SENIOR CREDIT AGREEMENT among WEBSENSE, INC., as Borrower, The Several Lenders from Time to Time Parties Hereto, MORGAN STANLEY SENIOR FUNDING, INC., as Senior Administrative Agent, BANK OF AMERICA, N.A., as Syndication Agent, KEY BANK NATIONAL...

Exhibit 10.1

EXECUTION COPY

$225,000,000

SENIOR CREDIT AGREEMENT

among

WEBSENSE, INC.,
as Borrower,

The Several Lenders
from Time to Time Parties Hereto,

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ SENIOR FUNDING, INC.,
as Senior Administrative Agent,

BANK OF AMERICA, N.A.,
as Syndication Agent,

KEY BANK NATIONAL ASSOCIATION,
▇▇ ▇▇▇▇▇▇ CHASE BANK, N.A. and
CITIBANK, N.A.,
as Co-Documentation Agents

and

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & CO. INCORPORATED,
as Senior Collateral Agent

Dated as of October 11, 2007

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ SENIOR FUNDING, INC.,
as Sole Lead Arranger and Sole Bookrunner

TABLE OF CONTENTS

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SENIOR CREDIT AGREEMENT, dated as of October 11, 2007, among WEBSENSE, INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ SENIOR FUNDING, INC., as sole lead arranger and sole bookrunner (in such capacity, the “Lead Arranger”), ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ SENIOR FUNDING, INC., as senior administrative agent (in such capacity, and together with its successors in such capacity, the “Senior Administrative Agent”), BANK OF AMERICA, N.A., as syndication agent (in such capacity, the “Syndication Agent”), KEY BANK NATIONAL ASSOCIATION, ▇▇ ▇▇▇▇▇▇ CHASE BANK, N.A. and CITIBANK, N.A., as co-documentation agents (in such capacity, the “Co-Documentation Agents”) and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & CO. INCORPORATED, as Senior Collateral Agent (in such capacity, and together with its successors in such capacity, the “Senior Collateral Agent”).

WHEREAS, the Borrower has requested that (a) the Lenders extend credit in the form of Term Loans on the Funding Date in an aggregate principal amount not in excess of $210,000,000 and (b) the Revolving Lenders extend credit in the form of Revolving Loans, the Swingline Lender extend credit in the form of Swingline Loans and the Issuing Bank issue Letters of Credit, in each case at any time and from time to time during the Revolving Availability Period such that the aggregate Revolving Exposures will not exceed $15,000,000 at any time.

The Lenders are willing to extend such credit to the Borrower, and the Issuing Bank is willing to issue Letters of Credit for the account of the Borrower, on the terms and subject to the conditions set forth herein.

The parties hereto hereby agree as follows:

SECTION 1. DEFINITIONS

1.1           Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1.

“Acceptable Bank”:  (a) a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A2 or higher by S&P, F2 or higher by Fitch Ratings Ltd or P2 or higher by ▇▇▇▇▇’▇ or a comparable rating from an internationally recognized credit rating agency or (b) any other bank or financial institution approved by the Senior Administrative Agent.

“Acquired Person”:  as defined in Section 8.2(j).

“Acquisition”:  one or more transactions, whether pursuant to the Scheme or an Offer (including without limitation arrangements under the Compulsory Purchase Procedure, privately negotiated transactions or open market purchases), pursuant to which the Borrower or one of its Subsidiaries acquires any or all Constellation Shares or Capital Stock of Constellation or procures the cancellation of any or all such Constellation Shares or Capital Stock of Constellation or acquires or funds the exercise of any or all options over, or rights in respect of, such Constellation Shares or Capital Stock of Constellation.

“Acquisition Agreement”:  an agreement between the Borrower, Bidco and Constellation in respect of the Scheme.

“Acquisition Effective Date”: the date upon which the Court Order is filed with the Registrar of Companies as required by Section 425 of the Companies ▇▇▇ ▇▇▇▇ (or, if applicable, Section 899 of the Companies Act 2006).

“Addendum”:  an instrument, substantially in the form of Exhibit A, by which a Lender becomes a party to this Agreement as of the Effective Date.

“Additional Collateral Agent”:  as defined in Section 10.12.

“Adjustment Date”:  as defined in the Pricing Grid.

“Affected Lender”:  as defined in Section 4.13.

“Affiliate”:  as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

“Agents”:  the collective reference to the Syndication Agent, the Co-Documentation Agents, the Lead Arranger, the Senior Administrative Agent and the Senior Collateral Agent.

“Aggregate Exposure”:  with respect to any Lender at any time, an amount equal to (a) until the Funding Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans and (ii) the amount of such Lender’s Revolving Commitment then in effect or, if the

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Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding.

“Aggregate Exposure Percentage”:  with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time.

“Agreement”:  this Senior Credit Agreement.

“Anti-Terrorism Laws”:  Executive Order No. 13224, the Patriot Act, the laws comprising or implementing the Bank Secrecy Act and the law administered by the United States Treasury Department’s Office of Foreign Asset Control (each as from time to time in effect) and any similar laws relating to terrorism.

“Applicable Margin”:  for each Type of Loan, the rate per annum set forth under the relevant column heading below.

; provided, that, on and after the first Adjustment Date (as defined in the Pricing Grid) occurring after the completion of two full fiscal quarters of the Borrower after the Funding Date, the Applicable Margin with respect to Revolving Loans, Swingline Loans and Term Loans will be determined pursuant to the Pricing Grid.

“Application”:  an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing Lender to open a Letter of Credit.

“Approved Fund”:  with respect to any Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans, or similar extensions of credit in the ordinary course and is administered, advised or managed by (a) such Lender, (b) an Affiliate of such Lender, or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender.

“Asset Sale”:  any Disposition of Property or series of related Dispositions of Property (excluding any such Disposition permitted by clause (a), (b), (c), (d), (e), (f), (g) or (h) of Section 8.5) that yields gross proceeds to any Group Member (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $2,000,000.

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“Assignee”:  as defined in Section 11.6(b).

“Assignment and Assumption”:  an Assignment and Assumption, substantially in the form of Exhibit B.

“Available Revolving Commitment”:  as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided that, in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to Section 3.5, the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

“Base Rate”:  a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the higher of (a) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate and (b) ½ of 1% per annum above the Federal Funds Effective Rate.

“Base Rate Loans”:  Loans the rate of interest applicable to which is based upon the Base Rate.

“Benefitted Lender”:  as defined in Section 11.7(a).

“Bidco”:  any Group Member (provided it is the Borrower or a Wholly-Owned Subsidiary of the Borrower) which makes the Offer.

“Blocked Account Control Agreement”: the Blocked Account Control Agreement to be executed substantially in the form of Exhibit K-2 or K-3, or otherwise in a form reasonably acceptable to the Interim Administrative Agent.

“Blocked Accounts”: any deposit or securities account or accounts (including any Escrow Account) established by the Borrower or any of its Subsidiaries at the Interim Administrative Agent or an Affiliate of the Interim Administrative Agent or the Documentation Agent for purposes of depositing cash and Cash Equivalents as required by Section 7.17; provided that with respect to any account owned by the Borrower or any Domestic Subsidiary of the Borrower, the Borrower or such Subsidiary, the Interim Administrative Agent and the bank maintaining such Blocked Account shall have entered into a Blocked Account Control Agreement with respect to such account.

“Blocked Person”:  as defined in Section 5.22(b).

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“Board”:  the Board of Governors of the Federal Reserve System of the United States (or any successor).

“Borrower”:  as defined in the preamble to this Agreement.

“Borrower Credit Agreement Obligations”:  as defined in the Guarantee and Collateral Agreement.

“Borrower Hedge Agreement Obligations”:  as defined in the Guarantee and Collateral Agreement.

“Borrowing”:  Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

“Borrowing Date”:  any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder.

“Business”:  as defined in Section 5.17(b).

“Business Day”:  a day other than a Saturday, Sunday or other day on which commercial banks in New York City or London are authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market.

“Capital Expenditures”:  for any period, with respect to any Person, the aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries.

“Capital Lease Obligations”:  as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

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“Capital Stock”:  any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing.

“Cash Equivalents”:  (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by 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; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of six 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 $500,000,000; (c) commercial paper of an issuer rated at least A-1 by S&P or P-1 by ▇▇▇▇▇’▇, 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 six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by 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 (as the case may be) are rated at least A by S&P or A by ▇▇▇▇▇’▇; (f) securities with maturities of six 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) any investment in marketable debt obligations issued or guaranteed by the government of the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; (h) any investment in marketable debt obligations issued or guaranteed by the government of the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them or by a person whose indebtedness is rated not less than A by S&P or A2 by ▇▇▇▇▇’▇ (or equivalent from an internationally recognized credit rating agency) maturing within one year from the date of acquisition thereof; (i) investments in commercial paper not convertible or exchangeable to any other security (w) for which a recognized trading market exists, (x) issued by an issuer incorporated in the United Kingdom, any member state of the European Economic Area or any Participating Member State, (y) which matures within one year after the relevant date of calculation and (z) which has a credit rating of either A-1 or higher by S&P or Fitch Ratings Ltd or P-1 or higher by ▇▇▇▇▇’▇, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; (j) sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); (k) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (j) of this definition or money market funds that (i) comply with the criteria set forth in Securities and Exchange

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Commission Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by ▇▇▇▇▇’▇ and (iii) have portfolio assets of at least $5,000,000,000 or (l) such other marketable securities as are permitted pursuant to the Borrower’s investment policy in effect on the Effective Date.

“Certain Funds Loan”: any Loans utilized for

(a)                                  the Acquisition; or

(b)                                 payment of fees, costs and expenses in relation to the matters referred to in paragraph (a) above including for the avoidance of doubt, fees, costs and expenses payable pursuant to the Loan Documents and the other Transactions on the Funding Date, each such utilization being a “Permitted Purpose”.

“Certain Funds Loan Parties”: the Borrower and each Wholly Owned Subsidiary of the Borrower (excluding, for the avoidance of doubt, any member of the Constellation Group) that, as of the date of the most recently available consolidated balance sheet of the Borrower, has assets equal to or greater than 5% of the total assets of the Borrower and its Subsidiaries calculated (as of the date of the most recently available consolidated balance sheet of the Borrower) on a consolidated basis, taken as a whole, but excluding for such purposes the Constellation Group. The Certain Funds Loan Parties as of the Effective Date are listed on Schedule 1.1 of the Disclosure Letter.

“Certain Funds Period”: the period beginning on the date of this Agreement and ending on (and including) the earlier of:

(a) if a Scheme Press Release is issued and no Offer Conversion occurs: (i) fifteen months from the date of the Scheme Press Release, (ii) the date on which the Scheme proposal is rejected by either the shareholders of the Borrower or the Courts of England and Wales or is withdrawn (other than a withdrawal in accordance with Section 7.11) or (iii) the date which falls 15 days after the Acquisition Effective Date;

(b) if an Offer is made without any pre-conditions: (i) the date which falls 7 months after the date of the Offer Press Release, (ii) the date on which the Offer lapses, terminates or is withdrawn or (iii) fifteen months from the Effective Date; or

(c) if a pre-conditional Offer is made: (i) the date which falls 7 months after the date on which all the pre-conditions are deemed by the Borrower to have been satisfied; (ii) the date on which the Offer lapses, terminates or is withdrawn or (iii) fifteen months from the Effective Date.

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“City Code”: the City Code on Takeovers and Mergers.

“Co-Documentation Agents”:  as defined in the preamble to this Agreement.

“Code”:  the Internal Revenue Code of 1986, as amended from time to time.

“Collateral”:  all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document.

“Collateral and Guarantee Requirement”:  at any time, the requirement that:

(a)                                  the Senior Collateral Agent shall have received from each Loan Party (i) either (x) a counterpart of the Guarantee and Collateral Agreement duly executed and delivered on behalf of each such Loan Party or (y) in the case of any Person that becomes a Loan Party after the Effective Date, a supplement to the Guarantee and Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Loan Party and (ii) with respect to any Loan Party that directly owns Capital Stock of a Foreign Subsidiary, a counterpart of each Foreign Pledge Agreement that the Senior Collateral Agent determines, based on the advice of counsel, to be necessary or advisable in connection with the pledge of, or the granting of security interests in, Capital Stock of (but no more than 65% of the voting power of such Capital Stock of) such Foreign Subsidiary, in each case duly executed and delivered on behalf of such Loan Party;

(b)                                 all outstanding Capital Stock of each Subsidiary and all other Capital Stock, in each case owned by or on behalf of any Loan Party, shall have been pledged pursuant to the Guarantee and Collateral Agreement or a Foreign Pledge Agreement (except that the Loan Parties shall not be required to pledge (i) more than 65% of the outstanding voting Capital Stock of any Foreign Subsidiary or (ii) Capital Stock of Subsidiaries that are not directly held by such Loan Parties) and the Senior Collateral Agent shall have received certificates (or in the case of entities with uncertificated Capital Stock, issuer acknowledgments) or other instruments representing all such Capital Stock, together with un-dated stock powers or other instruments of transfer with respect thereto endorsed in blank;

(c)                                  all Indebtedness of the Borrower and each Subsidiary that is owing to any Loan Party shall be evidenced by an Intercompany Note and shall have been pledged pursuant to the Guarantee and Collateral Agreement and the Senior Collateral Agent shall have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank;

(d)                                 all documents and instruments, including Uniform Commercial Code financing statements and filings with the Irish CRO, the Registrar of Companies or any analogous filings in any other jurisdictions, required by law or reasonably requested by the

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Senior Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the Guarantee and Collateral Agreement and the Foreign Pledge Agreements and perfect such Liens to the extent required by, and with the priority required by, the Guarantee and Collateral Agreement and the Foreign Pledge Agreements, shall have been filed, registered or recorded or delivered to the Senior Administrative Agent for filing, registration or recording; and

(e)                                  each Loan Party shall have obtained all consents and approvals required to be obtained by it in connection with the execution and delivery of all Security Documents to which it is a party, the performance of its obligations thereunder and the granting by it of the Liens thereunder; provided, however, that no Loan Party shall be required to obtain any consent, approval or authorization of any Governmental Authority with respect to the pledge of, or the grant of a security interest in, the Capital Stock of any Foreign Subsidiary that is an Immaterial Subsidiary.

“Commitment”:  as to any Lender, the sum of the Term Commitment and the Revolving Commitment of such Lender.

“Commitment Fee Rate”:  0.50% per annum; provided that, on and after the first Adjustment Date occurring after the completion of two full fiscal quarters of the Borrower after the Funding Date, the Commitment Fee Rate will be determined pursuant to the Pricing Grid.

“Commonly Controlled Entity”:  an entity, whether or not incorporated, that is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code.

“Compliance Certificate”:  a certificate duly executed by a Responsible Officer substantially in the form of Exhibit C.

“Compulsory Purchase Notice”:  a notice issued to a shareholder of Constellation by the Borrower or its Subsidiaries pursuant to section 979 of the Companies ▇▇▇ ▇▇▇▇.

“Compulsory Purchase Procedure”:  the procedure for buying out minority shareholders of Constellation pursuant to section 979 of the Companies ▇▇▇ ▇▇▇▇.

“Conduit Lender”:  any special purpose entity organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument, subject to the consent of the Senior Administrative Agent and the Borrower (which consent shall not be unreasonably withheld); provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any

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reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 4.9, 4.10, 4.11 or 11.5 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment.

“Confidential Information Memorandum”:  the Confidential Information Memorandum to be dated not less than 30 days prior to the Funding Date and furnished to the Lenders.

“Consolidated Current Assets”:  at any date, all amounts (other than cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date.

“Consolidated Current Liabilities”:  at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the Borrower and its Subsidiaries and (b) without duplication of clause (a) above, all Indebtedness consisting of Revolving Loans or Swingline Loans to the extent otherwise included therein.

“Consolidated EBITDA”:  for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) interest expense, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles (including, but not limited to, goodwill) and organization costs, (e) any extraordinary charges or losses determined in accordance with GAAP, (f) for the periods ending on or before the date that is twelve months after the consummation of the Acquisition, $30,000,000 in the aggregate of anticipated cost-savings to be realized from the combination of the businesses of Constellation and the Borrower, (g) any other non-cash charges, non-cash expenses or non-cash losses of the Borrower or any of its Subsidiaries for such period (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of or a reserve for cash charges for any future period) and (h) for the periods ending on or before the date that is 24 months after the Funding Date, up to $15,000,000 of restructuring related costs incurred in connection with the Acquisition and not included in purchase accounting, provided, however, that cash payments made in such period or in any future period in respect of such non-cash charges, expenses or losses (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of or a reserve for cash charges for any future period) shall be subtracted from Consolidated Net Income in calculating Consolidated EBITDA in the period

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when such payments are made, and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income, (b) any extraordinary income or gains determined in accordance with GAAP and (c) any other non-cash income (excluding any items that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period that are described in the parenthetical to clause (g) above), all as determined on a consolidated basis. For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination of the Consolidated Leverage Ratio, (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated 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 Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition, Consolidated 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. As used in this definition, “Material Acquisition” means the Acquisition and any other acquisition of property or series of related acquisitions of property that (a) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common stock of a Person and (b) involves the payment of consideration by the Borrower and its Subsidiaries in excess of $1,000,000; and “Material Disposition” means any Disposition of property or series of related Dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $1,000,000 but shall not include a Rationalizing Constellation Disposition permitted by Section 8.5.

