$500,000,000 TERM LOAN CREDIT AGREEMENT

Exhibit 4.1

$500,000,000
TERM LOAN CREDIT AGREEMENT

by and among

VISTEON CORPORATION,
as Borrower,

THE OTHER CREDIT PARTIES SIGNATORY HERETO,
as Credit Parties,

THE LENDERS SIGNATORY HERETO
FROM TIME TO TIME,
as Lenders,

and

MORGAN STANLEY SENIOR FUNDING, INC.,
as Lead Arranger, Sole Bookrunner, Collateral Agent and Administrative Agent

Dated as of October 1, 2010

TERM LOAN CREDIT AGREEMENT

     This TERM LOAN CREDIT AGREEMENT (this “Agreement”), dated as of October 1, 2010, by and among VISTEON CORPORATION, a Delaware corporation (“Borrower”); the other Credit Parties signatory hereto; MORGAN STANLEY SENIOR FUNDING, INC., (“MSSF”), for itself, as Lender, and as Lead Arranger, Sole Bookrunner, collateral agent for the Lenders (together, with any permitted successors in such capacity, the “Collateral Agent”) and administrative agent for the Lenders (together, with any permitted successors in such capacity, “Agent”); and the other Lenders signatory hereto from time to time.

RECITALS

     WHEREAS, on May 28, 2009 (the “Petition Date”), Borrower and certain of the other Credit Parties filed voluntary petitions for reorganization (the “Chapter 11 Cases”) under Chapter 11, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”), with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”);

     WHEREAS, in connection with that certain Fifth Amended Joint Plan of Reorganization filed with the Bankruptcy Court on August 27, 2010 (such plan of reorganization, together with all exhibits, schedules, annexes and supplements thereto, the “Plan of Reorganization”) and related Fourth Amended Disclosure Statement for the Plan filed on June 24, 2010 (such disclosure statement, together with all exhibits, schedules, annexes and supplements thereto, the “Disclosure Statement”), the Bankruptcy Court entered an order confirming the Plan of Reorganization on August 31, 2010;

     WHEREAS, in connection with the confirmation of the Plan of Reorganization, Borrower has requested that Agent and the Lenders provide for a $500,000,000 secured term loan facility on the terms and subject to the conditions set forth in this Agreement to pay administrative expenses and other emergence costs, fees and expenses in respect of the Chapter 11 Cases and for other purposes permitted under Section 2.4;

     WHEREAS, Borrower has agreed to secure all of its Obligations under the Loan Documents by granting to Agent, for the benefit of Agent and the Lenders, a first priority security interest in the Term Loan Priority Collateral and a second priority security interest in the Revolver Priority Collateral;

     WHEREAS, concurrently herewith, Borrower and the other Credit Parties have entered into a $200,000,000 Revolving Loan Credit Agreement which will be secured by a first priority security interest in the Revolver Priority Collateral and a second priority security interest in the Term Loan Priority Collateral;

     WHEREAS, the Lenders are willing to make certain loans and other extensions of credit to Borrower of up to such amount upon the terms and conditions set forth herein; and

     WHEREAS, all Annexes, Schedules, Exhibits and other attachments (collectively, “Appendices”) hereto, or expressly identified to this Agreement, are incorporated herein by reference, and taken together with this Agreement, shall constitute but a single agreement. These Recitals shall be construed as part of this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the parties hereto agree as follows:

1.

DEFINITIONS, ACCOUNTING PRINCIPLES AND OTHER INTERPRETIVE MATTERS.

     1.1 Definitions. For purposes of this Agreement:

     “Account Debtor” means any Person who may become obligated to any Credit Party under, with respect to, or on account of, an Account, Chattel Paper or General Intangibles (including a payment intangible).

     “Accounting Changes” has the meaning ascribed thereto in Section 7.10.

     “Accounts” means all “accounts,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, including (a) all accounts receivable, other receivables, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper, or Instruments), (including any such obligations that may be characterized as an account or contract right under the Code), (b) all of each Credit Party’s rights in, to and under all purchase orders or receipts for goods or services, (c) all of each Credit Party’s rights to any goods represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods), (d) all rights to payment due to any Credit Party for property sold, leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to be rendered by such Credit Party or in connection with any other transaction (whether or not yet earned by performance on the part of such Credit Party), (e) all health care insurance receivables and (f) all collateral security of any kind, now or hereafter in existence, given by any Account Debtor or any other Person with respect to any of the foregoing.

     “Acquired Non-Core Assets” means any assets acquired in a Permitted Acquisition and designated as “non-core assets” by notice from Borrower to Agent within 30 days after the consummation thereof so long as such assets do not constitute more than 25% of the assets acquired in any such Permitted Acquisition.

     “Acquisition” means, with respect to any Person, (a) the acquisition by such Person of the Stock of any other Person resulting in such other Person becoming a Subsidiary of such Person, (b) the acquisition by such Person of all or substantially all of the assets of any other Person or of a division or business line of such Person, or (c) any merger or consolidation of a Subsidiary of such Person with any other Person so long as the surviving entity of such merger or consolidation is a Subsidiary of such Person.

     “Affected Lender” has the meaning ascribed thereto in Section 2.14(c).

     “Affiliate” means, with respect to any Person, (a) each Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, 10% or more of the Stock having ordinary voting power in the election of directors of such Person, (b) each Person that controls, is controlled by or is under common control with such Person and (c) each of such Person’s officers, directors and partners. For the purposes of this definition, “control” of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise; provided, however, that the term “Affiliate” shall specifically exclude Agent and each Lender.

     “Agent” means MSSF in its capacity as administrative agent for the Lenders or its successor appointed pursuant to Section 10.6 or its successor.

     “Agreement” means this $500,000,000 Term Loan Credit Agreement, dated as of October 1, 2010, by and among Borrower, the other Credit Parties party hereto, Morgan Stanley Senior Funding, Inc., as Agent, Collateral Agent and a Lender and the other Lenders from time to time party thereto, as the same may be amended, supplemented, restated or otherwise modified from time to time.

     “Aircraft” means each, any or all, as the context requires of: (a) the Airframe; (b) the Engines, and, where the context permits, (c) the applicable Technical Records.

     “Aircraft Mortgage and Security Agreement” means that certain Aircraft Mortgage (Term), dated as of the Closing Date, executed and delivered by the applicable Credit Parties in favor of Agent.

     “Airframe” means: (a) one (1) Gulfstream Aerospace model G-IV (described on the International Registry drop down menu as GULFSTREAM model Gulfstream G-IV (GIV-SP)) aircraft bearing manufacturer’s serial number 1227 and United States Registration Number N600VC; (b) any and all Parts so long as the same shall be incorporated or installed on or attached to the Airframe and for so long as any Credit Party owns them after removal from the Airframe; and, where the context permits, (c) the Technical Records relating to such Airframe and all of its Parts.

     “Appendices” has the meaning ascribed to it in the recitals to this Agreement.

     “Applicable Margins” means collectively the Applicable Term Loan Base Margin, and the Applicable Term Loan LIBOR Margin.

     “Applicable Term Loan Base Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the Base Rate applicable to the Term Loans, as determined by reference to Section 2.5(a), plus, the Incremental Facility Yield Adjustment, if any.

     “Applicable Term Loan LIBOR Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the LIBOR Rate applicable to the Term Loans, as determined by reference to Section 2.5(a), plus, the Incremental Facility Yield Adjustment, if any.

     “Approved Fund” means, with respect to any Lender, any Person (other than a natural Person) that (a) is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and (b) is advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than a natural Person) or any Affiliate of any Person (other than a natural Person) that administers or manages such Lender.

     “Assignment Agreement” has the meaning ascribed to it in Section 11.1(a).

     “Aviation Authority” means any and all authorities or Persons responsible for the regulation and control of civil aviation, or otherwise being competent to issue directions in respect of the Aircraft, its repair, maintenance or operation, under the laws of the State of Registration.

     “Bankruptcy Code” shall have the meaning ascribed to it in the recitals to this Agreement.

     “Bankruptcy Court” shall have the meaning ascribed to it in the recitals to this Agreement.

     “Base Rate” means, for any day, a floating rate equal to the highest of (i) the rate, if any, quoted for such day in The Wall Street Journal as the “U.S. Prime Rate”, (ii) the Federal Funds Rate plus 50 basis points per annum, (iii) LIBOR Rate for a LIBOR Period of one-month beginning on such day plus 1% and (iv) 2.75% per annum. Each change in any interest rate provided for in this Agreement based upon the Base Rate shall take effect at the time of such change in the Base Rate.

     “Base Rate Loan” means a Loan or portion thereof bearing interest by reference to the Base Rate.

     “Borrower” has the meaning ascribed to it in the preamble to this Agreement.

     “Borrower Materials” has the meaning ascribed to it in Section 10.13(a).

     “Borrower Workplace” has the meaning ascribed to it in Section 10.13(a).

     “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York and in reference to LIBOR Loans shall mean any such day that is also a LIBOR Business Day.

     “Business Plan” means Borrower’s and its Subsidiaries’ forecasted consolidated: (a) balance sheets; (b) profit and loss statements; (c) cash flow statements; and (d) capitalization statements, and otherwise consistent with the historical Financial Statements of Borrower and its Subsidiaries, together with appropriate supporting details and a statement of underlying assumptions.

     “Cape Town Convention” shall mean the Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment.

     “Capital Expenditures” means, with respect to any Person, all expenditures (by the expenditure of cash or the incurrence of Indebtedness) by such Person during any measuring period for any fixed assets or improvements or for replacements, substitutions or additions thereto that have a useful life of more than one year and that are required to be capitalized under GAAP but excluding (i) expenditures of insurance proceeds to acquire or repair any asset, (ii) leasehold improvement expenditures for which such Person is actually reimbursed by the lessor, sublessor or sublessee, (iii) the consideration for any Permitted Acquisition or Investments permitted hereunder (other than Investments permitted under Section 7.2(r)), (iv) capital expenditures recorded as a result of the consummation of any Sale-Leaseback Transaction permitted under Section 7.12, (v) capital expenditures financed with the Net Cash Proceeds of any issuance of Stock by Borrower after the Closing Date, (vi) capital expenditures in respect of the purchase price of Equipment to the extent the consideration therefore consists of any combination of (1) Equipment traded in at the time of such purchase pursuant to a Disposition permitted hereunder and (2) the proceeds of a concurrent Disposition pursuant to Section 7.8 of Equipment, in each case, in the ordinary course of business, (vii) capital expenditures funded with amounts permitted to be reinvested in accordance with Section 2.3(b), (viii) interest capitalized in respect of capital expenditures and (ix) expenditures that are accounted for as capital expenditures of such Person and that are actually paid for by a third party (excluding Borrower or any of its Restricted Subsidiaries) and for which neither Borrower nor any of its Restricted Subsidiaries has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such third party or any other Person (whether before, during or after such period), provided that the amount of capital expenditures excluded pursuant to this clause (ix) shall not exceed $50,000,000 during the term of this Agreement.

     “Capital Lease” means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person (except for temporary treatment of construction-related expenditures paid by any Person other than Borrower or any of its Subsidiaries under EITF 97-10, “The Effect of Lessee Involvement in Asset Construction”, which will ultimately be treated as operating leases upon a Sale-Leaseback Transaction permitted under Section 7.12) and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease or other arrangement prior to the first date on which such lease may be terminated by the lessee without payment of a penalty.

     “Capital Lease Obligation” means, with respect to any Capital Lease of any Person, the capitalized amount of the obligation of the lessee thereunder that, in accordance with GAAP, would appear on a balance sheet of such lessee in respect of such Capital Lease.

     “Captive Insurance Restricted Subsidiary” means any Restricted Subsidiary that is subject to regulation as an insurance company under applicable law and which has been designated in writing as such by Borrower to Agent.

     “Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally, directly and fully guarantied by, the United States Government or any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition or, with respect to any Foreign Subsidiary, an equivalent obligation of the government of the country in which such Foreign Subsidiary transacts business, in each case maturing within one year from the date of acquisition, and, in each case having, at the time of acquisition, one of the two highest ratings categories obtainable from either S&P or Moody’s; (b) Dollar denominated certificates of deposit or time deposits, eurodollar time deposits or overnight bank deposits having maturities of twelve months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than $250,000,000 and a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s, and, with respect to any Foreign Subsidiary, time deposits, certificates of deposits, overnight bank deposits or bankers acceptances in the currency of any country in which such Foreign Subsidiary transacts business having maturities of twelve months or less from the date of acquisition issued by any commercial bank organized in the United States having capital and surplus in excess of $100,000,000 or, with respect to any Foreign Subsidiary, a commercial bank organized under the laws of another country in which such Foreign Subsidiary transacts business having total assets in excess of $100,000,000 (or its foreign currency equivalent); (c) commercial paper of an issuer rated at least A-1 (or the equivalent thereof) by S&P or P-1 (or the equivalent thereof) by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within twelve months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank with a term of not more than seven (7) days for underlying securities of the types described in clause (a) of this definition and satisfying the requirements of clause (b) of this definition with respect to securities issued or fully guarantied or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition that are issued or fully guarantied by any state, commonwealth or territory of the United States, any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government have, at the time of acquisition, one of the two highest ratings categories obtainable from either S&P or Moody’s; (f) securities with maturities of twelve months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) deposits available for withdrawal on demand with commercial banks organized in the United States having capital and surplus in excess of $100,000,000 or, with respect to any Foreign Subsidiary, a commercial bank organized under the laws of any other country in which such Foreign Subsidiary transacts business having total assets in excess of $100,000,000 (or its foreign currency equivalent); (h) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (g) of this definition; or (i) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.

     “CERCLA” has the meaning ascribed to it in the definition of “Environmental Laws”.

     “Change of Control” means any of the following: (a) any person or group of persons (within the meaning of the Securities Exchange Act of 1934) other than the Permitted Holders is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act of 1934, except that for purposes of this clause (a) such person shall be deemed to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) and shall have acquired beneficial ownership, directly or indirectly, of 51% or more of the issued and outstanding shares of Stock of Borrower having the right to vote for the election of directors of Borrower under ordinary circumstances; (b) during the period of twelve (12) consecutive months, the board of directors of Borrower shall cease to consist of a majority of Continuing Directors; or (c) any Credit Party or Foreign Stock Holding Company ceases to be a Wholly Owned Subsidiary of Borrower, except as permitted under the Loan Documents.

     “Chapter 11 Cases” shall have the meaning ascribed to it in the recitals to this Agreement.

     “Charges” means all federal, state, provincial, county, city, municipal, local, foreign or other governmental taxes (including taxes owed to the PBGC at the time due and payable), levies, assessments, charges, liens, claims or encumbrances owed by any Credit Party and upon or relating to (a) the Collateral, (b) the Obligations, (c) the employees, payroll, income, capital or gross receipts of any Credit Party, (d) any Credit Party’s ownership or use of any properties or other assets, or (e) any other aspect of any Credit Party’s business.

     “Chattel Paper” means any “chattel paper,” as such term is defined in the Code, including electronic chattel paper, now owned or hereafter acquired by any Credit Party.

     “Closing Date” means October 1, 2010.

     “Code” means the Uniform Commercial Code as the same may, from time to time, be enacted and in effect in the State of New York; provided, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or priority of, or remedies with respect to, Agent’s or any Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in another State other than the State of New York, the term “Code” shall mean the Uniform Commercial Code in such other State.

     “Collateral” means Revolver Priority Collateral and Term Loan Priority Collateral.

     “Collateral Agent” means MSSF, in its capacity as Collateral Agent on behalf of the Lenders, and any replacement successor collateral agent.

     “Collateral Documents” means the Security Agreement, the Aircraft Mortgage and Security Agreement, the Pledge Agreement, the Guaranties, the Mortgages and all similar agreements entered into guarantying payment of, or granting a Lien upon property as security for payment of, the Obligations.

     “Collateral Reports” means the reports with respect to the Collateral referred to in Section 5.2.

     “Collection Account” means that certain account of Agent, account number 406-99-776 in the name of Agent at Citibank, N.A., ABA No. 021-000-089, or such other account as may be specified in writing by Agent as the “Collection Account.”

     “Commercial Tort Claim” means a claim arising in tort with respect to which: (a) the claimant is an organization; or (b) the claimant is an individual and the claim: (i) arose in the course of the claimant’s business or profession; and (ii) does not include damages arising out of personal injury to or the death of an individual.

     “Commitment Termination Date” means the earliest of (a) October 1, 2017, (b) the date of termination of the Lenders’ obligations to permit existing Term Loans to remain outstanding pursuant to Section 9.2(b), or (c) the date of prepayment in full by Borrower of the Term Loans.

     “Commitments” means (a) as to any Lender, the aggregate of such Term Loan Commitment as set forth on Annex B to this Agreement or in the most recent Assignment Agreement executed by such Lender, as such Commitments may be reduced, amortized or adjusted from time to time in accordance with this Agreement and (b) as to all Lenders, the aggregate of all Lenders’ Term Loan Commitments as set forth on Annex B to this Agreement or in the most recent Assignment Agreement executed by such Lender which aggregate commitment shall be Five Hundred Million Dollars ($500,000,000) on the Closing Date, as such Commitments may be reduced, amortized or adjusted from time to time in accordance with this Agreement. Upon funding of the Term Loans to Borrower on the Closing Date, all Commitments shall terminate without any further action by any Person.

     “Compliance Certificate” has the meaning ascribed to it in Section 5.1(b).

     “Confirmation Order” has the meaning ascribed to it in Section 4.33.

     “Consolidated Net Income” means, for any period, the consolidated net income (or loss) of Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that Consolidated Net Income for any such period shall exclude, without duplication, (i) the cumulative effect of any change in accounting principles during such period, (ii) the income (or loss) of any Subsidiary (other than a Credit Party) to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not at the time permitted without any prior approval of a Governmental Authority (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such Subsidiary or its stockholders (which has not been legally waived), (iii) the income (or loss) of any Person (other than a Subsidiary) in which Borrower and its Restricted Subsidiaries have an ownership interest, except to the extent of the amount of dividends or other distributions actually paid in cash to Borrower or one of its Restricted Subsidiaries by such Person during such period, and (iv) except as contemplated in the definition of consolidated EBITDA, the income or loss of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with Borrower or any of its Restricted Subsidiaries. There shall be

excluded in determining Consolidated Net Income unrealized losses or gains in respect of Swap Contracts and other embedded derivatives or similar contracts that require the same accounting treatment as Swap Contracts.

     “Continuing Directors” means the directors of Borrower on the Closing Date and each other director, if, in each case, such other director’s nomination for election to the board of directors of Borrower is recommended by the committee of the board of directors designated to make such recommendations; provided that such committee has been appointed by 51% of the then Continuing Directors, or such other directors appointed by, or that received the vote of a majority of, the Permitted Holders.

     “Contracts” means all “contracts,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, in any event, including all contracts, undertakings, or agreements (other than rights evidenced by Chattel Paper, Documents or Instruments) in or under which any Credit Party may now or hereafter have any right, title or interest, including any agreement relating to the terms of payment or the terms of performance of any Account.

     “Contractual Obligations” means, with respect to any Person, any security issued by such Person or of any document or undertaking (other than a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject.

     “Control Letter” means a letter agreement between Agent and (i) the issuer of uncertificated securities with respect to uncertificated securities in the name of any Credit Party, (ii) a securities intermediary with respect to securities, whether certificated or uncertificated, securities entitlements and other financial assets held in a securities account in the name of any Credit Party or (iii) a futures commission merchant or clearing house, as applicable, with respect to commodity accounts and commodity contracts held by any Credit Party, whereby, among other things, the issuer, securities intermediary or futures commission merchant limits any security interest in the applicable financial assets in a manner reasonably satisfactory to Agent, acknowledges the Lien of Agent, on behalf of itself and Lenders, on such financial assets, and agrees to follow the instructions or entitlement orders of Agent without further consent by the affected Credit Party.

     “Copyright License” means any and all rights now owned or hereafter acquired by any Credit Party under any written agreement granting any right to use any Copyright.

     “Copyrights” means all of the following now owned or hereafter adopted or acquired by any Credit Party: (a) all copyrights and copyrightable works (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof and (b) all extensions or renewals thereof.

     “Credit Parties” means Borrower and each Guarantor.

     “Current Assets” means, with respect to any Person, all current assets of such Person as of any date of determination calculated in accordance with GAAP, but excluding cash, Cash Equivalents and debts due from Affiliates.

     “Current Liabilities” means, with respect to any Person, all liabilities that should, in accordance with GAAP, be classified as current liabilities, and in any event shall include all Indebtedness payable on demand or within one year from any date of determination without any option on the part of the obligor to extend or renew beyond such year, all accruals for federal or other taxes based on or measured by income and payable within such year, but excluding the current portion of long-term debt required to be paid within one year and the aggregate Revolver Loan Obligations.

     “Default” means any event that, with the passage of time or notice or both, would, unless cured or waived, become an Event of Default.

     “Default Rate” has the meaning ascribed to it in Section 2.5(d).

     “Deposit Accounts” means all “deposit accounts” as such term is defined in the Code, now or hereafter held in the name of any Credit Party.

     “Disposition” means with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings.

     “Disqualified Stock” means any Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part within ninety (90) days of the Commitment Termination Date, (b) is secured by any assets of Borrower or any of its respective Subsidiaries, (c) is exchangeable or convertible at the option of the holder into Indebtedness of Borrower or any of its respective Subsidiaries or (d) provides for the mandatory payment of dividends regardless of whether or not the board of directors has declared any dividends. Notwithstanding the preceding sentence, any Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require Borrower or any of its Subsidiaries to repurchase such Stock upon the occurrence of a “change of control” or an asset Disposition shall not constitute Disqualified Stock if the terms of such Stock provide that Borrower or any of its Subsidiaries may not repurchase or redeem any such Stock pursuant to such provisions unless such repurchase or redemption complies with the provisions of Section 7.14.

     “Documents” means all “documents,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located.

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

     “Domestic Subsidiary” of any Person means any Subsidiary of such Person incorporated or organized in the United States or any State or territory thereof or the District of Columbia.

     “EASA” means the European Aviation Safety Administration and any subdivision or office thereof, and any successor or replacement administrator, agency or other entity having the same or similar authority and responsibilities.

     “EBITDA” means, with respect to any Person for any fiscal period, an amount equal to the sum, without duplication, of the amounts for such period of (a) Consolidated Net Income, plus, only to the extent deducted in calculating Consolidated Net Income for such period, (b) consolidated Interest Expense, (c) consolidated income tax expense (including tax credits to income on a consolidated basis for such period) for all federal, state, local, withholding, franchise, foreign, state single business unitary and similar taxes, (d) consolidated depreciation expense, (e) consolidated amortization expense (including, without limitation, amortization of goodwill and other intangible assets and amortization or write-off of debt discount or deferred financing costs and debt issuance costs and commissions, discounts and other fees, costs, expenses and charges associated with Indebtedness (including, without limitation, the Term Loans and the Revolver Loan Obligations), (f) expenses, fees or charges paid with respect to the Related Transactions (including cash charges in respect of strategic market reviews, management bonuses and early retirement of Indebtedness consistent with the Related Transaction Documents and in an amount not to exceed the applicable amounts set forth on Schedule (E-1)), (g) any non-recurring charges incurred on or prior to the second anniversary of the Closing Date in connection with the Chapter 11 Cases consistent with the Related Transaction Documents and in an aggregate amount not to exceed the applicable amounts set forth on Schedule (E-1), (h) net loss (or gain) on early extinguishment of debt, (i) net loss (or gain) from fresh start accounting adjustments relating to non-working capital assets, (j) any non-cash charges for inventory adjustments related to fresh start accounting, (k) non-cash compensation charges, including any such charges arising from stock options, restricted stock grants or other equity-incentive programs, the granting of stock appreciation rights and similar arrangements (including any repricing, amendment, modification, substitution or change of any such stock, stock option, stock appreciation rights or similar arrangements), (l) with respect to any discontinued operation, any loss resulting therefrom, (m) to the extent actually reimbursed, expenses incurred to the extent covered by indemnification provisions in any agreement in connection with a Permitted Acquisition or other Investment, (n) any extraordinary charges in accordance with GAAP, (o) plus or minus, as applicable (without duplication), any net non-cash gain or loss resulting in such period from hedging obligations and the application of Accounting Standards Codification 815 (formerly Statement of Financial Accounting Standards 133), (p) cash restructuring charges related to Dispositions permitted under Section 7.8(p), including, without limitation, those related to plant closures, severance costs and OPEB liabilities; provided that the aggregate amount of all such cash restructuring charges added pursuant to this clause (p) shall not exceed $130,000,000; provided, further that the aggregate amount of all such charges added pursuant to this clause (p) during the first four Fiscal Quarters following the Closing Date shall not exceed $100,000,000, (q) charges and expenses related to pension expense (minus actual cash pension payments and cash funding requirements), (r) any unusual or non-recurring non-cash charges (including any impairment charge or asset write-off pursuant to GAAP) (provided that if any such non-cash charge represents an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period), (s) to the extent the related loss is not added back in calculating such Consolidated Net Income, proceeds of business interruption insurance policies to the extent of such related loss, (t) to the extent non-recurring and not capitalized, any fees, costs and expenses of Borrower and its Subsidiaries incurred as a result of Permitted Acquisitions, Investments and Dispositions permitted hereunder (including, without limitation, expenses in respect of earn-out obligations

incurred, in each case, thereunder) and the issuance of Stock or Indebtedness permitted hereunder, (u) plus (or minus) losses (or gains) from foreign currency adjustments, (v) cash charges and expenses in connection with employee or management relocation or severance costs, including, without limitation, related to Permitted Acquisitions and Investments and Dispositions permitted hereunder, all determined in accordance with GAAP and in each case eliminating any increase or decrease in income resulting from non-cash accounting adjustments made in connection with the related Permitted Acquisition, Investment or Disposition, (w) any unusual or non-recurring non-cash charges (including, 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 outside of the ordinary course of business that represent an accrual of, or reserve, for cash charges in a future period) and (x) restructuring charges taken by Borrower during such period that are eligible for reimbursement by Ford in accordance with the Ford Settlement Agreement which have not been reimbursed prior to the end of such period, and minus, to the extent included in the statement of such net income for such period, the sum of (i) any unusual or non-recurring non-cash income or gains, and (ii) with respect to any discontinued operation, any gain resulting therefrom, all as determined on a consolidated basis. For purposes of clarity, to the extent that there is any “gain” or “income”, then the amount of such gain or income shall be deducted from EBITDA, and to the extent that there is any “loss”, then the amount of such loss shall be added back to EBITDA. For the purposes of calculating EBITDA during any four Fiscal Quarter period in which a Material Acquisition or a Material Disposition has occurred (each, a “Reference Period”), (i) if at any time during such Reference Period, Borrower or any Subsidiary shall have made any Material Disposition, the EBITDA for such Reference Period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the EBITDA (if negative) attributable thereto for such Reference Period, (ii) if during such Reference Period Borrower or any Subsidiary shall have made a Material Acquisition, EBITDA for such Reference Period shall be calculated after giving Pro Forma Effect thereto as if such Material Acquisition occurred on the first day of such Reference Period, and (iii) with respect to any Material Acquisition or Material Disposition, on a Pro Forma Basis, after giving effect to any synergies, operating expense reductions and other operating improvements and cost savings (including, without limitation, made in accordance with Regulation S-X under the Securities Act of 1933, as amended) as certified by a Financial Officer of Borrower as having been determined in good faith to be reasonably anticipated to be realized within eighteen (18) months following any such Material Acquisition or Material Disposition.

     “EBITDA Disposition Percentage” means with respect to any Disposition, the percentage of EBITDA for the most recent period of four consecutive Fiscal Quarters for which financial statements have been delivered attributable to the property to be Disposed of in such Disposition.

     “E-Fax” means any system used to receive or transmit faxes electronically.

     “Electronic Transmission” means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent service acceptable to Agent.

     “Engines” (a) each, any or all, as the context may require of: (i) two (2) Rolls-Royce model Tay MK 611-8 (described on the International Registry drop down menu as ROLLS ROYCE model TAY611) aircraft engines bearing manufacturer’s serial numbers 16550 and 16570; or (ii) any engine which is, from time to time, substituted for such an engine, or a previously substituted engine, pursuant to the terms of the Aircraft Mortgage and Security Agreement; in either case, whether or not any such engine is from time to time installed on the Airframe; and (b) any and all Parts, so long as they are incorporated in or installed on or attached to any such engine or so long as any Credit Party owns them after removal from any such engine; and, where the context permits, (c) the Technical Records, relating to such engines and all of their Parts.

     “Environmental Laws” means all applicable federal, state, provincial, local and foreign laws, statutes, ordinances, codes, rules, standards and regulations, now or hereafter in effect, and any applicable judicial or administrative interpretation thereof including any applicable judicial or administrative order, consent decree, order or judgment, in each case having the force or effect of law, imposing liability or standards of conduct for or relating to the regulation and protection of human health, safety, the environment and natural resources (including ambient air, soil, vapor, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation). Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.) (“CERCLA”); the Hazardous Materials Transportation Authorization Act of 1994 (49 U.S.C. §§ 5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§ 136 et seq.); the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et seq.); the Toxic Substance Control Act (15 U.S.C. §§ 2601 et seq.); the Clean Air Act (42 U.S.C. §§ 7401 et seq.); the Federal Water Pollution Control Act (33 U.S.C. §§ 1251 et seq.); the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.); and the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), and any and all regulations promulgated thereunder, and all analogous state, provincial, local and foreign counterparts or equivalents and any transfer of ownership notification or approval statutes related to the protection of human health, safety or the environment.

     “Environmental Liabilities” means, with respect to any Person, all liabilities, obligations, responsibilities, response, remedial and removal costs, investigation and feasibility study costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, natural resource damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related to any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, including any arising under or related to any Environmental Laws, Environmental Permits, or in connection with any Release or threatened Release or presence of a Hazardous Material whether on, at, in, under, from or about or in the vicinity of any real or personal property.

     “Environmental Permits” means all permits, licenses, authorizations, certificates, approvals or registrations required by any Governmental Authority under any Environmental Laws.

     “Equipment” means all “equipment,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located.

     “Equity Commitment Agreement” means that certain Equity Commitment Agreement, dated as of May 6, 2010, among Borrower and the Investors party thereto, as amended, restated, supplemented or otherwise modified prior to the Closing Date.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder.

     “ERISA Affiliate” means, with respect to any Credit Party, any trade or business (whether or not incorporated) that, together with such Credit Party, are treated as a single employer within the meaning of Sections 414(b), (c), (m) or (o) of the IRC.

     “ERISA Event” means, with respect to any Credit Party or any ERISA Affiliate, (a) any event described in Section 4043(c) of ERISA with respect to a Title IV Plan (other than an event for which the thirty (30) day notice period is waived); (b) the withdrawal of any Credit Party or ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any Credit Party or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice of intent to terminate a Title IV Plan or the treatment of a plan amendment as a termination under Section 4041 of ERISA; (e) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (f) the failure by any Credit Party or ERISA Affiliate to make when due required contributions to a Multiemployer Plan or Title IV Plan unless such failure is cured within thirty (30) days; (g) the termination of a Multiemployer Plan under Section 4041A of ERISA or the reorganization or insolvency of a Multiemployer Plan under Section 4241 or 4245 of ERISA; (h) the loss of a Qualified Plan’s qualification or tax exempt status; or (i) the termination of a Plan described in Section 4064 of ERISA.

     “ERISA Lien” as defined in Section 6.13.

     “E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission.

     “E-System” means any electronic system approved by Agent, including Intralinks^® and ClearPar^® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system.

     “Event of Default” has the meaning ascribed to it in Section 9.1.

“Excess Cash Flow” means, without duplication, with respect to any Fiscal Year of Borrower and each of its Restricted Subsidiaries, on a consolidated basis, an amount equal to EBITDA plus or minus, as the case may be (a) all non-cash items to the extent used in determining consolidated EBITDA for such Fiscal Year, minus (b) Interest Expense paid in cash during such Fiscal Year, minus (c) cash taxes, net of refunds, paid in cash during such Fiscal Year, minus (d)

the cash portion of Capital Expenditures made during such Fiscal Year to the extent not financed with the proceeds of long-term Indebtedness permitted hereunder, issuances of Stock or other proceeds of a financing transaction that would not be included in EBITDA, minus (e) cash payments during such Fiscal Year added back to net income in the calculation of EBITDA pursuant to clauses (f) and (g) of the definition of EBITDA, minus (f) cash payments made during such Fiscal Year with respect to Permitted Acquisitions and other Investments permitted under Sections 7.2(h), and (i)(i) to the extent not financed with the proceeds of long term Indebtedness, Stock issuances or other proceeds from a financing transaction that would not be included in EBITDA or from the reinvestment of asset sale proceeds contemplated by Section 2.3(b)(i), minus (g) Restricted Payments made by Borrower (i) that have been declared by the board of directors of Borrower during such Fiscal Year with respect to cash dividends or distributions or (ii) made in cash (without duplication of any adjustment for Restricted Payments when declared by the board of directors of Borrower) during such Fiscal Year, in each case, pursuant to Section 7.14 to the extent not funded with the proceeds of Indebtedness or equity contributions, plus (h) reductions in Working Capital Changes or minus (i) increases in Working Capital Changes (as the case may be), minus (j) amounts used to repay the Revolver Loan Obligations borrowed on the Closing Date to fund any additional original issue discount or upfront fees pursuant to the Fee Letter minus (k) expenses or losses excluded from the calculation of EBITDA during such Excess Cash Flow period by the items thereto to the extent paid in cash during such Fiscal Year, minus (l) to the extent added to determine consolidated EBITDA, all items that did not result from a cash payment to Borrower or any of its Restricted Subsidiaries on a consolidated basis during such Fiscal Year. In calculating Excess Cash Flow, any Excess Cash Flow attributable to a Restricted Subsidiary acquired in a Permitted Acquisition during such Fiscal Year shall only include the Excess Cash Flow for such Restricted Subsidiary during the period commencing on the closing date of such Permitted Acquisition and continuing through the last day of such Fiscal Year, provided that, the Net Cash Proceeds of Dispositions, casualties or condemnations which are applied towards the prepayment of Loans and/or the reinvestment in assets in accordance with Section 2.3(b)(i) shall be excluded from the calculation of Excess Cash Flow.

     In calculating Excess Cash Flow, payments that are to be applied to Permitted Acquisitions and Investments under Section 7.2(b) and (i)(ii) permitted by this Agreement as required by a Contractual Obligation of Borrower or any of its Restricted Subsidiaries, that are not made during such Fiscal Year but are required to be paid in the twelve (12) months after the end of such Fiscal Year (which payments would have been deducted in calculating Excess Cash Flow for such Fiscal Year had they been made during such Fiscal Year) shall be excluded from Excess Cash Flow; provided that (x) Borrower shall deliver a certificate to Agent not later than 90 days after the end of such Fiscal Year, signed by a Financial Officer of Borrower, describing the nature and amount of such Contractual Obligation and certifying that such amount will be paid within 12 months after the end of such Fiscal Year, (y) if such payment is not made within 12 months after the close of such Fiscal Year, then Borrower shall promptly make a voluntary prepayment of Term Loans in accordance with Section 2.3(a) in an amount, if positive, equal to (A) the amount that would have been paid pursuant to Section 2.3(b)(v) with respect to such Fiscal Year but for this proviso minus (B) the amount of the payment made pursuant to Section 2.3(b)(v) with respect to such Fiscal Year and (z) any deduction from Excess Cash Flow made

with respect to Contractual Obligations pursuant to this proviso in such Fiscal Year shall not be deducted in computing Excess Cash Flow for the Fiscal Year in which such obligations are paid.

     “Excluded Domestic Subsidiary” means any Domestic Subsidiary of a direct or indirect Foreign Subsidiary of Borrower in respect of which either (a) the pledge of more than 65% of the Stock of such Subsidiary as Collateral, (b) the guarantying by such Subsidiary of the Obligations or (c) the pledge of its assets in support of the Obligations would, in the good faith judgment of Borrower, result in material adverse tax consequences to Borrower or any of its Subsidiaries; provided, however, that utilization of the net operating losses of Borrower and its Subsidiaries shall be excluded from Borrower’s determination of whether any pledge or guaranty would result in material adverse tax consequences to Borrower or any of its Subsidiaries. As of the Closing Date, the following shall be deemed to be an “Excluded Domestic Subsidiary”: VIHI, LLC, VEHC, LLC, Halla Climate Systems Alabama Corp., Visteon Holdings, LLC, Visteon EU Holdings, LLC and Visteon Automotive Holdings, LLC.

     “Excluded Foreign Subsidiary” means any Foreign Subsidiary in respect of which either (a) the pledge of more than 65% of the Stock of such Subsidiary as Collateral or (b) the guarantying by such Subsidiary of the Obligations, would, in the good faith judgment of Borrower, result in material adverse tax consequences to Borrower or its Subsidiaries; provided, however, that utilization of the net operating losses of Borrower and its Subsidiaries shall be excluded from Borrower’s determination of whether any such pledge or guaranty would result in material adverse tax consequences to Borrower or any of its Subsidiaries.

     “Excluded Party” means (i) any Person engaged principally in the manufacture or sale of automotive parts or components or automobiles (each, a “Competitor”) and (ii) any Person that has Majority Control over a Competitor.

     “Excluded Subsidiaries” means (a) The Visteon Fund, (b) any Subsidiary created after the Closing Date in connection with the establishment of a Joint Venture with any Person (other than Borrower and its Subsidiaries) which Subsidiary is not, and was never, a Wholly Owned Subsidiary of Borrower, (c) any Excluded Domestic Subsidiary, (d) any Excluded Foreign Subsidiary, (e) any Immaterial Subsidiary, (f) any Unrestricted Subsidiary (g) any Securitization Subsidiary, (h) each Captive Insurance Subsidiary, (i) each Non-Profit Restricted Subsidiary, (j) each non-wholly owned Restricted Subsidiary that was a non-wholly owned Restricted Subsidiary on the Closing Date, to the extent that the laws of any Governmental Authority prohibit such Person from providing a guaranty of the Obligations and (k) each Foreign Stock Holding Company (other than Visteon International Holdings, Inc., Visteon European Holdings, Inc., Visteon Global Technologies, Inc. and any other Foreign Stock Holding Company that is a Domestic Subsidiary and owns, directly or indirectly, Foreign Subsidiaries other than Excluded Subsidiaries and Excluded Foreign Subsidiaries).

     “FAA” means, collectively, (a) the Federal Aviation Administration of the United States Department of Transportation and any subdivision or office thereof, and any successor or replacement administrator, agency or other entity having the same or similar authority and responsibilities and (b) the National Transportation Safety Board of the United States of America and any subdivision or office thereof, and any successor or replacement administrator, agency or other entity having the same or similar authority and responsibilities.

     “Fair Labor Standards Act” means the Fair Labor Standards Act, 29 U.S.C. §§ 201 et seq.

     “FATCA” means Sections 1471 through 1474 of the IRC as of the date of this Agreement.

     “Federal Funds Rate” means, for any day, a floating rate equal to the weighted average of the rates on overnight Federal funds transactions among members of the Federal Reserve System, as determined by Agent in its sole discretion, which determination shall be final, binding and conclusive (absent manifest error).

