PEERLESS MANUFACTURING CO
SENIOR SUBORDINATED LOAN AGREEMENT
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d56378exv10w2.htm
<DESCRIPTION>SENIOR SUBORDINATED LOAN AGREEMENT
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.2</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PEERLESS MFG CO.
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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SENIOR SUBORDINATED LOAN AGREEMENT

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DATED AS OF APRIL 30, 2008

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PROSPECT CAPITAL CORPORATION

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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>Table of Contents</u>
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    <TD colspan="3" align="left">SECTION 1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Defined Terms</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accounting Terms</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Terms Defined in UCC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Interpretive Provisions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD colspan="3" align="left">SECTION 2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMMITMENT OF THE LENDERS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Term Loan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest and Fee Computation; Collection of Funds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Additional Interest</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Taxes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Single Obligation; Collateral Security</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD colspan="3" align="left">SECTION 3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONDITIONS OF BORROWING</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Documents</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Additional Documents</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Event of Default</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Adverse Effect</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Loan Documents</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cash Contribution</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tangible Net Worth Consolidated Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Verification</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD colspan="3" align="left">SECTION 4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TERM NOTE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Term Note</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
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    <TD colspan="3" align="left">SECTION 5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;INTENTIONALLY OMITTED&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">REPRESENTATIONS AND WARRANTIES</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Authority</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Authorization</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good Title; Leases; Assets; No Liens</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Taxes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Defaults</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Enforceability of Agreement and Loan Documents</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance with Laws</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-contravention</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Litigation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consents, Approvals and Filings, Etc</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD valign="top">&nbsp;</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>Table of Contents</u><BR>
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    <TD align="left" valign="top">6.11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Investment Company or Margin Stock</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ERISA</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions Affecting Business or Properties</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.14.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environmental and Safety Matters</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.15.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.16.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Agreements</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.17.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Contracts</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.18.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Customer and Supplier Relationships</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.19.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franchises, Patents, Copyrights, Tradenames, etc</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.20.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Structure</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.21.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accuracy of Information</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.22.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Solvency</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.23.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employee Matters</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.24.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Misrepresentation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">43</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.25.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Documents and Corporate Existence</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">43</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.26.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nitram Acquisition</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">43</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AFFIRMATIVE COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">44</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Statements</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">44</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificates; Other Information</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conduct of Business and Maintenance of Existence; Compliance with Laws</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maintenance of Property; Insurance</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inspection of Property; Books and Records, Discussions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hazardous Material Laws</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Covenants</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governmental and Other Approvals</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance with ERISA; ERISA Notices</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Future Subsidiaries; Additional Collateral</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.13.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accounts</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.14.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Use of Proceeds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.15.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PMFG, Inc. and PMFG Merger Sub, Inc</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.16.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Orchard Park, New York Collateral Access Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.17.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Assurances and Information</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.18.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Initial Lenders&#146; Pre-emptive Rights in Additional Financing Transactions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.19.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.20.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inspection of Property; Books and Records; Discussions; Audits;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attendance at Meetings of the Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEGATIVE COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>Table of Contents</u><BR>
(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Debt</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Liens</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquisitions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Mergers, Dissolution or Sale of Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restricted Payments</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">59</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Capital Expenditures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Investments, Loans and Advances</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transactions with Affiliates</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sale-Leaseback Transactions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitations on Other Restrictions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.13.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Modification of Certain Agreements</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.14.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Fees. Pay or otherwise advance, directly or indirectly, any</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">management, consulting or other fees to an Affiliate</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEFAULTS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercise of Remedies</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver by Borrowers of Certain Laws</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Defaults</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies in General</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lenders&#146; Performance of Obligors&#146; Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GUARANTY OF HOLDINGS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unconditional Character of the Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Defenses</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Representations, Warranties and Covenants</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE ADMINISTRATIVE AGENT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment and Authorization of Administrative Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delegation of Duties</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Liability of Administrative Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reliance by Administrative Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Default</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Decision; Disclosure of Information by Administrative Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnification of Agent-Related Persons</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>Table of Contents</u><BR>
(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Agent in its Individual Capacity</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Administrative Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Agent May File Proofs of Claim</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Collateral and Guaranty Matters</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Agents; Arrangers and Managers</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.13.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.14.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cooperation of Lenders</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.15.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Intentionally Reserved.&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.16.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One Lender Sufficient</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">SECTION 12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MISCELLANEOUS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations Absolute</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entire Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments; Waivers</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;intentionally omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARBITRATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORUM SELECTION AND CONSENT TO JURISDICTION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WAIVER OF JURY TRIAL</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">78</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignability / Participations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">78</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confirmations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidentiality</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">81</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Binding Effect</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">81</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">81</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.13.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Enforceability; Usury</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">81</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.14.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival of Borrower Representations; Termination and Release of Liens</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">82</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.15.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Extensions of Lenders&#146; Commitment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">83</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.16.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Time of Essence</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">83</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.17.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts; Facsimile Signatures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">83</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.18.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">83</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.19.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Release of Claims Against Lenders</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">84</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.20.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Costs, Fees and Expenses</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">84</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.21.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnification</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">85</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.22.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joint and Several Liability</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">86</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.23.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revival and Reinstatement of Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">88</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.24.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Customer Identification - USA Patriot Act Notice</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">89</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Senior Subordinated Loan Agreement
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SENIOR SUBORDINATED LOAN AGREEMENT dated as of April&nbsp;30, 2008 (this &#147;<U>Agreement</U>&#148;),
is executed by and among PMFG, Inc., a Delaware corporation whose chief executive office is located
at 14651 North Dallas Parkway, Suite&nbsp;500, Dallas, Texas 75254 (&#147;Holdings&#148;), PEERLESS MFG. CO., a
Texas corporation, whose chief executive office is located at 14651 North Dallas Parkway, Suite
500, Dallas, Texas 75254, (the &#147;Company&#148;), PMC ACQUISITION, INC., a Texas corporation (&#147;PMC
Acquisition&#148;), and the Company, PMC Acquisition and following the execution and delivery by any
other Subsidiary, and acceptance by the Administrative Agent, from time to time, of a Loan
Agreement Joinder Agreement from such Subsidiary, the Company together with such Subsidiaries,
individually, a &#147;Borrower&#148; and collectively the &#147;Borrowers&#148;), PROSPECT CAPITAL CORPORATION, a
Maryland corporation (as the &#147;Initial Lender&#148; and the &#147;Administrative Agent&#148;), whose address is 10
East 40<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, 44<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, New York, New York 10016.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>R</U> <U>E</U> <U>C</U> <U>I</U> <U>T</U> <U>A</U> <U>L</U> <U>S</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The Company has entered into that certain Stock Purchase Agreement dated as of April&nbsp;7,
2008 (the &#147;Purchase Agreement&#148;) with the stockholders of Nitram Energy, Inc., a New York
corporation (&#147;Nitram&#148;) pursuant to which the Company will acquire 100% of Nitram (collectively, the
&#147;Acquisition&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Simultaneously with entering into this Agreement, the Company is entering into that certain
Senior Credit Agreement, pursuant to which the Senior Lenders have agreed to provide $60,000,000 in
credit facilities to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;The Borrower has requested that, concurrently with the consummation of the Acquisition, the
Initial Lender lend to the Borrower $20,000,000 under this Agreement; and the Lenders has indicated
its willingness to agree to lend such amounts, but only on the terms and conditions of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, in consideration of the premises, and the mutual covenants and agreements set
forth herein, the Borrower agrees to borrow from the Lenders, and the Lenders agree to lend to the
Borrower, subject to and upon the following terms and conditions:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>A</U> <U>G</U> <U>R</U> <U>E</U> <U>E</U> <U>M</U> <U>E</U> <U>N</U> <U>T</U> <U>S</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1. <u><FONT style="font-variant: SMALL-CAPS">DEFINITIONS.</FONT></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Defined Terms.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Agreement, the following capitalized words and phrases shall have the
meanings set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Account(s)</U>&#148; shall mean any account or account receivable as defined under the UCC,
including without limitation, with respect to any Person, any right of such Person to payment for
goods sold or leased or for services rendered.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Account Control Agreement(s)</U>&#148; shall have the meaning set forth in Section&nbsp;7.13 of
this Agreement, as the same may be amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Additional Interest</U>&#148; shall have the meaning set forth in Section 2.3 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Additional Interest Rate</U>&#148; shall have the meaning set forth in Section 2.3 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Administrative Agent</U>&#148; means Prospect Capital Corporation in its capacity as
administrative agent under each of the Loan Documents, and any successor administrative agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148; shall mean, with respect to any Person, any other Person directly or
indirectly controlling (including but not limited to all directors and officers of such Person),
controlled by, or under direct or indirect common control with such Person. A Person shall be
deemed to control another Person for the purposes of this definition if such Person possesses,
directly or indirectly, the power (i)&nbsp;to vote 10% or more of the Equity Interests having ordinary
voting power for the election of directors or managers of such other Person or (ii)&nbsp;to direct or
cause the direction of the management and policies of such other Person, whether through the
ownership of voting securities, by contract or otherwise. With respect to the Initial Lender, an
Affiliate shall include any entity administered or managed by the Initial Lender, or an Affiliate
or investment advisor thereof, and which is engaged in making, purchasing, holding, or otherwise
investing in commercial loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agent-Related Persons</U>&#148; means the Administrative Agent, together with its Affiliates
(including, in the case of Prospect Capital Corporation, in its capacity as the Administrative
Agent), and its funds, and the officers, directors, employees, agents, advisors, attorneys,
auditors and Controlling Persons and attorneys-in-fact of such Persons and Affiliates;
<U>provided</U>, <U>however</U>, that no Agent-Related Person shall be an Affiliate of the Credit
Parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agreement of Escrow Agent</U>&#148; shall mean an agreement in form and substance satisfactory
to the Administrative Agent, pursuant to which the Escrow Agent under the Nitram Acquisition
Documents consents to the collateral assignment by the Company of its rights under the Escrow
Agreement and agrees that it will, upon the receipt from the Administrative Agent of written notice
of the occurrence and continuance of an Event of Default under this Agreement, (x)&nbsp;pay any escrow
proceeds at any time owing to any Credit Party in accordance with the terms of the Purchase
Agreement and the Escrow Agreement, to the Administrative Agent, and (y)&nbsp;to otherwise follow the
Administrative Agent&#146;s instructions with respect to the disbursement of such escrow proceeds, as
the same may be amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate Receivables</U>&#148; shall mean, as of any date of determination, any amounts in
respect of loans or advances owing to Holdings from any of its Subsidiaries or Affiliates or any
officer, director or shareholder of any Credit Party at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Asset Sale</U>&#148; shall mean the sale, transfer or other disposition by any Credit Party of
any asset to any Person (other than the sale or transfer of less than one hundred percent
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(100%) of the stock or other ownership interests of any Subsidiary) (other than a Borrower or
Guarantor).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Assignment Agreement</U>&#148; shall mean an Assignment Agreement substantially in the form of
Exhibit&nbsp;C hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Bankruptcy Code</U>&#148; shall mean Title 11 of the United States Code and the rules
promulgated thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base Adjusted Net Worth</U>&#148; shall mean, as of the last day of any fiscal quarter, an
amount equal to the sum of $54,700,000 <U>plus</U> fifty percent (50%) of Consolidated Net Income
(not reduced by losses) of, prior to the Reorganization, the Company and its Consolidated
Subsidiaries, and after the Reorganization, Holdings and its Consolidated Subsidiaries, for each
fiscal quarter, commencing with the quarter ending on June&nbsp;30, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower Representative</U>&#148; shall mean Company, or any other Borrower identified as the
Borrower Representative in a written notice delivered to the Administrative Agent and signed by all
Borrowers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business Day</U>&#148; shall mean any day other than a Saturday, Sunday or a legal holiday on
which a Lender is authorized or required to be closed for the conduct of commercial banking
business in New York City.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital Expenditures</U>&#148; shall mean, for any period, with respect to any Person (without
duplication), the aggregate of all expenditures incurred by such Person and its Subsidiaries during
such period for the acquisition or leasing (pursuant to a Capitalized Lease) of fixed or capital
assets or additions to equipment, plant and property that should be capitalized under GAAP on a
consolidated balance sheet of such Person and its Subsidiaries, but excluding expenditures made in
connection with the Reinvestment of Insurance Proceeds, Condemnation Proceeds or the Net Cash
Proceeds of Asset Sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capitalized Lease</U>&#148; shall mean, as applied to any Person, any lease of any property
(whether real, personal or mixed) with respect to which the discounted present value of the rental
obligations of such Person as lessee thereunder, in conformity with GAAP, is required to be
capitalized on the balance sheet of that Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change of Control</U>&#148; shall mean any of the following events or circumstances: any
Person or &#147;group&#148; (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended) other than underwriters&#146; ownership of stock as an underwriting allotment as part
of a bona fide distribution to the public or Brown Advisory Securities, LLC shall either (i)
acquire beneficial ownership of more than 30% of any outstanding class of common stock of Holdings
having ordinary voting power in the election of directors of Holdings or (ii)&nbsp;obtain the power
(whether or not exercised) to elect a majority of Holdings&#146; directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Closing Date</U>&#148; shall mean the date on which all the conditions precedent set forth in
Section&nbsp;3 have been satisfied.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Collateral</U>&#148; shall mean all property or rights in which a security interest, mortgage,
Lien or other encumbrance for the benefit of the Lenders is or has been granted or arises or has
arisen, under or in connection with this Agreement, the other Loan Documents, or otherwise to
secure the Indebtedness.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Collateral Access Agreement</U>&#148; shall mean an agreement in form and substance reasonably
satisfactory to the Administrative Agent, pursuant to which the applicable mortgagee or lessor of
real property, warehouseman, processor or other bailee, that acknowledges the Liens under the
Collateral Documents and subordinates or waives any Liens held by such Person on the applicable
property and, includes such other agreements with respect to such property as Administrative Agent
may require, as the same may be amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Collateral Documents</U>&#148; shall mean the Security Agreement, the Trademark Security
Agreement, the Copyright Security Agreement, the Pledge Agreements, the Mortgages, the Consent and
Acknowledgements, the Account Control Agreements, the Nitram Consent to Assignment, the Collateral
Access Agreements, the Agreement of Escrow Agent and all other security documents (and any joinders
thereto) executed by any Credit Party in favor of the Administrative Agent on or after the Closing
Date, in connection with any of the foregoing collateral documents, in each case, as such
collateral documents may be amended or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Condemnation Proceeds</U>&#148; shall mean the cash proceeds received by any Credit Party in
respect of any condemnation proceeding net of reasonable fees and expenses (including without
limitation attorneys&#146; fees and expenses) incurred in connection with the collection thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated</U>&#148; (or &#147;consolidated&#148;) or &#147;Consolidating&#148; (or &#147;consolidating&#148;) shall mean,
when used with reference to any financial term in this Agreement, the aggregate for two or more
Persons of the amounts signified by such term for all such Persons determined on a consolidated (or
consolidating) basis in accordance with GAAP, applied on a consistent basis. Unless otherwise
specified herein, &#147;Consolidated&#148; and &#147;Consolidating&#148; shall refer to, prior to the Reorganization,
the Company and its Consolidated Subsidiaries, and after the Reorganization, Holdings and its
Subsidiaries, determined on a Consolidated or Consolidating basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Adjusted Net Worth</U>&#148; shall mean as of any date of determination, for any
Person, the total common shareholders&#146; equity of, prior to the Reorganization, the Company and its
Consolidated Subsidiaries, and after the Reorganization, Holdings and its Consolidated
Subsidiaries, together with the amount, if any, of preferred stock which is classified as part of
shareholders&#146; equity, as reflected on the most recent regularly prepared quarterly balance sheet
of, prior to the Reorganization, the Company and its Consolidated Subsidiaries, and after the
Reorganization, Holdings and its Consolidated Subsidiaries, which balance sheet shall be prepared
in accordance with GAAP, plus the aggregate principal amount of any
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subordinated Debt minus any Affiliate Receivables as of such date, as determined in accordance
with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated EBITDA</U>&#148; shall mean for any period, Consolidated Net Income for such
period (i)&nbsp;plus, without duplication and only to the extent reflected as a charge or reduction in
the statement of such Consolidated Net Income for such period and not excluded from Consolidated
Net Income pursuant to the definition thereof, the sum of (a)&nbsp;Income Tax expense, (b)&nbsp;Consolidated
Interest Expense, (c)&nbsp;depreciation, depletion and amortization expense, (d)&nbsp;any non-cash expenses,
losses or other charges (including, without limitation, whether or not otherwise includable as a
separate item in the statement of such Consolidated Net Income for such period, non-cash losses on
sales of assets (other than Inventory) outside of the ordinary course of business and any Inventory
write up due to purchase accounting, but excluding losses or charges resulting from write-downs or
write-offs with respect to Accounts or Inventory), provided however that, for the avoidance of
doubt, to the extent any such non-cash expenses or losses require cash payments in subsequent
periods, such cash payments shall be deducted from the calculation of Consolidated EBITDA in the
periods in which such cash payments are made, (e)&nbsp;any fees, costs, expenses and charges in an
aggregate amount not to exceed $5,500,000 incurred in connection with the Nitram Acquisition, and
related thereto, and (f)&nbsp;any fees, costs, expenses or charges incurred in connection with the
offering of any Equity Interests by Holdings in an aggregate amount not to exceed $5,000,000, and
minus the gains (and any correlating taxes paid) in connection with the sale of the property
located at 2819 Walnut Hill Lane, Dallas, Texas 75229; provided, however, that with respect to all
Subsidiaries acquired by Company pursuant to the Nitram Acquisition, Consolidated EBITDA with
respect to such entities (a)&nbsp;for the fiscal quarter ending June&nbsp;30, 2008, shall be deemed to be
equal to four times Consolidated EBITDA for such entities for the fiscal quarter ending June&nbsp;30,
2008, (ii)&nbsp;for the fiscal quarter ending September&nbsp;30, 2008, shall be deemed to be equal to two
times Consolidated EBITDA for such entities for the two fiscal quarters ending September&nbsp;30, 2008
and (iii)&nbsp;for the fiscal quarter ending December&nbsp;31, 2008, shall be deemed to be equal to four
thirds times the Consolidated EBITDA for such entities for the three fiscal quarters ending
December&nbsp;31, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Fixed Charge Coverage Ratio</U>&#148; shall mean as of any date of determination,
the ratio of (a)&nbsp;Consolidated EBITDA for the four consecutive fiscal quarters ending on the
applicable date of determination minus Capital Expenditures made by any Credit Party during the
four consecutive fiscal quarters ending on the applicable date of determination excluding any
Capital Expenditure financed with money borrowed (other than Revolving Credit Advances or Swing
Line Advances under the Senior Debt Documents) or the principal part of Capitalized Leases to (b)
Consolidated Fixed Charges.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Fixed Charges</U>&#148; shall mean, as of any date of determination, the sum,
without duplication, of (i)&nbsp;all cash Consolidated Interest Expense paid or payable by any Credit
Party in respect of such period on the Consolidated Funded Debt and in respect of Hedging
Transactions less interest income (including, without limitation, income earned under Hedging
Transactions plus losses incurred under Hedging Transactions), in each case for the four
consecutive fiscal quarters ending on the applicable date of determination plus (ii)&nbsp;all
installments of principal or other sums due and payable by any Credit Party with respect to the
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consolidated Funded Debt (including principal payments in respect of the Term Loan and the
principal component of obligations under Capitalized Leases, but excluding voluntary prepayments of
the Term Loan), during the four consecutive fiscal quarters immediately succeeding the applicable
date of determination plus (iii)&nbsp;all Distributions paid by any Credit Party during the four
consecutive fiscal quarters ending on the applicable date of determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Funded Debt</U>&#148; shall mean at any date the aggregate amount of all Funded
Debt of the Credit Parties at such date, determined on a Consolidated basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Interest Expense</U>&#148; shall mean for any period the total cash interest
expense (including that attributable to Capitalized Leases) of the Credit Parties on a Consolidated
basis, determined in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Net Income</U>&#148; shall mean for any period, the consolidated net income (or
loss) of the Credit Parties, determined on a Consolidated basis in accordance with GAAP, including
the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is
merged into or consolidated with any Credit Party, if the Administrative Agent has received
satisfactory (in form and substance) financial information relating to such Person; provided that
there shall be excluded (a)&nbsp;the income (or deficit) of any Person (other than, prior to the
Reorganization, a Subsidiary of the Company, and after the Reorganization, a Subsidiary of
Holdings) in which any Person (other than, prior to the Reorganization, Company or any of its
Subsidiaries, and after the Reorganization, Holdings or any of its Subsidiaries) has a joint
interest, except to the extent that any such income is actually received by Holdings or any of its
Subsidiaries from such Person in the form of dividends or similar distributions and (b)&nbsp;the
undistributed earnings of, prior to the Reorganization, any Subsidiary of the Company, and after
the Reorganization, any Subsidiary of Holdings, to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of
any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to
such Subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Total Leverage Ratio</U>&#148; shall mean as of any date of determination, the
ratio of (a)&nbsp;Consolidated Funded Debt as of such date to (b)&nbsp;Consolidated EBITDA for the four
consecutive fiscal quarters ending on the applicable date of determination; provided that,
Consolidated Funded Debt and Consolidated EBITDA, for purposes of calculating Consolidated Total
Leverage Ratio, shall only include the Funded Debt and Consolidated EBITDA of Holdings, the
Company, Nitram and their respective Domestic Subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Contractual Obligations</U>&#148; shall mean, as to any Person, any provision of any security
issued by such Person or of any material agreement, instrument or other undertaking to which such
Person is a party or by which it or any of its property is bound.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Copyright Security Agreement</U>&#148; shall mean each Copyright Security Agreement in form
and substance satisfactory to the Administrative Agent, executed and delivered as of the Closing
Date, or executed and delivered after the Closing Date, by any of the Credit Parties in favor of
the Lenders, as amended, restated or otherwise modified from time to time.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Credit Parties</U>&#148; shall mean, prior to the Reorganization, Company and its Domestic
Subsidiaries, and after the Reorganization, Holdings and its Domestic Subsidiaries, and &#147;Credit
Party&#148; shall mean any one of them, as the context indicates or otherwise requires.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Debt</U>&#148; shall mean as to any Person, without duplication (a)&nbsp;all Funded Debt of a
Person, (b)&nbsp;all Guarantee Obligations of such Person, (c)&nbsp;all obligations of such Person under
conditional sale or other title retention agreements relating to property or assets purchased by
such Person, (d)&nbsp;all indebtedness of such Person arising in connection with any Hedging Transaction
entered into by such Person, (e)&nbsp;all recourse Debt of any partnership of which such Person is the
general partner, and (f)&nbsp;any Off Balance Sheet Liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Default</U>&#148; shall mean any event that with the giving of notice or the passage of time,
or both, would constitute an Event of Default under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Default Rate</U>&#148; shall mean the Interest Rate plus three percent (3%) per annum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Depreciation</U>&#148; shall mean the total amounts added to depreciation, amortization,
obsolescence, valuation and other proper reserves, as reflected on the Borrower&#146;s consolidated
financial statements and determined in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Distribution</U>&#148; shall have the meaning set forth in Section&nbsp;8.5 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Dollars</U>&#148; and the sign &#147;<U>$</U>&#148; shall mean lawful money of the United States of
America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Domestic Disregarded Subsidiary</U>&#148; is defined in Section&nbsp;7.12(d) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Domestic Subsidiary</U>&#148; shall mean any existing or future Subsidiary of Holdings
incorporated or organized under the laws of the United States of America, or any state or other
political subdivision thereof or which is disregarded as an entity separate from Holdings or a
Domestic Subsidiary of Holdings for United States federal income tax purposes, in each case
provided such Subsidiary is owned by Holdings or a Domestic Subsidiary of Holdings, and &#147;Domestic
Subsidiaries&#148; shall mean any or all of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eligible Assignee</U>&#148; shall mean (a)&nbsp;a Lender; (b)&nbsp;an Affiliate of a Lender; (c)&nbsp;any
Person (other than a natural person) that is or will be engaged in the business of, among other
things, making, purchasing, holding or otherwise investing in commercial loans or similar
extensions of credit in the ordinary course of its business, or (d)&nbsp;any other Person (other than a
natural person) approved by the (i)&nbsp;the Administrative Agent, and (ii)&nbsp;unless an Event of Default
has occurred and is continuing, Borrowers (each such approval not to be unreasonably withheld or
delayed); provided that notwithstanding the foregoing, &#147;Eligible Assignee&#148; shall not include any
Credit Party, or any of Affiliates or Subsidiaries of any Credit Party; and provided further that
notwithstanding clause (d)(ii) of this definition, no assignment shall be made to an entity which
is a competitor of any Credit Party without the consent of Borrowers, which consent may be withheld
in its sole discretion.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Equity Interest</U>&#148; shall mean (i)&nbsp;in the case of any corporation, all capital stock and
any securities exchangeable for or convertible into capital stock, (ii)&nbsp;in the case of an
association or business entity, any and all shares, interests, participations, rights or other
equivalents of corporate stock (however designated) in or to such association or entity, (iii)&nbsp;in
the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited) and (iv)&nbsp;any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distribution of assets of, the
issuing Person, and including, in all of the foregoing cases described in clauses (i), (ii), (iii)
or (iv), any warrants, rights or other options to purchase or otherwise acquire any of the
interests described in any of the foregoing cases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ERISA</U>&#148; shall mean the Employee Retirement Income Security Act of 1974, as amended, or
any succesor act or code and the regulations in effect from time to time thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Event of Default</U>&#148; shall mean each of the Events of Default specified in Section&nbsp;9.1
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Excess Cash Flow</U>&#148; shall mean, for any Fiscal Year, the sum of (a)&nbsp;Consolidated Net
Income for such Fiscal Year plus (b)&nbsp;to the extent deducted in determining Consolidated Net Income,
Depreciation, depletion and amortization, minus (c)&nbsp;the sum of (i)&nbsp;Capital Expenditures made during
such Fiscal Year, excluding any Capital Expenditures financed with money borrowed (other than with
Advances of the Revolving Credit or the Swing Line under the Senior Debt Documents) and the
principal portion of any Capitalized Leases, (ii)&nbsp;the amount of all scheduled or mandatory payments
or prepayments of principal on Funded Debt made during such Fiscal Year (excluding (1)&nbsp;any payment
on the Revolving Credit or any other revolving loan facility except to the extent of any permanent
reduction thereof, (2)&nbsp;in respect of Excess Cash Flow for any prior period and (3)&nbsp;with the Net
Cash Proceeds, Insurance Proceeds or Condemnation Proceeds except to the extent that Consolidated
Net Income is increased as a result thereof) and (iii)&nbsp;the amount of any other prepayment made
during such Fiscal Year on any term Debt permitted hereunder (other than any optional prepayments
on the Term Loan).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fee Letter</U>&#148; shall mean the letter from the Administrative Agent to the Lenders dated
as of the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fiscal Year</U>&#148; shall mean the twelve-month period ending on each June&nbsp;30.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Foreign Subsidiary</U>&#148; shall mean any Subsidiary, other than a Domestic Subsidiary, and
&#147;Foreign Subsidiaries&#148; shall mean any or all of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Funded Debt</U>&#148; of any Person shall mean, without duplication, (a)&nbsp;all indebtedness of
such Person for borrowed money or for the deferred purchase price of property or services as of
such date (other than operating leases and trade liabilities incurred in the ordinary course of
business and payable in accordance with customary practices) or which is evidenced by a note, bond,
debenture or similar instrument, (b)&nbsp;the principal component of all obligations of such Person
under Capitalized Leases, (c)&nbsp;all reimbursement obligations (actual, contingent or otherwise) of
such Person in respect of letters of credit, bankers acceptances or similar
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">obligations issued or created for the account of such Person, (d)&nbsp;all liabilities of the type
described in (a), (b)&nbsp;and (c)&nbsp;above that are secured by any Liens on any property owned by such
Person as of such date even though such Person has not assumed or otherwise become liable for the
