers to the Guaranteed Parties under or in connection with the
Credit Agreement, the Notes and the other Loan Documents, including all unpaid principal of the
Loans, all amounts owing in respect of the L/C Obligations, all interest accrued thereon, all fees
due under the Credit Agreement and all other amounts payable by the US Borrowers to the Guaranteed
Parties thereunder or in connection therewith (collectively, the “US Guaranteed
Obligations”) and (ii) each Guarantor hereby unconditionally and irrevocably guarantees to the
Guaranteed Parties, and their respective successors, endorsees, transferees and assigns, the full
and prompt payment when due (whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise) and performance of the indebtedness, liabilities and other
obligations of the European Borrower to the Guaranteed Parties under or in connection with the
Credit Agreement, the Notes and the other Loan Documents, including all unpaid principal of the
Loans, all amounts owing in respect of the L/C Obligations, all interest accrued thereon, all fees
due under the Credit Agreement and all other amounts payable by the European Borrower to the
Guaranteed Parties thereunder or in connection therewith (collectively, the “European
Guaranteed Obligations”). The terms

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“indebtedness,” “liabilities” and “obligations” are used herein in their most comprehensive
sense and include any and all advances, debts, obligations and liabilities, now existing or
hereafter arising, whether voluntary or involuntary and whether due or not due, absolute or
contingent, liquidated or unliquidated, determined or undetermined, and whether recovery upon such
indebtedness, liabilities and obligations may be or hereafter become unenforceable or shall be an
allowed or disallowed claim under any Debtor Relief Law, and including interest that accrues after
the commencement by or against the Borrowers or any Affiliate thereof of any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding. The foregoing
indebtedness, liabilities and other obligations of the Borrowers, and all other indebtedness,
liabilities and obligations to be paid or performed by the Guarantors in connection with this
Guaranty (including any and all amounts due under Section 15), shall hereinafter be
collectively referred to as the “Guaranteed Obligations.”

     (b) Limitation of Guaranty. To the extent that any court of competent jurisdiction
shall impose by final judgment under applicable law (including the New York Uniform Fraudulent
Conveyance Act and §§544 and 548 of the Bankruptcy Code) any limitations on the amount of any
Guarantor’s liability with respect to the Guaranteed Obligations which any Guaranteed Party can
enforce under this Guaranty, the Guaranteed Parties by their acceptance hereof accept such
limitation on the amount of such Guarantor’s liability hereunder to the extent needed to make this
Guaranty and the Guarantor Documents fully enforceable and nonavoidable.

     SECTION 3 Liability of Guarantors. The liability of the Guarantors under this
Guaranty shall be irrevocable, absolute, independent and unconditional, and shall not be affected
by any circumstance which might constitute a discharge of a surety or guarantor other than the
indefeasible payment and performance in full of all Guaranteed Obligations. In furtherance of the
foregoing and without limiting the generality thereof, each Guarantor agrees as follows:

     (a) such Guarantor’s liability hereunder shall be the immediate, direct, and primary
obligation of such Guarantor and shall not be contingent upon any Guaranteed Party’s exercise or
enforcement of any remedy it may have against any Borrower or any other Person, or against any
Collateral;

     (b) this Guaranty is a guaranty of payment when due and not merely of collectibility;

     (c) the Guaranteed Parties may enforce this Guaranty upon the occurrence and during the
continuance of an Event of Default notwithstanding the existence of any dispute between any of the
Guaranteed Parties and any Borrower with respect to the existence of such Event of Default;

     (d) such Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations shall in
no way limit, affect, modify or abridge such Guarantor’s liability for any portion of the
Guaranteed Obligations remaining unsatisfied; and

     (e) such Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full
force and effect without regard to, and shall not be impaired or affected by, nor shall such
Guarantor be exonerated or discharged by, any of the following events:

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     (i) any Insolvency Proceeding with respect to any Borrower, such Guarantor, any other
Loan Party or any other Person;

     (ii) any limitation, discharge (other than discharges in the Insolvency Proceeding of
such Guarantor), or cessation of the liability of any Borrower, such Guarantor, any other
Loan Party or any other Person for any Guaranteed Obligations due to any statute, regulation
or rule of law (other than cessation of liability to any Guarantor by virtue of statutes of
limitation applicable to actions against such Guarantor), or any invalidity or
unenforceability in whole or in part of any of the Guaranteed Obligations or the Loan
Documents;

     (iii) any merger, acquisition, consolidation or change in structure of any Borrower,
such Guarantor or any other Loan Party or Person, or any sale, lease, transfer or other
disposition of any or all of the assets or shares of any Borrower, such Guarantor, any other
Loan Party or other Person;

     (iv) any assignment or other transfer, in whole or in part, of any Guaranteed Party’s
interests in and rights under this Guaranty or the other Loan Documents, including any
Guaranteed Party’s right to receive payment of the Guaranteed Obligations, or any assignment
or other transfer, in whole or in part, of any Guaranteed Party’s interests in and to any of
the Collateral;

     (v) any claim, defense, counterclaim or set-off, other than that of prior performance,
that any Borrower, such Guarantor, any other Loan Party or other Person may have or assert,
including any defense of incapacity or lack of corporate or other authority to execute any
of the Loan Documents;

     (vi) any Guaranteed Party’s amendment, modification, renewal, extension, cancellation
or surrender of any Loan Document, any Guaranteed Obligations, or any Collateral, or any
Guaranteed Party’s exchange, release, or waiver of any Collateral;

     (vii) any Guaranteed Party’s exercise or nonexercise of any power, right or remedy with
respect to any of the Collateral, including any Guaranteed Party’s compromise, release,
settlement or waiver with or of any Borrower, any other Loan Party or any other Person;

     (viii) any Guaranteed Party’s vote, claim, distribution, election, acceptance, action
or inaction in any Insolvency Proceeding related to the Guaranteed Obligations other than
the Insolvency Proceeding of the Guarantor with respect to which any of the foregoing
pertains;

     (ix) any impairment or invalidity of any of the Collateral or any other collateral
securing any of the Guaranteed Obligations or any failure to perfect any of the Liens of the
Guaranteed Parties thereon or therein; and

     (x) any other guaranty, whether by such Guarantor or any other Person, of all or any
part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities of
any Borrower to any Guaranteed Party.

E - 4

 

     SECTION 4 Consents of Guarantors. Each Guarantor hereby unconditionally
consents and agrees that, without notice to or further assent from such Guarantor:

     (a) the principal amount of the Guaranteed Obligations may be increased or decreased and
additional Obligations of the Loan Parties under the Loan Documents may be incurred, by one or more
amendments, modifications, renewals or extensions of any Loan Document or otherwise;

     (b) the time, manner, place or terms of any payment under any Loan Document may be extended or
changed, including by an increase or decrease in the interest rate on any Guaranteed Obligation or
any fee or other amount payable under such Loan Document, by an amendment, modification or renewal
of any Loan Document or otherwise;

     (c) the time for any Borrower’s (or any other Person’s) performance of or compliance with any
term, covenant or agreement on its part to be performed or observed under any Loan Document may be
extended, or such performance or compliance waived, or failure in or departure from such
performance or compliance consented to, all in such manner and upon such terms as the Guaranteed
Parties may deem proper;

     (d) any Guaranteed Party may discharge or release, in whole or in part, any other Loan Party
or any other Person liable for the payment and performance of all or any part of the Guaranteed
Obligations, and may permit or consent to any such action or any result of such action, and shall
not be obligated to demand or enforce payment upon any of the Collateral or any other collateral,
nor shall any Guaranteed Party be liable to the Guarantors for any failure to collect or enforce
payment or performance of the Guaranteed Obligations from any Person or to realize on the
Collateral or other collateral therefor;

     (e) in addition to the Collateral, the Guaranteed Parties may take and hold other security
(legal or equitable) of any kind, at any time, as collateral for the Guaranteed Obligations, and
may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate,
modify, waive, rescind, compromise or extend such security and may permit or consent to any such
action or the result of any such action, and may apply such security and direct the order or manner
of sale thereof;

     (f) the Guaranteed Parties may request and accept other guaranties of the Guaranteed
Obligations and any other indebtedness, obligations or liabilities of any Borrower to any
Guaranteed Party and may, from time to time, in whole or in part, surrender, release, subordinate,
modify, waive, rescind, compromise or extend any such guaranty and may permit or consent to any
such action or the result of any such action; and

     (g) the Guaranteed Parties may exercise, or waive or otherwise refrain from exercising, any
other right, remedy, power or privilege (including the right to accelerate the maturity of any Loan
and any power of sale) granted by any Loan Document or other security document or agreement, or
otherwise available to any Guaranteed Party, with respect to the Guaranteed Obligations or any of
the Collateral, even if the exercise of such right, remedy, power or privilege affects or
eliminates any right of subrogation or any other right of the Guarantors against the Borrowers;

E - 5

 

all as the Guaranteed Parties may deem advisable, and all without impairing, abridging, releasing
or affecting this Guaranty.

     SECTION 5 Guarantor Waivers.

     (a) Certain Waivers. Each Guarantor waives and agrees not to assert:

     (i) any right to require any Guaranteed Party to marshal assets in favor of any
Borrower, such Guarantor, any other Loan Party or any other Person, to proceed against any
Borrower, any other Loan Party or any other Person, to proceed against or exhaust any of the
Collateral, to give notice of the terms, time and place of any public or private sale of
personal property security constituting the Collateral or other collateral for the
Guaranteed Obligations or comply with any other provisions of §9611 of the New York UCC (or
any equivalent provision of any other applicable law) or to pursue any other right, remedy,
power or privilege of any Guaranteed Party whatsoever;

     (ii) any defense arising by reason of any lack of corporate or other authority or any
other defense of any Borrower, such Guarantor or any other Person;

     (iii) any defense based upon any Guaranteed Party’s errors or omissions in the
administration of the Guaranteed Obligations;

     (iv) any rights to set-offs and counterclaims (other than that of prior performance);

     (v) any defense based upon an election of remedies (including, if available, an
election to proceed by nonjudicial foreclosure) which destroys or impairs the subrogation
rights of such Guarantor or the right of such Guarantor to proceed against any Borrower or
any other obligor of the Guaranteed Obligations for reimbursement; and

     (vi) without limiting the generality of the foregoing, to the fullest extent permitted
by law, any defenses or benefits that may be derived from or afforded by applicable law
limiting the liability of or exonerating guarantors or sureties, or which may conflict with
the terms of this Guaranty.

     (b) Additional Waivers. Each Guarantor waives any and all notice of the acceptance of
this Guaranty, and any and all notice of the creation, renewal, modification, extension or accrual
of the Guaranteed Obligations, or the reliance by the Guaranteed Parties upon this Guaranty, or the
exercise of any right, power or privilege hereunder. The Guaranteed Obligations shall conclusively
be deemed to have been created, contracted, incurred and permitted to exist in reliance upon this
Guaranty. Each Guarantor waives promptness, diligence, presentment, protest, demand for payment,
notice of default, dishonor or nonpayment and all other notices to or upon any Borrower, such
Guarantor or any other Person with respect to the Guaranteed Obligations.

     (c) Independent Obligations.

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     (i) The obligations of each US Subsidiary Guarantor hereunder are independent of and
separate from the obligations of the US Borrowers and any other Loan Party and upon the
occurrence and during the continuance of any Event of Default, a separate action or actions
may be brought against such US Subsidiary Guarantor, whether or not any US Borrower or any
such other Loan Party is joined therein or a separate action or actions are brought against
any US Borrower or any such other Loan Party.

     (ii) The obligations of each Guarantor hereunder are independent of and separate from
the obligations of the European Borrower and any other Loan Party and upon the occurrence
and during the continuance of any Event of Default, a separate action or actions may be
brought against such Guarantor, whether or not the European Borrower or any such other Loan
Party is joined therein or a separate action or actions are brought against the European
Borrower or any such other Loan Party.

