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FIRST AMENDED AND RESTATED CREDIT AGREEMENT

Loan Agreement

FIRST AMENDED AND RESTATED CREDIT AGREEMENT | Document Parties: RTI INTERNATIONAL METALS INC | BANK OF AMERICA, N.A. | COMERICA BANK | FIFTH THIRD BANK | FIRST COMMONWEALTH BANK | FIRST NATIONAL BANK OF PENNSYLVANIA | FIRSTMERIT BANK, NA | KEYBANK NATIONAL ASSOCIATION | Prudential Investment Management, Inc | PRUDENTIAL RETIREMENT INSURANCE | RTI INTERNATIONAL METALS, INC | TD BANK, NA | TRISTATE CAPITAL BANK | WELLS FARGO BANK, NATIONAL ASSOCIATION You are currently viewing:
This Loan Agreement involves

RTI INTERNATIONAL METALS INC | BANK OF AMERICA, N.A. | COMERICA BANK | FIFTH THIRD BANK | FIRST COMMONWEALTH BANK | FIRST NATIONAL BANK OF PENNSYLVANIA | FIRSTMERIT BANK, NA | KEYBANK NATIONAL ASSOCIATION | Prudential Investment Management, Inc | PRUDENTIAL RETIREMENT INSURANCE | RTI INTERNATIONAL METALS, INC | TD BANK, NA | TRISTATE CAPITAL BANK | WELLS FARGO BANK, NATIONAL ASSOCIATION

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Title: FIRST AMENDED AND RESTATED CREDIT AGREEMENT
Governing Law: New York     Date: 8/10/2009
Industry: Misc. Fabricated Products     Law Firm: Chadbourne Parke;Buchanan Ingersoll     Sector: Basic Materials

FIRST AMENDED AND RESTATED CREDIT AGREEMENT, Parties: rti international metals inc , bank of america  n.a. , comerica bank , fifth third bank , first commonwealth bank , first national bank of pennsylvania , firstmerit bank  na , keybank national association , prudential investment management  inc , prudential retirement insurance , rti international metals  inc , td bank  na , tristate capital bank , wells fargo bank  national association
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Exhibit 4.1 $425,000,000.00 FIRST AMENDED AND RESTATED CREDIT AGREEMENT Dated as of September 8, 2008 among RTI INTERNATIONAL METALS, INC.
as Borrower and The Lenders Party Hereto and NATIONAL CITY BANK
as Administrative Agent and CITIBANK, N.A.
as Syndication Agent and PNC BANK, NATIONAL ASSOCIATION
as Documentation Agent and PNC CAPITAL MARKETS LLC and FIFTH THIRD BANK
as Co-Lead Arrangers and PNC CAPITAL MARKETS LLC
as Sole Bookrunner

 




 

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

             

ARTICLE I DEFINITIONS AND ACCOUNTING TERMS

 

 

1

 

 

 

Section 1.01

 

Defined Terms

 

 

1

 

 

 

Section 1.02

 

Other Interpretive Provisions

 

 

25

 

 

 

Section 1.03

 

Accounting Terms

 

 

26

 

 

 

Section 1.04

 

Times of Day

 

 

26

 

 

 

Section 1.05

 

Rounding

 

 

26

 

 

 

 

 

 

 

 

 

 

ARTICLE II THE COMMITMENTS AND LOANS

 

 

27

 

 

 

Section 2.01

 

Revolving Loans

 

 

27

 

 

 

Section 2.02

 

Term Loans

 

 

27

 

 

 

Section 2.03

 

Swing Loans

 

 

28

 

 

 

Section 2.04

 

Letters of Credit

 

 

28

 

 

 

Section 2.05

 

Term Loan Borrowing; Revolving Loan Borrowings, Swing Loan Borrowings

 

 

29

 

 

 

Section 2.06

 

Conversions or Continuations

 

 

34

 

 

 

Section 2.07

 

Prepayments

 

 

35

 

 

 

Section 2.08

 

Termination or Reduction of Commitments

 

 

37

 

 

 

Section 2.09

 

Repayment of Loans

 

 

37

 

 

 

Section 2.10

 

Interest

 

 

38

 

 

 

Section 2.11

 

Interest Rate Determination

 

 

38

 

 

 

Section 2.12

 

Fees

 

 

39

 

 

 

Section 2.13

 

Computation of Interest and Fees

 

 

40

 

 

 

Section 2.14

 

Evidence of Debt

 

 

40

 

 

 

Section 2.15

 

Payments Generally; Administrative Agent’s Clawback

 

 

41

 

 

 

Section 2.16

 

Sharing of Payments by Lenders

 

 

42

 

 

 

Section 2.17

 

Increase in the Aggregate Revolving Credit Commitments

 

 

42

 

 

 

Section 2.18

 

Extension of Revolving Credit Maturity Date

 

 

44

 

 

 

Section 2.19

 

Issuance of Letters of Credit

 

 

48

 

 

 

 

 

 

 

 

 

 

ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY

 

 

52

 

 

 

Section 3.01

 

Taxes

 

 

52

 

 

 

Section 3.02

 

Illegality

 

 

55

 

 

 

Section 3.03

 

Inability to Determine Rates

 

 

55

 

 

 

Section 3.04

 

Increased Costs; Reserves on Eurodollar Rate Loans

 

 

56

 

 

 

Section 3.05

 

Compensation for Losses

 

 

57

 

 

 

Section 3.06

 

Mitigation Obligations; Replacement of Lenders

 

 

58

 

 

 

Section 3.07

 

Survival

 

 

59

 

 

 

 

 

 

 

 

 

 

ARTICLE IV CONDITIONS PRECEDENT

 

 

59

 

 

 

Section 4.01

 

Conditions of Effectiveness

 

 

59

 

 

 

Section 4.02

 

Conditions to Borrowing and Issuance of Letters of Credits

 

 

61

 

 

 

Section 4.03

 

Conditions to Commitment Increases

 

 

61

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

             

ARTICLE V REPRESENTATIONS AND WARRANTIES

 

 

62

 

 

 

Section 5.01

 

Organization, Good Standing and Qualification

 

 

62

 

 

 

Section 5.02

 

Authority

 

 

62

 

 

 

Section 5.03

 

Governmental Filings; No Violations

 

 

62

 

 

 

Section 5.04

 

Financial Statements

 

 

63

 

 

 

Section 5.05

 

Disclosure

 

 

63

 

 

 

Section 5.06

 

Material Adverse Change

 

 

64

 

 

 

Section 5.07

 

Litigation

 

 

64

 

 

 

Section 5.08

 

Employee Benefits

 

 

64

 

 

 

Section 5.09

 

Compliance with Laws

 

 

65

 

 

 

Section 5.10

 

Environmental Matters

 

 

66

 

 

 

Section 5.11

 

Payment of Taxes

 

 

66

 

 

 

Section 5.12

 

Intellectual Property

 

 

67

 

 

 

Section 5.13

 

Title to Properties

 

 

67

 

 

 

Section 5.14

 

Material Contracts

 

 

67

 

 

 

Section 5.15

 

Insurance

 

 

67

 

 

 

Section 5.16

 

Federal Reserve Regulations

 

 

68

 

 

 

Section 5.17

 

Investment Company

 

 

68

 

 

 

Section 5.18

 

Subsidiaries

 

 

68

 

 

 

Section 5.19

 

Solvency

 

 

68

 

 

 

Section 5.20

 

Pledged Equity

 

 

69

 

 

 

Section 5.21

 

Pari Passu

 

 

69

 

 

 

 

 

 

 

 

 

 

ARTICLE VI AFFIRMATIVE COVENANTS

 

 

69

 

 

 

Section 6.01

 

Financial Reporting

 

 

69

 

 

 

Section 6.02

 

Notices

 

 

71

 

 

 

Section 6.03

 

Use of Proceeds

 

 

71

 

 

 

Section 6.04

 

Preservation of Existence

 

 

72

 

 

 

Section 6.05

 

Insurance

 

 

72

 

 

 

Section 6.06

 

Compliance with Laws

 

 

72

 

 

 

Section 6.07

 

Access

 

 

72

 

 

 

Section 6.08

 

Payment Taxes and Other Obligations

 

 

73

 

 

 

Section 6.09

 

New Material Subsidiaries

 

 

73

 

 

 

Section 6.10

 

Maintenance of Properties and Leases

 

 

73

 

 

 

Section 6.11

 

Keeping of Records and Books of Account

 

 

73

 

 

 

Section 6.12

 

Further Assurances

 

 

74

 

 

 

Section 6.13

 

Transactions With Affiliates

 

 

74

 

 

 

 

 

 

 

 

 

 

ARTICLE VII NEGATIVE COVENANTS

 

 

74

 

 

 

Section 7.01

 

Debt

 

 

74

 

 

 

Section 7.02

 

Liens

 

 

76

 

 

 

Section 7.03

 

Fiscal Year; Nature of Business, Accounting Policies

 

 

76

 

 

 

Section 7.04

 

Financial Covenants

 

 

76

 

 

 

Section 7.05

 

Liquidations, Mergers and Consolidations

 

 

76

 

 

 

Section 7.06

 

Dispositions of Assets or Subsidiaries

 

 

77

 

 

 

Section 7.07

 

Dividends and Related Distributions

 

 

78

 

ii


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

             

 

 

Section 7.08

 

Changes in Organizational Documents

 

 

78

 

 

 

Section 7.09

 

Negative Pledge

 

 

79

 

 

 

 

 

 

 

 

 

 

ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES

 

 

79

 

 

 

Section 8.01

 

Events of Default

 

 

79

 

 

 

Section 8.02

 

Remedies Upon Event of Default

 

 

81

 

 

 

Section 8.03

 

Application of Funds

 

 

82

 

 

 

Section 8.04

 

Actions in Respect of the Letters of Credit Upon Event of Default; L/C Cash Collateral Account

 

 

82

 

 

 

 

 

 

 

 

 

 

ARTICLE IX ADMINISTRATIVE AGENT; DOCUMENTATION AGENT

 

 

85

 

 

 

Section 9.01

 

Appointment and Authority

 

 

85

 

 

 

Section 9.02

 

Rights as a Lender

 

 

86

 

 

 

Section 9.03

 

Exculpatory Provisions

 

 

86

 

 

 

Section 9.04

 

Reliance by Administrative Agent and/or Documentation Agent

 

 

87

 

 

 

Section 9.05

 

Delegation of Duties

 

 

88

 

 

 

Section 9.06

 

Resignation of Administrative Agent

 

 

88

 

 

 

Section 9.07

 

Non-Reliance on Administrative Agent or Documentation Agent and Other Lenders

 

 

89

 

 

 

Section 9.08

 

No Other Duties, Etc.

 

 

89

 

 

 

 

 

 

 

 

 

 

ARTICLE X MISCELLANEOUS

 

 

90

 

 

 

Section 10.01

 

Amendments, Etc.

 

 

90

 

 

 

Section 10.02

 

Notices; Effectiveness; Electronic Communication

 

 

91

 

 

 

Section 10.03

 

No Waiver; Cumulative Remedies

 

 

92

 

 

 

Section 10.04

 

Expenses; Indemnity; Damage Waiver

 

 

93

 

 

 

Section 10.05

 

Payments Set Aside

 

 

95

 

 

 

Section 10.06

 

Successors and Assigns

 

 

95

 

 

 

Section 10.07

 

Treatment of Certain Information; Confidentiality

 

 

99

 

 

 

Section 10.08

 

Right of Setoff

 

 

100

 

 

 

Section 10.09

 

Interest Rate Limitation

 

 

100

 

 

 

Section 10.10

 

Counterparts; Integration; Effectiveness

 

 

100

 

 

 

Section 10.11

 

Survival of Representations and Warranties

 

 

101

 

 

 

Section 10.12

 

Severability

 

 

101

 

 

 

Section 10.13

 

Replacement of Lenders

 

 

101

 

 

 

Section 10.14

 

Governing Law; Jurisdiction; Etc.