“Consolidated Interest Coverage Ratio”:  for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

“Consolidated Interest Expense”:  for any period, total cash interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedge Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP).

“Consolidated Leverage Ratio”:  at any time, the ratio of (a) Consolidated Total Debt as of the last day of then most recently completed fiscal quarter to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such last day.

“Consolidated Net Income”:  for any period, the consolidated net income (or loss) of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP plus, without duplication, (i) non-cash compensation expenses arising from the issuance of stock, options to purchase stock and stock appreciation rights to the management of the Borrower and (ii) the amount of deferred revenue of Constellation written off in connection with

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the Acquisition that would have been recognized within the 12 quarters following the Acquisition if the Acquisition had not occurred; provided that, to the extent otherwise included therein, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document), its Organizational Documents or Requirement of Law applicable to such Subsidiary.

“Consolidated Total Debt”:  at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

“Consolidated Working Capital”:  at any date, the excess of Consolidated Current Assets on such date over Consolidated Current Liabilities on such date.

“Constellation”:  means SurfControl PLC.

“Constellation Group”:  Constellation and its subsidiaries (provided such subsidiaries were subsidiaries of Constellation at the time of the Constellation Transaction).

“Constellation Shares”:  any shares in the capital of Constellation allotted or issued or to be allotted or issued or rights in or over those shares (including share options).

“Constellation Transaction”:  a transaction pursuant to which Constellation will become a Subsidiary of the Borrower with effect from the Unconditional Date.

“Continuing Directors”:  the directors of the Borrower on the Funding Date, after giving effect to the Acquisition and the other transactions contemplated hereby, and each other director, if, in each case, such other director’s nomination for election to the board of directors of the Borrower is recommended by at least a majority of the then Continuing Directors.

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

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“Control Agreements”:  the Control Agreements to be executed and delivered by the Borrower and each Guarantor, substantially in the form of Exhibit K-1, or otherwise in a form reasonably acceptable to the Senior Administrative Agent.

“Courts”:  the courts of England and Wales.

“Court Meetings”:  the meetings of the classes of shareholders of Constellation required to be held for the purposes of sanctioning the Scheme under Section 425 of the Companies ▇▇▇ ▇▇▇▇ (or, if applicable, Section 899 of the Companies Act 2006).

“Court Order”:  the order of the High Court of Justice in England and Wales sanctioning the Scheme as required by Section 425 of the Companies ▇▇▇ ▇▇▇▇ (or, if applicable, Section 899 of the Companies Act 2006).

“Default”:  any of the events specified in Section 9, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

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

“Disclosure Letter”: the letter dated the Effective Date delivered to the Senior Administrative Agent by the Borrower containing information with respect to the Borrower and its Subsidiaries.

“Disposition”:  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.

“Dollars” and “$”:  dollars in lawful currency of the United States.

“Domestic Subsidiary”:  any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States.

“Draft Acquisition Agreement”: the document delivered pursuant to Section 6.1(l).

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“Earn-Out Obligations”: those certain subordinated obligations of the Borrower or any Loan Party arising in connection with any acquisition of assets or businesses permitted under Section 8.8 to the seller of such assets or businesses and the payment of which is dependent on the future earnings or performance of such assets or businesses and contained in the agreement relating to such acquisition or in an employment agreement delivered in connection therewith; provided, that all Earn-Out Obligations will be in form reasonably satisfactory to the Senior Administrative Agent as to (i) the subordination provisions thereof (or be issued subject to a subordination agreement satisfactory to Senior Administrative Agent) and (ii) the provisions restricting any amendment or modification thereof without the prior written consent of the Senior Administrative Agent.

“ECF Percentage”:  50%; provided that, with respect to each fiscal year of the Borrower ending on or after December 31, 2008, the ECF Percentage shall be reduced to 25% if the Consolidated Leverage Ratio as of the last day of such fiscal year is not greater than 1.25 to 1.00.

“Effective Date”: the date on which the conditions specified in Section 6.1 are satisfied (or waived in accordance with the terms of this Agreement). The Effective Date occurred on April 26, 2007.

“Eligible Assignee” means (a) any Lender, any Affiliate of any Lender and any Approved Fund of any Lender; and (b)(i) a commercial bank organized under the laws of the United States or any state thereof and having a combined capital and surplus of at least $100,000,000; (ii) a savings and loan association or savings bank organized under the laws of the United States or any state thereof and having a combined capital and surplus of at least $100,000,000; (iii) a commercial bank organized under the laws of any other country or a political subdivision thereof and having a combined capital and surplus of at least $100,000,000; provided that (x) such bank is acting through a branch or agency located in the United States or (y) such bank is organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development or a political subdivision of such country; and (iv) any other entity that is a “qualified institutional buyer” (as defined in Regulation D under the Securities Act) that extends credit or buys loans as one of its businesses including insurance companies, mutual funds, lease financing companies and any other financial institutions and which has a combined capital and surplus, a net worth or total assets of at least $100,000,000; provided that neither the Borrower nor any Affiliate of the Borrower shall be an Eligible Assignee.

“Environmental Laws”:  any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect.

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“ERISA”:  the Employee Retirement Income Security Act of 1974, as amended from time to time.

“Escrow Account”:  any blocked account established by the Borrower or any of its Subsidiaries at the Senior Administrative Agent or an Affiliate of the Senior Administrative Agent that is subject to the terms and conditions of a Blocked Account Control Agreement in the form of Exhibit K-3.

“Eurocurrency Reserve Requirements”:  for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System.

“Eurodollar Base Rate”:  with respect to each day during each Interest Period pertaining to a Eurodollar Loan, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen as of 11:00 A.M., London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on Page 3750 of the Telerate screen (or otherwise on such screen), the “Eurodollar Base Rate” shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Senior Administrative Agent or, in the absence of such availability, by reference to the rate at which the Senior Administrative Agent is offered Dollar deposits at or about 11:00 A.M., New York City time, two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market where its eurodollar and foreign currency and exchange operations are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein.

“Eurodollar Loans”:  Loans the rate of interest applicable to which is based upon the Eurodollar Rate.

“Eurodollar Rate”:  with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%):

“Eurodollar Tranche”:  the collective reference to Eurodollar Loans under a particular Facility the then current Interest Periods with respect to all of which begin on the same

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date and end on the same later date (whether or not such Loans shall originally have been made on the same day).

“Event of Default”:  any of the events specified in Section 9, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

“Excess Cash Flow”:  for any fiscal year of the Borrower, the excess, if any, of (a) the sum, without duplication, of (i) Consolidated Net Income for such fiscal year, (ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such Consolidated Net Income, (iii) decreases in Consolidated Working Capital for such fiscal year, and (iv) the aggregate net amount of non cash loss on the Disposition of Property by the Borrower and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income over (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such Consolidated Net Income, (ii) the aggregate amount actually paid by the Borrower and its Subsidiaries in cash during such fiscal year on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred to finance such expenditures (but including repayments of any such Indebtedness incurring during such period or any prior period to the extent that such repaid amounts may not be reborrowed) and any such expenditures financed with the proceeds of any Reinvestment Deferred Amount), (iii) the aggregate amount of all prepayments of Revolving Loans and Swingline Loans during such fiscal year to the extent accompanying permanent optional reductions of the Revolving Commitments and all optional prepayments of the Term Loans and the Interim Loans during such fiscal year, (iv) the aggregate amount of all regularly scheduled principal payments of Funded Debt (including the Term Loans) of the Borrower and its Subsidiaries made during such fiscal year (other than in respect of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder), (v) increases in Consolidated Working Capital for such fiscal year, and (vi) the aggregate net amount of non-cash gain on the Disposition of Property by the Borrower and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated Net Income.

“Excess Cash Flow Application Date”:  as defined in Section 4.2.

“Excluded Foreign Subsidiary”:  any Foreign Subsidiary in respect of which either (a) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Borrower Credit Agreement Obligations, would, in the good faith judgment of the Borrower, result in adverse tax consequences to the Borrower.

“Excluded Indebtedness”:  all Indebtedness permitted by Section 8.2.

“Existing Credit Agreement”:  as defined in Section 11.19.

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“Facility”:  each of (a) the Term Facility and (d) the Revolving Facility.

“Federal Funds Effective Rate”:  for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by the Reference Lender from three federal funds brokers of recognized standing selected by it.

“Fee Letter”: that certain Fee Letter, dated as of the date hereof, among the Borrower, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc. and Banc of America Securities LLC.

“Foreign Pledge Agreement”: a pledge or charge agreement with respect to the Collateral that constitutes Capital Stock of a Foreign Subsidiary, in form and substance reasonably satisfactory to the Senior Administrative Agent, and each document creating a trust or agency with respect thereto (including, without limitation, the Security Trust Deed).

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

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

“Funded Debt”:  as to any Person, all Indebtedness of such Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans.

“Funding Date”:  the first Business Day on which the conditions specified in Section 6.2 are satisfied (or waived in accordance with the terms of this Agreement) and Loans are made hereunder.

“Funding Office”:  the office of the Senior Administrative Agent specified in Section 11.2 or such other office as may be specified from time to time by the Senior Administrative Agent as its funding office by written notice to the Borrower and the Lenders.

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

“Governmental Authority”:  any nation or government, any state or other political subdivision thereof, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government.

“Governmental Authorization”:  all laws, rules, regulations, authorizations, consents, decrees, permits, licenses, waivers, privileges, approvals from and filings with all Governmental Authorities necessary in connection with any Group Member’s business.

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

“Guarantee and Collateral Agreement”:  the Senior Guarantee and Collateral Agreement to be executed and delivered by the Borrower and each Guarantor, substantially in the form of Exhibit C.

“Guarantee Obligation”:  as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, lease payments, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

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“Guarantors”:  each Subsidiary of the Borrower other than any Excluded Foreign Subsidiary.

“Hedge Agreements”:  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, 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 the Borrower or the Subsidiaries shall be a Hedge Agreement.

“Immaterial Subsidiary”:  each Subsidiary of the Borrower now existing or hereafter acquired or formed, and each successor thereto, (a) which accounts for not more than 2.5% of (i) the consolidated gross revenues of the Borrower and its Subsidiaries or (ii) the consolidated assets of the Borrower and its Subsidiaries, in each case, as of the last day of the most recently completed fiscal quarter as reflected on the financial statements for such quarter; and (b) if the Subsidiaries that constitute Immaterial Subsidiaries pursuant to clause (a) above account for, in the aggregate, more than 5% of such consolidated gross revenues and more than 5% of the consolidated assets, each as described in clause (a) above, then the term “Immaterial Subsidiary” shall not include each such Subsidiary (starting with the Subsidiary that accounts for the most consolidated gross revenues or consolidated assets and then in descending order) necessary to account for at least 95% of the consolidated gross revenues and ninety percent of the consolidated assets, each as described in clause (a) above.

“Indebtedness”:  of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other 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 of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all mandatorily redeemable preferred Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, and (j) for the purposes of Sections 8.2 and 9(e) only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which

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such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. For purposes of clause (j) above, the principal amount of Indebtedness in respect of Hedge Agreements shall equal the amount that would be payable (giving effect to netting) at such time if such Hedge Agreement were terminated.

“Indemnified Liabilities”:  as defined in Section 11.5.

“Indemnitee”:  as defined in Section 11.5.

“Insolvency”:  with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

“Insolvent”:  pertaining to a condition of Insolvency.

“Intellectual Property”:  the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes, and all rights to ▇▇▇ at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

“Intercompany Note”:  the Subordinated Intercompany Note, substantially in the form of Exhibit L.

“Interest Payment Date”:  (a) as to any Base Rate Loan (other than any Swingline Loan), the last day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period, (d) as to any Loan (other than any Revolving Loan that is a Base Rate Loan and any Swingline Loan), the date of any repayment or prepayment made in respect thereof and (e) as to any Swingline Loan, the day that such Loan is required to be paid.

“Interest Period”:  as to any Eurodollar Loan, (a) initially, the period commencing on the Funding Date or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six or (if available to all Lenders under the relevant Facility) twelve months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period

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commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six or (if available to all Lenders under the relevant Facility) twelve months thereafter, as selected by the Borrower by irrevocable notice to the Senior Administrative Agent no later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following:

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

(ii)     the Borrower may not select an Interest Period under a particular Facility that would extend beyond the Revolving Termination Date or beyond the date final payment is due on the Term Loans, as the case may be;

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

(iv)    the Borrower shall select Interest Periods so as not to require a payment or prepayment of any Eurodollar Loan during an Interest Period for such Loan on any day other that the last day of an Interest Period.

“Interim Administrative Agent”:  ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc., in its capacity as administrative agent under the Interim Credit Agreement.

“Interim Credit Agreement”:  the Interim Credit Agreement dated as of the date hereof among the Borrower, the Irish Borrower (as defined therein), the lenders party thereto from time to time, the Interim Administrative Agent and the other agents named therein.

“Interim Facility”:  the “commitments” and “term loans” under and as defined in the Interim Credit Agreement.

“Interim Loan Documents”:  the “loan documents” under and as defined in the Interim Credit Agreement.

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“Interim Obligations”:  the “obligations” under and as defined in the Interim Credit Agreement.

“Interim Loans”:  the “term loans” under and as defined in the Interim Credit Agreement.

“Investments”:  as defined in Section 8.8.

“Issuing Lender”:  initially, Bank of America, N.A., in its capacity as issuer of any Letter of Credit, and one or more replacement financial institutions designated by the Senior Administrative Agent and Borrower to issue Letters of Credit hereunder from time to time.

“L/C Commitment”:  $15,000,000.

“L/C Fee Payment Date”:  the last day of each March, June, September and December and the last day of the Revolving Availability Period.

“L/C Obligations”:  at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.11.

“L/C Participants”:  the collective reference to all the Revolving Lenders other than the Issuing Lender.

“Lead Arranger”:  as defined in the preamble to this Agreement.

“Lenders”:  as defined in the preamble to this Agreement; provided that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender.

“Letters of Credit”:  as defined in Section 3.7(a).

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

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“Liquidity”:  the sum of (a) cash and Cash Equivalents held by the Borrower and its Subsidiaries, plus (b) so long as the Borrower is able to satisfy the conditions to borrowing set forth in clauses (a) and (b) of Section 6.3, the Available Revolving Commitments.

“Loan”:  any loan made by any Lender pursuant to this Agreement.

“Loan Documents”:  this Agreement, the Notes, the Security Documents and the Fee Letter.

“Loan Parties”:  each Group Member that is a party to a Loan Document.

“Major Event of Default”:  any Event of Default arising under any of the following provisions (but only insofar as relates to the Certain Funds Loan Parties):

(i)      Section 9 (Events of Default) clause (a), provided that there shall be no Event of Default resulting from non-payment by a Certain Funds Loan Party where that payment has been triggered solely by a demand under or acceleration of any Loan Document resulting otherwise than from a Major Event of Default;

(ii)     Section 9 (Events of Default) clause (b) by virtue of a breach of the representations set out in paragraph (a) of Section 5.3 (Corporate Existence; Compliance with Law), Section 5.4 (Power; Authorization; Enforceable Obligations); Section 5.5 (No Legal Bar) (but only to the extent a breach of Section 5.5 could reasonably be expected to have a Material Adverse Effect), Section 5.22 (Anti-terrorism) (to the extent such breach is material and constitutes a willful failure by the Certain Funds Loan Parties to comply with such requirements) or Section 5.14 (Investment Company Act; Other Regulations) (but only to the extent such Event of Default arises under a breach of the representation set out in the first sentence of such Section 5.14);

(iii)    Section 9 (Events of Default) clause (c) or clause (d) by virtue of a breach of the covenants set out in Section 7.12(a) (Scheme Press Release) or (b) (Scheme Documents), 7.13(a) (Offer Press Release) or (b) (Offer Document), Section 7.17 (Blocked Accounts; Escrow Accounts), Section 8.2 (Indebtedness), Section 8.3 (Liens), Section 8.4 (Fundamental Changes), Section 8.5 (Disposition of Property), Section 8.8 (Investments), Section 8.17 (Amendments to Scheme), Section 8.18 (Amendments to Offer) or Section 8.19 (Blocked Accounts), provided that, in each case, there shall be no Major Event of Default resulting from a breach by any Certain Funds Loan Party of its obligations to procure or not to procure or not to permit its Subsidiaries (which

23

are not Certain Funds Loan Parties) to take the actions referred to in such Sections; and

(iv)    Section 9 (Events of Default) clause (f).