payment thereof, the amount of which is determined in accordance with GAAP; provided however that
so long as such Person is not personally liable for any such liability, the amount of such
liability shall be deemed to be the lesser of the fair market value at such date of the property
subject to the Lien securing such liability and the amount of the liability secured, and (e)&nbsp;all
Guarantee Obligations in respect of any liability which constitutes Funded Debt; provided, however
that Funded Debt shall not include any indebtedness under any Hedging Transaction prior to the
occurrence of a termination event with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>GAAP</U>&#148; shall mean, as of any applicable date of determination, generally accepted
accounting principles in the United States of America, as applicable on such date, consistently
applied, as in effect from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Governmental Authority</U>&#148; shall mean any nation or government, any state, province or
other political subdivision thereof, any central bank (or similar monetary or regulatory authority)
thereof, any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, and any corporation or other entity owned or controlled,
through stock or capital ownership or otherwise, by any of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Governmental Obligations</U>&#148; shall mean noncallable direct general obligations of the
United States of America or obligations the payment of principal of and interest on which is
unconditionally guaranteed by the United States of America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guarantee Obligation</U>&#148; shall mean as to any Person (the &#147;guaranteeing person&#148;) any
obligation of the guaranteeing Person in respect of any obligation of another Person (the &#147;primary
obligor&#148;) (including, without limitation, any bank under any letter of credit), the creation of
which was induced by a reimbursement agreement, guaranty agreement, keepwell agreement, purchase
agreement, counterindemnity or similar obligation issued by the guaranteeing person, in either case
guaranteeing or in effect guaranteeing any Debt, leases, dividends or other obligations (the
&#147;primary obligations&#148;) of the primary obligor in any manner, whether directly or indirectly,
including, without limitation, any obligation of the guaranteeing person, whether or not
contingent, (i)&nbsp;to purchase any such primary obligation or any property constituting direct or
indirect security therefor, (ii)&nbsp;to advance or supply funds (1)&nbsp;for the purchase or payment of any
such primary obligation or (2)&nbsp;to maintain working capital or equity capital of the primary obligor
or otherwise to maintain the net worth or solvency of the primary obligor, (iii)&nbsp;to purchase
property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation
or (iv)&nbsp;otherwise to assure or hold harmless the owner of any such primary obligation against loss
in respect thereof; provided, however, that the term Guarantee Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary course of business. The
amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of
(a)&nbsp;an amount equal to the stated or determinable amount of the primary obligation in respect of
which such Guarantee Obligation is made and (b)&nbsp;the maximum
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amount for which such guaranteeing person may be liable pursuant to the terms of the
instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum
amount for which such guaranteeing person may be liable are not stated or determinable, in which
case the amount of such Guarantee Obligation shall be such guaranteeing person&#146;s maximum reasonably
anticipated liability in respect thereof as determined by the applicable Person in good faith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guarantor(s)</U>&#148; shall mean, prior to the Reorganization, each Domestic Subsidiary of
the Company, and after the Reorganization, each Domestic Subsidiary of Holdings, in each case which
has executed and delivered to the Administrative Agent a Guaranty (or a joinder to a Guaranty), and
a Security Agreement (or a joinder to the Security Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guaranty</U>&#148; shall mean, collectively, those guaranty agreements executed and delivered
from time to time after the Closing Date (whether by execution of joinder agreements or otherwise)
pursuant to Section&nbsp;7.12 hereof or otherwise, in each case in the form attached hereto as Exhibit
A, as amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Hazardous Material</U>&#148; shall mean any hazardous or toxic waste, substance or material
defined or regulated as such in or for purposes of the Hazardous Material Laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Hazardous Material Law(s)</U>&#148; shall mean all laws, codes, ordinances, rules,
regulations, permits and other governmental restrictions and requirements issued by any federal,
state, local or other governmental or quasi-Governmental Authority or body (or any agency,
instrumentality or political subdivision thereof) pertaining to any substance or material which is
regulated for reasons of health, safety or the environment and which is, or may become present or
alleged to be present on, under, at or used in any facilities owned, leased or operated by any
Credit Party, or any portion thereof including, without limitation, those relating to soil,
surface, subsurface ground water conditions and the condition of the indoor and outdoor ambient
air, asbestos, any petroleum or petroleum-based products and polychlorinated biphenyls; any
so-called &#147;superfund&#148; or &#147;superlien&#148; law; and any other United States federal, state or local
statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to, or
imposing liability or standards of conduct concerning, any Hazardous Material, as now or at any
time during the term of the Agreement in effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Hazardous Materials Contamination</U>&#148; shall mean, with respect to any property, the
existence of any Hazardous Materials at levels exceeding identifiable clean up standards or
criteria promulgated by the regulatory body with jurisdiction over the property (whether presently
existing or hereafter occurring), including any buildings, facilities, soil, groundwater or air on,
under or at any such property, regardless of the source of such Hazardous Materials.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Hedging Transaction</U>&#148; shall mean each interest rate swap transaction, basis swap
transaction, forward rate transaction, equity transaction, equity index transaction, foreign
exchange transaction, cap transaction, floor transaction (including any option with respect to any
of these transactions and any combination of any of the foregoing).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Holdings</U>&#148; shall mean PMFG, Inc., a Delaware corporation.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Income Taxes</U>&#148; shall mean for any period the aggregate amount of taxes based on income
or profits for such period with respect to the operations of, prior to the Reorganization, Company
and its Subsidiaries, and after the Reorganization, Holdings and its Subsidiaries (including,
without limitation, all corporate franchise, capital stock, net worth and value-added taxes
assessed by state and local governments) determined in accordance with GAAP on a Consolidated basis
(to the extent such income and profits were included in computing Consolidated Net Income).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indebtedness</U>&#148; shall mean all indebtedness and liabilities (including without
limitation principal, interest (including without limitation interest accruing at the then
applicable rate provided in this Agreement or any other applicable Loan Document after an
applicable maturity date and interest accruing at the then applicable rate provided in this
Agreement or any other applicable Loan Document after the filing of any petition in bankruptcy, or
the commencement of any insolvency, reorganization or like proceeding, relating to the Credit
Parties whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding), fees, expenses and other charges) arising under this Agreement or any of the other
Loan Documents, whether direct or indirect, absolute or contingent, of any Credit Party to the
Lenders, in any manner and at any time, whether arising under this Agreement, the Guaranty or any
of the other Loan Documents, due or hereafter to become due, now owing or that may hereafter be
incurred by any Credit Party to the Lenders, and which shall be deemed to include protective
advances made by the Lenders with respect to the Collateral under or pursuant to the terms of any
Loan Document and any liabilities of any Credit Party to the Lenders arising in connection with any
Lenders Products, in each case whether or not reduced to judgment, with interest according to the
rates and terms specified, and any and all consolidations, amendments, renewals, replacements,
substitutions or extensions of any of the foregoing; provided, however that for purposes of
calculating the Indebtedness outstanding under this Agreement or any of the other Loan Documents,
the direct and indirect and absolute and contingent obligations of the Credit Parties (whether
direct or contingent) shall be determined without duplication.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indemnified Party</U>&#148; and &#147;<U>Indemnified Parties</U>&#148; shall mean, respectively, each
of the Lenders and the Administrative Agent and any parent corporation, Affiliate or Subsidiary of
the Lenders or the Administrative Agent, and each of their respective officers, directors,
employees, attorneys and agents, and all of such parties and entities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Insurance Proceeds</U>&#148; shall mean the cash proceeds received by any Credit Party from
any insurer in respect of any damage or destruction of any property or asset net of reasonable fees
and expenses (including without limitation attorneys fees and expenses) incurred solely in
connection with the recovery thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Payment Date</U>&#148; shall mean the first day of each calendar month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Rate</U>&#148; shall be Eleven and One-Half Percent (11.5%) per annum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Rate Calculation Date</U>&#148; shall mean the last Business Day of each calendar
month.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Inventory</U>&#148; shall mean any inventory as defined under the UCC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment</U>&#148; shall mean, when used with respect to any Person, (a)&nbsp;any loan,
investment or advance made by such Person to any other Person (including, without limitation, any
Guarantee Obligation) in respect of any Equity Interest, Debt, obligation or liability of such
other Person and (b)&nbsp;any other investment made by such Person (however acquired) in Equity
Interests in any other Person, including, without limitation, any investment made in exchange for
the issuance of Equity Interest of such Person and any investment made as a capital contribution to
such other Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lenders</U>&#148; means the Initial Lender and its successors and assigns, each individually a
&#147;Lender&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Liabilities</U>&#148; shall mean at all times, all liabilities of the Borrower that would be
shown on a Consolidated balance sheet of the Borrower and Subsidiaries be prepared in accordance
with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lien</U>&#148; shall mean any security interest in or lien on or against any property arising
from any pledge, assignment, hypothecation, mortgage, security interest, deposit arrangement, trust
receipt, conditional sale or title retaining contract, sale and leaseback transaction, Capitalized
Lease, consignment or bailment for security, or any other type of lien, charge, encumbrance, title
exception, preferential or priority arrangement affecting property (including with respect to
stock, any stockholder agreements, voting rights agreements, buy-back agreements and all similar
arrangements), whether based on common law or statute.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan Agreement Joinder Agreement</U>&#148; shall mean, collectively, that joinder agreement
dated as of the Closing Date by and among the Nitram and its Domestic Subsidiaries and the Lenders,
and such other joinder agreement executed and delivered from time to time pursuant to Section&nbsp;7.12,
in each case in form and substance acceptable to the Lenders, and as the same may be amended,
restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan Documents</U>&#148; shall mean, collectively, this Agreement, the Term Notes, the
Guaranty, the Collateral Documents, and any other documents, certificates or agreements that are
executed and required to be delivered pursuant to any of the foregoing documents, as such documents
to the extent designated by the Borrower and the Lender as a Loan Document, may be amended,
restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Material Adverse Effect</U>&#148; shall mean a material adverse effect on (a)&nbsp;the condition
(financial or otherwise), business, performance, operations or properties of the Credit Parties
taken as a whole, (b)&nbsp;the ability of any Borrower, or the Credit Parties, taken as a whole, to
perform its or their respective obligations under this Agreement, the Term Note, or any other Loan
Document to which it is or they are a party, or (c)&nbsp;the validity or enforceability of this
Agreement, any of the Term Notes or any of the other Loan Documents or the rights or remedies of
the Administrative Agent or the Lenders hereunder or thereunder.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Material Contract</U>&#148; shall mean (i)&nbsp;each agreement or contract to which any Credit
Party is a party or in respect of which any Credit Party has any liability, excluding any contract
or agreement with a Subcontractor, that by its terms (without reference to any indemnity or
reimbursement provision therein) provides for aggregate future payments in respect of any such
individual agreement or contract of at least $5,000,000, (ii)&nbsp;each agreement or contract to which
any Credit Party is a part or in respect of which any Credit Party has any liability with a
Subcontractor that by its terms (without reference to any indemnity or reimbursement provision
therein) provides for aggregate future payments in respect of any such individual agreement or
contract of at least $2,500,000 and (iii)&nbsp;any other agreement or contract the loss of which would
be reasonably likely to result in a Material Adverse Effect; provided that Material Contracts shall
not be deemed to include any Pension Plans, collective bargaining agreements, or casualty or
liability or other insurance policies maintained in the ordinary course of business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Mortgages</U>&#148; shall mean the mortgages, deeds of trust and any other similar documents
related thereto or required thereby executed and delivered by a Credit Party on the Closing Date
pursuant to Section&nbsp;3.1 hereof, if any, and executed and delivered after the Closing Date by a
Credit Party pursuant to Section&nbsp;7.12 hereof or otherwise, and &#147;Mortgage&#148; shall mean any such
document, as such documents may be amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Multiemployer Plan</U>&#148; shall mean a Pension Plan which is a multiemployer plan as
defined in Section&nbsp;4001(a)(3) of ERISA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net Cash Proceeds</U>&#148; shall mean the aggregate cash payments received by any Credit
Party from any Asset Sale, the issuance of Equity Interests or the issuance of Subordinated Debt,
as the case may be, net of the ordinary and customary direct costs incurred in connection with such
sale or issuance, as the case may be, such as legal, accounting and investment banking fees, sales
commissions, and other third party charges, and net of property taxes, transfer taxes and any other
taxes paid or payable by such Credit Party in respect of any sale or issuance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nitram</U>&#148; shall mean Nitram Energy, Inc., a New York corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nitram Acquisition</U>&#148; shall mean the acquisition by Company of 100% of the Equity
Interests of Nitram.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nitram Acquisition Documents</U>&#148; shall mean the Nitram Purchase Agreement and any other
related documents or agreements arising from or entered into pursuant to the terms of such Nitram
Purchase Agreement, including the Escrow Agreement and any employment agreements executed and
delivered in connection with the Purchase Agreement, in each case as amended as permitted hereunder
from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nitram Consent to Assignment</U>&#148; shall mean the letter agreement containing the Nitram
Seller&#146;s confirmation and undertakings of with respect to Lenders&#146; Lien on the Nitram Purchase
Agreement, in form and substance satisfactory to Administrative Agent, executed and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">delivered to the Administrative Agent by the Nitram Sellers, as the same may be amended,
restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nitram Purchase Agreement</U>&#148; shall mean that certain Stock Purchase Agreement
(including all schedules, exhibits and attachments to same) by and among Company (as the
Purchaser), Nitram Energy, Inc. and Nitram Sellers dated as of April&nbsp;7, 2008, as amended, restated
or otherwise modified from time to time to the extent permitted hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nitram Sellers</U>&#148; shall mean collectively, Warner G. Martin, Shirley J. Martin, Kevin
P. Martin, Sherry L. King, Virginia M. O&#146;Conner, Anthony J. Paliwoda and Robert Sherman.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Non-Excluded Taxes</U>&#148; shall have the meaning set forth in subsection 2.5(a) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligations</U>&#148; shall mean the Term Loan, as evidenced by the Term Note, all interest
accrued thereon (including interest which would be payable as post-petition in connection with any
bankruptcy or similar proceeding, whether or not permitted as a claim thereunder), any fees due the
Lenders hereunder, any expenses incurred by the Lenders hereunder, including without limitation,
all liabilities and obligations of the Borrower under this Agreement and under any other Loan
Document, and any and all other liabilities and obligations owed by the Borrower or any Obligor to
the Lenders from time to time, howsoever created, arising or evidenced, whether direct or indirect,
joint or several, absolute or contingent, now or hereafter existing, or due or to become due,
together with any and all renewals, extensions, restatements or replacements of any of the
foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligor</U>&#148; shall mean the Borrower, each Subsidiary and any other guarantor,
accommodation endorser, third party pledgor, or any other party liable with respect to the
Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Off Balance Sheet Liability(ies)</U>&#148; of a Person shall mean (i)&nbsp;any repurchase
obligation or liability of such Person with respect to accounts or notes receivables sold by such
Person, (ii)&nbsp;any liability under any sale and leaseback transaction which is not a Capitalized
Lease, (iii)&nbsp;any liability under any so-called &#147;synthetic lease&#148; transaction entered into by such
Person, or (iv)&nbsp;any obligation arising with respect to any other transaction which is the
functional equivalent of Debt or any of the liabilities set forth in subsections (i)-(iii) of this
definition, but which does not constitute a liability on the balance sheets of such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Other Taxes</U>&#148; shall mean recording or filing fees or similar fees or taxes which arise
from the execution, delivery, performance, recording and/or filing of this agreement or any other
Loan Document or amendment, modification or supplement hereof or thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Participant Register</U>&#148; is defined in Section&nbsp;12.8(f) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Patent Security Agreement</U>&#148; shall mean each Patent Security Agreement in form and
substance satisfactory to the Administrative Agent, executed and delivered as of the Closing
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date, or executed and delivered after the Closing Date, by any of the Credit Parties in favor
of the Lenders, as amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Payment Default</U>&#148; and &#147;<U>Non-Payment Default</U>&#148; shall mean, respectively, an Event
of Default described in Subsection 9.1(a) and (b)&nbsp;of this Agreement, and an Event of Default
described in Subsection 9.1(c) through and including Subsection 9.1(k) of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>PBGC</U>&#148; shall mean the Pension Benefit Guaranty Corporation or any successor thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pension Plan</U>&#148; shall mean any plan established and maintained by a Credit Party, or
contributed to by a Credit Party, which is qualified under Section 401(a) of the Internal Revenue
Code and subject to the minimum funding standards of Section&nbsp;412 of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted Acquisition</U>&#148; shall mean any acquisition by any Borrower or any Guarantor of
all or substantially all of the assets of another Person, or of a division or line of business of
another Person, or any Equity Interests of another Person which satisfies and/or is conducted in
accordance with the following requirements:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such acquisition is of a business or Person engaged in a line
of business which is compatible with, or complementary to, the business of such
Borrower or such Guarantor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If such acquisition is structured as an acquisition of the
Equity Interests of any Person, then the Person so acquired shall (X)&nbsp;become a
wholly-owned direct Subsidiary of a Borrower or of a Guarantor and the
applicable Borrower or the applicable Guarantor shall cause such acquired
Person to comply with Section&nbsp;7.12 hereof (if applicable) or (Y)&nbsp;provided that
the Credit Parties continue to comply with Section&nbsp;7.4(a) hereof, be merged
with and into such Borrower or such Guarantor (and, in the case of a Borrower,
with such Borrower being the surviving entity);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If such acquisition is structured as the acquisition of assets,
such assets shall be acquired directly by Borrower or a Guarantor (subject to
compliance with Section&nbsp;7.4(a) hereof);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrower shall have delivered to Administrative Agent not less
than ten (10) (or such shorter period of time agreed to by the Administrative
Agent) nor more than ninety (90)&nbsp;days prior to the date of such acquisition,
notice of such acquisition together with Pro Forma Projected Financial
Information, copies of all material documents relating to such acquisition
(including the acquisition agreement and any related document), and historical
financial information (including income statements, balance sheets and cash
flows) covering at least three (3)</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete Fiscal Years of the acquisition target, if available, prior to the
effective date of the acquisition or the entire credit history of the
acquisition target, whichever period is shorter, in each case in form and
substance reasonably satisfactory to the Administrative Agent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Both immediately before and after the consummation of such
acquisition and after giving effect to the Pro Forma Projected Financial
Information, no Default or Event of Default shall have occurred and be
continuing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lenders shall have received satisfactory evidence showing that
the business or Person being acquired has positive EBITDA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The board of directors (or other Person(s) exercising similar
functions) of the seller of the assets or issuer of the Equity Interests being
acquired shall not have disapproved such transaction or recommended that such
transaction be disapproved;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All governmental, quasi-governmental, agency, regulatory or
similar licenses, authorizations, exemptions, qualifications, consents and
approvals necessary under any laws applicable to such Borrower or Guarantor
that is making the acquisition, or the acquisition target (if applicable) for
or in connection with the proposed acquisition and all necessary
non-governmental and other third-party approvals which, in each case, are
material to such acquisition shall have been obtained, and all necessary or
appropriate declarations, registrations or other filings with any court,
governmental or regulatory authority, securities exchange or any other Person,
which in each case, are material to the consummation of such acquisition or to
the acquisition target, if applicable, have been made, and evidence thereof
reasonably satisfactory in form and substance to Administrative Agent shall
have been delivered, or caused to have been delivered, by Borrower to the
Administrative Agent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There shall be no actions, suits or proceedings pending or, to
the knowledge of any Credit Party threatened against or affecting the
acquisition target in any court or before or by any governmental department,
agency or instrumentality, which could reasonably be expected to be decided
adversely to the acquisition target and which, if decided adversely, could
reasonably be expected to have a material adverse effect on the business,
operations, properties or financial condition of the acquisition target and its
subsidiaries (taken as a whole) or would materially adversely affect the
ability of the acquisition target to enter into or perform its obligations in
connection with the proposed acquisition, nor shall there be any actions,
suits, or proceedings pending, or to the knowledge of any Credit Party
threatened against the Credit Party that is making the acquisition which would
materially adversely affect the ability</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of such Credit Party to enter into or perform its obligations in connection
with the proposed acquisition; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase price of such proposed new acquisition, computed
on the basis of total acquisition consideration paid or incurred, or required
to be paid or incurred, with respect thereto, including the amount of Debt
(such Debt being otherwise permitted under this Agreement) assumed or to which
such assets, businesses or business or Equity Interests, or any Person so
acquired is subject and including any portion of the purchase price allocated
to any non-compete agreements, when added to the purchase price for each other
acquisition consummated hereunder as a Permitted Acquisition during the same
Fiscal Year as the applicable acquisition (not including acquisitions
specifically consented to which fall outside of the terms of this definition),
does not exceed Five Million Dollars ($5,000,000).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted Investments</U>&#148; shall mean with respect to any Person:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Governmental Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obligations of a state or commonwealth of the United States or
the obligations of the District of Columbia or any possession of the United
States, or any political subdivision of any of the foregoing, which are
described in Section 103(a) of the Internal Revenue Code and are graded in any
of the highest three (3)&nbsp;major grades as determined by at least one Rating
Agency; or secured, as to payments of principal and interest, by a letter of
credit provided by a financial institution or insurance provided by a bond
insurance company which in each case is itself or its debt is rated in one of
the highest three (3)&nbsp;major grades as determined by at least one Rating Agency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banker&#146;s acceptances, commercial accounts, demand deposit
accounts, certificates of deposit, other time deposits or depository receipts
issued by or maintained with any Lenders or any Affiliate thereof, or any bank,
trust company, savings and loan association, savings bank or other financial
institution whose deposits are insured by the Federal Deposit Insurance
Corporation and whose reported capital and surplus equal at least $250,000,000,
provided that such minimum capital and surplus requirement shall not apply to
demand deposit accounts maintained by any Credit Party in the ordinary course
of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commercial paper rated at the time of purchase within the two
highest classifications established by not less than two Rating Agencies, and
which matures within 270&nbsp;days after the date of issue;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Secured repurchase agreements against obligations itemized in
paragraph (a)&nbsp;above, and executed by a bank or trust company or by members of
the association of primary dealers or other recognized dealers in United States
government securities, the market value of which must be maintained at levels
at least equal to the amounts advanced; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fund or other pooling arrangement which exclusively
purchases and holds the investments itemized in (a)&nbsp;through (e)&nbsp;above.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted Liens</U>&#148; shall mean with respect to any Person:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens for (i)&nbsp;taxes or governmental assessments or charges or
(ii)&nbsp;customs duties in connection with the importation of goods to the extent
such Liens attach to the imported goods that are the subject of the duties, in
each case (x)&nbsp;to the extent not yet due, (y)&nbsp;as to which the period of grace,
if any, related thereto has not expired or (z)&nbsp;which are being contested in
good faith by appropriate proceedings, provided that in the case of any such
contest, any proceedings for the enforcement of such liens have been suspended
and adequate reserves with respect thereto are maintained on the books of such
Person as may be required by GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s,
repairmen&#146;s, processor&#146;s, landlord&#146;s liens or other like liens arising in the
ordinary course of business which secure obligations that are not overdue for a
period of more than 30&nbsp;days or which are being contested in good faith by
appropriate proceedings, provided that in the case of any such contest, (x)&nbsp;any
proceedings commenced for the enforcement of such Liens have been suspended and
(y)&nbsp;appropriate reserves with respect thereto are maintained on the books of
such Person as may be required by GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;Liens incurred in the ordinary course of business to secure
the performance of statutory obligations arising in connection with progress
payments or advance payments due under contracts with the United States
government or any agency thereof entered into in the ordinary course of
business and (ii)&nbsp;Liens incurred or deposits made in the ordinary course of
business to secure the performance of statutory obligations (not otherwise
permitted under subsection (f)&nbsp;of this definition), bids, leases, fee and
expense arrangements with trustees and fiscal agents, trade contracts, surety
and appeal bonds, performance bonds (except to the extent any steps have been
taken by the applicable surety to perfect or enforce such Liens) and other
similar obligations (exclusive of obligations incurred in connection with the
borrowing of money, any lease-purchase arrangements or the payment of the
deferred purchase price of property), provided, that in each case full
provision for the payment of all such</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obligations has been made on the books of such Person as may be required by
GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any attachment or judgment lien that remains unpaid, unvacated,
unbonded or unstayed by appeal or otherwise for a period ending on the earlier
of (i)&nbsp;thirty (30)&nbsp;consecutive days from the date of its attachment or entry
(as applicable) or (ii)&nbsp;the commencement of enforcement steps with respect
thereto, other than the filing of notice thereof in the public record;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;easements, rights of way, conditions, covenants,
restrictions and reservations, if any, affecting the real properties or any
portion thereof, and (ii)&nbsp;local, state and federal laws, ordinances or
governmental regulations, including, but not limited to building and zoning
laws, ordinances and regulations, now or hereafter in effect in each case
relating to or affecting the real property which, in each case, does not
materially interfere with the business of such Person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>encroachments and other matters shown on any survey delivered
to and approved by the Administrative Agent which, in each case, does not
materially interfere with the business of such Person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to any real properties lease permitted hereunder
by any Credit Party as lessee, (i)&nbsp;the interest or title of the lessor under
such lease, and (ii)&nbsp;any subordination of the interest of the Credit Party, as
the lessee under any such lease, to the lien of any mortgage or deed of trust
encumbering the interest or title of such lessor, which, in each case, does not
materially interfere with the business of such Person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other title and survey exceptions as Administrative Agent
may approve, including, without limitation, those included in the definition of
&#147;Permitted Encumbrances&#148; under any Mortgage;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens arising in connection with worker&#146;s compensation,
unemployment insurance, old age pensions and social security benefits and
similar statutory obligations (excluding Liens arising under ERISA), provided
that no enforcement proceedings in respect of such Liens are pending and
provisions have been made for the payment of such liens on the books of such
Person as may be required by GAAP; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuations of Liens that are permitted under subsections
(a)-(i) hereof, provided such continuations do not violate the specific time
periods set forth in subsections (b)&nbsp;and (d)&nbsp;and provided further that such
Liens do not extend to any additional property or assets of any Credit Party or
secure any additional obligations of any Credit Party.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Regardless of the language set forth in this definition, no Lien over the Equity
Interests of any Credit Party granted to any Person other than to the Senior Lenders
and the Lenders shall be deemed a &#147;Permitted Lien&#148; under the terms of this
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Person</U>&#148; shall mean a natural person, corporation, limited liability company,
partnership, limited liability partnership, trust, incorporated or unincorporated organization,
joint venture, joint stock company, firm or association or a government or any agency or political
subdivision thereof or other entity of any kind.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pledge Agreement(s)</U>&#148; shall mean any pledge agreement executed and delivered by a
Credit Party on the Closing Date pursuant to Section&nbsp;3.1 hereof, if any, and executed and delivered
from time to time after the Closing Date by any Credit Party pursuant to Section&nbsp;7.12 hereof or
otherwise, and any agreements, instruments or documents related thereto, in each case in form and
substance satisfactory to the Administrative Agent amended, restated or otherwise modified from
time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pro Forma Balance Sheet</U>&#148; shall mean the pro forma consolidated balance sheet of,
prior to the Reorganization, the Company, and after the Reorganization, Holdings, which has been
certified by a Responsible Officer of the Borrower Representative that it fairly presents in all
material respects the pro forma adjustments reflecting the transactions (including payment of all
fees and expenses in connection therewith) contemplated by this Agreement and the other Loan
Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pro Forma Projected Financial Information</U>&#148; shall mean, as to any proposed
acquisition, a statement executed by Borrower Representative (supported by reasonable detail)
setting forth the total consideration to be paid or incurred in connection with the proposed
acquisition, and pro forma combined projected financial information for the Credit Parties and the
acquisition target (if applicable), consisting of projected balance sheets as of the proposed
Closing Date of the acquisition and as of the end of at least the next succeeding three (3)&nbsp;Fiscal
Years following the acquisition and projected statements of income and cash flows for each of those
years, including sufficient detail to permit calculation of the ratios described in Section&nbsp;7.9
hereof, as projected as of the Closing Date of the acquisition and as of the ends of those Fiscal
Years and accompanied by (i)&nbsp;a statement setting forth a calculation of the ratio so described,
(ii)&nbsp;a statement in reasonable detail specifying all material assumptions underlying the
projections and (iii)&nbsp;such other information as the Administrative Agent or the Lenders shall
reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Rating Agency</U>&#148; shall mean Moody&#146;s Investor Services, Inc., Standard and Poor&#146;s
Ratings Services, their respective successors or any other nationally recognized statistical rating
organization which is acceptable to the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Reinvest&#148; or &#147;Reinvestment</U>&#148; shall mean, with respect to any Net Cash Proceeds,
Insurance Proceeds or Condemnation Proceeds received by any Person, the application of such monies
to (i)&nbsp;repair, improve or replace any tangible personal (excluding Inventory) or real
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">property of the Credit Parties or any intellectual property reasonably necessary in order to
use or benefit from any property or (ii)&nbsp;acquire any such property (excluding Inventory) to be used
in the business of such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Reorganization</U>&#148; shall mean, the restructuring of the Company into a holding company
structure pursuant to the merger of PMFG Merger Sub, Inc. and wholly owned subsidiary of Holdings
with and into the Company pursuant to which (i)&nbsp;the Company will become a wholly owned subsidiary
of Holdings and (ii)&nbsp;the shareholders of the Company will become stockholders of Holdings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Required Lenders</U>&#148; means, at any time, Lenders holding in the aggregate more than
fifty percent (50%) of the outstanding principal amount of the Term Loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Requirement of Law</U>&#148; shall mean as to any Person, the certificate of incorporation and
bylaws, the partnership agreement or other organizational or governing documents of such Person and
any law, treaty, rule or regulation or determination of an arbitration or a court or other
Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Responsible Officer</U>&#148; shall mean, with respect to any Person, the chief executive
officer, chief financial officer, treasurer, president or controller of such Person, or with
respect to compliance with financial covenants, the chief financial officer or the treasurer of
such Person, or any other officer of such Person having substantially the same authority and
responsibility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Security Agreement</U>&#148; shall mean, collectively, the security agreement(s) executed and
delivered by Borrowers and the Guarantors on the Closing Date pursuant to Section&nbsp;3.1 hereof, and
any such agreements executed and delivered after the Closing Date (whether by execution of a
joinder agreement to any existing security agreement or otherwise) pursuant to Section&nbsp;7.12 hereof
or otherwise, in the form of the Security Agreement attached hereto as Exhibit&nbsp;B, as amended,
restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Credit Agreement</U>&#148; shall mean that certain Revolving Credit and Term Loan
Agreement dated as of April&nbsp;30, 2008 by and among the Senior Lenders and the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Debt</U>&#148; shall mean Debt to be provided by the Senior Lenders to the Borrower
pursuant to the Senior Loan Documents and any refinancing or replacement of such Debt, in each case
in an amount no greater than the amount of Senior Loan Obligations as defined in the Subordination
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Lenders</U>&#148; shall mean the lenders under the Senior Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Loan Documents</U>&#148; shall mean the documents listed in the definition of &#147;Loan
Documents&#148; as set forth in Section&nbsp;1.1 of the Senior Credit Agreement.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Structuring Fee</U>&#148; shall mean the structuring fee payable by the Borrower to the
Lenders on the Closing Date, which shall be deemed earned as of the Closing Date and shall be
non-refundable, as set forth in the Fee Letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subcontractor</U>&#148; shall mean each Person with which any Credit Party has entered into a
contract, agreement or other arrangement whereby such Person has agreed to provide manufacturing
services for products designed by the Credit Parties, and &#147;Subcontractors&#148; shall mean any or all of
them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subordination Agreement</U>&#148; shall mean that certain Subordination and Intercreditor
Agreement of even date herewith by and among the Senior Lenders, the Lenders and the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subordinated Debt</U>&#148; shall mean any Debt of the Borrower which is subordinated to the
Obligations in a manner satisfactory to the Administrative Agent, including right and time of
payment of principal and interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsidiary(ies)</U>&#148; shall mean any other corporation, association, joint stock company,
business trust, limited liability company, partnership or any other business entity of which more
than fifty percent (50%) of the outstanding voting stock, share capital, membership, partnership or
other interests, as the case may be, is owned either directly or indirectly by any Person or one or
more of its Subsidiaries, or the management of which is otherwise controlled, directly, or
indirectly through one or more intermediaries, or both, by any Person and/or its Subsidiaries.