     (d) Financial Condition of Borrowers. No Guarantor shall have any right to require
any Guaranteed Party to obtain or disclose any information with respect to: (i) the financial
condition or character of the Borrowers or the ability of the Borrowers to pay and perform the
Guaranteed Obligations; (ii) the Guaranteed Obligations; (iii) the Collateral; (iv) the existence
or nonexistence of any other guarantees of all or any part of the Guaranteed Obligations; (v) any
action or inaction on the part of any Guaranteed Party or any other Person; or (vi) any other
matter, fact or occurrence whatsoever.

     SECTION 6 Subrogation. Until the Guaranteed Obligations shall be satisfied in
full and the Commitments shall be terminated, no Guarantor shall have, and no Guarantor shall
directly or indirectly exercise, (a) any rights that it may acquire by way of subrogation under
this Guaranty, by any payment hereunder or otherwise, (b) any rights of contribution,
indemnification, reimbursement or similar suretyship claims arising out of this Guaranty or (c) any
other right which it might otherwise have or acquire (in any way whatsoever) which could entitle it
at any time to share or participate in any right, remedy or security of any Guaranteed Party as
against the Borrowers or other Loan Parties, whether in connection with this Guaranty, any of the
other Loan Documents or otherwise. If any amount shall be paid to any Guarantor on account of the
foregoing rights at any time when all the Guaranteed Obligations shall not have been paid in full,
such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be
paid to the Administrative Agent to be credited and applied to the Guaranteed Obligations, whether
matured or unmatured, in accordance with the terms of the Loan Documents.

     SECTION 7 Subordination.

     (I) US Guaranteed Obligations.

     (a) Subordination to Payment of US Guaranteed Obligations. All payments on
account of all indebtedness, liabilities and other obligations (other than those arising out
of intercompany transactions in the ordinary course of business) of the US Borrowers to each
US Subsidiary Guarantor, whether created under, arising out of or in connection with any
documents or instruments evidencing any Credit Extensions to the US

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Borrowers or otherwise, including all principal on any such Credit Extensions, all
interest accrued thereon, all fees and all other amounts payable by the US Borrowers to such
US Subsidiary Guarantor in connection therewith, whether now existing or hereafter arising,
and whether due or to become due, absolute or contingent, liquidated or unliquidated,
determined or undetermined (the “US Subordinated Debt”) shall be subject,
subordinate and junior in right of payment and exercise of remedies, to the extent and in
the manner set forth herein, to the prior payment in full in cash or cash equivalents of the
US Guaranteed Obligations.

     (b) No Payments. As long as any of the US Guaranteed Obligations shall remain
outstanding and unpaid, no US Subsidiary Guarantor shall accept or receive any payment or
distribution by or on behalf of any US Borrower, directly or indirectly, of assets of such
US Borrower of any kind or character, whether in cash, property or securities, including on
account of the purchase, redemption or other acquisition of US Subordinated Debt, as a
result of any collection, sale or other disposition of collateral, or by set-off, exchange
or in any other manner, for or on account of the US Subordinated Debt (“US Subordinated
Debt Payments”), except that if no Event of Default exists, a US Subsidiary Guarantor
shall be entitled to accept and receive regularly scheduled payments and other payments in
the ordinary course on the US Subordinated Debt, in accordance with the terms of the
documents and instruments governing the US Subordinated Debt and other US Subordinated Debt
Payments in respect of US Subordinated Debt not evidenced by documents or instruments, in
each case to the extent permitted under Article VII of the Credit Agreement. During
the existence of an Event of Default (or if any Event of Default would exist immediately
after the making of a US Subordinated Debt Payment), and until such Event of Default is
cured or waived, such US Subsidiary Guarantor shall not make, accept or receive any US
Subordinated Debt Payment. In the event that, notwithstanding the provisions of this
Section 7, any US Subordinated Debt Payments shall be received in contravention of
this Section 7 by any US Subsidiary Guarantor before all US Guaranteed Obligations
are paid in full in cash or cash equivalents, such US Subordinated Debt Payments shall be
held in trust for the benefit of the Guaranteed Parties and shall be paid over or delivered
to the Administrative Agent for application to the payment in full in cash or cash
equivalents of all US Guaranteed Obligations remaining unpaid to the extent necessary to
give effect to this Section 7, after giving effect to any concurrent payments or
distributions to any Guaranteed Party in respect of the US Guaranteed Obligations.

     (c) Subordination of Remedies. As long as any US Guaranteed Obligations shall
remain outstanding and unpaid, no US Subsidiary Guarantor shall, without the prior written
consent of the Administrative Agent:

     (i) accelerate, make demand or otherwise make due and payable prior to the
original stated maturity thereof any US Subordinated Debt or bring suit or institute
any other actions or proceedings to enforce its rights or interests under or in
respect of the US Subordinated Debt;

     (ii) exercise any rights under or with respect to (A) any guaranties of the US
Subordinated Debt, or (B) any collateral held by it, including causing or

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compelling the pledge or delivery of any collateral, any attachment of, levy
upon, execution against, foreclosure upon or the taking of other action against or
institution of other proceedings with respect to any collateral held by it,
notifying any account debtors of the US Borrowers or asserting any claim or interest
in any insurance with respect to any collateral, or attempt to do any of the
foregoing;

     (iii) exercise any rights to set-offs and counterclaims in respect of any
indebtedness, liabilities or obligations of such US Subsidiary Guarantor to the US
Borrowers against any of the US Subordinated Debt; or

     (iv) commence, or cause to be commenced, or join with any creditor other than
any Guaranteed Party in commencing, any Insolvency Proceeding.

     (d) Subordination Upon Any Distribution of Assets of the US Borrowers. In the
event of any payment or distribution of assets of any US Borrower of any kind or character,
whether in cash, property or securities, upon any Insolvency Proceeding with respect to or
involving any US Borrower, (i) all amounts owing on account of the US Guaranteed
Obligations, including all interest accrued thereon at the contract rate both before and
after the initiation of any such proceeding, whether or not an allowed claim in any such
proceeding, shall first be paid in full in cash, or payment provided for in cash or in cash
equivalents, before any US Subordinated Debt Payment is made; and (ii) to the extent
permitted by applicable law, any US Subordinated Debt Payment to which such US Subsidiary
Guarantor would be entitled except for the provisions hereof, shall be paid or delivered by
the trustee in bankruptcy, receiver, assignee for the benefit of creditors or other
liquidating agent making such payment or distribution directly to the Administrative Agent
(on behalf of the other Guaranteed Parties) for application to the payment of the US
Guaranteed Obligations in accordance with clause (i), after giving effect to any concurrent
payment or distribution or provision therefor to any Guaranteed Party in respect of such US
Guaranteed Obligations.

     (e) Authorization to Administrative Agent. If, while any US Subordinated Debt
is outstanding, any Insolvency Proceeding is commenced by or against any US Borrower or its
property:

     (i) the Administrative Agent, when so instructed by the Required Lenders, is
hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties
or in the name of any US Subsidiary Guarantor or otherwise), but shall have no
obligation, to demand, sue for, collect and receive every payment or distribution in
respect of the US Subordinated Debt and give acquittance therefor and to file claims
and proofs of claim and take such other action (including voting the US Subordinated
Debt) as it may deem necessary or advisable for the exercise or enforcement of any
of the rights or interests of the Guaranteed Parties; and

     (ii) each US Subsidiary Guarantor shall promptly take such action as the
Administrative Agent (on instruction from the Required Lenders) may reasonably
request (A) to collect the US Subordinated Debt for the account of the

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Guaranteed Parties and to file appropriate claims or proofs of claim in respect
of the US Subordinated Debt, (B) to execute and deliver to the Administrative Agent,
such powers of attorney, assignments and other instruments as it may request to
enable it to enforce any and all claims with respect to the US Subordinated Debt,
and (C) to collect and receive any and all US Subordinated Debt Payments.

     (II) European Guaranteed Obligations.

     (a) Subordination to Payment of European Guaranteed Obligations. All payments
on account of all indebtedness, liabilities and other obligations (other than those arising
out of intercompany transactions in the ordinary course of business) of the European
Borrower to each Guarantor, whether created under, arising out of or in connection with any
documents or instruments evidencing any Credit Extensions to the European Borrower or
otherwise, including all principal on any such Credit Extensions, all interest accrued
thereon, all fees and all other amounts payable by the European Borrower to such Guarantor
in connection therewith, whether now existing or hereafter arising, and whether due or to
become due, absolute or contingent, liquidated or unliquidated, determined or undetermined
(the “European Subordinated Debt”) shall be subject, subordinate and junior in right
of payment and exercise of remedies, to the extent and in the manner set forth herein, to
the prior payment in full in cash or cash equivalents of the European Guaranteed
Obligations.

     (b) No Payments. As long as any of the European Guaranteed Obligations shall
remain outstanding and unpaid, no Guarantor shall accept or receive any payment or
distribution by or on behalf of the European Borrower, directly or indirectly, of assets of
the European Borrower of any kind or character, whether in cash, property or securities,
including on account of the purchase, redemption or other acquisition of European
Subordinated Debt, as a result of any collection, sale or other disposition of collateral,
or by set-off, exchange or in any other manner, for or on account of the European
Subordinated Debt (“European Subordinated Debt Payments”), except that if no Event
of Default exists, a Guarantor shall be entitled to accept and receive regularly scheduled
payments and other payments in the ordinary course on the European Subordinated Debt, in
accordance with the terms of the documents and instruments governing the European
Subordinated Debt and other European Subordinated Debt Payments in respect of European
Subordinated Debt not evidenced by documents or instruments, in each case to the extent
permitted under Article VII of the Credit Agreement. During the existence of an
Event of Default (or if any Event of Default would exist immediately after the making of a
European Subordinated Debt Payment), and until such Event of Default is cured or waived,
such Guarantor shall not make, accept or receive any European Subordinated Debt Payment. In
the event that, notwithstanding the provisions of this Section 7, any European
Subordinated Debt Payments shall be received in contravention of this Section 7 by
any Guarantor before all European Guaranteed Obligations are paid in full in cash or cash
equivalents, such European Subordinated Debt Payments shall be held in trust for the benefit
of the Guaranteed Parties and shall be paid over or delivered to the Administrative Agent
for application to the payment in full in cash or cash equivalents of all European
Guaranteed Obligations remaining unpaid to the extent necessary to give

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effect to this Section 7, after giving effect to any concurrent payments or
distributions to any Guaranteed Party in respect of the European Guaranteed Obligations.

     (c) Subordination of Remedies. As long as any European Guaranteed Obligations
shall remain outstanding and unpaid, no Guarantor shall, without the prior written consent
of the Administrative Agent:

     (i) accelerate, make demand or otherwise make due and payable prior to the
original stated maturity thereof any European Subordinated Debt or bring suit or
institute any other actions or proceedings to enforce its rights or interests under
or in respect of the European Subordinated Debt;

     (ii) exercise any rights under or with respect to (A) any guaranties of the
European Subordinated Debt, or (B) any collateral held by it, including causing or
compelling the pledge or delivery of any collateral, any attachment of, levy upon,
execution against, foreclosure upon or the taking of other action against or
institution of other proceedings with respect to any collateral held by it,
notifying any account debtors of the European Borrower or asserting any claim or
interest in any insurance with respect to any collateral, or attempt to do any of
the foregoing;

     (iii) exercise any rights to set-offs and counterclaims in respect of any
indebtedness, liabilities or obligations of such Guarantor to the European Borrower
against any of the European Subordinated Debt; or

     (iv) commence, or cause to be commenced, or join with any creditor other than
any Guaranteed Party in commencing, any Insolvency Proceeding.