     “Federal Reserve Board” means the Board of Governors of the Federal Reserve System.

     “Fee Letter” means that certain Term Loan Facility Fee Letter, dated as of August 25, 2010, between MSSF and Borrower with respect to certain Fees to be paid from time to time by Borrower to MSSF, as may be amended, modified or supplemented from time to time.

     “Fees” means any and all fees and other amounts payable to Agent or any Lender pursuant to this Agreement or any of the other Loan Documents.

     “FEMA” means the Federal Emergency Management Agency, a component of the United States Department of Homeland Security that administers the National Flood Insurance Program.

     “Financial Covenants” means the covenants set forth in Section 7.10.

     “Financial Officer” means, with respect to any Group Member, the chief executive officer, the chief financial officer, the principal accounting officer, the treasurer, the assistant treasurer and the controller thereof.

     “Financial Statements” means the consolidated income statements, statements of cash flows and balance sheets of Borrower delivered in accordance with Section 4.4 and Section 5.1.

     “FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

     “Fiscal Month” means any of the monthly accounting periods of Borrower.

     “Fiscal Quarter” means any of the quarterly accounting periods of Borrower, ending on March 31, June 30, September 30, and December 31 of each year.

     “Fiscal Year” means any of the annual accounting periods of Borrower ending on December 31 of each year.

     “Fixtures” means all “fixtures” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party.

     “Flood Insurance” means, for any Mortgaged Property located in a Special Flood Hazard Area, private insurance that meets the requirements set forth by FEMA in its Mandatory

Purchase of Flood Insurance Guidelines. Flood Insurance shall be in an amount consistent with Section 6.4(a).

     “Ford Settlement Agreement” means that certain Global Settlement and Release Agreement, dated as of September 29, 2010, by and between Visteon Corporation, a Delaware corporation, on behalf of itself and its subsidiaries and affiliates, on the one hand, and Ford Motor Company, a Delaware corporation, and Automotive Components Holdings, LLC, on the other hand.

     “Foreign Plan” means any employee benefit plan maintained or contributed to by Borrower and its Restricted Subsidiaries that provides pension benefits to employees employed outside the United States, including, without limitation, the Visteon UK Pension Plan.

     “Foreign Stock Holding Company” means any Domestic Subsidiary or any Foreign Subsidiary of Borrower created or acquired to hold the Stock of first-tier Foreign Subsidiaries (excluding any Foreign Subsidiary that is a Foreign Stock Holding Company) or other Foreign Stock Holding Companies. It is understood and agreed that each such Subsidiary shall be a holding company (with the principal assets of such Subsidiary being the Stock of first-tier Foreign Subsidiaries or other Foreign Stock Holding Companies and other assets incidental to its operations and such other assets as permitted by Section 7.21). As of the Closing Date, each of the following entities shall be deemed to be a “Foreign Stock Holding Company”: Visteon Holdings, LLC, Visteon EU Holdings, LLC, Visteon International Holdings, Inc., Visteon European Holdings, Inc., Visteon Global Technologies, Inc., Visteon Holdings Hungary Kft, VIHI, LLC, VEHC, LLC, Visteon Holdings GmbH, Visteon Automotive Holdings, LLC, Infinitive Speech Systems Corp. and SunGlas, LLC.

     “Foreign Subsidiary” means any Subsidiary of Borrower organized outside of the United States.

     “GAAP” means generally accepted accounting principles in the United States of America consistently applied, as such term is further defined in Section 7.10.

     “General Intangibles” means all “general intangibles,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, including all right, title and interest that such Credit Party may now or hereafter have in or under any Contract, all payment intangibles, customer lists, Licenses, rights in Intellectual Property, interests in partnerships, joint ventures and other business associations, permits, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs, knowledge, know-how, Software, data bases, data, skill, expertise, experience, processes, models, drawings, materials and records, goodwill, all rights and claims in or under insurance policies (including insurance for fire, damage, loss and casualty, whether covering personal property, real property, tangible rights or intangible rights, all liability, life, key man and business interruption insurance, and all unearned premiums), uncertificated securities, choses in action, deposit, checking and other bank accounts, rights to receive tax refunds and other payments, rights to receive dividends, distributions, cash, Instruments and other property in respect of or in exchange for pledged Stock and Investment Property, rights of indemnification, all books and records, correspondence, credit files, invoices and other papers,

including without limitation all tapes, cards, computer runs and other papers and documents in the possession or under the control of such Credit Party or any computer bureau or service company from time to time acting for such Credit Party.

     “Goods” means all “goods” as defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located, including embedded Software to the extent included in “goods” as defined in the Code, manufactured homes, standing timber that is cut and removed for sale and unborn young of animals.

     “Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

     “Group Members” means the collective reference to Borrower and its Subsidiaries.

     “Guarantied Obligations” means as to any Person, any obligation of such Person guarantying or otherwise having the economic effect of guarantying any Indebtedness, lease, dividend, or other obligation (“primary obligation”) of any other Person (the “primary obligor”) in any manner, including any obligation or arrangement of such Person to (a) purchase or repurchase any such primary obligation, (b) advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor, (c) 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, (d) protect the beneficiary of such arrangement from loss (other than product warranties given in the ordinary course of business) or (e) indemnify the owner of such primary obligation against loss in respect thereof; provided, however, that the term Guarantied Obligations shall not include endorsements of instruments for deposit or collection or standard contractual indemnities, in each case in the ordinary course of business. The amount of any Guarantied Obligations at any time shall be deemed to be an amount equal to the lesser at such time of (x) the stated or determinable amount of the primary obligation in respect of which such Guarantied Obligations is incurred and (y) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such Guarantied Obligations, or, if not stated or determinable, the maximum reasonably anticipated liability (assuming full performance) in respect thereof.

     “Guaranties” means the Subsidiary Guaranty and any other guaranty executed by any Guarantor in favor of Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), in respect of the Obligations.

     “Guarantors” means each Subsidiary Guarantor and each other Person, if any, that executes a guaranty or other similar agreement in favor of Agent, for itself and the ratable benefit of the Secured Parties (as defined in the Security Agreement), in connection with the transactions contemplated by this Agreement and the other Loan Documents.

     “Halla” means Halla Climate Control Corporation.

     “Halla Transactions” means the transactions set forth on Schedule (H-1).

     “Hazardous Material” means any substance, material or waste that is regulated or otherwise gives rise to liability under any Environmental Law, including but not limited to any “Hazardous Waste” as defined by the Resource Conservation and Recovery Act (RCRA) (42 U.S.C. § 6901 et seq. (1976)), any “Hazardous Substance” as defined under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) (42 U.S.C. §9601 et seq. (1980)), any contaminant, pollutant, petroleum or any fraction thereof, asbestos, asbestos containing material, polychlorinated biphenyls, toxic mold, mycotoxins, toxic microbial matter (naturally occurring or otherwise), infectious waste and radioactive substances or any other substance that is regulated under Environmental Law due to its toxic, ignitable, reactive, corrosive, caustic, or dangerous properties.

     “Hedge Bank” means any Person that, at the time the applicable Swap Contract was entered into, is a Lender, Agent, a Lender (as defined in the Revolving Loan Credit Agreement), Revolving Loan Agent or an Affiliate of a Lender, Agent, a Lender (as defined in the Revolving Loan Credit Agreement) or Revolving Loan Agent.

     “Immaterial Subsidiary” means, at any date of determination, any Subsidiary designated as such in writing by Borrower to Agent that had consolidated assets representing 5.0% or less of the consolidated total assets of Borrower and its Restricted Subsidiaries on the last day of the most recent Fiscal Quarter ended more than forty-five (45) days prior to the date of determination; provided, that consolidated assets of all Subsidiaries that would otherwise be deemed Immaterial Subsidiaries under this definition shall not exceed 10.0% of the consolidated assets, as applicable, of Borrower and its Restricted Subsidiaries on a consolidated basis. The Immaterial Subsidiaries as of the Closing Date are listed on Schedule (A-2).

     “Incremental Facility Yield Adjustment” means, to the extent the applicable margin being charged on the Incremental Term Loans is equal to or greater than fifty (50) basis points above the Applicable Margin being charged on the existing Term Loans, an amount, if any, equal to the sum of (a) the applicable margin being charged on the Incremental Term Loans, including any minimum LIBOR Rate, upfront fees and original issue discount with respect thereto (based on an assumed 4-year average life to maturity), minus (b) the Applicable Margin charged on the Term Loans immediately prior to the date the Incremental Term Loans is implemented, including any minimum LIBOR Rate, upfront fees and original issue discount with respect thereto (based on an assumed 4-year average life to maturity) minus (c) fifty (50) basis points.

     “Incremental Lender” has the meaning ascribed to it in Section 2.16(a).

     “Incremental Term Loans” has the meaning ascribed to it in Section 2.16(a).

     “Incremental Term Loan Amendment” has the meaning ascribed to it in Section 2.16(a).

     “Indebtedness” means, with respect to any Person, without duplication, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property payment for which is deferred 6 months or more, but excluding obligations to trade creditors incurred in the ordinary course of business and excluding accrued expenses and intercompany items, (b) all reimbursement and other obligations with respect to letters of credit, bankers’ acceptances and surety bonds, whether or not matured, (c) all obligations evidenced by notes,

bonds, debentures or similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations and the present value (discounted at the Base Rate as in effect on the Closing Date) of future rental payments under all synthetic leases, (f) all obligations of such Person under commodity purchase or option agreements or other commodity price hedging arrangements, in each case whether contingent or matured; provided, the amount of any such obligations shall be deemed to be the Termination Value, (g) all obligations of such Person under any foreign exchange contract, currency swap agreement, interest rate swap, cap or collar agreement or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, in each case whether contingent or matured; provided, the amount of any such obligations shall be deemed to be the Termination Value, (h) all Indebtedness referred to above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property or other assets (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness; provided that if such Indebtedness shall not have been assumed by such Person and is otherwise non-recourse to such Person, the amount of such obligation treated as Indebtedness shall not exceed the fair market value of such property or assets, and (i) the Obligations.

     “Indemnified Liabilities” has the meaning ascribed to it in Section 2.11.

     “Indemnified Person” has the meaning ascribed to in Section 2.11.

     “Insolvency Laws” means any of the Bankruptcy Code, as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction including, without limitation, any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it.

     “Instruments” means all “instruments,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located, and, in any event, including all certificated securities, all certificates of deposit, and all promissory notes and other evidences of indebtedness, other than instruments that constitute, or are a part of a group of writings that constitute, Chattel Paper.

     “Intellectual Property” means any and all Patents, Copyrights and Trademarks.

     “Intellectual Property Security Agreement” means that certain Intellectual Property Security Agreement, dated as of the Closing Date, made in favor of Agent, on behalf of itself and Lenders, by each applicable Credit Party, as amended from time to time.

     “Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of the date hereof, as amended, restated or replaced from time to time, entered into by and between Agent and the Revolving Loan Agent.

     “Interest Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA for the most recent twelve months up to the date of determination to Interest Expense

paid in cash (which shall not include any non-cash interest, payment-in-kind interest, original issue discount, amortized debt discount, amortized debt issuance fees or amortized financing costs (including, without limitation, any fees (including underwriting fees and expenses paid in connection with the consummation of the Related Transactions or Permitted Acquisitions or other Investments permitted hereunder), any payments made to obtain or enter into swap or hedging agreements, any agent or collateral monitoring fees paid or required to be paid pursuant to any Loan Document or Revolving Loan Credit Documents, the actual or implied interest component of any consulting payments, if any, and annual agency fees, unused line fees and letter of credit fees and expenses paid hereunder or under the Revolving Loan Credit Documents)) for such period; provided that for the purpose of calculating the Interest Coverage Ratio on any day prior to the expiration of four full Fiscal Quarters since the Closing Date, Interest Expense and EBITDA shall be determined for the period commencing on the Closing Date and ending on the last day of the most recently ended Fiscal Quarter, annualized on a simple arithmetic basis.

     “Interest Expense” means, with respect to any Person for any fiscal period, interest expense (whether cash or non-cash) of such Person determined in accordance with GAAP for the relevant period ended on such date.

     “Interest Payment Date” means (a) as to any Base Rate Loan, the last Business Day of each month to occur while the Term Loans are outstanding, and (b) as to any LIBOR Loan, the last day of the applicable LIBOR Period; provided, that in the case of any LIBOR Period greater than three months in duration, interest shall be payable at three-month intervals and on the last day of such LIBOR Period; and provided further that, in addition to the foregoing, each of (x) the date upon which the Term Loans have been paid in full and (y) the Commitment Termination Date shall be deemed to be an “Interest Payment Date” with respect to any interest that has then accrued under this Agreement.

     “International Registry” has the meaning ascribed to such term in the Cape Town Convention.

     “Inventory” means all “inventory,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located, and in any event including inventory, merchandise, goods and other personal property that are held by or on behalf of any Credit Party for sale or lease or are furnished or are to be furnished under a contract of service, or that constitute raw materials, work in process, finished goods, returned goods, or materials or supplies of any kind, nature or description used or consumed or to be used or consumed in such Credit Party’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded Software.

     “Investment Property” means all “investment property” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located, including (a) all securities, whether certificated or uncertificated, including stocks, bonds, interests in limited liability companies, partnership interests, treasuries, certificates of deposit, and mutual fund shares; (b) all securities entitlements of any Credit Party, including the rights of any Credit Party to any securities account and the financial assets held by a securities intermediary in such securities account and any free credit balance or other money owing by any securities

intermediary with respect to that account; (c) all securities accounts of any Credit Party; (d) all commodity contracts of any Credit Party; and (e) all commodity accounts held by any Credit Party.

     “Investments” has the meaning ascribed to it in Section 7.2.

     “IRC” means the Internal Revenue Code of 1986 and all regulations promulgated thereunder.

     “IRS” means the Internal Revenue Service.

     “Joint Venture” means any Person a portion (but not all) of the Stock of which is owned directly or indirectly by Borrower but which is not a Wholly Owned Subsidiary and which is engaged in a business which is similar to or complementary with the business of Borrower and its Subsidiaries as permitted under this Agreement.

     “Junior Financing” means any unsecured Indebtedness of Borrower or its Restricted Subsidiaries that (a) is expressly subordinated to the prior payment in full in cash of the Obligations on terms and conditions acceptable to Agent and Requisite Lenders, (b) is not scheduled to mature prior to the date that is one hundred and eighty-one (181) days after the scheduled Commitment Termination Date, (c) has no scheduled amortization or payments of principal prior to the Commitment Termination Date, and (d) has covenant, default and remedy provisions no more restrictive, or mandatory prepayment, repurchase or redemption provisions no more onerous or expansive in scope, taken as a whole, than those set forth in this Agreement.

     “Junior Financing Documentation” means any documentation governing any Junior Financing.

     “Lenders” means MSSF, the other Lenders named on the signature pages of this Agreement, and, if any such Lender shall decide to assign (in accordance with Section 11.1) all or any portion of the Obligations, such term shall include any permitted assignee of such Lender.

     “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise.

     “LIBOR Business Day” means a Business Day on which banks in the City of London are generally open for interbank or foreign exchange transactions.

     “LIBOR Loan” means a Loan or any portion thereof bearing interest by reference to the LIBOR Rate.

     “LIBOR Period” means, with respect to any LIBOR Loan, each period commencing on a LIBOR Business Day selected by Borrower pursuant to this Agreement and ending one, two, three or six months (and if available to all Lenders, nine or twelve months) thereafter, as selected

by Borrower’s irrevocable notice to Agent as set forth in Section 2.5(e); provided, that the foregoing provision relating to LIBOR Periods is subject to the following:

     (a) if any LIBOR Period would otherwise end on a day that is not a LIBOR Business Day, such LIBOR Period shall be extended to the next succeeding LIBOR Business Day unless the result of such extension would be to carry such LIBOR Period into another calendar month in which event such LIBOR Period shall end on the immediately preceding LIBOR Business Day;

     (b) any LIBOR Period that would otherwise extend beyond the Commitment Termination Date shall end two (2) LIBOR Business Days’ prior to such date;

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

     (d) Borrower shall select LIBOR Periods so that there shall be no more than ten (10) separate LIBOR Loans in existence at any one time.

     “LIBOR Rate” means for each LIBOR Period, a rate of interest determined by Agent equal to:

     (a) the greater of (i) the rate of interest (rounded upwards, if necessary, to the nearest 1/100th) appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service as determined by Agent) as the London interbank offered rate for deposits in Dollars for a term comparable to the applicable period of three months (but if more than one rate is specified on such page, the rate will be an arithmetic average of all such rates), and in each case subject to the reserve percentage prescribed by Governmental Authorities and (ii) 1.75% per annum; divided by

     (b) a number equal to 1.0 minus the aggregate (but without duplication) of the rates (expressed as a decimal fraction) of reserve requirements in effect on the day that is two (2) LIBOR Business Days’ prior to the beginning of such LIBOR Period (including basic, supplemental, marginal and emergency reserves under any regulations of the Federal Reserve Board or other Governmental Authority having jurisdiction with respect thereto, as now and from time to time in effect) for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Federal Reserve Board) that are required to be maintained by a member bank of the Federal Reserve System.

     “License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now held or hereafter acquired by any Credit Party.

     “Lien” means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any capital lease or title retention agreement, any financing lease (other than operating

leases) having substantially the same economic effect as any of the foregoing, and the authorized filing of any financing statement perfecting a security interest under the Code or comparable law of any jurisdiction).

     “Litigation” has the meaning ascribed to it in Section 4.13.

     “Loan Account” has the meaning ascribed to it in Section 2.10.

     “Loan Documents” means this Agreement, the Term Notes, the Collateral Documents, the Intercreditor Agreement, and all other agreements, instruments, documents and certificates executed and delivered to, or in favor of, Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Credit Party, and delivered to Agent or any Lender in connection with this Agreement or the transactions contemplated thereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

     “Maintenance Program” means the manufacturer’s recommended maintenance programs (including corrosion prevention and control programs) applicable to the Aircraft and its operation as adapted and modified to the Credit Parties’ operations as approved at any time by Agent, the Aviation Authority and the FAA.

     “Manufacturer Warranties” means all warranty agreements, performance guaranties, service life policies and other agreements existing from time to time containing warranties or undertakings relating to the manufacture, condition, operation, performance, use or repair of the Aircraft, any Engine or any Part.

     “Mandatory Prepayment Date” has the meaning ascribed to it in Section 2.3(d).

     “Margin Stock” has the meaning ascribed to in Section 4.10.

     “Material Acquisition” means any one or more related Acquisitions that becomes consolidated with Borrower in accordance with GAAP and that involve the payment of consideration (including, without limitation, the assumption of Indebtedness) by Borrower and its Subsidiaries in excess of $25,000,000 in the aggregate.

     “Material Adverse Effect” means a material adverse effect on (a) the business, financial condition, operations, performance or properties of Borrower and its Subsidiaries, taken as a whole, after giving effect to the Related Transactions, (b) the ability of Borrower or the other Credit Parties to perform their obligations under the Loan Documents when due and (c) the validity or enforceability of any of the Loan Documents or the rights and remedies of Agent and the Lenders under any of the Loan Documents.

     “Material Contract” means each of the agreements set forth on Schedule (4.28) to this Agreement.

     “Material Disposition” means any one or more related Dispositions by Borrower or any Subsidiary of any business entity or entities, or of any operating unit or units of Borrower or any Subsidiary, that become unconsolidated with Borrower in accordance with GAAP and that involve the receipt of consideration by Borrower and its Subsidiaries in excess of $25,000,000 in the aggregate.

     “Maximum Lawful Rate” has the meaning ascribed to it in Section 2.5(f).

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

     “Mortgage” means the mortgages, deeds of trust or other real estate security documents delivered by any Credit Party to Agent on behalf of itself and Lenders with respect to the Mortgaged Property, all in form and substance reasonably satisfactory to Agent.

     “Mortgaged Property” means the real property owned by the Credit Parties in fee and listed on Schedule (4.25(b)).

     “MNPI” means information that is (a) not publicly available with respect to Borrower (or any Subsidiary of Borrower, as the case may be) and (b) material with respect to Borrower (or its Subsidiaries) or their securities for purposes of United States federal and state securities laws.

     “MSSF” means Morgan Stanley Senior Funding, Inc.

     “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which any Credit Party or ERISA Affiliate is making, is obligated to make or has made or been obligated to make, contributions on behalf of participants who are or were employed by any of them.

     “National Flood Insurance Program” means the program created by the United States Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities when such real property improvements are granted as security for a loan and provides protection to property owners through a Federal insurance program.

     “Net Cash Proceeds” means (i) with respect to any incurrence of Indebtedness, asset Disposition, casualty or condemnation, (a) the cash proceeds actually received in respect of such event, including (1) any cash received in respect of any non-cash proceeds, but only as and when received, and (2) in the case of a casualty or condemnation, insurance proceeds and condemnation awards, net of (b) the sum of (1) all fees, costs and expenses paid by Borrower and its Restricted Subsidiaries, including, without limitation, customary fees, brokerage fees, commissions, costs and other expenses (other than those payable to any Group Member) in connection with such event, (2) the amount of all taxes paid (or reasonably and in good faith estimated to be payable) by Borrower and its Restricted Subsidiaries in connection with such event, including any withholding taxes imposed on the repatriation of proceeds (subject to Section 2.3(f)), (3) in the case of a Disposition, casualty or condemnation, the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money

(other than the Term Loans and the Loans (as defined in the Revolving Loan Credit Agreement)) which is secured by a Lien on the properties subject to such Disposition, casualty or condemnation (so long as such Lien was permitted to encumber such properties under the Loan Documents) and which is repaid with such proceeds, (4) any payments to be made by any Group Member as agreed between such Group Member and the purchaser of any assets subject to a Disposition, casualty or condemnation in connection therewith, and (5) the amount of any reasonable reserves established by Borrower and its Restricted Subsidiaries in accordance with GAAP (other than any taxes deducted pursuant to clause (2) above) (x) associated with the assets that are the subject of such event and (y) retained by Borrower or any Restricted Subsidiary to fund contingent liabilities that are directly attributable to such event and that are reasonably estimated to be payable by Borrower or any Restricted Subsidiary within 18 months following the date that such event occurred (other than in the case of contingent tax liabilities, which shall be reasonably estimated to be payable within the current or immediately succeeding tax year); provided that any amount by which such reserves are reduced for reasons other than payment of any such contingent liabilities shall be considered “Net Cash Proceeds” on the date of such reduction and (ii) with respect to any issuance of Preferred Stock or issuance of Indebtedness or debt securities, the cash proceeds paid to or received in respect of such issuance of Preferred Stock or Indebtedness as the case may be (including cash proceeds subsequently as and when received at any time in respect of such issuance from non-cash consideration initially received or otherwise), net of underwriting discounts and commissions or placement fees, investment banking fees, legal fees, consulting fees, accounting fees and other customary fees and expenses incurred by any Group Member in connection therewith (other than those paid to another Group Member).

     “Non-Profit Subsidiaries” means any Restricted Subsidiary that is exempt from income taxes and is organized and operated exclusively for charitable, scientific, testing for public safety or educational purposes (within the meaning of Section 501(c)(3) of the IRC or, in the case of any Non-U.S. Restricted Subsidiary, any similar provision under the laws of the jurisdiction in which such Non-U.S. Restricted Subsidiary is organized).

     “Non-Qualifying Preferred Stock” means Preferred Stock which meets the requirements of Disqualified Stock.

     “Non-Recourse Debt” means all Indebtedness which, in accordance with GAAP, is not required to be recognized on a consolidated balance sheet of Borrower as a liability.

     “Not Otherwise Applied” means, with reference to any amount of Net Cash Proceeds of any transaction or event, that such amount (a) was not required to be applied to prepay the Term Loans pursuant to Section 2.3(b) and (b) was not previously applied in determining the permissibility of a transaction under the Loan Documents where permissibility was (or may have been) contingent on receipt of such amount or utilization of such amount for a specified purpose.

     “Notice of Conversion/Continuation” has the meaning ascribed to it in Section 2.5(e).

     “Obligations” means all loans, advances, debts, liabilities and obligations for the performance of covenants, or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable)

owing by any Credit Party to Agent or any Lender, and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement, letter of credit agreement or other instrument, arising under this Agreement or any of the other Loan Documents. This term includes all principal, interest (including all interest that accrues after the commencement of any case or proceeding by or against any Credit Party in bankruptcy, whether or not allowed in such case or proceeding), Fees, Secured Hedging Obligations, expenses, attorneys’ fees and any other sum chargeable to any Credit Party under this Agreement or any of the other Loan Documents.

     “OFAC” has the meaning ascribed to it in Section 4.29.

     “Other Factoring Assets” means, with respect to any Receivable subject to a Permitted Factoring Program, all collections relating to such Receivable and all lock-boxes and similar arrangements and collection accounts into which the proceeds of such Receivable or a Related Security with respect to such Receivable are collected or deposited, all rights of the applicable Foreign Subsidiary in, to and under the related purchase and sale agreements, and all other rights and payments relating to such Receivable. For the avoidance of doubt, Other Factoring Assets shall not include any assets included in the Collateral or any assets of any Credit Party.

     “Other Taxes” has the meaning ascribed to it in Section 2.13(b).

     “Other Securitization Assets” means, with respect to any Receivable subject to a Permitted Receivables Financing, all collections relating to such Receivable and all lock-boxes and similar arrangements and collection accounts into which the proceeds of such Receivable or Related Security with respect to such Receivable are collected or deposited, all rights of the applicable Foreign Subsidiary in, to and under the related purchase and sale agreements, and all other rights and payments relating to such Receivable. For the avoidance of doubt, Other Securitization Assets shall not include any assets included in the Collateral or any assets of any Credit Party.

     “Parts” means all appliances, accessories, computers, instruments, assemblies, modules, components and other items of equipment which are part of or are installed on the Airframe or the Engines at the date of creation of the Aircraft Mortgage and Security Agreement or any appliances, accessories, computers, instruments, assemblies, modules, components and other items of equipment installed on the Airframe or the Engines in accordance with the Aircraft Mortgage and Security Agreement by way of replacement for such appliances, accessories, computers, instruments, assemblies, modules, components and other items of equipment or any previous such replacements and, where the context permits, such of the Technical Records as relate thereto.

     “Patent License” means rights under any written agreement now owned or hereafter acquired by any Credit Party granting any right with respect to any Patent.

     “Patents” means all of the following in which any Credit Party now holds or hereafter acquires any interest: (a) all letters patent of the United States or of any other country, all issuances and recordings thereof, and all applications for letters patent of the United States or of any other country, including issuances, recordings and applications in the United States Patent

and Trademark Office or in any similar office or agency of the United States, any state, or any other country, and (b) all reissues, continuations, continuations-in-part or extensions thereof.

     “Patriot Act” has the meaning ascribed to it in Section 4.30.

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Plan” means a Plan described in Section 3(2) of ERISA.

     “Permitted Acquisition” means any Acquisition with respect to which each of the following conditions has been satisfied:

          (a) immediately before and immediately after giving Pro Forma Effect to any such Acquisition, no Event of Default shall have occurred and be continuing;

          (b) such Acquisition shall have been approved by the board of directors of the Person (or similar governing body if such Person is not a corporation) which is the subject of such Acquisition and such Person shall not have announced that it will oppose such Acquisition and shall not have commenced any action which alleges that any such Acquisition will violate any applicable law;

          (c) the consideration for such Acquisition shall consist exclusively of (i) issued shares of Stock of Borrower or the Net Cash Proceeds of an issuance of Stock of Borrower which was Not Otherwise Applied, (ii) cash consideration or assumption of Indebtedness in an aggregate amount for all Permitted Acquisitions not to exceed $400,000,000 and/or (iii) the reinvestment of Net Cash Proceeds of Dispositions to the extent permitted under Section 7.2(y) so long as such Net Cash Proceeds are reinvested in like assets of Borrower (e.g., Investments for Investments or Permitted Acquisitions, current assets for current assets, fixed assets for fixed assets, etc.);

          (d) Borrower shall, upon consummation of such Acquisition, be in compliance with the requirements of Section 6.15 with respect to the assets and Stock acquired in such Acquisition;

          (e) Borrower shall be in compliance, on a Pro Forma Basis after giving effect to such Acquisition (including any Indebtedness assumed or permitted to exist or incurred pursuant to Section 7.3), with the Financial Covenants, as such Financial Covenants are recomputed as of the last day of the most recently ended Fiscal Quarter under such Section as if such Acquisition had occurred on the first day of such Fiscal Quarter;

          (f) the acquired Person or assets are in the same or substantially similar, ancillary or related line of business as the Credit Parties; and

          (g) Borrower shall have delivered to Agent, for the benefit of the Lenders, no later than the date on which any such Acquisition is consummated, a certificate of a Financial Officer of Borrower, in form and substance reasonably satisfactory to Agent, certifying that all of the requirements set forth in clauses (a) through (f) have been satisfied or will be satisfied on or prior to the consummation of such Acquisition.

     “Permitted Encumbrances” means the encumbrances and Liens permitted under Section 7.7.

     “Permitted Factoring Program” means (a) Non-Recourse Debt relating to the sale or financing of Receivables (other than Receivables included in the Collateral) and any Related Security or (b) other sales (in connection with the financings of) and financings of Receivables and any Related Security (it being understood that Standard Factoring Undertakings shall be permitted in connection with such financings).

     “Permitted Holders” means the Persons listed on Schedule (P-1) and any of their respective Affiliates.

     “Permitted Receivables Financing” means (a) Non-Recourse Debt relating to the sale or financing of Receivables and Related Security (in each case, to the extent not included in the Collateral) or (b) any transaction or series of transactions entered into by any Foreign Subsidiary or a Securitization Subsidiary pursuant to which such Foreign Subsidiary or Securitization Subsidiary, as applicable, sells, conveys or otherwise transfers to (1) a Securitization Subsidiary in the case of any Foreign Subsidiary or (2) any other Person in the case of a transfer by a Securitization Subsidiary or transfers an undivided interest in or grants a security interest in any Receivables (whether now existing or arising in the future) of any Foreign Subsidiary (it being understood that Standard Securitization Undertakings shall be permitted in connection with such financings).

     “Permitted Restructuring Transaction” means the transactions described on Schedule (P-2).

     “Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality, division, agency, body or department thereof).

     “Petition Date” shall have the meaning ascribed to it in the recitals to this Agreement.

     “Plan” means, at any time, an “employee benefit plan”, as defined in Section 3(3) of ERISA (other than a Multiemployer Plan), that any Credit Party or ERISA Affiliate maintains, contributes to or has an obligation to contribute to or has maintained, contributed to or had an obligation to contribute to at any time within the past 7 years on behalf of participants who are or were employed by any Credit Party or ERISA Affiliate.

     “Plan Documents” has the meaning ascribed to it in Section 3.1(k).

     “Plan of Reorganization” has the meaning ascribed to it in the recitals to this Agreement.

     “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, made by the Credit Parties in favor of Agent, on behalf of itself and the Lenders, as amended from time to time.

     “Postpetition Letter of Credit Facility” means that certain Letter of Credit Reimbursement and Security Agreement, dated as of November 13, 2009, by and between Borrower and U.S. Bank National Association, a national banking institution, as amended, restated, supplemented or otherwise modified prior to the date hereof.

     “Preferred Stock” means any Stock of any Person which is not common Stock.

     “Prepayment Amount” has the meaning ascribed to it in Section 2.3(d).

     “Prepayment Option Notice” has the meaning ascribed to it in Section 2.3(d).

     “Prepetition Loan Agreements” means (i) that certain Credit Agreement, dated as of August 14, 2006 (“Prepetition Term Loan Agreement”), among Borrower, certain of its Subsidiaries, the lenders party thereto, Wilmington Trust FSB, as administrative agent, and the other parties thereto, as amended, restated, supplemented or otherwise modified prior to the date hereof, and (ii) that certain Amended and Restated Credit Agreement, dated as of April 10, 2007 (“Prepetition ABL Agreement”), among Borrower, the lenders party thereto, Bank of New York Mellon, as administrative agent, and the other parties thereto, as amended, restated, supplemented or otherwise modified prior to the date hereof.

     “Prior Agents” means (i) Bank of New York Mellon, as successor administrative agent under the Prepetition ABL Agreement and (ii) Wilmington Trust FSB, as successor administrative agent under the Prepetition Term Loan Agreement.

     “Prior Lender” means any lender under the Prepetition Loan Agreements, or any holder of the Prior Lender Obligations.

     “Prior Lender Obligations” means all obligations of any Credit Party and any of their Subsidiaries pursuant to the Prepetition Loan Agreements and all instruments and documents executed pursuant thereto or in connection therewith.

     “Proceeds” means “proceeds,” as such term is defined in the Code, including (a) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to any Credit Party from time to time with respect to any of the Term Loan Priority Collateral or Revolver Priority Collateral, as applicable, (b) any and all payments (in any form whatsoever) made or due and payable to any Credit Party from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any Person acting under color of Governmental Authority), (c) any claim of any Credit Party against third parties (i) for past, present or future infringement of any Patent, or (ii) for past, present or future infringement of any Copyright or Trademark, or for dilution of, or injury to the goodwill associated with any Trademark, (d) any recoveries by any Credit Party against third parties with respect to any litigation or dispute concerning any of the Collateral including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral, (e) all amounts collected on, or distributed on account of, other Collateral, including dividends, interest, distributions and Instruments with respect to Investment Property and pledged Stock, and (f) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral and all rights arising out of Collateral.

     “Pro Forma” means the unaudited consolidated balance sheet of Borrower and each of its Subsidiaries as of June 30, 2010 after giving Pro Forma Effect to the Related Transactions.

     “Pro Forma Basis,” “Pro Forma Compliance” and “Pro Forma Effect” means, (a) pro-forma adjustments which would be permitted or required by Regulation S-X or S-K under the Securities Act and such other adjustments as may be reasonably agreed between Borrower and Agent and (b) for purposes of calculating compliance with each of the Financial Covenants in respect of a Specified Transaction, that such Specified Transaction and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such covenant: (i) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (A) in the case of a Disposition of all or substantially all the assets of or all the Stock of any Subsidiary of such Person or of any division or product line of such Person or any of its Subsidiaries, shall be excluded, and (B) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction”, shall be included, (ii) any retirement of Indebtedness, and (ii) any Indebtedness incurred or assumed by Borrower or any of its Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination.

     “Pro Rata Share” means with respect to all matters relating to any Lender, the percentage obtained by dividing (i) the aggregate outstanding principal balance of the Term Loans held by that Lender, by (ii) the outstanding principal balance of the Term Loans held by all Lenders.

     “Qualified Plan” means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

     “Real Estate” has the meaning ascribed to it in Section 4.6.

     “Receivables” means any indebtedness, accounts receivable and other obligations owed to any Foreign Subsidiary, or in which such party has a security interest or other interest, or any right of such Foreign Subsidiary to payment from or on behalf of an obligor, whether constituting an account, chattel paper, instrument or general intangible contract rights including rights to returned or repossessed goods, insurance policies, security deposits, indemnities, checks or other negotiable instruments relating to debtor(s) obligations, arising in connection with the sale or lease of goods or the rendering of services by such Foreign Subsidiary, including, without limitation, the obligation to pay any finance charges, fees and other charges with respect thereto.

     “Receivables Repurchase Obligation” means any obligation of a seller of Receivables in a Permitted Receivables Financing to repurchase Receivables arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a Receivable or portion thereof becoming subject to any asserted defense, dispute, off set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

     “Refinancing” means the repayment in full by Borrower of the Prior Lender Obligations on the Closing Date.

     “Register” has the meaning ascribed to it in Section 11.1.

     “Related Persons” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates.

     “Related Security” means with respect to any Receivable, (a) all of the relevant Foreign Subsidiary’s interest, in any inventory and goods (including returned or repossessed inventory and goods), and documentation or title evidencing the shipment or storage of any inventory and goods (including returned or repossessed inventory and goods), relating to any sale giving rise to such Receivable, and all insurance contracts with respect thereto; (b) all other security interests or Liens and property subject thereto from time to time purporting to secure payment of such Receivable, together with all Code financing statements or similar filings and security agreements describing any collateral relating thereto; (c) all guaranties, letters of credit, letter of credit rights, supporting obligations, indemnities, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable; (d) all service contracts and other contracts, agreements, instruments and other writings associated with such Receivable; (e) all records related to such Receivable or any of the foregoing; (f) all of the relevant Foreign Subsidiary’s right, title and interest in, to and under the sales agreement and related performance guaranty and the like in respect of such Receivable; and (g) all proceeds of any of the foregoing.

     “Related Transactions” means the initial borrowing under the Revolving Loan Credit Agreement and this Agreement on the Closing Date, the Refinancing, the equity issuance and contribution under the Equity Commitment Agreement, the payment of all fees, costs and expenses associated with all of the foregoing and the execution and delivery of all of the Related Transactions Documents.

     “Related Transactions Documents” means the Loan Documents and all other agreements or instruments executed in connection with the Related Transactions.

     “Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material in the environment, including the migration of Hazardous Material through or in the air, soil, surface water, ground water or property.

     “Replacement Lender” has the meaning ascribed to it in Section 2.14(d).

     “Requisite Lenders” means Lenders having (a) more than 50% of the Commitments of all Lenders, or (b) if the Commitments have been terminated, more than 50% of the aggregate outstanding amount of all Term Loans.

     “Restricted Payment” means, with respect to any Person (a) the declaration or payment of any dividend or the incurrence of any liability to make any other payment or distribution of cash or other property or assets (whether in cash, securities or other property) in respect of Stock (other than dividends payable solely in the form of common Stock of such Person); (b) any payment (whether in cash, securities or other property) on account of the purchase, redemption,

defeasance, sinking fund or other retirement of such Person’s Stock or any other payment or distribution made in respect thereof, either directly or indirectly; (c) any payment (whether in cash, securities or other property) made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Stock of such Person now or hereafter outstanding; (d) any payment (whether in cash, securities or other property) of a claim for the rescission of the purchase or sale of, or for material damages arising from the purchase or sale of, any shares of such Person’s Stock or of a claim for reimbursement, indemnification or contribution arising out of or related to any such claim for damages or rescission; (e) any payment, loan, contribution, or other transfer of funds or other property to any Stockholder of such Person that is prohibited by Section 7.4; and (f) any voluntary or optional payment or prepayment of principal of, or redemption, purchase, retirement, defeasance (including in substance or legal defeasance), sinking fund or similar payment with respect to, or acquisition for value of, any Junior Financing.

     “Restricted Subsidiary” means any Subsidiary of Borrower other than an Unrestricted Subsidiary.

     “Retiree Welfare Plan” means, at any time, a welfare plan (within the meaning of Section 3(1) of ERISA) that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant’s termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC or other similar state law and at the sole expense of the participant or the beneficiary of the participant.

     “Revolving Loan Agent” means MSSF, as Agent under the Revolving Loan Credit Agreement.

     “Revolving Loan Credit Agreement” means that certain $200,000,000 Revolving Loan Credit Agreement, dated as of the date hereof, to be entered into by and among the Borrowers, the other Credit Parties party thereto, Agent, the Co-Collateral Agents, the other agents party thereto, and the other Lenders and L/C Issuers from time to time party thereto, as each such term is defined therein, as such agreement is amended, restated or replaced from time to time.