Unless otherwise specified to the contrary herein or the context otherwise requires,
Subsidiary(ies) shall refer to, prior to the Reorganization, the Subsidiary(ies) of the Company,
and after the Reorganization, the Subsidiary(ies) of Holdings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term Loan</U>&#148; shall mean the direct advance made by the Lenders to the Borrower in the
form of a Term Loan under and pursuant to this Agreement, as set forth in subsection 2.1 of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term Loan Commitment</U>&#148; shall mean up to Twenty Million and 00/100 Dollars
($20,000,000).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term Loan Mandatory Prepayment</U>&#148; shall have the meaning set forth in subsection
2.1(d) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term Loan Maturity Date</U>&#148; shall mean April&nbsp;29, 2013, unless extended by the Lenders
pursuant to any modification, extension or renewal note executed by the Borrower and accepted by
the Lenders in its sole and absolute discretion in substitution for the Term Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term Loan Optional Prepayment</U>&#148; shall have the meaning set forth in subsection 2.1(e)
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term Note</U>&#148; shall mean a term note in the form prepared by and acceptable to the
Administrative Agent, dated as of the date hereof, in the amount of the Term Loan Commitment
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and maturing on the Term Loan Maturity Date, duly executed by the Borrower and payable to the
order of the Lenders, together with any and all renewal, extension, modification or replacement
notes executed by the Borrower and delivered to the Lenders and given in substitution therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trademark Security Agreement</U>&#148; shall mean each Trademark Security Agreement in form
and substance satisfactory to the Administrative Agent, executed and delivered as of the Closing
Date, or executed and delivered after the Closing Date, by any of the Credit Parties in favor of
the Administrative Agent, as amended, restated or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Uniform Commercial Code</U>&#148; or &#147;<U>UCC</U>&#148; shall mean the Uniform Commercial Code as
in effect in any applicable state; provided that, unless specified otherwise or the context
otherwise requires, such terms shall refer to the Uniform Commercial Code as in effect in the State
of New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Voidable Transfer</U>&#148; shall have the meaning set forth in subsection Section&nbsp;12.23
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Withdrawal Liability</U>&#148; shall mean liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part&nbsp;I of
Subtitle E of Title IV of ERISA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Yield Maintenance Premium</U>&#148; shall have the meaning set forth in subsection 2.1(f)
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Accounting Terms</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any accounting terms used in this Agreement which are not specifically defined herein shall
have the meanings customarily given them in accordance with GAAP. Calculations and determinations
of financial and accounting terms used and not otherwise specifically defined hereunder and the
preparation of financial statements to be furnished to the Lenders pursuant hereto shall be made
and prepared, both as to classification of items and as to amount, in accordance with sound
accounting practices and GAAP as used in the preparation of the financial statements of the
Borrower on the date of this Agreement. If any changes in accounting principles or practices from
those used in the preparation of the financial statements are hereafter occasioned by the
promulgation of rules, regulations, pronouncements and opinions by or required by the Financial
Accounting Standards Board or the American Institute of Certified Public Accountants (or any
successor thereto or agencies with similar functions), which results in a material change in the
method of accounting in the financial statements required to be furnished to the Lenders hereunder
or in the calculation of financial covenants, standards or terms contained in this Agreement, the
parties hereto agree to enter into good faith negotiations to amend such provisions so as equitably
to reflect such changes to the end that the criteria for evaluating the financial condition and
performance of the Borrower will be the same after such changes as they were before such changes;
and if the parties fail to agree on the amendment of such provisions, the Borrower will furnish
financial statements in accordance with such changes,
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but shall provide calculations for all financial covenants, perform all financial covenants
and otherwise observe all financial standards and terms in accordance with applicable accounting
principles and practices in effect immediately prior to such changes. Calculations with respect to
financial covenants required to be stated in accordance with applicable accounting principles and
practices in effect immediately prior to such changes shall be reviewed and certified by the
Borrower&#146;s accountants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Other Terms Defined in UCC</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other capitalized words and phrases used herein and not otherwise specifically defined
herein shall have the respective meanings assigned to such terms in the UCC, to the extent the same
are used or defined therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <U>Other Interpretive Provisions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms. Whenever the context so requires, the neuter gender includes the masculine and
feminine, the single number includes the plural, and vice versa, and in particular the word
&#147;Borrower&#148; shall be so construed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Section and Schedule references are to this Agreement unless otherwise specified. The
words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The term &#147;including&#148; is not limiting, and means &#147;including, without limitation&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the computation of periods of time from a specified date to a later specified date, the
word &#147;from&#148; means &#147;from and including&#148;; the words &#147;to&#148; and &#147;until&#148; each mean &#147;to but excluding&#148;,
and the word &#147;through&#148; means &#147;to and including&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Unless otherwise expressly provided herein, (i)&nbsp;references to agreements (including this
Agreement and the other Loan Documents) and other contractual instruments shall be deemed to
include all subsequent amendments, restatements, supplements and other modifications thereto, but
only to the extent such amendments, restatements, supplements and other modifications are not
prohibited by the terms of any Loan Document, and (ii)&nbsp;references to any statute or regulation
shall be construed as including all statutory and regulatory provisions amending, replacing,
supplementing or interpreting such statute or regulation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;To the extent any of the provisions of the other Loan Documents are inconsistent with the
terms of this Agreement, the provisions of this Agreement shall govern.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;This Agreement and the other Loan Documents may use several different limitations, tests
or measurements to regulate the same or similar matters. All such limitations, tests and
measurements are cumulative and each shall be performed in accordance with its terms.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2. <U><FONT style="font-variant: SMALL-CAPS">COMMITMENT OF THE LENDERS.</FONT></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Term Loan.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Term Loan Commitment</U>. Subject to the terms and conditions of this Agreement and
the other Loan Documents, and in reliance upon the representations and warranties of the Borrower
set forth herein and in the other Loan Documents, the Lenders agree to make a Term Loan equal to
the Term Loan Commitment. The Term Loan shall be available to the Borrower in a single principal
advance on the date on which all of the conditions set forth in <U>SECTION 3</U> have been
satisfied (the &#147;<U>Closing Date</U>&#148;). The Borrower shall use the proceeds of the Term Loan and
the Senior Debt to pay the purchase price of the Acquisition and to pay transaction fees and other
costs and expenses associated therewith, all of which are described on the flow of funds approved
by the Lenders. The Term Loan shall be due in full on the Term Loan Maturity Date, unless the
credit extended under the Term Loan is otherwise accelerated, terminated or extended as provided in
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Term Loan Interest and Payments</U>. Except as otherwise provided in this subsection
2.1(b) and Section 2.3, the unpaid principal amount of the Term Loan shall bear interest at the
Interest Rate in effect from time to time. Interest on the Term Loan shall be due and payable, in
arrears, monthly on each Interest Payment Date on or after May&nbsp;1, 2008 and on the Term Loan
Maturity Date, at the Interest Rate. From and after the Term Loan Maturity Date, and after the
occurrence and during the continuation of an Event of Default, interest and Additional Interest on
the outstanding principal balance of the Term Loan shall accrue at the Default Rate and shall be
payable upon demand from the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Repayment of Term Loan Principal</U>. The outstanding principal balance of the Term
Loan plus any applicable Yield Maintenance Premium, together with all accrued and unpaid interest,
Additional Interest, and fees, shall be payable on the earlier to occur of: (i)&nbsp;the Term Loan
Maturity Date and (ii)&nbsp;the date of a Term Loan Mandatory Prepayment. The outstanding principal
balance subject to any Term Loan Optional Prepayment, plus any applicable Yield Maintenance Premium
thereon, together with all accrued interest and Additional Interest thereon, shall be payable on
the date of such Term Loan Optional Prepayment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Term Loan Mandatory Prepayments</U>. At the option of the Required Lenders, and
subject to the terms of the Subordination Agreement, the Borrower shall make a prepayment (the
&#147;Term Loan Mandatory Prepayment&#148;): immediately upon receipt by any Credit Party of Net Cash
Proceeds generated from the issuance of any Equity Interests of any Credit Party (other than Equity
Interests under any stock option or employee incentive plans listed on Schedule&nbsp;6.12 hereto (or any
successor plans) or in connection with the conversion of any Debt to equity or Net Cash Proceeds
from the issuance of any Funded Debt after the Closing Date, Borrowers shall prepay the Term Loan
by the sum of (i)&nbsp;an amount equal to one hundred percent (100%) of such Net Cash Proceeds from the
issuance of any Equity Interests; and (ii)&nbsp;the Yield Maintenance Premium in respect thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Term Loan Optional Prepayments</U>.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Borrower may voluntarily prepay including from the Net Cash Proceeds generated from
the issuance of any Equity Interests of any Credit Party (a &#147;<U>Term Loan Optional
Prepayment</U>&#148;) the principal balance of the Term Loan, in whole or in part in an amount not less
than $1,000,000 and multiples of $500,000 thereafter in any thirty (30)&nbsp;day period, subject to the
following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Not less than ten (10)&nbsp;Business Days prior to the date upon which the Borrower desires to
make such prepayment, the Borrower shall deliver to the Administrative Agent written notice of its
intention to prepay the Term Loan, which notice shall be irrevocable and state the prepayment
amount and the prepayment date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Borrower shall pay to the Lenders all unpaid expenses, fees and other items payable
under this Agreement or any other Loan Document, accrued and unpaid interest and Additional
Interest on the Term Loan through the date of such prepayment on the principal balance being
prepaid; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Borrower shall pay the appropriate Yield Maintenance Premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Yield Maintenance Premium</U>. Any Term Loan Mandatory Prepayment or Term Loan
Optional Prepayment shall be accompanied by a premium (the &#147;Yield Maintenance Premium&#148;) equal to
the percentage set forth below opposite the twelve month period during which such Term Loan
Mandatory Prepayment or Term Loan Optional Prepayment is made:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If the prepayment is made
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The amount of the premium shall be</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">After May&nbsp;1, 2008 and on or before
April&nbsp;30, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Three percent (3%)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">After May 1, 2009 and on or before
April&nbsp;30, 2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Two percent (2%)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">After May 1, 2010 and on or before
April&nbsp;30, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One percent (1%)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Interest and Fee Computation; Collection of Funds</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise set forth herein, all interest, Additional Interest and fees shall be
calculated on the basis of a year consisting of 360&nbsp;days and shall be paid for the actual number of
days elapsed. Principal payments submitted in funds not immediately available shall continue to
bear interest and Additional Interest until collected. If any payment to be made by the Borrower
hereunder or under the Term Note shall become due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day and such extension of time shall be included in
computing any interest and Additional Interest in respect of such payment. Notwithstanding
anything to the contrary contained herein, the final payment due under the Term Loan must be made
by wire transfer or other immediately available funds. All
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payments made by the Borrower hereunder or under any of the Loan Documents shall be made
without setoff, counterclaim, or other defense.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Additional Interest</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the interest payable on the Term Note at the Interest Rate provided for in
subsection 2.1(b), the unpaid principal amount of the Term Note shall bear additional interest
(&#147;<U>Additional Interest</U>&#148;) at the rate of three and one-half percent (3.5%) per annum (the
&#147;<U>Additional Interest Rate</U>&#148;), payable monthly in arrears on each Interest Payment Date. At
the election of the Borrower, each installment of Additional Interest may be paid by adding the
amount thereof to the unpaid principal amount of the Term Note. The Borrower shall be deemed to
have made this election on each Interest Payment Date occurring after the date of this Agreement
unless at least three (3)&nbsp;Business Days prior to an Interest Payment Date, the Borrower notifies
the Administrative Agent that it intends to pay Additional Interest in cash on such Interest
Payment Date. Each such election by the Borrower shall be irrevocable. The Administrative Agent
shall note the amount of each such installment of Additional Interest on the payment grid attached
to and forming a part of the Term Note, whereupon the amount of such installment shall be for all
purposes hereunder unpaid principal of the Term Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>&#091;intentionally omitted&#093;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Taxes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as permitted by Sections&nbsp;2.5(g), 2.5(h) and 2.5(i), all payments made by the
Borrower under this Agreement shall be made free and clear of, and without deduction or withholding
for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties,
charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or
assessed by any Governmental Authority, excluding (x)&nbsp;taxes on capital or overall income, net
income taxes and net profits, net receipts or similar taxes (or for franchise taxes imposed in lieu
of such taxes) imposed on the Lenders as a result of a present or former connection between the
Lenders and the jurisdiction of the Governmental Authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than any such connection arising solely
from the Lenders having executed, delivered or performed its obligations or received a payment
under, or enforced, this Agreement or any other Loan Document) and (y)&nbsp;any branch profits taxes
imposed by the United States. If any such non-excluded taxes, levies, imposts, duties, charges,
fees, deductions or withholdings (collectively, &#147;<U>Non-Excluded Taxes</U>&#148;) or Other Taxes are
required to be withheld from any amounts payable to the Lenders hereunder, the amounts so payable
to the Lenders shall be increased to the extent necessary so that (after payment of all
Non-Excluded Taxes and Other Taxes) the Lenders shall receive an amount equal to the sum they would
have received had no such withholding been made. If, after any such adjustment, any part of a
Non-Excluded Tax or Other Tax paid by the Lenders or payable on behalf of the Lenders is
subsequently recovered by the Lenders, the Lenders shall reimburse the Borrower to the extent of
the amount so recovered.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At the request of the Borrower and at the Borrower&#146;s sole cost, the Lenders shall take
reasonable steps to (i)&nbsp;contest its liability for any Non-Excluded Taxes or Other Taxes that have
not been paid, or (ii)&nbsp;seek a refund of any Non-Excluded Taxes or Other Taxes that have been paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as
possible thereafter the Borrower shall send to the Lenders a certified copy of an original official
receipt received by the Borrower showing payment thereof. If the Borrower fails to pay any
Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to
the Lenders the required receipts or other required documentary evidence or if any Governmental
Authority seeks to collect a Non-Excluded Tax or Other Tax directly from the Lenders for any other
reason, the Borrower shall indemnify the Lenders for any incremental taxes, interest or penalties
that may become payable by the Lenders provided, however, that Borrowers shall not be responsible
for any such interest or penalties which were incurred prior to the date that notice is given to
the Credit parties of such tax or fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In the event Borrowers are required to pay additional amounts to or for the account of any
Lender pursuant to this Section&nbsp;2.5(a), then such Lender shall use good faith diligent efforts to
file any certificate or document reasonably requested by Borrowers or to designate a Lending Office
from a different jurisdiction (if such Lending Office is maintained by such Lender) so as to
eliminate or reduce any such additional payments by Borrowers which may accrue in the future,
provided Lender shall incur or suffer no material cost or expense as a result thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each Lender, if any, that is not a &#147;United States person&#148; within the meaning of Section
7701(a)(30) of the Code (each, a &#147;<U>Foreign Lender</U>&#148;) shall, on or prior to the date of the
execution and delivery of this Agreement, in the case of each Lender listed on the signature pages
hereof, or, in the case of an assignee Lender, on or prior to the date it becomes a Lender, execute
and deliver to the Borrower Representative and the Administrative Agent, two or more (as the
Borrower Representative or the Administrative Agent may reasonably request) United States Internal
Revenue Service Forms W-8IMY (with all required attachments), Forms W-8ECI, or Forms W-8BEN (or
successor forms) establishing the Lender&#146;s complete exemption from United States federal
withholding tax, or, solely if such Lender is claiming exemption from United States withholding tax
under Section 871(h) or 881(c) of the Internal Revenue Code with respect to payments of &#147;portfolio
interest,&#148; United States Internal Revenue Service Forms W-8BEN and a certificate executed by a duly
authorized officer of such Lender representing that such Lender is not (A)&nbsp;a &#147;bank&#148; within the
meaning of Section&nbsp;881(c)(3)(A) of the Code, (B)&nbsp;a &#147;10&nbsp;percent shareholder&#148; of the Borrowers within
the meaning of Section&nbsp;871(h)(3) or 881(c)(3)(B) of the Code, or (C)&nbsp;a &#147;controlled foreign
corporation&#148; described in Section&nbsp;881(c)(3)(C) of the Code, or such other appropriately completed
forms or documents (or successor forms or documents) reasonably acceptable to Borrower,
appropriately completed, establishing that payments to such Lender are completely exempt from
withholding or deduction
</DIV>



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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of United States federal withholding taxes. Each Foreign Lender shall promptly notify
Borrower Representative at any time it determines that it is no longer in a position to provide any
previously delivered certificate to Borrower Representative (or any other form of certification
adopted by the United States of America or other taxing authorities for such purpose). Each Lender
shall deliver to the Borrower Representative and the Administrative Agent two further copies of any
such form or documents on or before the date that any such form or document expires or becomes
obsolete and after the occurrence of any event requiring a change in the most recent such form or
document previously delivered by it to the Borrower Representative.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Borrowers shall not be required to pay any additional amounts pursuant to Section
2.5(a) or any amounts pursuant to Section&nbsp;2.5(d) hereof to the extent that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the obligation to pay such additional amounts or any amounts under Section&nbsp;2.5(d)
hereof would not have arisen but for a failure for any reason by such Lender (or permitted
assignee) to comply with its obligations under Section&nbsp;2.5(b) to provide certain forms,
certificates, or other evidence necessary to establish its entitlement to complete exemption
from U.S. withholding tax (other than a failure that results exclusively from the change in
any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any governmental authority after the date on which such Lender (or permitted
assignee) first became a party to this Agreement);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to an assignee Lender, the obligation to withhold U.S. taxes existed
on the date such assignee Lender became a party to this Agreement, or with respect to
payments to a lending office newly designated by a Lender (a &#147;New Lending Office&#148;), the date
such Lender designated such New Lending Office with respect to the applicable Loan; provided,
however, that this clause (ii)&nbsp;shall not apply to the extent the additional amounts any
Lender (or transferee) through a New Lending Office, would be entitled to receive (without
regard to this clause (ii)) do not exceed the additional amounts that the person making the
transfer, or Lender (or transferee) making the designation of such New Lending Office, would
have been entitled to receive in the absence of such transfer or designation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the certifications made in any forms or other evidence provided by such Lender
under Section&nbsp;2.5(b) were untrue or inaccurate on the date delivered in any material respect;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such Lender is treated as a &#147;conduit entity&#148; within the meaning of U.S. Treasury
Regulations Section&nbsp;1.881-3 or any successor provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Administrative Agent may, without reduction, withhold any Non-Excluded Taxes required
to be deducted and withheld from any payment under any of the Loan Documents with respect to which
the Borrowers are not required to pay additional amounts under this <U>Section&nbsp;2.5(h)</U> or
<U>Section&nbsp;2.5(i)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Upon the request of the Administrative Agent, each Lender that is a &#147;United States person&#148;
within the meaning of Section&nbsp;7701(a)(30) of the Code shall deliver to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the requesting party two duly signed completed copies of IRS Form W-9. If such Lender fails
to deliver such forms, then the Borrowers or the Administrative Agent may withhold from any
interest payment to such Lender an amount equivalent to the applicable back up withholding tax
imposed by the Code, without reduction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;If any Governmental Authority asserts that the Administrative Agent did not properly
withhold or backup withhold, as the case may be, any tax or other amount from payments made to or
for the account of any Lender, such Lender shall indemnify the Administrative Agent therefore,
including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable
to the Administrative Agent under this Section, and costs and expenses (including Attorney Costs)
of the Administrative Agent. The obligation of the Lenders under this Section shall survive the
termination of all commitments to make Loans, repayment of all Obligations and the resignation of
the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;If the Administrative Agent or Lender receives a refund (or Tax credit with respect to) of
any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with
respect to which any Borrower has paid additional amounts pursuant to this <U>Section&nbsp;2.5,</U> it
shall pay to the Borrowers an amount equal to such refund (or the benefit realized as a result of
such Tax credit) (but only to the extent of indemnity payments made, or additional amounts paid, by
the Borrowers under this <U>Section&nbsp;2.5</U> with respect to the Non-Excluded Taxes or Other Taxes
giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such
Lender, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided that such Borrower, upon the request
of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Borrower
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to
the Administrative Agent or such Lender (as the case may be) in the event the Administrative Agent
or such Lender is required to repay such refund to such Governmental Authority. This paragraph
shall not be construed to require the Administrative Agent or any Lender to make available its tax
returns (or any other information relating to its taxes that it deems confidential) to the
Borrowers or any other Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <U>Administrative Fees</U>. The Borrower shall pay the Administrative Agent an annual
administrative fee payable quarterly, in advance, as set forth in the Fee Letter (the
&#147;Administrative Fee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <U>Single Obligation; Collateral Security</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Term Loan constitutes one general obligation of the Borrower, and shall be secured by the
Administrative Agent&#146;s security interest in and Lien upon all of the Collateral for the benefit of
the Lenders, which security interest is subordinate only to security interests in assets of the
Borrower held by the Senior Lenders that are Permitted Liens, and by all other security interests,
Liens, claims and encumbrances heretofore, now or at any time or times hereafter granted by the
Borrower to the Administrative Agent for the benefit of the Lenders.
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3. <FONT style="font-variant: SMALL-CAPS"><U>CONDITIONS OF BORROWING</U>.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, the obligations of the Lenders to
disburse, make or continue all or any portion of the Term Loan, and otherwise to perform any of its
obligations under this Agreement are subject to the satisfaction of all of the following conditions
precedent, which satisfaction shall be determined by the Lenders in its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Loan Documents</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have executed and delivered to the Initial Lender all of the following Loan
Documents, all of which must be satisfactory to the Initial Lender and its counsel in form,
substance and execution:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Term Notes, this Agreement and the other Loan Documents</U>. Borrowers shall have
executed and delivered to Administrative Agent for the account of the Initial Lender the Term Note,
Holdings and Borrowers shall have executed and delivered this Agreement; and each Credit Party
shall have executed and delivered the other Loan Documents to which such Credit Party is required
to be a party (including all schedules and other documents to be delivered pursuant hereto); and
such Notes (if any), this Agreement and the other Loan Documents shall be in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Corporate Authority</U>. Administrative Agent shall have received, from each Credit
Party, a certificate of its Secretary or Assistant Secretary dated as of the Closing Date as to:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) corporate resolutions (or the equivalent) of each Credit Party authorizing the
transactions contemplated by this Agreement and the other Loan Documents approval of this
Agreement and the other Loan Documents, in each case to which such Credit Party is party, and
authorizing the execution and delivery of this Agreement and the other Loan Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the incumbency and signature of the officers or other authorized persons of such
Credit Party executing any Loan Document;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate of good standing or continued existence (or the equivalent thereof)
from the state of its incorporation or formation, and from every state or other jurisdiction
where such Credit Party is qualified to do business, which jurisdictions are listed on
Schedule&nbsp;3.1 attached hereto, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) copies of such Credit Party&#146;s articles of incorporation and bylaws or other
constitutional documents, as in effect on the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Collateral Documents, Guaranties and other Loan Documents</U>. The Administrative
Agent shall have received the following documents, each in form and substance satisfactory to
Administrative Agent and fully executed by each party thereto.
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The following Collateral Documents and other Loan Documents, each in form and
substance acceptable to Administrative Agent and fully executed by each party thereto and
dated as of the Closing Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;the Security Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;the Nitram Consent to Assignment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;Mortgages for each of the owned properties listed on Schedule&nbsp;6.3(b), together with the
related documentation specified in Schedule&nbsp;2.1(c),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the real properties leased by a Credit Party as a lessee located at 14651
Dallas Parkway, Dallas, Texas (which is the Company&#146;s headquarters, and 227 Thorn Avenue,
Orchard Park, New York (which is the headquarters of Nitram where the primary books and
records of any Credit Party are located) (A)&nbsp;a true, complete and accurate copy of the fully
executed applicable lease bailment or warehouse agreement, as the case may be; and (ii)&nbsp;a
Collateral Access Agreement with respect to each such location.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Certified copies of uniform commercial code requests for information, or a similar
search report certified by a party acceptable to the Administrative Agent, dated a date
reasonably prior to the Closing Date, listing all effective financing statements in the
jurisdiction of incorporation or organization, as the case may be, of such Credit Party, as
indicated on Schedule&nbsp;6.25 (under their present names or under any previous names used within
five (5)&nbsp;years prior to the date hereof) as debtors, together with (x)&nbsp;copies of such
financing statements, and (y)&nbsp;authorized Uniform Commercial Code (Form UCC-3) Termination
Statements, if any, necessary to release all Liens and other rights of any Person in any
Collateral described in the Collateral Documents previously granted by any Person (other than
Liens permitted by Section&nbsp;8.2 of this Agreement) and (B)&nbsp;intellectual property search
reports results from the United States Patent and Trademark Office and the United States
Copyright Office Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any documents (including, without limitation, financing statements, amendments to
financing statements and assignments of financing statements, stock powers executed in blank
and any endorsements) requested by Administrative Agent and reasonably required to be
provided in connection with the Collateral Documents to create, in favor of the
Administrative Agent (for and on behalf of the Lenders), a first priority perfected security
interest in the Collateral thereunder shall have been filed, registered or recorded, or shall
have been delivered to Administrative Agent in proper form for filing, registration or
recordation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Insurance</U>. The Administrative Agent shall have received evidence reasonably
satisfactory to it that the Credit Parties have obtained the insurance policies required by Section
7.5 hereof and that such insurance policies are in full force and effect.