     (d) Subordination Upon Any Distribution of Assets of the European Borrower. In
the event of any payment or distribution of assets of the European Borrower of any kind or
character, whether in cash, property or securities, upon any Insolvency Proceeding with
respect to or involving the European Borrower, (i) all amounts owing on account of the
European Guaranteed Obligations, including all interest accrued thereon at the contract rate
both before and after the initiation of any such proceeding, whether or not an allowed claim
in any such proceeding, shall first be paid in full in cash, or payment provided for in cash
or in cash equivalents, before any European Subordinated Debt Payment is made; and (ii) to
the extent permitted by applicable law, any European Subordinated Debt Payment to which such
Guarantor would be entitled except for the provisions hereof, shall be paid or delivered by
the trustee in bankruptcy, receiver, assignee for the benefit of creditors or other
liquidating agent making such payment or distribution directly to the Administrative Agent
(on behalf of the other Guaranteed Parties) for application to the payment of the European
Guaranteed Obligations in accordance with clause (i), after giving effect to any concurrent
payment or distribution or provision therefor to any Guaranteed Party in respect of such
European Guaranteed Obligations.

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     (e) Authorization to Administrative Agent. If, while any European
Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against the
European Borrower or its property:

     (i) the Administrative Agent, when so instructed by the Required Lenders, is
hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties
or in the name of any Guarantor or otherwise), but shall have no obligation, to
demand, sue for, collect and receive every payment or distribution in respect of the
European Subordinated Debt and give acquittance therefor and to file claims and
proofs of claim and take such other action (including voting the European
Subordinated Debt) as it may deem necessary or advisable for the exercise or
enforcement of any of the rights or interests of the Guaranteed Parties; and

     (ii) each Guarantor shall promptly take such action as the Administrative Agent
(on instruction from the Required Lenders) may reasonably request (A) to collect the
European Subordinated Debt for the account of the Guaranteed Parties and to file
appropriate claims or proofs of claim in respect of the European Subordinated Debt,
(B) to execute and deliver to the Administrative Agent, such powers of attorney,
assignments and other instruments as it may request to enable it to enforce any and
all claims with respect to the European Subordinated Debt, and (C) to collect and
receive any and all European Subordinated Debt Payments.

     SECTION 8 Continuing Guaranty.

     (a) This Guaranty is a continuing guaranty and agreement of subordination relating to any
Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may
arise from time to time under successive transactions, and the Guarantors expressly acknowledge
that this Guaranty shall remain in full force and effect notwithstanding that there may be periods
in which no Guaranteed Obligations exist. This Guaranty shall continue in effect and be binding
upon the Guarantors until termination of the Commitments and payment and performance in full of the
Guaranteed Obligations.

     (b) Notwithstanding the provisions of subsection (a) above, if any US Subsidiary Guarantor
ceases to be a Subsidiary of the US Borrowers pursuant to a Disposition permitted under Section
7.05(e) of the Credit Agreement, upon the consummation of such Disposition this Guaranty shall
terminate and be of no further force and effect solely in relation to such US Subsidiary Guarantor.

     SECTION 9 Payments.

     (a) (i) Each US Subsidiary Guarantor hereby agrees, in furtherance of the foregoing provisions
of this Guaranty and not in limitation of any other right which any Guaranteed Party or any other
Person may have against such US Subsidiary Guarantor by virtue hereof, upon the failure of any
Borrower to pay any of the US Guaranteed Obligations when and as the same shall become due, whether
at stated maturity, by required prepayment, declaration,

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acceleration, demand or otherwise (including amounts that would become due but for the
operation of the automatic stay under §362(a) of the Bankruptcy Code), such US Subsidiary Guarantor
shall forthwith pay, or cause to be paid, in cash, to the Administrative Agent an amount equal to
the amount of the US Guaranteed Obligations then due as aforesaid (including interest which, but
for the filing of a petition in any Insolvency Proceeding with respect to any Borrower, would have
accrued on such US Guaranteed Obligations, whether or not a claim is allowed against such Borrower
for such interest in any such Insolvency Proceeding); and (ii) each Guarantor hereby agrees, in
furtherance of the foregoing provisions of this Guaranty and not in limitation of any other right
which any Guaranteed Party or any other Person may have against such Guarantor by virtue hereof,
upon the failure of the European Borrower to pay any of the European Guaranteed Obligations when
and as the same shall become due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise (including amounts that would become due but for the operation of
the automatic stay under §362(a) of the Bankruptcy Code), such Guarantor shall forthwith pay, or
cause to be paid, in cash, to the Administrative Agent an amount equal to the amount of the
European Guaranteed Obligations then due as aforesaid (including interest which, but for the filing
of a petition in any Insolvency Proceeding with respect to the European Borrower, would have
accrued on such European Guaranteed Obligations, whether or not a claim is allowed against such
European Borrower for such interest in any such Insolvency Proceeding). Each Guarantor shall make
each payment hereunder, unconditionally in full without set-off, counterclaim or other defense, on
the day when due in the applicable currency of the Guaranteed Obligations in immediately available
funds, to the Administrative Agent at such office of the Administrative Agent and to such account
as are specified in the Credit Agreement.

     (b) Any and all payments by any Guarantor to or for the account of any Guaranteed Party under
any Guarantor Documents shall be made free and clear of and without reduction or withholding for
any Indemnified Taxes or Other Taxes, provided that if any Guarantor shall be required by
applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section) each Guaranteed
Party receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Guarantors shall make such deductions and (iii) the Guarantors shall timely pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law.

     (c) Without limiting the provisions of subsection (b) above, the Guarantors shall timely pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

     (d) The Guarantors shall indemnify the Guaranteed Parties, within 10 days after demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid
by the Guaranteed Parties, as the case may be, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Guaranteed Parties (with
a copy to the Administrative Agent), or by the Administrative

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Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent
manifest error.

     (e) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any
Guarantors to a Governmental Authority, such Guarantor shall deliver to the Administrative Agent
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

     (f) If any Guaranteed Party 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 a Guarantor or with respect to
which the Guarantor has paid additional amounts pursuant to this Section, it shall pay to the
Guarantor an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by the Guarantor under this Section with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of a Guaranteed Party, as the
case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the Guarantor, upon the request of a
Guaranteed Party, agrees to repay the amount paid over to the Guarantor (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to a Guaranteed Party in
the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund
to such Governmental Authority. This subsection shall not be construed to require a Guaranteed
Party to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to the Guarantors or any other Person.

     (g) Status of Lenders.

     (i) Any Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which a Guarantor is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Guarantor, on or prior to
the date on which a payment is made under the Guaranty, 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 of withholding. In addition, any Lender, if requested by
the Guarantor, shall deliver, on or prior to the date on which payment is made under the
Guaranty, such other documentation prescribed by applicable law or reasonably requested by
the Guarantor as will enable the Guarantor to determine whether or not such Lender is
subject to backup withholding or information reporting requirements.

     (ii) Without limiting the generality of the foregoing, in the event that a Guarantor is
resident for tax purposes in the United States, any Foreign Lender shall deliver to the
Guarantor (in such number of copies as shall be requested by the recipient) on or prior to
the date on which a payment is made under the Guaranty (and from time to time thereafter
upon the request of the Guarantor, but only if such Foreign Lender is legally entitled to do
so), whichever of the following is applicable:

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     (A) duly completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is a
party,

     (B) duly completed copies of Internal Revenue Service Form W-8ECI,

     (C) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under section 881(c) of the Code, (x) a certificate to the effect
that such Foreign Lender is not a “bank” within the meaning of section 881(c)(3)(A)
of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN,
or

     (D) any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly
completed together with such supplementary documentation as may be prescribed by
applicable law to permit the Guarantor to determine the withholding or deduction
required to be made.

     (h) FATCA. If a payment made to a Lender under any Loan Document would be subject to
U.S. Federal withholding Tax imposed by FATCA if such Lender fails to comply with the applicable
reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Guarantors and the Administrative Agent (i)
a certification signed by the chief financial officer, principal accounting officer, treasurer or
controller, and (ii) other documentation reasonably requested by the Guarantors and the
Administrative Agent sufficient for the Administrative Agent and the Guarantors to comply with
their obligations under FATCA and to determine that such Lender has complied with such applicable
reporting requirements.

Each Lender shall provide new forms (or successor forms) upon the expiration or obsolescence of any
previously delivered forms and to promptly notify the Administrative Agent of any change in
circumstances which would modify or render invalid any claimed exemption or reduction. In
addition, any Lender, if requested by the Guarantors or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Guarantors or
the Administrative Agent as will enable the Guarantors or the Administrative Agent to determine
whether such Lender is subject to backup or other withholding or other information reporting
requirements.

     (i) Any payments by any Guarantor hereunder the application of which is not otherwise provided
for herein, shall be applied in the order specified in Section 8.03 of the Credit
Agreement.

     (j) The agreements in this Section 9 shall survive the payment of all Guaranteed
Obligations.

     SECTION 10 Representations and Warranties. Each Guarantor represents and
warrants to each Guaranteed Party that:

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     (a) Organization and Powers. Each Guarantor is (i) duly organized or formed, validly
existing and in good standing under the Laws of the jurisdiction of its incorporation or
organization, (ii) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (A) own its assets and carry on its business and (B) to
execute, deliver, and perform its obligations under this Guaranty and the other Guarantor Documents
to which it is a party, (iii) is duly qualified and is licensed and in good standing under the Laws
of each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification or license, and (iv) is in compliance with all Laws, except in
each case referred to in clause (ii)(A), clause (iii) or clause (iv), to the extent that failure to
do so individually or in the aggregate could not reasonably be expected to have a Material Adverse
Effect.

     (b) Authorization; No Conflict. The execution, delivery and performance by each
Guarantor of this Guaranty and any other Guarantor Documents have been duly authorized by all
necessary corporate or other organizational action, and do not and will not (i) contravene the
terms of any of such Guarantor’s Organization Documents; (ii) conflict with or result in any breach
or contravention of, or the creation of any Lien under, any Contractual Obligation to which such
Guarantor is a party or any order, injunction, writ or decree of any Governmental Authority or
arbitral award to which such Guarantor or its property is subject; or (iii) violate any Law
applicable to such Guarantor.

     (c) Binding Obligation. This Guaranty has been, and the other Guarantor Documents,
when executed and delivered against each Guarantor that is party thereto, will have been, duly
executed and delivered by against each such Guarantor that is party thereto. This Guaranty
constitutes, and each other Guarantor Document when so executed and delivered will constitute, a
legal, valid and binding obligation of such Guarantor, enforceable against each Guarantor that is
party thereto in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or
by equitable principles relating to enforceability.

     (d) Governmental Consents. No approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person is
necessary or required in connection with the execution, delivery or performance by, or enforcement
against, any Guarantor of this Guaranty or any other Guarantor Documents.

     (e) No Prior Assignment.

     (i) No US Subsidiary Guarantor has previously assigned any interest in the US
Subordinated Debt or any collateral relating thereto, no Person other than a US Subsidiary
Guarantor owns an interest in any of the US Subordinated Debt or any such collateral
(whether as joint holders of the US Subordinated Debt, participants or otherwise), and the
entire US Subordinated Debt is owing only to the US Subsidiary Guarantors.

     (ii) No Guarantor has previously assigned any interest in the European Subordinated
Debt or any collateral relating thereto, no Person other than a Guarantor owns an interest
in any of the European Subordinated Debt or any such collateral

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(whether as joint holders of the European Subordinated Debt, participants or
otherwise), and the entire European Subordinated Debt is owing only to the Guarantors.

     (f) Solvency. Immediately prior to and after and giving effect to the incurrence of
each Guarantor’s obligations under this Guaranty such Guarantor is and will be Solvent.