 

 

102

 

 

 

Section 10.15

 

Waiver of Jury Trial

 

 

103

 

 

 

Section 10.16

 

USA PATRIOT Act Notice

 

 

103

 

 

 

Section 10.17

 

Amendment and Restatement

 

 

103

 

iii


 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

             

SCHEDULES

 

 

 

 

       

 

 

 

 

 

       

Schedule 2.01

 

 

Revolving Credit Commitments and Applicable Revolving Credit Percentages

       

Schedule 2.02

 

 

Term Loan Commitments and Applicable Term Loan Percentages

       

Schedule 2.04

 

 

Existing Letters of Credit

       

Schedule 2.10

 

 

Applicable Margins

       

Schedule 5.07

 

 

Litigation

       

Schedule 5.18

 

 

Subsidiaries

       

Schedule 7.01(a)

 

 

Existing Debt

       

Schedule 7.01(b)

 

 

Existing Subsidiary Debt

       

Schedule 7.02

 

 

Existing Liens

       

Schedule 7.07

 

 

Restrictions on Dividends

       

Schedule 10.02

 

 

Notice Information

       

 

 

 

 

EXHIBITS

 

 

 

 

 

 

 

Exhibit A

 

Form of Loan Notice

Exhibit B

 

Form of Conversion or Continuation Notice

Exhibit C

 

Form of Revolving Credit Commitment Increase Notice

Exhibit D

 

Form of Promissory Note (Revolving Loan)

Exhibit E

 

Form of Promissory Note (Term Loan)

Exhibit F

 

Form of Assignment and Assumption

Exhibit G

 

Form of Subsidiary Guaranty

Exhibit H

 

Form of Pledge Agreement

Exhibit I

 

Form of Compliance Certificate

iv


 

FIRST AMENDED AND RESTATED CREDIT AGREEMENT           This FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this " Agreement ") is entered into as of September 8, 2008 among RTI INTERNATIONAL METALS, INC., an Ohio corporation (the " Borrower "), each lender from time to time party hereto, PNC BANK, NATIONAL ASSOCIATION, as issuer of letters of credit, PNC BANK NATIONAL ASSOCIATION, as Documentation Agent, CITIBANK, N.A., as Syndication Agent, PNC CAPITAL MARKETS LLC and FIFTH THIRD BANK, as Co-Lead Arrangers, and NATIONAL CITY BANK, as Swing Loan Bank and Administrative Agent.           WHEREAS, the Borrower, various financial institutions and Citibank, N.A., as administrative agent for such various financial institutions, entered into that certain Credit Agreement, dated as of September 27, 2007 (as amended prior to the date hereof, the "Existing Credit Agreement");           WHEREAS, the Borrower has requested that the Lenders (as defined below) amend and restate the Existing Credit Agreement in order to provide a credit facility to make loans to the Borrower and that the Issuing Bank issue Letters of Credit on the Borrower’s behalf, and the Lenders and the Issuing Bank are willing to do so on the terms and conditions set forth herein; and           WHEREAS, the Administrative Agent, the Documentation Agent and the Lenders are willing to amend and restate the Existing Credit Agreement in order to provide such credit upon the terms and conditions hereinafter set forth.           In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
           Section 1.01 Defined Terms .           As used in this Agreement, the following terms shall have the meanings set forth below:           " Act " has the meaning assigned to such term in Section 10.16.           " Administrative Agent " means National City Bank, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 




 

          " Administrative Agent Fee Letter " means that certain fee letter, dated September 3, 2008, by and between the Borrower and the Administrative Agent, as amended, modified or supplemented from time to time.           " 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 to the Borrower 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.           " Aggregate Commitments " means the Commitments, as applicable, of all the Lenders.           " Aggregate Revolving Credit Commitments " means the Revolving Credit Commitments of all the Lenders.           " Aggregate Term Loan Commitments " means the Term Loan Commitments of all the Lenders.           " Agreement " means this First Amended and Restated Credit Agreement.           " Applicable Margin " means, from time to time, the percentages per annum determined by reference to the Leverage Ratio in respect of the facility fee pursuant to Section 2.12(a), the Revolving Loans which are Eurodollar Rate Loans and the Term Loans, as set forth on Schedule 2.10 .           " Applicable Revolving Credit Percentage " means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Revolving Credit Commitments represented by such Lender’s Revolving Credit Commitment at such time. If the commitment of each Lender to make Revolving Credit Loans has been terminated pursuant to Section 8.02 or if the Aggregate Revolving Credit Commitments have expired, then the Applicable Revolving Credit Percentage of each Lender shall be determined based on the Applicable Revolving Credit Percentage of such Lender most recently in effect, giving effect to any subsequent assignments or increase in Revolving Credit Commitments. The initial Applicable Revolving Credit Percentage 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.

2




 

          " Applicable Term Loan Percentage " means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Term Loan Commitments represented by such Lender’s Term Loan Commitment at such time. The initial Applicable Term Loan Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.02 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.           " 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.           " Asbestos " includes chrysotile, amosite, crocidolite, tremolite asbestos, anthophyllite asbestos, actinolite asbestos, asbestos winchite, asbestos richterite, and any of these minerals that have been chemically treated and/or altered and any asbestiform variety, type or component thereof and any asbestos-containing material.           " Asbestos-Containing Material " means any material containing Asbestos, including, without limitation, any Asbestos-containing products, automotive or industrial parts or components, equipment, improvements to real property and any other material that contains Asbestos.           " 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 hereunder), and accepted by the Administrative Agent, in substantially the form of Exhibit F or any other form approved by the Administrative Agent.           " Assuming Revolving Credit Lender " has the meaning specified in Section 2.17(d).           " Audited Financial Statements " means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2007 and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.           " Authorized Officer " the chief executive officer, president, chief financial officer, senior vice president of strategic planning and finance, assistant treasurer or treasurer of a Loan Party, acting singly or any officer designated by any such Loan Party. Any document delivered hereunder that is signed by an Authorized Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Authorized Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

3




 

          " Availability Period " means the period from and including the Closing Date to the Revolving Credit Maturity Date.           " Available Amount " of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter of Credit at such time (assuming the compliance at such time with all conditions to drawing).           " Bankruptcy and Equity Exception " has the meaning specified in Section 5.02.           " Base Rate " means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced by the Administrative Agent from time to time as the Administrative Agent’s "prime rate." Any change in such rate announced by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change.           " Base Rate Loan " means a Loan that bears interest based on the Base Rate.           " Borrower " has the meaning specified in the introductory paragraph hereto.           " Borrower Materials " has the meaning assigned to such term in Section 6.01.           " Borrowing " means a Revolving Loan Borrowing, a Swing Loan Borrowing or a Term Loan Borrowing.           " 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, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.           " Capitalized Lease " of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP.           " Capitalized Lease Obligations " of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP.           " Cash Equivalents " means any of the following types of investments, to the extent owned by the Borrower or its Domestic Subsidiaries free and clear of all Liens, (i) securities issued or directly and fully guaranteed or insured by the United States Government or any agency instrumentality thereof having maturities of not more than six months from the date of acquisition, (ii) time deposits, certificates of deposit and eurodollar time deposits with

4




 

maturities of not more than six months from the date of acquisition, bankers’ acceptances with maturities not exceeding six months from the date of acquisition and overnight bank deposits, in each case with any Lender or with any domestic commercial bank having capital and surplus in excess of Five Hundred Million and 00/100 Dollars ($500,000,000.00), (iii) repurchase obligations with a term of not more than thirty (30) days for underlying securities of any of the types described in clauses (i) or (ii) and entered into with any bank meeting the qualifications specified in clause (ii) above, (iv) commercial paper maturing in one hundred eighty (180) days or less rated not lower than "A-1" by S&P or "P-1" by Moody’s on the date of acquisition, (v) variable rate demand notes whether recorded as cash equivalents or short-term investments under GAAP and rated not lower than A-1 by S&P or P-1 by Moody’s on the date of acquisition and credit enhanced either by a letter of credit from a bank meeting the qualifications specified in clause (ii) above or by bond insurance and (vi) shares of any money market fund that (i) has at least eighty percent (80%) of its assets invested continuously in the types of investments referred to in clauses (i), (ii), (iii) and (iv) above, (ii) has net assets of not less than Five Hundred Million and 00/100 Dollars ($500,000,000.00.) and (iii) is rated at least "AAA" by S&P and, if rated by Moody’s, "Aaa" by Moody’s.           " 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 Entity or (c) compliance by any Lender (or, for the purpose of Section 3.04(b), any Lending Office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Entity.           " Change of Control " means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), of equity interests representing more than fifty percent (50%) of the aggregate ordinary voting power represented by the issued and outstanding equity interests in the Borrower or (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) directors of the Borrower on the date of this Agreement, (ii) nominated by the board of directors of the Borrower, or (iii) appointed by directors referred to in the preceding clauses (i) and (ii).           " Closing Date " means the first date that all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.           " Code " means the Internal Revenue Code of 1986, as amended from time to time.

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          " Co-Lead Arranger Fee Letter " means that certain fee letter, dated August 28, 2008, by and between the Borrower and Fifth Third Bank, as amended, modified or supplemented from time to time.           " Commitment " means a Term Loan Commitment, a Revolving Credit Commitment, a Swing Loan Commitment or a Letter of Credit Commitment.           " Company Foreign Benefit Plan " has the meaning assigned to such term in Section 5.08(g).           " Compensation and Benefit Plan " means, with respect to any Person, any bonus, deferred compensation, pension, retirement, profit-sharing, thrift, savings, employee stock ownership, stock bonus, stock purchase, change in control, retention, restricted stock, stock option, employment, termination, severance, compensation, medical, health or other compensation or benefit plan, including, without limitation, each "employee benefit plan" within the meaning of Section 3(3) of ERISA, that covers employees or former employees, or directors or former directors of such Person or any of its Subsidiaries, or to which contributions are made or otherwise required to be made, by such Person or any of its Subsidiaries, together with any trust agreement or insurance contract forming a part of such Compensation and Benefit Plan.           " Consolidated Debt " means, at any time, all Debt that would be required to appear as liabilities on the consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP plus all guarantee obligations (or obligations having the economic effect of guarantee obligations) of the Borrower or any Subsidiary in respect of Debt of Persons other than the Borrower or any Subsidiary.           " Consolidated EBITDA " means, for any period, the sum (without duplication) of (a) Consolidated Net Income for such period, plus, without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of (i) Consolidated Interest Expense for such period, (ii) income tax expense for such period, and (iii) depreciation and amortization expense for such period, all determined on a consolidated basis for each such item in accordance with GAAP; (iv) all other non-cash charges (including impairment charges with respect to good will) and expenses (including stock based compensation) of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP, (v) charges, expenses and fees incurred in connection with this Agreement and the Loans, (vi) non-recurring charges, fees and expenses incurred in connection with corporate restructurings and acquisitions, in an aggregate amount not to exceed Ten Million and 00/100 Dollars ($10,000,000.00) in any calendar year and not to exceed Twenty-Five Million and 00/100 Dollars ($25,000,000.00) during the term of this Agreement, and minus , to the extent included in determining such consolidated net income, any non-cash income or non-cash gains, all as determined on a consolidated basis in accordance with GAAP. EBITDA will be calculated on a pro forma basis to give effect to acquisitions and sales (other than in the ordinary course of business) by the

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Borrower and its consolidated subsidiaries consummated on or after the first (1st) day of a measurement period and prior to the date of determination as if effective on the first (1st) day of such period.           " Consolidated Interest Expense " means, for any period, the total interest expense of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP with respect to all outstanding Debt of the Borrower and its Subsidiaries.           " Consolidated Net Income " means, for any period, net income for the Borrower and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.           " Consolidated Net Tangible Assets " means, at any time, the total assets less all Intangible Assets appearing on the consolidated balance sheet of the Borrower as of the end of the most recently concluded fiscal quarter of the Borrower.           " Contingent Obligation " of a Person means any obligation arising under any agreement, undertaking or arrangement by which such Person (a) assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable for, the Debt or other financial obligation or similar liability of any other Person, excluding guarantees of the obligations of any Subsidiary which do not constitute Debt of such Subsidiary, or (b) agrees to maintain the net worth or working capital or other financial condition of any other Person, or (c) otherwise assures any creditor of such other Person against loss, but excluding endorsements of instruments for deposit or collection in the ordinary course of business.           " Contracts " has the meaning specified in Section 5.03(b).           " 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.           " Controlled Group" means all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with any of the Loan Parties and/or one or more of the Subsidiaries, are treated as a single employer (i) under Section 414(b) or (c) of the Code or (ii) for the purposes of Section 302 of ERISA or Section 412 of the Code, under Section 414(b), (c), (m) or (o) of the Code.           " Conversion or Continuation Notice " means a notice of conversion or continuation delivered pursuant to Section 2.06, which, if in writing, shall be substantially in the form of Exhibit B .