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Compliance with Certain Documents and Agreements</U>. Each Credit Party shall have
each performed and complied in all material respects with all agreements and conditions contained
in this Agreement and the other Loan Documents, to the extent required to be performed or complied
with by such Credit Party. No Person (other than Administrative Agent, Lenders and Initial Lender)
party to this Agreement or any other Loan Document shall be in material default in the performance
or compliance with any of the terms or provisions of this Agreement or the other Loan Documents or
shall be in material default in the performance or compliance with any of the material terms or
material provisions of, in each case to which such Person is a party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Opinions of Counsel</U>. The Credit Parties shall furnish Administrative Agent prior
to the Term Loan made under this Agreement, opinions of counsel to the Credit Parties, including
opinions of local counsel to the extent deemed necessary by the Agent, in each case dated the
Closing Date and covering such matters as reasonably required by and otherwise reasonably
satisfactory in form and substance to the Administrative Agent and each of the Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Payment of Fees</U>. Borrowers shall have paid to the Administrative Agent any fees
due the Administrative Agent including the Structuring Fee and one-quarter of the Administrative
Fee, each of which shall be non-refundable, along with any other fees, costs or expenses due and
outstanding to the Administrative Agent or the Initial Lender as of the Closing Date (including
reasonable fees, disbursements and other charges of counsel to Administrative Agent so long as
Borrower shall have received an invoice from such counsel prior to the funding of the initial
Advances hereunder).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Pro Forma Balance Sheet and Financial Statements</U>. Borrowers shall have delivered
to the Lenders and the Administrative Agent, in form and substance satisfactory to Administrative
Agent: (a)&nbsp;the Pro Forma Balance Sheet, (b)&nbsp;audited financial statements of Company and Nitram for
the Fiscal Years ending June&nbsp;30, 2007 and September&nbsp;30, 2007, respectively, and presented in
accordance with GAAP, and the quarterly financial statements prepared by Company and Nitram for the
fiscal quarters ending December&nbsp;31, 2007 and (c)&nbsp;monthly projections of Company and Nitram through
Fiscal Year 2009, and annual projections of Company and Nitram through Fiscal Year 2013, in each
case in form acceptable to the Administrative Agent, such projections to include annual income and
cash flow statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Appraisals; Audits; Due Diligence</U>. Administrative Agent and Lenders shall have
received, in each case in form and substance satisfactory to the Administrative Agent, (a)&nbsp;an audit
of all accounts receivable and inventory of Company, Nitram and their respective Domestic
Subsidiaries, (b)&nbsp;appraisals of all machinery and equipment of Company, Nitram and their respective
Domestic Subsidiaries, (c)&nbsp;tax-assessed valuations of all real estate owned by Company, Nitram and
their respective Domestic Subsidiaries and (d)&nbsp;such other reports or due diligence materials as
Administrative Agent and the Initial Lender may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>Employment Agreements</U>. Administrative Agent shall have received copies of all
employment agreements of the Credit Parties (including, without limitation, any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">employment agreements executed concurrently and in connection with the Nitram Acquisition)
which shall remain in effect following the Closing Date as set forth on Schedule&nbsp;6.16 hereof, the
terms of which are reasonably acceptable to Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <U>Material Contracts</U>. Administrative Agent shall have received copies of all
Material Contracts described on Schedule&nbsp;6.17 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <U>Governmental and Other Approvals</U>. Administrative Agent shall have received copies
of all authorizations, consents, approvals, licenses, qualifications or formal exemptions, filings,
declarations and registrations with, any court, governmental agency or regulatory authority or any
securities exchange or any other person or party (whether or not governmental) received by any
Credit Party in connection with the transactions contemplated by the Loan Documents to occur on the
Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <U>Release and Payoff Documentation</U>. The Administrative Agent shall have received,
in each case in form and substance satisfactory to Administrative Agent,
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a payoff letter from Manufacturers and Traders Trust Company,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any UCC termination statements, mortgage discharges and/or other necessary
documentation necessary or appropriate to terminate the security interest and mortgages
granted to Manufacturers and Traders Trust Company, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all possessory collateral held by Manufacturers and Traders Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <U>Nitram Acquisition</U>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent shall have received executed copies of the Nitram
Acquisition Documents in effect on the Closing Date, certified by Borrowers as being true,
correct and complete. The Nitram Acquisition Documents shall indicate a total purchase price
of not greater than $65,000,000 and shall otherwise be in form and substance reasonably
satisfactory to the Administrative Agent and the Initial Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrative Agent shall have received evidence as reasonably requested by
Agent that all conditions under the Nitram Acquisition Documents have been satisfied, other
than payment of the purchase price, that each of the Persons party thereto are in material
compliance therewith, to the extent applicable, and that no condition to consummation of the
Nitram Acquisition shall have been waived in a manner detrimental in any material respect to
the Credit Parties or the Initial Lender, or any one of them, by any of the parties thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <U>Senior Debt.</U> The Administrative Agent shall have received executed copies of (A)
the Senior Loan Documents in effect on the Closing Date, certified by a Responsible Officer of the
Borrower Representative as being true, correct and complete and (B)&nbsp;the Subordination Agreement.
Each of the Subordination Agreement and the Senior Loan
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Documents shall be in form and substance reasonably satisfactory to the Administrative Agent
and each shall have been duly authorized, executed and delivered by each of the parties thereto and
shall be in full force and effect. The Administrative Agent shall have received a certification
from Borrower Representative that no term or provision of the Senior Loan Documents shall have been
modified, and that no condition to consummation of the transactions contemplated thereby shall have
been waived, in either case in a manner detrimental to the Credit Parties or the Initial Lender, or
any one of them, by any of the parties thereto. The Administrative Agent shall have received
satisfactory evidence that Borrowers have received at least $40,000,000 in gross proceeds from the
issuance of the Senior Debt as contemplated under the terms of the Subordination Agreement and the
Senior Loan Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <U>Closing Certificate</U>. The Administrative Agent shall have received, with a signed
counterpart for each Lender, a certificate of a Responsible Officer of Holdings and the Borrower
Representative, dated the Closing Date, stating that to the best of his or her respective knowledge
after due inquiry, (a)&nbsp;the conditions set forth in this Section&nbsp;3 have been satisfied to the extent
required to be satisfied by any Credit Party; (b)&nbsp;the representations and warranties made by the
Credit Parties in this Agreement or any of the other Loan Documents, as applicable, are true and
correct in all material respects; (c)&nbsp;no Default or Event of Default shall have occurred and be
continuing; (d)&nbsp;since June&nbsp;30, 2007, nothing shall have occurred which has had, or could reasonably
be expected to have, a material adverse change on the business, results of operations, conditions,
property or prospects (financial or otherwise) of Company or any of its Subsidiaries, and since
September&nbsp;30, 2007, nothing shall have occurred which has had, or could reasonably be expected to
have, a material adverse change on the business, results of operations, conditions, property or
prospects (financial or otherwise) of Nitram or any of its Subsidiaries; and (e)&nbsp;there shall have
been no material adverse change to the Pro Forma Balance Sheet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Additional Documents</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have provided to the Initial Lender such other certificates, financial
statements, schedules, resolutions, opinions of counsel, notes and other documents which are
provided for hereunder or which the Initial Lender shall reasonably require.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Event of Default.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Default Event or Default shall have occurred and be continuing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Material Adverse Effect.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall not have occurred any event having a Material Adverse Effect upon the Borrower or
any Subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Senior Loan Documents</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Senior Lenders shall have made available to the Borrower not less than $60,000,000 of the
Senior Debt pursuant to the Senior Loan Documents and the Lenders shall have received true, correct
and complete copies of the Senior Loan Documents.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <U>Cash Contribution</U>. The Borrower shall provide not less than $8,500,000 in cash
to fund the Acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <U>Tangible Net Worth Consolidated Total Leverage Ratio</U>. An accounting firm
approved by the Initial Lender shall certify in writing (a)&nbsp;that the Borrower&#146;s Consolidated
Adjusted Net Worth as of the Closing Date (giving effect to the transactions contemplated hereby)
shall be at least $57,555,000; and (b)&nbsp;as of the Closing Date, the Consolidated Total Leverage
Ratio on a proforma basis for the twelve months prior to the Closing Date shall not be greater than
4.00 to 1.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <U>Verification</U>. Verification to the satisfaction of the Initial Lender that every
statement or fact regarding this transaction of any importance to the Initial Lender has been
proven by an objective third party (subject to confidentiality) evidence completely satisfactory to
it in its sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <U>Other Fees</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not have paid any cost, fee or item of expense to any third party in
connection with the completion of the Acquisition, the incurrence of the Senior Debt and
transactions contemplated by this Agreement except for costs, fees and items of expense listed on
the flow of funds approved by the Initial Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 4. <U><FONT style="font-variant: SMALL-CAPS">TERM NOTE.</FONT></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Term Note.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Term Loan shall be evidenced by the Term Note. The Initial Lender shall note the date and
amount of each installment of Additional Interest added to the unpaid principal amount of the Term
Note in accordance with Section&nbsp;2.3 hereof on the books and records of the Initial Lender and/or on
the Payment Grid annexed to the Note and constituting a part thereof, or on a continuation thereof
which shall be attached thereto and made a part thereof, which entry and/or endorsement shall be,
absent demonstrable error, conclusive and binding evidence of the accuracy of the information so
entered and/or endorsed, provided that the failure of such holder to make such recordation or
endorsement shall not affect the obligations of the Borrowers thereunder or under the Agreement.
The aggregate unpaid principal amount of the Note set forth in the Note and such Payment Grid or as
evidenced by the books and records of the Initial Lender or any subsequent holder of this Term Note
shall be, absent demonstrable error, conclusive and binding evidence of the principal amount owing
and unpaid on the Note. The Initial Lender or any such subsequent holder may attach one or more
continuations to such schedule as and when required.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5. <U><FONT style="font-variant: SMALL-CAPS">&#091;</FONT>INTENTIONALLY OMITTED&#093;<FONT style="font-variant: SMALL-CAPS">.</FONT></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 6. <U><FONT style="font-variant: SMALL-CAPS">REPRESENTATIONS AND WARRANTIES.</FONT></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To induce the Initial Lender to make the Term Loan, Holdings and Borrowers represent and
warrant to the Initial Lender, each of which shall survive the execution and delivery of this
Agreement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <U>Corporate Authority</U>. Each Credit Party is a corporation (or other business
entity) duly organized and existing in good standing under the laws of the state or jurisdiction of
its incorporation or formation, as applicable, and each Credit Party is duly qualified and
authorized to do business as a foreign corporation in each jurisdiction where the character of its
assets or the nature of its activities makes such qualification and authorization necessary except
where failure to be so qualified or be in good standing could not reasonably be expected to have a
Material Adverse Effect. Each Credit Party has all requisite corporate, limited liability or
partnership power and authority to own all its property (whether real, personal, tangible or
intangible or of any kind whatsoever) and to carry on its business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <U>Due Authorization</U>. Execution, delivery and performance of this Agreement, and
the other Loan Documents, to which each Credit Party is party, and the issuance of the Notes by
Borrowers (if requested) are within such Person&#146;s corporate, limited liability or partnership
power, have been duly authorized, are not in contravention of any law applicable to such Credit
Party or the terms of such Credit Party&#146;s organizational documents and, except as have been
previously obtained or as referred to in Section&nbsp;6.10, below, do not require the consent or
approval of any governmental body, agency or authority or any other third party except to the
extent that such consent or approval is not material to the transactions contemplated by the Loan
Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <U>Good Title; Leases; Assets; No Liens</U>. (a)&nbsp;Each Credit Party, to the extent
applicable, has good and valid title (or, in the case of real property, good and marketable title)
to all assets owned by it, subject only to the Liens permitted under section 8.2 hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Schedule&nbsp;6.3(b) hereof identifies all of the real property owned or leased, as lessee
thereunder, by the Credit Parties on the Closing Date, including all warehouse or bailee locations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Credit Parties will collectively own or collectively have a valid leasehold interest
in all assets that were owned or leased (as lessee) by the Credit Parties immediately prior to the
Closing Date to the extent that such assets are necessary for the continued operation of the Credit
Parties&#146; businesses in substantially the manner as such businesses were operated immediately prior
to the Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Credit Party owns or has a valid leasehold interest in all real property necessary
for its continued operations and, to the best knowledge of Borrowers, no material condemnation,
eminent domain or expropriation action has been commenced or threatened against any such owned or
leased real property; and
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;There are no Liens on and no financing statements on file with respect to any of the
assets owned by the Credit Parties, except for the Liens permitted pursuant to Section&nbsp;8.2 of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <U>Taxes</U>. Except as set forth on Schedule&nbsp;6.4 hereof, each Credit Party has filed
on or before their respective due dates or within the applicable grace periods, all United States
federal, state, local and other tax returns which are required to be filed or has obtained
extensions for filing such tax returns and is not delinquent in filing such returns in accordance
with such extensions and has paid all material taxes which have become due pursuant to those
returns or pursuant to any assessments received by any such Credit Party, as the case may be, to
the extent such taxes have become due, except to the extent such taxes are being contested in good
faith by appropriate proceedings diligently conducted and with respect to which adequate provision
has been made on the books of such Credit Party as may be required by GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <U>No Defaults</U>. There exists (a)&nbsp;no default under any Material Contract which alone
or together with any defaults under any other Material Contracts could reasonably be expected to
have a Material Adverse Effect, and (b)&nbsp;no payment default has occurred and been continuing under
any contract or other agreement with a Subcontractor of Borrower or any of its Subsidiaries in
excess of One Million Dollars ($1,000,000), unless the payment giving rise to the default is being
contested in good faith by appropriate proceedings diligently conducted and with respect to which
adequate provision has been made on the books of such Credit Party as may be required by GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <U>Enforceability of Agreement and Loan Documents</U>. This Agreement and each of the
other Loan Documents to which any Credit Party is a party, have each been duly executed and
delivered by its duly authorized officers and constitute the valid and binding obligations of such
Credit Party, enforceable against such Credit Party in accordance with their respective terms,
except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency,
fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditor&#146;s rights,
generally and by general principles of equity (regardless of whether enforcement is considered in a
proceeding in law or equity).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <U>Compliance with Laws</U>. (a)&nbsp;Except as disclosed on Schedule&nbsp;6.7, each Credit Party
has complied with all applicable federal, state and local laws, ordinances, codes, rules,
regulations and guidelines (including consent decrees and administrative orders) including but not
limited to Hazardous Material Laws, and is in compliance with any Requirement of Law, except to the
extent that failure to comply therewith could not reasonably be expected to have a Material Adverse
Effect; and (b)&nbsp;neither the extension of credit made pursuant to this Agreement or the use of the
proceeds thereof by the Credit Parties will violate the Trading with the Enemy Act, as amended, or
any of the foreign assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter&nbsp;V, as amended) or any enabling legislation or executive order relating thereto,
including without limitation, the Iranian Transaction Regulations, or The United and Strengthening
America by providing appropriate Tools Required to Intercept and Obstruct Terrorism (&#147;USA Patriot
Act&#148;) Act of 2001, Public Law 10756, October&nbsp;26, 2001 or Executive Order 13224 of September&nbsp;23,
2001 issued by the President of the United States (66
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fed. Reg. 49049 (2001)), and the Credit Parties have taken sufficient steps to prevent future
violations of the type described in Schedule&nbsp;3.26 to the Nitram Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <U>Non-contravention</U>. The execution, delivery and performance of this Agreement and
the other Loan Documents to which each Credit Party is a party are not in contravention of the
terms of any indenture, agreement or undertaking to which such Credit Party is a party or by which
it or its properties are bound where such violation could reasonably be expected to have a Material
Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <U>Litigation</U>. Except as set forth on Schedule&nbsp;6.9 hereof, there is no suit,
action, proceeding, including, without limitation, any bankruptcy proceeding or governmental
investigation pending against or to the knowledge of Borrowers, threatened against any Credit Party
(other than any suit, action or proceeding in which a Credit Party is the plaintiff and in which no
counterclaim or cross-claim against such Credit Party has been filed), or any judgment, decree,
injunction, rule, or order of any court, government, department, commission, agency,
instrumentality or arbitrator outstanding against any Credit Party, nor is any Credit Party in
violation of any applicable law, regulation, ordinance, order, injunction, decree or requirement of
any governmental body or court which could in any of the foregoing events reasonably be expected to
have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <U>Consents, Approvals and Filings, Etc</U>. Except as set forth on Schedule&nbsp;6.10
hereof, no material authorization, consent, approval, license, qualification or formal exemption
from, nor any filing, declaration or registration with, any court, governmental agency or
regulatory authority or any securities exchange or any other Person (whether or not governmental)
is required in connection with the execution, delivery and performance: (a)&nbsp;by any Credit Party of
this Agreement and any of the other Loan Documents to which such Credit Party is a party or (b)&nbsp;by
the Credit Parties of the grant of Liens granted, conveyed or otherwise established (or to be
granted, conveyed or otherwise established) by or under this Agreement or the other Loan Documents,
as applicable, except in each case for (i)&nbsp;such matters which have been previously obtained, and
(ii)&nbsp;such filings to be made concurrently herewith or promptly following the Closing Date as are
required by the Collateral Documents to perfect Liens in favor of the Lenders. All such material
authorizations, consents, approvals, licenses, qualifications, exemptions, filings, declarations
and registrations which have previously been obtained or made, as the case may be, are in full
force and effect and, to the best knowledge of Borrowers, are not the subject of any attack or
threatened attack (in each case in any material respect) by appeal or direct proceeding or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. <U>No Investment Company or Margin Stock</U>. No Credit Party is an &#147;investment
company&#148; within the meaning of the Investment Company Act of 1940, as amended. No Credit Party is
engaged principally, or as one of its important activities, directly or indirectly, in the business
of extending credit for the purpose of purchasing or carrying margin stock. None of the proceeds of
the Term Loan will be used by any Credit Party to purchase or carry margin stock. Terms for which
meanings are provided in Regulation&nbsp;U of the Board of Governors of the Federal Reserve System or
any regulations substituted therefore, as from time to time in effect, are used in this paragraph
with such meanings.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12. <U>ERISA</U>. No Credit Party maintains or contributes to any Pension Plan subject to
Title IV of ERISA, except as set forth on Schedule&nbsp;6.12 hereto or otherwise disclosed to the
Lenders in writing. There is no accumulated funding deficiency within the meaning of Section&nbsp;412
of the Internal Revenue Code or Section&nbsp;302 of ERISA, or any outstanding liability with respect to
any Pension Plans owed to the PBGC other than future premiums due and owing pursuant to Section
4007 of ERISA, and no &#147;reportable event&#148; as defined in Section 4043(c) of ERISA has occurred with
respect to any Pension Plan other than an event for which the notice requirement has been waived by
the PBGC. None of the Credit Parties has engaged in a prohibited transaction with respect to any
Pension Plan, other than a prohibited transaction for which an exemption is available and has been
obtained, which could subject such Credit Parties to a material tax or penalty imposed by Section
4975 of the Internal Revenue Code or Section 502(i) of ERISA. Each Pension Plan is being
maintained and funded in accordance with its terms and is in material compliance with the
requirements of the Internal Revenue Code and ERISA. No Credit Party has had a complete or partial
withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to have
resulted in any Withdrawal Liability and, except as notified to the Administrative Agent in writing
following the Closing Date, no such Multiemployer Plan is in reorganization (within the meaning of
Section&nbsp;4241 of ERISA) or insolvent (within the meaning of Section&nbsp;4245 of ERISA).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13. <U>Conditions Affecting Business or Properties</U>. To the knowledge of the Borrowers,
neither the respective businesses nor the properties of any Credit Party is affected by any fire,
explosion, accident, strike, lockout or other dispute, drought, storm, hail, earthquake, embargo,
act of god, or other casualty (except to the extent such event is covered by insurance sufficient
to ensure that upon application of the proceeds thereof, no Material Adverse Effect could
reasonably be expected to occur) which could reasonably be expected to have a Material Adverse
Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. <U>Environmental and Safety Matters</U>. Except as set forth in Schedules 6.9, 6.10
and 6.14:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;all facilities and property owned or leased by the Credit Parties are in material
compliance with all Hazardous Material Laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to the best knowledge of Borrowers, there are no unresolved nor outstanding past, and
there are no pending or threatened:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) claims, complaints, notices or requests for information received by any Credit Party
with respect to any alleged material violation of any Hazardous Material Law, or with respect
to any alleged Hazardous Materials Contamination, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) written complaints, notices or inquiries to any Credit Party regarding potential
liability of any Credit Parties under any Hazardous Material Law that is reasonably likely to
give rise to a material liability under the same or regarding any Hazardous Materials
Contamination that is reasonably likely to have a Material Adverse Effect on the values of
the property; and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to the best knowledge of Borrowers, no conditions exist at, on or under any property now
or previously owned or leased by any Credit Party which, with the passage of time, or the giving of
notice or both, are reasonably likely to give rise to material liability under any Hazardous
Material Law or with respect to Hazardous Materials Contamination action, or create a Material
Adverse Effect on the value of the property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15. <U>Subsidiaries</U>. Except as disclosed on Schedule&nbsp;6.15 hereto as of the Closing
Date, and thereafter, except as disclosed to the Administrative Agent in writing from time to time,
no Credit Party has any Subsidiaries. The declaration or payment of dividends or similar
distributions by any Subsidiary of the Company (and after the Reorganization any Subsidiary of
Holdings) in respect of any undistributed earnings is not prohibited by the terms of any
Contractual Obligation (other than under any Loan Document or, in the case of any Foreign
Subsidiary, under any financing arrangement permitted under Section&nbsp;8.1 hereof) or Requirement of
law applicable to such Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16. <U>Management Agreements</U>. Schedule&nbsp;6.16 attached hereto is an accurate and
complete list of all management and significant employment agreements in effect on or as of the
Closing Date to which any Credit Party is a party or is bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17. <U>Material Contracts</U>. Schedule&nbsp;6.17 attached hereto is an accurate and complete
list of all Material Contracts in effect on or as of the Closing Date to which any Credit Party is
a party or is bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18. <U>Customer and Supplier Relationships</U>. Except as set forth on Schedule&nbsp;6.18, no
Credit Party has knowledge of any intention or indication of any significant customer, or
significant supplier to terminate, limit or alter its business relationship with any Credit Party
(whether as a result of the occurrence of the Acquisition or for any other matter), except to the
extent that such termination, limitation or alteration could not reasonably be expected to have a
Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19. <U>Franchises, Patents, Copyrights, Tradenames, etc</U>. The Credit Parties possess
all franchises, patents, copyrights, trademarks, trade names, licenses and permits, and rights in
respect of the foregoing, adequate for the conduct of their business substantially as now conducted
without known conflict with any rights of others. Schedule&nbsp;6.19 contains a true and accurate list
of all trade names and any and all other names used by any Credit Party during the five-year period
ending as of the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20. <U>Capital Structure</U>. Schedule&nbsp;6.20 attached hereto sets forth all issued and
outstanding Equity Interests of each Credit Party, including the number of authorized, issued and
outstanding Equity Interests of each Credit Party, the par value of such Equity Interests and the
holders of such Equity Interests, all on and as of the Closing Date. All issued and outstanding
Equity Interests of each Credit Party are duly authorized and validly issued, fully paid,
nonassessable, free and clear of all Liens (except for the benefit of Lenders) and such Equity
Interests were issued in compliance with all applicable state, federal and foreign laws concerning
the issuance of securities. Except as disclosed on Schedule&nbsp;6.20, there are no preemptive or other
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">outstanding rights, options, warrants, conversion rights or similar agreements or
understandings for the purchase or acquisition from any Credit Party, of any Equity Interests of
any Credit Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21. <U>Accuracy of Information</U>. (a)&nbsp;The audited financial statements of Company and
its Subsidiaries for the Fiscal Year ended June&nbsp;30, 2007, and of Nitram and its Subsidiaries for
the Fiscal Year ended September&nbsp;30, 2007, in each case furnished to Lenders prior to the Closing
Date fairly present in all material respects the financial condition of Borrower and its
Subsidiaries and Nitram and its Subsidiaries, respectively, and the results of their operations for
the periods covered thereby, and have been prepared in accordance with GAAP. The projections, the
Pro Forma Balance Sheet and the other pro forma financial information delivered to the Lenders
prior to the Closing Date are based upon good faith estimates and assumptions believed by
management of Company to be accurate and reasonable at the time made, it being recognized by the
Lenders that such financial information as it relates to future events is not to be viewed as fact
and that actual results during the period or periods covered by such financial information may
differ from the projected results set forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Since June&nbsp;30, 2007, there has been no material adverse change in the business,
operations, condition (financial or otherwise) or property of the Credit Parties, taken as a whole.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To the best knowledge of the Credit Parties, as of the Closing Date, (i)&nbsp;the Credit
Parties do not have any material contingent obligations (including any liability for taxes) not
disclosed by or reserved against in the opening balance sheet to be delivered hereunder and (ii)
there are no unrealized or anticipated losses from any present commitment of the Credit Parties
which contingent obligations and losses in the aggregate could reasonably be expected to have a
Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22. <U>Solvency</U>. After giving effect to the consummation of the transactions
contemplated by this Agreement and other Loan Documents, each Credit Party will be solvent, able to
pay its indebtedness as it matures and will have capital sufficient to carry on its businesses and
all business in which it is about to engage. This Agreement is being executed and delivered by
Borrower Representative to the Administrative Agent and the Lenders in good faith and in exchange
for fair, equivalent consideration. The Credit Parties do not intend to nor does management of the
Credit Parties believe the Credit Parties will incur debts beyond their ability to pay as they
mature. The Credit Parties do not contemplate filing a petition in bankruptcy or for an arrangement
or reorganization under the Bankruptcy Code or any similar law of any jurisdiction now or hereafter
in effect relating to any Credit Party, nor does any Credit Party have any knowledge of any
threatened bankruptcy or insolvency proceedings against a Credit Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23. <U>Employee Matters</U>. There are no strikes, slowdowns, work stoppages, unfair labor
practice complaints, grievances, arbitration proceedings or controversies (&#147;Adverse Labor Matters&#148;)
pending or, to the best knowledge of the Borrower Representative, threatened against any Credit
Party by any employees of any Credit Party, other than non-material employee grievances or
controversies arising in the ordinary course of business, and any such Adverse Labor Matter which
would not be reasonably be expected to have a Material Adverse Effect. Set
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">forth on Schedule&nbsp;6.23 are all union contracts or agreements to which any Credit Party is
party as of the Closing Date and the related expiration dates of each such contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24. <U>No Misrepresentation</U>. Neither this Agreement nor any other Loan Document,
certificate, information or report furnished or to be furnished by or on behalf of a Credit Party
to the Lenders in connection with any of the transactions contemplated hereby or thereby, contains
a misstatement of material fact, or omits to state a material fact required to be stated in order
to make the statements contained herein or therein, taken as a whole, not misleading in the light
of the circumstances under which such statements were made. There is no fact, other than
information known to the public generally, known to any Credit Party after diligent inquiry, that
could reasonably be expect to have a Material Adverse Effect that has not expressly been disclosed
to Lenders in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25. <U>Corporate Documents and Corporate Existence</U>. As to each Credit Party, (a)&nbsp;it is
an organization as described on Schedule&nbsp;6.25 hereto and has provided the Lenders with complete and
correct copies of its articles of incorporation, by-laws and all other applicable charter and other
organizational documents, and, if applicable, a good standing certificate and (b)&nbsp;its correct legal
name, business address, type of organization and jurisdiction of organization, tax identification
number and other relevant identification numbers are set forth on Schedule&nbsp;6.25 hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26. <U>Nitram Acquisition</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As of the Closing Date, Borrowers have furnished Lenders with true, correct and complete
copies of all Nitram Acquisition Documents. Borrowers, and to Borrowers&#146; knowledge, each other
party to the Nitram Acquisition Documents, has taken all necessary corporate action to authorize
the execution, delivery and performance of each Nitram Acquisition Document to which such Person is
a party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Credit Party has complied with all applicable federal, state and local laws,