     (g) Consideration. Each Guarantor has received substantial direct and indirect
benefits from the making of the Loans to, and the issuance of Letters of Credit for the account of,
the Borrowers pursuant to the Credit Agreement.

     (h) Independent Investigation. Each Guarantor hereby acknowledges that it has
undertaken its own independent investigation of the financial condition of the Borrowers and all
other matters pertaining to this Guaranty and further acknowledges that it is not relying in any
manner upon any representation or statement of any Guaranteed Party with respect thereto. Each
Guarantor represents and warrants that it has received and reviewed copies of the Loan Documents
and that it is in a position to obtain, and it hereby assumes full responsibility for obtaining,
any additional information concerning the financial condition of the Borrowers and any other
matters pertinent hereto that any Guarantor may desire. No Guarantor is relying upon or expecting
any Guaranteed Party to furnish to such Guarantor any information now or hereafter in any
Guaranteed Party’s possession concerning the financial condition of the Borrowers or any other
matter.

     SECTION 11 Reporting Covenant. So long as any Guaranteed Obligations shall
remain unsatisfied or any Lender shall have any Commitment, each Guarantor agrees that it shall
furnish to the Administrative Agent such information respecting the operations, properties,
business or condition (financial or otherwise) of such Guarantor or its Subsidiaries as the
Administrative Agent, at the request of any Guaranteed Party, may from time to time reasonably
request.

     SECTION 12 Additional Affirmative Covenants. So long as any Guaranteed
Obligations shall remain unsatisfied or any Guaranteed Party shall have any Commitment, each
Guarantor agrees that:

     (a) Preservation of Existence, Etc. Each Guarantor shall (a) preserve, renew and
maintain in full force and effect its legal existence and good standing under the Laws of the
jurisdiction of its organization, except in a transaction permitted by Section 7.04 or
7.05 of the Credit Agreement; and (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so individually or in the aggregate could not
reasonably be expected to have a Material Adverse Effect.

     (b) Further Assurances and Additional Acts. Each Guarantor shall execute,
acknowledge, deliver, file, notarize and register at its own expense all such further agreements,
instruments, certificates, documents and assurances and perform such acts as the Administrative
Agent or the Required Lenders shall deem necessary or appropriate to effectuate the purposes of
this Guaranty and the other Guarantor Documents, and promptly provide the Administrative Agent with
evidence of the foregoing satisfactory in form and substance to the Administrative Agent and the
Required Lenders.

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     (c) Credit Agreement Covenants. Each Guarantor shall observe, perform and comply with
all covenants applicable to such Guarantor set forth in Articles VI and VII of the
Credit Agreement, which by their terms the Borrowers are required to cause such Guarantor to
observe, perform and comply with, as if such covenants were set forth in full herein.

     (d) Governmental Consents. Each Guarantor shall maintain all authorizations,
consents, approvals, licenses, exemptions of, or filings or registrations with, any Governmental
Authority, or approvals or consents of any other Person, required in connection with this Guaranty
or any other Guarantor Documents.

     SECTION 13 Notices. Unless otherwise expressly provided herein, all notices
and other communications provided for hereunder shall be in writing (including by facsimile
transmission) and mailed, faxed, emailed (subject to the provisions of the final sentence of this
Section 13) or delivered, in the case of any Guarantor, to the address or facsimile number
or email address specified on the signature page hereof, and in the case of any Guaranteed Party,
to the address or facsimile number or email address specified in the Credit Agreement, or to such
other address, facsimile number or email address as shall be designated by such party in a notice
to the other parties. All such notices and other communications shall be deemed to be given or
made upon the earlier to occur of (a) actual receipt by the intended recipient and (b) (i) if
delivered by hand or by courier, when signed for by the intended recipient; (ii) if delivered by
mail, four Business Days after deposit in the mails, postage prepaid; (iii) if delivered by
facsimile, when sent and receipt has been confirmed by telephone, when delivered; and (iv) if
delivered by electronic mail (which form of delivery is subject to the provisions of the final
sentence of this Section 13), when delivered. In no event shall a voicemail message be
effective as a notice, communication or confirmation hereunder. Electronic mail and Internet and
intranet websites may be used only to distribute routine communications, and to distribute
documents for execution by the parties thereto, and may not be used for any other purpose.

     SECTION 14 No Waiver; Cumulative Remedies. No failure by any Guaranteed Party
to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder or under any other Guarantor Document shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein or therein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

     SECTION 15 Costs and Expenses; Indemnification.

     (a) Costs and Expenses. Each Guarantor shall: (i) pay or reimburse the Administrative
Agent for all reasonable costs and expenses incurred in connection with the development,
preparation, negotiation and execution of this Guaranty and the other Guarantor Documents and any
amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or
not the transactions contemplated hereby or thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including all Attorney Costs
(including the allocated cost of internal legal services and all disbursements of internal
counsel); and (ii) pay or reimburse the Administrative Agent and each other Guaranteed Party for
all reasonable costs and expenses incurred in connection with the

E - 18

 

enforcement, attempted enforcement, or preservation of any rights or remedies under this
Guaranty or the other Guarantor Documents (including all such costs and expenses incurred during
any “workout” or restructuring in respect of the Guaranteed Obligations and during any legal
proceeding, including any proceeding under any Debtor Relief Law), including all Attorney Costs.
The foregoing costs and expenses shall include all search, filing, recording, title insurance and
appraisal charges and fees and taxes related thereto, and other out-of-pocket expenses incurred by
the Administrative Agent and the cost of independent public accountants and other outside experts
retained by any Guaranteed Party.

     (b) Indemnification. Each Guarantor shall indemnify the Guaranteed Parties, and each
Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the fees, charges and disbursements of any
counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees
and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred
by any Indemnitee or asserted against any Indemnitee by any third party or by the Guarantor or any
other Loan Party arising out of, in connection with, or as a result of (i) the execution or
delivery of this Guaranty, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder
or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case
of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the
administration of this Guaranty and the other Loan Documents, (ii) any Loan or Letter of Credit or
the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor
a demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by the
Borrowers or any of their Subsidiaries, or any Environmental Liability related in any way to the
Borrowers or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory, whether brought by a third party or by the Guarantor or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee or (y) result from a claim brought by the Guarantor or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other
Loan Document, if the Borrowers or such Loan Party have obtained a final and nonappealable judgment
in its or their favor on such claim as determined by a court of competent jurisdiction.

     (c) Interest. Any amounts payable by any Guarantor under this Section 15 or
otherwise under this Guaranty if not paid upon demand shall bear interest from the date of such
demand until paid in full, at a fluctuating interest rate per annum at all times equal to the
Default Rate applicable to Base Rate Loans to the fullest extent permitted by applicable Law. Any
such interest shall be due and payable upon demand and shall be calculated on the basis of a year
of 365 or 366 days, as the case may be, and the actual number of days elapsed.

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     (d) Payment. All amounts due under this Section 15 shall be payable within
ten Business Days after demand therefor.

     (e) Survival. The agreements in this Section 15 shall survive the termination
of the Commitments and repayment of all Guaranteed Obligations.

     SECTION 16 Right of Set-Off. In addition to any rights and remedies of the
Lenders provided by law, upon the occurrence and during the continuance of any Event of Default,
each of the Lenders is authorized at any time and from time to time, without prior notice to any
Guarantor, any such notice being waived by such Guarantor 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 by, and other indebtedness at any time owing by, such Lender to or for the
credit or the account of such Guarantor against any and all Obligations owing to such Lender, now
or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall
have made demand under this Guaranty or any other Guarantor Document and although such Obligations
may be contingent or unmatured or denominated in a currency different from that of the applicable
deposit or indebtedness. Each of the Lenders agrees (by its acceptance hereof) promptly to notify
such Guarantor and the Administrative Agent after any such set-off and application made by such
Lender; provided, however, that the failure to give such notice shall not affect the validity of
such set-off and application.

     SECTION 17 Marshalling; Payments Set Aside. Neither the Administrative Agent
nor any Guaranteed Party shall be under any obligation to marshal any assets in favor of any
Guarantor or any other Person or against or in payment of any or all of the Guaranteed Obligations.
To the extent that any Guarantor makes a payment to any Guaranteed Party, or any Guaranteed Party
exercises its right of set-off, and such payment or the proceeds of such set-off or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by any Guaranteed Party in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any
Insolvency Proceeding or otherwise, then (a) to the extent of such recovery the obligation or part
thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such set-off had not occurred, and (b) each of the Lenders
severally agrees (by its acceptance hereof) to pay to the Administrative Agent upon demand its pro
rata share of any amount so recovered from or repaid by the Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to
the Federal Funds Rate from time to time in effect. The agreements in this Section 17
shall survive the termination of the Commitment and repayment of all Guaranteed Obligations.

     SECTION 18 Benefits of Guaranty. This Guaranty is entered into for the sole
protection and benefit of the Administrative Agent and each other Guaranteed Party and their
respective successors and assigns, and no other Person (other than any Indemnitee specified herein)
shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action
or claim in connection with, this Guaranty. The Guaranteed Parties, by their acceptance of this
Guaranty, shall not have any obligations under this Guaranty to any Person other than the
Guarantors, and such obligations shall be limited to those expressly stated herein.

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     SECTION 19 Binding Effect; Assignment.

     (a) Binding Effect. This Guaranty shall be binding upon each Guarantor and its
successors and assigns, and inure to the benefit of and be enforceable by the Administrative Agent
and each other Guaranteed Party and their respective successors, endorsees, transferees and
assigns.

     (b) Assignment. Except to the extent otherwise provided in the Credit Agreement, no
Guarantor shall have the right to assign or transfer its rights and obligations hereunder or under
any other Guarantor Documents without the prior written consent of the Required Lenders. Each
Lender may, without notice to or consent by any Guarantor, sell, assign, transfer or grant
participations in all or any portion of such Lender’s rights and obligations hereunder and under
the other Guarantor Documents in connection with any sale, assignment, transfer or grant of a
participation by such Lender in accordance with Section 10.04 of the Credit Agreement of or
in its rights and obligations thereunder and under the other Loan Documents. In the event of any
grant of a participation, the participant (i) shall be deemed to have a right of set-off under
Section 16 in respect of its participation to the same extent as if it were such
“Guaranteed Party;” and (ii) shall also be entitled to the benefits of Section 15.

     SECTION 20 Governing Law and Jurisdiction.

     (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED
THAT THE ADMINISTRATIVE AGENT AND EACH OTHER GUARANTEED PARTY SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW.

     (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER GUARANTOR
DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN,
NEW YORK CITY, OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION
AND DELIVERY OF THIS GUARANTY, EACH GUARANTOR CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH GUARANTOR IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH
JURISDICTION IN RESPECT OF THIS GUARANTY OR ANY OTHER GUARANTOR DOCUMENT. EACH GUARANTOR WAIVES
PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS
PERMITTED BY THE LAW OF SUCH STATE.

     (c) Each Guarantor hereby irrevocably appoints Imation, with an office as listed in
Section 10.02 of the Credit Agreement, as its authorized agent (in such capacity, the
“Process Agent”) with all powers necessary to receive on its behalf service of copies of
the summons and complaint and any other process which may be served in any action or proceeding
arising out of

E - 21

 

or relating to this Guaranty and the other Guarantor Documents in any of the courts in and of
the State of California. Such service may be made by mailing or delivering a copy of such process
to each Guarantor in care of the Process Agent at the Process Agent’s address and such Guarantor
hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf
and agrees that the failure of the Process Agent to give any notice of any such service to such
Guarantor shall not impair or affect the validity of such service or of any judgment rendered in
any action or proceeding based thereon. As an alternative method of service, such Guarantor also
irrevocably consents to the service of any and all process in any such action or proceeding by the
mailing of copies of such process to such Guarantor at its address specified on the signature page
hereof. If for any reason Imation shall cease to act as Process Agent, such Guarantor shall
appoint forthwith, in the manner provided for herein, a successor Process Agent qualified to act as
an agent for service of process with respect to all courts in and of the State of California and
acceptable to the Administrative Agent.