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          " Debt " of a Person means such Person’s (a) obligations for borrowed money, (b) obligations representing the deferred purchase price of property or services (other than accounts payable and accrued expenses arising in the ordinary course of such Person’s business payable on terms customary in the trade and not evidenced by a note), (c) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (d) obligations which are evidenced by notes, bonds, or similar instruments, (e) Capitalized Lease Obligations, (f) Contingent Obligations and (g) obligations for which such Person is obligated pursuant to or in respect of a letter of credit and, for the purpose of Section 7.01 only, Hedging Agreements.           " 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.           " Defaulting Lender " means any Lender that (a) has failed to fund any portion of the Loans required to be funded by it hereunder within one (1) 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 (1) 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 a bankruptcy or insolvency proceeding.           " Default Rate " means an interest rate equal to (a) the Base Rate plus (b) the Applicable Margin, if any, applicable to Base Rate Loans plus (c) two percent (2%) per annum; provided , however , that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus two percent (2%) per annum.           " Documentation Agent " means PNC Bank, National Association, in its capacity as documentation agent under any of the Loan Documents, or any successor documentation agent.           " Documentation Agent Fee Letter " means that certain engagement letter, dated July 28, 2008, by and between the Borrower and the Documentation Agent, as amended, modified or supplemented from time to time.           " Dollar " and " $ " mean lawful money of the United States.

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          " Domestic Subsidiary " means any Subsidiary of the Borrower organized under the laws of (i) any State of the United States or the District of Columbia or (ii) any commonwealth, territory or possession of the United States.           " 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 the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (such approval of the Administrative Agent and the Borrower, as applicable, not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, "Eligible Assignee" shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries.           " Environmental Law " means any applicable Law (including common law) relating to: (a) pollution; (b) the protection of the environment (including air, water, soil, subsurface strata and natural resources) or public health and safety; and (c) the regulation of the generation, use, storage, handling, transportation, treatment, release, remediation or disposal of Hazardous Substances.           " Environmental Liability " means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, 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 Substances, (c) exposure to any Hazardous Substances, (d) the release or threatened release of any Hazardous Substances 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.           " ERISA " means the Employee Retirement Income Security Act of 1974, as amended from time to time.           " ERISA Affiliate " means any Person, trade or business that together with any Loan Party is or was treated as a single-employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA.           " ERISA Event " means (a) a Reportable Event with respect to any Pension Plan, (b) the occurrence of an accumulated funding deficiency (whether or not waived) within the meaning of Section 412 of the Code or Section 302 of ERISA with respect to any Pension Plan or the filing of an application to waive the funding requirements with respect to any Pension Plan, (c) the withdrawal of a Loan Party or any ERISA Affiliate from a Plan during a plan year in which such Loan Party or ERISA Affiliate was a "substantial employer" as defined in Section 4001(a)(2) of ERISA with respect to any Plan, (d) the termination of a Pension Plan, the filing of a notice of intent to terminate such Pension Plan or the treatment of an amendment of such Pension Plan as a termination under Section 4041 of ERISA, (e) the institution by the PBGC of

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proceedings to terminate a Pension Plan or to appoint a trustee to administer a Pension Plan, (f) any event or condition which could reasonable be expected to constitute grounds under Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Plan, (g) the imposition upon any Loan Party or ERISA Affiliate of any withdrawal liability, or (h) the reorganization or insolvency of any Multiemployer Plan.           " Eurodollar Rate " means for any Interest Period with respect to a Eurodollar Rate Loan, an interest rate per annum equal to the rate per annum obtained by dividing (a) the rate per annum (rounded upward to the nearest whole multiple of 1/100 of 1% per annum) appearing on Reuters LIBOR01 Screen (or any successor page) as the London interbank offered rate for deposits in U.S. dollars at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first (1st) day of such Interest Period for a term comparable to such Interest Period or, if for any reason such rate is not available, the average (rounded upward to the nearest whole multiple of 1/100 of 1% per annum, if such average is not such a multiple) of the rate per annum at which deposits in U.S. dollars are offered by the principal office of National City Bank in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two (2) Business Days before the first (1st) day of such Interest Period in an amount substantially equal to National City Bank’s Eurodollar Rate Loan comprising part of such Borrowing to be outstanding during such Interest Period and for a period equal to such Interest Period by (b) a percentage equal to one hundred percent (100%) minus the Eurodollar Rate Reserve Percentage for such Interest Period. If the Reuters LIBOR01 Screen (or any successor page) is unavailable, the Eurodollar Rate for any Interest Period for each Eurodollar Rate Loan comprising part of the same Borrowing shall be determined by National City Bank.           " Eurodollar Rate Loan " means a Loan that bears interest at a rate based on the Eurodollar Rate.           " Eurodollar Rate Reserve Percentage " for any Interest Period for all Eurodollar Rate Loans comprising part of the same Borrowing means the reserve percentage applicable two (2) Business Days before the first (1st) day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including eurocurrency liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate Loans is determined) having a term equal to such Interest Period.           " Event of Default " has the meaning specified in Section 8.01.           " Exchange Act " means the Securities Exchange Act of 1934, as amended.

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          " Excluded Taxes " means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower 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 Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 10.13), any withholding tax imposed by the jurisdiction in which the Borrower is resident 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 the date on which a Participant becomes entitled to the benefits of Section 3.01 pursuant to Section 10.06(d) 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 Borrower with respect to such withholding tax pursuant to Section 3.01(a).            "Existing Credit Agreement" has the meaning set forth in the preamble to this Agreement.           " Existing Letters of Credit " means each "Letter of Credit" issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and set forth on Schedule 2.04 hereto.           " Extended Revolving Credit Maturity Date " has the meaning specified in Section 2.18(a).           " Extending Revolving Credit Lender " has the meaning specified in Section 2.18(a)(i).           " Federal Funds Rate " means, for any day, a fluctuating interest 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 quotations (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) for such day for such transactions received by the

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Administrative Agent from three (3) Federal funds brokers of recognized standing selected by the Administrative Agent.           " Financial Officer " of a Person means the chief financial officer, principal accounting officer, treasurer or controller of such Person or any officer having substantially the same position for such Person.           " Foreign Lender " means 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 Subsidiary " means each Subsidiary which is not a Domestic Subsidiary.           " FRB " means the Board of Governors of the Federal Reserve System of the United States.           " 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 Entity " has the meaning specified in Section 5.03(a).           " Guarantors " means the Material Subsidiaries that are Domestic Subsidiaries as of the date hereof and each other Subsidiary that has executed the Subsidiary Guaranty pursuant to Section 6.09.           " Guaranty Supplement " means a Guaranty Supplement in the form attached as Exhibit B to the Subsidiary Guaranty.           " Hazardous Substance " means any chemical, material or substance that is defined as harmful to human health, the environment, or natural resources by any Environmental Law, including without limitation, petroleum, petroleum products, Asbestos, and Asbestos-Containing Materials.

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          " Hedging Agreement " means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement or puts and calls on any of the foregoing and with respect to equity securities.           " Increasing and Extending Revolving Credit Lender " has the meaning specified in Section 2.18(a)(ii).           " Increasing Revolving Credit Lender " has the meaning specified in Section 2.17(b).           " Indemnified Taxes " means Taxes other than Excluded Taxes.           " Indemnitee " has the meaning specified in Section 10.04(b).           " Information " has the meaning assigned to such term in Section 10.07.           " Intangible Assets " means, at any date, the amount (if any) stated under the heading "Goodwill and Other Intangible assets, net" or under any other heading relating to intangible assets separately listed, in each case, on the face of a balance sheet of the Borrower prepared on a consolidated basis as of such date.           " Intellectual Property Rights " shall mean all patents, patent applications, trademarks, trade names, service marks, brand names, copyrights, technology, know-how, computer software programs or applications, databases and tangible or intangible proprietary information or materials that are currently used in the Borrower’s and its Subsidiaries’ businesses and as to which Borrower and its Subsidiaries have rights.           " Interest Payment Date " means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable, and, if such Interest Period has a duration of more than three (3) months, on each day that occurs during such Interest Period every three (3) months from the first (1st) day of such Interest Period and on the date such Eurodollar Rate advance shall be converted or paid in full; and (b) as to any Base Rate Loan, the last Business Day of each calendar quarter commencing September 30, 2008 and the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable.           " Interest Period " means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the last day of the Interest Period determined in accordance with Section 2.11; provided that:           (i) the Interest Period for any Eurodollar Rate Loan shall be for a period of

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one (1), two (2), three (3) or six (6) months;           (ii) 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, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;           (iii) any Interest Period pertaining to a Eurodollar Rate Loan 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           (iv) no Interest Period shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable.           " Investment Quebec Facility" means the loan facility up to the aggregate principal amount of Five Million One Hundred Seventy-Five Thousand and 00/100 Canadian Dollars (CDN $5,175,000.00) between Investissement Quebec and RTI-Claro, Inc. dated as of July 24, 2006.           " IRS " means the United States Internal Revenue Service.           " Issuing Bank " means PNC Bank, National Association, as the issuer of Letters of Credit, or such other Lender as shall, with the consent of the Issuing Bank, the Borrower and the Administrative Agent, have assumed the obligations of the Issuing Bank with respect to all or any of the Letters of Credit hereunder.           " L/C Cash Collateral Account " has the meaning specified in Section 8.04(b).           " L/C Cash Collateral Account Collateral " has the meaning specified in Section 8.04(b).           " L/C Cash Collateral Account Investments " has the meaning specified in Section 8.04(c).           " L/C Cash Collateral Account Obligations " has the meaning specified in Section 8.04(e)(i).           " L/C Related Documents " has the meaning specified in Section 2.19(e)(i).           " Law " means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, release, ruling, order, injunction, writ, decree, bond,

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judgment, authorization or approval, lien or award of or settlement agreement with any Governmental Entity.           " Lenders " means the Banks listed on the signature pages hereof and each assignee that shall become a party hereto pursuant to Section 10.06 and shall include the Swing Loan Bank and the Issuing Bank.           " 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 Borrower and the Administrative Agent.           " Letter of Credit " has the meaning specified in Section 2.04(a).           " Letter of Credit Agreement " has the meaning specified in Section 2.19(a)(i).           " Letter of Credit Commitment " means, with respect to the Issuing Bank, the obligation of the Issuing Bank to issue Letters of Credit for the account of the Borrower in an amount not to exceed at any one time the Letter of Credit Facility, as such amount may be reduced from time to time by the Available Amount of any outstanding Letter of Credit issued by any other Issuing Bank.           " Letter of Credit Facility " means an aggregate amount not to exceed Forty Million and 00/100 Dollars ($40,000,000.00) at any time outstanding.           " Letter of Credit Loan " means a payment by the Issuing Bank of a draft drawn under any Letter of Credit pursuant to Section 2.19(b) or, without duplication, a payment by a Lender in respect thereof pursuant to Section 2.19(b).           " Letter of Credit Outstandings " means, at any time, the aggregate Available Amount of all Letters of Credit plus the aggregate outstanding principal amount of all Letter of Credit Loans.           " Leverage Ratio " has the meaning specified in Section 7.04(a).           " Lien " means any security interest, lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).           " Litigation Claims " has the meaning specified in Section 5.07.