ordinances, codes, rules, regulations and guidelines (including consent decrees and administrative
orders) relating to the consummation of the Nitram Acquisition and all other transactions
contemplated by the Nitram Acquisition Documents, and all applicable waiting periods with respect
to the transactions contemplated by the Nitram Acquisition Documents have expired without any
action being taken by any competent Governmental Authority which restrains, prevents or imposes
material adverse conditions upon the consummation of such transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All necessary authorization, consent, approval, license, qualification or formal exemption
from, and all necessary filing, declaration or registration with, any court, governmental agency or
regulatory authority or any securities exchange or any other Person (whether or not governmental,
and including without limit any shareholder, partner or member of an applicable party) required in
connection with the execution, delivery and performance by any Credit Party, and to Borrowers&#146;
knowledge, each other party to the Nitram Acquisition Documents to which such Credit Party or such
other Person is a party, have been obtained and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will be in full force and effect except to the extent that the failure to obtain would not
have a Material Adverse Effect, and, to the knowledge of Borrowers, are not the subject of any
attack or threatened attack (in each case in any material respect) by appeal or direct proceeding
or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The execution, delivery and performance of the Nitram Acquisition Documents, and the
consummation of the transactions contemplated thereby, are not in contravention of the terms of any
indenture, agreement, instrument or undertaking, or any judgment, order or decree, to which such
Credit Party is a party or by which it or its properties are bound, or, to Borrowers&#146; knowledge, to
which any other party to the Nitram Acquisition Documents is a party or by which any such party is
bound, except, in each case, where such contravention could not reasonably be expected to have a
Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;No Credit Party has granted a collateral assignment of, or a security interest over the
Nitram Acquisition Documents (other than in favor of Lenders and the Senior Lenders) and no Credit
Party has sold, transferred or assigned any Nitram Acquisition Document to any Person (other than
to or in favor of Lenders).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No Nitram Acquisition Document to which any Credit Party is a party has been modified,
amended, altered or changed in any manner except in compliance with Section&nbsp;8.13 of this Agreement,
and there are no unwaived defaults existing under the Nitram Acquisition Documents by any Credit
Party that is a party thereto, or, to the best of the knowledge of any Credit Party, by any other
party thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7. <FONT style="font-variant: SMALL-CAPS">AFFIRMATIVE COVENANTS.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings and each Borrower covenants and agrees, so long as any of the Indebtedness remains
outstanding and unpaid, that it will, and, as applicable, it will cause each of its Subsidiaries
to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Financial Statements</U>. Furnish to the Administrative Agent and each Lender, in
form and detail satisfactory to the Administrative Agent and the Required Lenders, the following
documents:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;as soon as available, but in any event within ninety (90)&nbsp;days after the end of each
Fiscal Year, a copy of the audited Consolidated and unaudited Consolidating financial statements
of, prior to the Reorganization, the Company and its Consolidated Subsidiaries, and after the
Reorganization, Holdings and its Consolidated Subsidiaries, as at the end of such Fiscal Year and
the related audited Consolidated and unaudited Consolidating statements of income, stockholders
equity, and cash flows of, prior to the Reorganization, the Company and its Consolidated
Subsidiaries, and after the Reorganization, Holdings and its Consolidated Subsidiaries, for such
Fiscal Year or partial Fiscal Year and underlying assumptions, setting forth in each case in
comparative form the figures for the previous Fiscal Year, certified as being fairly stated in all
material respects by Gaines Kriner Elliott LLP, or another independent,
nationally recognized certified public accounting firm reasonably satisfactory to the
Administrative Agent;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;as soon as available, but in any event within forty-five (45)&nbsp;days after the end of each
fiscal quarter of the Credit Parties (unless such quarter end is also the end of a Fiscal Year),
Borrower prepared unaudited Consolidated and Consolidating balance sheets of, prior to the
Reorganization, the Company and its Consolidated Subsidiaries, and after the Reorganization,
Holdings and its Consolidated Subsidiaries, as at the end of such quarter and the related unaudited
statements of income, stockholders equity and cash flows of, prior to the Reorganization, the
Company and its Consolidated Subsidiaries, and after the Reorganization, Holdings and its
Consolidated Subsidiaries, for the portion of the Fiscal Year through the end of such quarter,
setting forth in each case in comparative form the figures for the corresponding periods in the
previous Fiscal Year, and certified by a Responsible Officer of, prior to the Reorganization, the
Company, and after the Reorganization, Holdings, as being fairly stated in all material respects;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;as soon as available, but in any event within thirty (30)&nbsp;days after the end of each month
(unless such month end is also the end of a fiscal quarter or a Fiscal Year), commencing with the
first full month after the Closing Date, Borrower prepared unaudited Consolidated and Consolidating
balance sheets of, prior to the Reorganization, the Company and its Consolidated Subsidiaries, and
after the Reorganization, Holdings and its Consolidated Subsidiaries, as at the end of such month
and the related unaudited statements of income, stockholders equity and cash flows of, prior to the
Reorganization, the Company and its Consolidated Subsidiaries, and after the Reorganization,
Holdings and its Consolidated Subsidiaries, for the portion of the Fiscal Year through the end of
such fiscal month, setting forth in each case in comparative form (i)&nbsp;the figures for the
corresponding periods in the previous year and (ii)&nbsp;the figures for the relevant period set forth
in the projections delivered for such year pursuant to Section&nbsp;7.2(e), and certified by a
Responsible Officer of Holdings as being fairly stated in all material respects; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all such financial statements to be complete and correct in all material respects and to be
prepared in reasonable detail and in accordance with GAAP throughout the periods reflected therein
and with prior periods (except as approved by a Responsible Officer and disclosed therein),
provided however that the financial statements delivered pursuant to clauses (b)&nbsp;and (c)&nbsp;hereof
will not be required to include footnotes and will be subject to change from audit and year-end
adjustments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Certificates; Other Information</U>. Furnish to the Administrative Agent, in form
and detail acceptable to the Administrative Agent and the Required Lenders, the following
documents:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Concurrently with the delivery of the financial statements described in Sections&nbsp;7.1(a)
and 7.1(b) of this Agreement for each fiscal year-end and fiscal quarter-end, respectively, a
report to be furnished by the Borrowers of the Lenders and regarding compliance with the covenants
hereof (&#147;Covenant Compliance Report&#148;) duly executed by a Responsible Officer of the Borrower
Representative;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Intentionally omitted;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Promptly upon receipt thereof, copies of all significant reports submitted by the Credit
Parties&#146; firm(s) of certified public accountants in connection with each annual, interim or special
audit or review of any type of the financial statements or related internal control systems of the
Credit Parties made by such accountants, including any comment letter submitted by such accountants
to management in connection with their services;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any financial reports, statements, press releases, other material information or written
notices delivered to the holders of the Senior Debt pursuant to any applicable Senior Loan
Documents (to the extent not otherwise required hereunder), as and when delivered to such Persons;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Within sixty (60)&nbsp;days after the end of each Fiscal Year, projections for the Credit
Parties for the next succeeding Fiscal Year, on a quarterly basis and for the following Fiscal Year
on an annual basis, including a balance sheet, as at the end of each relevant period and for the
period commencing at the beginning of the Fiscal Year and ending on the last day of such relevant
period, such projections certified by a Responsible Officer of the Borrower Representative as being
based on reasonable estimates and assumptions taking into account all facts and information known
(or reasonably available to any Credit Party) by a Responsible Officer of the Borrower
Representative; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Intentionally omitted
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Such additional financial and/or other information as the Administrative Agent or any
Lender may from time to time reasonably request, promptly following such request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <U>Payment of Obligations</U>. Pay, discharge or otherwise satisfy, at or before
maturity or before they become delinquent, as the case may be, all of its material obligations to
its Subcontractors and all assessments, governmental charges, claims for labor, supplies, rent or
other obligations, except where the amount or validity thereof is currently being appropriately
contested in good faith and reserves in conformity with GAAP with respect thereto have been
provided on the books of the Credit Parties and/or the failure to pay such amount(s) could not
reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <U>Conduct of Business and Maintenance of Existence; Compliance with Laws</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In the case of Company and each of its Subsidiaries, continue to engage in their
respective business and operations substantially as conducted immediately prior to the Closing
Date; and in the case of Holdings, continue to operate solely as a holding company and not acquire
directly any material operating or other assets other than Equity Interests and Investments (to the
extent permitted hereunder) in Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Preserve, renew and keep in full force and effect its existence and maintain its
qualifications to do business in each jurisdiction where such qualifications are necessary for its
operations, except as otherwise permitted pursuant to Section&nbsp;8.4;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Take all action it deems necessary in its reasonable business judgment to maintain all
rights, privileges and franchises necessary for the normal conduct of its business except where the
failure to so maintain such rights, privileges or franchises could not, either singly or in the
aggregate, reasonably be expected to have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Comply with all Contractual Obligations and Requirements of Law, except to the extent that
failure to comply therewith could not, either singly or in the aggregate, reasonably be expected to
have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;Continue to be a Person whose property or interests in property is not blocked or
subject to blocking pursuant to Section&nbsp;1 of Executive Order 13224 of September&nbsp;23, 2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support
Terrorism (66 Fed. Reg. 49079 (2001)) (the &#147;Order&#148;), (ii)&nbsp;not engage in the transactions prohibited
by Section&nbsp;2 of that Order or become associated with Persons such that a violation of Section&nbsp;2 of
the Order would arise, and (iii)&nbsp;not become a Person on the list of Specially Designated National
and Blocked Persons, or (iv)&nbsp;otherwise not (A)&nbsp;become the subject of, (B)&nbsp;take any actions or enter
into any transactions that could reasonably be expected to make it the subject of, (C)&nbsp;allow any of
its Foreign Subsidiaries to take any actions or engage in any transactions that would, if taken or
engaged in by the Company or any Domestic Subsidiary, could reasonably be expected to make Company
or such Domestic Subsidiary the subject of or (D)&nbsp;use the proceeds of any credit extended hereunder
in any way that could reasonably be expected to make the Holdings, Company or any Subsidiary, or
the Administrative Agent, Initial Lender, any other Lender hereunder the subject of, in each case
any sanction or prohibition imposed under any OFAC regulation or executive order; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Continue to conduct substantially the same level of due diligence with respect to
Subcontractors as was conducted prior to the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <U>Maintenance of Property; Insurance</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Keep all material property it deems, in its reasonable business judgment, useful and
necessary in its business in working order (ordinary wear and tear excepted);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Maintain insurance coverage with financially sound and reputable insurance companies on
physical assets and against other business risks in such amounts and of such types as are
customarily carried by companies similar in size and nature (including without limitation casualty
and public liability and property damage insurance), and in the event of acquisition of additional
property, real or personal, or of the incurrence of additional risks of any nature, increase such
insurance coverage in such manner and to such extent as prudent business judgment and present
practice or any applicable Requirements of Law would dictate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the case of all insurance policies covering any Collateral, such insurance policies
shall provide that the loss payable thereunder shall be payable to the applicable Credit Party, and
to the Administrative Agent (as mortgagee, or, in the case of personal property interests, lender
loss payee) as their respective interests may appear;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the case of all public liability insurance policies, such policies shall list the
Administrative Agent as an additional insured, as the Administrative Agent may reasonably request;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In the case of all insurance policies maintained, or caused to be maintained, by any
Credit Party with respect to any real property covered by a Mortgage, except for public liability
insurance, shall provide that each such policy shall be primary without right of contribution from
any other insurance that may be carried by any party and that all of the provisions thereof, except
the limits of liability, shall operate in the same manner as if there were a separate policy
covering each insured. Additionally, all such policies for loss of or damage to any such property
shall contain a standard mortgage clause (without contribution) naming Beneficiary as mortgagee
with loss proceeds payable to Beneficiary notwithstanding (i)&nbsp;any act, failure to act or negligence
of or violation of any warranty, declaration or condition contained in any such policy by any named
insured; (ii)&nbsp;the occupation or use of the Property for purposes more hazardous than permitted by
the terms of any such policy; (iii)&nbsp;any foreclosure or other action by Beneficiary under the Loan
Documents; or (iv)&nbsp;any change in title to or ownership of the Property or any portion thereof, such
proceeds to be held for application as provided in the Loan Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;After the occurrence and during the continuance of an Event of Default, the Administrative
Agent shall have the right (but not the obligation) to make proof of loss for, settle and adjust
any claim under, and the Insurance Proceeds, and the expenses incurred by Administrative Agent in
the adjustment and collection of Insurance Proceeds shall be a part of the Indebtedness, shall be
due and payable to Administrative Agent on demand and shall bear interest from the date paid by
Administrative Agent until reimbursed at the Interest Rate. The Administrative Agent and its
employees are each irrevocably appointed attorney-in-fact for the Credit Parties and, after the
occurrence and during the continuance of an Event of Default, are authorized to adjust and
compromise each loss without the consent of the Credit Parties to collect, receive and receipt for
all Insurance Proceeds in the name of the Administrative Agent for the benefit of the Lenders,
and/or such Credit Party and to endorse such Credit Party&#146;s name upon any check in payment of the
loss. The Administrative Agent shall not be, under any circumstances, liable or responsible for
failure to collect or exercise diligence in the collection of any of such proceeds or for the
obtaining, maintaining or adequacy of any insurance or for failure to see to the proper application
of any amount paid over to the Credit Parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If requested by the Administrative Agent, certificates evidencing such policies, including
all endorsements thereto, to be deposited with the Lenders, such certificates being in form and
substance reasonably acceptable to the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <U>Inspection of Property; Books and Records, Discussions</U>. Permit Administrative
Agent and each Lender, through their authorized attorneys, accountants and representatives in each
case upon the reasonable prior request of the Administrative Agent (provided, however, that if an
Event of Default has occurred and is continuing no such prior request shall be required) (a)&nbsp;at all
reasonable times during normal business hours, to examine each Credit Party&#146;s books, accounts,
records, ledgers and assets and properties; (b) &#091;intentionally omitted&#093;; (c)&nbsp;during normal
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">business
hours, to enter onto the real property owned or leased by any Credit Party to conduct inspections,
investigations or other reviews of such real property; and (d)&nbsp;at reasonable times during normal
business hours and at reasonable intervals, to visit all of the Credit Parties&#146; offices, discuss
each Credit Party&#146;s respective financial matters with their respective officers, as applicable,
and, by this provision, Borrowers authorize, and will cause each of their respective Subsidiaries
to authorize, its independent certified or chartered public accountants to discuss the finances and
affairs of any Credit Party and examine any of such Credit Party&#146;s books, reports or records held
by such accountants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <U>Notices</U>. Promptly give written notice to the Administrative Agent of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the occurrence of any Default or Event of Default of which any Credit Party has knowledge;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any (i)&nbsp;litigation or proceeding existing at any time between any Credit Party and any
Governmental Authority or other third party, or any investigation of any Credit Party conducted by
any Governmental Authority, which in any case if adversely determined would have a Material Adverse
Effect or (ii)&nbsp;any material adverse change in the financial condition of any Credit Party since the
date of the last audited financial statements delivered pursuant to Section&nbsp;7.1(a) hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the occurrence of any event which any Credit Party believes could reasonably be expected
to have a Material Adverse Effect, promptly after concluding that such event could reasonably be
expected to have such a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;promptly after becoming aware thereof, the taking by the Internal Revenue Service or any
foreign taxing jurisdiction of a written tax position (or any such tax position taken by any Credit
Party in a filing with the Internal Revenue Service or any foreign taxing jurisdiction) which could
reasonably be expected to have a Material Adverse Effect, setting forth the details of such
position and the financial impact thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;all jurisdictions in which any Credit Party proposes to become qualified after the
Closing Date to transact business, (ii)&nbsp;the acquisition or creation of any new Subsidiaries, (iii)
any material change after the Closing Date in the authorized and issued Equity Interests of any
Credit Party or any other material amendment to any Credit Party&#146;s charter, by-laws or other
organizational documents, such notice, in each case, to identify the applicable jurisdictions,
capital structures or amendments as applicable, provided that in the case of clauses (ii)&nbsp;and (iii)
such notice shall be given not less than ten (10)&nbsp;Business Days prior to the proposed
effectiveness of such changes, acquisition or creation, as the case may be (or such shorter
period to which Administrative Agent may consent);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;not less than five (5)&nbsp;Business Days (or such other shorter period to which the
Administrative Agent may agree) prior to the proposed Closing Date thereof, any proposed material
amendments, restatements or other modifications to any Senior Loan Documents; and
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;any default or event of default by any Person under any Senior Debt Document,
concurrently with delivery or promptly after receipt (as the case may be) of any notice of default
or event of default under the applicable document, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer
of the Borrower Representative setting forth details of the occurrence referred to therein and, in
the case of notices referred to in clauses (a), (b), (c), (d)&nbsp;and (g)&nbsp;hereof stating what action
the applicable Credit Party has taken or proposes to take with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <U>Hazardous Material Laws</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Use and operate all of its facilities and properties in material compliance with all
applicable Hazardous Material Laws, keep all material required permits, approvals, certificates,
licenses and other authorizations required under such Hazardous Material Laws in effect and remain
in compliance therewith, and handle all Hazardous Materials in material compliance with all
applicable Hazardous Material Laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Promptly notify Administrative Agent and provide copies upon receipt of all written
claims, complaints, notices or inquiries received by any Credit Party relating to its facilities
and properties or compliance with Hazardous Material Laws which, if adversely determined, could
reasonably be expected to have a Material Adverse Effect and (ii)&nbsp;promptly cure and resolve to the
reasonable satisfaction of Administrative Agent and the Required Lenders, any material actions,
liability, violations or proceedings relating to compliance with Hazardous Material Laws to which
any Credit Party is named a party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To the extent necessary to comply in all material respects with Hazardous Material Laws,
remediate or monitor contamination arising from a release or disposal of Hazardous Material, which
solely, or together with other releases or disposals of Hazardous Materials could reasonably be
expected to have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Provide such information and certifications which the Administrative Agent or any Lender
may reasonably request from time to time to evidence compliance with this Section&nbsp;7.8.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <U>Financial Covenants</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Consolidated Total Leverage Ratio</U>. Maintain a Consolidated Total Leverage Ratio
as of the last day of each fiscal quarter ending during the periods specified
below, commencing on June&nbsp;30, 2008, of not greater than the ratio set forth below opposite the
applicable period:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Quarter Ending</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Ratio</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Closing Date through September&nbsp;29, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">4.25 to 1.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2009 through September&nbsp;29, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">3.75 to 1.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2010 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">3.25 to 1.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Consolidated Fixed Charge Coverage Ratio</U>. Maintain a Consolidated Fixed Charge
Coverage Ratio as of the last day of each fiscal quarter during the periods specified below,
commencing on June&nbsp;30, 2008, of not less than the ratio set forth below opposite the applicable
period:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Quarter Ending</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Ratio</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Closing Date through September&nbsp;29, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">1.15 to 1.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2009 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">1.30 to 1.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Consolidated Adjusted Net Worth</U>. Maintain at all times Consolidated Adjusted Net
Worth of not less than Base Adjusted Net Worth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <U>Governmental and Other Approvals</U>. Apply for, obtain and/or maintain in effect,
as applicable, all authorizations, consents, approvals, licenses, qualifications, exemptions,
filings, declarations and registrations (whether with any court, governmental agency, regulatory
authority, securities exchange or otherwise) which are necessary or reasonably requested by the
Administrative Agent in connection with the execution, delivery and performance by any Credit Party
of, as applicable, this Agreement, the other Loan Documents, the Senior Loan Documents, or any
other documents or instruments to be executed and/or delivered by any Credit Party, as applicable
in connection therewith or herewith, except where the failure to so apply for, obtain or maintain
could not reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <U>Compliance with ERISA; ERISA Notices</U>. (a)&nbsp;Comply in all material respects with
all material requirements imposed by ERISA and the Internal Revenue Code, including, but not
limited to, the minimum funding requirements for any Pension Plan, except to the extent that any
noncompliance could not reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Provide reasonable notice to the Administrative Agent upon the occurrence of any of the
following events in writing: (i)&nbsp;the termination, other than a standard termination, as defined in
ERISA, of any Pension Plan subject to Subtitle C of Title IV of ERISA by any Credit Party; (ii)&nbsp;the
appointment of a trustee by a United States District Court to administer any Pension Plan subject
to Title IV of ERISA; (iii)&nbsp;the commencement by the PBGC, of any proceeding to terminate any
Pension Plan subject to Title IV of ERISA; (iv)&nbsp;the failure of any Credit Party to make any payment
in respect of any Pension Plan required under Section&nbsp;412 of the Internal Revenue Code or Section
302 of ERISA; (v)&nbsp;the withdrawal of any Credit Party from any Multiemployer Plan if any Credit
Party reasonably believes that such withdrawal would give rise to the imposition of Withdrawal
Liability with respect thereto; or (vi)
the occurrence of (x)&nbsp;a &#147;reportable event&#148; which is required to be reported by a Credit Party
under Section&nbsp;4043 of ERISA other than any event for which the reporting requirement has been
waived by the PBGC or (y)&nbsp;a &#147;prohibited transaction&#148; as defined in Section&nbsp;406 of ERISA or Section
4975 of the Internal Revenue Code other than a transaction for which a statutory exemption is
available or an administrative exemption has been obtained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12. <U>Future Subsidiaries; Additional Collateral</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;With respect to each Person which becomes a Domestic Subsidiary of Holdings (directly or
indirectly) subsequent to the Closing Date, whether by Permitted Acquisition or otherwise, cause
such new Domestic Subsidiary to execute and deliver to the Administrative Agent, for and on behalf
of each of the Lenders (unless waived by the Administrative Agent):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within thirty (30)&nbsp;days after the date such Person becomes a Domestic Subsidiary (or
such longer time period as the Administrative Agent may determine), at Administrative Agent&#146;s
option, (A)&nbsp;a Guaranty, or in the event that a Guaranty already exists, a joinder agreement
to the Guaranty whereby such Domestic Subsidiary becomes obligated as a Guarantor under the
Guaranty; or (B)&nbsp;a Loan Agreement Joinder Agreement whereby such Person becomes a Borrower
hereunder; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within thirty (30)&nbsp;days after the date such Person becomes a Domestic Subsidiary
(or such longer time period as the Administrative Agent may determine), (x)&nbsp;a joinder
agreement to the Security Agreement whereby such Domestic Subsidiary grants a Lien over its
assets (other than Equity Interests which should be governed by clause (b)&nbsp;of this Section
7.12) as set forth in the Security Agreement, and (y)&nbsp;a Patent Security Agreement, Trademark
Security Agreement and/or a Copyright Security Agreement, as applicable, and such Domestic
Subsidiary shall take such additional actions as may be necessary to ensure a valid first
priority perfected Lien over such assets of such Domestic Subsidiary, subject only to the
other Liens permitted pursuant to Section&nbsp;8.2 of this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) within the time period specified in and to the extent required under clause (c)&nbsp;of
this Section&nbsp;7.12, a Mortgage, Collateral Access Agreements and/or other documents required
to be delivered in connection therewith;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;With respect to the Equity Interests of each Person which becomes (whether by Permitted
Acquisition or otherwise) (i)&nbsp;a Domestic Subsidiary subsequent to the Closing Date, cause the
Credit Party that holds such Equity Interests to execute and deliver such Pledge Agreements, and
take such actions as may be necessary to ensure a valid first priority perfected Lien over one
hundred percent (100%) of the Equity Interests of such Domestic Subsidiary held by a Credit Party,
such Pledge Agreements to be executed and delivered (unless waived by the Administrative Agent)
within thirty (30)&nbsp;days after the date such Person becomes a Domestic Subsidiary (or such longer
time period as Administrative Agent may determine); and (ii)&nbsp;a Foreign Subsidiary subsequent to the
Closing Date, the Equity Interests of which is held
directly by Company or one of its Domestic Subsidiaries, cause the Credit Party that holds
such Equity Interests to execute and deliver such Pledge Agreements and take such actions as may be
necessary to ensure a valid first priority perfected Lien over sixty-five percent (65%) in the
aggregate of the Equity Interests of such Foreign Subsidiary, such Pledge Agreements to be executed
and delivered (unless waived by the Administrative Agent) within thirty (30)&nbsp;days after the date
such Person becomes a Foreign Subsidiary (or such longer time period as Administrative Agent may
determine); and
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i)&nbsp;With respect to the acquisition of a fee interest in real property by any Credit Party
after the Closing Date (whether by Permitted Acquisition or otherwise), not later than thirty (30)
days after the acquisition is consummated or the owner of such property becomes a Domestic
Subsidiary (or such longer time period as the Administrative Agent may determine), such Credit
Party shall execute or cause to be executed (unless waived by the Administrative Agent), a Mortgage
(or an amendment to an existing mortgage, where appropriate) covering such real property, together
with such additional real estate documentation, environmental reports, title policies and surveys
as may be reasonably required by the Administrative Agent; and (ii)&nbsp;with respect to the acquisition
of any leasehold interest in real property by any Credit Party after the Closing Date (whether by
Permitted Acquisition or otherwise), upon which the primary books and records of any Credit Party
are or will be located, the applicable Credit Party shall promptly deliver to the Administrative
Agent a copy of the applicable lease agreement and shall use commercially reasonable, good faith
efforts to deliver to the Administrative Agent not later than thirty (30)&nbsp;days after the
acquisition is consummated or the owner of the applicable leasehold interest becomes a Domestic
Subsidiary (or such longer time period as the Administrative Agent may determine), unless otherwise
waived by Administrative Agent, a Collateral Access Agreement in form and substance reasonably
acceptable to the Administrative Agent together with such other documentation as may be reasonably
required by the Administrative Agent;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case in form reasonably satisfactory to the Administrative Agent, in its reasonable
discretion, together with such supporting documentation, including without limitation corporate
authority items, certificates and opinions of counsel, as reasonably required by the Lenders. Upon
the Administrative Agent&#146;s request, Credit Parties shall take, or cause to be taken, such
additional steps as are necessary or advisable under applicable law to perfect and ensure the
validity and priority of the Liens granted under this Section&nbsp;7.12.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding anything herein to the contrary, (i)&nbsp;in no event shall any Foreign
Subsidiary be required to provide any Guaranty, or execute any joinder agreement to the Guaranty,
the Security Agreement, or this Agreement or any other Loan Document, under which such Foreign
Subsidiary provides any guaranty, other credit support or pledges any assets as collateral for
credit extended to Holdings or any Domestic Subsidiary pursuant hereto; and (ii)&nbsp;in no event shall
more than sixty-five percent (65%) in the aggregate of the Equity Interests of any Foreign
Subsidiary required to be pledged by one or more of Company and its subsidiaries, serve as
collateral for credit to Holdings or any Domestic Subsidiary extended pursuant hereto.
Furthermore, and notwithstanding anything herein to the contrary, with respect to each Domestic
Subsidiary which (i)&nbsp;is a &#147;disregarded entity&#148; for U.S. federal income tax purposes, and (ii)&nbsp;owns
any stock in a Foreign Subsidiary (each, a &#147;Domestic Disregarded Subsidiary&#148;), the stock
of such Domestic Disregarded Subsidiary shall not be required to be pledged hereunder, nor
shall such Domestic Disregarded Subsidiary be required to become a Guarantor or Borrower hereunder,
it being understood that only the assets of such Domestic Disregarded Subsidiary may be pledged,
encumbered or otherwise serve as collateral for the Indebtedness (provided that the pledge of the
Equity Interests of any Foreign Subsidiary owned by a Domestic Disregarded Subsidiary shall not
encumber more than sixty-five percent (65%) in the aggregate of the Equity
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interests in any such
Foreign Subsidiary, subject to any further limitations as otherwise provided herein).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding anything herein to the contrary, on or before July&nbsp;31, 2008, cause sixty-five
percent (65%) in the aggregate of the Equity Interests of any wholly-owned Foreign Subsidiary of
any Credit Party to be pledged as collateral for credit to the Company or any Domestic Subsidiary
extended pursuant hereto subject to the prior Lien of the Senior Loan Documents, as set forth in
the Subordination Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) .