     “Revolving Loan Credit Documents” means the Revolving Loan Credit Agreement and all other “Loan Documents” under and as defined in the Revolving Loan Credit Agreement, as the same may be amended, restated, supplemented or replaced from time to time in accordance with the terms of the Intercreditor Agreement.

     “Revolver Loan Commitment” means the aggregate commitment of those certain revolver lenders to make revolving credit advances or incur letter of credit obligations, which aggregate commitment shall be Two Hundred Million Dollars ($200,000,000) on the Closing Date, as such amount may be adjusted from time to time in accordance with the Revolving Loan Credit Agreement and the Intercreditor Agreement.

     “Revolver Loan Obligations” means the “Obligations” as defined in the Revolving Loan Credit Agreement.

     “Revolver Priority Collateral” means “Revolver Priority Collateral” as defined in the Intercreditor Agreement.

     “Rights Offering” has the meaning ascribed to such term in the Equity Commitment Agreement.

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

     “Sale-Leaseback Transaction” means any sale-leaseback, synthetic lease or similar transaction.

     “Schedules” means the Schedules prepared by Borrower and denominated as Schedules (A-1) through (7.20) in the Index to this Agreement.

     “SDN List” has the meaning ascribed to it in Section 4.29.

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

     “Secured Hedge Agreement” means any Swap Contract that, at the time such Swap Contract was entered into, is entered into by and between any Credit Party and any Hedge Bank to protect against fluctuations in interest rates or currencies in connection with the Term Loans.

     “Secured Hedging Obligations” means the obligations of any Credit Party arising under any Secured Hedge Agreement.

     “Securitization Subsidiary” means a Subsidiary of Borrower or another Person formed for the purposes of engaging in a Permitted Receivables Financing and to which a Foreign Subsidiary transfers Receivables and which engages in no activities other than in connection with the financing of Receivables of Foreign Subsidiaries, and any business or activities incidental or related to such financing, and in the case of a Subsidiary which is designated by the board of directors of Borrower (as provided below) to be a Securitization Subsidiary (a) no portion of the Indebtedness or any other Obligations (contingent or otherwise) of which (1) is guarantied by Borrower or any Restricted Subsidiary of Borrower (excluding guaranties of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (2) is recourse to or obligates Borrower or any Restricted Subsidiary of Borrower (other than the Securitization Subsidiary) in any other way other than pursuant to Standard Securitization Undertakings or (3) subjects any property or asset of Borrower or any Restricted Subsidiary of Borrower (other than Receivables and Related Security as provided in the definition of “Permitted Receivables Financing”), directly or indirectly, contingently or otherwise, to the satisfaction thereof other than pursuant to Standard Securitization Undertakings, (b) with which neither Borrower nor any Restricted Subsidiary of Borrower has any material contract, agreement, arrangement or understanding (other than on terms which Borrower reasonably believes to be no less favorable to Borrower or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of Borrower) other than fees payable in the ordinary course of business in connection with servicing Receivables, and (c) with which neither Borrower nor any Restricted Subsidiary of Borrower has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of Borrower will be evidenced to Agent by filing with Agent a certified copy of a resolution of the board of directors of Borrower giving effect to such designation, together with a certificate of a

Financial Officer of Borrower certifying that such designation complied with the foregoing conditions.

     “Security Agreement” means that certain Security Agreement, dated as of the Closing Date, made by the Credit Parties in favor of Agent, on behalf of itself and Lenders, as amended, restated, supplemented or otherwise modified from time to time.

     “Software” means all “software” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, other than software embedded in any category of Goods, including all computer programs and all supporting information related thereto.

     “Solvent” means, with respect to any Person organized under the laws of the United States or any state thereof, on a particular date, that on such date (a) the fair value of the property (on a going concern basis) of such Person is greater than the total amount of “liabilities”, including “contingent liabilities”, of such Person, (b) the “present fair salable value” of the assets (on a going concern basis) of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured in the normal course of business, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature in the normal course of business, and (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute unreasonably small capital. The meaning of each of the quoted terms in the foregoing sentence is determined in accordance with applicable federal and state laws governing the insolvency of debtors. The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can be reasonably expected to become an actual or matured liability.

     “Special Flood Hazard Area” means an area that FEMA’s current flood maps indicate has at least a one percent (1.00%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year.

     “Specified Transaction” means any (a) Disposition of all or substantially all the assets of or all the Stock of any Restricted Subsidiary or of any division or product line of Borrower or any of its Restricted Subsidiaries, (b) Permitted Acquisition, (c) designation of any Restricted Subsidiary as an Unrestricted Subsidiary, or of any Unrestricted Subsidiary as a Restricted Subsidiary, in each case in accordance with Section 6.16, or (d) the proposed incurrence of Indebtedness or making of any Restricted Payment in respect of which compliance with the Financial Covenants is by the terms of this Agreement required to be calculated on a Pro Forma Basis.

     “SPV” means any special purpose funding vehicle identified as such in a writing by any Lender to Agent.

     “Standard Factoring Undertakings” means representations, warranties, covenants and indemnities entered into by a Foreign Subsidiary which are reasonably customary in a factoring or other sales (in connection with financings of) and financings of Receivables and Related

Security, including, without limitation, those relating to the servicing of assets of such factoring or financing; provided that in no event shall Standard Factoring Undertakings include any guaranty of indebtedness incurred in connection with the such factoring, guaranties of obligations of participating Foreign Subsidiaries or any other Group Member (other than in the case of Section 7.3(g), guaranties of obligations or participating Foreign Subsidiaries in respect thereof by other Foreign Subsidiaries).

     “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and guaranties of performance entered into by a Foreign Subsidiary which are customary in a Permitted Receivables Financing, including, without limitation, those relating to the servicing of the assets of a Securitization Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking.

     “State of Registration” means the United States of America.

     “Stock” means all shares, options, warrants, general or limited partnership interests, membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934).

     “Stockholder” means, with respect to any Person, each holder of Stock of such Person.

     “Subsidiary” means, with respect to any Person, (a) any corporation of which an aggregate of more than 50% of the outstanding Stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of more than 50% of such Stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited liability company in which such Person and/or one or more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital contribution) of more than 50% or of which any such Person is a general partner or may exercise the powers of a general partner. Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of Borrower.

     “Subsidiary Guarantors” means all Subsidiaries of Borrower other than Excluded Subsidiaries. As of the Closing Date, the Subsidiary Guarantors are listed on Schedule (A-1).

     “Subsidiary Guaranty” means that certain Subsidiary Guaranty, substantially in the form as agreed to by Agent, dated as of the Closing Date, executed by the Subsidiary Guarantors in favor of Agent and Lenders, as amended from time to time.

     “Supporting Obligations” means all “supporting obligations” as such term is defined in the Code, including letters of credit and guaranties issued in support of Accounts, Chattel Paper, Documents, General Intangibles, Instruments, or Investment Property.

     “Swap Contract” means (a) any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, cross-currency hedges, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Borrower or any of its Subsidiaries shall be a “Swap Agreement” and (b) any agreement with respect to any transactions (together with any related confirmations) which are subject to the terms and conditions of, or are governed by, any master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement or any other similar master agreement.

     “Taxes” means present and future taxes (including, but not limited to, income, corporate, capital, excise, property, ad valorem, sales, use, payroll, value added and franchise taxes, deductions, withholdings and custom duties), charges, fees, imposts, levies, deductions or withholdings and all liabilities with respect thereto, imposed by any Governmental Authority excluding, in the case of Section 2.13 only, (a) taxes imposed on or measured by the net income or capital of Agent or a Lender by the jurisdictions under the laws of which Agent and Lenders are organized or conduct business or any political subdivision thereof, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which a Lender is located and (c) in the case of a Lender (other than an assignee pursuant to a request by Borrower under Section 2.14(d)), any withholding tax that is imposed on amounts payable to such Lender and is the result of any law in effect (including FATCA) on (and, in the case of FATCA, including any regulations or official interpretations thereof issued after) the date such Lender becomes a party to this Agreement (or designates a new lending office, unless such designation is at the request of Borrower) or is attributable to such Lender’s failure to comply with Section 2.13(d), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from Borrower with respect to such withholding tax pursuant to Section 2.13(a).

     “Technical Records” means all records, logs, manuals, technical data, tags and other materials and documents supplied to or created by Borrower or required (a) by the Aviation Authority, the FAA or EASA, and/or (b) the Aircraft Mortgage and Security Agreement and/or (c) in accordance with the customary prudent operating practices of major scheduled airlines, together with all replacements, additions, revisions and renewals from time to time made to them in accordance with the provisions of the Aircraft Mortgage and Security Agreement, to be maintained by Borrower relating to the Aircraft, its condition, maintenance, repair and modification.

     “Term Loan Installment” has the meaning set forth in Section 2.1(a)(iv).

     “Term Loan Priority Collateral” means “Term Loan Priority Collateral” as defined in the Intercreditor Agreement.

     “Term Loans” has the meaning assigned to it in Section 2.1(a)(i) and includes Incremental Term Loans under Section 2.16.

     “Term Note” has the meaning assigned to it in Section 2.1(a)(i).

     “Termination Date” means the date on which (a) the Term Loans have been indefeasibly repaid in full in cash, (b) all other Obligations under this Agreement and the other Loan Documents have been completely discharged or paid (other than contingent indemnification obligations for which no claim has been asserted) and (c) Borrower has no further right to borrow any monies under this Agreement.

     “Termination Value” means, on any date in respect of any Swap Contract or other swap or hedging agreement or obligation, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contract, other swap or hedging agreement, (a) if such Swap Contract or other swap or hedging agreement has been terminated as of such date, an amount equal to the termination value determined in accordance with such Swap Contract or other swap or hedging agreement and (b) if such Swap Contract or other swap or hedging agreement has not been terminated as of such date, an amount equal to the mark-to-market value for such Swap Contract or other swap or hedging agreement, which mark-to-market value shall be determined by Agent by reference to one or more mid-market value or other readily available quotations provided by any recognized dealer (including any Lender or any Affiliate of any Lender) of such Swap Contract or other swap or hedging agreement.

     “Title Insurance” has the meaning assigned to such term in Section 3.1(xi)(b).

     “Title IV Plan” means a Pension Plan (other than a Multiemployer Plan) that is covered by Title IV of ERISA or Section 412 of the IRC, and that any Credit Party or ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by any of them.

     “Total Net Leverage Ratio” means, with respect to Borrower and its Restricted Subsidiaries, on a consolidated basis, the ratio of (a) (i) all Indebtedness included on the balance sheet of Borrower and its Restricted Subsidiaries (excluding Guarantied Obligations) less (ii) unrestricted cash and Cash Equivalents of Borrower and its Restricted Subsidiaries, to (b) EBITDA of Borrower and its Restricted Subsidiaries, on a consolidated basis, for the most recent twelve months up to the date of determination; provided that for the purpose of calculating the Total Net Leverage Ratio on any day prior to the expiration of four full Fiscal Quarters since the Closing Date, EBITDA shall be determined for the period commencing on the Closing Date and ending on the last day of the most recently ended Fiscal Quarter, annualized on a simple arithmetic basis.

     “Trademark License” means rights under any written agreement now owned or hereafter acquired by any Credit Party granting any right to use any Trademark.

     “Trademarks” means all of the following now owned or hereafter existing or adopted or acquired by any Credit Party: (a) all trademarks, trade names, domain names, corporate names, business names, trade dresses, service marks, logos, other source or business identifiers, all registrations and recordings thereof; and all applications in connection therewith, including

registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof; (b) all extensions or renewals thereof; and (c) all goodwill associated with or symbolized by any of the foregoing.

     “Unfunded Pension Liability” means, at any time, the aggregate amount, if any, of the sum of (a) the amount by which the present value of all accrued benefits under each Title IV Plan exceeds the fair market value of all assets of such Title IV Plan allocable to such benefits in accordance with Title IV of ERISA, all determined as of the most recent valuation date for each such Title IV Plan using the actuarial assumptions for funding purposes in effect under such Title IV Plan, (b) for a period of five (5) years following a transaction which might reasonably be expected to be covered by Section 4069 of ERISA, the liabilities (whether or not accrued) that could be avoided by any Credit Party or any ERISA Affiliate as a result of such transaction, and (c) any similar amount with respect to Foreign Plans.

     “Unrestricted Subsidiary” means any Subsidiary of Borrower designated by a Financial Officer of Borrower as an Unrestricted Subsidiary pursuant to Section 6.16.

     “Wholly Owned Subsidiary” means as to any Person, any other Person all of the Stock of which (other than directors’ qualifying shares or other de minimis shares held by any Person, each as required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries.

     “Withdrawal Liability” means 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 1 of Subtitle E of Title IV of ERISA.

     “Working Capital Changes” means Current Assets less Current Liabilities at the end of the applicable Fiscal Year compared to Current Assets less Current Liabilities at the end of the previous Fiscal Year.

     1.2 Rules of Construction. Rules of construction with respect to accounting terms used in this Agreement or the other Loan Documents shall be as set forth in Section 7.10. All other undefined terms contained in any of the Loan Documents shall, unless the context indicates otherwise, have the meanings provided for by the Code to the extent the same are used or defined therein; in the event that any term is defined differently in different Articles or Divisions of the Code, the definition in Article or Division 9 shall control. Unless otherwise specified, references in this Agreement or any of the Appendices to a Section, subsection or clause refer to such Section, subsection or clause as contained in this Agreement. The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole, including all Annexes, Exhibits and Schedules, as the same may from time to time be amended, restated, modified or supplemented, and not to any particular section, subsection or clause contained in this Agreement or any such Annex, Exhibit or Schedule.

     1.3 Interpretive Matters. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and

neuter genders. The words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; the word “or” is not exclusive; references to Persons include their respective successors and assigns (to the extent and only to the extent permitted by the Loan Documents) or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons; and all references to statutes and related regulations shall include any amendments of the same and any successor statutes and regulations. Whenever any provision in any Loan Document refers to the knowledge (or an analogous phrase) of any Credit Party, such words are intended to signify that such Credit Party has actual knowledge or awareness of a particular fact or circumstance or that such Credit Party, if it had exercised reasonable diligence, would have known or been aware of such fact or circumstance.

2. AMOUNT AND TERMS OF CREDIT

     2.1 Term Facilities.

          (a) Term Loan Facility.

               (i) Subject to the terms and conditions hereof, each Lender agrees to make a term loan (collectively, the “Term Loans”) on the Closing Date or such other date selected by Borrower and approved by Agent in its sole discretion. The obligations of each Lender hereunder shall be several and not joint. If requested by any Lender, each such Term Loan shall be evidenced by a promissory note substantially in the form of Exhibit 2.1(a)(i) (each a “Term Note” and collectively the “Term Notes”), and, except as provided in Section 2.10, Borrower shall execute and deliver the Term Note to the applicable Lender. Each Term Note shall represent the obligation of Borrower to pay the applicable Lender’s Term Loan Commitment, together with interest thereon as prescribed in Section 2.5.

               (ii) The aggregate outstanding principal balance of the Term Loans shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. Except for the making of the Term Loans as set forth in Section 2.1(a)(i), Borrower shall have no right to request and Lenders shall have no obligation to make any additional loans or advances to Borrower under Section 2.1(a)(i) and any repayments of the Term Loans shall not be subject to any readvance to or reborrowing by Borrower.

               (iii) [intentionally omitted].

               (iv) The Term Loans of each Lender shall mature and be repaid in consecutive quarterly installments (each, other than the final such installment, which shall be due on the Commitment Termination Date, a “Term Loan Installment”), with the first Term Loan Installment due on the last day of the first full Fiscal Quarter after the Closing Date in an amount equal to (x) the aggregate principal amount of Term Loan Commitment, multiplied by (y) 0.25%, and with a final installment due on the Commitment Termination Date in an amount equal to the remaining unpaid principal balance of the Term Loan. Each such payment shall be allocated to the Lenders based on their Pro Rata Share.

          (b) Reliance on Notices. Agent shall be entitled to rely upon, and shall be fully protected in relying upon, any Notice of Conversion/Continuation or similar notice reasonably believed by Agent to be genuine. Agent may assume that each Person executing and

delivering any notice in accordance herewith was duly authorized, unless the responsible individual acting thereon for Agent has actual knowledge to the contrary.

     2.2 Procedure for Term Loan Borrowings. Borrower shall give Agent irrevocable notice (which notice must be received by Agent prior to 1:00 p.m., New York City time, (i) three Business Days prior to the anticipated Closing Date, in the case of LIBOR Loans, or (ii) one Business Day prior to the anticipated Closing Date, in the case of Base Rate Loans) requesting that the Lenders make the Term Loans on the Closing Date or such other date selected by Borrower pursuant to Section 2.1(a)(i) and specifying the amount to be borrowed and the Type of Loan. Unless Agent shall have consented to making LIBOR Loans, the Term Loans made on the Closing Date shall initially be Base Rate Loans. Upon receipt of such notice, Agent shall promptly notify each Lender thereof. Not later than 12:00 noon, New York City time, on the Closing Date, each Lender shall make available to Agent at the funding office set forth on Annex A an amount in immediately available funds equal to the Term Loan to be made by such Lender. Agent shall credit the account of Borrower on the books of such office of Agent with the aggregate of the amounts made available to Agent by the Lenders in immediately available funds.

     2.3 Prepayments.

          (a) Voluntary Prepayments. Borrower may at any time on at least three (3) Business Days’ prior written notice by Borrower to Agent voluntarily prepay all or part of the Term Loans; provided, that any such prepayments shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Any voluntary prepayment must be accompanied by the payment of any LIBOR funding breakage costs in accordance with Section 2.11(b). Each notice of partial prepayment shall designate the Term Loans or other Obligations to which such prepayment is to be applied.

          (b) Mandatory Prepayments.

               (i) Until the Termination Date, subject to the Intercreditor Agreement and the exceptions provided in this clause (i) and Section 2.3(d), within three (3) Business Days of receipt by any Credit Party of Net Cash Proceeds of any asset Disposition or any casualty or condemnation event, Borrower shall prepay the Term Loans (such prepayments to be applied in accordance with and subject to the Intercreditor Agreement) in an amount equal to all such Net Cash Proceeds. Any such prepayment shall be applied in accordance with Section 2.3(c) and the Intercreditor Agreement. The following shall not be subject to mandatory prepayment under this clause (i): (1) proceeds of asset Dispositions in an aggregate amount not to exceed $3,000,000 per Fiscal Year, (2) proceeds of asset Dispositions pursuant to Section 7.2(v) and Section 7.8 (other than Sections 7.8(f)-(h), (n), (p), (s), (t) and (u)) and (3) proceeds that are reinvested within three hundred sixty-five (365) days following receipt thereof so long as (A) no Event of Default has occurred and is continuing and (B) such proceeds are reinvested in like assets of Borrower (e.g., Investments for Investments or Permitted Acquisitions, current assets for current assets, fixed assets for fixed assets); provided that if a binding commitment to reinvest is entered into within such period, the reinvestment period shall be extended an additional one hundred eighty (180) days from the end of such 365 day period; provided, further, that Borrower shall notify Agent of its intent to reinvest at the time such proceeds are received (provided a failure to

so notify shall not affect Borrower’s reinvestment rights hereunder) and when such reinvestment occurs.

               (ii) Subject to the Intercreditor Agreement, if any Credit Party issues any debt securities other than the Indebtedness permitted by Section 7.3, no later than the Business Day following the date of receipt of the Net Cash Proceeds thereof, such issuing Credit Party shall prepay the Term Loans in an amount equal to one hundred percent (100%) of such Net Cash Proceeds. Any such prepayment shall be applied in accordance with Section 2.3(c) and the Intercreditor Agreement.

               (iii) Subject to the Intercreditor Agreement, if any Credit Party issues Non-Qualifying Preferred Stock after the Closing Date, no later than the Business Day following the date of receipt of the Net Cash Proceeds thereof, such Credit Party shall prepay the Term Loans in an amount equal to one hundred percent (100%) of such Net Cash Proceeds. Any such prepayment shall be applied in accordance with Section 2.3(c) and the Intercreditor Agreement.

               (iv) Subject to the Intercreditor Agreement and the Revolving Loan Credit Agreement, commencing immediately after the Fiscal Year ending on December 31, 2011 and until the Commitment Termination Date, on or before the earlier of (x) the date on which annual audited Financial Statements for the immediately preceding Fiscal Year are required to be delivered pursuant to Section 5.1 and (y) the date on which such annual Financial Statements are actually delivered, Borrower shall prepay the Term Loans in an amount equal to (A) fifty percent (50%) of Excess Cash Flow for the immediately preceding Fiscal Year, minus (B) the aggregate amount of any voluntary prepayments of the Term Loans and Revolver Loan Obligations (so long as such repayment results in a corresponding commitment reduction) made during the applicable Fiscal Year for such Excess Cash Flow calculation; provided, however, if the Total Net Leverage Ratio as at the end of the relevant Fiscal Year is less than or equal to 2.00 to 1.00 at such time, then the percentage of Excess Cash Flow required to prepay the Term Loans shall be reduced to twenty-five percent (25%) of Excess Cash Flow for the immediately preceding Fiscal Year; provided, further; if the Total Net Leverage Ratio as at the end of the relevant Fiscal Year is less than or equal to 1.00 to 1.00 at such time, then the amount of Excess Cash Flow required to prepay the Term Loans shall be reduced to zero for the immediately preceding Fiscal Year. Any prepayments from Excess Cash Flow paid pursuant to this clause (iv) shall be allocated to Borrower’s Obligations and shall be applied in accordance with Section 2.3(c) and the Intercreditor Agreement. Each such prepayment shall be accompanied by a certificate signed by a Financial Officer of Borrower certifying the manner in which Excess Cash Flow and the resulting prepayment were calculated, which certificate shall be in form and substance reasonably satisfactory to Agent.

          (c) Application of Certain Mandatory Prepayments. Subject to the Intercreditor Agreement, to the extent not required to be applied to prepay Revolver Loan Obligations under the Revolving Loan Credit Agreement, any prepayments made by Borrower pursuant to Sections 2.3(b)(i), (ii), (iii), or (iv) above shall be applied to the prepayment of the Term Loans until paid in full. The application of any prepayment pursuant to Section 2.3(b) shall be made, first, to Base Rate Loans and, second, to LIBOR Rate Loans. Each prepayment of Term Loans under Section 2.3(b) shall be accompanied by accrued and unpaid interest to the date of such prepayment on the amount prepaid. Any prepayments of the Term Loans made by

or on behalf of Borrower pursuant to Section 2.3(b) shall be applied to reduce the remaining Term Loan Installments on a pro rata basis.

          (d) With respect to the amount of any mandatory prepayment described in Section 2.3(b) (the “Prepayment Amount”), other than in connection with a Refinancing (as defined in the Intercreditor Agreement), Borrower will, in lieu of applying such amount to the prepayment of Term Loans as provided in paragraph (c) above, on the date specified in Section 2.3 for such prepayment, give Agent telephonic notice (promptly confirmed in writing) requesting that Agent prepare and provide to each Lender a notice (each, a “Prepayment Option Notice”) as described below. As promptly as practicable after receiving such notice from Borrower, Agent will send to each Lender a Prepayment Option Notice, which shall be substantially in the form of Exhibit 2.3(b), and shall include an offer by Borrower to prepay on the date (each a “Mandatory Prepayment Date”) that is 10 Business Days after the date of the Prepayment Option Notice, the Term Loans of such Lender by an amount equal to the portion of the Prepayment Amount indicated in such Lender’s Prepayment Option Notice as being applicable to such Lender’s Term Loans. Within six (6) Business Days of receipt of a Prepayment Option Notice Lenders shall notify Agent and Borrower of the amount of such Lender’s prepayment accepted; provided that if any Lender fails to respond within such period, such Lender shall be deemed to have declined such prepayment in its entirety. On the Mandatory Prepayment Date, the Prepayment Amount shall be (i) paid to the relevant Lenders in an aggregate amount necessary to prepay that portion of the outstanding Term Loans in respect of which such Lenders have accepted prepayment as described above, (ii) to the extent in excess of the amounts required to be applied pursuant to the preceding clause (i), reoffered to each other Lender on the same terms as set forth in the Prepayment Option Notice and if accepted by such Lender within three (3) Business Days of receipt of such reoffer, paid to such Lender in an aggregate amount necessary to prepay that portion of the outstanding Term Loans in respect of which such Lender has accepted prepayment and (iii) to the extent in excess of the amounts required to be applied pursuant to the preceding clauses (i) and (ii), retained by Borrower.

          (e) No Implied Consent. Nothing in this Section 2.3 shall be construed to constitute Agent’s or any Lender’s consent to any transaction that is not permitted by other provisions of this Agreement or the other Loan Documents.

          (f) Limitations on Payments. All prepayments referred to in Section 2.3(b)(i) above are subject to permissibility under (i) applicable local law (e.g., financial assistance, corporate benefit, restrictions on upstreaming of cash intra-group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) and (ii) material constituent document restrictions existing as of the Closing Date (including as a result of minority ownership). There will be no requirement to make any prepayment under Section 2.3(b)(i) if Borrower and its Subsidiaries or any of their Affiliates provide reasonable evidence to Agent and Lenders that it would incur a material tax liability, including a deemed dividend pursuant to Section 956 of the IRC; provided, further, that utilization of the net operating losses of Borrower and its Subsidiaries shall be excluded from Borrower’s determination of whether such prepayment would result in material adverse tax liabilities to Borrower or any of its Subsidiaries. The non-application of any prepayment amounts as a consequence of the foregoing provisions shall not, for the avoidance of doubt, constitute an Event of Default under Section 9.1(a), and such amounts shall be available for working capital purposes of Borrower and its Subsidiaries, subject

to the terms and conditions of this Agreement, so long as such amounts are not required to be prepaid in accordance with the following provisions. Borrower and its Subsidiaries shall use commercially reasonable efforts to reduce or eliminate the foregoing restrictions and/or minimize any such costs of prepayment and/or use the other cash resources of Borrower and its Subsidiaries (subject to the considerations above) to make the relevant payment; provided, however, such efforts shall not include the application or use of net operating losses of Borrower and its Subsidiaries. If at any time within one year of a required prepayment date that is excused under this Section 2.3(f), such restrictions are removed, any relevant proceeds will be applied in prepayment of the Term Loan. Notwithstanding the foregoing, any prepayments required after application of the above provision shall be net of any costs, expenses or taxes incurred by Borrower and its Subsidiaries or any of its Affiliates arising solely as a result of compliance with the preceding sentence, and Borrower and its Subsidiaries shall be permitted to make, directly or indirectly, a dividend or distribution to its Affiliates in an amount sufficient to cover such tax liability, costs or expenses.

     2.4 Use of Proceeds. Borrower shall utilize the proceeds of the Term Loans for the payment of fees, costs and expenses related to the Chapter 11 Cases and the Related Transactions, repayment of certain Indebtedness (including, without limitation, the Prior Lender Obligations) and the financing of Borrower’s general corporate purposes. Schedule (2.4) contains a description of Borrower’s sources and uses of funds as of the Closing Date, including Term Loans to be made on that date, and a funds flow memorandum detailing how funds from each source are to be transferred to particular uses.

     2.5 Interest and Applicable Margins.

          (a) Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the Term Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the rate of the Base Rate plus the Applicable Term Loan Base Margin per annum or, at the election of Borrower, the applicable LIBOR Rate plus the Applicable Term Loan LIBOR Margin per annum.

     The Applicable Term Loan Base Margin and the Applicable Term Loan LIBOR Margin shall be as follows:

Applicable Term Loan Base Margin			5.25	%
Applicable Term Loan LIBOR Margin			6.25	%

          (b) If any payment on the Term Loans becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day (except as set forth in the definition of LIBOR Period) and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.

          (c) All computations of Fees calculated on a per annum basis and interest shall be made by Agent on the basis of a 360-day year, in each case for the actual number of days occurring in the period for which such interest and Fees are payable, except that with respect to Base Rate Loans based on the prime or base commercial lending rate the interest

thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Base Rate is a floating rate determined for each day. Each determination by Agent of an interest rate and Fees hereunder shall be presumptive evidence of the correctness of such rates and Fees.

          (d) So long as an Event of Default has occurred and is continuing under Sections 9.1 (a), (k), or (l) or any Event of Default under Section 9.1(b) solely with respect to Section 7.10, the interest rates applicable to the Term Loans shall automatically be increased by two percentage points (2.00%) per annum above the rates of interest otherwise applicable hereunder unless Agent and Requisite Lenders elect to waive such increase or impose a smaller increase (the “Default Rate”), and all outstanding Obligations shall bear interest at the Default Rate applicable to such Obligations. Interest at the Default Rate shall accrue from the initial date of such Event of Default and for so long as such Event of Default is continuing and shall be payable upon demand.

          (e) Subject to the conditions precedent set forth in Section 3.2, Borrower shall have the option to (i) convert at any time all or any part of outstanding Term Loans from Base Rate Loans to LIBOR Loans, (ii) convert any LIBOR Loan to a Base Rate Loan and subject to payment of LIBOR breakage costs in accordance with Section 2.11(b) if such conversion is made prior to the expiration of the LIBOR Period applicable thereto, or (iii) continue all or any portion of the Term Loans as a LIBOR Loan upon the expiration of the applicable LIBOR Period and the succeeding LIBOR Period of that continued Loan shall commence on the first day after the last day of the LIBOR Period of the Loan to be continued; provided, however, that no Term Loan shall be converted to, or continued at the end of the LIBOR Period applicable thereto as a LIBOR Loan for a LIBOR Period of longer than one (1) month if any Event of Default has occurred and is continuing. Any Term Loans having the same proposed LIBOR Period to be made or continued as, or converted into, a LIBOR Loan must be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of such amount. Any such election must be made by 11:00 a.m. (New York time) on the third Business Day prior to (1) the date of any proposed Advance which is to bear interest at the LIBOR Rate, (2) the end of each LIBOR Period with respect to any LIBOR Loans to be continued as such, or (3) the date on which Borrower wishes to convert any Base Rate Loan to a LIBOR Loan for a LIBOR Period designated by Borrower in such election. If no election is received with respect to a LIBOR Loan by 11:00 a.m. (New York time) on the third Business Day prior to the end of the LIBOR Period with respect thereto (or if an Event of Default has occurred and is continuing or if the additional conditions precedent set forth in Section 3.2 shall not have been satisfied), that LIBOR Loan shall be converted to a LIBOR Loan with a LIBOR Period of one (1) month at the end of its LIBOR Period. Borrower must make such election by notice to Agent in writing, by telecopy or overnight courier. In the case of any conversion or continuation, such election must be made pursuant to a written notice (a “Notice of Conversion/Continuation”) in the form of Exhibit 2.5(e).

          (f) Anything herein to the contrary notwithstanding, the obligations of Borrower hereunder shall be subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of

interest which may be lawfully contracted for, charged or received by such Lender, and in such event Borrower shall pay such Lender interest at the highest rate permitted by applicable law (the “Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, interest hereunder shall be paid at the rate(s) of interest and in the manner provided in Sections 2.5(a) through (e), unless and until the rate of interest again exceeds the Maximum Lawful Rate, and at that time this paragraph shall again apply. In no event shall the total interest received by any Lender pursuant to the terms hereof exceed the amount that such Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. If, notwithstanding the provisions of this Section 2.5(f), a court of competent jurisdiction shall finally determine that a Lender has received interest hereunder in excess of the Maximum Lawful Rate, Agent shall, to the extent permitted by applicable law, promptly apply such excess in the order specified in Section 2.9 and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.

     2.6 Cash Management. Upon the delivery of any deposit account control agreement (or other similar cash management agreement) pursuant to the Revolving Loan Credit Agreement, Borrower shall deliver to Agent a corresponding deposit account control agreement, covering the same accounts as the deposit account control agreement delivered pursuant to the Revolving Loan Credit Agreement, sufficient to establish in favor of Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), a Lien having the priority set forth in the Intercreditor Agreement in such accounts and otherwise in form and substance reasonably satisfactory to Agent.

     2.7 Fees. Borrower shall pay to MSSF, individually, the Fees specified in the Fee Letter at the times specified for payment therein.

     2.8 Receipt of Payments. Borrower shall make each payment under this Agreement not later than 2:00 p.m. (New York time) on the day when due in immediately available funds in Dollars to the Collection Account. For purposes of computing interest and Fees, all payments shall be deemed received on the Business Day on which immediately available funds are received in the Collection Account prior to 2:00 p.m. (New York time). Payments received after 2:00 p.m. (New York time) on any Business Day or on a day that is not a Business Day shall be deemed to have been received on the following Business Day. Unless stated otherwise, all calculations, comparisons, measurements or determinations under this Agreement shall be made in Dollars. If Agent receives any payment from or on behalf of any Credit Party in a currency other than the currency in which such Obligation is denominated, Agent may convert the payment (including the monetary proceeds of realization upon any Collateral and any funds then held in a cash collateral account) into the currency of the relevant Obligation at the exchange rate that Agent would be prepared to sell the currency in which the relevant Obligation is

denominated against the currency received on the Business Day immediately preceding the date of actual payment. The Obligations shall be satisfied only to the extent of the amount actually received by Agent upon such conversion.

     2.9 Application and Allocation of Payments. Subject to the terms of the Intercreditor Agreement and to the extent not required to be used to prepay Revolver Loan Obligations under the Revolving Loan Credit Agreement, so long as no Event of Default has occurred and is continuing, (i) payments of regularly scheduled payments then due shall be applied to those scheduled payments and (ii) all mandatory prepayments shall be applied as set forth in Sections 2.3(c). All payments and prepayments applied to the Term Loans shall be applied ratably to the portion thereof held by each Lender as determined by its Pro Rata Share. As to any other mandatory payment, and as to all payments made when an Event of Default has occurred and is continuing or following the Commitment Termination Date, Borrower hereby irrevocably waives the right to direct the application of any and all payments received from or on behalf of Borrower. All voluntary prepayments shall be applied as directed by Borrower. In all circumstances, subject to the Intercreditor Agreement, after the occurrence and during the continuation of an Event of Default, all payments and proceeds of Collateral shall be applied to amounts then due and payable in the following order: (i) to Fees and Agent’s expenses reimbursable hereunder; (ii) to interest on the Term Loans and the Secured Hedge Obligations, ratably in proportion to the interest accrued as to each Loan and Secured Hedge Obligation; (iii) to the outstanding Term Loans and the Secured Hedge Obligations, ratably in proportion to the principal balance of each Loan and each Secured Hedge Obligation; and (iv) to all other Obligations, including expenses of Lenders to the extent reimbursable under Section 12.3.

     2.10 Loan Account and Accounting. Agent shall maintain a loan account (the “Loan Account”) on its books and records: the Term Loans, all payments made by Borrower, and all other debits and credits as provided in this Agreement with respect to the Term Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower’s duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Term Loans setting forth the balance of the Loan Account as to Borrower for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty (60) days after the date thereof, each and every such accounting shall be deemed presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Term Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

     2.11 Indemnity.

          (a) Each Credit Party that is a signatory hereto shall jointly and severally indemnify and hold harmless each of Agent, Collateral Agent, Lenders and their respective Affiliates, and each such Person’s respective officers, directors, employees, attorneys, agents and representatives (each, an “Indemnified Person”), from and against any and all suits, actions, proceedings, claims, damages, actual losses, liabilities and out-of-pocket expenses (including reasonable attorneys’ fees and disbursements and other reasonable documented out-of-pocket costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents and the administration of such credit, and in connection with or arising out of the transactions contemplated hereunder and thereunder and any actions or failures to act in connection therewith, including any and all Environmental Liabilities and legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”); provided that no such Credit Party shall be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, actual loss, liability or expense results from that Indemnified Person’s gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment; provided, further, that no Indemnified Person will be indemnified for any such cost, expense or liability to the extent of any dispute solely among Indemnified Persons other than claims against Agent or Collateral Agent, in such capacity in connection with fulfilling any such roles. In the absence of an actual conflict of interest, or in the written opinion of counsel a potential conflict of interest, Borrower and its Subsidiaries will not be responsible for the fees and expenses of more than one legal counsel for all Indemnified Persons and appropriate local legal counsel; provided, that in the case of an actual conflict of interest, or the written opinion of counsel that a potential conflict of interest exists, Borrower and its Subsidiaries shall be responsible for one additional counsel in each applicable jurisdiction for the affected Indemnified Parties, taken as a whole. No party hereto shall be responsible or liable to any other Person party to any Loan Document, any successor, assignee or third party beneficiary of such person or any other person asserting claims derivatively through such Party, for indirect, punitive, exemplary or consequential damages which may be alleged as a result of credit having been extended, suspended or terminated under any Loan Document or as a result of any other transaction contemplated hereunder or thereunder.

          (b) To induce Lenders to provide the LIBOR Rate option on the terms provided herein, if (i) any LIBOR Loans are repaid in whole or in part prior to the last day of any applicable LIBOR Period (whether that repayment is made pursuant to any provision of this Agreement or any other Loan Document or occurs as a result of acceleration, by operation of law or otherwise); (ii) Borrower shall default in payment when due of the principal amount of or interest on any LIBOR Loan; (iii) Borrower shall refuse to accept any borrowing of, or shall request a termination of, any borrowing of, conversion into or continuation of, LIBOR Loans after Borrower has given notice requesting the same in accordance herewith; (iv) Borrower shall fail to make any prepayment of a LIBOR Loan after Borrower has given a notice thereof in accordance herewith; or (v) an assignment of LIBOR Loans is mandated pursuant to Sections 2.14(d) or 12.2(d), then Borrower shall jointly and severally indemnify and hold harmless each Lender from and against all actual losses, costs and reasonable documented out-of-pocket expenses resulting from or arising from any of the foregoing. Such indemnification shall include any actual and documented out-of-pocket loss or expense (other than loss of anticipated profits),

if any, arising from the reemployment of funds obtained by it or from fees payable to terminate deposits from which such funds were obtained. For the purpose of calculating amounts payable to a Lender under this subsection, each Lender shall be deemed to have actually funded its relevant LIBOR Loan through the purchase of a deposit bearing interest at the LIBOR Rate in an amount equal to the amount of that LIBOR Loan and having a maturity comparable to the relevant LIBOR Period; provided that each Lender may fund each of its LIBOR Loans in any manner it sees fit, and the foregoing assumption shall be utilized only for the calculation of amounts payable under this subsection. This covenant shall survive the termination of this Agreement and the payment of the Obligations and all other amounts payable hereunder. As promptly as practicable under the circumstances, each Lender shall provide Borrower with its written and detailed calculation of all amounts payable pursuant to this Section 2.11(b), and such calculation shall be binding on the parties hereto unless Borrower shall object in writing within ten (10) Business Days of receipt thereof, specifying the basis for such objection in detail.