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          " Loan Documents " means this Agreement, each Note, each Subsidiary Guaranty, each Pledge Agreement, the Administrative Agent Fee Letter and the Documentation Agent Fee Letter.           " Loan Notice " means an Activity Report, pursuant to Section 2.05, which, shall be substantially in the form of Exhibit A .           " Loan Parties " means, collectively, the Borrower and the Guarantors.           " Loans " means all Term Loans, all Revolving Loans, all Swing Loans and all Letter of Credit Loans.           " Margin Stock " has the meaning assigned to such term under Regulation U of the FRB.           " Material Adverse Change " means a material adverse change in the business, financial condition or operations of the Borrower and its Subsidiaries taken as a whole.           " Material Adverse Effect " means a material adverse effect on the (a) business, financial condition or operations of the Borrower and its Subsidiaries taken as a whole, (b) ability of each Loan Party to perform any of its obligations under any Loan Document to which it is a party or (c) rights or remedies available to the Lenders under any Loan Document.           " Material Subsidiary " means, RMI Titanium Company, Tradco, Inc., RTI Energy Systems, Inc., Extrusion Technology Corporation of America, New Century Metals Southeast, Inc., RTI Finance Corp., RTI-Claro, Inc., RTI International Metals Limited and each other Subsidiary of the Borrower which at any time has five percent (5%) or more of the consolidated assets of the Borrower and its Subsidiaries.           " Moody’s " means Moody’s Investors Service, Inc. and any successor thereto.           " Multiemployer Plan " means a Plan that is a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any Loan Party or any ERISA Affiliate is or was obligated to make contributions.           " National City Bank " means National City Bank and its successors.           " Net Debt " means as of any time, Consolidated Debt minus cash and Cash Equivalents of the Borrower and its Domestic Subsidiaries in excess of Fifty Million and 00/100 Dollars ($50,000,000.00).           " Non-Bank Certificate " has the meaning specified in Section 3.01(e)(iii).

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          " Non-Extending Revolving Credit Lender " has the meaning specified in Section 2.18(a).           " Note " or " Notes " means, singularly or collectively, as the context may require, all the Revolving Credit Notes and Term Notes.           " Notice of Issuance " has the meaning specified in Section 2.19(a)(i).           " Notice of Revolving Loan Borrowing " has the meaning specified in Section 2.05(b).           " Notice of Swing Loan Borrowing " has the meaning specified in Section 2.05(c).           " Obligations " means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any 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.           " 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 Entity in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.           " Other Taxes " means all present or future stamp or documentary taxes or any other excise or property taxes or similar charges or 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.           " Participant " has the meaning specified in Section 10.06(d).           " PBGC " means the Pension Benefit Guaranty Corporation.           " Pension Plan " means any Plan that is subject to Section 412 of the Code or Title IV of ERISA, other than a Multiemployer Plan.

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          " Permitted Liens " shall mean:           (a) Liens for taxes, assessments, governmental levies or similar charges incurred in the ordinary course of business and which are not yet due and payable, or if due and payable, (i) are being contested in good faith and by appropriate and lawful proceedings diligently conducted, but only so long as such proceedings could not subject the Administrative Agent, the Swing Loan Bank, the Lenders or the Issuing Bank to any civil or criminal penalties or liabilities, (ii) for which such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made and (iii) which shall be paid in accordance with the terms of any final judgments or orders relating thereto within thirty (30) days after the entry of such judgments or orders;           (b) Pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to participate in any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions, other social security programs or similar program or to secure liability to insurance carriers under insurance or self insurance agreements or arrangement;           (c) Liens of mechanics, materialmen, warehousemen, carrier or other like Liens, securing obligations incurred in the ordinary course of business that are not yet due and payable and Liens of landlords securing obligations to pay lease payments that are not yet due and payable or in default, or if such Liens are due and payable, (i) are being contested in good faith and by appropriate and lawful proceedings diligently conducted, (ii) for which such reserves or other appropriate provisions, if any, as required by GAAP shall have been made and (iii) which shall be paid in accordance with the terms of any final judgments or orders relating thereto within thirty (30) days after the entry of such judgments or orders;           (d) Pledges, bonds or deposits made in the ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases, not in excess of the aggregate amounts due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or other similar bonds required in the ordinary course business;           (e) (i) Encumbrances consisting of zoning restrictions, easements, rights-of-way, or other restrictions on the use of real property, (ii) defects in title to real property, and (iii) Liens, encumbrances and title defects affecting real property not known by the Borrower or a Subsidiary, as applicable, and not discoverable by a search of the public records, none of which materially impairs the use of such property;           (f) (i) Liens on assets of a Person which is merged into or acquired by the Borrower or a Subsidiary of the Borrower on or after the date this Agreement, and (ii) Liens on assets acquired after the date of this Agreement, provided that (A) such Liens existed at the time

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of such merger or acquisition and were not created in anticipation thereof, (B) no such Lien is spread to cover any property or assets of the Borrower or any Subsidiary of the Borrower; and (C) the principal amount of Indebtedness secured thereby is not increased from the amount outstanding immediately prior to such merger or acquisition;           (g) Liens created by or resulting from any litigation or legal proceedings which are currently being contested in good faith by appropriate and lawful proceedings diligently conducted and for which such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made and Liens arising out of judgments or orders for the payment of money which do not constitute an Event of Default hereunder;           (h) Liens placed upon fixed assets described on Schedule 7.02 or fixed assets or equipment hereafter acquired, in each case to secure all or a portion of the purchase price thereof, provided that any such Lien shall not encumber any other property of the Borrower or any Subsidiary;           (i) Other Liens incidental to the conduct of the Borrower’s or any Subsidiary’s business or the ownership of its property and assets which were not incurred in connection with the borrowing of money or the obtaining of advances or credit, and which do not in the aggregate materially detract from the value of the Borrower’s or any Subsidiary’s property or assets or which do not materially impair the use thereof in the operation of the Borrower’s business;           (j) Leases or subleases not otherwise prohibited by this Agreement or the other Loan Documents;           (k) The titanium sponge manufacturing facility lease agreement which the Borrower or one of its Subsidiaries will enter into in connection with the financing of such facility and Liens on such facility in favor of state development authorities with respect to tax incentives in connection with such facility; and           (l) Other Liens securing Debt not exceeding ten percent (10%) of the Consolidated Net Tangible Assets and not encumbering the Pledged Equity.           (m) Liens created hereunder or under any other Loan Document in favor of the Administrative Agent for its benefit and the benefit of the Swing Loan Bank, any Issuing Bank or any Lender;           " Person " shall mean any individual, corporation (including not-for-profit corporations), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature.

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          " Plan " means an employee pension benefit plan, as defined in Section 3(2) of ERISA, as to which any Loan Party or ERISA Affiliate may have any liability.           " Platform " has the meaning assigned to such term in Section 6.01(f).           " Pledge Agreement " means the First Amended and Restated Negative Pledge and Pledge Agreement, dated as of the Closing Date, by the Borrower in favor of the Administrative Agent, the First Amended and Restated Equity Pledge Agreement, dated as of the Closing Date by the Borrower in favor of the Administrative Agent, the Charge Over Securities, dated September 27, 2007, between the Borrower and Citibank, N.A. (in its capacity as security agent) as amended and supplemented by a Supplemental Deed, dated as of the Closing Date, between the Borrower, Citibank, N.A. (the existing security agent) and the Administrative Agent (the new security agent) and any other pledge agreement executed from time to time by a Pledgor in favor of the Administrative Agent in substantially the forms attached hereto as Exhibit H with such changes as advisable based on the laws of the jurisdiction of organization of the Foreign Subsidiary the ownership interests of which are encumbered by such pledge agreement, each as amended, modified or supplemented from time to time.           " Pledged Equity " means sixty-five percent (65%) of the shares of capital stock of RTI-Claro, Inc., and RTI Europe Limited and sixty-five percent (65%) of the capital stock, beneficial, partnership or membership interests of any Foreign Subsidiary which may from time to time be pledged by a Pledgor pursuant to Section 6.09.           " Pledgor " means (i) the Borrower and (ii) each Domestic Subsidiary which owns, directly or indirectly, any Foreign Subsidiary which is a Material Subsidiary.           " Proposed Additional Revolving Credit Commitment " has the meaning specified in Section 2.18(a)(ii).           " Purchase " means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which any Loan Party or any Subsidiary (a) acquires any going business or all or substantially all of the assets of any Person or division or line of business thereof, whether through purchase of assets, merger or otherwise, or (b) directly or indirectly acquires (in one transaction or as of the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding partnership interests of a partnership.           " Ratable Share" means the proportion that a Lender’s Commitment (excluding the Swing Loan Commitment) bears to the Commitments (excluding the Swing Loan Commitments) of all of the Lenders. If the Commitments have terminated or expired, the

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Ratable Share shall be determined based upon the Commitments most recently in effect, giving effect to any assignments.           " Register " has the meaning specified 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.           " Reportable Event " means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Pension Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event pursuant to subsection         .22, .23, .27, .28 or .31 of DOL Regulations Section 4043.           " Required Lenders " means, as of any date of determination, Lenders having more than fifty percent (50%) of the Aggregate Commitments or, if the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02(a), Lenders holding in the aggregate more than fifty percent (50%) of the Total Outstandings; 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.           " Revolving Credit Assumption Agreement " has the meaning specified in Section 2.17(d)(ii).           " Revolving Credit Commitment " means as to any Lender (a) the amount set forth opposite such Lender’s name on Schedule 2.01 hereto as such Lender’s "Revolving Credit Commitment", (b) if such Lender has become a Lender hereunder pursuant to an Assignment and Assumption, the amount set forth as such Lender’s "Revolving Credit Commitment" in such Assignment and Assumption or (c) if such Lender has entered into any Assignment and Assumption, the amount set forth as such Lender’s "Revolving Credit Commitment" in the Register maintained by the Administrative Agent pursuant to Section 10.06(c), as such amount may be reduced pursuant to Section 2.08. The aggregate amount of the Revolving Credit Commitments on the Closing Date is Two Hundred Million and 00/100 Dollars ($200,000,000.00).           " Revolving Credit Commitment Date " has the meaning specified in Section 2.17(b).           " Revolving Credit Commitment Increase " has the meaning specified in Section 2.17(a).