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13. <U>Accounts</U>. Any Credit Party (other than the accounts of any Foreign Subsidiary)
that enters into an account control agreement with a Senior Lender in respect of deposit accounts
and security accounts of any Credit Party (other than the accounts of a Foreign Subsidiary)
(&#147;Account Control Agreement&#148;) shall request such Senior Lender to acknowledge in writing the lien
in favor of the Lenders, and shall take all other steps necessary, or in the opinion of the
Administrative Agent, desirable to ensure that the Administrative Agent has a perfected security
interest in such accounts (to the extent permitted by applicable law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14. <U>Use of Proceeds</U>. Use the proceeds of the Term Loan to pay the costs, fees and
items of expense in connection with the completion of the Nitram Acquisition, the incurrence of the
Senior Debt and the transactions contemplated by this Agreement, which are listed on the flow of
funds approved by the Initial Lender. Borrowers shall not use any portion of the proceeds of the
Term Loan for the purpose of purchasing or carrying any &#147;margin stock&#148; (as defined in Regulation&nbsp;U
of the Board of Governors of the Federal Reserve System) in any manner which violates the
provisions of Regulation&nbsp;T, U or X of said Board of Governors or for any other purpose in violation
of any applicable statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15. <U>PMFG, Inc. and PMFG Merger Sub, Inc</U>. (a)&nbsp;If the Reorganization has not
occurred on or before December&nbsp;31, 2008, deliver, or cause to be delivered to Administrative Agent
the following, unless waived in writing by the Administrative Agent: (i)&nbsp;a Guaranty or a joinder
agreement to the Guaranty whereby PMFG Merger Sub, Inc. becomes obligated as a Guarantor under the
Guaranty, in form reasonably satisfactory to Administrative Agent; (ii)&nbsp;a Security Agreement or a
joinder agreement to the Security Agreement whereby PMFG Merger Sub, Inc. grants a Lien over its
assets as set forth in the Security Agreement, in form reasonably satisfactory to Administrative
Agent; (iii)&nbsp;a second priority perfected pledge of the stock of Holdings and PMFG Merger Sub, Inc.
by the applicable Credit Parties; and (iv)&nbsp;such supporting documentation, including without
limitation corporate authority items, certificates and opinions of counsel, as reasonably required
by the Administrative Agent; and take or cause to be taken such additional actions as may be
necessary to ensure a valid first priority Lien over the assets pledged
pursuant to clauses (ii)&nbsp;and (iii)&nbsp;above, subject only to the other Liens permitted pursuant
to Section&nbsp;8.2 of this Agreement, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Until the Reorganization has occurred, or the applicable Credit Parties have delivered the
documents required under clause (a)&nbsp;hereof, not permit Holdings or PMFG Merger Sub, Inc. to (i)
maintain or conduct, either directly or indirectly, any business operations,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;own any
Subsidiary (except that, prior to the Reorganization, Holdings may own the Equity Interests of PMFG
Merger Sub, Inc.) or any real or personal property, or (iii)&nbsp;have any material liabilities or
obligations to any third party creditors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16. <U>Orchard Park, New York Collateral Access Agreement</U>. Concurrently with the
execution by any Credit Party after the Closing Date of a new lease agreement or an extension or
modification of an existing lease agreement with the landlord on the property located at 277 Thorn
Avenue, Orchard Park, New York 14127, which has a term of or extends the current term of any such
existing lease by more than six months, use commercially reasonable, good faith efforts to deliver
to Administrative Agent a Collateral Access Agreement which allows the Administrative Agent to have
access to the leased premises for a reasonable period of time not to be less than thirty (30)&nbsp;days
following the termination of the applicable lease and which is otherwise in form and substance
satisfactory to Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17. <U>Further Assurances and Information</U>. (a)&nbsp;Take such actions as the
Administrative Agent and the Required Lenders may from time to time reasonably request to establish
and maintain first priority perfected security interests in and Liens on all of the Collateral,
subject only to those Liens permitted under Section&nbsp;8.2 hereof, including executing and delivering
such additional pledges, assignments, mortgages, lien instruments or other security instruments
covering any or all of the Credit Parties&#146; assets as Administrative Agent may reasonably require,
such documentation to be in form and substance reasonably acceptable to Administrative Agent, and
prepared at the expense of Borrowers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Execute and deliver or cause to be executed and delivered to Administrative Agent within a
reasonable time following Administrative Agent&#146;s request, and at the expense of Borrowers, such
other documents or instruments as the Administrative Agent may reasonably require effectuating more
fully the purposes of this Agreement or the other Loan Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Provide the Administrative Agent and the Lenders with any other information required by
Section&nbsp;326 of the Patriot Act or necessary for the Administrative Agent and the Lenders to verify
the identity of any Credit Party as required by Section&nbsp;326 of the Patriot Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18. <U>Initial Lenders&#146; Pre-emptive Rights in Additional Financing Transactions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall offer to the Initial Lender the right to provide its pro rata share of any
new debt financing incurred by the Borrower while the Term Loan is outstanding at any time after
the date of this Agreement (other than any Senior Debt) (based on the unpaid
principal amount of the Term Loan at such time, as a percentage of the Borrower&#146;s total Debt),
on terms which are not less favorable to the Borrower than the terms on which any other provider of
debt financing to the Borrower proposes to make such financing available to the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19. <U>&#091;intentionally omitted&#093;</U>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20. <U>Inspection of Property; Books and Records; Discussions; Audits; Attendance at
Meetings of the Board of Directors</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Borrower shall, and shall cause each Subsidiary to, keep proper books of records and
accounts in which full, true and correct entries in conformity with GAAP and all requirements of
law shall be made in all material respects of all dealings and transactions in relation to its
business and activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the prior request of the Administrative Agent, within two (2)&nbsp;Business Days following
each regularly scheduled meeting of the Board of Directors of the Company (the &#147;Board&#148;), the
Company will make available to the Lenders the Company&#146;s Chairman of the Board, Chief Financial
Officer and Chief Executive Officer to discuss the operations, properties, assets, prospects and
condition (financial or otherwise) of the Company. In addition, simultaneously with the
distribution to the members of the Board, the Company will provide the Lenders the results of
operations, financial forecasts, budgets and similar financial data, together with management&#146;s
written analysis of such information, as provided to the Board in advance of meetings of the Board.
When determined in advance, the Company will provide the Administrative Agent with the dates and
times of the Board meetings scheduled for each calendar year. The Company will reimburse the
Lenders for its reasonable out of pocket costs and expenses incurred in connection with all such
management meetings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8. <FONT style="font-variant: SMALL-CAPS">NEGATIVE COVENANTS.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings and each Borrower covenants and agrees that, so long as any of the Indebtedness
remains outstanding and unpaid, it will not, and, as applicable, it will not permit any of its
Subsidiaries to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Limitation on Debt</U>. Create, incur, assume or suffer to exist any Debt, except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Senior Debt;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any Debt of Company or any of its Subsidiaries existing on the Closing Date and set forth
in Schedule&nbsp;8.1 attached hereto (other than any Debt of the type described in clause (c)&nbsp;below) and
any renewals or refinancing of such Debt (provided that (i)&nbsp;the aggregate principal amount of such
renewed or refinanced Debt shall not exceed the aggregate principal amount of the original Debt
outstanding on the Closing Date (less any principal payments and the amount of any commitment
reductions made thereon on or prior to such renewal or refinancing), and (ii)&nbsp;the renewal or
refinancing of such Debt shall be on substantially the same or better terms (taken as a whole, as
reasonably determined by the Borrowers and the
Administrative Agent) as in effect with respect to such Debt on the Closing Date, and shall
otherwise be in compliance with this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any Debt of Company or any of its Subsidiaries incurred to finance the acquisition of
fixed or capital assets, whether pursuant to a loan or a Capitalized Lease provided that both at
the time of and immediately after giving effect to the incurrence thereof (i)&nbsp;the Credit Parties
shall be in pro forma compliance with the financial covenants set forth in Section&nbsp;7.9
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereof and
(ii)&nbsp;the aggregate amount of all such Debt at any one time outstanding, together with any such Debt
incurred under clause (j)&nbsp;of this Section&nbsp;8.1, shall not exceed $3,000,000 at any one time
outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Debt under any Hedging Transactions as defined in and as permitted by the Senior Credit
Agreement, provided that such transaction is entered into for risk management purposes and not for
speculative purposes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Debt arising from judgments or decrees not deemed to be a Default or Event of Default
under subsection (g)&nbsp;of Section&nbsp;9.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Debt owing to a Person that is a Credit Party, but only to the extent permitted under
Section&nbsp;8.7 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Debt owing by (i)&nbsp;Peerless Europe Ltd. to Lloyds under its existing credit facility and
(ii); Debt owing by Burgess-Manning Europe Ltd to Barclays under its existing credit facility,
provided that the aggregate amount of all such debt shall not exceed $10,000,000 at any one time
outstanding; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;additional unsecured Debt not otherwise described above, provided that both at the time of
and immediately after giving effect to the incurrence thereof (i)&nbsp;the Credit Parties shall be in
pro forma compliance with the financial covenants set forth in Section&nbsp;7.9 and (ii)&nbsp;the aggregate
amount of all such Debt, together with any such Debt incurred under clause (c)&nbsp;of this Section&nbsp;8.1,
shall not exceed $3,000,000 at any one time outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Limitation on Liens</U>. Create, incur, assume or suffer to exist any Lien upon any
of its property, assets or revenues, whether now owned or hereafter acquired, except for:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Permitted Liens;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Liens securing Debt permitted by Section&nbsp;8.1(c), provided that (i)&nbsp;such Liens are created
upon fixed or capital assets acquired by the applicable Credit Party after the date of this
Agreement (including without limitation by virtue of a loan or a Capitalized Lease), (ii)&nbsp;any such
Lien is created solely for the purpose of securing indebtedness representing or incurred to finance
the cost of the acquisition of the item of property subject thereto, (iii)&nbsp;the principal amount of
the Debt secured by any such Lien shall at no time exceed 100% of the sum of the purchase price or
cost of the applicable property, equipment or improvements and the
related costs and charges imposed by the vendors thereof and (iv)&nbsp;the Lien does not cover any
property other than the fixed or capital asset acquired; provided, however, that no such Lien shall
be created over any owned real property of any Credit Party for which the Administrative Agnet has
received a Mortgage or for which such Credit Party is required to execute a Mortgage pursuant to
the terms of this Agreement;
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Liens created pursuant to the Loan Documents and the Senior Loan Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Liens granted by Peerless Europe Ltd. to secure Debt permitted by Section&nbsp;8.1(h)(i);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Liens granted by Burgess-Manning Europe Ltd. to secure Debt permitted by Section
8.1(h)(ii); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;other Liens, existing on the Closing Date, set forth on Schedule&nbsp;8.2 and renewals,
refinancings and extensions thereof on substantially the same or better terms as in effect on the
Closing Date and otherwise in compliance with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regardless of the provisions of this Section&nbsp;8.2, no Lien over the Equity Interests of Company or
any Subsidiary of Company (except for those Liens for the benefit of the Senior Debt and the
Lenders) shall be permitted under the terms of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Acquisitions</U>. Except for Permitted Acquisitions, the Nitram Acquisition and
acquisitions permitted under Section&nbsp;8.7, if any, purchase or otherwise acquire or become obligated
for the purchase of all or substantially all or any material portion of the assets or business
interests or a division or other business unit of any Person, or any Equity Interest of any Person,
or any business or going concern.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Limitation on Mergers, Dissolution or Sale of Assets</U>. Enter into any merger or
consolidation or convey, sell, lease, assign, transfer or otherwise dispose of any of its property,
business or assets (including, without limitation, Equity Interests, receivables and leasehold
interests), whether now owned or hereafter acquired or liquidate, wind up or dissolve, except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Inventory leased or sold in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;obsolete, damaged, uneconomic or worn out machinery, parts, property or equipment, or
property or equipment no longer used or useful in the conduct of the applicable Subsidiary&#146;s
business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Permitted Acquisitions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;mergers or consolidations of any Subsidiary of Company with or into any Borrower or any
Guarantor so long as (i)&nbsp;such Borrower shall be the continuing or surviving entity in any merger or
consolidation with respect to a Borrower or (ii)&nbsp;such Guarantor shall be the continuing or
surviving entity with respect to any merger or consolidation with respect to a Guarantor; provided
that at the time of each such merger or consolidation, both before and after
giving effect thereto, no Event of Default shall have occurred and be continuing or result
from such merger or consolidation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;any Subsidiary of Company may liquidate or dissolve into a Borrower or a Guarantor if
Borrowers determine in good faith that such liquidation or dissolution is in the best
</DIV>



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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interests of Borrowers, so long as no Default or Event of Default has occurred and is
continuing or would result therefrom;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;sales or transfers, including without limitation upon voluntary liquidation from any
Credit Party to a Borrower or a Guarantor, provided that the applicable Borrower or Guarantor takes
such actions as the Administrative Agent may reasonably request to ensure the perfection and
priority of the Liens in favor of the Lenders over such transferred assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i)&nbsp;Asset Sales (exclusive of asset sales permitted pursuant to all other subsections of
this Section&nbsp;8.4) in which the sales price is at least equal to the fair market value of the assets
sold and the consideration received is cash or cash equivalents or Debt of any Credit Party being
assumed by the purchaser, provided that the aggregate amount of such Asset Sales does not exceed
$500,000 in any Fiscal Year, and (ii)&nbsp;other Asset Sales approved by the Required Lenders in its
sole discretion;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the sale or disposition of Permitted Investments and other cash equivalents in the
ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;dispositions of owned or leased vehicles in the ordinary course of business; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;merger of PMFG Merger Sub, Inc. with and into the Company pursuant to the Reorganization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Restricted Payments</U>. Declare or make any distributions, dividend, payment or
other distribution of assets, properties, cash, rights, obligations or securities (collectively,
&#147;Distributions&#148;) on account of any of its Equity Interests, as applicable, or purchase, redeem or
otherwise acquire for value any of its Equity Interests, as applicable, or any warrants, rights or
options to acquire any of its Equity Interests, now or hereafter outstanding (collectively,
&#147;Purchases&#148;), except that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Subsidiary may pay cash Distributions to any Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Credit Party may declare and make Distributions to any
other holder of any of its Equity Interests payable in such Equity Interests,
provided that the issuance of such Equity Interests does not violate the terms
of this Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Credit Party may declare and make Distributions to any
other holder of any of its Equity Interests to enable, prior to the
Reorganization, the Company and its Domestic Subsidiaries, and after the
Reorganization, Holdings and its Domestic Subsidiaries, to pay federal and
state income taxes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Credit Party may declare and make Distributions to any
other holder of any of its Equity Interests so long as (i)&nbsp;no Default or Event
of Default</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has occurred and is continuing both before and after giving effect to the
making of such Distribution, and (ii)&nbsp;the Credit Parties are in pro forma compliance
with the financial covenants set forth in Section&nbsp;7.9 hereof after giving effect to
such Distribution.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Limitation on Capital Expenditures</U>. Make or commit to make (by way of the
acquisition of securities of a Person or otherwise) any expenditure in respect of the purchase or
other acquisition of fixed or capital assets (excluding any such asset acquired in connection with
normal replacement and maintenance programs properly charged to current operations) except for (a)
Reinvestments of Net Proceeds from Asset Sales, Insurance Proceeds or Condemnation Proceeds to the
extent permitted under Section&nbsp;4.8 of the Senior Loan Documents, (b)&nbsp;Capital Expenditures not to
exceed $1,500,000 in the aggregate to replace and upgrade the equipment and other assets of Nitram
and its Subsidiaries, (c)&nbsp;Capital Expenditures made solely from the Net Cash Proceeds from the sale
of the property located at 2819 Walnut Hill Lane, Dallas, Texas 75229 property in an aggregate
amount not to exceed $4,000,000, but only to the extent such proceeds have not been expended for
any other purpose, and (d)&nbsp;in addition to the Capital Expenditures permitted under clause (b)&nbsp;and
(c), Capital Expenditures, the aggregate amount of which in any Fiscal Year shall not exceed the
Cap Ex Basket plus any unused portion of such Cap Ex Basket for the Fiscal Year ending immediately
prior to the applicable Fiscal Year, provided that any amounts carried forward shall be applied to
the last Capital Expenditures made in the applicable Fiscal Year and shall expire at the end of the
applicable Fiscal Year. &#147;Cap Ex Basket&#148; shall mean, at any time, an amount in the aggregate not to
exceed $3,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <U>Limitation on Investments, Loans and Advances</U>. Make or allow to remain
outstanding any Investment (whether such investment shall be of the character of investment in
shares of stock, evidences of indebtedness or other securities or otherwise) in, or any loans or
advances to, any Person other than:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Permitted Investments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Investments existing on the Closing Date and listed on Schedule&nbsp;8.7 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;sales on open account in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;intercompany loans made on or after the Closing Date to or in any Guarantor or any
Borrower; and evidenced by and funded under an Intercompany Note as defined in the Senior Credit
Agreement pledged to the Administrative Agent and the Senior Lenders under the appropriate
Collateral Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;intercompany Investments made on or after the Closing Date to or in any Guarantor (other
than PMFG Merger Sub, Inc. if it becomes a Guarantor) or Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;intercompany loans made on or after the Closing Date by any
Credit Party to a Foreign Subsidiary provided that the aggregate amount of such
loans shall not exceed $1,000,000, and such loans shall be evidenced by and funded under an
Intercompany Note
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pledged to the Administrative Agent under the appropriate Collateral Documents and
no Event of Default shall have occurred and be continuing at the time such loans are
made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;intercompany Investments made on or after the Closing Date by any Credit Party to a
Foreign Subsidiary or a Domestic Disregarded Subsidiary, provided that the aggregate amount of such
Investments shall not exceed $1,000,000 and that no Event of Default shall have occurred and be
continuing at the time such Investment is made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;intercompany Investments made on or after the Closing Date constituting Letters of Credit
(as defined in and issued pursuant to the Senior Credit Agreement) issued to support or secure the
obligations of any Foreign Subsidiary so long as the aggregate undrawn and unreimbursed amount of
such Letters of Credit shall not exceed at any one time $4,000,000, and the amount of any draws
made in connection with such Letters of Credit for which the applicable Foreign Subsidiary has not
reimbursed the Borrowers shall not exceed at any one time $1,000,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Investments in respect of Hedging Transactions provided that such transaction is entered
into for risk management purposes and not for speculative purposes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;loans and advances to employees, officers and directors of any Credit Party for moving,
entertainment, travel and other similar expenses in the ordinary course of business in the
aggregate at any time outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Permitted Acquisitions and Investments in any Person acquired pursuant to a Permitted
Acquisition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;other Investments not described above provided that both at the time of and immediately
after giving effect to any such Investment (i)&nbsp;no Event of Default shall have occurred and be
continuing or shall result from the making of such Investment and (ii)&nbsp;the aggregate amount of all
such Investments shall not exceed $500,000 at any time outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In valuing any Investments for the purpose of applying the limitations set forth in this Section
8.7 (except as otherwise expressly provided herein), such Investment shall be taken at the original
cost thereof, without allowance for any subsequent write-offs or appreciation or depreciation, but
less any amount repaid or recovered on account of capital or principal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <U>Transactions with Affiliates</U>. Except as set forth in Schedule&nbsp;8.8, enter into
any transaction, including, without limitation, any purchase, sale, lease or exchange of property
or the rendering of any service, with any Affiliates of the Credit Parties except: (a)&nbsp;transactions
with Affiliates that are Borrowers or Guarantors; (b)&nbsp;transactions otherwise permitted under this
Agreement; and (c)&nbsp;transactions in the ordinary course of a Credit Party&#146;s business and upon fair
and reasonable terms no less favorable to such Credit Party than it would obtain in a comparable
arms length transaction from unrelated third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <U>Sale-Leaseback Transactions</U>. Enter into any arrangement with any Person
providing for the leasing by a Credit Party of real or personal property which has been
or is to be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">sold or transferred by such Credit Party to such Person or to any other Person to whom funds
have been or are to be advanced by such Person on the security of such property or rental
obligations of such Credit Party, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <U>Limitations on Other Restrictions</U>. Other than the Senior Loan Documents, this
Agreement, any other Loan Document, enter into any agreement, document or instrument which would or
take any action that would cause a Requirement of Law which would (i)&nbsp;restrict the ability of any
Subsidiary of Company (and after the Reorganization any Subsidiary of Holdings) to pay or make
dividends or distributions in cash or kind to any Credit Party, to make loans, advances or other
payments of whatever nature to any Credit Party, or to make transfers or distributions of all or
any part of its assets to any Credit Party except, in the case of any Foreign Subsidiary, to the
extent contained in any financing arrangement permitted under Section&nbsp;8.1 hereof; or (ii)&nbsp;restrict
or prevent Company or any of its Subsidiaries from granting the Administrative Agent for the
benefit of the Lenders Liens upon, security interests in and pledges of their respective assets,
except to the extent such restrictions exist in documents creating Liens permitted by Section
9.2(b) hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <U>&#091;intentionally omitted&#093;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. &#091;intentionally omitted&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. <U>Modification of Certain Agreements</U>. Make, permit or consent to any amendment or
other modification to the constitutional documents of any Credit Party, any Nitram Acquisition
Document or any Material Contract except to the extent that any such amendment or modification (i)
does not violate the terms and conditions of this Agreement or any of the other Loan Documents and
(ii)&nbsp;could not reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. <U>Management Fees</U>. Pay or otherwise advance, directly or indirectly, any
management, consulting or other fees to an Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiscal Year</U>. Permit the Fiscal Year of any Credit Party to end on a day other than
June&nbsp;30.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9. <FONT style="font-variant: SMALL-CAPS">DEFAULTS.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <U>Events of Default</U>. The occurrence of any of the following events shall
constitute an Event of Default hereunder:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;non-payment when due of (i)&nbsp;the principal amount outstanding under the Term Loan, (ii)
within two (2)&nbsp;Business Days after the same is due and payable, the interest on the Term Loan;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;non-payment of any other amounts due and owing by a Borrower under this Agreement or by
any Credit Party under any of the other Loan Documents to which it is a party, within five (5)
Business Days after the same is due and payable;
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;default in the observance or performance of any of the conditions, covenants or agreements
of any Credit Party set forth in Sections&nbsp;7.1, 7.2, 7.4(a),(e), and (f)&nbsp;7.5 (b),(c) and (d), 7.6,
7.7 (a),(c),(e), and (f), 7.9, 7.12, 7.13, 7.14 through 7.20 inclusive or Article&nbsp;8 in its
entirety, provided that an Event of Default arising from a breach of Sections&nbsp;7.1 or 7.2 shall be
deemed to have been cured upon delivery of the required item; and provided further that any Event
of Default arising solely due to a breach of Section&nbsp;7.7(a),(c),(e), and (f)&nbsp;shall be deemed cured
upon the earlier of (x)&nbsp;the giving of the notice required by Section&nbsp;7.7(a),(c),(e), and (f), as
applicable, and (y)&nbsp;the date upon which the Default or Event of Default giving rise to the notice
obligation is cured or waived;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;default in the observance or performance of any of the other conditions, covenants or
agreements set forth in this Agreement or any of the other Loan Documents by any Credit Party and
continuance thereof for a period of thirty (30)&nbsp;consecutive days after the earlier to occur of the
actual knowledge of a Responsible Officer of such default or notice thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;any representation or warranty made by any Credit Party herein or in any certificate,
instrument or other document submitted pursuant hereto proves untrue or misleading in any material
adverse respect when made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i)&nbsp;default by any Credit Party in the payment of any indebtedness for borrowed money,
whether under a direct obligation or guaranty (other than Indebtedness hereunder or the Senior
Debt) of any Credit Party in excess of One Million Dollars ($1,000,000) (or the equivalent thereof
in any currency other than Dollars) individually or in the aggregate when due and continuance
thereof beyond any applicable period of cure and or (ii)&nbsp;failure to comply with the terms of any
other obligation of any Credit Party with respect to any indebtedness for borrowed money (other
than Indebtedness hereunder or the Senior Debt) in excess of One Million Dollars ($1,000,000) (or
the equivalent thereof in any currency other than Dollars) individually or in the aggregate, which
continues beyond any applicable period of cure and which would permit the holder or holders thereto
to accelerate such other indebtedness for borrowed money, or require the prepayment, repurchase,
redemption or defeasance of such indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the rendering of any judgment(s) (not covered by adequate insurance from a solvent carrier
which is defending such action without reservation of rights) for the payment of money in excess of
the sum of One Million Dollars ($1,000,000) (or the equivalent thereof in any currency other than
Dollars) individually or in the aggregate against any Credit Party, and such judgments shall remain
unpaid, unvacated, unbonded or unstayed by appeal or otherwise for a period of thirty (30)
consecutive days from the date of its entry;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the occurrence of (i)&nbsp;a &#147;reportable event&#148;, as defined in ERISA, which is determined by
the PBGC to constitute grounds for a distress termination of any Pension Plan subject to Title IV
of ERISA maintained or contributed to by or on behalf of any Credit Party for the benefit of any of
its employees or for the appointment by the appropriate United States
District Court of a trustee to administer such Pension Plan and such reportable event is not
corrected and such determination is not revoked within sixty (60)&nbsp;days after notice thereof has
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">been given to the plan administrator of such Pension Plan (without limiting any of the
Administrative Agent or any Lenders&#146; other rights or remedies hereunder), or (ii)&nbsp;the termination
or the institution of proceedings by the PBGC to terminate any such Pension Plan, or (iii)&nbsp;the
appointment of a trustee by the appropriate United States District Court to administer any such
Pension Plan, or (iv)&nbsp;the reorganization (within the meaning of Section&nbsp;4241 of ERISA) or
insolvency (within the meaning of Section&nbsp;4245 of ERISA) of any Multiemployer Plan, or receipt of
notice from any Multiemployer Plan that it is in reorganization or insolvency, or the complete or
partial withdrawal by any Credit Party from any Multiemployer Plan, which in the case of any of the
foregoing, could reasonably be expected to have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;except as expressly permitted under this Agreement, any Credit Party shall be dissolved
(other than a dissolution of a Subsidiary of Holdings which is not a Guarantor or Borrower) or
liquidated (or any judgment, order or decree therefor shall be entered) except as otherwise
permitted herein; or if a creditors&#146; committee shall have been appointed for the business of any
Credit Party; or if any Credit Party shall have made a general assignment for the benefit of
creditors or shall have been adjudicated bankrupt and if not an adjudication based on a filing by a
Credit Party, it shall not have been dismissed within sixty (60)&nbsp;days, or shall have filed a
voluntary petition in bankruptcy or for reorganization or to effect a plan or arrangement with
creditors or shall fail to pay its debts generally as such debts become due in the ordinary course
of business (except as contested in good faith and for which adequate reserves are made in such
party&#146;s financial statements); or shall file an answer to a creditor&#146;s petition or other petition
filed against it, admitting the material allegations thereof for an adjudication in bankruptcy or
for reorganization; or shall have applied for or permitted the appointment of a receiver or trustee
or custodian for any of its property or assets; or such receiver, trustee or custodian shall have
been appointed for any of its property or assets (otherwise than upon application or consent of a
Credit Party ) and shall not have been removed within sixty (60)&nbsp;days; or if an order shall be
entered approving any petition for reorganization of any Credit Party and shall not have been
reversed or dismissed within sixty (60)&nbsp;days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;a Change of Control shall occur; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;this Agreement, any Collateral Document or any other agreement constituting a Loan
Document shall at any time for any reason cease to be in full force and effect (other than in
accordance with the terms thereof or the terms of any other Loan Document), as applicable, or the
validity, binding effect or enforceability thereof shall be contested by any party thereto (other
than any Lender or the Administrative Agent), or any such Person shall deny that it has any or
further liability or obligation under any such Loan Document, or any such Loan Document shall be
terminated (other than in accordance with the terms thereof or the terms of any other Loan
Document), invalidated, revoked or set aside or in any way cease to give or provide to the Lenders
and the Administrative Agent the benefits purported to be created thereby, or any such Loan
Document purporting to grant a Lien to secure any Indebtedness shall, at any time after the
delivery of such Loan Document, fail to create a valid and enforceable Lien on any material portion
of the Collateral purported to be covered thereby or such Lien shall fail to cease to be a
perfected Lien with the priority required in the relevant Loan Document.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <U>Exercise of Remedies</U>. If an Event of Default has occurred and is continuing
hereunder: (a)&nbsp;the Required Lenders may declare the entire unpaid principal Indebtedness, including
the Term Note, immediately due and payable (together with the Yield Maintenance Premium), without
presentment, notice or demand, all of which are hereby expressly waived by Borrowers; (b)&nbsp;upon the
occurrence of any Event of Default specified in Section&nbsp;9.1(i) and notwithstanding the lack of any
declaration by Required Lenders under preceding clauses (a)&nbsp;or (b), the entire unpaid principal
Indebtedness shall become automatically and immediately due and payable; and the Required Lenders
may exercise any remedy permitted by this Agreement, the other Loan Documents or law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <U>Rights Cumulative</U>. No delay or failure of the Administrative Agent or the
Lenders in exercising any right, power or privilege hereunder shall affect such right, power or
privilege, nor shall any single or partial exercise thereof preclude any further exercise thereof,
or the exercise of any other power, right or privilege. The rights of the Administrative Agent and
the Lenders under this Agreement are cumulative and not exclusive of any right or remedies which
the Lenders would otherwise have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <U>Waiver by Borrowers of Certain Laws</U>. To the extent permitted by applicable law,
each Borrower hereby agrees to waive, and does hereby absolutely and irrevocably waive and
relinquish the benefit and advantage of any valuation, stay, appraisement, extension or redemption
laws now existing or which may hereafter exist, which, but for this provision, might be applicable
to any sale made under the judgment, order or decree of any court, on any claim for interest on the
Term Note, or any security interest or mortgage contemplated by or granted under or in connection
with this Agreement. These waivers have been voluntarily given, with full knowledge of the
consequences thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <U>Waiver of Defaults</U>. No Event of Default shall be waived by the Lenders except in
a writing signed by an officer of the Administrative Agent in accordance with Section&nbsp;11.3 hereof.