     (d) Nothing in this Section 20 shall affect the right of the Guaranteed Parties to
serve legal process in any other manner permitted by law or limit the right of the Guaranteed
Parties to bring any action or proceeding against any Guarantor or its property in the courts of
other jurisdictions.

     SECTION 21 Waiver of Jury Trial. EACH GUARANTOR AND EACH GUARANTEED PARTY (BY
ITS ACCEPTANCE HEREOF) HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER THE GUARANTOR DOCUMENTS OR IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES OR ANY OF THEM WITH RESPECT TO THE GUARANTOR
DOCUMENTS, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH GUARANTOR AND EACH
GUARANTEED PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     SECTION 22 Entire Agreement; Amendments and Waivers. This Guaranty together
with the other Guarantor Documents embodies the entire agreement of the Guarantors with respect to
the matters set forth herein and supersedes all prior or contemporaneous agreements and
understandings of such Persons, verbal or written, relating to the subject matter hereof and
thereof and shall not be amended except by written agreement of the Guarantors, the Administrative
Agent and the Required Lenders. No waiver of any rights of the Guaranteed Parties under any
provision of this Guaranty or consent to any departure by any Guarantor therefrom shall be
effective unless in writing and signed by the Administrative Agent and the Required Lenders, or
the Administrative Agent (with the written consent of the Required Lenders). Any such amendment,
waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given.

E - 22

 

     SECTION 23 Severability. If any provision of this Guaranty or the other
Guarantor Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and
enforceability of the remaining provisions of this Guaranty and the other Guarantor Documents shall
not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

     SECTION 24 [Reserved]

     SECTION 25 Judgment Currency. If, for the purposes of obtaining judgment in
any court, it is necessary to convert a sum due hereunder or any other Guarantor Document in one
currency into another currency, the rate of exchange used shall be that at which in accordance with
normal banking procedures the Administrative Agent could purchase the first currency with such
other currency on the Business Day preceding that on which final judgment is given. The obligation
of any Guarantor in respect of any such sum due from it to any Guaranteed Party hereunder or under
the other Guarantor Documents shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable
provisions of the Credit Agreement (the “Agreement Currency”), be discharged only to the
extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged
to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal
banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of
the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent
from such Guarantor in the Agreement Currency, such Guarantor agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such
obligation was owing against such loss. If the amount of the Agreement Currency so purchased is
greater than the sum originally due to the Administrative Agent in such currency, the
Administrative Agent (by its acceptance hereof) agrees to return the amount of any excess to such
Guarantor (or to any other Person who may be entitled thereto under applicable law). The agreements
in this Section 25 shall survive the termination of the Commitments and repayment of all
Guaranteed Obligations.

     SECTION 26 Future Guarantors. At such time following the date hereof as any
Subsidiary of any Borrower (an “Acceding Subsidiary”) is required to accede hereto pursuant
to the terms of Section 6.13 of the Credit Agreement, such Acceding Subsidiary shall
execute and deliver to the Administrative Agent a Joinder Agreement substantially in the form of
Exhibit G to the Credit Agreement, signifying its agreement to be bound by the provisions
of this Guaranty as a Guarantor to the same extent as if such Acceding Subsidiary had originally
executed this Guaranty as of the date hereof.

     SECTION 27 Counterparts. This Guaranty may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

E - 23

 

     IN WITNESS WHEREOF, each Guarantor has executed this Guaranty, as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	IMATION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	IMATION ENTERPRISES CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	IMATION FUNDING CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 

E - 24

 

	 	 	 	 	 	 	 
	 	 	IMATION LATIN AMERICA CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	IMN DATA STORAGE LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	MEMOREX PRODUCTS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 

E - 25

 

	 	 	 	 	 	 	 
	 	 	IMATION GOVERNMENT CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	c/o	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attn.:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.	 	 	 	 
	 

	 	 	 	 

	 	 

E - 26

 

EXHIBIT F

OPINION MATTERS

     The matters contained in the following Sections of the Credit Agreement should be covered by
the legal opinion:

	 	•	 	Section 5.01(a), (b) and (c)
	 
	 	•	 	Section 5.02
	 
	 	•	 	Section 5.03
	 
	 	•	 	Section 5.04
	 
	 	•	 	Section 5.06
	 
	 	•	 	Section 5.14(b)

F - 1

 

EXHIBIT G

FORM OF JOINDER AGREEMENT

     THIS JOINDER IN GUARANTY (this “Joinder”) is executed as of                     , 200___by
                                        , a                      [corporation/limited liability company/partnership]
(“Joining Party”), and delivered to BANK OF AMERICA, N.A., as administrative agent (in such
capacity, the “Administrative Agent”), for the benefit of the Lenders (as defined below).
Except as otherwise defined herein, terms used herein and defined in the Credit Agreement (as
defined below) shall be used herein as therein defined.

     Imation Corp. a Delaware corporation (“Imation”), Imation Enterprises Corp., a
Delaware corporation (“Enterprises”) and Imation Europe B.V. (“Imation Europe”)
(each of Imation, Enterprises and Imation Europe is referred to individually herein as a
“Borrower” and collectively as the “Borrowers”), the lenders from time to time
party thereto (each a “Lender” and, collectively, the “Lenders”), Bank of America,
N.A. as issuer of letters of credit for the account of the Borrowers (in such capacity, the
“L/C Issuer”) and the Administrative Agent are parties to an Amended and Restated Credit
Agreement, dated as of August 3, 2010 (as amended, modified or supplemented from time to time, the
“Credit Agreement”);

     The Joining Party is a direct or indirect Subsidiary of Imation or Enterprises and desires, or
is required pursuant to the provisions of the Credit Agreement, to become a Guarantor under the
Guaranty; and

     The Joining Party will obtain benefits from the incurrence of Loans by, and the issuance of
Letters of Credit for the account of, the Borrowers, in each case pursuant to the Credit Agreement
and, accordingly, desires to execute this Joinder in order to (i) satisfy the requirements
described in the preceding paragraph; and (ii) induce the Lenders to continue to make Loans and the
Issuing Lender to issue Letters of Credit to the Borrowers;

     Accordingly, in consideration of the foregoing and other benefits accruing to the Joining
Party, the receipt and sufficiency of which are hereby acknowledged, the Joining Party hereby makes
the following representations and warranties to the L/C Issuer, each Lender and the Administrative
Agent and hereby covenants and agrees with the L/C Issuer, each Lender and the Administrative Agent
as follows:

     1. By this Joinder, the Joining Party becomes a Guarantor for all purposes under the Guaranty,
pursuant to Section 26 thereof.

     2. The Joining Party agrees that, upon its execution hereof, it will become a Guarantor under
the Guaranty with respect to all Guaranteed Obligations (as defined in the Guaranty), and will be
bound by all terms, conditions and duties applicable to a Guarantor under the Guaranty and the
other Loan Documents. Without limitation of the foregoing, and in furtherance thereof, the Joining
Party unconditionally and irrevocably, guarantees the due and punctual payment and performance of
all Guaranteed Obligations (on the same basis as the other Guarantors under the Guaranty).

G - 1

 

     3. The Joining Party hereby makes and undertakes, as the case may be, each covenant,
representation and warranty made by, and as a Guarantor pursuant to the Guaranty, in each case as
of the date hereof (except to the extent any such representation or warranty relates solely to an
earlier date in which case such representation and warranty shall be true and correct as of such
earlier date), and agrees to be bound by all covenants, agreements and obligations of a Guarantor
pursuant to the Guaranty and all other Loan Documents to which it is or becomes a party.

     4. This Joinder shall be binding upon the parties hereto and their respective successors and
assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and its
successors and assigns, provided, however, the Joining Party may not assign any of
its rights, obligations or interest hereunder or under any other Loan Document without the prior
written consent of the Lenders or as otherwise permitted by the Loan Documents. THIS JOINDER SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
This Joinder may be executed in any number of counterparts, each of which shall be an original, but
all of which shall constitute one instrument. In the event that any provision of this Joinder
shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the
other provisions of this Joinder, which shall remain binding on all parties hereto.

     5. From and after the execution and delivery hereof by the parties hereto, this Joinder shall
constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

     6. The effective date of this Joinder is                     , 20___.

[Remainder of page intentionally left blank]

G - 2

 

     IN WITNESS WHEREOF, the Joining Party has caused this Joinder to be duly executed as of the
date first above written.

	 	 	 	 	 
	 	[NEW SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Accepted and Acknowledged by:

BANK OF AMERICA, N.A.,

as Administrative Agent

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

G - 3

 

EXHIBIT H

FORM OF US SECURITY AND PLEDGE AGREEMENT

H - 1exv10w2

Exhibit 10.2

AMENDED AND RESTATED

SEVERANCE AGREEMENT

     THIS AMENDED AND RESTATED SEVERANCE AGREEMENT (this “Agreement”) is made as of the ___ day of
                    , 20___, between Imation Corp., a Delaware corporation, with its principal offices at One
Imation Way, Oakdale, Minnesota 55128 (the “Company”) and                                                                       
                                                  .

     WHEREAS, this Agreement is intended to specify the financial arrangements that the Company
will provide to you upon your separation from employment with the Company and all of its Affiliates
under any of the circumstances described herein; and

     WHEREAS, this Agreement is entered into by the Company in the belief that it is in the best
interests of the Company and its shareholders to help assure that the Company will have your
continued dedication during your employment with the Company, by providing for certain severance
benefits under certain circumstances in connection with your employment with the Company or any of
its Affiliates, thereby enhancing the Company’s ability to attract and retain highly qualified
people; and

     WHEREAS, this Agreement hereby amends and restates in its entirety any previous Severance
Agreement between the Company and you.

     NOW THEREFORE, to assure the Company that it will have your continued dedication, and to
induce you to remain in the employ of the Company or any of its Affiliates, and for other good and
valuable consideration, the Company and you agree as follows:

     1. Term of Agreement. The term of this Agreement shall commence on the date of this
Agreement (the “Effective Date”) and shall continue in effect until the first anniversary of the
Effective Date, and shall thereafter be automatically renewed for successive one-year terms
provided that you are employed by the Company or any of its Affiliates on each anniversary of the
Effective Date (the “Covered Period”), unless the Company, upon authorization by its Board of
Directors gives notice to you that the Company does not wish to extend this Agreement, and
provided further, that, notwithstanding any such notice by the Company not to extend, the
Covered Period and this Agreement shall continue in effect for a period of 12 months from the date
of the notice in the event the notice is not given following a Change of Control, or for a period
of 24 months following the date of a Change of Control in the event the notice is given following
such Change of Control.

     2. Definitions. When the following terms are used in this Agreement with initial
capital letters, they shall have the following meanings.

     (i) “Affiliate” means any entity that, together with the Company, is treated as a single employer
under Code section 414(b) or (c). For purposes of determining whether
a Termination of Employment has occurred, the term Affiliate will be determined by applying Code
section 1563(a)((1), (2) and (3) for purposes of determining a controlled group of corporations under Code section 414(b) and in applying Treas. Reg.

 

 

Section 1.414(c)-2 for purposes of determining trades or businesses that are under common control
for purposes of Code section 414(c), the phrase “at least 50 percent” will be used instead
of “at least 80 percent” each place it appears.