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          " Revolving Credit Increase Date " has the meaning specified in Section 2.17(a).           " Revolving Credit Maturity Date " means the earliest of (a) September 27, 2012, subject to extension pursuant to Section 2.18, (b) the date of termination in whole of the Revolving Credit Commitments pursuant to Section 2.08 and (c) the date of the termination in whole of the Commitments pursuant to Section 8.02(a).           " Revolving Credit Note " means a promissory note made by the Borrower in favor of a Lender evidencing the Revolving Loans made by such Lender, substantially in the form of Exhibit D , as amended, modified or supplemented from time to time.           " Revolving Loan " means a Loan by a Lender to the Borrower as part of a Revolving Loan Borrowing and refers to a Base Rate Loan or a Eurodollar Rate Loan, each of which shall be a " Type " of Revolving Loan.           " Revolving Loan Borrowing " means a borrowing consisting of simultaneous Revolving Loans of the same Type made be each of the Lenders pursuant to Section 2.01.           " Revolving Loan Outstandings " means, at any time, the then aggregate outstanding principal amount of all Revolving Loans.           " S&P " means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.           " SEC " means the Securities and Exchange Commission, or any Governmental Entity succeeding to any of its principal functions.           " Solvent " shall mean, with respect to any person on a particular date, that on such date (i) the fair value of the property of such person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such person, (ii) the present fair salable value of the assets of such person is not less than the amount that will be required to pay the probable liability of such person on its debts as they become absolute and matured, (iii) such person does not intend to, and does not believe that it will, incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities mature and (iv) such person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such person’s property would constitute an unreasonably small capital. For purposes of the definition of "Solvent" above, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing as such time, represents the amount that can reasonably be expected to become an actual or matured liability.           " Subsidiary " means, with respect to any Person, any entity, whether incorporated or unincorporated (including, without limitation, any limited liability company or limited

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partnership), of which at least a majority of the securities ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of its respective Subsidiaries or by such Person and any one or more of its respective Subsidiaries.           " Subsidiary Guaranty " means the Subsidiary Guaranty made by the Guarantors in favor of the Administrative Agent, the Issuing Bank, the Swing Loan Bank and the Lenders, substantially in the form of Exhibit G , as supplemented from time to time pursuant to Section 6.09, each as amended, modified or supplemented from time to time.           " Swing Loan " means a Loan made by (a) the Swing Loan Bank pursuant to Section 2.03 or (b) by any other Lender pursuant to Section 2.05(b).           " Swing Loan Bank " means National City Bank or such other Lenders as shall, with the consent of each Swing Loan Bank, the Administrative Agent and the Borrower, have assumed all or any portion of the obligations of a Swing Loan Bank to make Swing Loans.           " Swing Loan Borrowing " means a borrowing consisting of a Swing Loan made by the Swing Loan Bank.           " Swing Loan Commitment " means an aggregate amount not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) at any one time.           " Swing Loan Outstandings " means, at any time, the aggregate outstanding principal amount of all Swing Loans.           " Syndication Agent " means Citibank, N.A., in its capacity as syndication agent under any of the Loan Documents, or any successor syndication agent.           " Tax " (including, with correlative meaning, the term " Taxes ,") includes all federal, state, local and foreign income, profits, franchise, gross receipts, environmental, capital stock, severances, stamp, payroll, sales, employment, unemployment, disability, use, property, withholding, excise, production, value added, occupancy and other taxes, duties or assessments of any nature whatsoever, together with all interest, penalties and additions imposed with respect to such amounts and any interest in respect of such penalties and additions.           " Tax Return " includes all returns and reports (including elections, declarations, disclosures, schedules, estimates and information returns, as well as attachments thereto and amendments thereof) required to be supplied to a Tax authority relating to Taxes.

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          " Term Loan " means a Loan by a Lender to the Borrower as part of a Term Loan Borrowing and refers to a Base Rate Loan or a Eurodollar Rate Loan, each of which shall be a " Type " of Term Loan.           " Term Loan Borrowing " means a borrowing consisting of simultaneous Term Loans of the same Type made by each of the Lenders pursuant to Section 2.02(a).           " Term Loan Commitment " means as to any Lender (a) the amount set forth opposite such Lender’s name on Schedule 2.02 hereto as such Lender’s "Term Loan Commitment", (b) if such Lender has become a Lender hereunder pursuant to an Assignment and Assumption, the amount set forth as such Lender’s "Term Loan Commitment" in such Assignment and Assumption or (c) if such Lender has entered into any Assignment and Assumption, the amount set forth as such Lender’s "Term Loan Commitment" in the Register maintained by the Administrative Agent pursuant to Section 10.06(c), in each case as the Term Loan Outstandings with respect to such Term Loan Commitment are reduced under this Agreement, including without limitation, pursuant to Section 2.09(b). The aggregate amount of the Term Loan Commitments on the Closing Date is Two Hundred Twenty-Five Million and 00/100 Dollars ($225,000,000.00).           " Term Loan Maturity Date " means the earliest of (a) September 27, 2012, and (b) the date of the termination in whole of the Commitments pursuant to Section 8.02(a).           " Term Loan Outstandings " means, at any time, the then aggregate outstanding principal amount of all Term Loans.           " Term Note " means a promissory note made by the Borrower in favor of a Lender evidencing the Term Loan made by such Lender, substantially in the form of Exhibit E , as amended, modified or supplemented from time to time.           " Total Commitments " means Four Hundred Twenty-Five Million and 00/100 Dollars ($425,000,000.00), as such amount may be increased or reduced as expressly provided in this Agreement.           " Total Outstandings " means, at any time, the sum of (i) the Term Loan Outstandings, (ii) the Revolving Loan Outstandings, (iii) the Swing Loan Outstandings and the (iv) the Letter of Credit Outstandings.           " Transactions " means the execution, delivery and performance by the Loan Parties of the Loan Documents, the borrowing of Loans, the issuance of Letters of Credit and the use of the proceeds thereof.

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          " Type " means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.           " Unfunded Liability " means the amount (if any) by which the present value of all vested and unvested accrued benefits under a Single Employer Plan exceeds the fair market value of assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans based on the actuarial assumptions used by the Plan’s actuary in the most recent annual valuation of the Plan.           " United States " and " U.S. " mean the United States of America.           " Unused Revolving Credit Commitment " means, with respect to each Lender at any time, (a) such Lender’s Revolving Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Loans made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s Applicable Revolving Credit Percentage of the aggregate Available Amount of all the Letters of Credit outstanding at such time.            Section 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

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(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) Article and 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.            Section 1.03 Accounting Terms .           (a)  Generally . 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.           (b)  Changes in GAAP . 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 Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (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 Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.            Section 1.04 Times of Day .           Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).            Section 1.05 Rounding .           For the purposes of the calculating the number of shares of Pledged Equity pursuant to Sections 5.18 and 7.05(c) and the definition of "Pledged Equity", if the pledge of sixty-five percent (65%) of the stock or other interests of the applicable Material Subsidiary would result in the issuance of fractional shares, such lower percentage that would be rounded up to

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sixty-five percent (65%) if such percentage were carried to the first decimal point may be used to determine the number of shares or other interests. ARTICLE II
THE COMMITMENTS AND LOANS
           Section 2.01 Revolving Loans .           (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Loans to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time such Lender’s Unused Revolving Credit Commitment. Anything in this Agreement to the contrary notwithstanding, the Total Outstandings shall not on the date of any extension of credit under this Agreement nor on the last day of an Interest Period for any outstanding Borrowing exceed the Total Commitments.           (b) Each Revolving Loan Borrowing shall be in an aggregate amount of not less than Ten Million and 00/100 Dollars ($10,000,000.00) or a whole multiple of One Million and 00/100 Dollars ($1,000,000.00) in excess thereof or the aggregate Unused Revolving Credit Commitments, if less. Each Revolving Loan Borrowing shall consist of Revolving Loans of the same Type made on the same day by the Lenders ratably according to their respective Revolving Credit Commitments.           (c) Within the limits set forth above, the Borrower may from time to time borrow, prepay pursuant to Section 2.07, repay pursuant to Section 2.09 and reborrow under this Section 2.01.            Section 2.02 Term Loans .           (a) Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, each Lender severally agrees to make a Term Loan to the Borrower on the Closing Date in the aggregate principal amount of Two Hundred Twenty-Five Million and 00/100 Dollars ($225,000,000.00) based upon and not to exceed such Lender’s Term Loan Commitment. Anything in this Agreement to the contrary notwithstanding, the Total Outstandings shall not on the date of any extension of credit under this Agreement nor on the last day of an Interest Period for any outstanding Borrowing exceed the Total Commitments.           (b) The obligations of each Lender to make Term Loans to the Borrower shall be in proportion to such Lender’s Applicable Term Loan Percentage, but each Lender’s Term Loan to the Borrower shall never exceed the Term Loan Commitment. The failure of any Lender to make a Term Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder. The Lenders

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shall have no obligation to make Term Loans hereunder after the Closing Date. The Term Loan Commitments are not revolving credit commitments, and the Borrower shall not have the right to borrow, repay and reborrow under this Section 2.02.            Section 2.03 Swing Loans .           (a) The Borrower may request the Swing Loan Bank to make, and the Swing Loan Bank agrees, on the terms and conditions hereof including the limitation set forth in Section 2.01(b), to make Swing Loans to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding Fifteen Million and 00/100 Dollars ($15,000,000.00).           (b) Each Swing Loan shall be a Base Rate Loan or shall bear interest at such other interest rate as mutually agreed to between the Borrower and the Swing Loan Bank.           (c) Within the limits of the Swing Loan Commitments and the Unused Revolving Credit Commitments as aforesaid, the Borrower may borrow under this Section 2.03, prepay pursuant to Section 2.07, repay pursuant to Section 2.09 and reborrow under this Section 2.03.            Section 2.04 Letters of Credit.           (a) The Issuing Bank agrees, on the terms and conditions hereof, to issue one or more letters of credit (each, a " Letter of Credit ") for the account of the Borrower, or any Subsidiary of the Borrower, from time to time on any Business Day during the Availability Period until the date thirty (30) days before the then scheduled Revolving Credit Maturity Date, provided that (i) the aggregate Available Amount of all Letters of Credit shall not exceed at any time the Letter of Credit Facility (ii) the Available Amount of such Letters of Credit shall not exceed the aggregate Unused Revolving Credit Commitments of the Lenders at such time and (iii) if a Letter of Credit shall be issued for a Subsidiary of the Borrower, the Borrower shall cause such Subsidiary to be a co-applicant with the Borrower with respect to such Letter of Credit.           (b) No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary thereof to require renewal of, or to have automatically renewed, such Letter of Credit) later than thirty (30) days before the then scheduled Revolving Credit Maturity Date (as in effect on the date of issuance of the applicable Letter of Credit).           (c) Any Letter of Credit may provide that it will be automatically renewed annually unless notice is given (1) by the Borrower to the relevant Issuing Bank not less than five (5) Business Days prior to the date of the automatic renewal of such Letter of Credit, that such Letter of Credit will not be renewed, or (2) by the relevant Issuing Bank to the Borrower

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not less than thirty (30) Business Days prior to the date of the automatic renewal of such Letter of Credit, of its election not to renew such Letter of Credit; provided , however , that no Issuing Bank shall give such a notice except (A) at any time during the continuance of any Event of Default or (B) if any automatic renewal would extend a Letter of Credit expiration date to later than thirty (30) days prior to the then scheduled Revolving Credit Maturity Date. In either case in which such notice is given pursuant to the preceding sentence, such Letter of Credit will expire on the date it would otherwise have been automatically renewed, provided that the terms of such Letter of Credit may (y) require the relevant Issuing Bank forthwith to give to the named beneficiary of such Letter of Credit notice of any notice given pursuant to the preceding sentence and (z) permit the beneficiary, upon receipt of the notice under clause (y), to draw under such Letter of Credit prior to the date such Letter of Credit would otherwise have been automatically renewed.           (d) Within the limits of the Letter of Credit Facility, the Borrower may request the issuance of Letters of Credit under Section 2.04(a), repay any Letter of Credit Loans resulting from drawings thereunder and request the issuance of additional Letters of Credit under Section 2.04(a).           (e) Each letter of credit listed on Schedule 2.04 shall be deemed to constitute a Letter of Credit issued hereunder, and each Lender or each Affiliate of a Lender that is an issuer of such a Letter of Credit shall, for purposes of Section 2.19, be deemed to be the Issuing Bank for each such letter of credit, provided than any renewal or replacement of any such letter of credit shall be issued by the Issuing Bank pursuant to the terms of this Agreement.            Section 2.05 Term Loan Borrowing; Revolving Loan Borrowings, Swing Loan Borrowings .           (a)  Term Loan Borrowing .      (i) The Term Loan Borrowing shall be made on notice, given not later than (x) in the case of a Term Loan Borrowing comprised of Eurodollar Rate Loans, 12:00 noon (New York City time) on the third (3rd) Business Day prior to the Closing Date, and (y) in the case of a Term Loan Borrowing comprised of Base Rate Loans, 10:00 A.M. (New York City time) on the Closing Date, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier, telex, cable or electronic mail. The notice of Term Loan Borrowing shall be made in the form of a written Loan Notice, or orally and confirmed immediately in writing, by telecopier, telex, cable or electronic mail, in the form of a written Loan Notice, specifying therein the requested (i) Type of Term Loan comprising the Term Loan Borrowing, (ii) aggregate amount of such Term Loan Borrowing and (iii) in the case of a Term Loan Borrowing comprised of Eurodollar Rate Loans, the Interest Period for such Term Loan. Each Lender shall (A) before 11:00 A.M. (New York City time) on the Closing Date (in the

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case of a Eurodollar Rate Borrowing) and (B) before 1:00 P.M. (New York City time) on the Closing Date of such Term Loan Borrowing (in the case of a Base Rate Borrowing), make available for the account of its applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account in same day funds, such Lender’s ratable portion of such Term Loan Borrowing (based upon its Applicable Term Loan Percentage). After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4.01, the Administrative Agent will make such funds available to the Borrower in such manner as the Administrative Agent and the Borrower may agree.      (ii) Subject to Sections 3.02 and 3.03, the notice of Term Loan Borrowing shall be irrevocable and binding on the Borrower. If the notice of Term Loan Borrowing specifies such Term Loan Borrowing is to be comprised of Eurodollar Rate Loans, the Borrower shall indemnify each relevant Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the Closing Date the applicable conditions set forth in Section 4.01, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Term Loan to be made by such Lender as part of such Term Loan Borrowing when such Term Loan, as a result of such failure, is not made on such date.      (iii) The failure of any Lender to make the Term Loan to be made by it as part of the Term Loan Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Term Loan on the Closing Date, but no Lender shall be responsible for the failure of any other Lender to make the Term Loan to be made by such other Lender on the Closing Date.      (iv) If any Lender makes available to the Administrative Agent funds for the Term Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available on the Closing Date to the Borrower by the Administrative Agent because the conditions to the Term Loan Borrowing set forth in Section 4.01 are not satisfied 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 within one (1) Business Day, without interest.      (v) The obligations of the Lenders hereunder to make Term Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Term Loan or to make any payment under Section 10.04(c) 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 Term Loan or to make its payment under Section 10.04(c).