No single or partial exercise of any right, power or privilege hereunder, nor any delay in the
exercise thereof, shall preclude other or further exercise of their rights by the Administrative
Agent or the Lenders. No waiver of any Event of Default shall extend to any other or further Event
of Default. No forbearance on the part of the Administrative Agent or the Lenders in enforcing any
of their rights shall constitute a waiver of any of their rights. Borrowers expressly agree that
this Section may not be waived or modified by the Administrative Agent or the Lenders by course of
performance, estoppel or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <U>Remedies in General</U>. In case any Event of Default shall have occurred, then and
in every such Event of Default, the Administrative Agent and/or the Lenders may take any or all of
the following actions, at the same time or at different times:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Set-Off</U>. Without notice or other action set-off against any of the Obligations to
the Lenders any sum owed by the Lenders in any capacity to the Borrower whether due or not, and the
Lenders shall be deemed to have exercised such right of set-off and to have made a charge against
any such sum immediately upon the occurrence of such Event of Default, even though the actual book
entries may be made at some time subsequent thereto.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Attorneys&#146; Fees and Expenses</U>. Add to the Obligations, the Administrative Agent&#146;s
and the Lenders&#146; reasonable expenses to obtain or enforce payment of any Obligations hereunder and
the enforcement or liquidation of any debt hereunder shall include reasonable attorneys&#146; fees plus
other legal expenses incurred by the Administrative Agent or the Lenders, whether or not any action
is commenced to enforce payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Default Rate</U>. Increase the rate of interest under any Obligations to the Default
Rate. Unless otherwise agreed by the Lenders, the Default Rate shall be retroactive to the date of
the first occurrence of an Event of Default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Other Remedies</U>. Exercise any other remedies under the Uniform Commercial Code or
other applicable law, or any other Loan Document, including but not limited to proceeding to
enforce its right by suit in equity, action at law or other appropriate proceeding, whether with
respect to any Collateral or for payment or the specific performance of the covenants or agreements
contained in this Agreement or any other Loan Document, all in such order and in such manner as the
Administrative Agent determines.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <U>Lenders&#146; Performance of Obligors&#146; Obligations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower or any other Obligor fails to comply with any of the covenants or perform any
of its Obligations set forth herein or in any other Loan Document, the Lenders may, but shall have
no obligation to, perform any such Obligations or undertake any act to cause such covenant to be
complied with, including, but not limited to, discharging any Lien on any asset other than
Permitted Liens. Any and all sums, and all costs and expenses incurred by the Administrative Agent
and the Lenders in so performing or causing compliance, shall be payable on demand together with
interest and Additional Interest at the Default Rate, from the date of any such payment by the
Lenders until the date paid by the Borrower. Any such performance by the Administrative Agent or
the Lenders shall not cure any Default or Event of Default by the Borrower until all amounts owed
under this subsection 9.7 to the Lenders have been paid by the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. &#091;intentionally omitted&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. &#091;intentionally omitted&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. &#091;intentionally omitted&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10. <FONT style="font-variant: SMALL-CAPS">GUARANTY OF HOLDINGS.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <U>Guaranty</U>. Holdings hereby guarantees to the Lenders the due and punctual
payment to the Lenders when due, whether by acceleration or otherwise, of all of the Indebtedness
hereunder and Holdings hereby agrees that if Borrowers shall fail to pay any of the Indebtedness
when and as the same shall be due and payable, or shall fail to perform and discharge any covenant,
representation or warranty in accordance with the terms of this Agreement, the Term
Note, or any of the other Loan Documents (subject, in each case, to any applicable periods of
grace or cure), Holdings will forthwith pay to the Administrative Agent on behalf of the Lenders,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">an amount equal to any such amount or cause Borrowers to do so, and will pay any and all damages
that may be incurred or suffered in consequence thereof by the Administrative Agent or any of the
Lenders and all reasonable expenses, including reasonable attorneys&#146; fees, that may be incurred by
the Administrative Agent or any of the Lenders in enforcing such covenant, representation or
warranty of Borrowers, and in enforcing the covenants and agreements of this Guaranty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <U>Unconditional Character of the Guaranty</U>. The obligations of Holdings under this
Article shall be absolute and unconditional, and shall be a guaranty of payment and not of
collection, irrespective of the validity, regularity or enforceability of this Agreement, the Term
Note, or any of the other Loan Documents, or any provision thereof, the absence of any action to
enforce the same, any waiver or consent with respect to or any amendment of any provision thereof
(provided that any amendment of this Article shall be in accordance with the terms hereof), the
recovery of any judgment against any Person or action to enforce the same, any failure or delay in
the enforcement of the obligations of Borrowers under this Agreement, the Term Note, or any of the
other Loan Documents, or any setoff, counterclaim, recoupment, limitation, defense (other than the
defense of payment in full of the Indebtedness) or termination whether with or without notice to
Holdings. It is the intention of the parties that the obligations of the Holdings under this
Section&nbsp;10 shall be absolute, unconditional and irrevocable irrespective of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any lack of validity, legality or enforceability of this Agreement or Term Note, as the
case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the failure of the Lenders:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to enforce any right or remedy against any Borrower or any other Person (including
any Guarantor) under the provisions of this Agreement, the Term Note, or otherwise, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to exercise any right or remedy against any Guarantor of, or collateral securing,
any Indebtedness;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any change in the time, manner or place of payment of, or in any other term of, all or any
of the Indebtedness, or any other extension, compromise or renewal of any Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;any reduction, limitation, impairment or termination of any Indebtedness with respect to
any Borrower, for any reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to (and Holdings hereby waives any right to or claim of) any
defense (other than the defense of payment in full of the Indebtedness) or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness,
irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any
Indebtedness of any Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;any addition, exchange, release, surrender or nonperfection of any collateral, or any
amendment to or waiver or release or addition of, or consent to departure from,
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any guaranty, held by the Lenders or any holder of the Term Note securing any of the Indebtedness;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;any other circumstance which might otherwise constitute a defense (other than the defense
of payment in full of the Indebtedness) available to, or a legal or equitable discharge of, any
Borrower, any surety or any Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <U>Reinstatement</U>. Holdings agrees that its obligations hereunder shall continue to
be effective or be reinstated, as the case may be, if at any time any payment (in whole or in part)
of any of the Indebtedness is rescinded or must be restored by the Lenders or any holder of the
Term Note, upon the insolvency, bankruptcy or reorganization of any Borrower as though such payment
had not been made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <U>Waiver of Defenses</U>. Holdings hereby expressly waives: (i)&nbsp;notice of the
Lenders&#146; acceptance of this Agreement; (ii)&nbsp;notice of the existence or creation or non payment of
all or any of the Indebtedness; (iii)&nbsp;presentment, demand, notice of dishonor, protest, and all
other notices whatsoever; and (iv)&nbsp;all diligence in collection or protection of or realization upon
the Indebtedness or any part thereof, any obligation hereunder, or any security for or guaranty of
any of the foregoing. No delay on the part of the Lenders in the exercise of any right or remedy
shall operate as a waiver thereof, and no single or partial exercise by the Lenders of any right or
remedy shall preclude other or further exercise thereof or the exercise of any other right or
remedy. No action of the Lenders permitted hereunder shall in any way affect or impair any such
Lenders&#146; rights or Holdings&#146; obligations under this Agreement. Until all of the Indebtedness has
been paid in full, Holdings irrevocably and absolutely subordinates any and all rights of
subrogation, contribution, indemnification, recourse, reimbursement and any similar rights against
Borrowers, whether these rights arise under an express or implied contract or by operation of law.
It is the intention of the parties that, until all of the Indebtedness has been paid in full,
Holdings shall not be (or be deemed to be) a &#147;creditor&#148; (as defined in Section&nbsp;101 of the Federal
Bankruptcy Code, as the same may be amended) of Borrowers (or any other Guarantor or any other
Person) by reason of the existence of this Agreement in the event that a Borrower becomes a debtor
in any proceeding under the Federal Bankruptcy Code. This waiver is given to induce the Lenders to
enter into this Agreement and to extend the credit facilities to Borrowers. Holdings waives any
defense based upon or arising by reason of (a)&nbsp;any disability or other defense of any Borrower or
any other person; (b)&nbsp;the cessation or limitation from any cause, other than final and irrevocable
payment in full, of the Indebtedness; (c)&nbsp;any lack of authority of any officer, director, partner,
agent or any other person acting or purporting to act on behalf of a Borrower or any defect in the
formation of a Borrower; (d)&nbsp;the application by any Person of the proceeds of any Indebtedness for
purposes other than the purposes represented by Borrowers to the Administrative Agent or the
Lenders or intended or understood by the Administrative Agent or the Lenders or Holdings; (e)&nbsp;any
act or omission by the Administrative Agent or the Lenders which directly or indirectly results in
or aids the discharge of a Borrower or any Indebtedness by operation of law or otherwise; or (f)
any modification of the Indebtedness, in any form, including without limit the renewal, extension,
acceleration or other change in time for payment of the Indebtedness, or other change in the terms
of Indebtedness or any part of it, including without limit an increase or decrease of the rate of
interest. Holdings waives any defense it may have based upon any election
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of remedies by the Administrative Agent or the Lenders which destroys its subrogation rights or its
right to proceed against a Borrower for reimbursement, including without limit any loss of rights
Holdings may suffer by reason of any rights, powers or remedies of a Borrower in connection with
any anti-deficiency laws or any other laws limiting, qualifying or discharging the Indebtedness.
Without limiting the generality of the foregoing, the obligations of Holdings under this Article
10, and the rights of the Administrative Agent or the Lenders to enforce the same, by proceedings,
whether by action at law, suit in equity or otherwise, shall not be in any way affected to the
extent permitted by applicable law, by (i)&nbsp;any insolvency, bankruptcy, liquidation, reorganization,
readjustment, composition, dissolution, winding up or other proceeding involving or affecting a
Borrower, any or all of the Guarantors, Holdings or any other Person including any discharge of, or
bar or stay against collecting, all or any of the Indebtedness in or as a result of any such
proceeding; (ii)&nbsp;any change in the ownership of any of the capital stock (or other ownership
interests) of a Borrower, Holdings, or any other party providing collateral or guarantees for any
Indebtedness of Borrowers, or any of its Affiliates; (iii)&nbsp;the election by the Administrative Agent
or the Lenders, in any bankruptcy proceeding of any person, to apply or not apply Section
1111(b)(2) of the Bankruptcy Code; (iv)&nbsp;any extension of credit or the grant of any security
interest or lien under Section&nbsp;363 of the Bankruptcy Code; (v)&nbsp;any agreement or stipulation with
respect to the provision of adequate protection in any bankruptcy proceeding of any person; (vi)
the avoidance of any security interest or Lien in favor of the Administrative Agent or the Lenders
for any reason; (vii)&nbsp;any action taken by the Administrative Agent or the Lenders that is
authorized by this paragraph or any other provision of this Agreement or any Loan Document; or
(viii)&nbsp;any other principle or provision of law, statutory or otherwise, which is or might be in
conflict with the terms hereof. Holdings hereby waives to the fullest extent possible under
applicable law, any defense based upon the doctrine of marshaling of assets or upon an election of
remedies by the Administrative Agent or the Lenders, including, without limitation, an election to
proceeds by non-judicial rather than judicial foreclosure, and any defense based upon any statute
or rule of law which provides that the obligation of a surety must be neither larger in amount nor
in other respects more burdensome than that of the principal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <U>Representations, Warranties and Covenant</U>s. Holdings hereby represents and
warrants to the Lenders that it now has and will continue to have independent means of obtaining
information concerning Borrowers&#146; affairs, financial condition and business. The Lenders shall not
have any duty or responsibility to provide Holdings with any credit or other information concerning
Borrowers&#146; affairs, financial condition or business which may come into the Lenders&#146; possession.
Holdings represents and warrants (i)&nbsp;that the business operations of Borrowers and Holdings are
interrelated and complement one another, and such entities have a common business purpose, (ii)
that, to permit the uninterrupted and continuous operations of Borrowers, such entities now require
and will from time to time hereafter require funds and credit accommodations for general business
purposes and (iii)&nbsp;that the proceeds of advances under the Term Loan will directly or indirectly
benefit Holdings regardless of whether Holdings receives part or all of the proceeds of such
advances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11. <FONT style="font-variant: SMALL-CAPS">THE ADMINISTRATIVE AGENT</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. <u>Appointment and Authorization of Administrative Agent.</u>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Lender hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in
any other Loan Document, the Administrative Agent shall not have any duties or responsibilities,
except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to
have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or any other Loan Document or otherwise exist against the Administrative Agent. Without limiting
the generality of the foregoing sentence, the use of the term &#147;<U>agent</U>&#148; herein and in the
other Loan Documents with reference to the Administrative Agent is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
Law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#091;Intentionally Reserved&#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. <U>Delegation of Duties</U>. The Administrative Agent may execute any of its duties
under this Agreement or any other Loan Document by or through its, or its Affiliates, agents,
employees or attorneys-in-fact and shall be entitled to obtain and rely upon the advice of counsel
and other consultants or experts concerning all matters pertaining to such duties. The
Administrative Agent shall not be responsible to the Lenders for the negligence or misconduct of
any agent or attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct (as finally determined in a non-appealable decision of a court of competent
jurisdiction).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. <U>Liability of Administrative Agent</U>. No Agent-Related Person shall (a)&nbsp;be liable
to the Lenders for any action taken or omitted to be taken by any of them under or in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby (except for
its own gross negligence or willful misconduct in connection with its duties expressly set forth
herein) (as finally determined in a non-appealable decision of a court of competent jurisdiction),
or (b)&nbsp;be responsible in any manner to any Lender or participant for any recital, statement,
representation or warranty made by any Credit Party or any officer thereof, contained herein or in
any other Loan Document, or in any certificate, report, statement or other document referred to or
provided for in, or received by the Administrative Agent under or in connection with, this
Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document, or for any failure of any Credit Party
or any other party to any Loan Document to perform its obligations hereunder or thereunder. No
Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to
inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Credit Party or any Affiliate thereof.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. <U>Reliance by Administrative Agent</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to any Credit Party), independent accountants and other experts
selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing
or refusing to take any action under any Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first
be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Loan Document in accordance with a request or consent of the
Required Lenders (or such greater number of Lenders as may be expressly required hereby in any
instance) and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#091;Intentionally Reserved&#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. <U>Notice of Default</U>. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default and/or Event of Default, except with respect
to defaults in the payment of principal, interest and fees required to be paid to the
Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have
received written notice from a Lender or any Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a &#147;notice of default.&#148; The
Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative
Agent shall take such action with respect to such Default and/or Event of Default as may be
directed by the Required Lenders in accordance with Section&nbsp;9.6; <U>provided</U>, <U>however</U>,
that unless and until the Administrative Agent has received any such direction, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default and/or Event of Default as it shall deem advisable or in the best
interest of the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. <U>Credit Decision; Disclosure of Information by Administrative Agent</U>. Each Lender
acknowledges that no Agent-Related Person has made any representation or warranty to it, and that
no act by the Administrative Agent hereafter taken, including any consent to and acceptance of any
assignment or review of the affairs of any Credit Party or any Affiliate thereof, shall be deemed
to constitute any representation or warranty by any Agent-Related Person to any Lender as to any
matter, including whether Agent-Related Persons have disclosed material information in their
possession. Each Lender represents to the Administrative Agent that it has, independently and
without reliance upon any Agent-Related Person and based on such documents and information as it
has deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and creditworthiness
of the Credit Parties and their respective Subsidiaries, and all applicable bank or other
regulatory laws
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relating to the transactions contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to the Borrowers and the other Credit Parties hereunder. Each
Lender also represents that it will, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, and to make such investigations as it deems
necessary to inform itself as to the business, prospects, operations, property, financial and other
condition and creditworthiness of the Borrowers and the other Credit Parties. Except for notices,
reports and other documents expressly required to be furnished to the Lenders by the Administrative
Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of any of the Credit Parties or any of
their respective Affiliates which may come into the possession of any Agent-Related Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7. <U>Indemnification of Agent-Related Persons</U>. Whether or not the transactions
contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related
Person (without limiting the obligation of any Credit Party to do so), pro rata, and hold harmless
each Agent-Related Person from and against any and all indemnified liabilities incurred by it;
<U>provided</U>, <U>however</U>, that no Lender shall be liable for the payment to any
Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a
final, nonappealable judgment by a court of competent jurisdiction to have resulted from such
Agent-Related Person&#146;s own gross negligence or willful misconduct; <U>provided</U>,
<U>further</U>, <U>however</U>, that no action taken in accordance with the directions of the
Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes
of this Section&nbsp;11.7. Without limitation of the foregoing, each Lender shall reimburse the
Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including attorney costs) incurred by the Administrative Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or
referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses
by or on behalf of the Borrowers. The undertaking in this Section&nbsp;11.7 shall survive the Term Loan
Maturity Date and the resignation of the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8. <U>Administrative Agent in its Individual Capacity</U>. The Administrative Agent and
its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from,
hold and/or acquire equity interests in and generally engage in any kind of banking, trust,
financial advisory, underwriting or other business with each of the Credit Parties and their
respective Affiliates as though the Initial Lender were not the Administrative Agent hereunder and
without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such
activities, the Administrative Agent or its Affiliates may receive information regarding any Credit
Party or its Affiliates (including information that may be subject to confidentiality obligations
in favor of such Credit Party or such Affiliate) and acknowledge that the Administrative Agent
shall be under no obligation to provide such information to the Lenders. With respect to the Term
Loan, the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administrative Agent shall have the same rights and powers under this Agreement as any other Lender
and may exercise such rights and powers as though it were not the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9. <U>Successor Administrative Agent</U>. The Administrative Agent may resign as the
Administrative Agent upon thirty (30)&nbsp;days&#146; notice to the Lenders. If the Administrative Agent
resigns under this Agreement, the Required Lenders shall appoint from among the Lenders (or a
financial institution acceptable to the Required Lenders) a successor administrative agent for the
Lenders (which successor agent shall be subject, except during the continuation of an Event of
Default (at which time no such approval shall be required), to the approval of the Borrower
Representative (which approval will not be unreasonably withheld, conditioned or delayed)). If no
successor administrative agent is appointed prior to the effective date of the resignation of the
Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders, a
successor administrative agent from among the Lenders (which successor agent shall be subject,
except during the continuation of an Event of Default (at which time no such approval shall be
required), to the approval of the Borrower Representative (which approval will not be unreasonably
withheld, conditioned or delayed)). Upon the acceptance of its appointment as successor
administrative agent hereunder, the Person acting as such successor administrative agent shall
succeed to all the rights, powers and duties of the retiring Administrative Agent and the
respective term &#147;Administrative Agent&#148; means such successor administrative agent, and the retiring
Administrative Agent&#146;s appointment, powers and duties in such capacities shall be terminated
without any other further act or deed on its behalf. After any retiring Administrative Agent&#146;s
resignation hereunder as the Administrative Agent, the provisions of this SECTION 11 and Sections
12.20 and 12.21 shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Administrative Agent under this Agreement. If no successor administrative agent
has accepted appointment as the Administrative Agent by the date thirty (30)&nbsp;days following a
retiring Administrative Agent&#146;s notice of resignation, the retiring Administrative Agent&#146;s
resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the
duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10. <U>Administrative Agent May File Proofs of Claim</U>. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Credit Party, the Administrative Agent
shall be entitled and empowered, by intervention in such proceeding or otherwise:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Term Loan and all other Obligations that are owing and unpaid and to file
such other documents as may be necessary or advisable in order to have the claims of the Lenders
and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents
and counsel and all other amounts due the Lenders and the Administrative Agent under Section&nbsp;12.20)
allowed in such judicial proceeding; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under <U>Section&nbsp;12.20</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11. <U>Collateral and Guaranty Matters</U>. The Lenders irrevocably authorize the
Administrative Agent, at its option and in its discretion, to release any Lien on any Collateral
granted to or held by the Administrative Agent under any Loan Document (i)&nbsp;upon the Term Loan
Maturity Date, (ii)&nbsp;that is transferred or to be transferred as part of or in connection with any
Disposition permitted hereunder or under any other Loan Document or any Involuntary Disposition, or
(iii)&nbsp;as approved in accordance with Section&nbsp;12.3. Upon request by the Administrative Agent at any
time, the Required Lenders will confirm in writing the Administrative Agent&#146;s authority to release
or subordinate its interest in particular types or items of Property, pursuant to this Section
11.11.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12. <U>Other Agents; Arrangers and Managers</U>. None of the Lenders shall have any
right, power, obligation, liability, responsibility or duty under this Agreement other than those
applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other
Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender.
Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other
Persons so identified in deciding to enter into this Agreement or in taking or not taking action
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13. <U>&#091;intentionally omitted&#093;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14. <U>Cooperation of Lenders</U>. Each Lender shall (a)&nbsp;promptly notify the other
Lenders and the Administrative Agent of any Event of Default known to such Lender under this
Agreement and reasonably believed not to have been previously disclosed to the other Lenders; (b)
provide the other Lenders and the Administrative Agent with such information and documentation as
such other Lenders or Agent shall reasonably request in the performance of their respective duties
hereunder, including, all information relative to the outstanding balance of principal, interest
and other sums owed to such Lender by the Borrowers but excluding internally generated reports and
analyses and other customarily confidential materials; and (c)&nbsp;cooperate with the Administrative
Agent with respect to any and all collections and/or foreclosure procedures at any time commenced
against the Credit Parties or otherwise in respect of the Collateral by the Administrative Agent in
the name and on behalf of the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15. &#091;Intentionally Reserved.&#093;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16. <U>One Lender Sufficient</U>. This Agreement shall remain in full force and effect,
and all agency provisions shall be and remain effective, notwithstanding the fact that there may
from time to time be only one Lender hereunder which Lender may be the same Person who is then
serving as the Administrative Agent hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12. <FONT style="font-variant: SMALL-CAPS">MISCELLANEOUS.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Obligations Absolute.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the following shall affect the Obligations of the Borrower or any other Obligor to the
Lenders under this Agreement or the Administrative Agent or any Lenders&#146; rights with respect to the
Collateral:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;acceptance or retention by the Administrative Agent or the Lenders of other property or
any interest in property as security for the Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;release by the Administrative Agent or the Lenders of any of the Borrower, any other
Obligor or of all or any part of the Collateral or of any party liable with respect to the
Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;release, extension, renewal, modification or substitution by the Lenders of the Term Note,
or any note evidencing any of the Obligations, or the compromise of the liability of Borrower or
any guarantor of the Obligations; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;failure of the Administrative Agent or any Lender to resort to any other security or to
pursue the Borrower or any other obligor liable for any of the Obligations before resorting to
remedies against the Collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <U>Entire Agreement</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the other Loan Documents (i)&nbsp;are valid, binding and enforceable against the
Borrower and the Lenders in accordance with their respective provisions and no conditions exist as
to their legal effectiveness; (ii)&nbsp;constitute the entire agreement between the parties with respect
to the subject matter hereof and thereof; and (iii)&nbsp;are the final expression of the intentions of
the Borrower and the Lenders. No promises, either expressed or implied, exist between the
Borrower, the Administrative Agent or the Lenders, unless contained herein or therein. This
Agreement, together with the other Loan Documents, supersedes all negotiations, representations,
warranties, commitments, term sheets, discussions, negotiations, offers or contracts (of any kind
or nature, whether oral or written) prior to or contemporaneous with the execution hereof with
respect to any matter, directly or indirectly related to the terms of this Agreement and the other
Loan Documents. This Agreement and the other Loan Documents are the result of negotiations among
the Lenders, the Borrower and the other parties thereto, and have been reviewed (or have had the
opportunity to be reviewed) by counsel to all such parties, and are the products of all parties.
Accordingly, this Agreement and the other Loan Documents
shall not be construed more strictly against the Lenders merely because of the Lenders&#146;
involvement in their preparation.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <U>Amendments; Waivers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay on the part of the Lenders in the exercise of any right, power or remedy shall
operate as a waiver thereof, nor shall any single or partial exercise by the Lenders of any right,
power or remedy preclude other or further exercise thereof, or the exercise of any other right,
power or remedy. No amendment, modification or waiver of, or consent with respect to, any
provision of this Agreement or the other Loan Documents shall in any event be effective unless the
same shall be in writing and acknowledged by the Required Lenders, and then any such amendment,
modification, waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; <U>provided</U>, <U>however</U>, that no such amendment, waiver
or consent shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;postpone any date fixed by this Agreement or any other Loan Document for any payment of
principal (excluding mandatory prepayments), interest, fees or other amounts due to the Lenders (or
any of them) hereunder or under any other Loan Document without the written consent of each Lender
directly affected thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;reduce or forgive the principal of, or the rate of interest specified herein on, the Term
Loan, or any fees or other amounts payable hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby; <U>provided</U>, <U>however</U>, that
only the consent of the Required Lenders shall be necessary to amend the definition of &#147;Default
Rate&#148; or to waive any obligation of the Borrowers to pay interest at the Default Rate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;change any provision of this Section&nbsp;12.3 or the definition of &#147;Required Lenders&#148; or any
other provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder
without the written consent of each Lender directly affected thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;release or subordinate all or substantially all of the Collateral without the written
consent of each Lender directly affected thereby; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;release any Credit Party from its obligations under the Loan Documents or release or
subordinate any Guaranty without the written consent of each Lender directly affected thereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and, <U>provided</U> <U>further</U>, that no amendment, waiver or consent shall, unless in
writing and executed by the Administrative Agent in addition to the Lenders required above, affect
the rights or duties of the Administrative Agent under this Agreement or any other Loan Document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the fact that the consent of all the Lenders is required in certain
circumstances as set forth above, (x)&nbsp;each Lender is entitled to vote as such Lender sees fit on
any bankruptcy reorganization plan that affects the Term Loan, and each Lender acknowledges
that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent
provisions set forth herein and (y)&nbsp;the Required Lenders shall determine whether or not to allow
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and
such determination shall be binding on all of the Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, in connection with any proposed amendment, modification, consent or waiver with respect
hereto or the other Loan Documents, the consent of Required Lenders is obtained, but the consent of
other Lenders whose consent is required is not obtained (any such Lender whose consent is not
obtained, a &#147;Non-Consenting Lender&#148;), then, so long as Administrative Agent is not a Non-Consenting
Lender, at Borrower Representative&#146;s request, such Non-Consenting Lender may be replaced, upon
notice to such Lender and the Administrative Agent, by causing such Lender to assign its
outstanding Term Loans to one or more other Lenders or assignees reasonably satisfactory to the
Administrative Agent and procured by the Borrowers (each, a &#147;replacement lender&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. &#091;<U>intentionally omitted</U>&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. <U>ARBITRATION</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH THEREOF, THAT CANNOT
BE RESOLVED BY MEDIATION WITHIN THIRTY (30)&nbsp;DAYS SHALL, AT THE ELECTION OF THE LENDERS (WHICH
ELECTION THE LENDERS MAY MAKE OR DECLINE TO MAKE IN ITS SOLE DISCRETION AND WITHOUT THE CONSENT OF
THE BORROWER) BE FINALLY RESOLVED BY ARBITRATION ADMINISTERED BY THE AMERICAN ARBITRATION
ASSOCIATION UNDER ITS COMMERCIAL ARBITRATION RULES, AND JUDGMENT UPON THE AWARD RENDERED BY THE
ARBITRATORS MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. THE ARBITRATION WILL BE CONDUCTED IN
THE ENGLISH LANGUAGE IN THE CITY OF NEW YORK, NEW YORK, IN ACCORDANCE WITH THE UNITED STATES
ARBITRATION ACT. THERE SHALL BE THREE ARBITRATORS, NAMED IN ACCORDANCE WITH SUCH RULES.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. <U>FORUM SELECTION AND CONSENT TO JURISDICTION</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS THE LENDERS SHALL HAVE ELECTED TO RESOLVE A DISPUTE WITH THE BORROWER BY ARBITRATION IN
ACCORDANCE WITH SECTION 12.5 ABOVE, ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED
EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN OR IN THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT NOTHING IN THIS
AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE ADMINISTRATIVE AGENT OR THE LENDERS FROM
BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION. THE BORROWER HEREBY
EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK
LOCATED IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK FOR THE
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. THE BORROWER FURTHER IRREVOCABLY CONSENTS TO
THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR
WITHOUT THE STATE OF NEW YORK. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY
SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. <U>WAIVER OF JURY TRIAL</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BORROWER AND THE LENDERS, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH
THEIR RESPECTIVE COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE IRREVOCABLY ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY
NOTE, ANY OTHER LOAN DOCUMENT, ANY OF THE OTHER OBLIGATIONS, THE COLLATERAL, OR ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION
HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF
THE FOREGOING, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH THE LENDERS AND THE BORROWER
ARE ADVERSE PARTIES, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL, AT THE ELECTION OF THE
LENDERS (WHICH ELECTION THE LENDERS MAY MAKE OR DECLINE TO MAKE IN ITS SOLE DISCRETION AND WITHOUT
THE CONSENT OF THE BORROWER), UNLESS THE LENDERS SHALL HAVE ELECTED TO RESOLVE A DISPUTE WITH THE
BORROWER BY ARBITRATION IN ACCORDANCE WITH SECTION 12.5, BE TRIED BEFORE A COURT AND NOT BEFORE A
JURY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDERS GRANTING ANY FINANCIAL ACCOMMODATION
TO THE BORROWER.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. <U>Assignability / Participations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Lender may at any time assign all or a pro rata portion (in excess of $4,000,000) of
such Lender&#146;s rights in this Agreement, the other Loan Documents, the Obligations, and transfer
such Lender&#146;s related rights in the Collateral to any Eligible Assignee, and such Lender thereafter
shall be relieved from all liability with respect to such Collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Holdings, Borrowers and the Administrative Agent acknowledge that each of the Lenders may
at any time and from time to time, subject to the terms and conditions hereof, grant participations
in such Lender&#146;s rights and obligations hereunder (on a pro rata basis only) and under the other
Loan Documents to any Person (other than a natural person or to a Borrower or any of Borrower&#146;s
Affiliates or Subsidiaries); provided that any participation permitted hereunder shall become
effective only upon registration of such participation on the Participant
</DIV>



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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Register as provided in Section&nbsp;12.8(d), and any participation shall comply with all applicable
laws and shall be subject to a participation agreement that incorporates the following
restrictions:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender shall remain the holder of its Notes hereunder (if such Notes are
issued), notwithstanding any such participation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) participant shall not reassign or transfer, or grant any sub-participations in its
participation interest hereunder or any part thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Lender shall retain the sole right and responsibility to enforce the
obligations of the Credit Parties relating to the Notes and the other Loan Documents,
including, without limitation, the right to proceed against any Guarantors, or cause the
Administrative Agent to do so (subject to the terms and conditions hereof), and the right to
approve any amendment, modification or waiver of any provision of this Agreement without the
consent of the participant (unless such participant is an Affiliate of such Lender), except
for those matters covered by Section&nbsp;12.3(a) through (e)&nbsp;hereof (provided that a participant
may exercise approval rights over such matters only on an indirect basis, acting through such
Lender and the Credit Parties, Administrative Agent and the other Lenders may continue to
deal directly with such Lender in connection with such Lender&#146;s rights and duties hereunder).