     2.12 Access. Each Credit Party that is a party hereto shall, during normal business hours, from time to time upon reasonable notice as frequently as Agent reasonably determines to be appropriate: (a) provide Agent, Collateral Agent, Lenders (coordinated through Agent) and any of their representatives and designees access to its properties, facilities, advisors, officers and employees of each Credit Party and to the Collateral, (b) permit Agent, Collateral Agent, Lenders and any of their officers, employees and agents, to inspect, audit and make extracts from any Credit Party’s books and records, and (c) permit Agent, Collateral Agent, Lenders and their representatives and designees, to inspect, review and evaluate the Collateral of any Credit Party; provided, that to the extent that no Event of Default has occurred, Borrower shall only be responsible for the costs of one such visit per Fiscal Year. Furthermore, so long as any Event of Default has occurred and is continuing under Sections 9.1(k) or (l) or at any time after all or any portion of the Obligations have been declared due and payable pursuant to Section 9.2(b), Borrower shall provide reasonable assistance to Agent to obtain access, which access shall be coordinated in scope and substance in consultation with Borrower, to their suppliers and customers. Each Credit Party (i) shall be available to discuss the business, operations, properties and financial and other condition of the Group Members with officers and employees of the Group Members (so long as senior management of Borrower is notified of any such discussion and is permitted to be present) and (ii) agrees to use commercially reasonable efforts to assist Agent in obtaining reasonable access, which access shall be coordinated in scope and substance in consultation with Borrower, to its independent certified public accountants and financial advisors.

     2.13 Taxes.

          (a) All payments by each Credit Party hereunder, under the Term Notes or under any other Loan Document will be made without setoff, counterclaim or defense. Any and all payments by each Credit Party hereunder (including any payments made pursuant to Section 13), under the Term Notes or under any other Loan Document shall be made, in accordance with this Section 2.13, free and clear of and without deduction for any and all present or future Taxes. If any Credit Party shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder (including any payments made pursuant to Section 13) or under the Term Notes, (i) the sum payable shall be increased as much as shall be necessary so that, after making all required withholdings and deductions (including withholdings and deductions applicable to

additional sums payable under this Section 2.13), Agent or Lenders, as applicable, receive an amount equal to the sum they would have received had no such withholdings and deductions been made, (ii) such Credit Party shall make such withholdings and deductions, and (iii) such Credit Party shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. Within thirty (30) days after the date of any such payment of Taxes, Borrower shall furnish to Agent the original or a certified copy of a receipt evidencing payment thereof.

          (b) In addition, each Credit Party agrees to pay any present or future stamp, recording or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made under this Agreement or under any other Loan Document or from the execution, delivery or registration of, or otherwise with respect to, this Agreement, the other Loan Documents and any other agreements and instruments contemplated hereby or thereby (“Other Taxes”). Each Lender agrees that, as promptly as reasonably practicable after it becomes aware of any circumstances referred to above which would result in additional payments under this Section 2.13, it shall notify Borrower thereof.

          (c) Each Credit Party that is a signatory hereto shall jointly and severally indemnify and, within ten (10) days of demand therefor, pay Agent and each Lender for the full amount of Taxes and Other Taxes (including, any Taxes imposed by any jurisdiction on amounts payable under this Section 2.13) paid by (or on behalf of) Agent or such Lender as a result of payments made pursuant to this Agreement, as appropriate, and any liability (including, penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally asserted; provided, however, that no Credit Party shall be required to compensate Agent or any Lender for any Taxes or Other Taxes incurred more than one hundred eighty (180) days prior to the date that such Agent or Lender notifies Borrower of such Taxes or Other Taxes and of such Agent or Lender’s intention to claim compensation therefore; provided, further, however that if the circumstances giving rise to such Taxes or Other Taxes are retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof. A certificate as to the amount of such Taxes and evidence of payment thereof submitted to the Credit Parties shall be prima facie evidence, absent manifest error, of the amount due from the Credit Parties to Agent or such Lenders. Upon actually learning of the imposition of Taxes, Agent or Lender, as the case may be, shall act in good faith to notify Borrower of the imposition of such Taxes arising hereunder.

          (d) Each Lender and the successors and assignees of such Lender, that is a “United States person” within the meaning of section 7701(a)(30) of the IRC and not an exempt recipient (as defined in Treasury Regulation Section 1.6049-4(c)) shall deliver to Borrower (with a copy to Agent) a properly completed and executed IRS Form W-9 or such other documentation or information prescribed by applicable law or reasonably requested by Agent and Borrower to determine whether such Lender is subject to backup withholding or information reporting requirements. Each Lender, and the successors and assignees of such Lender, organized under the laws of a jurisdiction outside of the United States (“Foreign Lender”) to whom payments to be made under this Agreement or under the Term Notes may be exempt from, or eligible for a reduced rate of, United States withholding tax (as applicable) under the law of the jurisdiction in which Borrower is located or under any tax treaty to which such jurisdiction is a party shall, at the time or times prescribed by applicable law, provide to Borrower (with a copy to Agent) a

properly completed and executed IRS Form W-8ECI or Form W-8BEN or other applicable form, certificate or document prescribed by the IRS or the United States.

          (e) If any of Agent or any Lender, as applicable, determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this Section 2.13, it shall pay over such refund to such Credit Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Credit Party under this Section 2.13 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of such Agent or Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).

          (f) The provisions of this Section 2.13 shall survive the termination of this Agreement and repayment of all Obligations.

     2.14 Capital Adequacy; Increased Costs; Illegality.

          (a) If any Lender shall have determined that any law, treaty, governmental (or quasi-governmental) rule, regulation, guideline or order regarding capital adequacy, reserve requirements or similar requirements or compliance by any Lender with any request or directive regarding capital adequacy, reserve requirements or similar requirements (whether or not having the force of law), in each case, adopted after the Closing Date, from any central bank or other Governmental Authority increases or would have the effect of increasing the amount of capital, reserves or other funds required to be maintained by such Lender and thereby reducing the rate of return on such Lender’s capital as a consequence of its obligations hereunder, then Borrower shall from time to time upon demand by such Lender (with a copy of such demand to Agent) pay to Agent, for the account of such Lender, additional amounts sufficient to compensate such Lender for such reduction. A certificate as to the amount of that reduction and showing the basis of the computation thereof submitted by such Lender to Borrower and to Agent shall, absent manifest error, be final, conclusive and binding for all purposes.

          (b) If, due to either (i) the introduction of or any change in any law or regulation (or any change in the interpretation thereof) or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in each case adopted after the Closing Date, there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining the Term Loan, then Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to Agent), pay to Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate as to the amount of such increased cost, submitted to Borrower and to Agent by such Lender, shall, absent manifest error, be final, conclusive and binding for all purposes. Each Lender agrees that, as promptly as practicable after it becomes aware of any circumstances referred to above which would result in any such increased cost, the affected Lender shall, to the extent not inconsistent with such Lender’s internal policies of general application, use reasonable commercial efforts to minimize costs and expenses incurred by it and payable to it by Borrower pursuant to this Section 2.14(b).

          (c) Notwithstanding anything to the contrary contained herein, if the introduction of or any change in any law or regulation (or any change in the interpretation thereof) shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender to agree to make or to make or to continue to fund or maintain any LIBOR Loan, then, unless that Lender is able to make or to continue to fund or to maintain such LIBOR Loan at another branch or office of that Lender without, in that Lender’s reasonable opinion, materially adversely affecting it or its Term Loans or the income obtained therefrom, on notice thereof and demand therefor by such Lender to Borrower through Agent, (i) the obligation of such Lender to agree to make or to make or to continue to fund or maintain LIBOR Loans shall terminate and (ii) Borrower shall forthwith prepay in full all outstanding LIBOR Loans owing by Borrower to such Lender, together with interest accrued thereon, unless Borrower, within five (5) Business Days after the delivery of such notice and demand, converts all LIBOR Loans into Base Rate Loans. The Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith (collectively, the “Dodd-Frank Act”) are deemed to have been adopted and gone into effect after the date of this Agreement to the extent necessary to provide Lenders with the benefit of this Section 2.14 with respect to any “change in law or regulation” resulting from the Dodd-Frank Act.

          (d) Within thirty (30) days after receipt by Borrower of written notice and demand from any Lender (an “Affected Lender”) for payment of additional amounts or increased costs as provided in Sections 2.13(a), 2.14(a) or 2.14(b), Borrower may, at its option, notify Agent and such Affected Lender of its intention to replace the Affected Lender. So long as no Event of Default has occurred and is continuing, Borrower, with the consent of Agent, may obtain, at Borrower’s expense, a replacement Lender (“Replacement Lender”) for the Affected Lender, which Replacement Lender must be reasonably satisfactory to Agent. If Borrower obtains a Replacement Lender within ninety (90) days following notice of its intention to do so, the Affected Lender must sell and assign its Term Loans and Commitments to such Replacement Lender for an amount equal to the principal balance of all Term Loans held by the Affected Lender and all accrued interest and Fees with respect thereto through the date of such sale and such assignment shall not require the payment of an assignment fee to Agent; provided, that Borrower shall have reimbursed such Affected Lender for the additional amounts or increased costs that it is entitled to receive under this Agreement through the date of such sale and assignment. Notwithstanding the foregoing, Borrower shall not have the right to obtain a Replacement Lender if the Affected Lender rescinds its demand for increased costs or additional amounts within 15 days following its receipt of Borrower’s notice of intention to replace such Affected Lender. Furthermore, if Borrower gives a notice of intention to replace and does not so replace such Affected Lender within ninety (90) days thereafter, Borrower’s rights under this Section 2.14(d) shall terminate with respect to such Affected Lender for such request for additional amounts or increased costs and Borrower shall promptly pay all increased costs or additional amounts demanded by such Affected Lender pursuant to Sections 2.13(a), 2.14(a) and 2.14(b). An exercise of Borrower’s option under this Section 2.14(d) shall not suspend Borrower’s obligation to pay such increased costs or additional amounts demanded by such Affected Lender pursuant to Sections 2.13(a), 2.14(a) and 2.14(b) until such Affected Lender is replaced.

     2.15 Single Loan. All Term Loans to Borrower and all of the other Obligations of Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of Borrower secured, until the Termination Date, by all of the Collateral.

     2.16 Incremental Term Loans.

          (a) Borrower may on any date on or after the date that is 90 days following the Closing Date, by notice to Agent (whereupon Agent shall promptly deliver a copy to each of the Lenders), increase the Term Loans hereunder with incremental term loans (the “Incremental Term Loans”) in an amount not to exceed $100,000,000; provided that at the time of the effectiveness of any Incremental Term Loan Amendment referred to below, (a) no Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit to be made on such date, (b) each of the representations and warranties made by any Credit Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date) and (c) Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of Borrower. Incremental Term Loans may be made by any existing Lender or by any other financial institution or any fund that regularly invests in bank loans selected by Borrower (any such other financial institution or fund being called an “Incremental Lender”); provided that Agent shall have consented (such consent not to be unreasonably withheld) to such Lender’s or Incremental Lender’s making such Incremental Term Loans if such consent would be required under Section 11.1 for an assignment of Term Loans to such Lender or Incremental Lender. No consent of the Lenders shall be required (other than the Lenders providing such Incremental Term Loans). Commitments in respect of Incremental Term Loans shall be made pursuant to an amendment (an “Incremental Term Loan Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by Borrower, each Lender agreeing to provide such Incremental Term Loans, if any, each Incremental Lender, if any, and Agent. Any Incremental Term Loans made hereunder shall be deemed “Term Loans” hereunder and shall be subject to the same terms and conditions applicable to the existing Term Loans. No Lender shall be obligated to provide any Incremental Term Loans, unless it so agrees.

          (b) Notwithstanding anything to the contrary contained herein, any Incremental Term Loans shall be subject to the same terms as the existing Term Loans (including voluntary and mandatory prepayment provisions), except that, unless such Incremental Term Loans are made a part of the Term Loans (in which case all terms thereof shall be identical to those of the Term Loans), provided that (a) the “effective margin” applicable to the respective Incremental Term Loans (which, for such purposes only, shall be deemed to include all upfront or similar fees or original issue discount (amortized over the shorter of (1) the weighted average life to maturity of such Incremental Term Loans and (2) four years) payable to all Lenders providing such Incremental Term Loans or the imposition of an interest rate floor, but exclusive of any arrangement, structuring or other fees payable in connection therewith that are not shared with all Lenders providing such Incremental Term Loans) determined as of the initial funding date for such Incremental Term Loans, may exceed the “effective margin” applicable to any Term Loans or any other Incremental Term Loans (determined on the same

basis as provided in the preceding parenthetical) by up to 0.50% per annum (after giving effect to any Incremental Facility Yield Adjustment), (b) the final stated maturity date for such Incremental Term Loans may be later (but not sooner) than the Commitment Termination Date, (c) the amortization requirements for such Incremental Term Loans may differ, so long as the average weighted life to maturity of such Incremental Term Loans is no shorter than the average weighted life to maturity applicable to the then outstanding Term Loans, (d) other than as set forth in clause (a) above, any minimum LIBOR Rate or Base Rate applicable to such Incremental Term Loans may exceed the minimum LIBOR Rate and Base Rate applicable to the outstanding Term Loans if such minimum LIBOR Rate and/or Base Rate applicable to all then outstanding Term Loans is increased to match such minimum LIBOR Rate and/or Base Rate applicable to such Incremental Term Loans, (e) Incremental Term Loans may rank junior in right of security/priority in the Collateral with the other Term Loans made on the Closing Date or be unsecured, in which case, the Incremental Term Loans will be established as a separate facility from the then existing Term Loans and (f) other terms may differ if reasonably satisfactory to Agent, Borrower and solely the Lenders providing such Incremental Term Loans.

          (c) If the existing Lenders are unwilling to increase their applicable Commitments by an amount equal to the requested Incremental Term Loans, Agent, in consultation with Borrower, will use its commercially reasonable efforts to obtain one or more financial institutions which are not then Lenders (which financial institution may be suggested by Borrower) to become party to this Agreement and to provide the requested Incremental Term Loans; provided, however, compensation for any such assistance by Agent shall be mutually agreed by Agent and Borrower.

3. CONDITIONS PRECEDENT

     3.1 Conditions to the Term Loans. No Lender shall be obligated to make the Term Loans on the Closing Date, or to take, fulfill, or perform any other action hereunder, until the following conditions have been satisfied or provided for in a manner reasonably satisfactory to Agent, or waived in writing by Agent and Lenders:

          (a) Credit Agreement; Loan Documents. The following documents shall have been duly executed by Borrower, each other Credit Party, Agent, Collateral Agent and Lenders; and Agent shall have received such documents, instruments and agreements, each in form and substance reasonably satisfactory to Agent:

               (i) Credit Agreement. Duly executed originals of this Agreement, dated the Closing Date, and all Annexes, Exhibits and Schedules hereto.

               (ii) Term Notes. If requested by Lenders, duly executed originals of the Term Loan Notes for each applicable Lender, dated the Closing Date.

               (iii) Security Agreement. Duly executed originals of the Security Agreement, dated the Closing Date, and all instruments, documents and agreements required to be executed pursuant thereto.

               (iv) Intercreditor Agreement. Duly executed originals of the Intercreditor Agreement, dated the Closing Date.

               (v) Subsidiary Guaranty. Duly executed originals of the Subsidiary Guaranty, dated the Closing Date, and all instruments, documents and agreements required to be executed pursuant thereto.

               (vi) Insurance. Satisfactory evidence that the insurance policies required by Section 6.4 are in full force and effect, together with appropriate evidence showing loss payable and/or additional insured clauses or endorsements, as reasonably requested by Agent, in favor of Agent, on behalf of Lenders.

               (vii) Lien, Tax and Judgment Searches. Agent shall have received the result of recent lien, tax and judgment searches in each of the jurisdictions reasonably requested by it and such lien searches shall reveal no liens on any of the assets of the Credit Parties, other than liens permitted hereby, liens to be terminated in connection with the Group Members’ exit from bankruptcy and liens acceptable to Agent in its sole discretion.

               (viii) Filings, Registrations and Recordings. Agent shall have received each document (including, without limitation, any Code financing statement authorized for filing under the Code) reasonably requested by Agent to be filed, registered or recorded in order to create in favor of Agent, for the benefit of the Lenders and other Secured Parties (as defined in the Security Agreement), a first priority (or second priority, with respect to the Revolver Priority Collateral) perfected Lien on the Collateral described therein and authorization for filing, registering or recording each such document (including, without limitation, any Code financing statement authorized for filing under the Code).

               (ix) Aircraft Mortgage and Security Agreement and Related Documents. (A) Duly executed originals of the Aircraft Mortgage and Security Agreement, dated the Closing Date, together with all instruments, documents and agreements executed pursuant thereto, (B) a letter of undertaking and a certificate of insurance relating to the Aircraft, (C) if possible, evidence of back to birth title trace for the Aircraft including the Engines, (D) evidence in the State of Registration confirming, among other things that the Aircraft is registered in the name of a Credit Party and is free of all recorded Liens on the Closing Date and the Aircraft Mortgage and Security Agreement has been registered on the FAA’s register), together with copies of the current Certificate of Registration, Certificate of Airworthiness and all other licenses required by FAA in respect of the Aircraft, (E) a legal opinion covering FAA and International Registry filings, (F) evidence that arrangements for the due and timely effecting of all recordings, filings and registrations required by (1) the FAA and (2) any governmental authority, including, without limitation, filing of the Aircraft Mortgage and Security Agreement at the International Registry, have been duly put in place, (G) evidence that arrangements for any assignment of Manufacturer Warranties have been duly put into place, and (H) evidence of release of any existing Liens over the Aircraft, each in form and substance reasonably satisfactory to Agent.

               (x) Intellectual Property Security Agreement. Duly executed originals of the Intellectual Property Security Agreement, dated the Closing Date, in form and substance reasonably satisfactory to Agent, together with all instruments, documents and agreements executed pursuant thereto.

               (xi) Mortgages. A duly executed original Mortgage for each Mortgaged Property, dated the Closing Date, in form and substance reasonably satisfactory to Agent, together with:

                    (a) environmental audits;

                    (b) mortgage title insurance commitments for adequately protected and fully-paid valid title insurance with endorsements and in amounts acceptable to Agent in its Permitted Discretion, insuring that Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), shall have a perfected second priority Lien on such real property, evidence of which shall have been provided in form and substance reasonably acceptable to Agent (“Title Insurance”);

                    (c) (i) if reasonably required by Agent, an ALTA survey has been delivered for which all necessary fees have been paid and which is dated no more than 30 days prior to the date on which the applicable Mortgage is recorded, certified to Agent and the issuer of the title insurance policy in a manner reasonably satisfactory to Agent by a land surveyor duly registered and licensed in the state in which such Real Estate is located and acceptable to Agent, and shows all buildings and other improvements, any offsite improvements, the location of any easements, parking spaces, rights of way, building setback lines and other dimensional regulations and the absence of: (A) encroachments, either by such improvements or on to such property, which have not been cured or insured over and (B) other defects which have not been cured or insured over, other than encroachments and other defects acceptable to Agent (a “Real Estate Survey”); (ii) a letter of opinion from local counsel in the state where the real property is located with respect to the enforceability and perfection of the Mortgages and any related fixture filings in form and substance reasonably satisfactory to Agent (a “Mortgage Opinion”); and (iii) to the extent deliverable pursuant to the Credit Parties’ commercially reasonable efforts: (A) estoppel certificates executed by all tenants of such Mortgaged Property and (B) such other consents, agreements and confirmations of lessors and third parties as Agent may deem necessary or desirable; and

                    (d) if required by Agent, Flood Insurance, and such other documents, instruments or agreements reasonably requested by Agent, in each case, in form and substance reasonably satisfactory to Agent.

               (xii) Letter of Direction. Duly executed originals of a letter of direction from Borrower addressed to Agent, with respect to the disbursement on the Closing Date of the proceeds of the Term Loans.

               (xiii) Formation and Good Standing. For each Credit Party, such Person’s (a) articles of incorporation or certificate of formation, as applicable, and all amendments thereto, (b) good standing certificates (including verification of tax status) in its state of incorporation or formation, as applicable, and (c) good standing certificates (including verification of tax status) and certificates of qualification to conduct business in each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except such jurisdictions where the failure to be in good standing could not reasonably be expected to result in a Material Adverse Effect, each dated a recent date prior to

the Closing Date and certified by the applicable Secretary of State or other authorized Governmental Authority.

               (xiv) Bylaws and Resolutions. For each Credit Party, (a) such Person’s bylaws, operating agreement, limited liability company agreement or limited partnership agreement, as applicable, together with all amendments thereto and (b) resolutions of such Person’s members or board of directors, as the case may be, and, to the extent required under applicable law, stockholders, approving and authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party and the transactions to be consummated in connection therewith, each certified as of the Closing Date by such Person’s corporate secretary or an assistant secretary, managing member or managing partner, as applicable, as being in full force and effect without any modification or amendment.

               (xv) Incumbency Certificates. For each Credit Party, signature and incumbency certificates of the officers of each such Person executing any of the Loan Documents, certified as of the Closing Date by such Person’s corporate secretary or an assistant secretary as being true, accurate, correct and complete.

               (xvi) Opinions of Counsel. Duly executed originals of legal opinions of (A) Kirkland & Ellis LLP, (B) Paul, Hastings, Janofsky & Walker, LLP, (C) Daugherty, Fowler, Peregrin, Haught & Jenson, (D) Dickinson Wright and (E) Cacheux, Cavazos & Newton, L.L.P., each in form and substance reasonably satisfactory to Agent and its counsel, dated the Closing Date, and accompanied by a letter addressed to such counsel from the Credit Parties, authorizing and directing such counsel to address its opinion to Agent, on behalf of Lenders, and to include in such opinion an express statement to the effect that Agent and Lenders are authorized to rely on such opinion.

               (xvii) Pledge Agreement. Duly executed originals of the Pledge Agreement accompanied by (as applicable) share certificates representing all of the outstanding Stock being pledged pursuant to Pledge Agreement and stock powers for such share certificates executed in blank, along with evidence that all other actions necessary to perfect (to the extent provided in the Pledge Agreement) the security interests in the Stock purported to be created by the Pledge Agreement have been taken.

               (xviii) Officer’s Certificate. Agent shall have received duly executed originals of a certificate of a Financial Officer of Borrower, dated the Closing Date, stating that: (a) since December 31, 2009, and except as contemplated by the Related Transactions, no Closing Date Material Adverse Effect (as defined below) shall have occurred and be continuing; and (b) since December 31, 2009, and except as contemplated by the Chapter 11 Cases and the Related Transactions, there has been no material increase in liabilities, liquidated or contingent, and no material decrease in assets (other than adjustments made as a result of “fresh start” accounting upon the effectiveness of the Plan of Reorganization).

               (xix) Revolving Loan Credit Documents.

                    (A) Agent shall have received fully executed copies of the Revolving Loan Credit Agreement and each other Revolver Credit Document executed in

connection therewith, certified as true and correct by a Financial Officer of Borrower. Each Revolver Credit Document shall be in full force and effect, and no provisions thereof shall have been modified in any respect determined by Agent to be materially adverse to the interests of the Credit Parties or the Lenders, in each case, without the consent of Agent.

                    (B) Agent shall have received evidence satisfactory to it that all conditions to the closing of the transactions contemplated by the Revolving Loan Credit Documents have been satisfied or waived.

                    (C) Agent shall have received a copy of the Borrowing Base Certificate (as defined in the Revolving Loan Credit Agreement) delivered on the Closing Date pursuant to the Revolving Loan Credit Agreement.

               (xx) Audited Financials; Financial Condition. Agent shall have received the Financial Statements, Business Plan and other materials set forth in Section 4.4, certified by a Financial Officer of Borrower, in each case in form and substance reasonably satisfactory to Agent. Agent shall have further received a certificate of a Financial Officer of Borrower, based on such Pro Forma and Business Plan, to the effect that (a) the Pro Forma fairly present, in all material respects, the financial position of Borrower and its Subsidiaries as of the date thereof after giving effect to the transactions contemplated by the Loan Documents; and (b) the Business Plan is based upon estimates and assumptions stated therein, all of which Borrower believes to be reasonable and fair in light of current conditions and current facts known to Borrower and, as of the Closing Date, reflect Borrower’s good faith estimates believed to be reasonable at the time made of its future financial performance and of the other information projected therein for the period set forth therein. Notwithstanding anything to the contrary contained herein, it is hereby understood by Agent and each Lender that (i) any financial or business projections furnished to Agent or any Lender by Borrower and its Subsidiaries hereunder or under any Loan Document are subject to significant uncertainties and contingencies, which may be beyond the control of Borrower and its Subsidiaries, (ii) no assurance is given by Borrower or its Subsidiaries that the results forecasted in any such projections will be realized and (iii) the actual results may differ from the forecasted results set forth in such projections and such differences may be material.

               (xxi) Bankruptcy Matters. Agent shall have received a certificate from a Financial Officer of Borrower that (i) all conditions to the effectiveness of the Plan of Reorganization have been satisfied or waived in a manner reasonably acceptable to Agent, (ii) the Plan of Reorganization shall have been consummated or shall be consummated contemporaneously with the closing of this Agreement and (iii) all administrative expenses of Borrower (excluding remaining professional fees and expenses and ordinary course obligations of Borrower) incurred under the Chapter 11 Cases, including, without limitation, all debtor-in-possession financing that are then due and payable have been concurrently satisfied.

               (xxii) Solvency Certificate. Agent shall have received a solvency certificate (which shall be in form and substance reasonably satisfactory to Agent) from a Financial Officer of Borrower certifying that Borrower and its Subsidiaries, on a consolidated basis, on the Closing Date, after giving effect to the Related Transactions, is Solvent.

          (b) Repayment of Prior Lender Obligations. Agent shall have received fully executed original pay-off letters reasonably satisfactory to Agent confirming that the Prior Lender Obligations will be repaid from the proceeds of the Term Loans and the other Related Transactions and all Liens upon any of the property of Borrower or any of its Subsidiaries in favor of Prior Agents or any Prior Lender shall be terminated by such Person immediately upon such payment.

          (c) Approvals. Agent shall have received (i) satisfactory evidence that the Credit Parties have obtained all required consents and approvals of all Persons including, all requisite Governmental Authorities (including, without limitation, the Bankruptcy Court), to the execution, delivery and performance of this Agreement and the other Loan Documents and the consummation of the Related Transactions or (ii) an officer’s certificate in form and substance reasonably satisfactory to Agent affirming that no such consents or approvals are required.

          (d) Payment of Fees. Borrower shall have paid to Agent, Arranger and Collateral Agent all Fees required to be paid on or before the Closing Date in the respective amounts specified in Section 2.7 (including, the Fees specified in the Fee Letter), and shall have reimbursed Agent for all reasonable fees, costs and expenses of closing presented as of the Closing Date.

          (e) Consummation of Related Transactions. Agent shall have received fully executed copies of the Related Transactions Documents, each of which shall be in full force and effect and, except with respect to the Equity Commitment Agreement, in form and substance reasonably satisfactory to Agent. The Related Transactions shall have been consummated in accordance with the terms of the Related Transactions Documents. The sources and uses of funds and debt of Borrower on the Closing Date are consistent with those set forth on Schedule (2.4).

          (f) Litigation, etc. There shall not exist any action, suit, investigation, litigation or proceeding pending or threatened in any court of before any arbitrator or Governmental Authority that affects any of the transactions contemplated by this Agreement, or that could be reasonably likely to have a Material Adverse Effect on the business, assets, operations or condition (financial or otherwise) of Borrower and each of its respective Subsidiaries, taken as a whole.

          (g) Closing Date Revolver Availability. On the Closing Date no more than (i) $25,000,000, plus (ii) amounts necessary to fund original issue discount or up-front fees used in connection with the Revolving Loan Credit Agreement and this Agreement, if any.

          (h) Rights Offering. Borrower shall have received minimum aggregate gross proceeds of $1,250,000,000 in cash pursuant to the Rights Offering, on terms and conditions set forth in the Equity Commitment Agreement.

          (i) EBITDA. Borrower’s and its Restricted Subsidiaries’ consolidated EBITDA, after giving Pro Forma Effect to the transactions contemplated by the Plan of Reorganization, for the four Fiscal Quarter period ending on August 31, 2010 shall not be less than $400,000,000.

          (j) Closing Date Material Adverse Effect. There shall not have been a material adverse change, individually or in the aggregate, in, or affecting, (i) since December 31, 2009, the business, financial condition, operations, performance or properties of Borrower and its Subsidiaries, taken as a whole, after giving effect to the Related Transactions, (ii) the ability of Borrower or the other Credit Parties to perform their obligations under the Loan Documents when due and (iii) the validity or enforceability of any of the Loan Documents or the rights and remedies of Agent and the Lenders under any of the Loan Documents (each, a “Closing Date Material Adverse Effect”); provided, however, for purposes of this Section 3.1, (A) nothing as disclosed in (1) Borrower’s Annual Report on Form 10-K for the year ended December 31, 2009, (2) Borrower’s Quarterly Report on Form 10-Q for each quarter ended since December 31, 2009, as filed prior to the Closing Date, and/or (3) the Disclosure Statement filed in connection with the Plan of Reorganization, in each case, based solely on facts as disclosed therein (without giving effect to any developments not disclosed therein), (B) any change in general economic or political conditions or conditions generally affecting the industries in which Borrower and its Subsidiaries operate (including those resulting from acts of terrorism or war (whether or not declared) or other calamity, crisis or geopolitical event) and any adverse change since August 25, 2010 in the loan syndication, financial or capital markets generally, (C) any change or prospective change in any law or GAAP, or any interpretation thereof, (D) any change in currency, exchange or interest rates or the financial or securities markets generally, (E) any change in the market price or trading volume of the common Stock of Borrower, provided, that any event that caused or contributed to such change in market price or trading volume shall not be excluded, (F) any change to the extent resulting from the announcement or pendency of the Related Transactions and/or (G) any change resulting from actions of Borrower or its Subsidiaries expressly agreed to or requested in writing by Agent, except in the cases of clauses (ii) and (iii) to the extent such change or event is disproportionately adverse with respect to Borrower and its Subsidiaries when compared to other companies in the industry in which Borrower and its Subsidiaries operate, shall, in any case, in and of itself be deemed to constitute a Closing Date Material Adverse Effect.

          (k) Disclosure Statement and Plan of Reorganization. The Disclosure Statement and Plan of Reorganization (together with all exhibits and other attachments thereto, as any of the foregoing has been amended, modified or supplemented prior to the date hereof, collectively, the “Plan Documents”) shall not have been amended, modified or supplemented or any of the terms and conditions thereof waived, in each case in a manner materially adverse to the Lenders without the consent of Agent. The Bankruptcy Court shall have entered the Confirmation Order confirming the Plan of Reorganization, and all conditions precedent (other than the effectiveness of the financing contemplated under the Revolving Loan Credit Agreement and under this Agreement) to the effectiveness of the Plan of Reorganization shall have been satisfied (or waived with the consent of Agent with respect to any waiver that is, in the reasonable judgment of Agent, adverse in any material respect to the rights or interests of the Lenders). No motion, action or proceeding shall be pending against any Credit Party or any of their Subsidiaries by any creditor or other party in interest which materially and adversely affects or may reasonably be expected to materially and adversely affect the Plan of Reorganization or the Term Loans.

          (l) Representations and Warranties. As of the Closing Date, the representations and warranties contained herein and in the other Loan Documents shall be true

and correct in all material respects on and as of the Closing Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

          (m) No Default. As of the Closing Date, no event shall have occurred and be continuing that would constitute an Event of Default or a Default.

          (n) Patriot Act. Agent shall have received from the Credit Parties all documentation and other information required by Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, in each case to the extent requested in writing at least three (3) Business Days prior to the Closing Date.

     3.2 Further Conditions to Each Continuation/Conversion. Except as otherwise expressly provided herein, no Lender shall be obligated to convert or continue the Term Loans as a LIBOR Loan with a LIBOR Period longer than one (1) month, if, as of the date thereof (a) any Default or Event of Default has occurred and is continuing and (b) Agent or Requisite Lenders shall have determined not to convert or continue any portion of the Term Loans as a LIBOR Loan with a LIBOR Period longer than one (1) month as a result of that Default or Event of Default. The conversion or continuation of the Term Loans into, or as, a LIBOR Loan with a LIBOR Period longer than one (1) month shall be deemed to constitute, as of the date thereof, a representation and warranty by Borrower that the condition in this Section 3.2 have been satisfied.

4. REPRESENTATIONS AND WARRANTIES

     To induce Lenders to make the Term Loans, the Credit Parties executing this Agreement, jointly and severally, make the following representations and warranties to Agent and each Lender with respect to all Credit Parties, each and all of which shall survive the execution and delivery of this Agreement.

     4.1 Corporate Existence; Compliance with Law. Each Credit Party (a) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of its respective jurisdiction of incorporation or organization set forth in Schedule (4.1); (b) is duly qualified to conduct business and is in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not result in exposure to losses, damages or liabilities which could, in the aggregate, reasonably be expected to result in a Material Adverse Effect; (c) has the requisite power and authority, except to the extent the failure to do so could not reasonably be expected to result in a Material Adverse Effect, and the legal right to own and operate in all material respects its properties, to lease the property it operates under lease and to conduct its business in all material respects as now, heretofore and proposed to be conducted and has the requisite power and authority and the legal right to pledge, mortgage, hypothecate or otherwise encumber the Collateral; (d) subject to specific representations regarding Environmental Laws, has all material licenses, permits, consents or approvals from or by, and has made all material filings with, and has given all material notices

to, all Governmental Authorities having jurisdiction, to the extent required for such ownership, operation and conduct; (e) is in compliance with its charter and bylaws or partnership or operating agreement, as applicable; and (f) subject to specific representations set forth herein regarding ERISA, Environmental Laws, tax and other laws, is in compliance with all applicable provisions of law, except where the failure to comply, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

     4.2 Jurisdiction of Organization; Chief Executive Offices; Collateral Locations; FEIN. As of the Closing Date, each Credit Party’s name as it appears in official filings in its state of incorporation or organization, organization type, organization number, if any, issued by its state of incorporation or organization and the current location of each Credit Party’s jurisdiction of organization, chief executive office, principal place of business and the warehouses and premises at which any Collateral is located are set forth in Schedule (4.2), except as set forth on such schedule, none of such locations has changed within the four (4) months preceding the Closing Date and each Credit Party has only one state of incorporation or organization. In addition, Schedule (4.2) lists the federal employer identification number and organizational identification number, if any, of each Credit Party.

     4.3 Corporate Power; Authorization; Enforceable Obligations. The execution, delivery and performance by each Credit Party of the Loan Documents to which it is a party and the creation of all Liens provided for therein: (a) are within such Person’s power; (b) have been duly authorized by all necessary corporate, limited liability company or limited partnership action; (c) do not contravene any provision of such Person’s charter, bylaws or partnership or operating agreement as applicable; (d) do not violate any law or regulation, or any order or decree of any court or Governmental Authority; (e) do not conflict with or result in the breach or termination of, constitute a default under or accelerate or permit the acceleration of any performance required by, any material indenture, mortgage, deed of trust, material lease, loan agreement or other instrument to which such Person is a party or by which such Person or any of its property is bound; (f) do not result in the creation or imposition of any Lien upon any of the property of such Person other than those in favor of Agent, on behalf of itself and Lenders, pursuant to the Loan Documents (and the Liens securing the Revolver Loan Obligations); and (g) do not require the consent or approval of any Governmental Authority or any other Person, except (i) those referred to in Section 3.1, all of which will have been duly obtained, made or complied with prior to the Closing Date, (ii) the filings referred to in Section 4.25 and (iii) consents, authorizations, filings and notices obtained or made in the ordinary course of business (except with respect to the incurrence and repayment of the Loans, the Liens granted under the Collateral Documents or any other material rights of Agent and the Lenders under the Loan Documents). Each of the Loan Documents shall be duly executed and delivered by each Credit Party that is a party thereto and, each such Loan Document shall constitute a legal, valid and binding obligation of such Credit Party enforceable against it in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).

     4.4 Financial Statements and Business Plan. Except for the Business Plan, all Financial Statements concerning Borrower and its Subsidiaries that are referred to below have

been prepared in accordance with GAAP consistently applied throughout the periods covered (except as disclosed therein and except, with respect to unaudited Financial Statements, for the absence of footnotes and normal year-end audit adjustments) and fairly present, in all material respects, the financial position of the Persons covered thereby as at the dates thereof and the results of their operations and cash flows for the periods then ended.

          (a) Financial Statements. The following Financial Statements attached to a certificate of a Financial Officer of Borrower have been delivered on the Closing Date:

               (i) The audited consolidated balance sheets at December 31, 2009 and the related statements of income and cash flows of Borrower and its Subsidiaries for the Fiscal Years then ended, certified by PricewaterhouseCoopers LLP.

               (ii) The unaudited balance sheets at March 31, 2010 and June 30, 2010 and the related statements of income and cash flows of Borrower and its Subsidiaries for the Fiscal Quarters then ended.

               (iii) The unaudited balance sheets and related statements of income of Borrower and its Subsidiaries for the months ended July 31, 2010 and August 31, 2010.

          (b) Pro Forma. The Pro Forma delivered on the Closing Date and attached to a certificate of a Financial Officer of Borrower was prepared by Borrower giving Pro Forma Effect to the Related Transactions, was based on the unaudited consolidated balance sheets of Borrower and each of its Subsidiaries dated June 30, 2010 and was prepared in accordance with GAAP, with only such adjustments thereto as would be required in accordance with GAAP. The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of Borrower to be reasonable at the time made, it being acknowledged and agreed by the Lenders that (a) 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 by a material amount, (b) the financial and business projections furnished to Agent or the Lenders are subject to significant uncertainties and contingencies, which may be beyond the control of Borrower and its Subsidiaries, (c) no assurances are given by any of Borrower or its Subsidiaries that the results forecasted in the projections will be realized and (d) the actual results may differ from the forecasted results in such projections and such differences may be material.

          (c) Business Plan. The Business Plan delivered on the Closing Date and attached to a certificate of a Financial Officer of Borrower has been prepared by Borrower in light of the past operations of its business, and reflect monthly forecasts for the twelve month period commencing October 1, 2010 through September 30, 2011, and annual forecasts on a year-by-year basis thereafter through Fiscal Year 2017. The Business Plan is based upon the same accounting principles as those used in the preparation of the financial statements described above and the estimates and assumptions stated therein, all of which Borrower believes to be reasonable and fair in light of current conditions and current facts known to Borrower and, as of the Closing Date, reflect Borrower’s good faith estimates believed to be reasonable by Borrower at the time made of the future financial performance of Borrower for the period set forth therein.

The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of Borrower to be reasonable at the time made, it being acknowledged and agreed by the Lenders that (a) 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 by a material amount, (b) the financial and business projections furnished to Agent or the Lenders are subject to significant uncertainties and contingencies, which may be beyond the control of Borrower and its Subsidiaries, (c) no assurances are given by any of Borrower or its Subsidiaries that the results forecasted in the projections will be realized and (d) the actual results may differ from the forecasted results in such projections and such differences may be material.

          (d) Undisclosed Liabilities; Burdensome Restrictions. None of Borrower or its Restricted Subsidiaries has any material Guarantied Obligations, contingent liabilities or liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in this Section 4.4. During the period from August 31, 2010 to and including the Closing Date, there has been no disposition by any of Borrower or its Restricted Subsidiaries of any material part of its business or property. No Credit Party knows of any unusual or unduly burdensome restriction, restraint or hazard relative to the business or properties of the Credit Parties and their Restricted Subsidiaries that is not customary for or generally applicable to similarly situated businesses in the same industry as the Credit Parties and their Restricted Subsidiaries.

     4.5 Material Adverse Effect. Since the Closing Date, no event has occurred, that alone or together with other events, could reasonably be expected to have a Material Adverse Effect.