“Majority Facility Lenders”:  with respect to any Facility, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans or the Total Revolving Extensions of Credit, as the case may be, outstanding under such Facility (or, in the case of the Revolving Facility, prior to any termination of the Revolving Commitments, the holders of more than 50% of the Total Revolving Commitments).

“Material Adverse Effect”:  a material adverse effect on (a) the business, assets, property, financial condition or results of operations of the Borrower and its Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Agents or the Lenders hereunder or thereunder or (c) the validity, perfection or priority of the Senior Collateral Agent’s Liens upon a material portion of the Collateral.

“Materials of Environmental Concern”:  any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

“Moody’s”:  ▇▇▇▇▇’▇ Investors Service, Inc.

“Mortgages”:  any mortgage or deed of trust made by any Loan Party in favor of, or for the benefit of, the Senior Collateral Agent for the benefit of the Secured Parties, in a form reasonably satisfactory to the Senior Administrative Agent and Senior Collateral Agent.

“Multiemployer Plan”:  a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“Net Cash Proceeds”:  (a)  in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or by the Disposition of any non-cash consideration received in connection therewith or otherwise, but only as and when received), net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually incurred in connection therewith and

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net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (b) in connection with any issuance or sale of Capital Stock, any capital contribution or any incurrence of Indebtedness, the cash proceeds received from such issuance, contribution or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith.

“New Shares”: the new ordinary shares of nominal value ten ▇▇▇▇▇ each in the capital of Constellation which are issued by Constellation to the Borrower pursuant to the Scheme.

“Non-Consenting Lenders”:  as defined in Section 11.1.

“Non-Excluded Taxes”:  as defined in Section 4.10(a).

“Non-U.S. Lender”:  as defined in Section 4.10(d).

“Notes”:  the collective reference to any promissory note evidencing Loans.

“Offer”: the offer (if any), pre-conditional or otherwise, proposed to be made by Bidco substantially on the terms set out in the Offer Press Release to acquire all of the Capital Stock of Constellation not already owned by the Borrower or its Subsidiaries.

“Offer Conversion”: as defined in Section 7.11.

“Offer Conversion Notice”: as defined in Section 7.11.

“Offer Document”:  the document to be sent to the shareholders of Constellation in order to make the Offer.

“Offer Press Release”:  if an Offer Conversion occurs, the press announcement substantially in the agreed terms to be released by or on behalf of Bidco under Section 2.5 of the City Code to announce the terms of the Offer, pre-conditional or otherwise; provided that such press announcement shall have substantially the same terms as those set forth in the Scheme Press Release (other than those changes necessary in connection with the conversion of the Scheme to an Offer).

“OFT”:  the UK Office of Fair Trading.

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“Organizational Documents”:  as to any Person, the Certificate of Incorporation, Certificate of Formation, By Laws, Limited Liability Company Agreement, Partnership Agreement, memorandum and articles of association or other organizational or governing documents of such Person.

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

“Panel”:  the Panel on Takeovers and Mergers.

“Participant”:  as defined in Section 11.6(c).

“Participating Member State”: any member state of the European Communities that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.

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

“PBGC”:  the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor thereto).

“Perfection Certificate”:  a certificate substantially in the form of Exhibit M with such changes as are reasonably required or agreed to by the Senior Administrative Agent or any other form approved by the Senior Administrative Agent but excluding any information in respect of the Constellation Group.

“Permitted Acquisition”:  any acquisition, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the Capital Stock of, or a business line or unit or a division of, any Person; provided, (i) immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and in conformity with all applicable Governmental Authorizations; (iii) in the case of the acquisition of Capital Stock, all of the Capital Stock (except for any such Capital Stock in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Subsidiary of the Borrower in connection with such acquisition shall be owned 100% by the Borrower or a Guarantor thereof, and the Borrower shall have taken, or caused to be taken, as of the date such Person becomes a Subsidiary of the Borrower, each of the actions set forth in

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Sections 7.10; (iv) the Borrower and its Subsidiaries shall be in compliance with the financial covenants set forth in Section 8.1 on a pro forma basis after giving effect to such acquisition as if such acquisition had occurred on the first day of the most recent period of four consecutive fiscal quarters in respect of which the Consolidated Leverage Ratio has been tested in accordance with Section 8.1(a) but utilizing the financial covenant levels set forth in Section 8.1 corresponding to the period of four consecutive fiscal quarters ending at the conclusion of the fiscal quarter in which such acquisition occurs, (v) immediately prior to, and after giving effect thereto, the Borrower and its Subsidiaries shall have minimum Liquidity of $20,000,000, (vi) the Borrower shall have delivered to the Senior Administrative Agent at least ten (10) Business Days prior to such proposed acquisition, a Compliance Certificate evidencing compliance with Section 8.1 as required under clause (iv) above and compliance with clause (viii) below, together with all relevant financial information with respect to such acquired assets, including, without limitation, the aggregate consideration for such acquisition, any other information reasonably required to demonstrate compliance with Section 8.1 and, in the case of any acquisition with aggregate consideration in excess of $25,000,000, appropriate revisions to the projections included in the Confidential Information Memorandum, or, if Projections have been provided pursuant to Section 7.2(c), appropriate revisions to such Projections, in each case after giving effect to such acquisition (such revised projections or Projections to be accompanied by a certificate of a Responsible Officer stating that such revised projections or Projections are based on estimates, information and assumptions set forth therein and otherwise believed by such Responsible Officer to be reasonable at such time (it being recognized that such revised projections or Projections relate to future events and are not to be viewed as fact and that actual results during the period covered thereby may differ from such revised projections or Projections by a material amount)); (vii) any Person or assets or division as acquired in accordance herewith shall be in substantially related businesses or lines of business, or businesses ancillary or complimentary thereto in which the Borrower and/or its Subsidiaries are engaged, or are permitted to be engaged as provided herein, as of the time of such acquisition and (viii) the total consideration paid in connection with all Permitted Acquisitions (including any Earn-Out Obligations and any Indebtedness of any acquired Person that is assumed by the Borrower or any of its Subsidiaries following such acquisitions) shall not exceed (x) $75,000,000 in the aggregate or (y) $100,000,000 in the aggregate if at least $25,000,000 thereof consists of Net Cash Proceeds from the issuance of Capital Stock.

“Permitted Purpose”:  as defined in the definition of Certain Funds Loan.

“Permitted Subordinated Indebtedness”:  any Subordinated Debt of the Borrower or any of its Subsidiaries incurred form time to time provided that the proceeds of such Indebtedness shall be used only for purposes of financing any Permitted Acquisition.

“Person”:  an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

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“Plan”:  at a particular time, any employee benefit plan that is covered by ERISA and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Pledged Company”:  any Subsidiary of the Borrower the Capital Stock of which is pledged to the Senior Collateral Agent pursuant to any Security Document.

“pound”, “pounds” or “pound sterling” or “£” denotes the lawful currency of the United Kingdom.

“Pricing Grid”:  the pricing grid attached hereto as Annex A.

“Pro Forma Financial Statements”:  as defined in Section 7.1(c).

“Projections”:  as defined in Section 7.2(c).

“Properties”:  as defined in Section 5.17(a).

“Property”:  any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock.

“Qualified Counterparty”: with respect to any Specified Hedge Agreement, any counterparty thereto that, at the time such Specified Hedge Agreement was entered into, was a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent; provided that, in the event a counterparty to a Specified Hedge Agreement at the time such Specified Hedge Agreement was entered into was a Qualified Counterparty, such counterparty shall constitute a Qualified Counterparty hereunder and under the other Loan Documents.

“Rationalizing Constellation Disposition”:  those Dispositions of the business units, business lines or Subsidiaries of Constellation (i) that are required by any Governmental Authority to the extent the same may be required but not permit a termination of the Acquisition Agreement in effect as of the date hereof in respect of such requirement or (ii) determined by the Borrower to be in the best interests of the Borrower and its Subsidiaries.

“Recovery Event”:  any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Group Member that yields gross proceeds to any Group Member in excess of $2,000,000.

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“Reference Lender”:  ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc.

“Refunded Swingline Loans”:  as defined in Section 3.4.

“Refunding Date”:  as defined in Section 3.4.

“Register”:  as defined in Section 11.6(b).

“Registrar of Companies”:  the registrar of companies for England and Wales.

“Regulation U”:  Regulation U of the Board as in effect from time to time.

“Reimbursement Obligation”:  the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.11 for amounts drawn under Letters of Credit.

“Reinvestment Deferred Amount”:  with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by any Group Member in connection therewith that are not applied to prepay the Term Loans or reduce the Revolving Commitments pursuant to Section 4.2(b) as a result of the delivery of a Reinvestment Notice.

“Reinvestment Event”:  any Asset Sale or Recovery Event in respect of which the Borrower has delivered a Reinvestment Notice.

“Reinvestment Notice”:  a written notice executed by a Responsible Officer stating that no Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire or repair fixed or capital assets useful in its business.

“Reinvestment Prepayment Amount”:  with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair fixed or capital assets useful in the Borrower’s business.

“Reinvestment Prepayment Date”:  with respect to any Reinvestment Event, the date occurring (a) six months after such Reinvestment Event or (b) in the case of a Rationalizing Constellation Disposition, twelve months after such Reinvestment Event.

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“Reorganization”:  with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

“Reportable Event”:  any of the events set forth in Section 4043(b) of ERISA, other than those events as to which the thirty day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043.

“Required Lenders”:  at any time, the holders of more than 50% of (a) until the Funding Date, the Commitments then in effect and (b) thereafter, the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding and (ii) the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding; provided, that the aggregate unpaid principal amount of the Term Loans then outstanding, unused Revolving Commitments of and the portion of the Total Revolving Extensions of Credit, in each case, held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

“Requirement of Law”:  as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

“Responsible Officer”:  the chief executive officer, president or chief financial officer of the Borrower, but in any event, with respect to financial matters, the chief financial officer of the Borrower.

“Restatement Date”: as defined in Section 11.19.

“Restricted Payments”:  as defined in Section 8.6.

“Revolving Commitment”:  as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” under such Lender’s name on such Lender’s Addendum or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments is $15,000,000.

"Revolving Availability Period":  the period from and including the Funding Date to the Revolving Termination Date.

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“Revolving Extensions of Credit”:  as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

“Revolving Facility”:  the Revolving Commitments and the extensions of credit made thereunder.

“Revolving Lender”:  each Lender that has a Revolving Commitment or that holds Revolving Loans.

“Revolving Loans”:  as defined in Section 3.1(a).

“Revolving Percentage”:  as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total Revolving Commitments (or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal amount of the Revolving Loans then outstanding).

“Revolving Termination Date”:  the date that is five years after the Funding Date.

“S&P”:  Standard & Poor’s Ratings Group, Inc.

“Scheme”: the scheme of arrangement conducted in accordance with Section 425 of the Companies ▇▇▇ ▇▇▇▇ (or, if applicable, Part 26 of the Companies Act 2006) to be proposed by Constellation to its shareholders pursuant to which the Borrower will become the only shareholder of Constellation by virtue of having been allotted and issued New Shares which are paid up out of the reserve created by the cancellation of the Constellation Shares, details of which are set out in the Scheme Circular.

“Scheme Circular”: the circular to the shareholders of Constellation, issued, or to be issued, by Constellation setting forth the proposals for the Scheme.

“Scheme Press Release”: a press announcement released by the Borrower and Constellation under Section 2.5 of the City Code to announce the terms of the pre-conditional Scheme.

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“Scheme Resolution” the resolution referred to and in the form set out in the Scheme Circular.

“SEC”:  the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority.

“Secured Parties”:  the collective reference to the Senior Administrative Agent, the Senior Collateral Agent, the Term Lenders, the Revolving Lenders, the Issuing Lender, the Swingline Lender and any Qualified Counterparties.

“Security Documents”:  the collective reference to the Guarantee and Collateral Agreement, the Mortgages, the Control Agreements and all other security documents hereafter delivered to the Senior Collateral Agent granting a Lien on any property of any Person to secure the Senior Obligations of any Loan Party under any Loan Document or Specified Hedge Agreement.

“Security Trust Deed”: the security trust deed to be executed by the Senior Collateral Agent, the Senior Administrative Agent and the Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Seller”:  the shareholders of Constellation.

“Senior Administrative Agent”:  as defined in the preamble to this Agreement.

“Senior Collateral Agent”:  as defined in the preamble to this Agreement.

“Senior Obligations”:  as defined in the Guarantee and Collateral Agreement.

“Single Employer Plan”:  any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan.

“Solvent”:  when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to

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conduct its business, and (d) such Person will be able to pay its debts as they mature. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

“Specified Hedge Agreement”:  any Hedge Agreement (a) entered into by (i) the Borrower and (ii) any Qualified Counterparty, as counterparty and (b) that has been designated by such Qualified Counterparty and the Borrower, by notice to the Senior Administrative Agent, as a Specified Hedge Agreement. The designation of any Hedge Agreement as a Specified Hedge Agreement shall not create in favor of any Qualified Counterparty that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under either Guarantee and Collateral Agreement, except as contemplated in Section 11.14.

“Sterling”:  denotes the lawful currency of the United Kingdom.

“Subordinated Debt”:  any Indebtedness of the Borrower or any of its Subsidiaries incurred from time to time provided that (a) such Indebtedness shall not provide for any scheduled or mandatory payments, prepayments, sinking fund or other repurchase or redemption payments prior to the date which is six months after the maturity date of the Term Loans, (b) the subordination provisions thereof shall be reasonably satisfactory to the Senior Administrative Agent, and (c) both before and after giving effect to the issuance of such Indebtedness, no Event of Default or Default has occurred and is continuing.

“Subsidiary”:  as to any Person, a corporation, partnership, limited liability company, company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person (for the avoidance of doubt, excluding any member of the Constellation Group prior to the consummation of the Acquisition). Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

“Successful Syndication”:  as defined in the Fee Letter.

“Swingline Commitment”:  the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 3.3 in an aggregate principal amount at any one time outstanding not to exceed $5,000,000.

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“Swingline Lender”:  Bank of America, N.A., in its capacity as the lender of Swingline Loans.

“Swingline Loans”:  as defined in Section 3.3.

“Swingline Participation Amount”:  as defined in Section 3.4.

“Syndication Agent”:  as defined in the preamble to this Agreement.

“Term Commitments”:  as to any Lender, the obligation of such Lender, if any, to make Term Loans in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Term Commitment” under such Lender’s name on such Lender’s Addendum or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Term Commitments is $210,000,000.

“Term Facility”:  the Term Commitments and the Term Loans made thereunder.

“Term Lenders”:  each Lender that has a Term Commitment or that holds a Term Loan.

“Term Loans”:  as defined in Section 2.1.

“Term Percentage”:  as to any Term Lender at any time, the percentage which such Lender’s Term Commitment then constitutes of the aggregate Term Commitments (or, at any time after the Funding Date, the percentage which the aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding).

“Total Revolving Commitments”:  at any time, the aggregate amount of the Revolving Commitments then in effect.

“Total Revolving Extensions of Credit”:  at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time.

“Transaction”:  collectively, (a) the Acquisition, (b) the borrowing of the Loans, (c) the borrowing of the Interim Loans under the Interim Credit Agreement, (d) the immediate

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lending of the proceeds of such Loans to UK AcquiSub Holdings and from UK AcquiSub Holdings to UK AcquiSub to fund the Acquisition and (e) the payment of the Transaction Costs.

“Transaction Costs”:  all fees, costs and expense incurred or payable by the Borrower or any Subsidiary in connection with the Transactions.

“Transferee”:  any Assignee or Participant.

“Type”:  as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan.

“Unasserted Contingent Obligations”:  as defined in the Guarantee and Collateral Agreement.

“UK”:  the United Kingdom.

“UK AcquiSub”:  Websense SC Operations Limited.

“UK AcquiSub Holdings”:  Websense SC Holdings Limited.

“Unconditional Date”:  the date on which the Offer becomes or is declared unconditional in all respects.

“United States”:  the United States of America.

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

“Wholly Owned Subsidiary Guarantor”:  any Guarantor that is a Wholly Owned Subsidiary of the Borrower.