     (ii) “Cause” shall mean termination by the Company or an Affiliate of your employment
based upon:

     (a) your gross incompetence or substantial failure to perform your duties; or

     (b) misconduct by you that causes or is likely to cause harm to the Company or
an Affiliate or that causes or is likely to cause harm to the Company’s or an
Affiliate’s reputation, as determined by the Company’s or Affiliate’s Board of
Directors in its sole and absolute discretion (such misconduct may include, without
limitation, insobriety at the workplace during working hours or the use of illegal
drugs); or

     (c) failure to follow directions of the Company’s or Affiliate’s Board of
Directors that are consistent with your duties; or

     (d) your conviction of, or entry of a pleading of guilty or nolo contendere
to, any crime involving moral turpitude, or the entry of an order duly issued by
any federal or state regulatory agency having jurisdiction in the matter
permanently prohibiting you from participating in the conduct of the affairs of the
Company or an Affiliate.

     (iii) “Good Reason” shall mean the occurrence of any of the following events, except
for occurrence of such an event in connection with the termination of your employment or
reassignment by the Company or an Affiliate for Cause, for disability or for death,
provided you have given the Company written notice within ninety (90) days of the initial
existence of the Good Reason event and the Company has not cured such event within thirty
(30) days of the receipt of such notice:

     (a) a material diminution, either prior to or following a Change of Control,
of your authority, duties or responsibilities from your authority, duties or
responsibilities as of the date of this Agreement; or

     (b) a material diminution, either prior to or following a Change of Control,
in your base compensation (specifically excluding any long-term incentive
compensation for which you are eligible), excluding any reduction caused by a
restructuring by management of benefits for the employees of the company as a whole
that affects you in a manner comparable to other senior executives of the Company;
or

     (c) a material change in the geographic location at which you perform your
services following a Change of Control (but in no event including a

2

 

relocation that does not increase the actual distance required for you to commute from your home to
the new place of business by more than 10 miles).

     (iv) “Change of Control” means any one of the following events:

     (a) the consummation of a transaction or series of related transactions in
which a person, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other
than the Company or a subsidiary of the Company, or any employee benefit plan of
the Company or a subsidiary of the Company, acquires beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the
Company’s then outstanding shares of common stock or the combined voting power of
the Company’s then outstanding voting securities (other than in connection with a
Business Combination in which clauses (1), (2) and (3) of paragraph (iii)(c)
apply); or

     (b) individuals who, as of the Effective Date hereof, constitute the Board of
Directors of the Company (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board of Directors of the Company; provided, however,
that any individual becoming a director subsequent to the Effective Date hereof
whose election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least a majority of the directors then comprising the
Incumbent Board (other than a nomination of an individual whose initial assumption
of office is in connection with a solicitation with respect to the election or
removal of directors of the Company in opposition to the solicitation by the Board
of Directors of the Company) shall be deemed to be a member of the Incumbent Board;
or

     (c) the consummation of a reorganization, merger, statutory share exchange,
consolidation or similar transaction involving the Company, a sale or other
disposition in a transaction or series of related transactions of all or
substantially all of the Company’s assets or the issuance by the Company of its
stock in connection with the acquisition of assets or stock of another entity
(each, a “Business Combination”) in each case unless, following such Business
Combination, (1) all or substantially all of the individuals and entities that were
the beneficial owners of the Company’s outstanding common stock and the Company’s
outstanding voting securities immediately prior to such Business Combination
beneficially own immediately after the transaction or transactions, directly or
indirectly, more than 50% of the then outstanding shares of common stock and more
than 50% of the combined voting power of the then outstanding voting securities (or comparable equity interests) of the entity
resulting from such Business Combination (including an entity that, as a result of
such transaction, owns the Company or all or substantially all of the Company’s
assets either directly or through one of more subsidiaries) in substantially the
same proportions as their ownership of the Company’s common stock and voting
securities immediately prior to such Business Combination, (2) no person, entity or
group

3

 

(other than a direct or indirect parent entity of the Company that, after
giving effect to the Business Combination, beneficially owns 100% of the
outstanding voting securities (or comparable equity interests) of the entity
resulting from the Business Combination) beneficially owns, directly or indirectly,
35% or more of the outstanding shares of common stock or the combined voting power
of the then outstanding voting securities (or comparable equity interests) of the
entity resulting from such Business Combination and (3) at least a majority of the
members of the board of directors (or similar governing body) of the entity
resulting from such Business Combination were members of the Incumbent Board at the
time of the execution of the initial agreement or of the action of the Board of
Directors of the Company providing for such Business Combination; or

     (d) approval by the stockholders of the dissolution of the Company.

     (v) “Date of Termination” shall mean the date specified in the Notice of Termination
(except in the case of your death, in which case Date of Termination shall be the date of
death); provided the Date of Termination is consistent with your Termination of Employment.

     (vi) “Notice of Termination” shall mean a written notice which sets forth the Date of
Termination and, in reasonable detail, the facts and circumstances claimed to provide a
basis, if any, for your Termination of Employment.

     (vii) “Termination of Employment” means a termination of your employment relationship
with the Company and all Affiliates or such other change in your relationship with the
Company and all Affiliates that would be considered a “separation from service” under
Section 409A of the Code. Your employment relationship will be treated as remaining intact
while you are on a military leave, a sick leave or other bona fide leave of absence
(pursuant to which there is a reasonable expectation that you will return to perform
services for the Company or an Affiliate) but only if the period of such leave does not
exceed six (6) months, or if longer, so long as you retain a right to reemployment by the
Company or an Affiliate under applicable statute or by contract, provided, however, where
your leave is due to any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less
than six (6) months and such impairment causes you to be unable to perform the duties of your position of employment or any
substantially similar position of employment, a twenty-nine (29) month period of absence
may be substituted for such six (6) month period of absence. In all cases, the Executive’s
Termination of Employment must constitute a “separation from service” under Section 409A of
the Code and any “separation under service” under Section 409A of the Code shall be treated
as a Termination of Employment.

     3. Termination Procedures. Any purported Termination of Employment by the Company or
an Affiliate or you (other than by reason of your death) during the Covered Period shall be
communicated by a Notice of Termination in accordance with Section 9 hereof. No purported
Termination of Employment by the Company or an Affiliate during the Covered

4

 

Period shall be effective if it is not pursuant to a Notice of Termination. Failure by you to provide Notice of
Termination shall not limit any of your rights under this Agreement except to the extent the
Company can demonstrate that it suffered actual damages by reason of such failure.

     4. Qualification for Severance Benefits. You shall be eligible for severance benefits
pursuant to the terms of this Agreement on account of your Termination of Employment if the Date of
Termination occurs during the Covered Period in either of the following circumstances:

     (i) Termination of Employment by the Company or an Affiliate of your employment with
the Company and its Affiliates for any reason other than Cause; or

     (ii) Termination of Employment by you for Good Reason within the twenty-four (24)
month period following the initial existence of the Good Reason event and, in the event of
a Change in Control, only on or after the 120th day following the Change in
Control;

provided, however, that you shall not begin receiving any payments or benefits
under this Agreement unless and until you execute a general release of all claims against the
Company and its Affiliates, including non-competition and non-solicitation covenants, in the form
attached hereto as Exhibit A and you have not rescinded such release within the permitted time
period for rescission under Section 3.J therein; and provided further, that in
such case, failure to execute such release within 21 days of your Date of Termination shall result
in the loss of any rights to receive payments or benefits under this Agreement. No severance
benefits become payable pursuant to this Agreement in the event of Termination of Employment upon
your death or disability.

     5. Compensation Upon Termination.

     (i) Amounts. Upon qualification for severance benefits pursuant to this
Agreement, you shall be entitled to the benefits, to be funded from the general assets of
the Company, provided below:

     (a) The Company shall pay to you (1) the full base salary earned by you and
unpaid through the Date of Termination, at the rate in effect on the date of the
Notice of Termination, (2) any amount earned by you as a bonus with respect to the
fiscal year of the Company immediately preceding the Date of Termination if such
bonus has not theretofore been paid to you, and (3) an amount representing credit
for any paid time off earned or accrued by you but not taken during the current
“paid time off year”;

     (b) In lieu of any further base salary payments to you for periods subsequent
to the Date of Termination, the Company shall pay to you:

     (I) If the Date of Termination for a Termination of Employment by the
Company other than for Cause, or the event giving

5

 

rise to Termination of Employment by you for Good Reason, occurs prior to a Change of Control
(other than as described in the proviso in clause (II) below) (a
“Non-Change-of-Control Termination”),:

     (A) except as provided in (B) below, the sum of an amount
equal to the target bonus under the applicable annual bonus plan
for the fiscal year in which the Date of Termination occurs
(specifically excluding any long-term incentive compensation for
which you are eligible) plus an amount equal to your annual base
salary for the fiscal year in which the Date of Termination occurs
(but disregarding any decrease thereof that constituted “Good
Reason”); or

     (B) fifty percent (50%) of your annual base salary only for
the fiscal year in which the Date of Termination occurs (but
disregarding any decrease thereof that constituted “Good Reason”)
if the Date of Termination occurs prior to the first anniversary
of your date of hire; or

     (II) If the Date of Termination for a Termination of Employment by
the Company other than for Cause, or the event giving rise to Termination
of Employment by you for Good Reason, occurs after a Change of Control (a
“Change-of-Control Termination”),:

     (A) except as provided in (B) below, if the Date of
Termination occurs one year or less after the Change of Control,
the sum of (i) an amount equal to two (2) times the average of the
sum of the actual annual bonuses paid to you for the two years prior to the fiscal year in which the Date
of Termination occurs provided that if you are an employee for
more than one year and less than two years prior to the fiscal
year in which the termination occurs, such amount will be equal to
two (2) times the last year’s actual bonus paid, or if you are
employed less than one year, such amount shall be equal to two (2)
times the target amount for that year as determined by the
Compensation Committee (specifically excluding any long-term
incentive compensation for which you are eligible) plus (ii) an
amount equal to two (2) times your annual base salary for the
fiscal year in which the Date of Termination occurs (but
disregarding any decrease thereof that constituted “Good Reason”);
or

     (B) if the Date of Termination occurs one year or less after
the Change of Control and prior to the first anniversary of your
date of hire, one times your annual base salary only for the
fiscal year in which the Date of Termination occurs (but
disregarding any decrease thereof that constituted “Good Reason”);
or

6

 

     (C) if the Date of Termination occurs more than one year, but
within two years, after the Change of Control, an amount equal to
one (1) times the average of the sum of the actual annual bonuses
paid to you for the two years prior to the fiscal year in which
the Date of Termination occurs provided that if you are an
employee for more than one year and less than two years prior to
the fiscal year in which the termination occurs, such amount will
be equal to the last year’s actual bonus paid, or if you are
employed less than one year, such amount shall be equal to the
target amount for that year as determined by the Compensation
Committee (specifically excluding any long-term incentive
compensation for which you are eligible) plus an amount equal to
one (1) times your annual base salary for the fiscal year in which
the Date of Termination occurs (but disregarding any decrease
thereof that constituted “Good Reason”).

(c) The Company shall provide you a lump sum payment equal to the aggregate amount of the employer
portion of COBRA premiums (and excluding any administration fees) that would be incurred for
continuation under the Company’s employee group medical and dental Plan based on coverage and COBRA
continuation premiums in effect immediately prior to the Date of Termination, (1) equal to twelve
(12) months of continuation coverage following the Date of Termination in the case of a
Non-Change-of-Control Termination that occurs on or after the first anniversary of your date of
hire, or (2) equal to twenty-four (24) months of continuation coverage following the Date of
Termination in the case of a Change-of-Control Termination that occurs on or after the first
anniversary of your date of hire and within two years of the Change-of- Control. For the avoidance
of doubt, in the case of a Date of Termination that occurs prior to the first anniversary of your
date of hire, you shall not be entitled to any payment under this paragraph (c).

     (d) Intentionally deleted.

     (ii) No Disability or Life Insurance Benefits. The Company shall not be
required to continue to provide disability or life insurance benefits (group or individual)
following your Date of Termination other than with respect to benefits to which you became
entitled prior to the Date of Termination and which are required to be paid following such
Date of Termination in accordance with the terms of applicable disability or life insurance plans or policies in effect prior to
such Date of Termination.