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     (vi) Nothing herein shall be deemed to obligate any Lender to obtain the funds for the Term 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 the Term Loan in any particular place or manner.           (b)  Revolving Loan Borrowings . (i) Each Revolving Loan Borrowing shall be made on notice, given not later than (x) 12:00 noon (New York City time) on the third (3rd) Business Day prior to the date of a Eurodollar Rate Borrowing, and (y) 10:00 A.M. (New York City time) on the day of a Base Rate Borrowing, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier, telex, cable or electronic mail. Each notice of a Revolving Loan Borrowing (a " Notice of Revolving Loan Borrowing ") shall be made in the form of a written Loan Notice, or orally and confirmed immediately in writing, by telecopier, telex, cable or electronic mail, in the form of a written Loan Notice, specifying therein the requested (i) date of such Revolving Loan Borrowing (which shall be a Business Day), (ii) Type of Revolving Loan comprising such Revolving Loan Borrowing, (iii) aggregate amount of such Revolving Loan Borrowing and (iv) in the case of a Revolving Loan Borrowing comprised of Eurodollar Rate Loans, the Interest Period for each such Revolving Loan. Each Lender shall (A) before 11:00 A.M. (New York City time) on the date of such Borrowing (in the case of a Eurodollar Rate Borrowing) and (B) before 1:00 P.M. (New York City time) on the date of such Borrowing (in the case of a Base Rate Borrowing), make available for the account of its applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account in same day funds, such Lender’s ratable portion of such Borrowing (based upon its Applicable Revolving Credit Percentage). After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4.02, the Administrative Agent will make such funds available to the Borrower in such manner as the Administrative Agent and the Borrower may agree; provided , however , that the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Loan and Letter of Credit Loans as to which the Borrower has received timely notice made by the Swing Loan Bank or the Issuing Bank, as the case may be, and by any other Lender and outstanding on the date of such Revolving Loan Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Loan Bank or the Issuing Bank, as the case may be, and such other Lenders for repayment of such Swing Loans and Letter of Credit Loans.      (ii) Subject to Sections 3.02 and 3.03, each Notice of Revolving Loan Borrowing shall be irrevocable and binding on the Borrower. In the case of any Revolving Loan Borrowing by the Borrower which the related Notice of Revolving Loan Borrowing specifies is to be comprised of Eurodollar Rate Loans, the Borrower shall indemnify each relevant Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Revolving Loan Borrowing for such Revolving Loan Borrowing the applicable conditions set forth in Section 4.02, including, without limitation, any loss (excluding

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loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Revolving Loan to be made by such Lender as part of such Revolving Loan Borrowing when such Revolving Loan, as a result of such failure, is not made on such date.      (iii) Unless the Administrative Agent shall have received notice from a Lender prior to the time any Revolving Loan Borrowing is required to be made that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Revolving Loan Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Revolving Loan Borrowing in accordance with subsection (b)(i) of this Section 2.05 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand a fee in the amount of Two Hundred Dollars ($200.00), and such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such ratable portion of such Revolving Loan Borrowing together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (A) in the case of the Borrower, the interest rate applicable at the time to Revolving Loans comprising such Revolving Loan Borrowing and (ii) in the case of such Lender, the Federal Funds Rate, provided that the Borrower retains its rights against such Lender with respect to any damages it may incur as a result of such Lender’s failure to fund, and notwithstanding anything herein to the contrary, in no event shall the Borrower be liable to such Lender or any other Person for the interest payable by such Lender to the Administrative Agent pursuant to this sentence. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Revolving Loan as part of such Revolving Loan Borrowing for purposes of this Agreement.      (iv) The failure of any Lender to make the Revolving Loan to be made by it as part of any Revolving Loan Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving Loan on the date of such Revolving Loan Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Loan to be made by such other Lender on the date of any Revolving Loan Borrowing.      (v) 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 Borrowing set forth in Section 4.02 are not satisfied or waived in accordance with the terms hereof, the Administrative Agent

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shall return such funds (in like funds as received from such Lender) to such Lender, without interest.      (vi) The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) 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 to make its payment under Section 10.04(c).      (vii) 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.           (c)  Swing Loan Borrowings . (i) Each Swing Loan Borrowing shall be made on oral notice, given not later than 2:00 P.M. (New York City time) on the date of such proposed Swing Loan Borrowing by the Borrower to the Administrative Agent (who shall promptly inform the Swing Loan Bank thereof). Promptly thereafter, the Borrower shall give written notice of the Swing Loan Borrowing (each such notice a " Notice of Swing Loan Borrowing ") to the Administrative Agent by electronic mail (which shall give to the Swing Loan Bank prompt notice thereof by electronic mail), and shall specify therein (i) the date of such Borrowing (which shall be a Business Day), (ii) the amount of such Borrowing and (iii) the account of the Borrower to which the proceeds of such Borrowing are to be made available.      (ii) Upon (i) demand by the Swing Loan Bank, each other Lender shall purchase from the Swing Loan Bank, and the Swing Loan Bank shall sell and assign to each other Lender, such other Lender’s Applicable Revolving Credit Percentage of each outstanding Swing Loan made by the Swing Loan Bank together with related claims for accrued and unpaid interest or (ii) an Event of Default of the type referred to in clauses (a), (f), (g) or (h) of Section 8.01, upon a Change of Control or any rescission or restoration of any payment received by the Swing Loan Bank in respect of any Swing Loan (whether as a result of proceedings in bankruptcy or otherwise), each Lender shall purchase from the Swing Loan Bank, and the Swing Loan Bank shall sell and assign to each Lender, such Lender’s Applicable Revolving Credit Percentage of each outstanding Swing Loan together with related claims for accrued and unpaid interest, in each case by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Swing Loan Bank by deposit to the Administrative Agent at its aforesaid address, in same day funds, an amount equal to the sum of (x) the portion of the outstanding principal amount of such Swing Loans to be purchased by such Lender plus (y) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Swing Loans. Each Lender’s obligation to make

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such payments to the Administrative Agent for the account of the Swing Loan Bank under this paragraph (b)(ii), and the Swing Loan Bank’s right to receive the same, shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, the failure of any other Lender to make its payment under this paragraph (c)(ii), the financial condition of the Borrower (or any other Person), the existence of any Default, the failure of any of the conditions set forth in Section 4.02 to be satisfied, or the termination of the Commitments. Each such payment to the Swing Loan Bank shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender agrees to purchase its Applicable Revolving Credit Percentage of such outstanding Swing Loans as described above on (i) the Business Day on which demand therefor is made by the Swing Loan Bank, provided that notice of such demand is given not later than 11:00 A.M. (New York City time) on such Business Day or (ii) the first (1st) Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by the Swing Loan Bank to any other Lender of a portion of the Swing Loan Bank’s Swing Loans, the Swing Loan Bank represents and warrants to such other Lender that the Swing Loan Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Swing Loan, the Loan Documents or any party thereto. If and to the extent that any Lender shall not have so made the amount of such Swing Loan available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent for the account of the Swing Loan Bank forthwith on demand such amount together with interest thereon, for each day from the date of demand by the Swing Loan Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such amount for the account of the Swing Loan Bank, such amount so paid in respect of principal shall constitute a Swing Loan by such Lender for purposes of this Agreement, and the outstanding principal amount of the Swing Loans made by the Swing Loan Bank shall be reduced by such amount pro rata .            Section 2.06 Conversions or Continuations .           (a) Each conversion of Loans from one Type to the other and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone or in the form of a written Conversion or Continuation Notice. Each such notice must be received by the Administrative Agent not later than 12:00 noon three (3) Business Days prior to the requested date of any conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.06(a) must be confirmed promptly by delivery to the Administrative Agent of a written Conversion or Continuation Notice appropriately completed and signed by an Authorized Officer of the Borrower. Each conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of Ten Million and 00/100 Dollars ($10,000,000.00) or a whole multiple of

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One Million and 00/100 Dollars ($1,000,000.00) in excess thereof. Each conversion to Base Rate Loans shall be in a principal amount of Five Hundred Thousand and 00/100 Dollars ($500,000.00) or a whole multiple of One Hundred Thousand and 00/100 Dollars ($100,000.00) in excess thereof. Each Conversion or Continuation Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a conversion of Loans from one Type to the other or a continuation of Eurodollar Rate Loans, (ii) the requested date of the conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be converted or continued, (iv) the Type of Loans to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a conversion to, or continuation of Eurodollar Rate Loans in any such Conversion or Continuation Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.           (b) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders.           (c) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change.           (d) After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than eight Interest Periods in effect with respect to Loans.            Section 2.07 Prepayments .           (a)  Voluntary Prepayments . The Borrower may, upon notice to the Administrative 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 not later than 10:00 a.m. (A) two (2) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Loans shall be in a principal amount of Ten Million and 00/100 Dollars ($10,000,000.00) or a whole multiple of One Million and 00/100 Dollars ($1,000,000.00) in

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excess thereof; if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. All Term Loan prepayments permitted pursuant to this Section 2.07 shall be applied ratably to the unpaid installments of principal on the Term Loans. If the Borrower prepays a Loan but fails to specify the applicable Eurodollar Rate Loan which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to Loans to Base Rate Loans, then to Eurodollar Rate Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Revolving Credit Percentage or Applicable Term Loan Percentage, as applicable, of such prepayment. If such notice is given by the Borrower, the Borrower 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 Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, 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 Applicable Revolving Credit Percentage or Applicable Term Loan Percentage, as applicable.           (b)  Mandatory Prepayments . Within three hundred sixty five (365) days of any sale or other disposition of assets by the Borrower or such Subsidiary of the Borrower as permitted by Section 7.06(d) when the proceeds of such sale or other disposition or the aggregate proceeds of all such sales and other dispositions in any fiscal year exceed Twenty-Five Million and 00/100 Dollars ($25,000,000.00), the Borrower shall make a mandatory prepayment of principal on the Term Loan equal to the after-tax proceeds of such sale (as estimated in good faith by the Borrower), together with accrued interest on such principal amount to the extent that the Borrower and its Subsidiaries have not reinvested the proceeds of such sale or other disposition in capital expenditures or acquisition of replacement assets. All prepayments pursuant to this Section 2.07(b) shall first be applied ratably to the unpaid installments of principal on the Term Loan, and then to the Revolving Loans outstanding, if any, and the excess, if any, shall be returned to the Borrower. All prepayments required pursuant to this Section 2.07(b) shall first be applied to the principal amount of the Base Rate Loans, then to the principal amount of the Eurodollar Rate Loans. In accordance with Sections 3.04 and 3.05, as applicable, the Borrower shall indemnify the Lenders for any loss or expense, including loss of margin, incurred with respect to any such prepayments applied against Eurodollar Rate Loans on any day other than the last day of the applicable Interest Period.           (c)  Excess Outstandings . If for any reason the Total Outstandings (excluding the Term Loan Outstandings) at any time exceed the Aggregate Revolving Credit Commitments then in effect, the Borrower shall immediately prepay Loans in an aggregate amount equal to such excess.