1.2           Other Definitional Provisions.  (a)  Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

(b)           As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1,

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to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time (subject to any applicable restrictions hereunder).

(c)           The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

(d)           The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

(e)           Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP; provided that, if either the Borrower notifies the Senior Administrative Agent that such Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Senior Administrative Agent notifies the Borrowers that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

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

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SECTION 2.               AMOUNT AND TERMS OF TERM COMMITMENTS

2.1           Term Commitments.   Subject to the terms and conditions hereof, during the Certain Funds Period, each Term Lender severally agrees to make a term loan (a “Term Loan”) for the Permitted Purpose to the Borrower on the Funding Date in an amount not to exceed the amount of the Term Commitment of such Lender. The Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Senior Administrative Agent in accordance with Sections 2.2 and 4.3.

2.2           Procedure for Term Loan Borrowing.  The Borrower shall give the Senior Administrative Agent irrevocable notice (which notice must be received by the Senior Administrative Agent prior to 12 Noon, New York City time, one Business Day prior to the anticipated Funding Date) requesting that the Term Lenders make the Term Loans on the Funding Date and specifying the amount to be borrowed. The Term Loans that are Eurodollar Loans made on the Funding Date shall have an Interest Period of one month. Upon receipt of such notice the Senior Administrative Agent shall promptly notify each Term Lender thereof. Not later than 2:00 P.M., New York City time, on the Funding Date each Term Lender shall make available to the Senior Administrative Agent at the Funding Office an amount in immediately available funds equal to the Term Loan or Term Loans to be made by such Lender. The Senior Administrative Agent shall credit the account of the Borrower on the books of such office of the Senior Administrative Agent with the aggregate of the amounts made available to the Senior Administrative Agent by the Term Lenders in immediately available funds.

2.3           Repayment of Term Loans.  Subject to adjustment pursuant to the terms of this Agreement, the Borrower shall repay the Term Loans on March 31, June 30, September 30 and December 31 of each year, commencing with the first such date to occur after the first full fiscal quarter after the Funding Date, each such payment to be in an amount equal to the percentage set forth below of the aggregate principal amount of the then outstanding Term Loans, with the balance payable on the fifth anniversary of the Funding Date (the “Term Loan Maturity Date”):

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SECTION 3.               AMOUNT AND TERMS OF REVOLVING COMMITMENTS

3.1           Revolving Commitments.

(a)           Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans (“Revolving Loans”) to the Borrower from time to time during the Revolving Availability Period in an aggregate principal amount at any one time outstanding which, when added to such Lender’s Revolving Percentage of the sum of (i) the L/C Obligations then outstanding and (ii) the aggregate principal amount of the Swingline Loans then outstanding, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Availability Period the Borrower may use the Revolving Commitments by borrowing, prepaying and reborrowing the Revolving Loans in whole or in part, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Senior Administrative Agent in accordance with Sections 3.2 and 4.3.

(b)           The Borrower shall repay all outstanding Revolving Loans on the Revolving Termination Date.

3.2           Procedure for Revolving Loan Borrowing.   The Borrower may borrow under the Revolving Commitments during the Revolving Availability Period on any Business Day, provided that the Borrower shall give the Senior Administrative Agent irrevocable notice (which notice must be received by the Senior Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans) (provided that any such notice of a borrowing of Base Rate Loans to finance payments required to be made pursuant to Section 3.5 may be given not later than 12:00 Noon, New York City time, on the date of the proposed borrowing), specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date, (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefore and (iv) other than in respect of Certain Funds Loans, that as of such date Sections 6.3(a) and (b) are satisfied, and in the case of Certain Funds Loans, that as of the Funding Date in respect of Certain Funds Loans, Section 6.4 is satisfied. No Revolving Loans will be made on the Funding Date. Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or

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a whole multiple of $100,000 in excess thereof; provided, that (x) the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are Base Rate Loans in other amounts pursuant to Section 3.4 and (y) borrowings of Base Rate Loans pursuant to Section 3.11 shall not be subject to the foregoing minimum amounts. Upon receipt of any such notice from the Borrower, the Senior Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the Senior Administrative Agent for the account of the Borrower at the Funding Office prior to 2:00 P.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Senior Administrative Agent. Such borrowing will then be made available to the Borrower by the Senior Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Senior Administrative Agent by the Revolving Lenders and in like funds as received by the Senior Administrative Agent.

3.3           Swingline Commitment.

(a)           Subject to the terms and conditions hereof, the Swingline Lender agrees to make a portion of the credit otherwise available to the Borrower under the Revolving Commitments from time to time during the Revolving Availability Period by making swing line loans (“Swingline Loans”) to the Borrower; provided that (i) the aggregate principal amount of Swingline Loans outstanding at any time shall not exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender’s other outstanding Revolving Loans hereunder, may exceed the Swingline Commitment then in effect) and (ii) the Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if, after giving effect to the making of such Swingline Loan, the aggregate amount of the Available Revolving Commitments would be less than zero. During the Revolving Availability Period, the Borrower may use the Swingline Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof. Swingline Loans shall be Base Rate Loans only.

(b)           The Borrower shall repay all outstanding Swingline Loans on the Revolving Termination Date.

3.4           Procedure for Swingline Borrowing; Refunding of Swingline Loans.

(a)           Whenever the Borrower desires that the Swingline Lender make Swingline Loans it shall give the Swingline Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swingline Lender not later than 1:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested Borrowing Date (which shall be a Business Day during the Revolving Availability Period). Each borrowing under the Swingline Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 3:00 P.M., New York City time, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Senior Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount of

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the Swingline Loan to be made by the Swingline Lender. The Senior Administrative Agent shall make the proceeds of such Swingline Loan available to the Borrower on such Borrowing Date by wire transfer of immediately available funds to a bank account designated in writing by the Borrower to the Senior Administrative Agent.

(b)           The Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), on one Business Day’s notice given by the Swingline Lender no later than 12:00 Noon, New York City time, request each Revolving Lender to make, and each Revolving Lender hereby agrees to make, a Revolving Loan, in an amount equal to such Revolving Lender’s Revolving Percentage of the aggregate amount of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice, to repay the Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to the Senior Administrative Agent at the Funding Office in immediately available funds, not later than 10:00 A.M., New York City time, one Business Day after the date of such notice. The proceeds of such Revolving Loans shall be immediately made available by the Senior Administrative Agent to the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loans. The Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s accounts with the Senior Administrative Agent (up to the amount available in each such account) in order to immediately pay the amount of such Refunded Swingline Loans to the extent amounts received from the Revolving Lenders are not sufficient to repay in full such Refunded Swingline Loans.

(c)           If prior to the time a Revolving Loan would have otherwise been made pursuant to Section 3.4(b), one of the events described in Section 9(f) shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion, Revolving Loans may not be made as contemplated by Section 3.4(b), each Revolving Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 3.4(b) (the “Refunding Date”), purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) such Revolving Lender’s Revolving Percentage times (ii) the sum of the aggregate principal amount of Swingline Loans then outstanding that were to have been repaid with such Revolving Loans.

(d)           Whenever, at any time after the Swingline Lender has received from any Revolving Lender such Lender’s Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Revolving

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Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.

(e)           Each Revolving Lender’s obligation to make the Loans referred to in Section 3.4(b) and to purchase participating interests pursuant to Section 3.4(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 6; (iii) any adverse change in the condition (financial or otherwise) of the Borrower; (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other Revolving Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

3.5           Commitment Fees, etc.

(a)           The Borrower agrees to pay to the Senior Administrative Agent for the account of each Revolving Lender a commitment fee for the period from and including the first Funding Date to the last day of the Revolving Availability Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Termination Date, commencing on the first of such dates to occur after the first Funding Date.

(b)           The Borrower agrees to pay to the Senior Administrative Agent the fees in the amounts and on the dates previously agreed to in writing by the Borrower and the Senior Administrative Agent.

3.6           Termination or Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Senior Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted (a) during the Certain Funds Period or (b) if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a multiple of $500,000 in excess thereof, and shall reduce permanently the Revolving Commitments then in effect.

3.7           L/C Commitment.

(a)           Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section 3.10(a), agrees to

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issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Availability Period in such form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit (i) if, after giving effect to such issuance, (x) the L/C Obligations would exceed the L/C Commitment or (y) the aggregate amount of the Available Revolving Commitments would be less than zero or (ii) until the date that is 30 days after the Certain Funds Period. Each Letter of Credit shall (i) be denominated in Dollars, (ii) have a face amount of at least $50,000 (unless otherwise agreed by the Issuing Lender) and (iii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above).

(b)           The Issuing Lender shall not at any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law.

3.8           Procedure for Issuance of Letter of Credit.

The Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will notify the Senior Administrative Agent of the amount, the beneficiary and the requested expiration of the requested Letter of Credit, and upon receipt of confirmation from the Senior Administrative Agent that after giving effect to the requested issuance, the Available Revolving Commitments would not be less than zero, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower (with a copy to the Senior Administrative Agent) promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Senior Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof).

3.9           Fees and Other Charges.

(a)           The Borrower will pay a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility times the daily amount available to be drawn under such Letter of Credit, shared ratably among the Revolving Lenders and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the Issuing

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Lender for its own account a fronting fee on the undrawn and unexpired amount of each Letter of Credit in the amount of 0.125% of such undrawn and unexpired amount, payable quarterly in arrears on each L/C Fee Payment Date after the Issuance Date.

(b)           In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit.

3.10         L/C Participations.

(a)           The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit issued hereunder and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Senior Administrative Agent upon demand of the Issuing Lender an amount equal to such L/C Participant’s Revolving Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. The Senior Administrative Agent shall promptly forward such amounts to the Issuing Lender.

(b)           If any amount required to be paid by any L/C Participant to the Senior Administrative Agent for the account of the Issuing Lender pursuant to Section 3.10(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Senior Administrative Agent for the account of the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Senior Administrative Agent for the account of the Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.10(a) is not made available to the Senior Administrative Agent for the account of the Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Base Rate Loans under the Revolving Facility. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error.

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(c)           Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.10(a), the Senior Administrative Agent or the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Senior Administrative Agent or the Issuing Lender, as the case may be, will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any such payment received by Administrative Agent or the Issuing Lender, as the case may be, shall be required to be returned by the Senior Administrative Agent or the Issuing Lender, such L/C Participant shall return to the Senior Administrative Agent for the account of the Issuing Lender the portion thereof previously distributed by the Senior Administrative Agent or the Issuing Lender, as the case may be, to it.

3.11         Reimbursement Obligation of the Borrower.

The Borrower agrees to reimburse the Issuing Lender on the Business Day next succeeding the Business Day on which the Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 4.5(b) and (ii) thereafter, Section 4.5(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 9(f) shall have occurred and be continuing with respect to the Borrower, in which case the procedures specified in Section 3.10 for funding by L/C Participants shall apply) constitute a request by the Borrower to the Senior Administrative Agent for a borrowing pursuant to Section 3.2 of Base Rate Loans (or, at the option of the Senior Administrative Agent and the Swingline Lender in their sole discretion, a borrowing pursuant to Section 3.4 of Swingline Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Loans (or, if applicable, Swingline Loans) could be made, pursuant to Section 3.2 or, if applicable, Section 3.4), if the Senior Administrative Agent had received a notice of such borrowing at the time the Senior Administrative Agent receives notice from the Issuing Lender of such drawing under such Letter of Credit.

3.12         Obligations Absolute. The Borrower’s obligations under Section 3.11 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.11 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any

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message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the breach of contractual obligation to Borrower, gross negligence or willful misconduct of the Issuing Lender . The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of breach of contractual obligation, gross negligence or willful misconduct and in accordance with the standards of care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower.

3.13         Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

3.14         Applications.

To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply.

SECTION 4.     GENERAL PROVISIONS APPLICABLE
TO LOANS AND LETTERS OF CREDIT

4.1           Optional Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Senior Administrative Agent no later than 12:00 Noon, New York City time, three Business Days prior thereto, in the case of Eurodollar Loans, and no later than 12:00 Noon, New York City time, one Business Day prior thereto, in the case of Base Rate Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or Base Rate Loans; provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 4.11; provided further that no Loans shall be prepaid hereunder until all Interim Loans have been paid in full and all commitments with respect thereto have been terminated. Upon receipt of any such notice the Senior Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are Base Rate Loans and Swingline Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $100,000 or integral multiples of $50,000 in excess thereof.

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4.2           Mandatory Prepayments and Commitment Reductions.

(a)           If any Capital Stock or Indebtedness shall be issued or incurred by any Group Member (other than (i) Excluded Indebtedness, (ii) any Capital Stock issued to any Group Member, (iii) any Capital Stock issued to any member of management or directors, officers or employees of any Group Member or (iv) any Capital Stock issued in contemplation of a Permitted Acquisition) or any capital contribution is made to any Group Member (other than a capital contribution by any Group Member), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance, incurrence or contribution toward the prepayment of the Term Loans and the reduction of the Revolving Commitments as set forth in Section 4.2(d); provided, however, that the amount of Net Cash Proceeds payable pursuant to this clause (a) from the issuance of Capital Stock by any Group Member shall be reduced to 50% if the Borrower’s Consolidated Leverage Ratio is less than 1.50:1.00.

(b)           If on any date any Group Member shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, unless a Reinvestment Notice shall be delivered in respect thereof, such Net Cash Proceeds shall be applied on such date toward the prepayment of the Term Loans and the reduction of the Revolving Commitments as set forth in Section 4.2(d); provided, that, notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds of Asset Sales and Recovery Events that may be excluded from the foregoing requirement pursuant to a Reinvestment Notice shall not exceed $15,000,000 in any fiscal year of the Borrower and (ii) on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans and the reduction of the Revolving Commitments as set forth in Section 4.2(d).

(c)           If, for any fiscal year of the Borrower commencing with the fiscal year ending December 31, 2007, there shall be Excess Cash Flow, the Borrower shall, on the relevant Excess Cash Flow Application Date, apply the ECF Percentage of such Excess Cash Flow toward the prepayment of the Term Loans and the reduction of the Revolving Commitments as set forth in Section 4.2(d). Each such prepayment and commitment reduction shall be made on a date (an “Excess Cash Flow Application Date”) no later than five days after the earlier of (i) the date on which the financial statements of the Borrower referred to in Section 7.1(a), for the fiscal year with respect to which such prepayment is made, are required to be delivered to the Lenders and (ii) the date such financial statements are actually delivered to the Lenders.

(d)           Amounts to be applied in connection with prepayments and Commitment reductions made pursuant to this Section 4.2 shall be applied, first, to the prepayment of the Term Loans and, second, to reduce permanently the Revolving Commitments. Any such reduction of the Revolving Commitments shall be accompanied by prepayment of the Revolving Loans and/or Swingline Loans to the extent, if any, that the Total Revolving Extensions of Credit exceed the amount of the Total Revolving Commitments as so reduced, provided that if the aggregate principal amount of Revolving Loans and Swingline Loans then outstanding is less than the amount of such excess (because L/C Obligations constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, replace outstanding Letters of Credit and/or deposit an amount in cash in a cash collateral account established with

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the Senior Administrative Agent for the benefit of the Lenders on terms and conditions satisfactory to the Senior Administrative Agent. The application of any prepayment pursuant to Section 4.2 shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of Loans under Section 4.2 shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. Notwithstanding anything herein to the contrary, no Loans shall be prepaid hereunder until all Interim Loans have been paid in full and all commitments with respect thereto have been terminated.

4.3           Conversion and Continuation Options. (a)  The Borrower may elect from time to time to convert Eurodollar Loans to Base Rate Loans by giving the Senior Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Senior Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no Base Rate Loan under a particular Facility may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Senior Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Senior Administrative Agent shall promptly notify each relevant Lender thereof.

(b)           Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving irrevocable notice to the Senior Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Senior Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations, and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Senior Administrative Agent shall promptly notify each relevant Lender thereof.

4.4           Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Eurodollar Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple of $100,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time.

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4.5           Interest Rates and Payment Dates. (a)  Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin.

(b)           Each Base Rate Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin.

(c)           (i)  If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall, upon the receipt of notice from Senior Administrative Agent at the direction of Required Lenders, bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to Base Rate Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to Base Rate Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non payment until such amount is paid in full (after as well as before judgment).

(d)           Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand.

4.6           Computation of Interest and Fees. (a)  Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans the rate of interest on which is calculated on the basis of the Prime 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 Senior Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Senior Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate.

(b)           Each determination of an interest rate by the Senior Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Senior Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations

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used by the Senior Administrative Agent in determining any interest rate pursuant to Section 4.5(a).