     4.6 Ownership of Property; Liens. As of the Closing Date, the real estate (“Real Estate”) listed in Schedule (4.6) constitutes all of the real property owned, leased, subleased, or used by any Credit Party. Each Credit Party owns fee simple title to all of its owned Real Estate, and valid leasehold interests in all of its leased Real Estate. Schedule (4.6) further describes any Real Estate with respect to which any Credit Party is a lessor, sublessor or assignor as of the Closing Date. Each Credit Party also has title to, or valid leasehold interests in, all of its personal property and assets. As of the Closing Date, none of the properties and assets of any Credit Party are subject to any Liens other than Permitted Encumbrances, and there are no facts, circumstances or conditions known to any Credit Party that may result in any Liens (including Liens arising under Environmental Laws) other than Permitted Encumbrances. Each Credit Party has received all deeds, assignments, waivers, consents, nondisturbance and attornment or similar agreements, bills of sale and other documents, and has duly effected all recordings, filings and other actions necessary to establish, protect and perfect such Credit Party’s right, title and interest in and to all such Real Estate and other properties and assets. Schedule (4.6) also describes any purchase options, rights of first refusal or other similar contractual rights, if any, pertaining to any material Real Estate. As of the Closing Date, all of the Collateral (including, without limitation, Inventory, Equipment, books and records) is at one or more of the locations listed on Schedule (4.6) or is in-transit between such locations. As of the Closing Date, no portion of any Credit Party’s Real Estate has suffered any material damage by fire or other

casualty loss that has not heretofore been repaired and restored in all material respects to its original condition or otherwise remedied.

     4.7 Labor Matters. Except as set forth on Schedule (4.7) or as could not reasonably be expected to result in a Material Adverse Effect, (a) no strikes or other material labor disputes against any Credit Party or any Restricted Subsidiary of any Credit Party are pending or, to any Credit Party’s knowledge, threatened; (b) hours worked by and payment made to employees of each Credit Party and each Restricted Subsidiary of any Credit Party comply with the Fair Labor Standards Act and each other federal, state, local or foreign law applicable to such matters; (c) all payments due from any Credit Party or any Restricted Subsidiary of any Credit Party for employee health and welfare insurance have been paid or accrued as a liability on the books of such Credit Party or such Restricted Subsidiary; (d) there is no organizing activity involving any Credit Party or any Restricted Subsidiary of any Credit Party pending or, to any Credit Party’s knowledge, threatened by any labor union or group of employees; (e) there are no representation proceedings pending or, to any Credit Party’s knowledge, threatened with the National Labor Relations Board or any other applicable labor relations board, and no labor organization or group of employees of any Credit Party or any Restricted Subsidiary of any Credit Party has made a pending demand for recognition; and (f) there are no material complaints or charges against any Credit Party or any Restricted Subsidiary of any Credit Party pending or, to the knowledge of any Credit Party, threatened to be filed with any Governmental Authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of employment by any Credit Party or any Restricted Subsidiary of any Credit Party of any individual.

     4.8 Subsidiaries and Joint Ventures. As of the Closing Date, (a) Schedule (4.8) sets forth the name and jurisdiction of incorporation of each Subsidiary and Joint Venture of Borrower and, as to each such Subsidiary and Joint Venture, the percentage of each class of Stock owned by any Credit Party and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Stock of Borrower or any Subsidiary, except as created by the Loan Documents and the Revolving Loan Credit Documents.

     4.9 Government Regulation. No Credit Party is an “investment company” or a company controlled by an “investment company,” as such terms are defined in the Investment Company Act of 1940. The making of the Term Loans by Lenders to Borrower, the application of the proceeds thereof and repayment thereof and the consummation of the Related Transactions will not violate any provision of any such statute or any rule, regulation or order issued by the SEC or any other securities regulation authority or securities exchange.

     4.10 Margin Regulations. No Credit Party is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” as such terms are defined in Regulation U of the Federal Reserve Board as now and from time to time hereafter in effect (such securities being referred to herein as “Margin Stock”). No Credit Party owns any Margin Stock, and none of the proceeds of the Term Loans or other extensions of credit under this Agreement will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the

purpose of reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause any of the Term Loans or other extensions of credit under this Agreement to be considered a “purpose credit” within the meaning of Regulations T, U or X of the Federal Reserve Board. No Credit Party will take or permit to be taken any action that might cause any Loan Document to violate any regulation of the Federal Reserve Board.

     4.11 Taxes. All Federal and other material tax returns, reports and statements, including information returns, required by any Governmental Authority to be filed by any Credit Party or any Restricted Subsidiary have been filed (after giving effect to any extensions) with the appropriate Governmental Authority, and all Taxes have been paid prior to the date on which any fine, penalty, interest or late charge may be added thereto for nonpayment thereof excluding Taxes or other amounts being contested in accordance with Section 6.2(b). Except as described in Schedule (4.11), each Credit Party and each Restricted Subsidiary has withheld from its respective employees for all periods all material Taxes required to have been withheld pursuant to all applicable federal, state, local and foreign laws and such withholdings have been timely paid to the respective Governmental Authorities. Schedule (4.11) sets forth as of the Closing Date those taxable years for which any Credit Party’s or Restricted Subsidiary’s tax returns are currently being audited by the IRS or any other applicable Governmental Authority, and any assessments or threatened assessments (in writing) in connection with such audit, or otherwise currently outstanding. Except as described in Schedule (4.11), as of the Closing Date, no Credit Party or any Restricted Subsidiary has executed or filed with the IRS or any other domestic or foreign Governmental Authority any agreement or other document extending, or having the effect of extending, the period for assessment or collection of any Charges or Taxes. Except as described on Schedule (4.11), as of the Closing Date, none of the Credit Parties, Restricted Subsidiaries and their respective predecessors is liable for any Charges: (a) under any agreement (including any tax sharing agreements other than those solely among Credit Parties and their Restricted Subsidiaries) or (b) to each Credit Party’s knowledge, as a transferee. Except as described on Schedule (4.11), as of the Closing Date, no Credit Party has agreed or been requested to make any adjustment under IRC Section 481(a), by reason of a change in accounting method or otherwise, which would reasonably be expected to have a Material Adverse Effect.

     4.12 ERISA.

          (a) Borrower has previously delivered or made available to Agent all Pension Plans (including Title IV Plans and Multiemployer Plans) and all Retiree Welfare Plans, as now in effect. Except with respect to Multiemployer Plans, each Qualified Plan has either received a favorable determination letter from the IRS or may rely on a favorable opinion letter issued by the IRS, and to the knowledge of any Credit Party nothing has occurred that would be reasonably expected to cause the loss of such qualification or tax-exempt status. Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the IRC and its terms, including the timely filing of all reports required under the IRC or ERISA. Except as has not resulted, or could not reasonably be expected to result, in an ERISA Lien (whether or not perfected), neither any Credit Party nor ERISA Affiliate has failed to make any material contribution or pay any material amount due as required by either Section 412 of the IRC or Section 302 of ERISA or the terms of any such Plan. No “prohibited transaction,” as defined in Section 406 of ERISA and

Section 4975 of the IRC, has occurred with respect to any Plan that would subject any Credit Party to a material tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the IRC.

          (b) Except as could not reasonably be expected to have a Material Adverse Effect: (i) no Title IV Plan or Foreign Plan has any material Unfunded Pension Liability; (ii) no ERISA Event has occurred or to the knowledge of any Credit Party is reasonably expected to occur; (iii) there are no pending, or to the knowledge of any Credit Party, threatened material claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Plan or any Person as fiduciary or sponsor of any Plan; (iv) no Credit Party or ERISA Affiliate has incurred or reasonably expects to incur any material liability as a result of a complete or partial withdrawal from a Multiemployer Plan; and (v) within the last five years no Title IV Plan of any Credit Party or ERISA Affiliate has been terminated, whether or not in a “standard termination” as that term is used in Section 4041 of ERISA, nor has any Title IV Plan of any Credit Party or any ERISA Affiliate (determined at any time within the last five years) with material Unfunded Pension Liabilities been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of any Credit Party or ERISA Affiliate (determined at such time).

          (c) Each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and all applicable requirements of applicable law and has been maintained, where required, in good standing with applicable regulatory authorities, except for any noncompliance which could not reasonably be expected to result in a Material Adverse Effect. Neither Borrower nor any Restricted Subsidiary has incurred any obligation in connection with the termination of or withdrawal from any Foreign Plan, except as could not reasonably be expected to result in a Material Adverse Effect.

     4.13 No Litigation. No action, claim, lawsuit, demand, investigation or proceeding is now pending or, to the knowledge of any Credit Party, threatened in writing against any Credit Party or any Restricted Subsidiary of any Credit Party, before any Governmental Authority or before any arbitrator or panel of arbitrators (collectively, “Litigation”), (a) that challenges such Credit Party’s right or power to enter into or perform any of its obligations under the Loan Documents to which it is a party, or the validity or enforceability of any Loan Document or any action taken thereunder, or (b) that has a reasonable risk of being determined adversely to any Credit Party or any Restricted Subsidiary of any Credit Party and that, if so determined, could reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule (4.13), as of the Closing Date there is no Litigation pending or, to any Credit Party’s knowledge, threatened in writing, that seeks damages in excess of $5,000,000 or injunctive relief against, or alleges criminal misconduct of, any Credit Party or any Restricted Subsidiary of any Credit Party.

     4.14 Brokers. Except as set forth on Schedule (4.14), no broker or finder brought about the obtaining, making or closing of the Term Loans or the Related Transactions, and no Credit Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.

     4.15 Intellectual Property. As of the Closing Date, each Credit Party owns or has rights to use all Intellectual Property necessary to continue to conduct its business as now conducted by it and material to such Credit Party’s business, taken as a whole, except where failure to so own or have rights could not reasonably be expected to result in a Material Adverse Effect. Each issued or applied-for Patent, registered or applied-for Trademark, registered or applied-for Copyright owned by any Credit Party is listed, together with application or registration numbers, as applicable, on Schedule (4.15). Schedule (4.15) also sets forth a list of Licenses that are material to each Credit Party’s business as now conducted by it. To the best of Borrower’s knowledge, each Credit Party conducts its business and affairs without infringement of any Intellectual Property of any other Person that could reasonably be expected to result in a Material Adverse Effect. Except as set forth in Schedule (4.15), no Credit Party is aware of any material infringement claim by any other Person with respect to any material Intellectual Property owned by such Credit Party.

     4.16 Full Disclosure. No information contained in this Agreement, any of the other Loan Documents, Financial Statements or Collateral Reports or other written reports from time to time prepared by any Credit Party (other than the projections referred to below and information of a general economic or industry nature) and delivered hereunder or any written statement prepared by any Credit Party and furnished (taken as a whole) by or on behalf of any Credit Party to Agent or any Lender pursuant to the terms of this Agreement contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which they were made (after giving effect to all supplements and updates thereto). The Business Plans from time to time delivered hereunder are or will be based upon the estimates and assumptions stated therein, all of which Borrower believed at the time of delivery to be reasonable and fair in light of current conditions and current facts known to Borrower as of such delivery date, and reflect Borrower’s good faith estimates of the future financial performance of Borrower and its Subsidiaries and of the other information projected therein for the period set forth therein. Such Business Plan is not a guaranty of future performance and actual results may differ from those set forth in such Business Plan. The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of Borrower to be reasonable at the time made, it being acknowledged and agreed by Agent and the Lenders that (a) 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 by a material amount, (b) the financial and business projections furnished to Agent or the Lenders are subject to significant uncertainties and contingencies, which may be beyond the control of Borrower and its Subsidiaries, (c) no assurances are given by any of Borrower or its Subsidiaries that the results forecasted in the projections will be realized and (d) the actual results may differ from the forecasted results in such projections and such differences may be material.

     4.17 Environmental Matters.

          (a) Except as set forth in Schedule (4.17), as of the Closing Date: (i) the Real Estate of each Credit Party and each of their Restricted Subsidiaries is free of contamination from any Hazardous Material except for such contamination that would not result in

Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; (ii) no Credit Party nor any Restricted Subsidiary of any Credit Party has caused or suffered to occur any material Release of Hazardous Materials on, at, in, under, above, to, from or about any of its Real Estate except for such Release of Hazardous Materials that would not result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; (iii) the Credit Parties and each of their Restricted Subsidiaries are and have, for the past eight (8) years, been in compliance with all Environmental Laws, except for such noncompliance that would not result in Environmental Liabilities which could reasonably be expected to have a Material Adverse Effect; (iv) the Credit Parties and each of their Restricted Subsidiaries (A) have obtained, (B) possess as valid, uncontested and in good standing, and (C) are in compliance with all Environmental Permits required by Environmental Laws for the operation of their respective businesses as presently conducted or as proposed to be conducted, except where the failure to so obtain, possess or comply with such Environmental Permits would not result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; (v) to the best of Borrower’s knowledge there is no Litigation arising under or related to any Environmental Laws, Environmental Permits or Hazardous Material that seeks damages, penalties, fines, costs or expenses the payment of which could reasonably be expected to have a Material Adverse Effect or injunctive relief which could reasonably be expected to have a Material Adverse Effect against, or that alleges criminal misconduct by, any Credit Party or any Restricted Subsidiary of any Credit Party; (vi) no written notice has been received by any Credit Party or any Restricted Subsidiary of any Credit Party identifying it as a “potentially responsible party” or requesting information under CERCLA or analogous state statutes, except for such notice that would not result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; and (vii) the Credit Parties and each of their Restricted Subsidiaries have provided to Agent copies of existing environmental reports, reviews and audits and written information sufficient, along with Schedule (4.17), to disclose actual or potential material Environmental Liabilities, in each case relating to any Credit Party or any Restricted Subsidiary of any Credit Party.

          (b) Each Credit Party hereby acknowledges and agrees that none of Agent, any other secured party under the Loan Documents or any of their respective officers, directors, employees, attorneys, agents and representatives (i) is now, or has ever been, in control of any of the Real Estate or any Credit Party’s or any Restricted Subsidiary of any Credit Party’s affairs, and (ii) has the capacity or the authority through the provisions of the Loan Documents or otherwise to direct or influence any (A) Credit Party’s or any Restricted Subsidiary of any Credit Party’s conduct with respect to the ownership, operation or management of any of its Real Estate, (B) undertaking, work or task performed by any employee, agent or contractor of any Credit Party or any Restricted Subsidiary of any Credit Party or the manner in which such undertaking, work or task may be carried out or performed, or (C) compliance of any Credit Party or any Restricted Subsidiary of any Credit Party with Environmental Laws or Environmental Permits.

     4.18 Insurance. Borrower has previously delivered or made available to Agent lists of all insurance policies of any nature maintained, as of the Closing Date, for current occurrences by each Credit Party and each Restricted Subsidiary, as well as a summary of the material terms of each such policy.

     4.19 Deposit Accounts. Schedule (4.19) lists all banks and other financial institutions at which any Credit Party maintains deposit or other accounts as of the Closing Date and such Schedule correctly identifies the name of each depository, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor.

     4.20 Government Contracts. Except as set forth in Schedule (4.20), as of the Closing Date, no Credit Party is a party to any material contract with any Governmental Authority which are customers of a Credit Party and no Credit Party’s Accounts are subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any similar state or local law.

     4.21 Customer and Trade Relations. As of the Closing Date, there exists no actual or, to the knowledge of Borrower, threatened termination or cancellation of, or any material adverse modification or change in, the business relationship of any Credit Party or any Restricted Subsidiary of any Credit Party with any customer or group of customers that could reasonably be expected to result in a Material Adverse Effect.

     4.22 Bonding. Except as set forth on Schedule (4.22), as of the Closing Date, no Credit Party is a party to or bound by any surety bond agreement or bonding requirement with respect to products or services sold by it.

     4.23 Intentionally Omitted.

     4.24 No Default. No Credit Party and none of its Restricted Subsidiaries are in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

     4.25 Creation and Perfection of Security Interests.

          (a) The Security Agreement is effective to create in favor of Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), a legal and valid security interest in the Collateral described therein and proceeds thereof. In the case of the portion of the pledged Collateral consisting of the certificated securities represented by the certificates described in the Pledge Agreement, when stock certificates representing such pledged Collateral are delivered to Agent and such stock certificates are held in New York, and in the case of the other Collateral described in the Security Agreement, when financing statements and other filings specified on Schedule (4.25(a)) in appropriate form are filed in the offices specified on Schedule (4.25(a)), the Security Agreement shall constitute a fully perfected Lien under the Code on, and security interest in, all right, title and interest of the Credit Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Security Agreement), in each case prior and superior (subject to the Intercreditor Agreement) in right to any other Person (except, in the case of Collateral, Liens permitted by Section 7.7).

          (b) Each of the Mortgages is effective to create in favor of Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof, and when the Mortgages are filed in the offices specified on Schedule (4.25(b)), each such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the

Credit Parties in the Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to any other Person (other than applicable Liens permitted by Section 7.7 and listed as exceptions in the applicable title insurance policy with respect thereto), subject to the terms of the Intercreditor Agreement. Schedule (4.25(b)) lists, as of the Closing Date, each parcel of owned real property located in the United States and held by Borrower or any of its Restricted Subsidiaries that has a value, in the reasonable opinion of Borrower, in excess of $2,500,000.

     4.26 Intentionally Omitted.

     4.27 Solvency. Immediately after giving effect to (a) the Term Loans to be made or incurred on the Closing Date, (b) the disbursement of proceeds of such Term Loans pursuant to the instructions of Borrower, (c) the Refinancing and the consummation of the other Related Transactions and (d) the payment and accrual of all transaction costs in connection with the foregoing, the Credit Parties, taken as a whole, are and will be Solvent.

     4.28 Material Contracts. Except as otherwise set forth on Schedule (4.28), as of the Closing Date, except as could not reasonably be expected to have a Material Adverse Effect, none of the Credit Parties which are party to any Material Contract is in default or alleged to be in default under any Material Contract, and no asserted or, to the best knowledge of Borrower, unasserted claim or dispute under any Material Contract exists that could reasonably be expected to have a Material Adverse Effect.

     4.29 Foreign Assets Control Regulations and Anti-Money Laundering. Each Credit Party and each Subsidiary of each Credit Party is and will remain in compliance in all material respects with all United States economic sanctions, laws, executive orders and implementing regulations as promulgated by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”), and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant to it. No Credit Party and no Subsidiary of a Credit Party (a) is a Person designated by the United States government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a United States Person cannot deal with or otherwise engage in business transactions, (b) is a Person who is otherwise the target of United States economic sanctions laws such that a United States Person cannot deal or otherwise engage in business transactions with such Person or (c) is controlled by (including, without limitation, by virtue of such Person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any Person on the SDN List or a foreign government that is the target of United States economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under United States law.

     4.30 Patriot Act. Each Credit Party, each of its Subsidiaries and each of its Affiliates are in compliance with (a) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, (b) the USA PATRIOT ACT (Title 111 of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and (c) other federal or state laws relating to “know your customer” and anti-money laundering rules and regulations. Borrower shall use the proceeds of the Term Loans only as

provided in Section 2.4. No part of the proceeds of the Term Loans will be used directly or indirectly for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977.

     4.31 Regulation H. Except as set forth on Schedule (4.31), no Mortgaged Property is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has not been made available under the National Flood Insurance Act of 1968.

     4.32 Holding Company. Except as permitted by the immediately succeeding sentence of this Section 4.32, no Foreign Stock Holding Company owns or leases, directly or indirectly, any real, personal, intangible or tangible property of any nature, other than the Stock of its Foreign Subsidiaries and other Foreign Stock Holding Companies and ownership or leases of immaterial assets as incidental to maintaining its operations, including, without limitation, as to branch offices. Except as permitted by Section 7.21, no Foreign Stock Holding Company conducts, transacts or otherwise engages in any material business or operations other than (a) those incidental to the ownership of such Stock of its Foreign Subsidiaries, (b) actions required to maintain its existence, (c) activities incidental to its maintenance and continuance and to the foregoing activities and (d) making loans, advances or other Investments in Borrower and its Subsidiaries to the extent permitted by Section 7.2. No Foreign Stock Holding Company has any material obligations or liabilities other than under the Loan Documents and the Revolving Loan Credit Documents.

     4.33 Plan of Reorganization. The Bankruptcy Court has entered an order, in form and substance reasonably satisfactory to Agent (the “Confirmation Order”), confirming the Plan of Reorganization, there have been no amendments or other changes to the Plan of Reorganization that would increase the amount to be paid, shorten the time for payment or otherwise be materially adverse to the Lenders unless otherwise agreed to by Agent. The Confirmation Order has not been stayed, and no motion for rehearing or reconsideration, no notice of appeal from the Confirmation Order nor any motion to set aside or vacate the Confirmation Order has been filed, and the Effective Date under (and as defined in) the Plan of Reorganization has occurred.

5.

FINANCIAL STATEMENTS AND INFORMATION

     5.1 Financial Reports and Notices. Each Credit Party executing this Agreement hereby agrees that from and after the Closing Date and until the Termination Date, it shall deliver to Agent or to Agent and Lenders, as required, the following Financial Statements, notices, Business Plans and other information at the times, to the Persons and in the manner set forth below:

          (a) Monthly Financials. (i) To Agent and Lenders, within thirty (30) days after the end of each Fiscal Month other than the last Fiscal Month of the Fiscal Year commencing with the Fiscal Month ending October 31, 2010 (or forty-five (45) days after the last month in each Fiscal Quarter), financial information regarding Borrower and its consolidated Subsidiaries, certified by a Financial Officer of Borrower, consisting of consolidated

(i) unaudited balance sheets as of the close of such Fiscal Month and the related statements of income for that portion of the Fiscal Year ending as of the close of such Fiscal Month and (ii) unaudited statements of income for such Fiscal Month, setting forth in comparative form the figures for the corresponding period in the prior year and the figures contained in the Business Plan for such Fiscal Year. Such financial information shall be accompanied by the certification of a Financial Officer of Borrower that such financial information and any other information presented is true, correct and complete in all material respects and that there was no Default or Event of Default has occurred and is continuing as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default.

          (b) Quarterly Financials. To Agent and Lenders, within forty-five (45) days after the end of the first three Fiscal Quarters of each Fiscal Year, consolidated financial information regarding Borrower and its consolidated Subsidiaries, certified by a Financial Officer of Borrower, including (i) unaudited balance sheets as of the close of such Fiscal Quarter and the related statements of income and cash flow for that portion of the Fiscal Year ending as of the close of such Fiscal Quarter and (ii) unaudited statements of income and cash flows for such Fiscal Quarter, in each case setting forth in comparative form the figures for the corresponding period in the prior year and the figures contained in the Business Plan for such Fiscal Year, all prepared in accordance with GAAP (subject to normal year-end adjustments). Such financial information shall be accompanied by (A) a statement in reasonable detail (each, a “Compliance Certificate”) showing the calculations used in determining compliance with each of the Financial Covenants that is tested on a quarterly basis and (B) the certification of a Financial Officer of Borrower that (i) such financial information fairly presents, in all material respects in accordance with GAAP (except as approved by accountants or officers, as the case may be, and disclosed in reasonable detail therein, including the economic impact of such exception (it being understood that any financial covenants or tests under this Agreement shall be calculated without giving effect to any such non-compliance with GAAP), and subject to normal year-end adjustments and the absence of footnote disclosure), the financial position, results of operations and statements of cash flows of Borrower and its Subsidiaries, on a consolidated basis, as at the end of such Fiscal Quarter and for that portion of the Fiscal Year then ended, (ii) any other information presented is true, correct and complete in all material respects and that there was no Default or Event of Default has occurred and is continuing as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default. In addition, Borrower shall deliver to Agent and Lenders, within forty-five (45) days after the end of each Fiscal Quarter, a management discussion and analysis that includes a comparison to budget for that Fiscal Quarter and a comparison of performance for that Fiscal Quarter to the corresponding period in the prior year.

          (c) Annual Audited Financials. To Agent and Lenders, within ninety (90) days after the end of each Fiscal Year, audited Financial Statements for Borrower and its consolidated Subsidiaries on a consolidated basis consisting of balance sheets and statements of income and retained earnings and cash flows, setting forth in comparative form in each case the figures for the previous Fiscal Year, which Financial Statements shall be prepared in accordance with GAAP (except as approved by accountants or officers, as the case may be, and disclosed in reasonable detail therein, including the economic impact of such exception (it being understood

that any financial covenants or tests under this Agreement shall be calculated without giving effect to any such non-compliance with GAAP)) and certified without qualification as to going-concern or qualification arising out of the scope of the audit (except that such opinion may be qualified with a “going concern” or like qualification or exception solely as a result of the impending Commitment Termination Date or the termination date under the Revolving Loan Credit Agreement), by an independent certified public accounting firm of national standing or otherwise acceptable to Agent. Such Financial Statements shall be accompanied by (i) a statement prepared in reasonable detail showing the calculations used in determining compliance with each of the Financial Covenants and internal management reporting showing operating results by “product group”, (ii) a report from such accounting firm to the effect that, in connection with their audit examination, nothing has come to their attention to cause them to believe that a Default or Event of Default has occurred with respect to the Financial Covenants (or specifying those Defaults and Events of Default that they became aware of), it being understood that such audit examination extended only to accounting matters and that no special investigation was made with respect to the existence of Defaults or Events of Default and (iii) the certification of a Financial Officer of Borrower that all such Financial Statements fairly present, in all material respects in accordance with GAAP, the financial position, results of operations and statements of cash flows of Borrower and each of its Subsidiaries on a consolidated basis, as at the end of such Fiscal Year and for the period then ended, and that no Default or Event of Default has occurred and is continuing as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default.

     Notwithstanding the financial statement reporting periods set forth in clauses (a), (b) and (c) above and the related comparable prior period comparative forms, Borrower may deliver or cause to be delivered such financial statements as are prescribed under GAAP taking into account Borrower’s “fresh start” accounting as applicable in connection with the effectiveness of the Plan of Reorganization.

     Information required to be delivered pursuant to this Sections 5.1(a), (b) or (c) shall be deemed to have been delivered to Agent and the Lenders on the date on which Borrower provides written notice to Agent that such information has been posted on Borrower’s website on the Internet at http://www.visteon.com or is available via the EDGAR system of the SEC on the Internet (to the extent such information has been posted or is available as described in such notice). Information required to be delivered pursuant to this Section 5.1 may also be delivered by electronic communication pursuant to procedures approved hereunder.

          (d) Business Plan. To Agent and Lenders, as soon as available, but not later than forty-five (45) days after the end of each Fiscal Year, an annual business plan for Borrower, on a consolidated basis, approved by the board of directors of Borrower for the following Fiscal Year, which (i) includes a statement of all of the material assumptions on which such plan is based, (ii) includes quarterly balance sheets, income statements and statements of cash flows for the following year and (iii) integrates sales, gross profits, operating expenses, operating profit, cash flow projections, all prepared on the same basis and in similar detail as that on which operating results are reported (and in the case of cash flow projections, representing management’s good faith estimates of future financial performance based on historical performance), and including plans for personnel, Capital Expenditures and facilities. The

projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of Borrower to be reasonable at the time made, it being acknowledged and agreed by the Lenders that (a) 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 by a material amount, (b) the financial and business projections furnished to Agent or the Lenders are subject to significant uncertainties and contingencies, which may be beyond the control of Borrower and its Subsidiaries, (c) no assurances are given by any of Borrower or its Subsidiaries that the results forecasted in the projections will be realized and (d) the actual results may differ from the forecasted results in such projections and such differences may be material.

          (e) Management Letters. To Agent and Lenders, within five (5) Business Days after receipt thereof by any Credit Party, copies of all final management letters, exception reports or similar letters or reports received by such Credit Party from its independent certified public accountants.

          (f) Default Notices. To Agent and Lenders, as soon as practicable, and in any event within five (5) Business Days after a Financial Officer of Borrower has actual knowledge of the existence of any Default, Event of Default or other event that has had a Material Adverse Effect, telephonic or telecopied or electronic notice specifying the nature of such Default or Event of Default or other event, including the anticipated effect thereof, which notice, if given telephonically, shall be promptly confirmed in writing on the next Business Day.

          (g) SEC Filings and Press Releases. To Agent and Lenders, promptly upon their becoming available, copies of: (i) all Financial Statements, reports, notices and proxy statements made publicly available by any Credit Party to its security holders (in their capacity as such); and (ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by any Credit Party with any securities exchange or with the SEC or any governmental or private regulatory authority; provided, that in each case, such delivery shall be deemed to have been made upon delivery of notice to Agent that such statements and reports are available via the EDGAR System of the SEC on the Internet.

          (h) Intentionally Omitted.

          (i) Litigation. To Agent in writing, promptly upon learning thereof, notice of any Litigation commenced or threatened in writing against any Credit Party that (i) could reasonably be expected to result in damages in excess of $50,000,000 (net of insurance coverages for such damages), (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan or any Foreign Plan, its fiduciaries or its assets or against any Credit Party or ERISA Affiliate in connection with any Plan or Foreign Plan or (iv) involves any product recall that could reasonably be expected to have a Material Adverse Effect.

          (j) Insurance Notices. To Agent, disclosure of losses or casualties required by Section 6.4.

          (k) Other Documents. To Agent and Lenders, such other financial and other information respecting any Credit Party’s or any Subsidiary of any Credit Party’s business or financial condition as Agent or any Lender shall from time to time reasonably request.

          (l) Intentionally Omitted.

          (m) Environmental Matters. To Agent, notice of any matter under any Environmental Law that has resulted or could reasonably be expected to result in a Material Adverse Effect, including arising out of or resulting from the commencement of, or any material adverse development in, any litigation or proceeding affecting any Credit Party or any Restricted Subsidiary, including pursuant to any applicable Environmental Laws or the assertion or occurrence of any alleged noncompliance by any Credit Party or as any of its Restricted Subsidiaries with any Environmental Law.

          (n) ERISA/Pension Matters. To Agent, notice of (i) the occurrence of any ERISA Event (or similar event with respect to a Foreign Plan) that has resulted or could reasonably be expected to result in a liability of Borrower and its Restricted Subsidiaries in an aggregate amount exceeding $5,000,000 and (ii) any “financial support direction or contribution notice” under any Foreign Plan (including, without limitation, the “Visteon UK Pension Plan”).

     5.2 Collateral Reporting. Each Credit Party executing this Agreement hereby agrees that, from and after the Closing Date and until the Termination Date, it shall deliver to Agent or to Agent and Lenders, as required, the following Collateral Reports at the times, to the Persons and in the manner set forth below:

          (a) To Agent, at the time of delivery of each of the quarterly or annual Financial Statements delivered pursuant to Section 5.1 a list of any applications for the registration of any Patent, Trademark or Copyright filed by any Credit Party with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in the prior Fiscal Quarter; and

          (b) Such other reports, statements and reconciliations with respect to the Collateral or Obligations of any or all Credit Parties as Agent shall from time to time request in its Permitted Discretion.

     5.3 Fresh Start Accounting Financial Statements. Within ninety (90) days of the Closing Date, Agent shall have received a pro forma consolidated balance sheet and any other applicable financial statements of Borrower and its Subsidiaries prepared on a fresh-start accounting basis as of the last date prior to the Closing Date for which financial statements are available. Within one-hundred eighty (180) days of the Closing Date, Agent shall have received a pro forma consolidated balance sheet and any other applicable financial statements of Borrower and its Subsidiaries prepared on a fresh-start accounting basis as of the last date prior to the Closing Date for which financial statements are available, together with a certificate from a Financial Officer of Borrower certifying that such balance sheet and other financial statements fairly present, in all material respects, the financial position of Borrower and its Subsidiaries, in accordance with GAAP subject to the absence of footnotes solely with respect to unaudited financial statements, as of such date.

6. AFFIRMATIVE COVENANTS

     Each Credit Party executing this Credit Agreement jointly and severally agrees as to all Credit Parties that from and after the Closing Date and until the Termination Date:

     6.1 Maintenance of Existence and Conduct of Business. Except as otherwise permitted under Section 7.1, each Credit Party shall, and shall cause each of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve and keep in full force and effect (a) its corporate existence and (b) its material rights and franchises except where the failure to maintain such material rights and franchises could not reasonably be expected to result in a Material Adverse Effect; continue to conduct its business substantially as now conducted or as otherwise permitted hereunder (including under Section 7.5); at all times maintain, preserve and protect all of its assets and properties used or useful in the conduct of its business, and keep the same in good repair, working order and condition in all material respects (taking into consideration ordinary wear and tear and except for casualties and condemnations) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with industry practices, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

     6.2 Payment of Charges and Taxes.

          (a) Subject to Section 6.2(b), each Credit Party shall pay and discharge or cause to be paid and discharged promptly all material Charges and Taxes (other than charges in an aggregate amount not to exceed $2,000,000) payable by it, including: (i) Charges and Taxes imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all Charges with respect to tax, social security, employer contributions and unemployment withholding with respect to its employees; (ii) lawful claims for labor, materials, supplies and services or otherwise; and (iii) all storage or rental charges payable to warehousemen or bailees, in each case, before any thereof shall become past due.

          (b) Each Credit Party may in good faith contest, by appropriate proceedings, the validity or amount of any Charges, Taxes or claims described in Section 6.2(a) and not pay or discharge such Charges, Taxes or claims while so contested; provided, that: (i) adequate reserves with respect to such contest are maintained on the books of such Credit Party, in accordance with GAAP; (ii) no Lien shall be imposed to secure payment of such Charges (other than payments to warehousemen and/or bailees or as permitted under Section 7.7) that is superior to any of the Liens securing the Obligations and such contest is maintained and prosecuted continuously and with diligence and operates to suspend collection or enforcement of such Charges; (iii) none of the Collateral becomes subject to forfeiture or loss as a result of such contest; (iv) such non-payment could not reasonably be expected to have a Material Adverse Effect; and (v) such Credit Party shall promptly pay or discharge such contested Charges, Taxes or claims and all additional charges, interest, penalties and expenses, if any, and shall deliver to Agent evidence reasonably acceptable to Agent of such compliance, payment or discharge, if such contest is terminated or discontinued adversely to such Credit Party or the conditions set forth in this Section 6.2(b) are no longer met.

     6.3 Books and Records. Each Credit Party shall keep adequate books and records

with respect to its business activities in which proper entries, reflecting all financial transactions, are made in accordance with GAAP and on a basis consistent with the Financial Statements provided on the Closing Date attached to a certificate of a Financial Officer of Borrower.

     6.4 Insurance; Damage to or Destruction of Collateral.

          (a) Borrower will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and reputable insurance companies insurance in such amounts and against such risks, as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or similar locations (after giving effect to any self-insurance reasonable and customary for similarly situated companies). Borrower will furnish to Agent, upon request, information in reasonable detail as to the insurance so maintained, including, without limitation, for any Mortgaged Property, Flood Insurance equal to the least of (i) the full, unpaid balance of the Term Loans and any prior liens on the Mortgaged Property, (ii) the maximum amount of coverage available under the National Flood Insurance Program for the particular type of building or (iii) the full insurable value of the building and/or its contents, in each case with deductibles customarily carried by businesses of the size, character and creditworthiness of the business of the Credit Parties.

          (b) Borrower will, and will cause each of the other Credit Parties to, at all times keep its property which constitutes Collateral insured in favor of Agent, and all policies or certificates (or certified copies thereof) with respect to such insurance (i) shall be endorsed to Agent’s reasonable satisfaction for the benefit of Agent (including, without limitation, by naming Agent as loss payee and/or additional insured) and (ii) shall state that such insurance policies shall not be canceled without at least thirty (30) days’ prior written notice thereof by the respective insurer to Agent (or at least ten (10) days’ prior written notice in the case of non-payment of premium).

          (c) If Borrower or any of its Subsidiaries shall fail to maintain insurance in accordance with this Section 6.4, or if Borrower or any of its Subsidiaries shall fail to so endorse all policies or certificates with respect thereto, Agent shall have the right, upon ten (10) days’ prior notice to Borrower (but shall be under no obligation), to procure such insurance and Borrower agrees to reimburse Agent for all reasonable costs and reasonable out-of-pocket expenses of procuring and maintaining such insurance.

          (d) Sections 6.4(b) and (c) shall only apply to insurance in respect of assets included in the Collateral; provided, however, Sections 6.4 (b) and (c) shall not apply to credit insurance.

          (e) Notwithstanding anything to the contrary contained in this Section 6.4, with respect to any Revolver Priority Collateral, the provisions of this Section 6.4 shall be subject to the terms and conditions of the Revolving Loan Credit Documents and the Intercreditor Agreement.

     6.5 Compliance with Laws and Contractual Obligations. Each Credit Party shall, and shall cause each of its Restricted Subsidiaries to, comply with all United States federal, state and local laws, regulations and decrees and all foreign laws, regulations and decrees, in each case,

applicable to it, including those relating to ERISA, and employment and labor matters (except those relating to Environmental Laws and Environmental Permits which are covered by Section 6.8), and its Contractual Obligations, except to the extent that the failure to comply, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

     6.6 Intentionally Omitted.

     6.7 Intellectual Property. Each Credit Party shall, and shall cause each of its Restricted Subsidiaries to, conduct its business and affairs without infringement of any Intellectual Property of any other Person that could reasonably be expected to result in a Material Adverse Effect and shall comply in all material respects with the terms of its Licenses.

     6.8 Environmental Matters.

          (a) Except in each of the following cases to the extent the failure to do so could not in the aggregate reasonably be expected to result in a Material Adverse Effect, each Credit Party shall, and shall (i) cause its Restricted Subsidiaries to, comply in all material respects with, and ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and (ii) use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all Environmental Permits.

          (b) Except to the extent the failure to do so could not in the aggregate reasonably be expected to result in a Material Adverse Effect, conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws.

     6.9 Real Estate Purchases. To the extent otherwise permitted hereunder, if any Credit Party proposes to acquire a fee ownership interest in Real Estate after the Closing Date, with a fair market purchase price in excess of $5,000,000, it shall first provide to Agent a mortgage or deed of trust granting Agent a first priority Lien (subject to Permitted Encumbrances) on such Real Estate (unless such Real Estate is Eligible Real Estate, in which case it will be a second priority Lien), together with existing environmental audits, Title Insurance (except insuring a first priority Lien, if applicable), a Mortgage Opinion, and, if required by Agent, Flood Insurance, and such other customary documents, instruments or agreements reasonably requested by Agent, in each case, in form and substance reasonably satisfactory to Agent; provided, that the foregoing shall not be required to the extent the Real Estate at issue is located outside of the United States and the granting of such mortgage or deed of trust would result in a material adverse tax consequence to any Credit Party or to the extent such mortgage is not permitted by applicable law; provided, however, that utilization of the net operating losses of the Credit Parties shall be excluded from Borrower’s determination of whether any mortgage would result in materially adverse tax consequences to the Credit Parties.

     6.10 Further Assurances. Each Credit Party executing this Agreement agrees that it shall and shall cause each other Credit Party to, at such Credit Party’s reasonable expense and upon the reasonable request of Agent, duly execute and deliver, or cause to be duly executed and

delivered, to Agent such further instruments and take all such further actions (including the authorization of filing and recording of Code financing statements (or any similar filings required under the foreign personal property security laws of Mexico), fixture filings, mortgages, deeds of trust and other documents, in each case, to the extent reasonably requested by Agent), which may be required under any applicable law, or which Agent may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created by the Collateral Documents or the validity or priority of any such Liens, all at the reasonable expense of the Credit Parties.