     (iii) Time and Form of Cash Payments.

     (a) In the case of a Non-Change-of-Control Termination, the cash payments
provided for in Section 5(i) above shall be paid by the Company in a single lump
sum payment as promptly as practicable after the Date of Termination (but not later
than the earlier of 90 days after the Date of Termination or March 15 of the
calendar year following the calendar in which the Date of Termination occurred, in
either case subject to the provisions of Section 4

7

 

of this Agreement relating to execution of a release in the form of Exhibit A and provided you have not rescinded
such release within the permitted time period for rescission under Section 3.J
thereof). All severance payments are subject to any required withholding.

     (b) In the case of a Change-of-Control Termination, the cash payments provided
for in Section 5(i) above shall be paid by the Company in a single lump sum payment
as promptly as practicable after the Date of Termination (but no later than the
earlier of 90 days after the Date of Termination or March 15 of the calendar year
following the calendar year in which the Date of Termination occurred, in either
case subject to the provisions of Section 4 of this Agreement relating to execution
of a release in the Form of Exhibit A and provided you have not rescinded such
release within the permitted time period for rescission under Section 3.J thereof).
All severance payments are subject to any required withholding.

     (iv) Effect of Reemployment. If you are re-employed by the Company or an
Affiliate after severance payments have been scheduled to be made but before the final
severance payment is made, all remaining severance payments shall be forfeited and shall
automatically terminate as of the date of re-employment. If you have received severance
payments in a single lump sum and are re-employed before the date the final severance
payment would have been made if payments had been made at regular payroll intervals in an
amount equal to your base salary that you were receiving before your Termination of
Employment (plus an amount equal to the pro rata portion of your target bonus), you will be
required to refund to the Company: (a) that portion of the lump sum payment representing
severance payments you would have received after the date of re-employment minus (b) an
amount equal to any taxes paid or payable on such portion of the lump sum payment.

     (v) No Mitigation. You shall not be required to mitigate the amount of any
payment provided for in this Section 5 by seeking other employment or otherwise, nor shall
the amount of any payment provided for in this Section 5 be reduced by any compensation
earned by you as the result of employment by another employer after the Date of Termination, or otherwise, except as set forth in
Section 5(iv) hereof.

     (vi) Six Month Suspension for Specified Key Employees. Notwithstanding the
foregoing, if at the time of your Termination of Employment you are a Specified Employee,
then any payment that the Company reasonably determines is deferred compensation subject to
the requirements of Section 409A of the Code and that is payable on account of your
Termination of Employment shall not be paid to you until the first day after the end of the
six (6) month period following your Termination of Employment, or, if earlier, upon your
death. You are a “Specified Employee” if on the date of your Termination of Employment you
are a “key employee” (defined below), and the Company or any entity that owns 50% or more
of the Company has stock that is publicly traded on an established securities market within
the meaning of such term under Section 409A(a)(2)(B) of the Code. For this purpose, you
are a “key employee”

8

 

during the 12-month period beginning on the April 1 immediately
following a calendar year, if at any time during such preceding calendar year you were
employed by the Company or any Affiliate and satisfied the requirements of Section
416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations
issued thereunder and disregarding Section 416(i)(5) of the Code). You will not be treated
as a Specified Employee if you are not required to be treated as a Specified Employee under
Treasury Regulations issued under Section 409A of the Code.

     6. 280G Provision.

     (i) In the event that any payment or benefit received or to be received by you
(whether payable pursuant to the terms of this Agreement or otherwise (collectively, the
“Total Payments”)) would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the “Code”) (“Excise Tax”), then you shall be
entitled to receive from the Company an additional cash payment (a “Gross-Up Payment”)
within thirty business days of such determination in an amount such that after payment by
you of all taxes, including any Excise Tax, imposed upon the Gross-Up Payment, you retain
an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Payments.
Notwithstanding the foregoing provisions of this Section 6(i), if it shall be determined
that you are entitled to the Gross-Up Payment, but that the Parachute Value of all Payments
do not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to
you and the amounts payable under this Agreement shall be reduced so that the Parachute
Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of
the amounts payable hereunder, if applicable, shall be made by first reducing the payments
under Section 5(i)(b). For purposes of reducing the Payments to the Safe Harbor Amount,
only amounts payable under this Agreement (and no other Payments) shall be reduced. If the
reduction of the amount payable under this Agreement would not result in a reduction of the
Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the
Agreement shall be reduced pursuant to this Section 6(a). All determinations required to be made under
this Section 6, including whether a Gross-Up Payment is required and the amount of such
Gross-Up Payment, shall be made by an independent accounting firm retained by the Company
(the “Accounting Firm”), which shall provide detailed supporting calculations both to the
Company and you within a reasonable period of time as requested by the Company. If the
Accounting Firm determines that no Excise Tax is payable by you, it shall furnish you with
an opinion that you have substantial authority not to report any Excise Tax on your federal
income tax return. For purposes of this Agreement, the following terms have the meanings
set forth below:

“Parachute Value” of a Payment shall mean the present value as of the date of the
change of control for purposes of Section 280G of the Code of the portion of such
Payment that constitutes a “parachute payment” under Section 280G(b)(2), as
determined by the Accounting Firm for purposes of determining whether and to what
extent the Excise Tax will apply to such Payment.

9

 

“Payment” shall mean any payment or distribution in the nature of compensation
(within the meaning of Section 280G(b)(2) of the Code) to or for your benefit,
whether paid or payable pursuant to this Agreement or otherwise.

“Safe Harbor Amount” means 2.99 times your “base amount,” within the meaning of
Section 280G(b)(3) of the Code.

“Value” of a Payment shall mean the economic present value of a Payment as of the
date of the change of control for purposes of Section 280G of the Code, as
determined by the Accounting, Firm using the discount rate required by Section
280G(d)(4) of the Code.

     (ii) Any uncertainty in the application of Section 4999 of the Code at the time of the
initial determination by the Accounting Firm hereunder shall be resolved in favor of you.
As a result of the uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Accounting Firm hereunder, it is possible that at a
later time there will be a determination that the Gross-Up Payments made by the Company
were less than the Gross-Up Payments that should have been made by the Company
(“Underpayment”), consistent with the calculations required to be made hereunder. In the
event that you are required to make a payment of any Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment, if any, that has occurred and any such
Underpayment shall be promptly paid by the Company to you or for your benefit. If, after
you receive any Gross-Up Payment, you become entitled to receive any refund with respect to
such claim, you shall promptly pay to the Company the amount of such refund (together with
any interest paid or credited thereon after taxes applicable thereto).

     (iii) Any determination by the Accounting Firm as to the amount of any Gross-Up
Payment, including the amount of any Underpayment, shall be binding upon the Company and
you.

     (iv) Notwithstanding any other provision of this Section 6, the Company may, in its
sole discretion, withhold and pay over to the Internal Revenue Service or any other
applicable taxing authority, for your benefit, all or any portion of any Gross-Up Payment,
and you hereby consent to such withholding.

     (v) Notwithstanding the foregoing, reimbursement of the Gross-Up Payment will be made
not later than the end of the calendar year next following the calendar year in which you
remit the related taxes (or the related taxes are remitted on your behalf) to the
appropriate taxing authority, provided if an additional Gross-Up Payment is payable
following an audit or litigation and no additional taxes are remitted by you, reimbursement
by the Company shall be made by the end of the calendar year next following the calendar
year in which the audit is completed or there is a final nonappealable settlement or other
resolution of the litigation.

10

 

     7. Section 409A of the Code. The parties intend that payments under this Agreement be
exempt from or otherwise comply with the requirements of Section 409A of the Code (including
current and future guidance issued by the Department of Treasury or Internal Revenue Service).

     8. Successors.

     (i) This Agreement shall inure to the benefit of and be binding upon the Company and
its successors and assigns.

     (ii) This Agreement shall inure to the benefit of and be enforceable by your personal
or legal representatives, executors, administrators, successors, heirs, distributees,
devisees, and legatees. If you should die while any amount would still be payable to you
hereunder if you had continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement, to your devisee, legatee or
other designee or, if there is no such designee, to your estate or, if no estate, in
accordance with applicable law.

     (iii) The Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or
assets of the Company), by agreement in form and substance satisfactory to you, to
expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken
place. Failure of the Company to obtain such agreement prior to the effectiveness of any
such succession shall be a breach of this Agreement and shall entitle you to compensation
from the Company in the same amount and on the same terms as you would be entitled
hereunder if you terminated your employment for Good Reason, except that for purposes of
implementing the foregoing, the date on which any such succession becomes effective shall
be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the
Company and any successor to its business and/or assets which executes and delivers the
agreement provided for in this Section 8 or which otherwise becomes bound by all the terms
and provisions of this Agreement by operation of law.

     9. Notice. All notices, requests, demands and all other communications required or
permitted by either party to the other party by this Agreement (including, without limitation, any
Notice of Termination) shall be in writing and shall be deemed to have been duly given when
delivered personally or received by certified or registered mail, return receipt requested, postage
prepaid, at the address of the other party as follows:

	 	 	 	 	 

	 

	 	If to the Company:
	 	Imation Corp. 

Attention: General Counsel 

One Imation Way 

Oakdale, Minnesota 55128

11

 

	 	 	 	 	 	 	 

	 

	 	If to you:
	 	 
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

Either party to this Agreement may change its address for purposes of this Section 9 by giving
fifteen (15) days’ prior written notice to the other party hereto.

     10. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by you
and the Company. The validity, interpretation, construction, and performance of this Agreement
shall be governed by the laws of the State of Minnesota without regard to its conflicts of law
principles.

     11. Effect of Agreement; Entire Agreement. This agreement supersedes any and all
other oral or written agreements or policies made relating to the subject matter hereof and
constitutes the entire agreement of the parties relating to the subject matter hereof.

     12. Validity. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

     13. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     14. Employment. This Agreement does not constitute a contract of employment or impose
on the Company or any subsidiaries of the Company any obligation to retain you as an employee, to
continue your current employment status or to change any employment policies of the Company or any
subsidiary of the Company, including but not limited to the Company’s Employee Agreement.

     If this letter sets forth our agreement on the subject matter hereof, please sign and return
to the Company the enclosed copy of this letter which will then constitute our agreement on this
subject.

	 	 	 	 	 
	 	IMATION CORP.:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its:

 	 	 
	 
	 	EXECUTIVE: 	 	 
	 

12

 

Exhibit A

EXHIBIT A

CONFIDENTIAL GENERAL RELEASE OF ALL CLAIMS

     This Confidential General Release of All Claims (“Agreement”) is made and entered into between
                                                            , (“Employee”) and Imation Corp. (“Imation”). EMPLOYEE UNDERSTANDS THAT
EMPLOYEE MAY CONSIDER THIS AGREEMENT FOR AT LEAST TWENTY-ONE (21) DAYS AFTER EMPLOYEE HAS RECEIVED
THIS AGREEMENT, WHICH WAS ON                                                             ,
UNLESS EMPLOYEE CHOOSES TO WAIVE THAT RIGHT BY EXECUTING THE AGREEMENT WITHIN THE TWENTY-ONE (21)
DAY PERIOD.

	1.	 	What Imation Agrees To Do

In return for this Agreement and for Employee’s termination from Imation as described herein and in
full and final settlement, compromise, and release of all of Employee’s employment-related claims
(as described in section 2 below), Imation agrees to pay Employee in accordance with the terms set
forth in the Amended and Restated Severance Agreement.