4.7         Inability to Determine Interest Rate.   If prior to the first day of any Interest Period:

(A)       the Senior Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or

(B)       the Senior Administrative Agent shall have received notice from the Majority Facility Lenders in respect of the relevant Facility that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period,

the Senior Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans under the relevant Facility requested to be made on the first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as Base Rate Loans and (z) any outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then-current Interest Period, to Base Rate Loans. Until such notice has been withdrawn by the Senior Administrative Agent, no further Eurodollar Loans under the relevant Facility shall be made or continued as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans.

4.8         Pro Rata Treatment and Payments.   (a)  Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Term Percentages or Revolving Percentages, as the case may be, of the relevant Lenders.

(b)      Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Term Lenders. The amount of each principal prepayment of the Term Loans shall be applied to reduce the then remaining installments of the Term Loans, pro rata based upon the then remaining principal amount thereof. Amounts repaid or prepaid on account of the Term Loans may not be reborrowed.

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(c)       Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders.

(d)      All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Senior Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately available funds. The Senior Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension.

(e)       Unless the Senior Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing that such Lender will not make the amount that would constitute its share of such Borrowing available to the Senior Administrative Agent, the Senior Administrative Agent may assume that such Lender is making such amount available to the Senior Administrative Agent, and the Senior Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Senior Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Senior Administrative Agent, on demand, such amount with interest thereon at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Senior Administrative Agent in accordance with banking industry rules on interbank compensation for the period until such Lender makes such amount immediately available to the Senior Administrative Agent. A certificate of the Senior Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender's share of such Borrowing is not made available to the Senior Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Senior Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Base Rate Loans under the relevant Facility, on demand, from the Borrower.

(f)       Unless the Senior Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Senior Administrative Agent, the Senior Administrative Agent may assume that the Borrower is making such payment, and the Senior Administrative Agent may, but shall not be required to, in reliance upon such assumption,

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make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Senior Administrative Agent by the Borrower within three Business Days after such due date, the Senior Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Senior Administrative Agent or any Lender against the Borrower.

4.9         Requirements of Law.   (a)  If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof:

(i)        shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any Application or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 4.10 and changes in the rate of tax on the overall net income of such Lender);

(ii)       shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate hereunder; or

(iii)      shall impose on such Lender any other condition;

and the result of any of the foregoing is to increase the cost to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the Senior Administrative Agent) of the event by reason of which it has become so entitled.

(b)      If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which

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such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Senior Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction.

(c)       A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Senior Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section, the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than six months prior to the date that such Lender notifies the Borrower of such Lender's intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

4.10       Taxes.   (a)  All payments made by the Borrower under this Agreement shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on any Agent or any Lender as a result of a present or former connection between such Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document). If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings ("Non-Excluded Taxes") or Other Taxes are required to be withheld from any amounts payable to any Agent or any Lender hereunder, the amounts so payable to such Agent or such Lender shall be increased to the extent necessary to yield to such Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement, provided, however, that the Borrower shall not be required to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Lender's failure to comply with the requirements of paragraph (d) or (e) of this Section or (ii) that are United States withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement (or, in the case of a Participant, on the date such Participant becomes a Participant hereunder), except to the extent that such Lender's assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such Non-Excluded Taxes pursuant to this paragraph.

(b)      In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

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(c)       Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as possible thereafter the Borrower shall send to the Senior Administrative Agent for its own account or for the account of the relevant Agent or Lender, as the case may be, a certified copy of an original official receipt received by the Borrower showing payment thereof. If the Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Senior Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify the Agents and the Lenders for any incremental taxes, interest or penalties that may become payable by any Agent or any Lender as a result of any such failure.

(d)      Each Lender (or Transferee) that is not a "U.S. Person" as defined in Section 7701(a)(30) of the Code (a "Non U.S. Lender") shall deliver to the Borrower and the Senior Administrative Agent (or, (x) in the case of a Participant, solely to the Lender from which the related participation shall have been purchased and (y) in the case of an Assignee under an assignment to an affiliate of a Lender or an Approved Fund of a Lender that is made pursuant to Section 11.6(b)(iii), the assigning Lender) two completed originals of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of "portfolio interest", a statement substantially in the form of Exhibit G and a Form W-8BEN, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation). In addition, each Non U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this paragraph, a Non U.S. Lender shall not be required to deliver any form pursuant to this paragraph that such Non U.S. Lender is not legally able to deliver.

(e)       A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Senior Administrative Agent), at the time or times prescribed by applicable law or reasonably requested in writing by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender's judgment such completion, execution or submission would not materially prejudice the legal position of such Lender.

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(f)       If any Agent or any Lender determines, in its sole discretion, that it has received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 4.10, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 4.10 with respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of such Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Agent or such Lender in the event such Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require any Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person.

(g)      The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder or under any other Loan Document.

4.11       Indemnity.   The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss, cost or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

4.12       Change of Lending Office.   Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 4.9 or 4.10(a) with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such

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designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 4.9 or 4.10(a).

4.13       Replacement of Lenders.   If (a) any Lender requests compensation under Section 4.9 or 4.10 (such Lender, an "Affected Lender"), (b) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.10, (c) any Lender is a Defaulting Lender or (d) any Lender shall refuse to consent to an amendment or waiver to or departure from the provisions of, this Agreement or any other Loan Document which requires the consent of all Lenders or of all Lenders directly affected thereby and has been consented to by the Required Lenders, the Borrower shall be permitted to replace any such Lender with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement except where the replaced Lender is a Non-Consenting Lender, (iii) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (iv) the Borrower shall be liable to such replaced Lender under Section 4.11 if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (v) the replacement financial institution, if not already a Lender or an Approved Fund or Affiliate of a Lender, shall be reasonably satisfactory to the Senior Administrative Agent, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 11.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (vii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 4.9 or 4.10(a), as the case may be, (viii) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Senior Administrative Agent or any other Lender shall have against the replaced Lender, and (ix) in the case of a Non-Consenting Lender, the replacement financial institution shall consent at the time of such assignment to each matter in respect of which the replaced Lender was a Non-Consenting Lender.

4.14       Evidence of Debt.   (a)  Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.

(b)      The Senior Administrative Agent, on behalf of the Borrower (or, in the case of an assignment not required to be recorded in the Register in accordance with the provisions of Section 11.6(b)(v), the assigning Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower), shall maintain the Register (or, in the case of an assignment not required to be recorded in the Register in accordance with the provisions of Section 11.6(b)(v), a Related Party Register), in each case pursuant to Section 11.6(b), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the

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Senior Administrative Agent (or, in the case of an assignment not required to be recorded in the Register in accordance with the provisions of Section 11.6(b)(v), the assigning Lender) hereunder from the Borrower and each Lender's share thereof.

(c)       The entries made in the Register and the accounts of each Lender maintained pursuant to Section 4.14(a) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Senior Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

(d)      The Borrower agrees that, upon the request to the Senior Administrative Agent by any Lender, the Borrower will execute and deliver to such Lender a promissory note of the Borrower evidencing any Term Loans, Revolving Loans or Swingline Loans, as the case may be, of such Lender, substantially in the form of Exhibit ▇-▇, ▇-▇ ▇▇ ▇-▇, respectively, with appropriate insertions as to date and principal amount.

4.15       Illegality.   Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert Base Rate Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender's Loans then outstanding as Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 4.11.

SECTION 5.       REPRESENTATIONS AND WARRANTIES

To induce the Agents and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, the Borrower hereby represents and warrants to each Agent and each Lender that:

5.1         Financial Condition.   (a)  The Pro Forma Financial Statements furnished to each Lender pursuant to Section 7.1(c) have been or will be prepared giving effect (as if such events had occurred on such date) to the consummation of the Transaction. The Pro Forma Financial Statements have been or will be prepared based on the best information available to the Borrower as of the date of delivery thereof, and present fairly or will present fairly on a pro forma basis the estimated financial position of Borrower and its consolidated Subsidiaries as at and for each of the dates and periods set forth therein; provided that insofar as this representation

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relates to the financial information of Constellation, this representation is made solely to the Borrower's knowledge.

(b)      (i) The audited consolidated balance sheets of the Borrower and its Subsidiaries as at December 31, 2004, December 31, 2005 and December 31, 2006, and the related consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Ernst & Young LLP, present fairly in all material respects the consolidated financial condition of the Borrower and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. (ii) To the Borrower’s knowledge based only on publicly available information, the audited consolidated balance sheets of Constellation and its Subsidiaries as at June 30, 2006, and the related consolidated statements of income and of cash flows for the fiscal years ended on such date, present fairly the consolidated financial condition of Constellation and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. (iii) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries for each fiscal quarter ended after December 31, 2006 and at least 45 days prior to the Effective Date, and the related unaudited consolidated statements of income and cash flows for the period ended on such date, will present fairly in all material respects the consolidated financial condition of the Borrower and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the period then ended (subject to normal year end audit adjustments). (iv) To the Borrower's knowledge based on publicly available information, the unaudited consolidated balance sheet of Constellation and its Subsidiaries for each fiscal quarter ended after June 30, 2006 and at least 45 days prior to the Effective Date, and the related unaudited consolidated statements of income and cash flows for the period ended on such date, will present fairly in all material respects the consolidated financial condition of Constellation and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the period then ended (subject to normal year end audit adjustments). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP or International Financial Reporting Standards, as applicable, applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein); provided that insofar as this representation relates to the financial information of Constellation, this representation is made solely to the Borrower's knowledge. No Group Member has any material Guarantee Obligations, contingent liabilities and 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 paragraph. During the period from December 31, 2006 to and including the date hereof there has been no Disposition by any Group Member of any material part of its business or property that, if this Agreement had been in effect at such time, would have been prohibited hereunder.

5.2         No Change.   With respect to any credit event after the Effective Date, there has been no development or event since December 31, 2006 that has had or would reasonably be expected to have a Material Adverse Effect.

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5.3         Corporate Existence; Compliance with Law.   Each Group Member (a) is duly organized, validly existing and in good standing (to the extent applicable) under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign entity and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and (d) is in compliance with the terms of its Organizational Documents and all Requirements of Law except to the extent that the failure to comply with clause (b) or (d) of this Section 5.3 would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

5.4         Power; Authorization; Enforceable Obligations.   Each Loan Party has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational and other action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any relevant Governmental Authority or any other relevant Person is required in connection with the Transaction and the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices described in Schedule 5.4 of the Disclosure Letter, which consents, authorizations, filings and notices shall have been obtained or made and shall be in full force and effect on or before the Funding Date and all applicable waiting periods shall have expired on or before the Funding Date without any action being taken by any Governmental Authority which would restrain, prevent or otherwise impose adverse conditions on the Transaction, which conditions would reasonably be expected to have a Material Adverse Effect and (ii) the filings referred to in Section 5.19. This Agreement has been duly executed and delivered on behalf of each Loan Party party thereto and each other Loan Document shall have been duly executed and delivered on behalf of each Loan Party party thereto on or before the Effective Date or the Funding Date, as applicable. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and except to the extent qualified by any reservations or qualifications given in connection with the Loan Documents.

5.5         No Legal Bar.   The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate its Organizational Document, any Requirement of Law, Governmental Authorization or any Contractual Obligation of any Group Member and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to its Organizational Documents, any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security

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Documents). No Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Subsidiaries would reasonably be expected to have a Material Adverse Effect.

5.6         Litigation.   Except as set forth on Schedule 5.6 of the Disclosure Letter, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of a Responsible Officer of the Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) that purports to effect the execution, delivery or performance of the Transaction or any of the Loan Documents, or (b) that would reasonably be expected to have a Material Adverse Effect.

5.7         No Default.   No Group Member is in default under or with respect to any of its Contractual Obligations in any respect that would reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

5.8         Ownership of Property; Liens.   Each Group Member has title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property except as would not reasonably be likely to have a Material Adverse Effect, and none of such property is subject to any Lien except as permitted by Section 8.3. As of the Effective Date and the Funding Date, no Group Member owns any real property.

5.9         Intellectual Property.   Each Group Member owns, or is licensed to use, all Intellectual Property reasonably necessary for the conduct of its business as currently conducted. Except for such claims and infringements that would not reasonably be expected to have a Material Adverse Effect, (a) no claim has, to the knowledge of a Responsible Officer of the Borrower, been asserted and is pending by any Person naming a Group Member challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does a Responsible Officer of the Borrower know of any valid basis for any such claim and (b) no Responsible Officer of the Borrower knows that the use of Intellectual Property by any Group Member infringes on the rights of any Person in any material respect.

5.10       Taxes.   Each Group Member has filed or caused to be filed all Federal, state and other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be); no tax Lien has been filed, and, to the knowledge of a Responsible Officer of the Borrower, no claim is being asserted, with respect to any such tax, fee or other charge which would reasonably be expected to have a Material Adverse Effect.

5.11         Federal Regulations.   No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used for "buying" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Senior Administrative Agent, the Borrower will furnish to the Senior Administrative Agent and each Lender a statement to the foregoing effect in

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conformity with the requirements of FR Form G-3 or FR Form U 1, as applicable, referred to in Regulation U.

5.12       Labor Matters.   As of the Effective Date, except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect:  (a) there are no strikes or other labor disputes against any Group Member pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant Group Member.

5.13       ERISA.   Neither a Reportable Event nor an "accumulated funding deficiency" (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five year period prior to the date on which this representation is made or deemed made with respect to any Plan. Each Plan has complied in all respects with the applicable provisions of ERISA and the Code except where the same would not reasonably be expected to have a Material Adverse Effect. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No such Multiemployer Plan is in Reorganization or Insolvent.

5.14       Investment Company Act; Other Regulations.   No Loan Party is an "investment company", or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board) that limits its ability to incur Indebtedness.

5.15       Subsidiaries.   Except as disclosed to the Senior Administrative Agent by the Borrower in writing from time to time after the Effective Date, (a) Schedule 5.15 of the Disclosure Letter sets forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan 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 Capital Stock of any Subsidiary, except as created by the Loan Documents.

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5.16       Use of Proceeds.   The proceeds of the Term Loans shall be used by Borrower or its Subsidiaries to finance a portion of the Transaction. The proceeds of the Revolving Loans may be used to finance a portion of the Transaction and may also be used by Borrower and its Subsidiaries for general corporate purposes.

5.17       Environmental Matters.   Except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect:

(A)       the facilities and properties owned, leased or operated by any Group Member (during the period so owned, leased or operated, the "Properties") do not contain, and to the knowledge of a Responsible Officer of the Borrower, have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under circumstances that constitute or constituted a violation of, or would be reasonably likely to give rise to liability under, any Environmental Law;

(B)       no Responsible Officer of any Group Member has received or is aware of any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group Member (during the period so operated, the "Business"), nor does any such Responsible Officer have knowledge that any such notice will be received or is being threatened;

(C)       Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law;

(D)       no judicial proceeding or governmental or administrative action is pending or, to the knowledge of a Responsible Officer of the Borrower, threatened, under any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business;

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(E)        there has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of any Group Member in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws;

(F)        the Properties and all operations at the Properties are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the Business; and

(G)       no Group Member has entered into any agreement pursuant to which it has expressly assumed any liability of any other Person under Environmental Laws.

5.18       Accuracy of Information, etc.   The statements and information contained in this Agreement, the Disclosure Letter, the other Loan Documents, the Confidential Information Memorandum and any other document, certificate or statement furnished by or on behalf of any Loan Party in respect of the Borrower and its Subsidiaries to the Senior Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, when taken as a whole, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the Funding Date), no untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading, provided, however, that with respect to the projections and pro forma financial information contained in the materials referenced above the Borrower represents only that the same were prepared in good faith and are based upon estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is subject to inherent uncertainties and contingencies, 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. The Scheme Press Release (or the Offer Press Release if an Offer Conversion has occurred) contains (or will contain) all the material terms of the Scheme or the Offer , as applicable.