     6.11 Credit Ratings. Borrower shall use commercially reasonable efforts (a) to cause a public corporate credit rating and a facility rating (or the equivalents thereof) in respect of the Term Loans to be issued by S&P and Moody’s within 60 days of the Closing Date and to be maintained thereafter until the Commitment Termination Date and (b) to cause that each such rating is updated or confirmed at least once per year so long as S&P and Moody’s are providing such yearly updates and confirmations in the ordinary course.

     6.12 Interest Rate Protection. No later than ninety (90) days following the Closing Date and at all times thereafter until the third anniversary of the Closing Date, Borrower shall obtain and cause to be maintained protection against fluctuations in interest rates pursuant to one or more Swap Contracts (which may be successive one year Swap Contracts) in form and substance reasonably satisfactory to Agent, in order to ensure that no less than fifty percent (50%) of the aggregate principal amount of the total Indebtedness under the Term Loans then outstanding is either (i) subject to such Swap Contracts or (ii) Indebtedness that bears interest at a fixed rate.

     6.13 ERISA Matters. Each Credit Party executing this Agreement agrees that it shall and shall cause each other Credit Party and their Restricted Subsidiaries to timely make all contributions, pay all amounts due, and otherwise perform such actions necessary to cause the release of any Liens imposed under ERISA or Section 412 of the IRC or any similar provision under any Foreign Plan (each an “ERISA Lien”).

     6.14 Stock of First-Tier Foreign Subsidiaries. Except with respect to the Stock of Immaterial Subsidiaries and Excluded Domestic Subsidiaries, Borrower shall cause the Stock of each Foreign Subsidiary directly owned by Borrower or a Domestic Subsidiary now existing or hereafter created or acquired to be held directly or indirectly by a Foreign Stock Holding Company at all times; provided, however, Foreign Stock Holding Companies may hold the Stock of other Foreign Stock Holding Companies.

     6.15 New Subsidiaries.

          (a) Within ten (10) Business Days of the formation of any Restricted Subsidiary of any Credit Party, acquisition of a Restricted Subsidiary of any Credit Party or at any time a Subsidiary becomes a Restricted Subsidiary, Credit Parties, or any of them, as appropriate, shall (i) cause each such new Restricted Subsidiary that is a Domestic Subsidiary (other than an Excluded Domestic Subsidiary) to join this Agreement as a Credit Party by providing to Agent a joinder agreement, in form and substance reasonably satisfactory to Agent, (ii) cause each such new Restricted Subsidiary that is a Domestic Subsidiary (other than an

Excluded Domestic Subsidiary) to deliver to Agent a Guaranty, a supplement to the Security Agreement, a supplement to the Pledge Agreement, and such other security documents (including, without limitation, any mortgage, deed to secure debt or deed of trust where such Restricted Subsidiary owns real property and an appraisal (which shall be compliant with FIRREA to the extent required by applicable law as determined by Agent) and Flood Insurance with respect to any Mortgaged Property as required by Section 6.9, as applicable) reasonably requested by Agent, together with appropriate UCC-1 financing statements, all in form and substance reasonably satisfactory to Agent, (iii) with respect to all new Restricted Subsidiaries that are directly owned in whole or in part by a Credit Party, provide to Agent a supplement to the Pledge Agreement providing for the pledge of the direct and beneficial interests in such new Restricted Subsidiary (or, in the case of the pledge of a direct Foreign Subsidiary, sixty-five percent (65%) of the total combined voting power of all classes of the issued and outstanding voting Stock of such Foreign Subsidiary and one-hundred percent (100%) of the non-voting Stock of such Foreign Subsidiary) as shall be requested by Agent, together with appropriate certificates and powers or financing statements under the Code (or any similar document required under personal property security laws of Mexico) or other applicable personal property or moveable property registries or other documents necessary to perfect such pledge, in form and substance reasonably satisfactory to Agent, and (iv) provide to Agent all other customary and reasonable documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which in its opinion is appropriate and customary with respect to such execution and delivery of the applicable documentation referred to above. Upon execution and delivery of the joinder agreement by each new Restricted Subsidiary, such Restricted Subsidiary shall become a Credit Party hereunder with the same force and effect as if originally named as a Credit Party herein. The execution and delivery of the joinder agreement shall not require the consent of any Credit Party or Lender hereunder. The rights and obligations of each Credit Party hereunder shall remain in full force and effect notwithstanding the addition of any Credit Party hereunder. Any document, agreement or instrument executed or issued pursuant to this Section 6.15 shall be a “Loan Document” for purposes of this Agreement.

          (b) Notwithstanding anything to the contrary contained herein, neither Borrower nor any Subsidiary of Borrower shall be required to:

               (i) execute and deliver any joinder agreement, Guaranty or any other document or grant a Lien in any Stock or other property held by it if such action (A) is restricted or prohibited by general statutory limitations, financial assistance, corporate benefit, fraudulent preference, “thin capitalization” rules or similar principles, (B) would result in material adverse tax consequences; provided, however, that utilization of the net operating losses of the Credit Parties shall be excluded from Borrower’s determination of whether any such joinder, pledge, mortgage or other grant of security interest would result in material adverse tax consequences to the Credit Parties, (C) is not within the legal capacity of Borrower or such Subsidiary or would conflict with the fiduciary duties of its directors or contravene any legal prohibition or result in personal or criminal liability on the part of any officer or (D) for reasons of cost, legal limitations or other matters is unreasonably burdensome in relation to the benefits to the Lenders of Borrower’s or such Subsidiary’s guaranty or security; or

               (ii) pledge as Collateral any assets excluded therefrom pursuant to the relevant Collateral Documents (including, for the avoidance of doubt, more than 65% of the total

combined voting power of all classes of the issued and outstanding Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary directly owned by Borrower or any of the Credit Parties which is a Domestic Subsidiary.

     6.16 Designation of Subsidiaries. A Financial Officer of Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (a) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (b) immediately after giving effect to such designation, Borrower and its Restricted Subsidiaries shall be in compliance, on a Pro Forma Basis after giving effect to such designation, with the Financial Covenants (and, as a condition precedent to the effectiveness of any such designation, Borrower shall deliver to Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance), and (c) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted Subsidiary” for the purpose of the Revolving Loan Credit Agreement; provided, however, under no circumstances shall the aggregate amount of EBITDA of all Unrestricted Subsidiaries at any time exceed 10% of the EBITDA of Borrower and its Restricted Subsidiaries on a consolidated basis. The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by Borrower or the relevant Restricted Subsidiary (as applicable) therein at the date of designation in an amount equal to the fair market value of all of such Person’s assets and the Investment resulting from such designation must otherwise be in compliance with Section 7.2. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time. Notwithstanding anything to the contrary contained herein, none of the Foreign Stock Holding Companies, any “Borrower” (as defined under the Revolving Loan Credit Agreement) or any other Subsidiary listed on Schedule (6.16) as not being permitted to be an Unrestricted Subsidiary shall be designated as an Unrestricted Subsidiary. As of the Closing Date, the Unrestricted Subsidiaries of Borrower are set forth on Schedule (6.16).

     6.17 Post-Closing Matters. Execute and deliver the documents and complete the tasks set forth on Schedule (6.17), in each case within the time limits specified on such schedule, as such time limits may be extended from time to time by Agent in its sole and absolute discretion.

7. NEGATIVE COVENANTS

     Each Credit Party executing this Agreement jointly and severally agrees as to all Credit Parties and their respective Restricted Subsidiaries that from and after the Closing Date until the Termination Date:

     7.1 Mergers, Fundamental Changes, Etc. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, directly or indirectly, by operation of law or otherwise, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that:

          (a) any Subsidiary of Borrower may be merged or consolidated with or into Borrower (provided that Borrower shall be the continuing or surviving entity) or with or into any

Subsidiary Guarantor (provided that such Subsidiary Guarantor shall be the continuing or surviving entity);

          (b) any Subsidiary of Borrower that is not a Subsidiary Guarantor may be merged or consolidated with or into any other Subsidiary of Borrower that is not a Subsidiary Guarantor; provided that if one Subsidiary to such merger or consolidation is a Wholly Owned Subsidiary, the Wholly Owned Subsidiary shall be the continuing or surviving entity;

          (c) any Subsidiary of Borrower may Dispose of any or all of its assets (i) to Borrower or any Subsidiary Guarantor (upon voluntary liquidation or otherwise), (ii) to a Subsidiary that is not a Subsidiary Guarantor if the Subsidiary making the Disposition is not a Subsidiary Guarantor; provided that any such Disposition by a Wholly Owned Subsidiary must be to a Wholly Owned Subsidiary, or (iii) pursuant to a Disposition permitted by Section 7.8;

          (d) any Investment expressly permitted by Section 7.2 may be structured as a merger, consolidation or amalgamation;

          (e) any Subsidiary may be dissolved or liquidated so long as any Dispositions in connection with any such liquidation or dissolution are permitted under Section 7.1(c); and

          (f) any Permitted Restructuring Transactions shall be permitted.

     7.2 Investments; Loans and Advances. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, directly or indirectly, make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any Person (all of the foregoing, “Investments”), except:

          (a) extensions of trade credit granted in the ordinary course of business;

          (b) Investments in Cash Equivalents in the ordinary course of business in connection with the cash management activities of Borrower and its Subsidiaries;

          (c) Guarantied Obligations permitted by Section 7.3;

          (d) loans and advances to employees of any Group Member in the ordinary course of business (including for travel, entertainment and relocation expenses) in an aggregate amount for all Group Members not to exceed $2,000,000 at any one time outstanding;

          (e) intercompany Investments among the Credit Parties;

          (f) intercompany Investments by Subsidiaries which are not Credit Parties (including, without limitation, Foreign Subsidiaries) in Credit Parties and intercompany Investments by Subsidiaries which are not Credit Parties (including, without limitation, Foreign Subsidiaries) in other Subsidiaries which are not Credit Parties (including, without limitation, Foreign Subsidiaries);

          (g) intercompany loans from Credit Parties to Subsidiaries which are not Credit Parties in an aggregate amount, as of any date, not to exceed the sum (such sum, the “Non-Credit Party Intercompany Debt Basket”) of (i) $150,000,000 in the aggregate plus (ii) an amount (such amount, the “Investment Available Amount”) equal to the sum of (A) cash intercompany loans or cash dividends from Subsidiaries which are not Credit Parties received by Credit Parties after the Closing Date and repayment in cash by Subsidiaries which are not Credit Parties of intercompany loans owing to any Credit Party (it being understood that such intercompany loans may not be repaid or prepaid to the extent that such prepayment would cause the Investment Basket to be a negative amount) plus (B) 50% of the Net Cash Proceeds received by any Credit Party from any asset sale permitted under Section 7.8(p) minus (iii) the aggregate amount of Investments made pursuant to clause (h) of this Section 7.2 on or prior to such date utilizing the Investment Available Amount;

          (h) (i)Investments in an aggregate outstanding amount (including assumed Indebtedness) not to exceed the sum (such sum, the “Investment Basket”) of (1) $100,000,000 in the aggregate, plus (2) the Investment Available Amount plus (3) the Net Cash Proceeds of an issuance of Stock of Borrower which was Not Otherwise Applied, minus (4) the aggregate amount of Investments made pursuant to clause (g) of this Section 7.2 on or prior to such date utilizing the Investment Available Amount and/or (ii) Investments in an aggregate amount equal to 25% (or minus 100% in the case of a loss) of Borrower’s and its Restricted Subsidiaries’ Consolidated Net Income for the period commencing as of the Closing Date and ending on the last day of the Fiscal Quarter most recently ended for which Financial Statements are available less Restricted Payments made pursuant to Section 7.14(e)(ii) (it being understood that the calculation of the amount of Investments permitted pursuant to this clause (h)(ii)shall be made at the time the relevant Investment is made and include a deduction for any other outstanding Investments made in reliance on this clause (ii), but no Default or Event of Default shall occur as a result of a decrease in Consolidated Net Income after the consummation of any such Investment. Notwithstanding anything to the contrary herein, Investments may be made by aggregating the amounts provided by Sections 7.2(h)(i) and (h)(ii) hereof;

          (i) (i) Investments in Stock of Joint Ventures and Halla pursuant to terms reasonably satisfactory to Agent in an amount not to exceed $75,000,000 in the aggregate after the Closing Date and (ii) Investments by Halla and its Subsidiaries;

          (j) Investments existing as of the Closing Date as set forth on Schedule (7.2) and any modification, replacement, renewal or extension thereof, provided that the original amount of such Investments are not increased except as otherwise permitted by this Section 7.2;

          (k) Permitted Acquisitions;

          (l) Investments resulting from entering into Swap Contracts permitted by Section 7.17;

          (m) Investments in the ordinary course of business consisting of endorsements of instruments for collection or deposit;

          (n) Investments received in connection with the bankruptcy or reorganization of any Person or in settlement of obligations of, or disputes with, any Person arising in the ordinary course of business and upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

          (o) advances of payroll payments to employees in the ordinary course of business;

          (p) Investments arising out of the receipt by Borrower or any of its Subsidiaries of promissory notes and non-cash consideration for the Disposition of assets permitted under Section 7.8; provided that the aggregate amount of such Investments shall not exceed the greater of (i) $100,000,000 in the aggregate and (ii) the non-cash consideration for any such Disposition shall not exceed 20% of the total consideration therefor;

          (q) Investments the consideration for which consists of the issuance of newly issued Stock of Borrower;

          (r) Capital Expenditures permitted under Section 7.10;

          (s) [intentionally omitted];

          (t) so long as no Default or Event of Default would result therefrom, Investments by Credit Parties in non-Credit Parties in an aggregate amount not to exceed $10,000,000;

          (u) non-cash Investments resulting from (A) the write-down of any intercompany loans existing on the Closing Date made by Borrower or its Subsidiaries to Visteon Brazil Trading Co. LTD and/or Visteon Caribbean, Inc. and (B) the transfer of Visteon S.A. (Argentina) aged intercompany payables to Borrower from Subsidiaries of Borrower and the subsequent write-off of such aged intercompany payables;

          (v) Investments by Foreign Subsidiaries or any Investments by a Securitization Subsidiary in any other Person in connection with a Permitted Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangement governing such Permitted Receivables Financing or any related Indebtedness;

          (w) Investments received in connection with (i) sale, transfer or other Disposition of Receivables, any Related Security and any Other Securitization Assets by the Securitization Subsidiary and (ii) the purchase or other acquisition by, or transfer to, the Securitization Subsidiary of Receivables, any Related Security and any Other Security Assets in each case in connection with the origination, servicing or collection of such Receivables, Related Security or Other Securitization Assets;

          (x) (i) Investments in or acquisition of assets and associated business at Visteon Automotive Systems India represented by interiors and electronics business (IES) produced at facilities located in Chennai and Pune, India. The Investment in or acquisition of, may occur in one or more asset transfers, purchases and/or sales that will be not less than cash-neutral to the Credit Parties when taken in consideration with the other Halla Transactions

occurring after the Closing Date and (ii) Investments in, or acquisition of Visteon Interiors Korea by Duck Yang Industries Co., LTD.;

          (y) Investments in assets useful in the business of Borrower and its respective Subsidiaries made by Borrower and it respective Subsidiaries (or any of them) with the proceeds of any Disposition permitted to be reinvested or not required as a prepayment under Section 2.3(b) so long as such proceeds are reinvested in like assets of Borrower (e.g., Investments for Investments or Permitted Acquisitions, current assets for current assets, fixed assets for fixed assets, etc.);

          (z) Investments consisting of the retained interest (including, without limitation, subordinated Indebtedness) of sellers of Receivables in connection with any Permitted Receivables Financing;

          (aa) guaranties by Borrower or any of its Subsidiaries of leases, contracts or of other obligations that do not constitute Indebtedness and are unsecured, in each case entered into in the ordinary course of business;

          (bb) intercompany Investments among Restricted Subsidiaries made pursuant to a Permitted Restructuring Transaction;

          (cc) Investments constituting (i) Sale-Leaseback Transactions permitted under Section 7.12 or (ii) Restricted Payments permitted under Section 7.14; and

          (dd) Investments in accordance with Section 2.3(f).

     7.3 Indebtedness. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except (without duplication):

          (a) Indebtedness of any Credit Party pursuant to any Loan Document;

          (b) Indebtedness of any Credit Party under the Revolving Loan Credit Documents; provided that the aggregate principal amount of such Indebtedness shall not exceed the “Revolver Cap” (as defined in the Intercreditor Agreement);

          (c) unsecured Indebtedness of any Credit Party owed to any other Credit Party or to any Subsidiary which is not a Credit Party and Indebtedness of any Subsidiary that is not a Credit Party owed to any Credit Party, in each case, to the extent permitted by Sections 7.2(e), (f), (g), (h) and (j); provided that all such Indebtedness shall be evidenced by a subordinated intercompany note in the form of Exhibit 7.3(c);

          (d) Indebtedness of any Foreign Subsidiary owed to any other Foreign Subsidiary;

          (e) Indebtedness outstanding on the Closing Date and listed on Schedule (7.3(e)) and any refinancings, refundings, renewals or extensions thereof (without shortening the maturity of, or increasing the principal amount of all Indebtedness listed thereon);

          (f) Indebtedness of any Foreign Subsidiaries (other than Halla and its Subsidiaries) up to an aggregate amount not to exceed $100,000,000 at any one time outstanding and any refinancings, refundings, renewals, reallocations or extensions thereof; provided that any new credit facility refinancing or replacing any such Indebtedness does not cause the aggregate amount available under all such credit facilities to exceed $100,000,000;

          (g) Indebtedness of Foreign Subsidiaries under Permitted Factoring Programs and Permitted Receivables Financing incurred after the Closing Date (excluding Indebtedness of a Securitization Subsidiary owed to any Foreign Subsidiary or of any Foreign Subsidiary owed to a Securitization Subsidiary) in an aggregate amount not to exceed $100,000,000 at any one time outstanding (without regard to adverse changes in the exchange rate) in the aggregate plus an additional $50,000,000 at any one time outstanding (without regard to adverse changes in the exchange rate) in the aggregate if purchase orders of Visteon Sistemas Interiores Espana, S.L. have not been transferred to Visteon Electronics Corporation;

          (h) Indebtedness under letters of credit issued on behalf of Foreign Subsidiaries in an aggregate amount not to exceed $35,000,000 at any one time outstanding;

          (i) Indebtedness of Halla and its Subsidiaries in an amount not to exceed, when combined with all other outstanding Indebtedness of Halla and its Subsidiaries, $350,000,000 at any one time outstanding (inclusive of any Indebtedness outstanding on the Closing Date);

          (j) Indebtedness incurred in the ordinary course of business in connection with cash pooling, netting and cash management arrangements consisting of overdrafts or similar arrangements; provided that any such Indebtedness does not consist of Indebtedness for borrowed money and is owed to the financial institutions providing such arrangements and such Indebtedness is extinguished in accordance with customary practices with respect thereto;

          (k) Capital Lease Obligations and purchase money Indebtedness of Borrower or any of its Restricted Subsidiaries in an aggregate amount not to exceed $40,000,000 at any one time outstanding;

          (l) Indebtedness in respect of Swap Contracts permitted under Section 7.17;

          (m) Indebtedness of Borrower consisting of (i) repurchase obligations with respect to Stock of Borrower issued to directors, consultants, managers, officers and employees of Borrower and its Subsidiaries arising upon the death, disability or termination of employment of such director, consultant, manager, officer or employee to the extent such repurchase is permitted under Section 7.14 and (ii) promissory notes issued by Borrower to directors, consultants, managers, officers and employees (or their spouses or estates) of Borrower and its Subsidiaries to purchase or redeem Stock of Borrower issued to such director, consultant, manager, officer or employee to the extent such purchase or redemption is permitted under Section 7.14; provided that (x) immediately before and after giving Pro Forma Effect to any Indebtedness, no Event of Default has occurred and is continuing or would result therefrom and (y) the aggregate principal amount of Indebtedness permitted to be incurred by this clause (m) shall not exceed $5,000,000 per Fiscal Year and all such Indebtedness shall be unsecured;

          (n) Indebtedness incurred, acquired or assumed in connection with Permitted Acquisitions that is either (i) unsecured and the final stated maturity date for such unsecured Indebtedness shall be later than the Commitment Termination Date, or (ii) secured so long as (A) such Indebtedness was not incurred in contemplation of the applicable Permitted Acquisition and (B) such Indebtedness is secured only by assets of the Person acquired pursuant to the applicable Permitted Acquisition; provided that (w) such Indebtedness does not exceed, in the aggregate $400,000,000 at any one time outstanding, (x) no Event of Default shall have occurred and be continuing or immediately result therefrom, (y) other than with respect to Indebtedness assumed in connection with Permitted Acquisitions, the terms of such Indebtedness do not provide for any scheduled repayment, mandatory redemption (other than pursuant to customary asset sales or change of control provisions requiring redemptions) or sinking fund obligation prior to the Commitment Termination Date (or such later date that is the final maturity date or any incremental extension of credit hereunder), (z) Borrower shall be in Pro Forma Compliance with the Financial Covenants after giving effect to such Permitted Acquisition and the assumption and/or incurrence of such Indebtedness;

          (o) Indebtedness arising out of Permitted Acquisitions and consisting of obligations of any Group Member under provisions relating to indemnification, adjustment of purchase price with respect thereto based on changes in working capital and earn-outs based on the income generated by the assets acquired in any such Permitted Acquisition after the consummation thereof;

          (p) Indebtedness arising out of the issuance of surety, stay, customs or appeal bonds, performance bonds and performance and completion guaranties, in each case incurred in the ordinary course of business;

          (q) Guarantied Obligations and other obligations in respect of the Indebtedness of Joint Ventures (i) that qualify as Subsidiaries (other than Halla); provided that the aggregate principal amount of such Indebtedness shall not exceed $75,000,000 (or the equivalent thereof) at any one time outstanding and (ii) which do not qualify as Subsidiaries in an amount not exceeding $50,000,000 at any one time outstanding;

          (r) Indebtedness of Joint Ventures which are Subsidiaries of Borrower (other than Halla and its Subsidiaries); provided that (i) the aggregate principal amount of such Indebtedness shall not exceed $75,000,000 (or the equivalent thereof) at any one time outstanding and (ii) such Indebtedness shall not be subject to any Lien or guaranty granted or incurred by Borrower or any other Restricted Subsidiary (other than a Subsidiary of such Joint Venture);

          (s) Indebtedness consisting of the financing of insurance premiums in the ordinary course of business with the providers of such insurance or their Affiliates;

          (t) additional unsecured Indebtedness not otherwise permitted hereunder not exceeding an aggregate principal amount of $25,000,000 at any one time outstanding;

          (u) Indebtedness of the Credit Parties and their Restricted Subsidiaries arising under Capital Leases entered into in connection with Sale-Leaseback Transactions permitted by Section 7.12;

          (v) intercompany notes issued by a Foreign Subsidiary in connection with Permitted Restructuring Transactions so long as (i) if the Permitted Restructuring Transaction involves a transfer by a Credit Party, such intercompany note shall be pledged as Collateral pursuant to the Collateral Documents (subject to the terms of the Intercreditor Agreement) and (ii) such note is not issued in respect of any Indebtedness for borrowed money payable in cash;

          (w) unsecured or subordinated Indebtedness of the Credit Parties in an aggregate principal amount not to exceed $75,000,000 at any one time outstanding; provided that (i) such Indebtedness will not mature prior to the date that is one year following the Commitment Termination Date, (ii) such Indebtedness has no scheduled amortization of principal (or sinking fund payments or other similar payments) prior to the date that is one year following the Commitment Termination Date, (iii) no Default shall have occurred and be continuing or would immediately result therefrom, (iv) immediately after giving effect thereto, Borrower and its Restricted Subsidiaries are in compliance, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, with the covenants set forth in Section 7.10, and (v) except in the case of guaranties by Foreign Subsidiaries of such Indebtedness of Foreign Subsidiaries, no Restricted Subsidiary shall guaranty any such Indebtedness unless such Restricted Subsidiary is also a Subsidiary Guarantor under this Agreement and the other Loan Documents; and

          (x) Indebtedness in respect of obligations with respect to letters of credit issued pursuant to the Postpetition Letter of Credit Facility not to exceed $15,000,000 at any time outstanding.

     7.4 Affiliate Transactions. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, enter into any transaction of any kind with any Affiliate of Borrower or its Restricted Subsidiaries other than (a) transactions among Credit Parties, (b) on fair and reasonable terms substantially as favorable to Borrower or such Restricted Subsidiary as would be obtainable by Borrower or such Restricted Subsidiary in a comparable arm’s-length transaction with a Person other than an Affiliate, (c) the payment of fees and expenses in connection with the consummation of the Related Transactions, (d) loans and other transactions by Borrower and its Subsidiaries to the extent not prohibited by this Agreement, (e) entering into employment and severance arrangements between Borrower and its Restricted Subsidiaries and their respective officers and employees, as determined in good faith by the board of directors or senior management of the relevant Person, (f) any transaction among a Securitization Subsidiary and Foreign Subsidiary effected as part of a Permitted Receivables Financing, (g) the payment of customary fees and reimbursement of reasonable out-of-pocket costs of, and customary indemnities provided to or on behalf of, directors, officers and employees of Borrower and its Restricted Subsidiaries in the ordinary course of business to the extent attributable to the operations of Borrower and its Restricted Subsidiaries, as determined in good faith by the board of directors or senior management of the relevant Person, (h) the payment of fees, expenses, indemnities or other payments pursuant to, and transactions pursuant to, the permitted agreements in existence on the Closing Date and set forth on Schedule (7.4) or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect, (i)

in the ordinary course of business of the relevant Group Member and (j) Restricted Payments permitted under Section 7.14.

     7.5 Amendment of Certain Documents; Line of Business. No Credit Party shall amend its charter, bylaws or other organizational documents in any manner materially adverse to the interest of the Lenders or such Credit Party’s duty or ability to repay the Obligations. No Credit Party shall amend any terms of any Junior Financing Documentation in any manner materially adverse to the interests of the Lenders. No Credit Party shall engage in any business other than the businesses currently engaged in by it on the date hereof or businesses reasonably related or ancillary thereto.

     7.6 Guarantied Obligations. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, create, incur, assume or permit to exist any Guarantied Obligations except (a) by endorsement of instruments or items of payment for deposit to the general account of any Credit Party, (b) for Guarantied Obligations incurred for the benefit of any other Credit Party or its Subsidiaries if the primary obligation is expressly permitted by this Agreement, (c) for Guarantied Obligations which consists of a Credit Party acting as a joint obligor or co-tenant under a lease by a Credit Party and (d) Guarantied Obligations permitted under Section 7.3.

     7.7 Liens. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, create, incur, assume or permit to exist any Lien on or with respect to any of its properties or assets (whether now owned or hereafter acquired) except for:

          (a) Liens for taxes, assessments or governmental charges not yet due or that are being contested in good faith by appropriate proceedings provided that adequate reserves with respect thereto are maintained on the books of Borrower or its Subsidiaries, as the case may be, in conformity with GAAP;

          (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings;

          (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation;

          (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

          (e) easements, rights-of-way, covenants, conditions, restrictions and other encumbrances or title or survey defects that, in the aggregate, do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of Borrower or any of its Subsidiaries;

          (f) Liens in existence on the Closing Date listed on Schedule (7.7) and any modification, replacement, renewal or extension thereof, securing Indebtedness permitted by Section 7.3(e), provided that no such Lien is spread to cover any additional property (other than

the proceeds or products thereof and accessions thereto) after the Closing Date and that the amount of Indebtedness secured thereby is not increased;

          (g) Liens securing Indebtedness of any Credit Party or any other Subsidiary incurred pursuant to Section 7.3(k) to finance the acquisition, repair, replacement, construction or improvement of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with or within 180 days of such acquisition, repair, replacement, construction or improvement of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness (and the proceeds and products thereof and accessions thereto) and (iii) the amount of Indebtedness secured thereby is not increased;

          (h) Liens created pursuant to the Collateral Documents;

          (i) (i) leases, licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not (A) interfere in any material respect with the business of Borrower or any Subsidiary or (B) secure any Indebtedness or (ii) the rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by Borrower or any of its Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof;

          (j) subject to the Intercreditor Agreement, Liens to secure Indebtedness permitted under the Revolving Loan Credit Documents;

          (k) Liens on assets of Foreign Subsidiaries securing Indebtedness of such Foreign Subsidiaries permitted by Section 7.3(f);

          (l) Liens securing Indebtedness of any Foreign Subsidiary incurred pursuant to Sections 7.3(g) and 7.3(h); provided that no Lien may be granted on the Collateral to secure such Indebtedness and the aggregate fair market value of the assets subject to such Liens shall not exceed 100% of the amount of any such Indebtedness so secured;

          (m) Liens on Receivables, any Related Security and other Factoring Assets sold in any Permitted Factoring Programs or Liens on Receivables, any Related Security and Other Securitization Assets sold in any Permitted Receivables Financing, in each case, that are permitted under Section 7.3(g);

          (n) Liens on assets of Halla and its Subsidiaries securing Indebtedness permitted by Section 7.3(i); provided that the aggregate outstanding principal amount of such Indebtedness secured by such Liens shall not exceed $350,000,000 at any one time outstanding;

          (o) Liens securing judgments, decrees or attachments not constituting an Event of Default so long as such Liens are released or satisfied within sixty (60) days after entry thereof (upon the issuance of an appeal bond or otherwise);

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

          (q) Liens (i) of a collection bank arising under Section 4-210 of the Code on items in the course of collection, or (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry;

          (r) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Subsidiary, in each case after the Closing Date (other than Liens on the Stock of any Person that becomes a Subsidiary) and any modifications, replacements, renewals or extensions thereof; provided that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and accessions thereto), and (iii) the Indebtedness secured thereby (or, as applicable, any modifications, replacements, renewals or extensions thereof) is permitted under Section 7.3;

          (s) Liens arising from precautionary Code financing statement filings (or similar filings);

          (t) Liens arising out of a conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by Borrower or any of its Subsidiaries in the ordinary course of business and not prohibited by this Agreement; provided that such Liens only cover the property subject to such arrangements;

          (u) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Borrower and its Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of Borrower or any Subsidiary in the ordinary course of business;

          (v) ground leases in respect of real property on which facilities owned or leased by Borrower or any of its Subsidiaries are located;

          (w) Liens affecting the fee title of any Real Estate leased by Borrower or any of its Subsidiaries that are created by a Person other than Borrower or its Subsidiaries;

          (x) Liens arising by operation of law under Article 2 of the Code in favor of a reclaiming seller of goods or buyer of goods;

          (y) security given to a public or private utility or any Governmental Authority as required in the ordinary course of business;

          (z) pledges or deposits of cash and Cash Equivalents securing deductibles, self-insurance, co-payment, co-insurance, retentions and similar obligations to providers of insurance in the ordinary course of business;

          (aa) Liens on securities which are subject to repurchase agreements as contemplated in the definition of “Cash Equivalents”;

          (bb) Liens on goods and the proceeds thereof and title documents relating thereto to secure drawings under letters of credit permitted under Section 7.3(h) used to finance the purchase of such goods;

          (cc) Liens on (i) incurred premiums, dividends and rebates which may become payable under insurance policies and loss payments which reduce the incurred premiums on such insurance policies and (ii) rights which may arise under State insurance guaranty funds relating to any such insurance policy, in each case to secure Indebtedness permitted under Section 7.3(s);

          (dd) Liens not otherwise permitted by this Section 7.7 so long as (i) the aggregate outstanding principal amount of the obligations secured thereby shall not exceed $10,000,000 at any time and (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto (as to Borrower and all of its Subsidiaries) shall not exceed $20,000,000 at any one time outstanding;

          (ee) Liens on earnest money deposits of cash or Cash Equivalents made by Borrower or its Subsidiaries in connection with any Permitted Acquisition;

          (ff) Liens on assets of the Securitization Subsidiary in favor of any Foreign Subsidiary securing intercompany Indebtedness or other obligations related to the origination, selling or collection of Receivables, Related Security or Other Securitization Assets;

          (gg) Liens on property subject to a Capital Lease entered into in connection with a Sale-Leaseback Transaction permitted under Section 7.12; and

          (hh) Liens on cash collateral securing the Indebtedness permitted under Section 7.3(w).

     7.8 Sale of Stock and Assets. Except as set forth herein, no Credit Party shall, or shall permit any of its Restricted Subsidiaries to, sell, transfer, convey, assign or otherwise Dispose of any of its properties or other assets, including the Stock of any of its Subsidiaries (whether in a public or a private offering or otherwise), other than:

          (a) the Disposition (including the abandonment of intellectual property) of obsolete, no longer used or useful, surplus, uneconomic, negligible or worn out property in the ordinary course of business;

          (b) the sale of inventory in the ordinary course of business;

          (c) Dispositions permitted by clause (i) of Section 7.1(c);

          (d) (i) the sale or issuance of any Subsidiary’s Stock to Borrower or any Subsidiary Guarantor and (ii) the sale or issuance of Stock of Borrower to any employee (and,

where required by law, to any officer or director) under any employment or compensation plans or to qualify such officers and directors;

          (e) the Disposition of Receivables and any Related Security and Other Factoring Assets in any Permitted Factoring Program or the Disposition of Receivables, any Related Security or Other Securitization Assets in connection with any Permitted Receivables Financing so long as (i) such assets are not included in Collateral, (ii) such Disposition is for cash at fair market value and on a non-recourse basis by non-Credit Parties and (iii) the book value of all such Receivables, Related Security, Other Factoring Assets and Other Securitization Assets subject to the Permitted Factoring Program and/or Permitted Receivables Financing at any one time do not exceed $100,000,000 (without regard to adverse changes in the exchange rate) in the aggregate plus an additional $50,000,000 (without regard to adverse changes in the exchange rate) in the aggregate if purchase orders of Visteon Sistemas Interiores Espana, S.L. have not been transferred to Visteon Electronics Corporation;

          (f) the sale of the Stock of Halla so long as (i) the non-cash consideration for any such sale does not exceed the amount permitted under Section 7.2(p), and (ii) after giving effect to any such sale, Borrower continues to hold, directly or indirectly, at least 51% of the Stock of Halla and continues to control the same ratio (or better) of board seats of Halla as it does on the Closing Date; provided that the Net Cash Proceeds of any such sale are applied to repay the Obligations to the extent required by Section 2.3(b);

          (g) the Disposition of other property not otherwise expressly permitted by this Section so long as (i) the non-cash consideration for any such Disposition does not exceed the amount permitted under Section 7.2(p), (ii) the EBITDA Disposition Percentage attributable to the assets to be Disposed of, together with the EBITDA Disposition Percentage attributable to any other assets Disposed of pursuant to this Section 7.8(g) during the same Fiscal Year, does not exceed 15% in the aggregate, (iii) the aggregate EBITDA Disposition Percentage of all such assets Disposed of subsequent to the Closing Date pursuant to this Section 7.8(g) does not exceed 25% and (iv) the Net Cash Proceeds from any such Disposition are applied to repay the Obligations in accordance with Section 2.3(b);

          (h) the sale of assets subsequent to the Closing Date with an aggregate fair market value not to exceed $175,000,000 (net of taxes, expenses, indebtedness, pension or OPEB liabilities paid or reserved for in connection with any such sale) so long as the non-cash consideration for any such sale does not exceed the amount permitted under Section 7.2(p); provided, that the Net Cash Proceeds of any such sale are applied to repay the Obligations to the extent required by Section 2.3(b);

          (i) Dispositions of Cash Equivalents in the ordinary course of business in connection with the cash management activities of Borrower and its Subsidiaries;

          (j) Dispositions of Accounts in connection with compromise, write down or collection thereof in the ordinary course of business and consistent with past practice;

          (k) leases, subleases, licenses or sublicenses of property in the ordinary course of business and which do not materially interfere with the business of Borrower and its Subsidiaries;

          (l) Dispositions of Stock to directors where required by applicable law or to satisfy other requirements of applicable law with respect to the ownership of Stock of Foreign Subsidiaries;

          (m) Dispositions of assets resulting in aggregate Net Cash Proceeds not in excess of $350,000 in any individual transaction or series of related transactions;

          (n) Dispositions in connection with any Permitted Restructuring Transaction;

          (o) Dispositions of the assets of any Foreign Subsidiary which is an Immaterial Subsidiary in connection with the liquidation or dissolution of such Subsidiary;

          (p) Dispositions of designated assets listed on Schedule (7.8(p)) so long as the non-cash consideration for any such Disposition does not exceed the amount permitted under Section 7.2(p);

          (q) Disposition of Visteon S.A. (Argentina) aged intercompany payables to Borrower from other Subsidiaries of Borrower so long as any such Disposition is a non-cash transaction;

          (r) Dispositions of the Stock of any Joint Venture to the extent required by the terms of customary buy/sell type arrangements entered into in connection with the formation of such Joint Venture;

          (s) transfer of property subject to a casualty or condemnation (i) upon receipt of Net Cash Proceeds of such casualty or (ii) to a Governmental Authority as a result of condemnation; provided, that the Net Cash Proceeds of any such transfer are applied to repay the Obligations to the extent required by Section 2.3(b);

          (t) Dispositions of Acquired Non-Core Assets;

          (u) Dispositions of property in connection with Sale-Leaseback Transactions permitted under Section 7.12; and

          (v) Dispositions of assets which constitute Investments permitted under Section 7.2.

     7.9 ERISA. No Credit Party shall, or shall cause or permit any ERISA Affiliate to, cause or permit to occur (i) an event that could result in the imposition of an ERISA Lien or (ii) an ERISA Event (or similar event with respect to a Foreign Plan) to the extent such ERISA Event (or similar event with respect to a Foreign Plan) or ERISA Lien would reasonably be expected to have a Material Adverse Effect.

     7.10 Financial Covenants. Borrower shall not breach or fail to comply with any of the following Financial Covenants, each of which shall be calculated in accordance with GAAP consistently applied, and tested in the manner set forth herein:

          (a) Maximum Capital Expenditures. Borrower and its Restricted Subsidiaries on a consolidated basis shall not make Capital Expenditures during any Fiscal Year that exceed in the aggregate the amounts set forth opposite each such Fiscal Year below:

Fiscal Year		Capital Expenditures
December 31, 2010		$211,000,000
December 31, 2011		$275,000,000
December 31, 2012		$245,000,000
December 31, 2013 and each Fiscal Year thereafter		$245,000,000

; provided, if the amount of all Capital Expenditures is less than the sum of the maximum amounts designated above for such period, Borrower may carry over such unused amount (the “Carry Over Amount”) for the next consecutive Fiscal Year; provided, further, that such Carry Over Amount may only be used in such succeeding Fiscal Year (it being understood that the Carry Over Amount shall be deemed to be used first in such succeeding Fiscal Year). In addition, for any Fiscal Year, the amount of Capital Expenditures that would otherwise be permitted in such Fiscal Year pursuant to this Section 7.10(a) (including as a result of any Carry Over Amount) may be increased by an amount not to exceed $100,000,000 (the “CapEx Pull-Forward Amount”). The actual CapEx Pull-Forward Amount in respect of any such Fiscal Year shall reduce, on a dollar-for-dollar basis, the amount of Capital Expenditures that would have been permitted to be made in the immediately succeeding Fiscal Year. Notwithstanding anything to the contrary in the foregoing, for each Permitted Acquisition consummated in any Fiscal Year, the amount set forth above next to each Fiscal Year (the “Base Amount”) for such Fiscal Year (subject to the second proviso in this sentence) and for every Fiscal Year thereafter shall be increased by an amount equal to (i) the quotient obtained by dividing (A) the amount of Capital Expenditures made by the acquired entity or business for the thirty-six (36) month period immediately preceding the consummation of such Permitted Acquisition, by (B) three (3), or (ii) if the information described in the foregoing clause (i)(A) is not available, 3.5% of the cumulative sales over the immediately preceding twelve (12) months of the acquired Person, division, line of business or other business unit, as determined in financial statements therefore prepared in accordance with the standards set forth in Section 5.1 (in either case, such amount, the “Acquired Permitted Capital Expenditure Amount”); provided, that, with respect to the Fiscal Year during which any such Permitted Acquisition occurs, the amount of Capital Expenditures permitted under this Section 7.10(a) with respect to such Fiscal Year shall be increased by an amount equal to the product of (x) the Acquired Permitted Capital Expenditure Amount and (y) a fraction, the numerator of which is the number of days remaining in such Fiscal Year and the denominator of which is 365 or 366, as applicable.