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          (d)  No Reborrowing . Term Loans prepaid pursuant to this Section 2.07 may not be reborrowed.            Section 2.08 Termination or Reduction of Commitments .           The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Credit Commitments or from time to time permanently reduce the Aggregate Revolving Credit Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of Ten Million and 00/100 Dollars ($10,000,000.00) or any whole multiple of One Million and 00/100 Dollars ($1,000,000.00) in excess thereof, and (iii) the Borrower shall not terminate or reduce the Aggregate Revolving Credit Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings (excluding the Term Loan Outstandings) would exceed the Aggregate Revolving Credit Commitments. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Credit Commitments. Any reduction of the Aggregate Revolving Credit Commitments shall be applied to the Commitment of each Lender according to its Applicable Revolving Credit Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Credit Commitments shall be paid on the effective date of such termination.            Section 2.09 Repayment of Loans .           (a)  Revolving Loans . The Borrower shall repay to the Administrative Agent for the account of each Lender the principal amount of each Revolving Loan made by such Lender to the Borrower, and each Revolving Loan made by such Lender shall mature, on the earlier of (i) the last day of the Interest Period for such Revolving Loan and (ii) the Revolving Credit Maturity Date.           (b)  Term Loans . The Borrower shall repay to the Administrative Agent for the account of each Lender, as applicable, the principal amount of the Term Loans made by such Lender to the Borrower in: consecutive quarterly installments as follows: (i) on the last Business Day of each March, June, September and December, 2010, a quarterly installment each in an amount equal to Eleven Million Two Hundred Fifty Thousand and 00/100 Dollars ($11,250,000.00); (ii) on the last Business Day of each March, June, September and December, 2011, a quarterly installment each in an amount equal to Eleven Million Two Hundred Fifty Thousand and 00/100 Dollars ($11,250,000.00); and (iii) on the last Business Day of each March and June, 2012, a quarterly installment each in an amount equal to Thirty Three Million Seven Hundred Fifty Thousand and 00/100 Dollars ($33,750,000.00), with the final installment of the remaining principal balance and accrued and unpaid interest due and payable on the Term Loan Maturity Date.

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          (c)  Swing Loans . The Borrower shall repay to the Administrative Agent for the account of the Swing Loan Bank and each other Lender that has made a Swing Loan, the outstanding principal amount of each Swing Loan to the Borrower made by each of them on the earlier of (i) the first Wednesday following the date of such Swing Loan Borrowing and (ii) the Revolving Credit Maturity Date.            Section 2.10 Interest .           (a) Subject to Section 2.10(b), (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the respective Applicable Margin; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the respective Applicable Margin.           (b) If any principal of or interest on any Loan or any fee or other amount payable by the Loan Parties hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum 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.            Section 2.11 Interest Rate Determination .           (a) The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent if the screen rate is unavailable.           (b) If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Loans in accordance with the provisions contained in the definition of "Interest Period" in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and the Lenders and such Loans will automatically, on the last day of the then existing Interest Period therefor, convert into Base Rate Loans.           (c) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Loans comprising any Borrowing shall be reduced, by payment or prepayment or

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otherwise, to less than Ten Million and 00/100 Dollars ($10,000,000.00), such Loans shall automatically, on the last day of the then existing Interest Period therefor, convert into Base Rate Loans.           (d) Upon the occurrence and during the continuance of any Event of Default, (i) each Eurodollar Rate Loan will automatically, on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan and (ii) the obligation of the Lenders to make, or to convert Loans into, Eurodollar Rate Loans shall be suspended.           (e) If the Reuters LIBOR01 Screen is unavailable and the Administrative Agent cannot determine the Eurodollar Rate for any Eurodollar Rate Loans:      (i) the Administrative Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot be determined for such Eurodollar Rate Loans,      (ii) each outstanding Eurodollar Rate Loan will automatically, on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan (or if such Loan is then a Base Rate Loan, will continue as a Base Rate Loan), and      (iii) the obligation of the Lenders to make Eurodollar Rate Loans or to convert Loans into Eurodollar Rate Loans shall be suspended until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist.            Section 2.12 Fees .           (a)  Facility Fee . The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Revolving Credit Percentage, a facility fee equal to the respective Applicable Margin times the Aggregate Revolving Credit Commitments. The facility fee shall accrue at all times from and including the Closing Date to but excluding the Revolving Credit Maturity Date, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each September, December, March and June, commencing September 30, 2008, and on the Revolving Credit Maturity Date (and, if applicable, thereafter on demand).           (b)  Letter of Credit Fees . The Borrower shall pay the following amounts with respect to Letters of Credit issued by any Issuing Bank:      (i) to the Administrative Agent for the account of the Issuing Bank with respect to each Letter of Credit issued by the Issuing Bank, an issuance fee equal to one eighth of one percent (0.125%) per annum of the Available Amount of such Letter of

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Credit, due and payable in arrears on (A) the last Business Day of each September, December, March and June, commencing on the first day following the issuance of such Letter of Credit and (B) the Revolving Credit Maturity Date (and, if applicable, thereafter on demand); and      (ii) to the Administrative Agent for the ratable account of each Lender, a letter of credit fee equal to a rate per annum equal to the Applicable Margin for Eurodollar Rate Loans on the Available Amount of all outstanding Letters of Credit. The letter of credit fee shall accrue at all times from and including the Closing Date to and including the Revolving Credit Maturity Date, including at any time during which one or more of the conditions in Section 4.02 is not met, and shall be due and payable in arrears on (A) the last Business Day of each September, December, March and June, commencing September 30, 2008 and (B) the Revolving Credit Maturity Date (and, if applicable, thereafter on demand).           (c)  Other Fees . The Borrower shall pay: (i) the Documentation Agent, for its own account, such fees as have been agreed to pursuant to the Documentation Agent Fee Letter; and (ii) the Administrative Agent, for its own account or the account of the Lenders, as applicable, such fees as have been agreed pursuant to the Administrative Agent Fee Letter.            Section 2.13 Computation of Interest and Fees .           All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed when the Base Rate is determined pursuant to clause (b) of the definition of Base Rate. 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 2.15(a), bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.            Section 2.14 Evidence of Debt .           The Loans 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 Loans made by the Lenders to the Borrower 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 Borrower hereunder to pay

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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, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) Notes, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.            Section 2.15 Payments Generally; Administrative Agent’s Clawback .           (a)  General . All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower 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 Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Revolving Credit Percentage or Applicable Term Loan Percentage, as applicable, (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 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.           (b)  Payments by Borrower; Presumptions by Administrative Agent . Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.15(b) shall be conclusive, absent manifest error.

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           Section 2.16 Sharing of Payments by Lenders .           If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:      (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and      (ii) the provisions of this Section 2.16 shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.16 shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.            Section 2.17 Increase in the Aggregate Revolving Credit Commitments .           (a) The Borrower may, at any time but in any event not more than once in any calendar year prior to the Revolving Credit Maturity Date, by notice to the Administrative Agent in the form attached hereto as Exhibit C , request that the aggregate amount of the Revolving Credit Commitments be increased by an amount of at least Ten Million and 00/100 Dollars ($10,000,000.00) or an integral multiple of Five Million and 00/100 Dollars ($5,000,000.00) in excess thereof (each a " Revolving Credit Commitment Increase ") to be effective as of a date that is at least ninety (90) days prior to the scheduled Revolving Credit Maturity Date then in effect (the " Revolving Credit Increase Date ") as specified in the related notice to the Administrative Agent; provided , however that (i) in no event shall the aggregate amount of the Revolving Credit Commitments at any time exceed Three Hundred Million and 00/100 Dollars ($300,000,000.00) and (ii) on the date of any request by the Borrower for a Revolving Credit Commitment Increase

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and on the related Revolving Credit Increase Date the conditions set forth in Section 4.03 shall have been satisfied.           (b) The Administrative Agent shall promptly notify the Lenders of a request by the Borrower for a Revolving Credit Commitment Increase, which notice shall include (i) the proposed amount of such requested Revolving Credit Commitment Increase, (ii) the proposed Revolving Credit Increase Date and (iii) the date by which Lenders wishing to participate in the Revolving Credit Commitment Increase must commit to an increase in the amount of their respective Revolving Credit Commitments (the " Revolving Credit Commitment Date "). Each Lender that is willing to participate in such requested Revolving Credit Commitment Increase (each an " Increasing Revolving Credit Lender ") shall, in its sole discretion, give written notice to the Administrative Agent on or prior to the Revolving Credit Commitment Date of the amount by which it is willing to increase its Revolving Credit Commitment. If the Lenders notify the Administrative Agent that they are willing to increase the amount of their respective Revolving Credit Commitments by an aggregate amount that exceeds the amount of the requested Revolving Credit Commitment Increase, the requested Revolving Credit Commitment Increase shall be allocated among the Lenders pro rata in accordance with the aggregate Revolving Loan Commitments of such Increasing Revolving Credit Lenders.           (c) Promptly following each Revolving Credit Commitment Date, the Administrative Agent shall notify the Borrower as to the amount, if any, by which the Lenders are willing to participate in the requested Revolving Credit Commitment Increase. If the aggregate amount by which the Lenders are willing to participate in any requested Revolving Credit Commitment Increase on any such Revolving Credit Commitment Date is less than the requested Revolving Credit Commitment Increase, then the Borrower may extend offers to one or more Eligible Assignees to participate in any portion of the requested Revolving Credit Commitment Increase that has not been committed to by the Lenders as of the applicable Revolving Credit Commitment Date; provided , however , that the Revolving Credit Commitment of each such Eligible Assignee shall be in an amount of Five Million and 00/100 Dollars ($5,000,000.00) or an integral multiple of One Million and 00/100 Dollars ($1,000,000.00) in excess thereof.           (d) On each Revolving Credit Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Revolving Credit Commitment Increase in accordance with Section 2.17(c) (each such Eligible Assignee, an " Assuming Revolving Credit Lender ") shall become a Lender party to this Agreement as of such Revolving Credit Increase Date and the Revolving Credit Commitment of each Increasing Revolving Credit Lender for such requested Revolving Credit Commitment Increase shall be so increased by such amount (or by the amount allocated to such Lender pursuant to the last sentence of Section 2.17(b)) as of such Revolving Credit Increase Date; provided , however , that the Administrative Agent shall have received on or before such Revolving Credit Increase Date the following, each dated such date:

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     (i) certified copies of resolutions of the Board of Directors of the Borrower or the Executive Committee of such Board approving the Revolving Credit Commitment Increase and the corresponding modifications to this Agreement and an opinion of counsel for the Borrower (which may be in-house counsel) satisfactory to the Administrative Agent;      (ii) an assumption agreement from each Assuming Revolving Credit Lender, if any, in form and substance satisfactory to the Borrower and the Administrative Agent (each a " Revolving Credit Assumption Agreement "), duly executed by such Assuming Revolving Credit Lender, the Administrative Agent and the Borrower; and      (iii) confirmation from each Increasing Revolving Credit Lender of the increase in the amount of its Revolving Credit Commitment in a writing satisfactory to the Borrower and the Administrative Agent. On each Revolving Credit Increase Date, upon fulfillment of the conditions set forth in the immediately preceding sentence of this Section 2.17(d) and in Section 4.03, the Administrative Agent shall notify the Lenders (including, without limitation, each Assuming Lender) and the Borrower, on or before 1:00 P.M. (New York City time), by telecopier, of the occurrence of the Revolving Credit Commitment Increase to be effected on such Revolving Credit Increase Date and shall record in the Register the relevant information with respect to each Increasing Revolving Credit Lender and each Assuming Revolving Credit Lender on such date.           (e) On the Revolving Credit Increase Date, if any Revolving Loans are then outstanding, the Borrower shall borrow from all or certain of the Lenders and/or (subject to compliance by the Borrower with Section 3.05) prepay Revolving Loans of all or certain of the Lenders such that, after giving effect thereto, the Revolving Loans (including, without limitation, the Types and Interest Periods thereof) shall be held by the Lenders (including for such purposes the Increasing Revolving Credit Lenders and the Assuming Revolving Credit Lenders) ratably in accordance with their respective Applicable Revolving Credit Percentage after giving effect to such Revolving Credit Commitment Increase. On and after each Revolving Credit Increase Date, the Applicable Revolving Credit Percentage of each Lender’s participation in Revolving Loans shall be calculated after giving effect to each such Revolving Credit Commitment Increase.            Section 2.18 Extension of Revolving Credit Maturity Date .           (a) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not less than forty-five (45) days and not more than ninety (90) days prior to each of the first (1st) and second (2nd) anniversaries of the Closing Date (each anniversary, an " Anniversary Date ", request that each Lender extend such Lender’s Revolving Credit Maturity Date to the date (the " Extended Revolving Credit Maturity Date ") that is one

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year after the then scheduled Revolving Credit Maturity Date. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given no later than the date (the " Consent Date ") that is twenty (20) days prior to the relevant Anniversary Date ( provided that, if such date is not a Business Day, the Consent Date shall be the next succeeding Business Day), advise the Administrative Agent as to:      (i) whether such Lender agrees to such extension of its Revolving Credit Maturity Date (each Lender so agreeing to such extension being an " Extending Revolving Credit Lender "); and      (ii) only if such Lender is an Extending Revolving Credit Lender, whether such Lender also irrevocably offers to increase the amount of its Revolving Credit Commitment in connection with the replacement of one or more Non-Extending Lenders (each Lender so offering to increase its Revolving Credit Commitment being an " Increasing and Extending Revolving Credit Lender " as well as an Extending Revolving Credit Lender) and, if so, the amount of the additional Revolving Credit Commitment such Lender so irrevocably offers to assume hereunder (such Lender’s " Proposed Additional Revolving Credit Commitment "). Each Lender that determines not to extend its Revolving Credit Maturity Date (a " Non-Extending Revolving Credit Lender ") shall notify the Administrative Agent (which shall notify the Lenders) of such fact promptly after such determination but in any event no later than the Consent Date, and any Lender that does not advise the Administrative Agent in writing on or before the Consent Date shall be deemed to be a Non-Extending Revolving Credit Lender and (without limiting the Borrower’s rights under this Section 2.18) shall have no liability to the Borrower in connection therewith. The election of any Lender to agree to such extension shall not obligate any other Lender so to agree. The Administrative Agent shall notify the Borrower of each Lender’s determination under this Section 2.18(a) no later than the date fifteen (15) days prior to the relevant Anniversary Date (or, if such date is not a Business Day, on the next preceding Business Day).      (b) (i) If all of the Lenders are Extending Revolving Credit Lenders, then, effective as of the Consent Date, the Revolving Credit Maturity Date of each Lender shall be extended to the Extended Revolving Credit Maturity Date as provided in Section 2.18(b)(ii)(1), and the respective Revolving Credit Commitments of the Lenders will not be subject to change at such Consent Date pursuant to this Section 2.18.      (ii) If and only if the sum of (x) the aggregate amount of the Revolving Credit Commitments of the Extending Revolving Credit Lenders (that are not Increasing and Extending Revolving Credit Lenders) plus (y) the aggregate amount of the Proposed Additional Revolving Credit Commitments of the Increasing and Extending Revolving Credit Lenders (such sum, the " Extending Revolving Credit Commitments ") shall be

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equal to at least fifty percent (50%) of the then total Revolving Credit Commitments, then: (1) effective as of the Consent Date, the Revolving Credit Maturity Date of each Extending Revolving Credit Lender shall be extended to the Extended Revolving Credit Maturity Date; (2) the Borrower shall (so long as no Event of Default shall have occurred and be continuing) have the right, but not the obligation, during the period commencing on the Consent Date and ending on the immediately succeeding Anniversary Date to replace each Non-Extending Revolving Credit Lender as a party to this Agreement in accordance with Section 2.18(c); and (3) the Administrative Agent shall notify the Issuing Bank and the Swing Loan Bank of the Extended Revolving Credit Maturity Date and the Lenders whose Revolving Credit Maturity Dates are the Extended Revolving Credit Maturity Date, and the Issuing Bank and the Swing Loan Bank, acting in its sole discretion, shall determine whether it shall elect to extend its Revolving Credit Maturity Date to the Extended Revolving Credit Maturity Date and shall so notify the Administrative Agent, at which time the Issuing Bank’s obligation to issue Letters of Credit pursuant to Section 2.04 and the Swing Loan Bank’s obligation to make Swing Loan pursuant to Section 2.03 shall be extended to the date that is thirty (30) days prior to the Extended Revolving Credit Maturity Date.      (iii) If neither of the conditions specified in clause (i) or clause (ii) of this Section 2.18(b) is satisfied, then neither the Revolving Credit Maturity Date nor the Revolving Credit Commitment of any Lender will change pursuant to this Section 2.18 on such Consent Date, and the Borrower will not have the right to take any of the actions specified in Section 2.18(b)(ii)(2).           (c) Replacement by the Borrower of Non-Extending Revolving Credit Lenders pursuant to Section 2.18(b)(ii)(2) shall be effected as follows (certain terms being used in this Section 2.18(c) having the meanings assigned to them in Section 2.18(d)) on the relevant Assignment Date:      (i) the Assignors shall severally assign and transfer to the Assignees, and the Assignees shall severally purchase and assume from the Assignors, all of the Assignors’ rights and obligations (including, without limitation, the Assignors’ respective Revolving Credit Commitments) hereunder and under the Revolving Credit Notes;

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     (ii) each Assignee shall pay to the Administrative Agent, for account of the Assignors, an amount equal to such Assignee’s Share of the aggregate outstanding principal amount of the Loans then held by the Assignors; and      (iii) the Borrower shall pay to the Administrative Agent, for account of the Assignors, all interest, fees and other amounts (other than principal of outstanding Loans) then due and owing to the Assignors by the Borrower hereunder (including, without limitation, payments due such Assignors, if any, under Sections 3.01 and 3.04). The assignments provided for in this Section 2.18(c) shall be effected on the relevant Assignment Date in accordance with Section 10.06 and pursuant to one or more Assignments and Assumptions. After giving effect to such assignments, each Assignee shall have a Revolving Credit Commitment hereunder (which, if such Assignee was a Lender hereunder immediately prior to giving effect to such assignment, shall be in addition to such Assignee’s existing Revolving Credit Commitment) in an amount equal to the amount of its Assumed Commitment. Upon any such termination or assignment, each Assignor shall cease to be a party hereto to the extent of its assignment but shall continue to be obligated under and be entitled to the benefits of Section 10.04, as well as to any fees and other amounts accrued for its account under Sections 2.12, 3.01 or 3.04 and not yet paid.           (d) For purposes of this Section 2.18 the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):           " Assigned Commitments " means the Commitments of Non-Extending Revolving Credit Lenders to be replaced pursuant to Section 2.18(b)(ii)(2).           " Assignees " means, at any time, Increasing and Extending Revolving Credit Lenders and, if the Assigned Commitments exceed the aggregate amount of the Proposed Additional Revolving Credit Commitments, one or more Assuming Revolving Credit Lenders.           " Assignment Date " means the relevant Anniversary Date or such earlier date as shall be acceptable to the Borrower, the relevant Assignors, the relevant Assignees and the Administrative Agent.           " Assignors " means, at any time, the Non-Extending Revolving Credit Lenders to be replaced by the Borrower pursuant to Section 2.18(b)(ii)(2).           The " Assumed Commitment " of each Assignee shall be determined as follows:           (a) If the aggregate amount of the Proposed Additional Revolving Credit Commitments of all of the Increasing Revolving Credit Lenders shall exceed the aggregate

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amount of the Assigned Commitments, then (i) the amount of the Assumed Commitment of each Increasing and Extending Revolving Credit Lender shall be equal to (x) the aggregate amount of the Assigned Commitments multiplied by (y) a fraction, the numerator of which is equal to such Increasing and Extending Revolving Credit Lender’s Revolving Credit Commitment as then in effect and the denominator of which is the aggregate amount of the Revolving Credit Commitments of all Increasing and Extending Revolving Credit Lenders as then in effect; and (ii) no Assuming Revolving Credit Lender shall be entitled to become a Lender hereunder pursuant to Section 2.18(c) (and, accordingly, each Assuming Revolving Credit Lender shall have an Assumed Commitment of zero).           (b) If the aggregate amount of the Proposed Additional Revolving Credit Commitments of all of the Increasing and Extending Revolving Credit Lenders shall be less than or equal to the aggregate amount of the Assigned Commitments, then: (i) the amount of the Assumed Commitment of each Increasing and Extending Revolving Credit Lender shall be equal to such Increasing and Extending Revolving Credit Lender’s Proposed Additional Commitment; and (ii) the excess, if any, of the aggregate amount of the Assigned Commitments over the aggregate amount of the Proposed Additional Revolving Credit Commitments shall be allocated among Assuming Revolving Credit Lenders in such a manner as the Borrower and the Administrative Agent may agree.           (c) " Share " means, as to any Assignee, a fraction the numerator of which is equal to such Assignee’s Assumed Commitment and the denominator of which is the aggregate amount of the Assumed Commitments of all the Assignees.            Section 2.19 Issuance of Letters of Credit .           (a)  Request for Issuance .      (i) Each Letter of Credit issued after the date hereof shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the third (3rd) Business Day prior to the proposed issuance of such Letter of Credit (or such shorter period of time as may be acceptable to the applicable Issuing Bank), by the Borrower to the applicable Issuing Bank. Each such notice of issuance of a Letter of Credit (a " Notice of Issuance ") shall be by telephone, confirmed immediately in writing by telecopier, specifying therein the requested (A) date of such issuance (which shall be a Business Day), (B) Available Amount of such Letter of Credit, (C) expiration date of such Letter of Credit, (D) name and address of the beneficiary of such Letter of Credit and (E) form of such Letter of Credit, and shall be accompanied by such application and agreement for letter of credit (each such application and agreement being herein called a " Letter of Credit Agreement ") as the Issuing Bank may specify to the Borrower for use in connection with such requested Letter of Credit.

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     (ii) If the requested form of such Letter of Credit is reasonably acceptable to the applicable Issuing Bank, the Issuing Bank will, upon fulfillment of the applicable conditions set forth in Article 4.02, make such Letter of Credit available to the Borrower at its address set forth on Schedule 10.02 or as otherwise agreed with the Borrower in connection with such issuance. In the event and to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern.      (iii) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Revolving Credit Percentage of the aggregate amount available to be drawn under such Letter of Credit. The Borrower hereby agrees to each such participation. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s Applicable Revolving Credit Percentage of the Available Amount of such Letter of Credit at each time such Lender’s Revolving Credit Commitment is amended pursuant to the operation of Section 2.17 or 2.18, as applicable, by an assignment in accordance with Section 10.06 or otherwise pursuant to this Agreement.           (b)  Drawing and Reimbursement .      (i) The payment by the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of a Letter of Credit Loan, which shall be a Base Rate Loan, in the amount of such draft. The Issuing Bank shall give prompt notice (and the Issuing Bank will use its commercially reasonable efforts to deliver such notice within one (1) Business Day) to the Borrower and the Administrative Agent of each drawing under any Letter of Credit issued by it. Upon written demand by the Issuing Bank, with a copy of such demand to the Administrative Agent, each Lender shall pay to the Administrative Agent such Lender’s Applicable Revolving Credit Percentage of such outstanding Letter of Credit Loan, by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Issuing Bank, by deposit to the Administrative Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Letter of Credit Loan to be funded by such Lender.

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