5.19       Security Documents.   (a)  The Guarantee and Collateral Agreement and each Foreign Pledge Agreement is effective to create in favor of the Senior Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. Each Blocked Account Control Agreement is effective to create in favor of the Interim Administrative Agent, for the benefit of the "secured parties" as defined in the Interim Credit Agreement, a legal, valid and enforceable security interest in the Collateral described therein and the proceeds thereof. In the case of the Pledged Stock described in the Guarantee and Collateral Agreement and each Foreign Pledge Agreement, when stock

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certificates representing such Pledged Stock are delivered to the Senior Collateral Agent or such other actions specified in each Foreign Pledge Agreement in respect of Borrower’s UK and Irish first-tier Subsidiaries are taken, and in the case of the other Collateral described in the Guarantee and Collateral Agreement (other than deposit accounts) when financing statements and other filings specified on Schedule 5.19(a) of the Disclosure Letter in appropriate form are filed in the offices specified on Schedule 5.19(a) of the Disclosure Letter, the Guarantee and Collateral Agreement and each such Foreign Pledge Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Senior Obligations, in each case prior and superior in right to any other Person (except, (x) in the case of the Blocked Accounts, Liens in favor of the Interim Administrative Agent and (y) in the case of Collateral other than Pledged Stock and the Blocked Accounts, Liens permitted by Section 8.3). In the case of Collateral described in the Blocked Account Control Agreements, when each Blocked Account Control Agreement is executed and delivered by all parties thereto, the Interim Administrative Agent, for the benefit of the "secured parties" as defined in the Interim Credit Agreement, shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Borrower in such Collateral and the proceeds thereof, as security for the Interim Obligations (as defined in the Interim Credit Agreement), prior and superior in right to any other Person except as provided under the applicable Blocked Account Control Agreement with respect to the securities intermediary a party thereto. In the case of Collateral that consists of deposit accounts, when a Control Agreement is executed and delivered by all parties thereto with respect to such accounts, the Senior Collateral Agent, for the benefit of the Secured Parties, shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds, prior and superior in right to any other Person except as provided under the applicable Control Agreement with respect to the securities intermediary a party thereto.

(b)      Each of the Mortgages (if any) is effective to create in favor of the Senior Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable Lien on the real properties described therein and proceeds thereof, and when the Mortgages are filed in the offices specified therein, each such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the real properties described therein 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 (except Liens permitted by Section 8.3).

5.20       Solvency.   Immediately after the Transactions to occur on the Funding Date, each Loan Party is, and after giving effect to the Acquisition and the incurrence of all Indebtedness and obligations being incurred in connection herewith and therewith will be and will continue to be, Solvent.

5.21       Indebtedness.   Immediately after the consummation of the Transactions to occur on the Funding Date, neither Constellation nor any of its Subsidiaries has (or will have) any Indebtedness outstanding other than Indebtedness permitted by the final paragraph of Section 8.2.

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5.22       Anti-Terrorism Laws.   (a)  No Loan Party is in violation of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

(b)      None of the Loan Parties or their agents acting or benefiting in any capacity in connection with the Loans, Letter of Credit or other transactions hereunder, is any of the following (each a "Blocked Person"):

(i)        a person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

(ii)       a person owned or controlled by, or acting for or on behalf of, any person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

(iii)      a person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

(iv)     a person that commits, threatens or conspires to commit or supports "terrorism" as defined in Executive Order No. 13224;

(v)      a person that is named as a "specially designated national" on the most current list published by the United States Treasury Department's Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list; or

(vi)     a person who is affiliated or associated with a person listed above.

(c)       No Loan Party, or to the knowledge of any Loan Party, any of its agents acting in any capacity in connection with the Loans, Letter of Credit or other transactions hereunder (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224.

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SECTION 6.    CONDITIONS PRECEDENT

6.1         Effective Date.   The obligations of the Loan Parties and the rights of the Lenders, the Issuing Bank and the Senior Administrative Agent under this Agreement and the Loan Documents shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with the terms of this Agreement), which conditions shall be deemed to have been unconditionally satisfied or waived by the execution by all parties of this Agreement on the date hereof:

(a)       The Senior Administrative Agent (or its counsel) shall have (i) received from each party hereto either (x) a counterpart of this Agreement signed on behalf of such party or (y) written evidence satisfactory to the Senior Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) the Disclosure Letter.

(b)      The Senior Administrative Agent shall have received a favorable written opinion (addressed to the Senior Administrative Agent and the Lenders and dated the Effective Date) of ▇▇▇▇▇▇ Godward Kronish LLP, counsel for the Borrower and Port Authority Technologies, Inc. (other than the opinions relating to the security interests, which opinions shall be in the form agreed between the parties prior to the execution of this Agreement and delivered on and dated as of the Funding Date), in form and substance reasonably satisfactory to the Senior Administrative Agent, and, in the case of each such opinion required by this paragraph, covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Senior Administrative Agent shall reasonably request (other than matters relating to the security interests, which opinions shall be in the form agreed between the parties prior to the execution of this Agreement and delivered on and dated as of the Funding Date). The Borrower hereby requests such counsel to deliver such opinions.

(c)       The Senior Administrative Agent shall have received such documents and certificates relating to the organization, existence and good standing (or its equivalent, if any) of each Loan Party, the authorization of the Transactions (to which it is a party) and any other legal matters relating to the Loan Parties, the Loan Documents or the Transactions (to which it is a party), in the form reasonably required by or acceptable to the Senior Administrative Agent.

(d)      The Senior Administrative Agent shall have received (i) the Fee Letter executed by the Borrower and (ii) all fees and other amounts due and payable under the Loan Documents on or prior to the Effective Date, to the extent invoiced prior to the Effective Date, including all out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party under any Loan Document.

(e)       The Borrower, the Senior Collateral Agent and the Senior Administrative Agent shall have agreed on the form of documents required to satisfy the

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Collateral and Guarantee Requirement and the Senior Administrative Agent shall have received a completed Perfection Certificate dated the Effective Date and signed by a Responsible Officer or legal officer of the Borrower, together with all attachments contemplated thereby, including the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and copies of the financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to the Senior Administrative Agent and the Senior Collateral Agent that the Liens indicated by such financing statements (or similar documents) are permitted by Section 8.3 or have been or will contemporaneously with the initial funding of Term Loans on the Funding Date be released. The Senior Administrative Agent shall have received certified copies of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Loan Party as debtor and that are filed in those state and county jurisdictions in which any property of any Loan Party is located and the state and county jurisdictions in which any Loan Party is organized or maintains its principal place of business, none of which encumber the Collateral covered or intended to be covered by the Security Documents (other than Liens permitted under Section 8.3 or as otherwise acceptable to the Senior Administrative Agent).

(f)       The Lenders shall have received the financial statements referred to in Section 5.1(b) (other than any such financial statements of Constellation and its Subsidiaries).

(g)      The Lenders shall have received a business plan of the Borrower and its Subsidiaries for the fiscal years 2007 through 2014 (including quarterly projections for the first four fiscal quarters ending after the Effective Date), with respect to the Group Members together with a certificate of a Responsible Officer of the Borrower certifying that such business plan is based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such business plan is incorrect or misleading in any material respect (it being understood that such business plan is subject to significant uncertainties and there can be no assurance the results therein will be achieved).

(h)      The Senior Administrative Agent shall have received all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, as reasonably requested by the Senior Administrative Agent.

(i)        The Borrower shall have entered into an option to purchase a designated number of Sterling, reasonably acceptable to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated (or its Affiliates) in its capacity as financial advisor to the Borrower in connection with the Acquisition, during the Certain Funds Period, which option shall have terms and conditions reasonably satisfactory to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated (or its Affiliates) in its capacity as financial advisor to the Borrower in connection with the Acquisition.

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(j)        The Borrower and its Subsidiaries shall have at least $217,000,000 of cash and Cash Equivalents (which Cash Equivalents shall be as described in the information previously delivered to the Senior Administrative Agent) and shall have delivered satisfactory evidence to the Senior Administrative Agent confirming such amount.

(k)       The Senior Administrative Agent shall have received a certified copy of the latest draft of the Acquisition Agreement, in form and substance satisfactory to the Senior Administrative Agent.

6.2         Conditions to the Funding Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless, on or prior to the date of the Funding Date, each of the following conditions is satisfied (or waived in accordance with the terms of this Agreement) which conditions shall be deemed to have been unconditionally satisfied or waived on the first funding of a Loan hereunder:

(a)       If an Offer Conversion has not occurred, the Senior Administrative Agent shall have received certified copies of the Scheme Press Release, the Scheme Circular, the Court Order, the prints of the resolutions passed at each of the Court Meetings and the extraordinary general meeting, the certificate of the Registrar of Companies confirming registration of the Court Order, the executed Acquisition Agreement and, if a receiving agent has been appointed, an instruction letter from the Borrower to the receiving agent to hold the shares acquired by the Borrower or its nominees pursuant to the Scheme to the order of the Senior Collateral Agent.

(b)      If an Offer Conversion has occurred, the Senior Administrative Agent shall have received a copy of the announcement that the Offer has become or been declared unconditional in all respects, including confirmation that acceptances have been received pursuant to the Offer in respect of the Capital Stock of Constellation which, when aggregated with (i) any Capital Stock of Constellation owned by the Borrower and its Subsidiaries and (ii) any other Capital Stock of Constellation which are otherwise capable of being counted towards fulfilling the acceptance condition in accordance with Note 5 on Rule 10 of the City Code, represent more than 75% of the Capital Stock of Constellation.

(c)       The Borrower shall have entered into the Interim Credit Agreement, which shall have become unconditional in accordance with its terms, subject only to this Facility becoming unconditional in all respects, without any waiver or modification thereof (other than any waiver or modification which is not material and adverse to the interests of the Lenders).

(d)      The Senior Administrative Agent and the Syndication Agent, as applicable, shall have received all fees and other amounts due and payable under the Loan Documents on or prior to the Funding Date, to the extent invoiced prior to the Funding Date, including all out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party under any Loan Document or evidence

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satisfactory to the Senior Administrative Agent and the Syndication Agent, as applicable (acting reasonably), that any such fees and other amounts will be paid out of the proceeds of the Borrowing on the Funding Date.

(e)       The Senior Administrative Agent shall have received a favorable written opinion (addressed to the Senior Administrative Agent and the Lenders and dated the Funding Date) of each of (i) ▇▇▇▇▇▇ Godward Kronish LLP, counsel for the Borrower and its Subsidiaries, (ii) ▇▇▇▇▇▇▇ ▇▇▇▇▇ LLP, local UK counsel to Borrower and UK AcquiSub Holdings as to the pledge of its Capital Stock, and (iii) ▇▇▇▇▇▇ ▇▇▇, local Irish counsel to Borrower and Websense International Limited as to the pledge of its Capital Stock, each in form and substance reasonably satisfactory to the Senior Administrative Agent, and, in the case of each such opinion required by this paragraph, covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Senior Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinions.

(f)       The Borrower, the Senior Collateral Agent and the Senior Administrative Agent shall have, as applicable, entered into and/or delivered the documents required to satisfy the Collateral and Guarantee Requirement (as agreed pursuant to Section 6.1(e) above) and all filing or recordings necessary in connection with the liens granted thereby shall have been made.

(g)      The Senior Administrative Agent shall be satisfied that all amounts in the Escrow Accounts shall have been applied (or will, on the same date as the proceeds of the Term Loans are applied hereunder, be) to satisfy the terms of the Offer or Scheme and to fund the Acquisition.

(h)      The Senior Administrative Agent shall have received evidence that the insurance required by Section 5.3(b) of the Guarantee and Collateral Agreement is in effect.

(i)        The Lenders shall have received the Pro Forma Financial Statements referred to in Section 5.1(a).

6.3         Each Credit Event.   Subject to Section 6.4, the obligation of the Lenders to make Loans on the occasion of any Borrowing and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the following conditions:

(a)       The representations and warranties of each Loan Party set forth in the Loan Documents (other than, on the Effective Date, the representation and warranty set forth in Section 5.2)) shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as the case may be (except to the extent that any representation and warranty expressly relates to an

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earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date and except that after the Effective Date the representation and warranty set forth in Section 5.2 shall be deemed to refer to the date of the most recent financial statements presented pursuant to Section 7.1(a)).

(b)      At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as the case may be, no Default shall have occurred and be continuing.

Each Borrowing (provided that a conversion or a continuation of a Borrowing shall not constitute a "Borrowing" for purposes of this Section), other than a Certain Funds Loan, and each issuance, amendment, renewal or extension of a Letter of Credit, shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section.

6.4         Certain Funds.

(a)       Notwithstanding anything to the contrary in this Section 6 or any other provision in a Loan Document during the Certain Funds Period, the obligation of each Lender to make a Loan on the occasion of any Borrowing which is a Certain Funds Loan is subject only to the satisfaction or waiver of the conditions set forth in Sections 6.1 and 6.2 and receipt of the request therefor in accordance herewith and to the satisfaction or waiver of the following conditions (and for the avoidance of doubt Section 6.3 shall not apply to a Certain Funds Loan):

(i)        no Major Event of Default is outstanding or would result from the making of any such Borrowing;

(ii)       it is not unlawful for the Borrower to exercise any of its Borrowing rights or a Lender to perform any of its lending obligations under this Agreement, in each case in respect of such Certain Funds Loan; provided that, if it is unlawful for a Lender to perform its lending obligations in respect of such Certain Funds Loans, this in itself will not preclude each other Lender from performing its lending obligations in respect of such Certain Funds Loans; and

(iii)      the Borrower shall not have cancelled or rescinded this Agreement.

(b)      Unless any of the conditions set out in Sections 6.4(a)(i) to (iii) (inclusive) is not satisfied or waived at the relevant time, during the Certain Funds Period none of the Lenders or the Agents shall be entitled to:

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(i)        cancel any of its Commitments to the extent that to do so would prevent or limit the making of a Certain Funds Loan under and as defined in this Agreement;

(ii)       rescind, terminate or cancel this Agreement or exercise any similar right or remedy or make or enforce any claim under the Loan Documents it may have to the extent that to do so would prevent or limit the making of a Certain Funds Loan or the utilization thereof for a Permitted Purpose under and as defined in this Agreement;

(iii)      refuse to participate in the making of a Certain Funds Loan or the utilization thereof for a Permitted Purpose under and as defined in this Agreement;

(iv)     exercise any right of setoff or counterclaim to the extent that so doing would prevent or limit the making of a Certain Funds Loan or the utilization thereof for a Permitted Purpose under and as defined in this Agreement; or

(v)      cancel, accelerate or cause repayment or prepayment of any amounts owing hereunder or under any other Loan Document to the extent that so doing would prevent or limit the making of a Certain Funds Loan or the utilization thereof for a Permitted Purpose under and as defined in this Agreement.

Nothing in this Section 6.4 will affect the rights of any of the Lenders, the Senior Administrative Agent or the Senior Collateral Agent in respect of any Event of Default not cured or waived at the expiry of the Certain Funds Period, irrespective of whether any Event of Default occurred during the Certain Funds Period or not.

SECTION 7.    AFFIRMATIVE COVENANTS

The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or Agent hereunder, the Borrower shall and shall cause each of its Subsidiaries to:

7.1         Financial Statements.   Furnish to the Senior Administrative Agent and each Lender:

(a)           as soon as available, but in any event on the earlier of the date 90 days (or, solely with respect to the fiscal year in which the Acquisition occurred, 120 days) after the end of each fiscal year of the Borrower and the date that such information is filed with the

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SEC, a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a "going concern" or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public accountants of nationally recognized standing;

(b)      as soon as available, but in any event on the earlier of the date that is 45 days after the end of each of the first three quarterly periods of each fiscal year of the Borrower and the date that such information is filed with the SEC, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year end audit adjustments and the absence of footnotes); and

(c)           as soon as available, but in any event not later than the date that is 30 days prior to the Funding Date, the unaudited pro forma consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of the last fiscal quarter for which financial statements have been delivered pursuant to Section 7.1(b) (including the notes thereto) and the unaudited pro forma consolidated income statements for the twelve-month period ending as at the end of such fiscal quarter (such financial statements, the "Pro Forma Financial Statements").

All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein); provided that the financial information of Constellation and its Subsidiaries included in the Pro Forma Financial Statements shall not be prepared in accordance with GAAP but shall be prepared with good faith adjustments applied consistently throughout the period reflected therein.