Notwithstanding the foregoing, however, in the case of any participation granted by any
Lender hereunder, the participant shall not have any rights under this Agreement or any of
the other Loan Documents against the Administrative Agent, any other Lender or any Credit
Party; provided, however that the participant may have rights against such Lender in respect
of such participation as may be set forth in the applicable participation agreement and all
amounts payable by the Credit Parties hereunder shall be determined as if such Lender had not
sold such participation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including its Notes, if any) to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that
no such pledge or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledge or assignee for such Lender as a party hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Administrative Agent shall maintain at its principal office a copy of each Assignment
Agreement delivered to it and a register (the &#147;Register&#148;), for the recordation of the names and
addresses of the Lenders, the percentage of such Lenders principal amount of Term Loan. The
entries in the Register shall be conclusive evidence, absent manifest error, and Borrowers, the
Administrative Agent, and the Lenders may treat each Person whose name is recorded in the Register
as the owner of the Term Loan recorded therein for all purposes of this Agreement. The Register
shall be available for inspection by Borrowers or any Lender upon reasonable notice to the
Administrative Agent and a copy of such information shall be provided to any such party on their
prior written request. The Administrative Agent shall give prompt written notice to Borrowers of
the making of any entry in the Register or any change in such entry. Upon its receipt of a
properly completed Assignment Agreement in accordance with this Section&nbsp;12.8(a), Administrative
Agent shall (A)&nbsp;promptly accept such Assignment Agreement
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and (B)&nbsp;on the effective date determined pursuant thereto, record the information contained therein
in the Register and give prompt notice of such acceptance and recordation to the Borrowers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In the case of any assignment to a Lender&#146;s Affiliate or to a Federal Reserve Bank in
connection with which an Assignment Agreement is not delivered as permitted under this Section
12.8, and which assignment is not therefore reflected in the Register, the assigning Lender, acting
solely for this purpose as non-fiduciary agent of Borrowers (without any other obligations,
liabilities or responsibilities), shall maintain a comparable register on behalf of Borrowers. The
comparable register shall be available for inspection by Borrowers or the Administrative Agent at
any reasonable time and from time to time upon reasonable prior notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;In the case any Lender sells participations as described in Section&nbsp;12.8(b), such Lender,
acting solely for this purpose as a non-fiduciary agent of Borrowers (without any other
obligations, liabilities or responsibilities), shall maintain a register on which it enters the
name of all Participants in the Indebtedness held by it (the &#147;Participant Register&#148;). The
Participant Register shall be available for inspection by Borrowers or the Administrative Agent at
any time and from time to time upon reasonable prior notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Borrowers authorize each Lender to disclose to any prospective assignee or participant
which has satisfied the requirements hereunder, any and all financial information in such Lender&#146;s
possession concerning the Credit Parties which has been delivered to such Lender pursuant to this
Agreement, provided that each such prospective assignee or participant shall execute a
confidentiality agreement consistent with the terms of Section&nbsp;12.10 hereof or shall otherwise
agree to be bound by the terms thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Nothing in this Agreement, the Notes or the other Loan Documents, expressed or implied, is
intended to or shall confer on any Person other than the respective parties hereto and thereto and
their successors and assignees and participants permitted hereunder and thereunder any benefit or
any legal or equitable right, remedy or other claim under this Agreement, the Notes or the other
Loan Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Credit Parties may not sell or assign this Agreement, or any other agreement with the
Lenders or any portion thereof, without the prior written consent of the Required Lenders. This
Agreement shall be binding upon the Administrative Agent, the Lenders and the Credit Parties and
their respective legal representatives and successors. All references herein to the Borrowers
shall be deemed to include any successors, whether immediate or remote.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. <U>Confirmations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Loan Parties, the Administrative Agent and the Lenders agree from time to time, upon
written request received by it from the other, to confirm to the other in writing the aggregate
unpaid principal amount of the Term Loan then outstanding.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. <U>Confidentiality</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Administrative Agent and the Lenders agree (with the same care the Administrative
Agent or such Lender applies to maintain the confidentiality of its own confidential information)
to maintain as confidential all information provided to it by the Borrowers, including all
information designated as confidential, except that the Administrative Agent and the Lenders may
disclose such information (a)&nbsp;to Persons employed or engaged by the Administrative Agent or such
Lender in evaluating, approving, structuring or administering the Term Loan (with the
Administrative Agent or such Lender being responsible for such Persons maintaining the
confidentiality of such information in accordance herewith); (b)&nbsp;to any assignee or participant or
potential assignee or participant that has agreed to comply with the covenant contained in this
Section&nbsp;12.10 (and any such assignee or participant or potential assignee or participant may
disclose such information to Persons employed or engaged by them as described in clause (a)&nbsp;above);
(c)&nbsp;as required or requested by any federal or state regulatory authority or examiner, or any
insurance industry association, or as reasonably believed by the Administrative Agent or such
Lender to be compelled by any court decree, subpoena or legal or administrative order or process;
(d)&nbsp;as, on the advice of the Administrative Agent&#146;s or such Lender&#146;s counsel, is required by law;
(e)&nbsp;in connection with the exercise of any right or remedy under the Loan Documents or in
connection with any litigation to which the Administrative Agent or such Lender is a party; (f)&nbsp;to
any nationally recognized rating agency that requires access to information about such Lender&#146;s
investment portfolio in connection with ratings issued with respect to such Lender; or (g)&nbsp;that
ceases to be confidential through no fault of the Administrative Agent or such Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11. <U>Binding Effect</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective upon execution by the Loan Parties and the Initial
Lender. If this Agreement is not dated or contains any blanks when executed by the Loan Parties,
the Lenders is hereby authorized, without notice to the Loan Parties, to date this Agreement as of
the date when it was executed by the Loan Parties, and to complete any such blanks according to the
terms upon which this Agreement is executed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12. <U>Governing Law</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, the Loan Documents and the Term Note shall be delivered and accepted in and
shall be deemed to be contracts made under and governed by the internal laws of the State of New
York applicable to contracts made and to be performed entirely within such state, without regard
to conflict of laws principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13. <U>Enforceability; Usury</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Wherever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by, unenforceable or invalid under any jurisdiction, such
provision shall as to such jurisdiction, be severable and be ineffective to the extent of such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prohibition or invalidity, without invalidating the remaining provisions of this Agreement or
affecting the validity or enforceability of such provision in any other jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;It is the intention of the Administrative Agent, Lenders and the Loan Parties to conform
strictly to the laws of the State of New York or the laws of such other jurisdiction which may be
found to apply to the subject transaction relating to the maximum rate of interest which may be
lawfully contracted for or charged. Nothing contained in this Agreement or any other Loan Document
shall be construed to mean that the Borrowers have contracted to pay or are obligated to pay any
sum or sums to the Lenders in excess of those which may lawfully be charged or contracted for under
applicable law of the State of New York or other applicable law. If any provision of this
Agreement or any of the other Loan Documents shall require payment of any sum or sums of interest
in excess of the maximum permitted rate which may be lawfully contracted for or charged, then the
Borrowers and the Lenders agree that such result is as a consequence of their inadvertence and/or
mistake, and the interest charge for which the Borrowers are liable under this instrument shall be
recomputed for the sole and limited purpose of determining the extent of the Obligations and
liabilities of the Borrowers to the Lenders so that the interest charges for which the Borrowers
are liable shall not exceed the maximum permitted rate which is determined to be applicable.
Additionally, any sums of interest which are collected by the Lenders from the Borrowers or other
source in connection with the Term Loan evidenced hereby which are in excess of the maximum
permitted rate shall, for the sole and limited purpose of determining the extent of the Obligations
and liabilities of the Borrowers to the Lenders, be credited against the amount of principal for
which the Borrowers are liable to the Lenders after giving effect to any recomputation and
adjustment required pursuant to the foregoing provisions of this section, or if such outstanding
principal balance and interest are paid in full, any such excess shall be remitted by the Lenders
to the Borrowers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14. <U>Survival of Borrower Representations; Termination and Release of Liens</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All covenants, agreements, representations and warranties made by the Credit Parties
herein shall, notwithstanding any investigation by the Administrative Agent or any Lender, be
deemed material and relied upon by the Lenders and shall survive the making and execution of this
Agreement and the Loan Documents and the issuance of the Note, until such time as the Credit
Parties have fulfilled all of their Obligations (other than contingent indemnification or expense
reimbursement obligations in respect of which no claim has been made) to the Lenders, and the
Lender has been indefeasibly paid in full in cash. The Lenders, in extending financial
accommodations to the Borrowers, are expressly acting and relying on the aforesaid representations
and warranties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the indefeasible payment in full to the Lenders of all principal of and interest and
Additional Interest on the Term Loan and the performance of all the Obligations (other than
contingent indemnification or expense reimbursement obligations in respect of which no claim has
been made) of the Borrowers and each Credit Party hereunder, then (i)&nbsp;the Credit Parties&#146;
obligations hereunder shall terminate and be of no further force or effect, and (ii)&nbsp;the Lenders
shall release all Liens granted to the Administrative Agent by the Borrowers or any other Credit
Party to secure the Obligations.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15. <U>Extensions of Lenders&#146; Commitment</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall secure and govern the terms of (i)&nbsp;any extensions or renewals of the
Lenders&#146; commitment hereunder, and (ii)&nbsp;any replacement note executed by the Borrower and accepted
by the Lenders in its sole and absolute discretion in substitution for the Term Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16. <U>Time of Essence</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time is of the essence in making payments of all amounts due the Lenders under this Agreement
and in the performance and observance by the Borrower of each covenant, agreement, provision and
term of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17. <U>Counterparts; Facsimile Signatures</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Agreement. Receipt of an
executed signature page to this Agreement by facsimile or other electronic transmission shall
constitute effective delivery thereof. Electronic records of executed Loan Documents maintained by
the Administrative Agent or any Lender shall deemed to be originals thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18. <U>Notices</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, the Borrower waives all notices and demands in connection
with the enforcement of the Administrative Agent&#146;s and Lenders&#146; rights hereunder. All notices,
requests, demands and other communications provided for hereunder shall be in writing and addressed
as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To the Borrower:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Peerless Mfg. Co.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14651 North Dallas Parkway</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas, Texas 75254</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Peter J. Burlage, President and Chief</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fulbright &#038; Jaworski L.L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2200 Ross Avenue, Suite&nbsp;2800</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas, Texas 75201</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Corporate, Banking and Business</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;Head</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To the Administrative
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prospect Capital Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Agent and the Initial
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 East 40th Street, 44<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lender:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10016</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Simon Marom, Esq.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McCarter &#038; English, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">245 Park Avenue, 27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10167</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Stephen M. Fields, Esq.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or, as to each party, at such other address as shall be designated by such party in a written
notice to each other party complying as to delivery with the terms of this subsection. All notices
addressed as above shall be deemed to have been properly given (i)&nbsp;if served in person, upon
acceptance or refusal of delivery; (ii)&nbsp;if mailed by certified or registered mail, return receipt
requested, postage prepaid, on the third (3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>) day following the day such notice is
deposited in any post office station or letter box; or (iii)&nbsp;if sent by recognized overnight
courier, on the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) day following the day such notice is delivered to such
carrier. No notice to or demand on the Borrower in any case shall entitle the Borrower to any
other or further notice or demand in similar or other circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19. <U>Release of Claims Against Lenders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the Lenders making the Term Loan, the Borrower and all other Obligors do
each hereby release and discharge the Lenders of and from any and all claims, harm, injury, and
damage of any and every kind, known or unknown, legal or equitable, which any Obligor may have
against the Lenders from the date of their respective first contact with the Lenders until the date
of this Loan Agreement, including any claim arising from any reports (environmental reports,
surveys, appraisals, etc.) prepared by any parties hired or recommended by the Lenders, but
excluding any claim based on or arising out of the gross negligence or intentional misconduct of
the Lenders. The Borrower and all other Obligors confirm to Lenders that they have reviewed the
effect of this release with competent legal counsel of their choice, or have been afforded the
opportunity to do so, prior to execution of this Agreement and the Loan Documents and do each
acknowledge and agree that the Lenders is relying upon this release in extending the Term Loan to
the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20. <U>Costs, Fees and Expenses</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers shall pay or reimburse the Administrative Agent and the Lenders for all
reasonable and documented costs, fees and expenses incurred by the Administrative Agent or the
Lenders or for which the Administrative Agent or the Lenders become obligated in connection with
the negotiation, preparation or consummation of this Agreement and the other Loan Documents and all
other documents provided for herein or delivered or to be delivered hereunder or in connection
herewith (including any amendment, supplement or waiver to any Loan Document), and shall pay or
reimburse the Administrative Agent and the Lenders for all reasonable and documented costs, fees
and expenses incurred by the Administrative Agent or the Lenders or for which the Administrative
Agent or the Lenders become obligated in connection with the collection of the Obligations or
enforcement of this Agreement and the other Loan Documents and all other documents provided for
herein or delivered or to be delivered hereunder
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or in connection herewith (including any amendment, supplement or waiver to any Loan Document), or
during any workout, restructuring or negotiations in respect thereof, including reasonable and
documented consultants&#146; fees and attorneys&#146; fees and time charges of counsel to the Administrative
Agent and the Lenders, plus reasonable out-of-pocket costs and expenses of such attorneys or of the
Administrative Agent and the Lenders; search fees, costs and expenses, whether or not the
transaction contemplated hereby shall be consummated. In furtherance of the foregoing, the
Borrowers shall pay any and all stamp and other taxes, UCC search fees, filing fees and other costs
and expenses in connection with the execution and delivery of this Agreement, the Note and the
other Loan Documents to be delivered hereunder, and agrees to save and hold the Lenders harmless
from and against any and all liabilities with respect to or resulting from any delay in paying or
omission to pay such costs and expenses. That portion of the Obligations consisting of costs,
expenses or advances to be reimbursed by the Borrowers to the Lenders pursuant to this Agreement or
the other Loan Documents which is not paid on or prior to the date hereof shall be payable by the
Borrowers to the Lenders on demand. If at any time or times hereafter the Lenders: (a)&nbsp;employ
counsel for advice or other representation (i)&nbsp;with respect to this Agreement or the other Loan
Document following the occurrence and continuation of an Event of Default, (ii)&nbsp;to represent the
Lenders in any litigation, contest, dispute, suit or proceeding or to commence, defend, or
intervene or to take any other action in or with respect to any litigation, contest, dispute, suit,
or proceeding (whether instituted by the Lenders, a Credit Party, or any other Person) in any way
or respect relating to this Agreement, the other Loan Documents or the Borrowers&#146; business or
affairs, or (iii)&nbsp;to enforce any rights of the Lenders against the Credit Parties or any other
Person that may be obligated to the Lenders by virtue of this Agreement or the other Loan
Documents; (b)&nbsp;take any action to protect, collect, sell, liquidate, or otherwise dispose of any of
the Collateral; and/or (c)&nbsp;attempt to enforce or enforce any of the Lenders&#146; rights or remedies
under the Agreement or the other Loan Documents, the costs and expenses incurred by the Lenders in
any manner or way with respect to the foregoing, shall, to the extent otherwise payable in
accordance with this Agreement or the Loan Documents, be part of the Obligations, payable by the
Borrower to the Lenders on demand.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21. <U>Indemnification</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties agree to defend (with counsel reasonably satisfactory to the Lender),
protect, indemnify, exonerate and hold harmless each Indemnified Party from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs,
expenses and distributions of any kind or nature (including the disbursements and the reasonable
and documented fees of counsel for each Indemnified Party thereto), which may be imposed on,
incurred by, or asserted against, any Indemnified Party (whether direct, indirect or consequential
and whether based on any federal, state or local laws or regulations, including securities laws,
Hazardous Material Laws (including but not limited to (i)&nbsp;the presence, use, disposal, release or
threatened release of any Hazardous Materials on, from or affecting any premises owned or occupied
by any Credit Party in violation of or the non-compliance with applicable Hazardous Material Laws,
(ii)&nbsp;any personal injury (including wrongful death) or property damage (real or personal) arising
out of or related to such Hazardous Materials, (iii)&nbsp;any lawsuit or other proceeding brought or
threatened, settlement reached or governmental order or decree relating to such Hazardous
Materials, (iv)&nbsp;the cost of removal of Hazardous Materials
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from any portion of any premises owned or occupied by any Credit Party, (v)&nbsp;taking necessary
precautions to protect against the release of Hazardous Materials on or affecting any premises
owned or occupied by any Credit Party and/or (vi)&nbsp;complying or coming into compliance with all
Hazardous Material Laws (including the cost of any remediation or monitoring required in connection
therewith) or any other Requirement of Law), commercial laws and regulations, under common law or
in equity, or based on contract or otherwise) in any manner relating to or arising out of this
Agreement or any of the Loan Documents, or any act, event or transaction related or attendant
thereto, the preparation, execution and delivery of this Agreement and the Loan Documents,
including the making or issuance of the Term Loan, the use or intended use of the proceeds of the
Term Loan, the enforcement of the Lenders&#146; rights and remedies under this Agreement, the Loan
Documents, the Note, any other instruments and documents delivered hereunder, or under any other
agreement between a Credit Party and the Lenders; provided, however, that the Credit Parties shall
not have any obligations hereunder to any Indemnified Party with respect to matters to the extent
determined by a court of competent jurisdiction by final and nonappealable judgment to have been
caused by or resulting from the willful misconduct or gross negligence of such Indemnified Party.
To the extent that the undertaking to indemnify set forth in the preceding sentence may be
unenforceable because it violates any law or public policy, the Credit Parties shall satisfy such
undertaking to the maximum extent permitted by applicable law. Any liability, obligation, loss,
damage, penalty, cost or expense covered by this indemnity shall be paid to each Indemnified Party
within five (5)&nbsp;Business Days, and failing prompt payment, together with interest and Additional
Interest thereon at the Default Rate, from the date incurred by each Indemnified Party until paid
by the Borrowers, shall be added to the Obligations of the Borrowers and be secured by the
Collateral. The provisions of this Section shall survive the satisfaction and payment of the other
Obligations and the termination of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22. <U>Joint and Several Liability</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each of Borrowers acknowledges and agrees that it is the intent of the parties that each
such Borrower be primarily liable for the obligations as a joint and several obligor. It is the
intention of the parties that with respect to liability of any Borrower hereunder arising solely by
reason of its being jointly and severally liable for advances and other extensions of credit taken
by Borrowers, the obligations of such Borrower shall be absolute, unconditional and irrevocable
irrespective of:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity, legality or enforceability of this Agreement or Note as to any
Borrower, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure of the Lenders or any holder of the Term Note:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;to enforce any right or remedy against any Borrower, as the case may be, or any other
Person (including any Guarantor or Holdings) under the provisions of this Agreement, Term Note, or
otherwise, or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;to exercise any right or remedy against any guarantor of, or collateral securing, any
obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the time, manner or place of payment of, or in any other term of,
all or any of the Indebtedness, or any other extension, compromise or renewal of any
Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any reduction, limitation, impairment or termination of any Indebtedness with
respect to any Borrower, as the case may be, for any reason, including any claim of waiver,
release, surrender, alteration or compromise, and shall not be subject to (and each of
Borrowers hereby waives any right to or claim of) any defense (other than the defense of
payment in full of the Indebtedness) or setoff, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity, compromise,
unenforceability of, or any other event or occurrence affecting, any Indebtedness with
respect to any Borrower, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any addition, exchange, release, surrender or nonperfection of any collateral, or
any amendment to or waiver or release or addition of, or consent to departure from, any
guaranty, held by the Lenders or any holder of the Term Note securing any of the
Indebtedness; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance which might otherwise constitute a defense (other than the
defense of payment in full of the Indebtedness) available to, or a legal or equitable
discharge of, any Borrower, as the case may be, any surety or any guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of Borrowers agrees that its joint and several liability hereunder shall continue to
be effective or be reinstated, as the case may be, if at any time any payment (in whole or in part)
of any of the Indebtedness is rescinded or must be restored by the Lenders or any holder of the
Term Note, upon the insolvency, bankruptcy or reorganization of any Borrower, as the case may be,
as though such payment had not been made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each of Borrowers hereby expressly waives: (i)&nbsp;notice of the Lenders&#146;&#146; acceptance of this
Agreement; (ii)&nbsp;notice of the existence or creation or non payment of all or any of the
Indebtedness other than notices expressly provided for in this Agreement; (iii)&nbsp;presentment,
demand, notice of dishonor, protest, and all other notices whatsoever other than notices expressly
provided for in this Agreement; (iv)&nbsp;any claim or defense based on an election of remedies; and (v)
all diligence in collection or protection of or realization upon the Indebtedness or any part
thereof, any obligation hereunder, or any security for or guaranty of any of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No delay on the Lenders&#146; part in the exercise of any right or remedy shall operate as a
waiver thereof, and no single or partial exercise by the Lenders of any right or remedy shall
preclude other or further exercise thereof or the exercise of any other right or
remedy. No action of the Lenders permitted hereunder shall in any way affect or impair any
such Lenders&#146; rights or any Borrower&#146;s Indebtedness under this Agreement.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each of Borrowers hereby represents and warrants to the Lenders that it now has and will
continue to have independent means of obtaining information concerning Borrowers&#146; affairs,
financial condition and business. The Lenders shall not have any duty or responsibility to provide
any Borrower with any credit or other information concerning such Borrower&#146;s affairs, financial
condition or business which may come into the Lenders&#146; possession.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each of Borrowers represents and warrants (i)&nbsp;that the business operations of Borrowers
are interrelated and that the business operations of Borrowers complement one another, and such
entities have a common business purpose, and (ii)&nbsp;that, to permit their uninterrupted and
continuous operations, such entities now require and will from time to time hereafter require funds
and credit accommodations for general business purposes and that (iii)&nbsp;the proceeds of advances
under the Term Loan and the other credit facilities extended hereunder will directly or indirectly
benefit Borrowers hereunder, severally and jointly, regardless of which Borrower receives part or
all of the proceeds of such advances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Notwithstanding anything to the contrary contained herein, it is the intention of
Borrowers, and the Lenders that the amount of the respective Borrowers&#146; obligations hereunder shall
be in, but not in excess of, the maximum amount thereof not subject to avoidance or recovery by
operation of applicable law governing bankruptcy, reorganization, arrangement, adjustment of debts,
relief of debtors, dissolution, insolvency, fraudulent transfers or conveyances or other similar
laws (collectively, &#147;Applicable Insolvency Laws&#148;). To that end, but only in the event and to the
extent that Borrowers&#146; respective obligations hereunder or any payment made pursuant thereto would,
but for the operation of the foregoing proviso, be subject to avoidance or recovery under
Applicable Insolvency Laws, the amount of Borrowers&#146; respective obligations hereunder shall be
limited to the largest amount which, after giving effect thereto, would not, under Applicable
Insolvency Laws, render such Borrower&#146;s respective obligations hereunder unenforceable or avoidable
or subject to recovery under Applicable Insolvency Laws. To the extent any payment actually made
hereunder exceeds the limitation contained in this Section&nbsp;12.25(g), then the amount of such excess
shall, from and after the time of payment by Borrowers (or any of them), be reimbursed by the
Lenders upon demand by such Borrowers. The foregoing proviso is intended solely to preserve the
rights of the Lenders hereunder against Borrowers to the maximum extent permitted by Applicable
Insolvency Laws and neither any Borrower nor any Guarantor nor any other Person shall have any
right or claim under this Section&nbsp;12.22(g) that would not otherwise be available under Applicable
Insolvency Laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Each Credit Party hereby irrevocably appoints the Borrower Representative, as the agent
for such Credit Party on its behalf, to (i)&nbsp;request the Term Loan from the Initial Lender, (ii)&nbsp;to
give and receive notices under the Loan Documents and (iii)&nbsp;take all other action which the
Borrower Representative or the other Credit Parties are permitted or required to take under this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23. <U>Revival and Reinstatement of Obligations</U>.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the incurrence or payment of the Obligations by any Obligor or the transfer to the Lenders
of any property should for any reason subsequently be declared to be void or voidable under any
state or federal law relating to creditors&#146; rights, including provisions of the Bankruptcy Code
relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money
or transfers of property (collectively, a &#147;<U>Voidable Transfer</U>&#148;), and if the Lenders is
required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so
upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount
thereof that the Lenders is required or elects to repay or restore, and as to all reasonable costs,
expenses, and attorneys fees of the Lenders, the Obligations shall automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had never been made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24. <U>Customer Identification &#151; USA Patriot Act Notice</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lenders hereby notifies the Borrower that pursuant to the requirements of the USA Patriot
Act, and the Lenders&#146; policies and practices, the Lenders is required to obtain, verify and record
certain information and documentation that identifies the Borrower, which information includes the
name and address of the Borrower and such other information that will allow the Lenders to identify
the Borrower in accordance with the USA Patriot Act.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;The remainder of this page has been left blank intentionally.&#093;</I>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Borrower and the Lenders have executed this Senior Subordinated Loan
and Security Agreement as of the date first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PEERLESS MFG. CO.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Henry G. Schopfer, III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Henry G. Schopfer, III&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PMFG, Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Henry G. Schopfer, III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Henry G. Schopfer, III&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PMC ACQUISITION, INC.,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Henry G. Schopfer, III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Henry G. Schopfer, III&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PROSPECT CAPITAL CORPORATION,<BR>
a Maryland corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ M. Grier Eliasek
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">M. Grier Eliasek&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Operating
Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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