	2.	 	What Employee Agrees To Do

As a condition to receiving the payments and benefits set forth in Section 1, Employee agrees as
follows:

	A)	 	Employee must return all Imation property currently in Employee’s possession, including, but
not limited to, all notes, memoranda, correspondence, files, notebooks, technical charts or
diagrams, customer lists or information, sales and marketing information, computer recorded
information, software, equipment, materials, keys and credit cards. Employee acknowledges that
this obligation is continuing and agrees to promptly return to Imation any subsequently
discovered property as described above.
	 
	B)	 	Employee also agrees to repay to Imation the amount of any permanent or temporary advances or
other monies due and owing Imation, and to pay off the remaining balance on his/her corporate
credit cards. If Employee fails to make such payments as of the date he/she signs this
Agreement, Employee agrees that Imation may deduct any monies owed from the Agreement
payments, if no other written arrangements are made for repayment by the date this Agreement
is signed.
	 
	C)	 	Employee hereby irrevocably and unconditionally releases and forever discharges
Imation from any and all federal, state or local charges, claims, controversies, causes of
action, damages, costs, attorneys’ fees, or liabilities of any nature, both past and
present, known and unknown, including but not limited to claims arising under federal,
state, local, and common laws and under any regulations of any jurisdiction that in any
way relate to employment and termination of employment existing at any time up to and
including the date of this Agreement, that Employee now may have or ever have had. This
Agreement specifically includes, but is not limited to, ANY CLAIMS UNDER THE AGE
DISCRIMINATION IN EMPLOYMENT ACT of 1967, THE OLDER WORKERS

Exhibit A-1

 

	 	 	BENEFIT PROTECTION ACT OF 1990, Title
VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, any state or local
human rights act, claims for wrongful termination, breach of contract, and tort claims (for
example, defamation, emotional distress or any tort or negligence-based claim). Employee
expressly acknowledges that this Agreement also is intended to include in its scope, without
limitation, all claims that Employee does not know of or expect to exist in Employee’s favor
at the time Employee signs this Agreement and that this Agreement contemplates the
extinguishment of any such claim or claims that in any way relate to employment or termination
of employment except as expressly provided in this Section. THE EMPLOYEE IS NOT WAIVING ANY
RIGHTS FOR EVENTS ARISING AFTER THE DATE OF THIS AGREEMENT.
	 
	D)	 	Employee agrees that, for a period of two years after termination of employment with Imation:

	 	i	 	Employee will inform any new employer, prior to accepting
employment, of the existence of this provision of the Confidential General
Release and provide such employer with a copy thereof.
	 
	 	ii.	 	Employee agrees not to directly or indirectly, render
services to any Conflicting Organization in the United States or in any
country in which Imation has a plant for manufacturing a product upon which
Employee worked during employment by Imation, except that Employee may accept
employment with a large Conflicting Organization whose business is diversified
(and which has separate and distinct divisions), and which as to part of its
business is not a Conflicting Organization, provided Imation, prior to
Employee accepting such employment, shall receive separate written assurances
satisfactory to Imation from such Conflicting Organization and from Employee
that Employee will not render services directly or indirectly in connection
with the development, manufacture, marketing, sale, merchandising, leasing,
servicing or promotion of any Conflicting Product.

	 	 	 	“Conflicting Product” means any product, process, system or
service of any person or organization other than Imation, in
existence or under development, which is the same as or similar to
or competes with, or has a usage allied to, a product, process,
system or service upon which Employee worked during the last three
years of Employee’s employment by Imation.
	 
	 	 	 	“Conflicting Organization” means any person or organization which
is engaged in or about to become engaged in, research on or
development, production, marketing, leasing, selling or services
of a Conflicting Product.

	E)	 	Employee also agrees that following Employee’s termination from Imation, Employee will not
make disparaging remarks about Imation and will not interfere with Imation’s

Exhibit A-2

 

	 	 	business
relationships with its customers, vendors, or distributors.
	 
	F)	 	Employee further agrees that Employee will not solicit Imation employees, either on behalf of
Employee or any third party, to resign from Imation to work for Employee or any third party.
	 
	G)	 	As further consideration for this Agreement, Employee agrees that if requested by Imation,
Employee will make himself/herself available at reasonable times to assist and cooperate with
Imation in the litigation of any lawsuits or claims, and agrees to be available to Imation to
testify honestly with regard to such lawsuits or claims if Employee is determined by Imation
to be a material witness. Similarly, Employee agrees that he/she will decline to voluntarily
aid, assist, or cooperate with any parties who are involved in claims or lawsuits by or
against Imation, or with their attorneys or agents; and will notify Imation when and if the
Employee is contacted by other parties or their attorneys or agents involving claims or
lawsuits by or against Imation. It is understood and intended that nothing in this paragraph
shall prevent Employee from honestly testifying at a legal proceeding in response to a lawful
and properly served subpoena in a proceeding involving Imation.
	 
	H)	 	Employee agrees that Imation shall be entitled to injunctive and other equitable relief to
prevent a breach or threatened breach of the provisions of this Agreement, without the
necessity of proving actual damages. Such injunctive relief shall be in addition to any other
damages that may be available at law. Employee also acknowledges that if Imation is required
to bring an action to enforce its rights under this Agreement, it shall be entitled to recover
its attorney’s fees and costs associated with such an action, if Imation prevails.
	 
	3.	 	Other Understandings, Agreements, and Representations
	 
	A)	 	Employee agrees that Employee’s Imation employment will terminate effective
                                        . Employee further understands and agrees that Employee will not be
eligible for and will not receive consideration, severance pay or benefits under any other
group Income Assistance Pay Plan for which Employee might otherwise have been eligible.
	 
	B)	 	Employee understands that the term Imation, as used in this Agreement, includes: (1) its
past, present, and future divisions, subsidiaries, affiliates successors and assigns, and
their officers, directors, employees, agents, insurers and legal counsel; (2) any ERISA
employee benefit plan sponsored by Imation, acting as plan administrator, fiduciary or party
in interest with respect to such plan. Employee agrees that this Agreement binds Employee and
also binds Employee’s heirs, executors, administrators, assigns, agents, partners and
successors in interest.
	 
	C)	 	Employee agrees that this Agreement and the payment of money and benefits to Employee by
Imation is not an admission by Imation of any violation of Employee’s rights or of any
statutory or other legal obligation.

Exhibit A-3

 

	D)	 	Employee represents that no right, claim, or cause of action covered by this Agreement has
been assigned or given to someone else.
	 
	E)	 	Employee represents that, except as provided in Section 5(iv) of the Amended and Restated
Severance Agreement, Employee will not apply for or accept employment with Imation in any
capacity.
	 
	F)	 	Except as set forth in Section 2.D.i Employee represents that Employee will keep the terms
of this Agreement strictly confidential, except that Employee may tell Employee’s spouse or
domestic partner, legal counsel and tax advisor. In the event Employee chooses to communicate
any information about the existence of the Agreement or any of its terms to Employee’s spouse
or domestic partner, legal counsel and/or accountant or investment advisor, Employee shall
instruct such persons that information about the existence of the Agreement and its terms are
confidential and that the spouse or domestic partner, legal counsel or accountant is not to
disclose, disseminate or publicize, or cause or permit to be disclosed, disseminated or
publicized, the information to any other party, entity, person (including any current or former
employee of Imation), company, government agency, publication judicial authority. Employee may
also disclose information regarding the Agreement (1) to the extent necessary to report the sum
awarded to appropriate taxing authorities or (2) in response to any subpoena issued by a state
or federal governmental agency or court of competent jurisdiction; provided, however, that
notice of receipt of such order or subpoena shall be promptly communicated to Imation by
telephone and in writing to General Counsel, Imation Legal Affairs, 1 Imation Way, Oakdale,
Minnesota 55128, telephone (651) 704-5516 so that Imation shall have an opportunity to
intervene and assert what rights it has to nondisclosure prior to any response to such order or
subpoena. Any court reviewing a subpoena should be aware that part of the consideration for the
Agreement is the agreement of Employee not to testify regarding the existence of the Agreement
or any of its terms.
	 
	G)	 	This Agreement and the Amended and Restated Severance Agreement contain the entire
understanding between Employee and Imation and supersedes all prior agreements and
understandings relating to the subject matter of this Agreement. This Agreement shall not be
modified, amended, or terminated except as provided in section 3.J. unless such modification,
amendment, or termination is executed in writing by Employee and Imation.
	 
	H)	 	Employee agrees that Imation may use this Agreement to secure withdrawal of any federal,
state, or local charge Employee might have filed or will file, that Employee will sign any
document necessary to obtain the withdrawal of any such charge, and that Employee waives the
right to receive monetary damages or other legal or equitable relief awarded by any
governmental agency related to any such charge.
	 
	1)	 	Employee represents and certifies that Employee has twenty-one (21) days to consider whether
to accept this Agreement and enter into this Release; review it before being

Exhibit A-4

 

	 	 	asked to sign it;
has read this Agreement carefully; has been given a fair opportunity to discuss and negotiate
the terms of this Agreement; understands its provisions; has been advised to consult an
attorney; has determined that it is in Employee’s best interest to enter into this Agreement;
has not been influenced to sign this Agreement by any statement or representation by Imation
not contained in this Agreement; and enters into this Agreement knowingly and voluntarily. If
Employee chooses to sign this Agreement before twenty-one (21) days have passed, Employee
understands that it is their decision to execute the Agreement early and that Imation has made
the full twenty-one (21) day period available for Employee to consider the Agreement.
	 
	J)	 	Employee understands that pursuant to the provisions of Minnesota Statutes § 363.031,
subd. 2, Employee may rescind this Agreement by notifying Imation of Employee’s desire to do
so in a writing delivered to Imation personally or by certified mail, return receipt
requested, within fifteen (15) calendar days of Employee’s execution of this Agreement. To be
effective, such notice of rescission, if mailed, must be postmarked within the fifteen (15)
day period and addressed as follows:

Imation Corp.

Attn: General Counsel

1 Imation Way

Oakdale, MN 55128

	K)	 	In case any part of this Agreement is held invalid, illegal or otherwise unenforceable, the
validity, legality and enforceability of the remaining provisions will not be affected in any
way, it being intended that the provisions of this Agreement are severable, EXCEPT THAT, if
paragraph 2 of this Agreement is held invalid, illegal, or unenforceable, this Agreement is
voidable, and, if Employee seeks to void this Agreement, Employee understands and agrees that
Employee will repay the total amount of consideration paid to Employee under this Agreement.
	 
	L)	 	Any dispute arising between Employee and Imation under this Agreement will be submitted to
final and binding arbitration in accordance with the rules of the American Arbitration
Association before an arbitrator mutually selected by the parties. In the event that the
parties cannot agree on an arbitrator, the parties agree to submit the dispute before an
arbitrator selected by the Chief Judge of Ramsey County Court. The Arbitration shall be
conducted in St. Paul, Minnesota and shall be final and binding on both parties. The expenses
of the neutral arbitrator(s) and any court reporter shall be equally divided between Employee
and Imation.

Exhibit A-5

 

	M)	 	The agreement will be governed by and construed and interpreted according to the laws of the
State of Minnesota.
	 
	N)	 	Nothing in this Agreement shall be deemed to terminate or reduce in any way any right
Employee might have to indemnification from Imation under the provisions of the Delaware
General Corporation Law and Imation’s Restated Certificate of Incorporation and Bylaws, each
as in effect on the date of employment termination, for acts, omissions or events that
occurred or are alleged to have occurred prior to the date of termination of employment.

	 	 	 	 	 	 	 

	ACCEPTED AND AGREED:	 	IMATION CORP.
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 

WAIVER OF

CONSIDERATION PERIOD

I understand that under the law I have 21 days to consider the Confidential General Release of All
Claims. I knowingly and voluntarily waive this consideration period. The 15 day rescission period
to revoke the acceptance of the Confidential General Release of All Claims remains in effect.

Print Name

Signature

Date

Exhibit A-6

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