7.2         Certificates; Other Information.   Furnish to the Senior Administrative Agent and each Lender (or, in the case of clause (i), to the relevant Lender):

(a)       concurrently with the delivery of the financial statements referred to in Section 7.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate, it being understood that such certificate shall be limited to the items that independent certified accountants are permitted to cover in such certificates pursuant to their professional standards and customs of the profession;

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(b)      concurrently with the delivery of any financial statements pursuant to Section 7.1 (or, in the case of (ii)(y) below, concurrently with the delivery of any financial statements pursuant to 7.1(a)), (i) a certificate of a Responsible Officer stating that, to the best of each such Responsible Officer's knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial statements, (x) a Compliance Certificate containing all information and calculations necessary for determining compliance by each Group Member with the provisions of Section 8.1 as of the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be, and, if applicable, for determining the Applicable Margins, and (y) to the extent not previously disclosed to the Senior Administrative Agent, a listing of any Intellectual Property acquired by any Loan Party since the date of the most recent list delivered pursuant to this clause (y) (or, in the case of the first such list so delivered, since the Effective Date);

(c)       as soon as available, and in any event no later than 45 days after the end of each fiscal year of the Borrower, a consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow, projected changes in financial position and projected income and a description of the underlying assumptions applicable thereto for such fiscal year), and, promptly after such have been presented to the Board of Directors of the Borrower, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the "Projections"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions (it being understood Projections are subject to significant uncertainties and there can be no assurance the results therein will be achieved);

(d)      if the Borrower is not then a reporting company under the Securities Exchange Act of 1934, as amended, within 45 days after the end of each fiscal quarter of the Borrower (or 90 days, in the case of the last fiscal quarter of any fiscal year), a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for such fiscal quarter and for the period from the beginning of the then current fiscal year to the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year;

(e)       within five days after the same are sent, copies of all financial statements and reports that the Borrower sends to the holders of any class of its debt securities or public equity securities and, within five days after the same are filed, copies of all financial statements and reports that the Borrower may make to, or file with, the SEC;

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(f)       promptly, after any request by the Senior Administrative Agent, any final “management” letter submitted by such accountants to management in connection with their annual audit;

(g)      to the extent not otherwise delivered to the Senior Administrative Agent, within five days after the same are sent, copies of any notices or information that the Borrower sends to the holders of the Interim Loans;

(h)      no later than five Business Days prior to the effectiveness thereof, copies of substantially final drafts of any proposed amendment, supplement, waiver or other modification with respect to the Interim Loan Documents; and

(i)        promptly, such additional financial and other information as any Lender may from time to time reasonably request, including with respect to the Patriot Act.

7.3           Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member.

7.4           Maintenance of Existence; Compliance. (a)  (i)  Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 8.4 and except, in the case of clause (ii) above, to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations, Organizational Documents and Requirements of Law (including, without limitation, ERISA and the Code) except to the extent that failure to comply therewith would not reasonably be expected to have a Material Adverse Effect.

7.5           Maintenance of Property; Insurance. (a)  Keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business.

7.6           Inspection of Property; Books and Records; Discussions. (a)  Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of the Senior Administrative Agent or any Lender, at their own expense, to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time, on prior reasonable notice and as often as may reasonably be desired and to discuss the business, operations, properties and

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financial and other condition of the Group Members with officers and employees of the Group Members and with their independent certified public accountants.

7.7           Notices. Promptly give notice to the Senior Administrative Agent and each Lender of:

(a)       the occurrence of any Default or Event of Default;

(b)      any litigation, investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that if adversely determined, as the case may be, would reasonably be expected to have a Material Adverse Effect;

(c)       any litigation or proceeding affecting any Group Member (i) in which the aggregate amount claimed against the Group Member and not covered by insurance exceeds $2,500,000, (ii) in which injunctive or similar relief is sought and which would reasonably be expected to have a Material Adverse Effect or (iii) which relates to any Loan Document;

(d)      the following events, as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof:  (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; and

(e)       any development or event that has had or could reasonably be expected to have a Material Adverse Effect or, in lieu thereof, at any time the Borrower is a reporting company under the Securities Exchange Act of 1934, as amended, delivery of each 8-K filed by the Borrower with the SEC.

Each notice pursuant to this Section 7.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Borrower or the relevant Subsidiary proposes to take with respect thereto.

7.8           Environmental Laws. (a)  Comply with, and ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses, approvals, notifications,

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registrations or permits required by applicable Environmental Laws, except, in each case, to the failure to do so would not reasonably be expected to have a Material Adverse Effect.

(b)      Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

7.9           Interest Rate Protection; Hedging Requirements. In the case of the Borrower, prior to the initial Funding Date, enter into, and thereafter maintain, Hedge Agreements to the extent necessary to provide that at least 50% of the aggregate principal amount of Term Loans that the Borrower reasonably anticipates will be outstanding 60 days after the Funding Date (such amount, the “Anticipated Amount”) is subject to either a fixed interest rate or interest rate protection for a period of not less than 2-1/2 years (calculated based on the weighted average of the maturities of all such Hedge Agreements), which Hedge Agreements shall have other terms and conditions reasonably satisfactory to the Senior Administrative Agent; provided that if the aggregate principal amount of Term Loans outstanding 60 days after the Funding Date is higher than the Anticipated Amount (such amount, the “Excess Amount”), then the Borrower shall promptly enter into Hedge Agreements meeting the requirements of this Section 7.9 with respect to the Excess Amount.

7.10         Additional Collateral, etc. (a)  With respect to any property acquired after the Effective Date by any Group Member (other than (x) any property described in paragraph (b), (c) or (d) below, (y) any property subject to a Lien expressly permitted by Section 8.3(g) and (z) property acquired by any Excluded Foreign Subsidiary) as to which the Senior Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the Senior Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Senior Collateral Agent deems necessary or advisable to grant to the Senior Collateral Agent, for the benefit of the Secured Parties, a security interest in such property and (ii) take all actions necessary or advisable to grant to the Senior Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Collateral, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Senior Collateral Agent.

(b)      With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Effective Date by any Group Member (other than (x) any such real property subject to a Lien expressly permitted by Section 8.3(g) and (y) real property acquired by any Excluded Foreign Subsidiary), promptly (i) execute and deliver a Mortgage, in favor of the Senior Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Senior Collateral Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Senior Collateral Agent ) as well as a current

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ALTA survey thereof, together with a surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Senior Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Senior Collateral Agent and (iii) if reasonably requested by the Senior Collateral Agent, deliver to the Senior Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Senior Collateral Agent.

(c)       With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Effective Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Senior Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Senior Collateral Agent deems necessary or advisable to grant to the Senior Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member, (ii) deliver to the Senior Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Senior Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Senior Collateral Agent and (C) to deliver to the Senior Collateral Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (iv) if reasonably requested by the Senior Collateral Agent, deliver to the Senior Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Senior Collateral Agent.

(d)      With respect to any new Excluded Foreign Subsidiary that is not an Immaterial Subsidiary created or acquired after the Effective Date by any Group Member (other than by any Group Member that is an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Senior Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Senior Collateral Agent deems necessary or advisable to grant to the Senior Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any such Group Member (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Subsidiary be required to be so pledged), (ii) deliver to the Senior Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, as the case may be, and take such other action as may be necessary or, in the opinion of the Senior Collateral Agent, desirable to perfect the Senior Collateral Agent’s security interest therein, and (iii) if reasonably requested by the Senior Collateral Agent, deliver to the Senior Collateral Agent legal

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opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Senior Collateral Agent.

7.11         Offer Conversion. If the Borrower intends to withdraw (or cause the withdrawal of) the Scheme and to make an Offer (such actions, the “Offer Conversion”), (a) notify the Senior Administrative Agent by written notice (the “Offer Conversion Notice”) as soon as reasonably practicable of its intent to do so and (b) cause the Scheme to be withdrawn and an Offer Press Release to be issued in accordance with Section 7.13(a).

7.12         Conduct of the Scheme. Unless an Offer Conversion takes place, the Borrower shall:

(a)       Scheme Press Release. Issue the Scheme Press Release promptly after the date of this Agreement and in any event within five Business Days of the date of this Agreement.

(b)      Scheme Documents. (i)  Dispatch the Scheme Circular as soon as practicable after satisfaction or waiver in accordance with Section 8.17(c) of the pre-conditions set forth in the Scheme Press Release, and in any event within 28 days after satisfaction or waiver in accordance with Section 8.17(c) of the pre-conditions set forth in the Scheme Press Release or within such longer period as the Panel may permit.

(ii) Ensure that the terms and conditions of the Scheme Circular are consistent in all material respects with the transaction described in the Draft Acquisition Agreement and Scheme Press Release (other than any inconsistency which would not be material and adverse to the interest of the Lenders) and comply with applicable law.

(iii)  Ensure that the terms and conditions of the Acquisition Agreement are consistent in all material respects with the terms of the Draft Acquisition Agreement (other than any inconsistency which would not be material and adverse to the interests of the Lenders) except that the cash consideration payable pursuant to the Scheme and the other terms and conditions may be different to that specified in the Draft Acquisition Agreement to the extent agreed in writing with the Senior Administrative Agent.

(c)       Progress of the Scheme. Subject to any confidentiality restrictions entered into in good faith and binding on them and consistent with the preservation of all privileged communication as such:  (i) keep the Senior Administrative Agent informed as to any material developments in relation to the Scheme; and (ii) promptly (following receipt from the Senior Administrative Agent of a written request itemizing the same in sufficient detail to enable the Borrower or Bidco to identify the same specifically) provide on a non-reliance basis the Senior Administrative Agent with information as to the progress of the Scheme and with all material written information and material written formal advice on a specific circumstance (and not for the avoidance of doubt of a generic or general nature) received by it in relation to the

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Scheme (excluding for the avoidance of doubt any preliminary advice which is later superseded). Notify the Senior Administrative Agent promptly following the issuance of the Court Order.

(d)      Announcements. (i) Promptly deliver to the Senior Administrative Agent:  (x) copies of all press and other public announcements made by itself in connection with or in relation to the Scheme; and (y) subject to any confidentiality restrictions entered into in good faith and binding on them, any material, written, formal documents or material written, formal statements issued to and received by them and binding on them from the Panel, the OFT, the Competition Commission or any other regulatory authority (including the Courts) in relation to the Scheme; and (ii) where any announcement, press release or publicity material to be issued by it or on its behalf refers to the Senior Administrative Agent, the Syndication Agent or any other Lender, the Lead Arranger, or any Agent or the Facilities, not release or permit such announcement, press release or publicity material to be released by any Group Member until the Senior Administrative Agent has given its consent to such references to the Senior Administrative Agent, the Syndication Agent or any other Lender, the Lead Arranger or any other Agent or the Facilities (such approval not to be unreasonably withheld or rendered subject to unreasonable conditions and to be given or refused within 24 hours of receipt by the Senior Administrative Agent of the relevant material and, if no response is received within such 24 hour period, consent is deemed to be given); provided that no such consent or approval will be required to make an announcement, press release, or publicity material required to be made to comply with the City Code and any other relevant laws or regulation (but the Borrower and Bidco shall use all reasonable endeavors to consult with the Senior Administrative Agent prior to making the announcement and to avoid references therein to the Senior Administrative Agent, the Syndication Agent or any other Lender, the Lead Arranger or any Agent or the Facilities).

(e)       Conduct of the Scheme. Ensure that each Scheme Document, all other documents issued by it or on its behalf in connection with the Scheme and the conduct of the Scheme comply in all material respects with all applicable laws and regulations (including the requirements of the City Code) and with the terms of the Acquisition Agreement, use commercially reasonable efforts to obtain, maintain and renew, as and when necessary, all material consents from all governmental and other regulatory authorities required in connection with the Scheme and ensure that all of its material obligations in connection with the Scheme are performed in all material respects, it being understood that the Borrower shall not be obligated to consummate the Acquisition.

(f)       Certificate of Registration of Sanctioning of the Scheme. Ensure that a copy of the Court Order is delivered to the Registrar of Companies and obtain a certificate of registration relating to the same within two Business Days of receipt thereof.

7.13         Conduct of the Offer. If an Offer Conversion has occurred:

(a)       Offer Press Release. Issue the Offer Press Release promptly after the date the Offer Conversion Notice is delivered and in any event within five Business Days of the date the Offer Conversion Notice is delivered.

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(b)      Offer Document. Dispatch the Offer Document as soon as practicable, and in any event within 28 days after satisfaction of the pre-conditions set forth in the Offer Press Release or within such longer period as the Panel may permit, and ensure that the terms and conditions of the Offer Document are (i) consistent in all material respects with the terms of the Offer Press Release and (ii) are consistent as regards all terms in any way material to the interests of the Lenders with those terms recorded in the Scheme Circular (other than any inconsistency which would not be material and adverse to the interests of the Lenders, including an acceptance set at 90% of the Shares in Constellation to which the Offer relates (or such lower percentage as the Borrower may, subject to the City Code, decide; provided that such percentage shall not be lower than 75%)) except that the cash consideration payable pursuant to the Offer Document may not be higher than that specified in the Offer Press Release and the other terms and conditions may be different to that specified in the Offer Press Release to the extent agreed in writing with the Senior Administrative Agent.

(c)       Progress of the Offer. Subject to any confidentiality restrictions entered into in good faith and binding on them:  (i) keep the Senior Administrative Agent informed as to any material developments in relation to the Offer; and (ii) promptly (following receipt from the Senior Administrative Agent of a written request itemizing the same in sufficient detail to enable the Borrower or Bidco to identify the same specifically) provide on a non-reliance basis the Senior Administrative Agent with information as to the progress of the Offer and with all material written information and material, written formal advice on a specific circumstance (and not for the avoidance of doubt of a generic or general nature) received by it in relation to the Offer (excluding for the avoidance of doubt any preliminary advice which is later superseded).

(d)      Announcements. (i) Promptly deliver to the Senior Administrative Agent:  (x) copies of all press and other public announcements made by itself in connection with or in relation to the Offer; and (y) subject to any confidentiality restrictions entered into in good faith and binding on them, any material, written, formal documents or material written, formal statements issued to and received by them and binding on them from the Panel, the OFT, the Competition Commission or any other regulatory authority (including the Courts) in relation to the Offer; and (ii) where any announcement, press release or publicity material to be issued by it or on its behalf refers to the Senior Administrative Agent, the Syndication Agent or any other Lender, the Lead Arranger, or any Agent or the Facilities, not release or permit such announcement, press release or publicity material to be released by any Group Member until the Senior Administrative Agent has given its consent to such references to the Senior Administrative Agent, the Syndication Agent or any other Lender, the Lead Arranger or any other Agent or the Facilities (such approval not to be un-reasonably withheld or rendered subject to unreasonable conditions and to be given or refused within 24 hours of receipt by the Senior Administrative Agent of the relevant material and, if no response is received within such 24 hour period, consent is deemed to be given); provided that no such consent or approval will be required to make an announcement, press release, or publicity material required to be made to comply with the City Code and any other relevant laws or regulation (but the Borrower and Bidco shall use all reasonable endeavors to consult with the Senior Administrative Agent prior to

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making the announcement and to avoid references therein to the Senior Administrative Agent, the Syndication Agent or any other Lender, the Lead Arranger or any Agent or the Facilities).

(e)       Conduct of the Offer. Ensure that the Offer Press Release, the Offer Document, all other documents issued by it or on its behalf in connection with the Offer and the conduct of the Offer comply in all material respects with all applicable laws and regulations (including the requirements of the City Code), use commercially reasonable efforts to obtain, maintain and renew, as and when necessary, all material consents from all governmental and other regulatory authorities required in connection with the Offer and ensure that all of its material obligations in connection with the Offer are performed in all material respects, it being understood that the Borrower shall not be obligated to consummate the Acquisition.

(f)       Purchase of Remaining Constellation Shares. Ensure that Compulsory Purchase Notices are dispatched within 10 Business Days of the Borrower, or Bidco, being entitled to dispatch such notices.

7.14         Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take all such actions, as the Senior Administrative Agent or the Senior Collateral Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting the rights of the Senior Administrative Agent, the Senior Collateral Agent and the Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by the borrower or any Subsidiary which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the proper exercise by the Senior Administrative Agent, the Senior Collateral Agent or any Secured Party of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording qualification or authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Senior Administrative Agent, the Senior Collateral Agent or such Lenders may be required to obtain from the Borrower or any of its Subsidiaries for such governmental consent, approval, recording, qualification or authorization.

7.15         [Intentionally Omitted].

7.16         Syndication. Following the Effective Date, actively assist the Lead Arranger in achieving a Successful Syndication of the Facilities. Such assistance shall include (a) the Borrower providing and causing its advisors to provide to the Lead Arranger promptly upon request all information reasonably deemed necessary by the Lead Arranger to complete such syndication, including, but not limited to, information and evaluations prepared by the Borrower and its advisors relating to the Transactions, (b) the Borrower’s assistance in the preparation of the Confidential Information Memorandum to be used in connection with the syndication of the Facilities, which shall be substantially complete at least 30 calendar days prior to the Funding Date, (c) the Borrower using its commercially reasonable efforts to ensure that the syndication

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efforts of the Lead Arranger benefit materially from the Borrower’s existing lending relationships and (d) the Borrower otherwise assisting the Lead Arranger in its syndication efforts, including by making the Borrower’s officers and advisors available from time to time to attend and make presentations regarding the business and prospects of the Borrower, as appropriate, at one or more meetings of prospective Lenders at least 30 calendar days prior to the Funding Date.

7.17         Blocked Accounts; Escrow Accounts.

(a)       Within fifteen days after the Effective Date (or such longer period as may be agreed by the Interim Administrative Agent in its sole discretion), deposit cash and Cash Equivalents of the Borrower and its Subsidiaries in one or more Blocked Accounts in an aggregate amount no less than $217,000,000.