          (b) Maximum Leverage Ratio. Borrower and its Restricted Subsidiaries on a consolidated basis shall not permit the Total Net Leverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending December 31, 2010, to exceed 2.50 to 1.00.

          (c) Minimum Interest Coverage Ratio. Borrower and its Restricted Subsidiaries on a consolidated basis shall not permit the Interest Coverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending December 31, 2010, to be less than 3.00 to 1.00.

     Unless otherwise specifically provided herein, any accounting term used in this Agreement shall have the meaning customarily given to such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP consistently applied. That certain items or computations are explicitly modified by the phrase “in accordance with GAAP” shall in no way be construed to limit the foregoing. If any “Accounting Changes” (as defined below) occur and such changes result in a change in the calculation of the financial covenants, standards or terms used in this Agreement or any other Loan Document, then Borrower, Agent and Lenders agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating Borrower’s and its Subsidiaries’ financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made; provided, however, that the agreement of Requisite Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders. “Accounting Changes” means (i) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions), (ii) changes in accounting principles concurred in by Borrower’s certified accountants; (iii) purchase accounting adjustments under A.P.B. 16 or 17 and EITF 88-16, and the application of the accounting principles set forth in FASB 109, including the establishment of reserves pursuant thereto and any subsequent reversal (in whole or in part) of such reserves; and (iv) the reversal of any reserves established as a result of purchase accounting adjustments. All such adjustments resulting from expenditures made subsequent to the Closing Date (including capitalization of costs and expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made and deducted as part of the calculation of EBITDA in such period. If Agent, Borrower and Requisite Lenders agree upon the required amendments, then after appropriate amendments have been executed and the underlying Accounting Change with respect thereto has been implemented, any reference to GAAP contained in this Agreement or in any other Loan Document shall, only to the extent of such Accounting Change, refer to GAAP, consistently applied after giving effect to the implementation of such Accounting Change. If Agent, Borrower and Requisite Lenders cannot agree upon the required amendments within thirty (30) days following the date of implementation of any Accounting Change, then all Financial Statements delivered and all calculations of financial covenants and other standards and terms in accordance with this Agreement and the other Loan Documents shall be prepared, delivered and made without regard to the underlying Accounting Change. For purposes of Section 9.1, a breach of a Financial Covenant contained in this Section 7.10 shall be deemed to have occurred as of the last day of any specified measurement period, regardless of when the Financial Statements reflecting such breach are delivered to Agent.

     7.11 Hazardous Materials. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, cause or permit a Release of any Hazardous Material on, at, in, under, above, to, from or about any of the Real Estate where such Release would (a) violate in any respect, or

form the basis for any Environmental Liabilities under, any Environmental Laws or Environmental Permits or (b) otherwise adversely impact the value or marketability of any of the Real Estate or any of the Collateral, other than such violations or Environmental Liabilities that could not reasonably be expected to have a Material Adverse Effect.

     7.12 Sale-Leaseback Transactions. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, engage in any Sale-Leaseback Transaction involving any of its assets other than (a) Sale-Leaseback Transactions that exist on the Closing Date and are described in Schedule (7.12), (b) Sale-Leaseback Transactions for fair value (as determined at the time of the consummation thereof in good faith by the applicable Credit Party or Restricted Subsidiary) not to exceed $50,000,000 in the aggregate so long as (i) eighty percent (80%) of the consideration received by such Credit Party or Restricted Subsidiary from such Sale-Leaseback Transaction is in the form of cash and (ii) the Net Cash Proceeds from any such Sale-Leaseback Transaction are applied to repay the Obligations in accordance with Section 2.3(b), (c) Sale-Leaseback Transactions between Credit Parties and (d) Sale-Leaseback Transactions between Excluded Subsidiaries.

     7.13 Cancellation of Indebtedness. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, cancel any claim or debt owing to a Credit Party by a Subsidiary that is not a Credit Party, provided such cancellation shall constitute an Investment for purposes of this Agreement and any such Investment is permitted under Section 7.2.

     7.14 Restricted Payments. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, make any Restricted Payment, except:

          (a) any Subsidiary may make Restricted Payments to Borrower or any Wholly Owned Subsidiary Guarantor;

          (b) any Subsidiary may make Restricted Payments pro rata to the holders of the Stock of such Subsidiaries entitled to receive the same;

          (c) Borrower may make Restricted Payments in connection with the share repurchases required by the director and employee compensation programs as described on Schedule (7.14) so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) the aggregate amount of Restricted Payments paid pursuant to this Section 7.14(c) does not exceed $5,000,000 in any Fiscal Year (provided each such annual amount may only be used in such Fiscal Year);

          (d) cash payments by Borrower in lieu of the issuance of fractional shares upon the exercise of options in the ordinary course of business;

          (e) other Restricted Payments so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom after giving Pro Forma Effect to such Restricted Payment and (ii) the aggregate amount of all such Restricted Payments paid pursuant to this Section 7.14(e) does not exceed $250,000,000 and/or (ii) other Restricted Payments so long as no Default or Event of Default has occurred and is continuing or would result therefrom after giving Pro Forma Effect to such Restricted Payment and Restricted Payments in an amount which equals 25% (or minus 100% in the case of a loss) of Borrower’s and its Restricted

Subsidiaries Consolidated Net Income for the period commencing on the Closing Date and ending on the last day of the Fiscal Quarter most recently ended for which Financial Statements are available; plus, in the case of Sections 7.14(e)(i)or (e)(ii), an amount equal to 100% of the Net Cash Proceeds received by Borrower after the Closing Date from the issuance of its common Stock which is Not Otherwise Applied, minus the aggregate amount of Investments made pursuant to Section 7.2(h)(ii); provided, however, notwithstanding anything to the contrary herein, a Restricted Payment may be made in reliance on an aggregate of the amounts set forth in Sections 7.14(e)(i) and (e)(ii) above;

          (f) Restricted Payments used by Halla and its Subsidiaries to redeem or repurchase (including, without limitation, for cash) Stock from Halla’s existing equity-holders so long as (i) Borrower and its Restricted Subsidiaries, taken as a whole, continue to own not less than 51% of the Stock of Halla and continue to control the same ratio (or better) of board seats of Halla after any such transaction as Borrower and its Restricted Subsidiaries do on the Closing Date and (ii) such redemptions or repurchases are made in accordance with Section 7.4; and

          (g) Borrower and its Restricted Subsidiaries shall be permitted to make Restricted Payments in accordance with Section 2.3(f).

     7.15 Change of Corporate Name, State of Incorporation or Location; Change of Fiscal Year. Except as otherwise expressly permitted in this Section 7, no Credit Party shall, or shall permit any Restricted Subsidiary to, (a) change its legal name as it appears in official filings in the state of its incorporation or other organization, (b) change its chief executive office, principal place of business, (c) change the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation or other organization, or (e) change its state, providence or other jurisdiction of incorporation or organization, in each case without at least fifteen (15) days’ prior written notice to Agent and provided, that with respect to any Credit Party any such new location shall be in the United States. No Credit Party shall change its Fiscal Year.

     7.16 Intentionally Omitted.

     7.17 No Speculative Transactions. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, engage in any Swap Contract, except (a) Swap Contracts entered into to hedge or mitigate risks (and not for speculative purposes) of Borrower or any of its Subsidiaries (other than those in respect of Stock), including, but not limited to, foreign exchange rate and commodity hedges and (b) Swap Contracts entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or Investment of Borrower or any of its Subsidiaries and (c) as required under Section 6.12.

     7.18 Changes Relating to Material Contracts. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, change or amend, modify or supplement the terms of, or terminate or agree to terminate, any Material Contract, other than changes, amendments and other modifications which could not reasonably be expected to have a Material Adverse Effect.

     7.19 OFAC; Patriot Act. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to fail to comply with the laws, regulations and executive orders referred to in Sections 4.29 and 4.30.

     7.20 Limitation of Restrictions Affecting Subsidiaries. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, directly, or indirectly, create or otherwise cause or suffer to exist any encumbrance or restriction which prohibits or limits the ability of any Subsidiary of such Credit Party or Subsidiary to: (a) pay dividends or make other distributions or pay any Credit Party or Subsidiary; (b) make loans or advances to such Credit Party or any Subsidiary of such Credit Party; (c) transfer any of its properties or assets to such Credit Party or Subsidiary of such Credit Party; or (d) create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than encumbrances and restrictions arising under (i) applicable law, (ii) this Agreement, (iii) customary provisions restricting subletting or assignment of any lease or sublease governing a leasehold interest of such Credit Party or any Subsidiary of such Credit Party, (iv) customary restrictions on dispositions of real property interests found in reciprocal easement agreements of such Credit Party or any Subsidiary of such Credit Party; (v) any agreement relating to permitted Indebtedness incurred by such Credit Party or a Subsidiary of such Credit Party prior to the date on which such Subsidiary was acquired by such Credit Party or Subsidiary and not in contemplation of such acquisition and outstanding on such acquisition date; (vi) the extension or continuation of Contractual Obligations in existence on the Closing Date; (vii) the Revolver Loan Documents and related documents; (viii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Stock or assets of such Subsidiary, (ix) such encumbrances or restrictions consisting of customary non-assignment provisions in licenses and sublicenses governing licenses or sublicenses to the extent such provisions restrict the transfer of the license, sublicense or the property licensed or sublicensed thereunder, (x) such encumbrances or restrictions with respect to Indebtedness of a Foreign Subsidiary permitted pursuant to this Agreement and which encumbrances or restrictions are customary in agreements of such type or are of the type existing under the agreements listed on Schedule (7.20) and which shall apply only to such Foreign Subsidiaries subject thereto and such Foreign Subsidiary’s Subsidiaries, (xi) restrictions under any Permitted Factoring Program or Permitted Receivables Financing (which restrictions shall only apply to any Securitization Subsidiary and the Foreign Subsidiaries which participate therein) and (xii) restrictions under joint venture agreements or other similar agreements entered into in the ordinary course of business in connection with Joint Ventures; provided, that, any such encumbrances or restrictions contained in such extension or continuation are no less favorable to Agent and Lenders than those encumbrances and restrictions under or pursuant to the Contractual Obligations so extended or continued.

     7.21 Business of Foreign Stock Holding Companies. No Credit Party shall, or shall permit any of its Restricted Subsidiaries to, permit any Foreign Stock Holding Company to (a) engage at any time in any business or business activity other than (i) ownership and acquisition of Stock in Halla, other Foreign Subsidiaries or other Foreign Stock Holding Companies, (ii) performance of its obligations under and in connection with the Loan Documents, (iii) actions required to maintain its existence, (iv) activities incidental to its maintenance and continuance and to the foregoing activities and, in the case of Visteon Global Technologies, Inc., the ownership of Intellectual Property and the licensing and sublicensing thereof; (b) incur any

Indebtedness (other than Indebtedness permitted under Section 7.3(v); (c) make Investments, other than (i) ownership interests in Halla, other Foreign Subsidiaries, Immaterial Subsidiaries, Excluded Domestic Subsidiaries and other Foreign Stock Holding Companies and (ii) loans, advances and other Investments in Borrower and its Subsidiaries to the extent permitted by Section 7.2; or (d) sell, dispose of, grant a Lien on or otherwise transfer the Stock of Halla or any other Foreign Subsidiary or any other Foreign Stock Holding Companies except as permitted by Section 7.8 and Section 7.14.

     7.22 Equity Interests of Credit Parties. Create, incur, assume or suffer to exist any Lien on any Stock of any Credit Party (other than Borrower), any Foreign Stock Holding Company or any first-tier Foreign Subsidiary, except for the Liens granted pursuant to the Collateral Documents and the Revolver Loan Documents.

8. TERM

     8.1 Termination. The financing arrangements contemplated hereby shall be in effect until the Commitment Termination Date, and the Term Loans and all other Obligations shall be automatically due and payable in full on such date.

     8.2 Survival of Obligations Upon Termination of Financing Arrangements. Except as otherwise expressly provided for in the Loan Documents, no termination or cancellation (regardless of cause or procedure) of any financing arrangement under this Agreement shall in any way affect or impair the obligations, duties and liabilities of the Credit Parties or the rights of Agent and Lenders relating to any unpaid portion of the Term Loans or any other Obligations, due or not due, liquidated, contingent or unliquidated, or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is required after the Commitment Termination Date. Except as otherwise expressly provided herein or in any other Loan Document, all undertakings, agreements, covenants, warranties and representations of or binding upon the Credit Parties, and all rights of Agent and each Lender, all as contained in the Loan Documents, shall not terminate or expire, but rather shall survive any such termination or cancellation and shall continue in full force and effect until the Termination Date; provided, that the payment obligations under Sections 2.13 and 2.14, and the indemnities contained in the Loan Documents shall survive the Termination Date.

9. EVENTS OF DEFAULT; RIGHTS AND REMEDIES

     9.1 Events of Default. The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an “Event of Default” hereunder:

          (a) Borrower (i) fails to make any payment of principal of the Term Loans when due and payable, (ii) fails to pay any interest or Fees owing in respect of the Term Loans within three (3) Business Days after the same becomes due and payable or (iii) fails to pay or reimburse Agent or Lenders for any other Obligations hereunder or under any other Loan Document within ten (10) days after the same becomes due and payable.

          (b) Any Credit Party fails or neglects to perform, keep or observe any of the provisions of Sections 2.4, 2.6, 6.4(a), 6.17 or 7, respectively.

          (c) Any Credit Party fails or neglects to perform, keep or observe any of the provisions of Section 5.1 or Section 5.2, respectively, and the same shall remain unremedied for five (5) Business Days or more.

          (d) Any Credit Party fails or neglects to perform, keep or observe any other provision of this Agreement or of any of the other Loan Documents (other than any provision embodied in or covered by any other clause of this Section 9.1) and the same shall remain unremedied for thirty (30) days or more after written notice to Borrower from Agent or any Lender to Borrower.

          (e) (i) An “Event of Default” (or words having similar meaning) under and as defined in the Revolving Loan Credit Agreement and the related loan documents shall have occurred or (ii) a default or breach occurs under any other agreement, document or instrument to which any Credit Party or any Restricted Subsidiary is a party that is not cured within any applicable grace period therefor, and such default or breach (x) involves the failure to make any payment when due in respect of any Indebtedness or Guarantied Obligations of Indebtedness(other than the Obligations and the Obligations under the Revolver Loan Documents) of any Credit Party or any Restricted Subsidiary having an aggregate outstanding principal amount of not less than $50,000,000 in the aggregate, or (y) causes, or permits any holder of such Indebtedness or Guarantied Obligations or a trustee to cause, Indebtedness or Guarantied Obligations of Indebtedness or a portion thereof in excess of $50,000,000 in the aggregate outstanding principal amount to become due prior to its stated maturity or prior to its regularly scheduled dates of payment, or cash collateral in respect thereof (in excess of $50,000,000) is demanded as a result of any such breach or default, in each case, regardless of whether such right is exercised, by such holder or trustee; provided that this Section 9.1(e) shall not apply to intercompany Indebtedness of an Immaterial Subsidiary.

          (f) Any representation or warranty herein or in any Loan Document or in any written statement, report, financial statement or certificate made or delivered to Agent or any Lender by any Credit Party is untrue or incorrect in any material respect as of the date when made or deemed made.

          (g) A final judgment or judgments for the payment of money in excess of $50,000,000 in the aggregate at any time are outstanding against one or more of the Credit Parties or Restricted Subsidiaries (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment and does not deny coverage or third party indemnity), and the same are not, within sixty (60) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay.

          (h) Any material provision of any Loan Document for any reason (other than due to (i) Agent’s failure to take or refrain from taking any action under its sole control or (ii) Agent’s loss of possessory Collateral that was in its or its Agent’s possession) ceases to be valid, binding and enforceable in accordance with its terms (or any Credit Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms), or

any Lien created under any Loan Document ceases to be a valid and perfected first priority Lien (except as otherwise permitted herein or therein) in any of the Collateral purported to be covered thereby except to the extent that any such loss of perfection or priority results from the failure of Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Code financing statements or continuation statements or other equivalent filings and except, as to Collateral consisting of Real Estate to the extent that such losses are covered by a Lender’s title insurance policy and the related insurer shall not have denied or disclaimed in writing that such losses are covered by such title insurance policy.

          (i) Any Change of Control occurs.

          (j) Intentionally Omitted.

          (k) An involuntary case or proceeding (including the filing of any notice of intention thereof) is commenced against any Credit Party or any Restricted Subsidiary (other than an Immaterial Subsidiary) that is an operating company seeking a decree or order in respect of such Credit Party or such Restricted Subsidiary (i) under any Insolvency Law or any other applicable federal, state or foreign bankruptcy or other similar law or any incorporation law, (ii) appointing a custodian, receiver, interim receiver, receiver and manager, custodian, liquidator, assignee, trustee or sequestrator (or similar official) for such Credit Party or such Restricted Subsidiary or for any substantial part of any such Credit Party’s or such Restricted Subsidiary’s assets, or (iii) ordering the winding-up, dissolution, suspension of general operations or liquidation of the affairs of such Credit Party or such Restricted Subsidiary, and such case or proceeding shall remain undismissed or unstayed for sixty (60) days or more or a decree or order granting the relief sought in such case or proceeding shall be entered by a court of competent jurisdiction.

          (l) Any Credit Party or Restricted Subsidiary (other than an Immaterial Subsidiary) (i) files a petition seeking relief under any Insolvency Law, or any other applicable federal, state or foreign bankruptcy or other similar law, (ii) consents to the institution of proceedings referred to in Section 9.1(k) thereunder or the filing of any such petition or the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Credit Party or such Restricted Subsidiary or for any substantial part of any such Credit Party’s or such Restricted Subsidiary’s assets, (iii) makes an assignment for the benefit of creditors, (iv) takes any action in furtherance of any of the foregoing or described under Section 9.1(k) or (v) admits in writing its inability to, or is generally unable to, pay its debts as such debts become due.

          (m) (i) an ERISA Event (or any similar event with respect to a Foreign Plan) shall have occurred, (ii) a trustee shall be appointed by a United States district court to administer any Plan (or any similar event with respect to a Foreign Plan); (iii) the PBGC shall institute proceedings to terminate any Plan or Plans (or any similar event with respect to a Foreign Plan), (iv) Borrower, any Restricted Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such Withdrawal Liability or is not contesting such Withdrawal Liability

in a timely and appropriate manner, (v) Borrower, any Restricted Subsidiary or any ERISA Affiliate shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan (or any similar event with respect to a Foreign Plan) or (vi) Borrower or any Restricted Subsidiary shall receive any “financial support direction” or “contribution notice” under any Foreign Plan (including, without limitation, the “Visteon UK Pension Plan”), and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect.

          (n) The Intercreditor Agreement shall cease, for any reason, to be in full force and effect, or any Credit Party or any Subsidiary of any Credit Party, or any party to the Intercreditor Agreement, shall so assert.

     9.2 Remedies.

          (a) To the extent permitted under Section 2.5(d), if any applicable Event of Default described in Section 2.5(d) has occurred and is continuing, the rate of interest applicable to the Term Loans shall increase to the Default Rate.

          (b) If any Event of Default has occurred and is continuing, Agent shall, at the written request of the Requisite Lenders, take any or all of the following actions: (i) terminate the Term Loan facility; (ii) declare all or any portion of the Obligations, including all or any portion of Term Loans to be forthwith due and payable, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by Borrower and each other Credit Party; or (iii) exercise any rights and remedies provided to Agent under the Loan Documents or at law or equity, including all remedies provided under the Code and any other applicable law of any jurisdiction; provided, that upon the occurrence of an Event of Default specified in Section 9.1(k) or Section 9.1(l), all Obligations shall become immediately due and payable without declaration, notice or demand by any Person. Agent shall, as soon as reasonably practicable, provide to Borrower notice of any action taken pursuant to this Section 9.2(b) (but failure to provide such notice shall not impair the rights of Agent or the Lenders hereunder and shall not impose any liability upon Agent or the Lenders for not providing such notice).

     9.3 Waivers by Credit Parties. Except as otherwise provided for in this Agreement or by applicable law, each Credit Party waives, to the fullest extent permitted by law: (a) presentment, demand and protest and notice of presentment, dishonor, notice of intent to accelerate, notice of acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at any time held by Agent as Collateral on which any Credit Party may in any way be liable, and hereby ratifies and confirms whatever Agent may do in this regard, (b) all rights to notice and a hearing prior to Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, the Collateral or any bond or security that might be required by any court prior to allowing Agent to exercise any of its remedies, and (c) the benefit of all valuation, appraisal, marshaling and exemption laws. Each Credit Party acknowledges that in the event such Credit Party fails to perform, observe or discharge any of its obligations or liabilities under this Agreement or any other Loan Document, any remedy of law may prove to be inadequate relief to Agent and the Lenders; therefore, such

Credit Party agrees, except as otherwise provided in this Agreement or by applicable law, that Agent and the Lenders shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.

10. APPOINTMENT OF AGENT

     10.1 Appointment of Agent. MSSF is hereby appointed to act on behalf of all Lenders with respect to the administration of the Term Loans made to Borrower and to act as agent on behalf of all Lenders with respect to Collateral of Credit Parties under this Agreement and the other Loan Documents. The provisions of this Section 10.1 are solely for the benefit of Agent and Lenders and no Credit Party nor any other Person shall have any rights as a third party beneficiary of any of the provisions hereof. In performing its functions and duties under this Agreement and the other Loan Documents, Agent shall act solely as an agent of Lenders and does not assume or shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Credit Party or any other Person. Agent shall not have any duties or responsibilities except for those expressly set forth in this Agreement and the other Loan Documents. The duties of Agent shall be mechanical and administrative in nature and Agent shall not have, or be deemed to have, by reason of this Agreement, any other Loan Document or otherwise a fiduciary relationship in respect of any Lender. Except as expressly set forth in this Agreement and the other Loan Documents, Agent shall not have any duty to disclose, nor shall it be liable for failure to disclose, any information relating to any Credit Party or any of their respective Subsidiaries or any Account Debtor that is communicated to or obtained by MSSF or any of its Affiliates in any capacity. Neither Agent nor any of its Affiliates nor any of their respective officers, directors, employees, agents or representatives shall be liable to any Lender for any action taken or omitted to be taken by it hereunder or under any other Loan Document, or in connection herewith or therewith, except for damages caused by its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment.

     If Agent shall request instructions from Requisite Lenders or all affected Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any other Loan Document, then Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from Requisite Lenders or all affected Lenders, as the case may be, and Agent shall not incur liability to any Person by reason of so refraining. Agent shall be fully justified in failing or refusing to take any action hereunder or under any other Loan Document (a) if such action would, in the opinion of Agent, be contrary to law or the terms of this Agreement or any other Loan Document, (b) if such action would, in the opinion of Agent, expose Agent to Environmental Liabilities or (c) if Agent shall not first be indemnified to its satisfaction against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Without limiting the foregoing, no Lender shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions of Requisite Lenders or all affected Lenders, as applicable.

     10.2 Agent’s Reliance, Etc. Neither Agent nor any of its Affiliates nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or the other Loan

Documents, except for damages caused by its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Without limiting the generality of the foregoing, Agent: (a) may treat the payee of any Term Note as the holder thereof until Agent receives written notice of the assignment or transfer thereof signed by such payee and in form reasonably satisfactory to Agent; (b) may consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement or the other Loan Documents; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on the part of any Credit Party or to inspect the Collateral (including the books and records) of any Credit Party; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (f) shall incur no liability under or in respect of this Agreement or the other Loan Documents by acting upon any notice, consent, certificate or other instrument or writing (which may be by telecopy, telegram, cable or telex) believed by it to be genuine and signed or sent by the proper party or parties; and (g) shall be entitled to delegate any of its duties hereunder to one or more sub-agents.

     Except for action requiring the approval of Requisite Lenders or all Lenders, as the case may be, Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement, unless Agent shall have been instructed by Requisite Lenders or all Lenders, as the case may be, to exercise or refrain from exercising such rights or to take or refrain from taking such action. Agent shall not incur any liability to the Lenders under or in respect of this Agreement with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the circumstances, except for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Agent shall not be liable to any Lender in acting or refraining from acting under this Agreement in accordance with the instructions of Requisite Lenders or all Lenders, as the case may be, and any action taken or failure to act pursuant to such instructions shall be binding on all Lenders.

     10.3 MSSF and Affiliates. With respect to its Commitments hereunder, MSSF shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise the same as though it were not Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include MSSF in its individual capacity. MSSF and its Affiliates may lend money to, invest in, and generally engage in any kind of business with, any Credit Party, any of their Affiliates and any Person who may do business with or own securities of any Credit Party or any such Affiliate, all as if MSSF were not Agent and without any duty to account therefor to Lenders. MSSF and its Affiliates may accept fees and other consideration from any Credit Party for services in connection with this Agreement or otherwise without having to account for the same to Lenders.

     10.4 Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon Agent or any other Lender and based on the Financial Statements referred to in Section 4.4(a) and such other documents and information as it has deemed appropriate, made its own credit and financial analysis of the Credit Parties and its own decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. Each Lender acknowledges the potential conflict of interest of each other Lender as a result of Lenders holding disproportionate interests in the Term Loans, and expressly consents to, and waives any claim based upon, such conflict of interest. Each Lender acknowledges the potential conflict of interest between MSSF, as a Lender, holding disproportionate interests in the Term Loans, and MSSF, as Agent.

     10.5 Indemnification. Lenders agree to indemnify Agent (to the extent not reimbursed by Credit Parties and without limiting the obligations of Credit Parties hereunder), ratably according to their respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against Agent in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by Agent in connection therewith; provided, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Without limiting the foregoing, each Lender agrees to reimburse Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by 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 and each other Loan Document, to the extent that Agent is not reimbursed for such expenses by Credit Parties.

     10.6 Successor Agent. Agent may resign at any time by giving not less than thirty (30) days’ prior written notice thereof to Lenders and Borrower. Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Requisite Lenders and shall have accepted such appointment within thirty (30) days after the resigning Agent’s giving notice of resignation, then the resigning Agent may, on behalf of Lenders, appoint a successor Agent, which shall be a Lender, if a Lender is willing to accept such appointment, or otherwise shall be a commercial bank, financial institution or trust company. If no successor Agent has been appointed pursuant to the foregoing, within thirty (30) days after the date such notice of resignation was given by the resigning Agent, such resignation shall become effective and (a) the Requisite Lenders shall thereafter perform all the duties of Agent hereunder and (b) Agent shall deliver any possessory Collateral in its possession to the Revolver Agent to be held in accordance with the Intercreditor Agreement or delivered to such Person as a court of competent jurisdiction may otherwise direct, in each case, until such time, if any, as the Requisite Lenders appoint a successor Agent as provided above. Any successor Agent appointed by Requisite Lenders hereunder shall be subject to the approval of Borrower, such approval not to be unreasonably withheld or delayed;

provided that such approval shall not be required if an Event of Default has occurred and is continuing. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the resigning Agent. Upon the earlier of the acceptance of any appointment as Agent hereunder by a successor Agent or the effective date of the resigning Agent’s resignation, the resigning Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents, except that any indemnity rights or other rights in favor of such resigning Agent shall continue. After any resigning Agent’s resignation hereunder, the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was acting as Agent under this Agreement and the other Loan Documents.

     10.7 Setoff and Sharing of Payments. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default under Sections 9.1(a), (k) or (l), each Lender is hereby authorized at any time or from time to time, without prior notice to any Credit Party or to any Person other than Agent, any such notice being hereby expressly waived, to offset and to appropriate and to apply any and all balances held by it at any of its offices for the account (other than Excluded Accounts (as defined in the Security Agreement)) of Borrower or Guarantors (regardless of whether such balances are then due to Borrower or Guarantors) and any other Indebtedness at any time held or owing by that Lender or that holder to or for the credit or for the account of Borrower or Guarantors against and on account of any of the Obligations that are not paid when due; provided that the Lender exercising such offset rights shall give notice thereof to the affected Credit Party promptly after exercising such rights. Any Lender exercising a right of setoff or otherwise receiving any payment on account of the Obligations in excess of its Pro Rata Share thereof shall purchase for cash (and the other Lenders or holders shall sell) such participations in each such other Lender’s or holder’s Pro Rata Share of the Obligations as would be necessary to cause such Lender to share the amount so offset or otherwise received with each other Lender or holder in accordance with their respective Pro Rata Shares (other than offset rights exercised by any Lender with respect to Sections 2.11, 2.13 or 2.14). Each Credit Party that is Borrower or Guarantor agrees, to the fullest extent permitted by law, that any Lender may exercise its right to offset with respect to amounts in excess of its Pro Rata Share of the Obligations owed to it and may sell participations in such amounts so offset to other Lenders and holders. Notwithstanding the foregoing, if all or any portion of the offset amount or payment otherwise received is thereafter recovered from the Lender that has exercised the right of offset, the purchase of participations by that Lender shall be rescinded and the purchase price restored without interest.

     10.8 Return of Payments; Information.

          (a) Reserved.

          (b) Return of Payments.

               (i) If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received by Agent from Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind.

               (ii) If Agent determines at any time that any amount received by Agent under this Agreement must be returned to Borrower or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to Borrower or such other Person, without setoff, counterclaim or deduction of any kind.

          (c) Dissemination of Information. Agent shall not be required to deliver to any Lender originals or copies of any documents, instruments, notices, communications or other information received by Agent from any Credit Party, any Subsidiary, any Lender or any other Person under or in connection with this Agreement or any other Loan Document except (i) as specifically provided for in this Agreement or any other Loan Document and (ii) as specifically requested from time to time in writing by any Lender with respect to a specific document, instrument, notice or other written communication received by and in the possession of Agent at the time of receipt of such request and then only in accordance with such specific request.

     10.9 Actions in Concert. Anything in this Agreement to the contrary notwithstanding, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or the Term Notes (including exercising any rights of setoff) without first obtaining the prior written consent of Agent and Requisite Lenders, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the Term Notes shall be taken in concert and at the direction or with the consent of Agent or Requisite Lenders; provided, however, that (i) each Lender shall be entitled to file a proof of claim in any proceeding under any Insolvency Law to the extent that such Lender disagrees with Agent’s composite proof of claim filed on behalf of all Lenders, (ii) each Lender shall be entitled to vote its claim with respect to any plan of reorganization in any proceeding under any Insolvency Law and (iii) each Lender shall be entitled to pursue its deficiency claim after liquidation of all or substantially all of the Collateral and application of the proceeds therefrom.

     10.10 Procedures. Agent is hereby authorized by each Credit Party and each other Person to whom any Obligations are owed to establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Term Loans and other matters incidental thereto. Without limiting the generality of the foregoing, Agent is hereby authorized to establish procedures to make available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems. The posting, completion and/or submission by any Credit Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be provided, given or made by a Credit Party in connection with any such communication is true, correct and complete except as expressly noted in such communication or otherwise on such E-System.

     10.11 Collateral Matters.

          (a) Lenders hereby irrevocably authorize Agent, at its option and in its sole discretion, to release or evidence such release (or subordinate) any Liens upon any Collateral or any guaranty of the Obligations, (i) upon the Termination Date; (ii) constituting property being sold or disposed of if Borrower certifies to Agent that the sale or Disposition is made in compliance with this Agreement and the Loan Documents (or otherwise is not prohibited) (and Agent may rely conclusively on any such certificate, without further inquiry) or such sale or Disposition is approved by the Requisite Lenders; (iii) constituting property in which Credit Parties owned no interest at the time the Lien was granted or at any time thereafter; or (iv) constituting property leased to Credit Parties under a lease which has expired or been terminated in a transaction permitted under this Agreement. Upon request by Agent or Borrower at any time, Lenders will confirm in writing Agent’s authority to release any Lien upon particular types or items of Collateral pursuant to this Section 10.11.

          (b) Upon receipt by Agent of any authorization required pursuant to Section 10.11(a) from Lenders of Agent’s authority to release (or subordinate) any Liens upon particular types or items of Collateral, and upon at least five (5) Business Days’ prior written request by Borrower, Agent shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release (or subordination) of its Liens upon such Collateral; provided, however, that (i) Agent shall not be required to execute any such document on terms which, in Agent’s opinion, would expose Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of Credit Parties in respect of) all interests retained by Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

     10.12 Additional Agents. None of the Lenders or other entities identified on the facing page of this Agreement as an “arranger” or “bookrunner” shall have any right, power, obligation, liability, responsibility or duty under this Agreement or any other Loan Document other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders so identified shall have or be deemed to have any fiduciary relationship with any other Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other entities so identified in deciding to enter into this Agreement or any other Loan Document or in taking or not taking action hereunder or thereunder.

     10.13 Distribution of Materials to Lenders.

          (a) Borrower acknowledges and agrees that the Loan Documents and all reports, notices, communications and other information or materials provided or delivered by, or on behalf of, Borrower hereunder (collectively, the “Borrower Materials”) may be disseminated by, or on behalf of, Agent, and made available to, the Lenders by posting such Borrower Materials on Intralinks^® or a similar E-System (the “Borrower Workspace”). Borrower authorizes Agent to download copies of its logos from its website and post copies thereof on the Borrower Workspace. Borrower hereby acknowledges that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive MNPI) (each, a “Public Lender”). Borrower hereby agrees that they will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all

such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking the Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized Agent and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive, confidential and proprietary) with respect to Borrower, its Subsidiaries or their securities for purposes of United States federal and state securities laws, (iii) all the Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Borrower Workspace designated “Public Investor”, and (iv) Agent shall be entitled to treat any of the Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Borrower Workspace not designated “Public Investor.”

          (b) Each Lender represents, warrants, acknowledges and agrees that (i) the Borrower Materials may contain MNPI concerning Borrower, its Affiliates or their securities, (ii) it has developed compliance policies and procedures regarding the handling and use of MNPI, and (iii) it shall use all such in accordance with Section 12.8 and any applicable laws and regulations, including federal and state securities laws and regulations.

          (c) If any Lender has elected to abstain from receiving MNPI concerning Borrower, its Affiliates or their securities, such Lender acknowledges that, notwithstanding such election, Agent and/or Borrower will, from time to time, make available syndicate-information (which may contain MNPI) as required by the terms of, or in the course of administering, the credit facilities, including this Agreement and the other Loan Documents, to the credit contact(s) identified for receipt of such information on the Lender’s administrative questionnaire who are able to receive and use all syndicate-level information (which may contain MNPI) in accordance with such Lender’s compliance policies and Contractual Obligations and applicable law, including federal and state securities laws; provided that if such contact is not so identified in such questionnaire, the relevant Lender hereby agrees to promptly (and in any event within one Business Day) provide such a contact to Agent and Borrower upon oral or written request therefor by Agent or Borrower. Notwithstanding such Lender’s election to abstain from receiving MNPI, such Lender acknowledges that if such Lender chooses to communicate with Agent, it assumes the risk of receiving MNPI concerning Borrower, its Affiliates or their securities.

11. ASSIGNMENT AND PARTICIPATIONS; SUCCESSORS AND ASSIGNS

     11.1 Assignment and Participations.

          (a) Subject to the terms of this Section 11.1, any Lender may make an assignment, or sell participations in, at any time or times, the Loan Documents, Term Loans, and any Commitment or any portion thereof or interest therein, including any Lender’s rights, title, interests, remedies, powers or duties thereunder (other than to an Excluded Party as reasonably determined by Agent and with Borrower’s consent with respect to any Excluded Party (such consent not to be unreasonably withheld, conditioned or delayed)). Any assignment by a Lender shall be subject to the following conditions:

               (i) Assignment Agreement. Any assignment by a Lender shall require (A) the execution of an assignment agreement (the “Assignment Agreement”) substantially in the form attached hereto as Exhibit 11.1(a) and otherwise in form and substance reasonably satisfactory to and acknowledged by Agent and (B) the payment of a processing and recordation fee of $3,500 by the assignor or assignee to Agent (unless such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund). Agent shall maintain at one of its offices listed in Section 12.10 (as may be updated from time to time pursuant to Section 12.10), a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and Borrower, Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and the Lenders, at any reasonable time and from time to time upon reasonable prior notice.

               (ii) Minimum Amounts.

                    (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Term Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

                    (B) in any case not described in paragraph (a)(ii)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Term Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Term Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is delivered to Agent or, if “Effective Date” is specified in the Assignment Agreement, as of the Effective Date) shall not be less than $1,000,000, and in increments of $1,000,000, unless each of (1) Agent and (2) so long as no Event of Default under Sections 9.1 (a), (k) or (l) has occurred and is continuing or any Event of Default under Section 9.1(b) solely with respect to Section 7.10 has occurred and is continuing, Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed, and the Borrower shall be deemed to have consented to such assignment unless Borrower shall have objected thereto by written notice to Agent within ten (10) Business Days after having received such Assignment Agreement).

               (iii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (iii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches on a non-pro rata basis (if any).

               (iv) Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (a)(ii)(B) of this Section and, in addition:

                    (A) the consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default under Sections 9.1 (a), (k), or (l) has occurred and is continuing or any Event of Default under Section 9.1(b) solely with respect to Section 7.10 has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund or (z) such assignment is to or by MSSF in connection with the initial syndication of the Term Loans;

                    (B) the consent of Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of the Term Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund;

          (b) In the case of an assignment by a Lender under this Section 11.1, the assignee shall have, to the extent of such assignment, the same rights, benefits and obligations as all other Lenders hereunder. The assigning Lender shall be relieved of its obligations hereunder with respect to its Commitments or assigned portion thereof from and after the date of such assignment. Borrower hereby acknowledges and agrees that any assignment shall give rise to a direct obligation of Borrower to the assignee and that the assignee shall be considered to be a “Lender”. In all instances, each Lender’s liability to make Term Loans hereunder shall be several and not joint and shall be limited to such Lender’s Pro Rata Share of the applicable Commitment. In the event Agent or any Lender assigns or otherwise transfers all or any part of the Obligations, Agent or any such Lender shall so notify Borrower and Borrower shall, upon the request of Agent or such Lender, execute new Term Notes in exchange for the Term Notes, if any, being assigned. Notwithstanding the foregoing provisions of this Section 11.1, (i) any Lender may at any time pledge the Obligations held by it and such Lender’s rights under this Agreement and the other Loan Documents to a Federal Reserve Bank, and any Lender that is an investment fund may assign the Obligations held by it and such Lender’s rights under this Agreement and the other Loan Documents to another investment fund managed by the same investment advisor; provided, that no such pledge to a Federal Reserve Bank shall release such Lender from such Lender’s obligations hereunder or under any other Loan Document and (ii) no assignment shall be made to any Credit Party or any Subsidiary of a Credit Party or any Affiliate of a Credit Party.

          (c) Any participation by a Lender of all or any part of its Commitments shall be made with the understanding that all amounts payable by Borrower hereunder shall be determined as if that Lender had not sold such participation, and that the holder of any such participation shall not be entitled to require such Lender to take or omit to take any action hereunder except actions directly affecting (i) any reduction in the principal amount of, or interest rate or Fees payable with respect to, the Term Loan; (ii) any extension of the final maturity date thereof; and (iii) any release of all or substantially all of the Collateral (other than in accordance with the terms of this Agreement, the Collateral Documents or the other Loan Documents). Solely for purposes of Sections 2.11 and 2.14 Borrower acknowledges and agrees that a participation shall give rise to a direct obligation of Borrower to the participant and the participant shall be considered to be a “Lender”; provided, that, a participant shall not be entitled to receive any greater payment under Section 2.13 than the applicable Lender from whom it received its participation would have been entitled with respect to the participation sold to such participant (unless the sale of the participation to the participant is made with Borrower’s prior

written consent). Except as set forth in the preceding sentence no Borrower or Credit Party shall have any obligation or duty to any participant. Neither Agent nor any Lender (other than the Lender selling a participation) shall have any duty to any participant and may continue to deal solely with the Lender selling a participation as if no such sale had occurred.

          (d) Except as expressly provided in this Section 11.1, no Lender shall, as between Borrower and that Lender, or Agent and that Lender, be relieved of any of its obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any part of the Term Loans, the Term Notes or other Obligations owed to such Lender.

          (e) Each Credit Party executing this Agreement shall assist any Lender permitted to sell assignments or participations under this Section 11.1 as reasonably required to enable the assigning or selling Lender to effect any such assignment or participation, including, the execution and delivery of any and all reasonable and customary agreements, notes and other documents and instruments as shall be requested. Each Credit Party executing this Agreement shall certify the correctness, completeness and accuracy of all descriptions of the Credit Parties and their respective affairs contained in any selling materials provided by them and all other information provided by them and included in such materials, except that any Business Plan delivered by Borrower shall only be certified by Borrower as having been prepared by Borrower in compliance with the representations contained in Section 4.4(c). Notwithstanding anything to the contrary contained in the Loan Documents, no Lender may assign or sell a participation to any Excluded Party.

          (f) Any Lender may furnish information concerning Credit Parties in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants); provided that such Lender shall obtain from assignees or participants confidentiality covenants substantially equivalent to those contained in Section 12.8.

          (g) So long as no Event of Default has occurred and is continuing, no Lender shall assign or sell participations in any portion of its Term Loans or Commitments to a potential Lender or participant, if, as of the date of the proposed assignment or sale, the assignee Lender or participant would be subject to capital adequacy or similar requirements under Section 2.14(a), increased costs under Section 2.14(b), an inability to fund LIBOR Loans under Section 2.14(c), or withholding taxes in accordance with Section 2.13(a).

          (h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”), may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing by the Granting Lender to Agent and Borrower, the option to provide to Borrower all or any part of any Term Loans that such Granting Lender would otherwise be obligated to make to Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make the Term Loan; and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of the Term Loan, the Granting Lender shall be obligated to make the Term Loans pursuant to the terms hereof. The making of the Term Loans by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if the Term Loans were made by such Granting Lender. No SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for

which shall remain with the Granting Lender). Any SPC may (i) with notice to, but without the prior written consent of, Borrower and Agent and assign all or a portion of its interests in any Term Loans to the Granting Lender or to any financial institutions (consented to by Borrower and Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Term Loans and (ii) disclose on a confidential basis any non-public information relating to its Term Loans to any rating agency, commercial paper dealer or provider of any surety, guaranty or credit or liquidity enhancement to such SPC. This Section 11.1(h) may not be amended without the prior written consent of each Granting Lender, all or any of whose Term Loans are being funded by an SPC at the time of such amendment. For the avoidance of doubt, the Granting Lender shall for all purposes, including, without limitation, the approval of any amendment or waiver of any provision of any Loan Document or the obligation to pay any amount otherwise payable by the Granting Lender under the Loan Documents, continue to be the Lender of record hereunder.

     11.2 Successors and Assigns. This Agreement and the other Loan Documents shall be binding on and shall inure to the benefit of each Credit Party, Agent, Lender and their respective successors and assigns (including, in the case of any Credit Party, a debtor-in-possession on behalf of such Credit Party), except as otherwise provided herein or therein. No Credit Party may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder or under any of the other Loan Documents without the prior express written consent of Agent and Lenders. Any such purported assignment, transfer, hypothecation or other conveyance by any Credit Party without the prior express written consent of Agent and Lenders shall be void. The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of each Credit Party, Agent and Lenders with respect to the transactions contemplated hereby and no Person shall be a third party beneficiary of any of the terms and provisions of this Agreement or any of the other Loan Documents.

12. MISCELLANEOUS

     12.1 Complete Agreement; Modification of Agreement. This Agreement shall become effective when it shall have been executed by Borrower, the other Credit Parties signatory hereto, the Lenders, the Collateral Agent and Agent. Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of, Borrower, the other Credit Parties party hereto, the Collateral Agent, Agent, and each Lender, their respective successors and permitted assigns. Except as expressly provided in any Loan Document, none of Borrower, any other Credit Party, any Lender, the Collateral Agent or Agent shall have the right to assign any rights or obligations hereunder or any interest herein. The Loan Documents constitute the complete agreement between the parties with respect to the subject matter thereof and may not be modified, altered or amended except as set forth in Section 12.2. Any letter of interest, commitment letter, fee letter or confidentiality agreement, if any, between any Credit Party, the Collateral Agent and Agent or any Lender or any of their respective Affiliates, predating this Agreement and relating to a financing of substantially similar form, purpose or effect shall be superseded by this Agreement. Notwithstanding the foregoing, the Fee Letter shall survive the execution and delivery of this Agreement and shall continue to be binding obligations of the parties in the manner and for the period provided for therein.

     12.2 Amendments and Waivers.

          (a) Except for actions expressly permitted to be taken by Agent, no amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, or any consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by Agent and Borrower, and by Requisite Lenders or all affected Lenders as set forth in Section 12.2(c). Except as set forth in clauses (b) and (c) below, all such amendments, modifications, terminations or waivers requiring the consent of any Lenders shall require the written consent of Requisite Lenders.

          (b) No amendment, modification, termination or waiver of or consent with respect to any provision of this Agreement that waives compliance with the conditions precedent set forth in Section 3.1 to the making of any Term Loans shall be effective unless the same shall be in writing and signed by Agent, Lenders and Borrower. Notwithstanding anything contained in this Agreement to the contrary, no waiver or consent with respect to any Default or any Event of Default shall be effective for purposes of the conditions precedent to the making of Term Loans unless the same shall be in writing and signed by Agent, Requisite Lenders and Borrower.

          (c) No amendment, modification, termination or waiver shall, unless in writing and signed by Agent and each Lender directly affected thereby: (i) increase the principal amount of any Lender’s Commitment (which action shall be deemed only to affect those Lenders whose Commitments are increased and may be approved by Requisite Lenders, including those Lenders whose Commitments are increased); (ii) reduce the principal of, rate of interest on, composition of interest on (i.e., cash pay or payment-in-kind) or Fees payable with respect to any Term Loans of any affected Lender (provided, however, in each case, the waiver of any Default or Event of Default or the implementation of Default Rate interest shall not constitute a reduction in the rate of interest or any Fee); (iii) extend any scheduled payment date (other than payment dates of mandatory prepayments under Section 2.3(b)(i)-(iv)) or final maturity date of the principal amount of the Term Loans of any Lender; (iv) waive, forgive, defer, extend or postpone any payment of interest or Fees as to any affected Lender (provided, however, in each case, the waiver of any Default or Event of Default or the implementation of Default Rate interest shall not constitute a reduction in the rate of interest or any Fee); (v) release any Guaranty or, except as otherwise permitted herein or in the other Loan Documents, release (or subordinate the Lien of Agent in), or permit any Credit Party to sell or otherwise dispose of all or substantially all of the Term Loan Priority Collateral (which action shall be deemed to directly affect all Lenders); (vi) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Term Loans that shall be required for Lenders or any of them to take any action hereunder; (vii) amend or waive this Section 12.2 or the definitions of the term “Requisite Lenders” insofar as such definition affects the substance of this Section 12.2; or (viii) amend the allocation and waterfalls in Section 2.9. Furthermore, no amendment, modification, termination or waiver affecting the rights or duties of Agent or the Collateral Agent under this Agreement or any other Loan Document, or any release of any Guaranty or Collateral requiring a writing signed by all Lenders, shall be effective unless in writing and signed by Agent or the Collateral Agent, as the case may be, in addition to Lenders required hereinabove to take such action. Each amendment, modification, termination or waiver shall be effective only in the specific instance and for the specific purpose for which it was given. No amendment, modification, termination or waiver shall be required for Agent to take additional Collateral pursuant to any Loan Document. No amendment, modification, termination or waiver of any provision of any Note shall be effective without the written concurrence of the holder of that Note. No notice to or demand on any

Credit Party in any case shall entitle such Credit Party or any other Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 12.2 shall be binding upon each holder of the Obligations at the time outstanding and each future holder of the Obligations.

          (d) If, in connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the consent of all Lenders or all affected Lenders, the consent of Requisite Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in this subsection (d) being referred to as a “Non-Consenting Lender”), then, with respect to this subsection (d), so long as Agent is not a Non-Consenting Lender, at Borrower’s request, Agent or a Person reasonably acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole discretion (but shall have no obligation) to purchase from any such Non-Consenting Lenders, and any such Non-Consenting Lenders agree that they shall, upon Agent’s request, sell and assign to Agent or such Person reasonably acceptable to Agent, all of the Commitments of any such Non-Consenting Lenders for an amount equal to the principal balance of all Term Loans held by such Non-Consenting Lenders and all accrued interest and Fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement. In the event that a Non-Consenting Lender does not execute an Assignment Agreement pursuant to Section 11.1 within five (5) Business Days after receipt by such Non-Consenting Lender of notice of replacement pursuant to this Section 12.2(d) and presentation to such Non-Consenting Lender of an Assignment Agreement evidencing an assignment pursuant to this Section 12.2(d), Borrower shall be entitled (but not obligated) to execute such an Assignment Agreement on behalf of any such Non-Consenting Lender, and any such Assignment Agreement so executed by Borrower, the replacement Lender and Agent, shall be effective for purposes of this Section 12.2(d) and Section 11.1.

          (e) Upon payment in full in cash and performance of all of the Obligations (other than indemnification Obligations), termination of the Commitments and a release of all claims against Agent and Lenders, and so long as no suits, actions, proceedings or claims are pending or threatened against any Indemnified Person asserting any damages, losses or liabilities that are Indemnified Liabilities, Agent shall deliver to Borrower termination statements, mortgage releases and other documents necessary or appropriate to evidence the termination of the Liens securing payment of the Obligations.

          (f) Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Requisite Lenders, Agent, and Borrower (i) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Requisite Lenders.

          (g) In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of Agent, Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing of all outstanding Term

Loans (“Refinanced Term Loans”) with a replacement term loan tranche hereunder (“Replacement Term Loans”); provided that (i) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (ii) the Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Refinanced Term Loans, (iii) the weighted average life to maturity of such Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term Loans at the time of such refinancing and (iv) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately prior to such refinancing.

          (h) Further, notwithstanding anything to the contrary contained in Section 12.2, if Agent and Borrower shall have jointly identified an obvious error or any error or omission of a technical nature, in each case that is immaterial (as determined by Agent), in any provision of the Loan Documents, then Agent and Borrower shall be permitted to amend such provisions and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Requisite Lenders within ten (10) Business Days following receipt of notice thereof.

     12.3 Fees and Expenses. Borrower shall reimburse: (i) Agent and the Collateral Agent for all reasonable documented fees, reasonable documented out-of-pocket costs and expenses (including the reasonable fees and reasonable documented out-of-pocket expenses of all of its counsel, advisors, consultants and auditors); and (ii) Agent, the Collateral Agent (and, with respect to clauses (b), (c) and (d) below, all Lenders) for all reasonable out-of-pocket fees, costs and expenses, including the reasonable documented fees, reasonable documented out-of-pocket costs and expenses of counsel or other advisors (including environmental and management consultants and appraisers), incurred in connection with the negotiation, preparation and filing and/or recordation of the Loan Documents, and incurred in connection with:

          (a) any amendment, modification or waiver of, consent with respect to, or termination of, any of the Loan Documents or Related Transactions Documents or advice in connection with the syndication and administration of the Term Loans made pursuant hereto or its rights hereunder or thereunder;

          (b) any litigation, contest, dispute, suit, proceeding or action (whether instituted by Agent, any Lender, any Credit Party or any other Person and whether as a party, witness or otherwise) in any way relating to the Collateral, any of the Loan Documents and the transactions contemplated thereby or any other agreement to be executed or delivered in connection herewith or therewith, including any litigation, contest, dispute, suit, case, proceeding or action, and any appeal or review thereof; in connection with a case commenced by or against any or all of the Credit Parties or any other Person that may be obligated to Agent by virtue of the Loan Documents; including any such litigation, contest, dispute, suit, proceeding or action arising in connection with any work-out or restructuring of the Term Loans during the pendency of one or more Events of Default; provided that in the case of reimbursement of counsel for Lenders other than Agent, such reimbursement shall be limited to one counsel for all such

Lenders; provided, further, that no Person shall be entitled to reimbursement under this clause (c) in respect of any litigation, contest, dispute, suit, proceeding or action to the extent any of the foregoing results from such Person’s gross negligence, bad faith or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment); provided, further, that no Indemnified Person will be indemnified for any such cost, expense or liability to the extent of any dispute solely among Indemnified Persons other than claims against Agent or Collateral Agent, in such capacity, in connection with fulfilling any such roles;

          (c) any attempt to enforce any remedies of Agent against any or all of the Credit Parties or any other Person that may be obligated to Agent or any Lender by virtue of any of the Loan Documents, including any such attempt to enforce any such remedies in the course of any work-out or restructuring of the Term Loans during the pendency of one or more Events of Default; provided, that in the case of reimbursement of counsel for Lenders other than Agent, such reimbursement shall be limited to one counsel for all such Lenders;

          (d) any workout or restructuring of the Term Loans upon the occurrence and during the continuance of one or more Events of Default; and

          (e) efforts to (i) monitor the Term Loans or any of the other Obligations, (ii) evaluate, observe or assess any of the Credit Parties or their respective affairs, and (iii) verify, protect, evaluate, assess, appraise, audit, collect, sell, liquidate or otherwise dispose of any of the Collateral; including, as to each of clauses (a) through (d) above, all reasonable attorneys’ and other professional and service providers’ reasonable documented fees arising from such services and other advice, assistance or other representation, including those in connection with any appellate proceedings, and all reasonable documented out-of-pocket expenses, costs, charges and other fees incurred by such counsel and others in connection with or relating to any of the events or actions described in this Section 12.3. All amounts under this Section 12.3 shall be payable not later than 20 days after written demand therefore (together with reasonably detailed supporting documentation submitted to a Financial Officer of Borrower). Without limiting the generality of the foregoing, such reasonable documented out-of-pocket expenses, costs, charges and fees may include: reasonable documented out-of-pocket fees, costs and expenses of accountants, environmental advisors, appraisers, investment bankers, management, internal auditors, financial, turnaround and other consultants and paralegals; court costs and expenses; photocopying and duplication expenses; court reporter fees, costs and expenses; long distance telephone charges; air express charges; telegram or telecopy charges; secretarial overtime charges; and expenses for travel, lodging and food paid or incurred in connection with the performance of such legal or other advisory services.

     12.4 No Waiver. Agent’s or any Lender’s failure, at any time or times, to require strict performance by the Credit Parties of any provision of this Agreement or any other Loan Document shall not waive, affect or diminish any right of Agent or such Lender thereafter to demand strict compliance and performance herewith or therewith. Any suspension or waiver of an Event of Default shall not suspend, waive or affect any other Event of Default whether the same is prior or subsequent thereto and whether the same or of a different type. Subject to the provisions of Section 12.2, none of the undertakings, agreements, warranties, covenants and representations of any Credit Party contained in this Agreement or any of the other Loan Documents and no Default or Event of Default by any Credit Party shall be deemed to have been

suspended or waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing signed by an officer of or other authorized employee of Agent and the applicable Requisite Lenders, and directed to Borrower specifying such suspension or waiver.

     12.5 Remedies. Agent’s and Lenders’ rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that Agent or any Lender may have under any other agreement, including the other Loan Documents, by operation of law or otherwise. Recourse to the Collateral shall not be required.

     12.6 Severability. Wherever possible, each provision of this Agreement and the other Loan Documents shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement or any other Loan Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement or such other Loan Document.

     12.7 Conflict of Terms. Except as otherwise provided in this Agreement or any of the other Loan Documents by specific reference to the applicable provisions of this Agreement, and subject to the immediately following sentence, if any provision contained in this Agreement conflicts with any provision in any of the other Loan Documents, the provision contained in this Agreement shall govern and control.

     12.8 Confidentiality. Each Lender, Collateral Agent and Agent agrees to use all reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document and designated in writing by any Credit Party as confidential, except that such information may be disclosed (i) with Borrower’s consent, (ii) to Related Persons of such Lender, Collateral Agent or Agent, as the case may be, that are advised of the confidential nature of such information and are instructed to keep such information confidential in accordance with the terms hereof, (iii) to the extent such information presently is or hereafter becomes (A) publicly available other than as a result of a breach of this Section 12.8 or (B) available to such Lender, Collateral Agent or Agent or any of their Related Persons, as the case may be, from a source (other than any Credit Party) not known by them to be subject to disclosure restrictions, (iv) to the extent disclosure is required by applicable law or other legal process or requested or demanded by any Governmental Authority (in which case Agent shall notify Borrower to the extent not prohibited by law or legal process), (v) to the extent necessary or customary for inclusion in league table measurements, (vi) (A) to the National Association of Insurance Commissioners or any similar organization, any examiner or any nationally recognized rating agency or (B) otherwise to the extent consisting of general portfolio information that does not identify Credit Parties, (vii) other than to Excluded Parties, to current or prospective assignees, SPVs (including the investors or prospective investors therein) or participants, direct or contractual counterparties to any Swap Contracts and to their respective Related Persons, in each case to the extent such assignees, investors, participants, counterparties or Related Persons agree to be bound by provisions substantially similar to the provisions of this Section 12.8 (and such Person may disclose information to their respective Related Persons in accordance with clause (ii) above), (viii) to any other party hereto, and (ix) in connection with the exercise or enforcement of any right or remedy under any Loan Document, in connection with any litigation or other proceeding to which such Lender, Collateral Agent or Agent or any

of their Related Persons is a party or bound, or to the extent necessary to respond to public statements or disclosures by Credit Parties or their Related Persons referring to a Lender, Collateral Agent or Agent or any of their Related Persons. In the event of any conflict between the terms of this Section 12.8 and those of any Loan Document, the terms of this Section 12.8 shall govern.

     Notwithstanding anything to the contrary set forth herein or in any other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and have not applied to the federal tax treatment and federal tax structure of the Term Loans (the “Transactions”) (and any related transactions or arrangements) from the commencement of discussions between the parties, and (ii) each party (and each of its employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the federal tax treatment and federal tax structure of the Transactions and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure. The preceding sentence is intended to cause the Transactions to be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended, and shall be construed in a manner consistent with such purpose. Subject to the proviso with respect to disclosure in the first sentence of this paragraph, each party hereto acknowledges that it has no proprietary or exclusive rights to the federal tax structure of the Transactions or any federal tax matter or federal tax idea related to the Transactions.

     12.9 GOVERNING LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THE LOAN DOCUMENTS AND THE OBLIGATIONS SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE CREDIT PARTIES, AGENT AND LENDERS PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS RELATED TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT AGENT, LENDERS AND THE CREDIT PARTIES ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY; PROVIDED, FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF AGENT. EACH CREDIT PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN

ANY SUCH COURT, AND EACH CREDIT PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH CREDIT PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN SECTION 12.10 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE PREPAID.

     12.10 Notices.

     (a) Addresses. All notices, demands, requests, directions and other communications required or expressly authorized to be made by this Agreement shall, whether or not specified to be in writing but unless otherwise expressly specified to be given by any other means, be given in writing and (i) addressed to (A) the party to be notified and sent to the address or facsimile number indicated in this Section 12.10 (or to such other address as may be hereafter notified by the respective parties hereto), or (B) otherwise to the party to be notified at its address specified on the signature page of any applicable Assignment Agreement, (ii) posted to any other E-System set up by or at the direction of Agent in an appropriate location or (iii) addressed to such other address as shall be notified in writing (A) in the case of Borrower, and Agent, to the other parties hereto and (B) in the case of all other parties, to Borrower and Agent. Transmission by electronic mail (including E-Fax, even if transmitted to the fax numbers set forth in clause (i) above) shall not be sufficient or effective to transmit any such notice under this clause (a) unless such transmission is an available means to post to any E-System. Notice addresses as of the Closing Date shall be as set forth below:

	(A)	If to Agent, at
		Morgan Stanley Senior Funding, Inc.
		1 Pierrepont Plaza, 7th Floor
		Brooklyn, New York 11201
		Attention: Michael Gavin
		Telephone No.: (718)  ###-###-####
		Email: ***@***
		Attention: David Ingram
		Telecopier No.: (212)  ###-###-####
		Telephone No.: (718)  ###-###-####
		Email: ***@***
	with copies to:

		Paul Hastings Janofsky & Walker LLP
		75 East 55th Street
		New York, New York 10022
		Attention: Leslie A. Plaskon, Esq.
		Telecopier No.: (212)  ###-###-####
		Telephone No.: (212)  ###-###-####
	(B)	If to Borrower at
		Visteon Corporation
		One Village Center Drive
		Van Buren Township, Michigan 48111
		Attention: Michael Lewis
		Telecopier No.: (734)  ###-###-####
		Telephone No.: (734)  ###-###-####
	with copies to:
		Kirkland & Ellis LLP
		300 North LaSalle Street
		Chicago, Illinois 60654
		Attention: Daryll V. Marshall
		Telecopier No.: (312)  ###-###-####
		Telephone No.: (312)  ###-###-####

               (b) Effectiveness.

                    (i) All communications described in clause (a) above and all other notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one (1) Business Day after delivery to such courier service, (iii) if delivered by mail, three (3) Business Days after deposit in the mail, (iv) if delivered by facsimile or electronic mail (other than to post to an E-System pursuant to clause (a) above) upon sender’s receipt of confirmation of proper transmission and (v) if delivered by posting to any E-System, on the later of the date of such posting in an appropriate location and the date access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such E-System. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration or other communication to any Person (other than Borrower or Agent) designated in Section 12.10 to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication. The giving of any notice required hereunder may be waived in writing by the party entitled to receive such notice.

                    (ii) The posting, completion and/or submission by any Credit Party of any communication pursuant to an E System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be provided, given or made by a Credit Party in connection with any

such communication is true, correct and complete (to the extent required under the Loan Documents) except as expressly noted in such communication or E-System.

          (c) Each Lender shall notify Agent in writing of any changes in the address to which notices to such Lender should be directed, of addresses of its lending office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as Agent shall reasonably request.

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

     12.12 Counterparts. This Agreement may be executed in any number of separate counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof.

     12.13 WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO KNOWINGLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG AGENT, LENDERS AND ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.

     12.14 Press Releases and Related Matters. Each Credit Party executing this Agreement agrees that neither it nor its Affiliates will in the future issue any press releases or other public disclosure using the name of MSSF or its affiliates or referring to this Agreement, the other Loan Documents or the Related Transactions Documents without at least two (2) Business Days’ prior notice to MSSF and without the prior written consent of MSSF unless (and only to the extent that) such Credit Party or Affiliate is required to do so under law and then, in any event, such Credit Party or Affiliate will consult with MSSF before issuing such press release or other public disclosure. Each Credit Party consents to the publication by Agent or any Lender of advertising material relating to the financing transactions contemplated by this Agreement using Borrower’s name, product photographs, logo or trademark. Agent reserves the right to provide to industry

trade organizations information necessary and customary for inclusion in league table measurements.

     12.15 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Borrower for liquidation or reorganization, should Borrower become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver, interim receiver, receiver and manager or trustee be appointed for all or any significant part of Borrower’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

     12.16 Advice of Counsel. Each of the parties represents to each other party hereto that it has discussed this Agreement and, specifically, the provisions of Sections 12.9 and 12.13, with its counsel.

     12.17 No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

     12.18 Patriot Act Notice. Each Lender and Agent (for itself and not on behalf of any Lender) hereby notifies the Credit Parties that pursuant to the requirements of the Patriot Act, such Lender and Agent may be required to obtain, verify and record information that identifies the Credit Parties, which information includes the name and address of the Credit Parties and other information that will allow such Lender and Agent, as the case may be, to identify the Credit Parties in accordance with the Patriot Act.

     12.19 Currency Equivalency Generally. For the purposes of making valuations or computations under this Agreement (but not for purposes of the preparation of any financial statements delivered pursuant hereto), and in particular, without limitation, for purposes of valuations or computations under Sections 2.3(b), 4, 6, 7 and 9, unless expressly provided otherwise, where a reference is made to a dollar amount the amount is to be considered as the amount in Dollars and, therefor, each other currency shall be converted into the equivalent amount thereof in Dollars in accordance with GAAP.

     12.20 Judgment Currency.

          (a) If, for the purpose of obtaining or enforcing judgment against any Credit Party in any court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 12.20 referred to as the “Judgment Currency”) an amount due under any Loan Document in any currency (the “Obligation

Currency”) other than the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding (i) the date of actual payment of the amount due, in the case of any proceeding in the courts of any jurisdiction that will give effect to such conversion being made on such earlier date, or (ii) the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section 12.20 being hereinafter in this Section 12.20 referred to as the “Judgment Conversion Date”).

          (b) If, in the case of any proceeding in the court of any jurisdiction referred to in Section 12.20(a), there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual receipt for value of the amount due, the applicable Credit Party shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount actually received in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of the Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. Any amount due from a Credit Party under this Section 12.20(b) shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of any of the Loan Documents.

          (c) The term “rate of exchange” in this Section 12.20 means the rate of exchange at which Agent would, on the relevant date at or about 1:00 p.m. (New York time), be prepared to sell the Obligation Currency against the Judgment Currency.

     12.21 Electronic Transmissions.

          (a) Authorization. Subject to the provisions of Section 12.10(a), each of Agent, Lenders, each Credit Party and each of their Related Persons, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein. Borrower and each Lender party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing the use of Electronic Transmissions.

          (b) Signatures. Subject to the provisions of Section 12.10(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a “signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any Code, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural applicable law governing such subject matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which Agent, each Lender and each Credit Party may rely and assume the authenticity thereof, (iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes,

have the same effect and weight as a signed paper original and (iv) each party hereto or beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable law requiring certain documents to be in writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission.

          (c) Separate Agreements. All uses of an E-System shall be governed by and subject to, in addition to Section 12.10 and this Section 12.21, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related Contractual Obligations executed by Agent and Credit Parties in connection with the use of such E-System.

          (d) LIMITATION OF LIABILITY. ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND IS MADE BY AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS IN CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS. Each of Borrower, each other Credit Party executing this Agreement and each Lender agrees that Agent has no responsibility for maintaining or providing any equipment, Software, services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System.

     12.22 Independence of Provisions. The parties hereto acknowledge that this Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, and that such limitations, tests and measurements are cumulative and must each be performed, except as expressly stated to the contrary in this Agreement.

     12.23 No Third Parties Benefited. This Agreement is made and entered into for the sole protection and legal benefit of Borrower, the Lenders, Agent, Collateral Agent and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. Neither Agent nor any Lender nor any Credit Party (except as otherwise specifically provided under the Loan Documents) shall have any obligation to any Person not a party to this Agreement or the other Loan Documents.

     12.24 Relation to Intercreditor Agreement.

          (a) The parties hereto acknowledge that Agent’s rights and the Credit Parties’ obligations hereunder are subject to this Agreement and the Intercreditor Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time).

          (b) Notwithstanding anything herein to the contrary, the lien and security interests granted to Agent pursuant to this Agreement and the exercise of any right or remedy by Agent hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.

[SIGNATURE PAGES FOLLOW]

     IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first written above.

TERM LOAN CREDIT AGREEMENT

TERM LOAN CREDIT AGREEMENT

     The following Persons are signatories to this Agreement in their capacity as Credit Parties and not as Borrower.

TERM LOAN CREDIT AGREEMENT

TERM LOAN CREDIT AGREEMENT

ANNEX A
to
CREDIT AGREEMENT

WIRE TRANSFER INFORMATION

Name:		MSSFI USD
Bank:		CITIBANK, N.A.
		New York, New York 10043
ABA#:		021-000-089
Account #:		406-99-776
Account Name:		Morgan Stanley Senior Funding, Inc.
Reference:		Visteon Corporation

ANNEX B

to
CREDIT AGREEMENT

COMMITMENTS

				Lender(s)
Term Loan Commitment:
$	500,000,000			Morgan Stanley Senior Funding, Inc.

SCHEDULE (2.1)
to
CREDIT AGREEMENT

AGENT’S REPRESENTATIVES

Morgan Stanley Senior Funding, Inc.
1 Pierrepont Plaza, 7th Floor
Brooklyn, New York 11201
Attention: Michael Gavin
Telephone No.: (718)  ###-###-####
Email: ***@***

Attention: David Ingram
Telecopier No.: (212)  ###-###-####
Telephone No.: (718)  ###-###-####
Email: ***@***

TABLE OF CONTENTS

		Page
1. DEFINITIONS, ACCOUNTING PRINCIPLES AND OTHER INTERPRETIVE MATTERS			2
1.1 Definitions			2
1.2 Rules of Construction			40
1.3 Interpretive Matters			40
2. AMOUNT AND TERMS OF CREDIT			41
2.1 Term Facilities			41
2.2 Procedure for Term Loan Borrowings			42
2.3 Prepayments			42
2.4 Use of Proceeds			45
2.5 Interest and Applicable Margins			45
2.6 Cash Management			47
2.7 Fees			47
2.8 Receipt of Payments			47
2.9 Application and Allocation of Payments			48
2.10 Loan Account and Accounting			48
2.11 Indemnity			49
2.12 Access			50
2.13 Taxes			50
2.14 Capital Adequacy; Increased Costs; Illegality			52
2.15 Single Loan			54
2.16 Incremental Term Loans			54
3. CONDITIONS PRECEDENT			55
3.1 Conditions to the Term Loans			55
3.2 Further Conditions to Each Continuation/Conversion			62
4. REPRESENTATIONS AND WARRANTIES			62
4.1 Corporate Existence; Compliance with Law			62
4.2 Jurisdiction of Organization; Chief Executive Offices; Collateral Locations; FEIN			63
4.3 Corporate Power; Authorization; Enforceable Obligations			63

TABLE OF CONTENTS
(continued)

		Page
4.4 Financial Statements and Business Plan			63
4.5 Material Adverse Effect			65
4.6 Ownership of Property; Liens			65
4.7 Labor Matters			66
4.8 Subsidiaries and Joint Ventures			66
4.9 Government Regulation			66
4.10 Margin Regulations			66
4.11 Taxes			67
4.12 ERISA			67
4.13 No Litigation			68
4.14 Brokers			68
4.15 Intellectual Property			69
4.16 Full Disclosure			69
4.17 Environmental Matters			69
4.18 Insurance			70
4.19 Deposit Accounts			71
4.20 Government Contracts			71
4.21 Customer and Trade Relations			71
4.22 Bonding			71
4.23 Intentionally Omitted			71
4.24 No Default			71
4.25 Creation and Perfection of Security Interests			71
4.26 Intentionally Omitted			72
4.27 Solvency			72
4.28 Material Contracts			72
4.29 Foreign Assets Control Regulations and Anti-Money Laundering			72
4.30 Patriot Act			72
4.31 Regulation H			73
4.32 Holding Company			73
4.33 Plan of Reorganization			73

TABLE OF CONTENTS
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5. FINANCIAL STATEMENTS AND INFORMATION			73
5.1 Financial Reports and Notices			73
5.2 Collateral Reporting			77
5.3 Fresh Start Accounting Financial Statements			77
6. AFFIRMATIVE COVENANTS			78
6.1 Maintenance of Existence and Conduct of Business			78
6.2 Payment of Charges and Taxes			78
6.3 Books and Records			78
6.4 Insurance; Damage to or Destruction of Collateral			79
6.5 Compliance with Laws and Contractual Obligations			79
6.6 Intentionally Omitted			80
6.7 Intellectual Property			80
6.8 Environmental Matters			80
6.9 Real Estate Purchases			80
6.10 Further Assurances			80
6.11 Credit Ratings			81
6.12 Interest Rate Protection			81
6.13 ERISA Matters			81
6.14 Stock of First-Tier Foreign Subsidiaries			81
6.15 New Subsidiaries			81
6.16 Designation of Subsidiaries			83
6.17 Post-Closing Matters			83
7. NEGATIVE COVENANTS			83
7.1 Mergers, Fundamental Changes, Etc.			83
7.2 Investments; Loans and Advances			84
7.3 Indebtedness			87
7.4 Affiliate Transactions			90
7.5 Amendment of Certain Documents; Line of Business			91
7.6 Guarantied Obligations			91
7.7 Liens			91

TABLE OF CONTENTS
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		Page
7.8 Sale of Stock and Assets			94
7.9 ERISA			96
7.10 Financial Covenants			97
7.11 Hazardous Materials			98
7.12 Sale-Leaseback Transactions			99
7.13 Cancellation of Indebtedness			99
7.14 Restricted Payments			99
7.15 Change of Corporate Name, State of Incorporation or Location; Change of Fiscal Year			100
7.16 Intentionally Omitted			100
7.17 No Speculative Transactions			100
7.18 Changes Relating to Material Contracts			100
7.19 OFAC; Patriot Act.			101
7.20 Limitation of Restrictions Affecting Subsidiaries			101
7.21 Business of Foreign Stock Holding Companies			101
7.22 Equity Interests of Credit Parties			102
8. TERM			102
8.1 Termination			102
8.2 Survival of Obligations Upon Termination of Financing Arrangements			102
9. EVENTS OF DEFAULT; RIGHTS AND REMEDIES			102
9.1 Events of Default			102
9.2 Remedies			105
9.3 Waivers by Credit Parties			105
10. APPOINTMENT OF AGENT			106
10.1 Appointment of Agent			106
10.2 Agent’s Reliance, Etc.			106
10.3 MSSF and Affiliates			107
10.4 Lender Credit Decision			108
10.5 Indemnification			108
10.6 Successor Agent			108

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10.7 Setoff and Sharing of Payments			109
10.8 Return of Payments; Information			109
10.9 Actions in Concert			110
10.10 Procedures			110
10.11 Collateral Matters			110
10.12 Additional Agents			111
10.13 Distribution of Materials to Lenders			111
11. ASSIGNMENT AND PARTICIPATIONS; SUCCESSORS AND ASSIGNS			112
11.1 Assignment and Participations			112
11.2 Successors and Assigns			116
12. MISCELLANEOUS			116
12.1 Complete Agreement; Modification of Agreement			116
12.2 Amendments and Waivers			116
12.3 Fees and Expenses			119
12.4 No Waiver			120
12.5 Remedies			121
12.6 Severability			121
12.7 Conflict of Terms			121
12.8 Confidentiality			121
12.9 GOVERNING LAW			122
12.10 Notices			123
12.11 Section Titles			125
12.12 Counterparts			125
12.13 WAIVER OF JURY TRIAL			125
12.14 Press Releases and Related Matters			125
12.15 Reinstatement			126
12.16 Advice of Counsel			126
12.17 No Strict Construction			126
12.18 Patriot Act Notice			126
12.19 Currency Equivalency Generally			126

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12.20 Judgment Currency			126
12.21 Electronic Transmissions			127
12.22 Independence of Provisions			128
12.23 No Third Parties Benefited			128
12.24 Relation to Intercreditor Agreement			128

INDEX OF APPENDICES

Annex A		—		Lenders’ Wire Transfer Information
Annex B		—		Commitments as of Closing Date
Exhibit 2.1 (a)(i)		—		Form of Term Note
Exhibit 2.3(b)		—		Form of Prepayment Option Notice
Exhibit 2.5(e)		—		Form of Notice of Conversion/Continuation
Exhibit 7.3(c)		—		Form of Intercompany Note
Exhibit 11.1(a)		—		Form of Assignment Agreement
Schedule (A-1)		—		Subsidiary Guarantors
Schedule (A-2)		—		Immaterial Subsidiaries
Schedule (E-1)		—		EBITDA Adjustments
Schedule (H-1)		—		Halla Transactions
Schedule (P-1)		—		Permitted Holders
Schedule (P-2)		—		Permitted Restructuring Transactions
Schedule (2.1)		—		Agent’s Representatives
Schedule (2.4)		—		Sources and Uses; Funds Flow Memorandum
Schedule (4.1)		—		Type of Entity; State of Organization
Schedule (4.2)		—		Chief Executive Office, State of Organization; Principal Place of Business; Collateral Locations; FEIN
Schedule (4.6)		—		Real Estate and Leases
Schedule (4.7)		—		Labor Matters
Schedule (4.8)		—		Subsidiaries and Joint Ventures
Schedule (4.11)		—		Tax Matters
Schedule (4.12)		—		ERISA Plans; Material Contributions
Schedule (4.13)		—		Litigation
Schedule (4.14)		—		Brokers
Schedule (4.15)		—		Intellectual Property
Schedule (4.17)		—		Hazardous Materials
Schedule (4.19)		—		Deposit Accounts
Schedule (4.20)		—		Government Contracts
Schedule (4.22)		—		Bonding
Schedule (4.25(a))		—		Pledged Collateral Filing Offices
Schedule (4.25(b))		—		Mortgaged Property; Mortgaged Property Filing Offices
Schedule (4.28)		—		Material Contracts
Schedule (4.31)		—		Flood Hazards
Schedule (6.16)		—		Unrestricted Subsidiaries; Subsidiaries Not Permitted to be Unrestricted Subsidiaries
Schedule (6.17)		—		Post-Closing Matters
Schedule (7.2)		—		Investments, Loans and Advances
Schedule (7.3(e))		—		Existing Indebtedness
Schedule (7.4)		—		Affiliate Transactions
Schedule (7.7)		—		Liens in Existence on Closing Date
Schedule (7.8(p))		—		Designated Asset Programs
Schedule (7.12)		—		Sale-Leaseback Transactions
Schedule (7.14)				Employee Compensation Programs
Schedule (7.20)		—		Permitted Restrictive Agreements