(b)      Subject to clause (c) below, maintain such Blocked Accounts with an aggregate minimum balance of $217,000,000 until any commitments with respect to the Interim Loans have been terminated and the Interim Loans have been indefeasibly paid in full.

(c)       No later than one day prior to the Funding Date, liquidate Cash Equivalents of $215,300,000 of the Borrower and its Subsidiaries held in the Blocked Accounts and deposit the proceeds of such Cash Equivalents together with the cash of the Borrower and its Subsidiaries wired directly by the Borrower or its Subsidiaries to such Escrow Account in an aggregate amount of not less than $240,000,000 to be used to satisfy the Offer or Scheme and to fund, in part, the Acquisition. For clarity, $1,700,000 of the Cash Equivalents in the Blocked Account will not be liquidated or transferred out of the Blocked Account into the Escrow Account.

(d)      Upon expiration or termination of the Blocked Account Control Agreements entered into in connection with the Blocked Accounts, promptly enter into account control agreements with respect to such funds.

SECTION 8.           NEGATIVE COVENANTS

The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or Agent hereunder, the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly:

8.1           Financial Condition Covenants. (a)  Consolidated Leverage Ratio. Commencing with the first full fiscal quarter after the quarter in which the Funding Date occurs, permit the Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter:

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(b)      Consolidated Interest Coverage Ratio. Commencing with the first full fiscal quarter after the quarter in which the Funding Date occurs, permit the Consolidated Interest Coverage Ratio for any period of four consecutive fiscal quarters of the Borrower to be less than 3.375 to 1.00 at the end of each fiscal quarter.

8.2           Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except:

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

(b)      Indebtedness (i) of the Borrower to any Subsidiary, (ii) of any Wholly Owned Subsidiary Guarantor to the Borrower or any other Subsidiary, (iii) of any Foreign Subsidiary to any other Foreign Subsidiary and (iv) subject to Section 8.8(h), of any Foreign Subsidiary to the Borrower or any Wholly Owned Subsidiary Guarantor; provided that any such Indebtedness is evidenced by, and subject to the provisions (including the subordination provisions) of the Intercompany Note;

(c)       Guarantee Obligations incurred in the ordinary course of business by the Borrower or any of its Subsidiaries of obligations of the Borrower, any Wholly Owned Subsidiary Guarantor and, subject to Section 8.8(h), of any Foreign Subsidiary;

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(d)      Indebtedness outstanding on the date hereof and listed on Schedule 8.2 of the Disclosure Letter and any refinancings, refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof);

(e)       Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 8.3(g) in an aggregate principal amount not to exceed $15,000,000 at any one time outstanding;

(f)       Indebtedness and Guarantee Obligations in respect of the Interim Credit Agreement;

(g)      Hedge Agreements permitted under Section 8.12;

(h)   Indebtedness in respect of performance, bid, surety, indemnity, appeal bonds, completion guarantees and other obligations of like nature and guarantees and/or obligations as an account party in respect of the face amount of letters of credit in respect thereof, in each case securing obligations not constituting Indebtedness for borrowed money (including worker’s compensation claims, environmental remediation and other environmental matters and obligations in connection with self-insurance or similar requirements) provided in the ordinary course of business;

(i)        Indebtedness arising from the endorsement of instruments in the ordinary course of business;

(j)        Indebtedness of a Person existing at the time such Person became a Subsidiary of any Loan Party (such Person, an (“Acquired Person”), together with all Indebtedness assumed by such Loan Party or any of its Subsidiaries in connection with any acquisition permitted under Section 8.8 (other than the Acquisition), but only to the extent that (i) such Indebtedness was not created or incurred in contemplation of such Person becoming a Subsidiary or such acquisition, (ii) any Liens securing such Indebtedness attach only to the assets of the Acquired Person and (iii) the aggregate principal amount of such Indebtedness does not exceed $15,000,000 at any one time outstanding;

(k)       Earn-Out Obligations;

(l)        unsecured Permitted Subordinated Indebtedness incurred to finance a Permitted Acquisition, in each case incurred simultaneously with the consummation of such Permitted Acquisition, in an aggregate principal amount not to exceed (i) $50,000,000 at any one time outstanding or (ii) $75,000,000 at any one time outstanding if the pro forma Consolidated Leverage Ratio giving effect to the incurrence of such Indebtedness (calculated using the most recent financial statements delivered pursuant to Section 7.1), does not exceed 2.0 to 1.0;

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(m)      Indebtedness relating to tenant improvement loans incurred in the ordinary course of business;

(n)      Indebtedness of Constellation or its Subsidiaries existing on the date the Acquisition is consummated, but only to the extent that (i) such Indebtedness was not created or incurred in contemplation of the Acquisition, (ii) any Liens securing such Indebtedness attach only to the assets of Constellation or its Subsidiaries and (iii) the aggregate principal amount of such Indebtedness does not exceed $5,000,000 at any one time outstanding; provided that such Indebtedness shall only be permitted to exist for 60 days following the date the Acquisition is consummated;

(o)      Indebtedness of the Borrower or any Subsidiary as an account party or applicant in respect of letters of credit (other than Letters of Credit issued hereunder) incurred in the ordinary course of business; provided that the aggregate face amount of such letters of credit does not exceed $7,500,000; and

(p)      additional Indebtedness of the Borrower or any of its Subsidiaries in an aggregate principal amount (for the Borrower and all Subsidiaries) not to exceed $15,000,000 at any one time outstanding.

Notwithstanding anything to the contrary set forth herein, immediately after the consummation of the Transactions to occur on the Funding Date, there shall be no Indebtedness outstanding at Constellation or any of its Subsidiaries, other than Indebtedness permitted by Section 8.2(a), (b), (c), (d), (e), (f), (g), (h), (i), (m) and (n).

8.3           Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except for:

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

(b)      landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’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)       banker’s Liens, rights of setoff, or similar rights and remedies as to deposit accounts or pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation;

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

(e)       easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

(f)       Liens in existence on the date hereof listed on Schedule 8.3 of the Disclosure Letter, securing Indebtedness permitted by Section 8.2(d), provided that no such Lien is expanded to cover any additional property after the Effective Date and that the amount of Indebtedness secured thereby is not increased;

(g)      Liens securing Indebtedness of the Borrower or any other Subsidiary incurred pursuant to Section 8.2(e) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with the acquisition 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 (iii) the amount of Indebtedness secured thereby is not increased;

(h)      Liens created pursuant to the Security Documents;

(i)        any (i) interest or title of a lessor or sublessor under any lease not prohibited by this Agreement and covering only the assets so leased, (ii) Lien or restriction that the interest or title of such lessor or sublessor may be subject to, or (iii) subordination of the interest of the lessees or sublessee under such lease to any Lien or restriction referred to in the preceding clause (ii);

(j)        licenses (with respect to intellectual and other property), leases or subleases granted to third parties in accordance with any applicable terms of the Security Documents and in the ordinary course of business;

(k)       Liens securing judgments not constituting an Event of Default under Section 9(h);

(l)        the filing of UCC financing statements solely as a precautionary measure in connection with operating leases and consignment arrangements;

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(m)      Liens arising as a result of progress payments under government contracts to which the Borrower or one of its Subsidiaries is a party in the ordinary course of business;

(n)      Liens existing on property acquired by the Borrower or any Subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have been assumed), provided that (i) such Lien is not created in contemplation of such acquisition, (ii) such Lien does not extend to any other property of any Group Member following such acquisition and (iii) the aggregate fair market value of the property subject to such Lien (determined as of the date of such acquisition) does not exceed $15,000,000;

(o)      Liens of sellers of goods to the Borrower and any of its Subsidiaries arising under Article 2 of the Uniform Commercial Code or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses;

(p)      Liens securing Indebtedness permitted by Section 8.2(n) or (o);

(q)      Liens on the Blocked Accounts in favor of the Interim Administrative Agent;

(r)       refinancings, renewals and replacements of Liens permitted under this Section 8.3, provided that (i) the amount of the Indebtedness secured thereby is not increased and (ii) such Liens do not extend to or cover any property or assets of the Borrower and its Subsidiaries which immediately prior to such refinancing, renewal or replacement were not subject to a Lien permitted hereunder; and

(s)       Liens not otherwise permitted by this Section so long as neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto exceeds (as to the Borrower and all Subsidiaries) $7,500,000 at any one time.

8.4           Fundamental Changes. 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 may merge with (i) the Borrower; provided, that the Borrower shall be the continuing or surviving Person, (ii) any one or more other Subsidiaries; provided, that when any Loan Party is merging with another Subsidiary, such Loan Party shall be the continuing or surviving Person, or (iii) subject to Section 8.8(h), with or into any Foreign Subsidiary;

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(b)      any Subsidiary of the Borrower may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any Wholly Owned Subsidiary Guarantor or, subject to Section 8.8(h), any Foreign Subsidiary;

(c)       any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the nature of a liquidation) to (i) another Subsidiary that is not a Loan Party or (ii) to a Loan Party;

(d)      any Subsidiary may merge with another Person to effect a transaction permitted under Section 8.8; and

(e)       transactions permitted under Section 8.5 shall be permitted.

8.5           Disposition of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

(a)       the Disposition of obsolete, surplus or worn out property in the ordinary course of business;

(b)      the sale or licensing of inventory, subscriptions to databases or software as a service, all in the ordinary course of business;

(c)       Dispositions permitted by Section 8.4(a), (b), (c) and (d);

(d)      the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Wholly Owned Subsidiary Guarantor;

(e)       Dispositions of cash or Cash Equivalents in the ordinary course of business in transactions not otherwise prohibited by this Agreement; provided that until (i) the Certain Funds Period has expired and (ii) the Interim Loans have been indefeasibly paid in full and all commitments with respect thereto have terminated, cash or Cash Equivalents on deposit in the Blocked Accounts may not be disposed of except to be transferred to an Escrow Account or to the satisfy the terms of the Offer or Scheme and fund a portion of the Acquisition consideration;

(f)       discount or otherwise compromise for less than face value thereof, notes or accounts receivable in the ordinary course of business in or to resolve disputes;

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(g)      licenses, sublicenses, leases or subleases and similar arrangements for the use of the property in the ordinary course of business;

(h)      Port Authority Technologies, Inc. may Dispose of the Capital Stock of Port Authority Technologies Israel Ltd. to another Subsidiary of the Borrower;

(i)        Rationalizing Constellation Dispositions; provided that (i) at least 80% of the consideration received in connection therewith consists of cash or Cash Equivalents, (ii) the assets are sold for no less than fair market value and (iii) the aggregate fair market value of the Rationalizing Constellation Dispositions identified in clause (ii) of the definition thereof and sold pursuant to this clause (i) does not exceed $50,000,000; and

(j)        the Disposition of other property having a fair market value not to exceed $10,000,000 in the aggregate for any fiscal year of the Borrower; provided that at lest 90% of the consideration received in connection therewith consists of cash or Cash Equivalents.

8.6           Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, or make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds with respect to any principal of Subordinated Debt, in each case, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Borrower or any Subsidiary (collectively, “Restricted Payments”), except that:

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

(b)      so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may purchase its common stock or common stock options from present or former officers or employees of any Group Member upon the death, disability or termination of employment of such officer or employee, provided, that the aggregate amount of payments under this clause (b) after the date hereof (net of any proceeds received by the Borrower after the date hereof in connection with resales of any common stock or common stock options so purchased) shall not exceed $2,500,000;

(c)       so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may purchase its outstanding Capital Stock in an aggregate amount not to exceed the sum of (i) $25,000,000 plus (ii) 50% of the aggregate amount of Consolidated Net Income accrued during the period (treated as one accounting period)

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from the beginning of the fiscal quarter during which the Effective Date occurs to the end of the most recently ended fiscal quarter for which financial statements were delivered to the Senior Administrative Agent pursuant to Section 7.1 (or if the aggregate amount of Consolidated Net Income for such period shall be a deficit, minus 100% of such deficit);

(d)      the Borrower and each Subsidiary may pay, prepay or redeem any Permitted Subordinated Indebtedness to the extent such amounts reflect the net proceeds of the sales of Capital Stock of the Borrower; and

(e)       the Borrower and its Subsidiaries may purchase, redeem or otherwise acquire any Capital Stock from its employees, officers and directors by net exercise or otherwise, pursuant to the terms of any employee stock option, incentive stock or restricted stock plan; provided that cash payments made pursuant to this clause (e) shall not exceed $7,500,000 during the term of this Agreement.

8.7           Capital Expenditures. Make or commit to make any Capital Expenditure, except (a) Capital Expenditures of the Borrower and its Subsidiaries in the ordinary course of business not exceeding $20,000,000 per fiscal year; provided, that (i) up to $10,000,000 of any such amount referred to above, if not so expended in the fiscal year for which it is permitted, may be carried over for expenditure in the next succeeding fiscal year and (ii) Capital Expenditures made pursuant to this clause (a) during any fiscal year shall be deemed made, first, in respect of amounts permitted for such fiscal year as provided above and, second, in respect of amounts carried over from the prior fiscal year pursuant to subclause (i) above and (b) Capital Expenditures made with the proceeds of any Reinvestment Deferred Amount.

8.8           Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital 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)       Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;

(b)      Investments in Cash Equivalents and deposits of cash with banks or other depository institutions in the ordinary course of business;

(c)       Guarantee Obligations permitted by Section 8.2;

(d)      loans and advances to employees of any Group Member of the Borrower in the ordinary course of business (including for travel, entertainment and relocation

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expenses) in an aggregate amount for all Group Members not to exceed $5,000,000 at any one time outstanding;

(e)       the Acquisition;

(f)       Investments in assets useful in the business of the Borrower and its Subsidiaries made by the Borrower or any of its Subsidiaries with the proceeds of any Reinvestment Deferred Amount;

(g)      intercompany Investments by the Borrower or any of its Subsidiaries that is not a Foreign Subsidiary in any of the Borrower or any of its Subsidiaries that is not a Foreign Subsidiary; provided that all such intercompany Investments that consist of loans from a Loan Party are evidenced by the Intercompany Note or another promissory note that has been pledged to the Senior Collateral Agent pursuant to the Security Document;

(h)      intercompany Investments by the Borrower or any of its Subsidiaries in any Person, that, prior to such Investment, is a Foreign Subsidiary (including, without limitation, Guarantee Obligations with respect to obligations of any such Foreign Subsidiary, loans made to any such Foreign Subsidiary and Investments resulting from mergers with or sales of assets to any such Foreign Subsidiary) in an aggregate amount (valued at cost) not to exceed, together with any Investment pursuant to paragraphs (k) and (l) of this Section that results in the creation or acquisition of a Foreign Subsidiary or the acquisition of assets by a Foreign Subsidiary or any Investment in the Capital Stock of any Person which is incorporated outside the United States of America, $5,000,000 in any fiscal year or $20,000,000 in the aggregate during the term of this Agreement;

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

(j)        deposits for utilities, security deposits, leases and similar prepaid expenses incurred in the ordinary course of business;

(k)           Investments by the Company or any of its Subsidiaries in an aggregate amount (valued at cost) not to exceed $10,000,000 in any fiscal year; provided that (i) up to $5,000,000 of any such amount referred to above, if not so expended in the fiscal year for which it is permitted, may be carried over for expenditure in the next succeeding fiscal year so long as the aggregate basket taking into account amounts permitted for such year and all amounts so carried over shall in no event exceed $50,000,000 and (ii) Investments made during any fiscal year shall be deemed made, first, in respect of amounts carried over from the prior fiscal year and, second, in respect of amounts permitted for such fiscal year as provided above;

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(l)                                     in addition to Investments otherwise expressly permitted by this Section, Investments by the Borrower or any of its Subsidiaries in an aggregate amount (valued at cost) not to exceed $5,000,000 in any fiscal year;

(m)                               Permitted Acquisitions and Investments made prior to the consummation of any Permitted Acquisition consisting of reasonable ▇▇▇▇▇▇▇ money deposits, working fees or other similar prepaid consideration or similar amounts that will be applied toward the consideration paid upon the consummation of such Permitted Acquisition (in each cash whether or not refundable under any circumstances);

(n)                                 Investments existing as of the Funding Date and set forth in Schedule 8.8 of the Disclosure Letter and any extension or renewal thereof; provided that the amount of any such Investment is not increased at the time of such extension or renewal;

(o)                                 Investments received in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations of, and other disputes with, suppliers or customers arising in the ordinary course of business;

(p)                                 Investments received as consideration in connection with Dispositions permitted under Section 8.5;

(q)                                 Investments in Foreign Subsidiaries to the extent required by Governmental Authorities as a requirement for such Foreign Subsidiaries to do business in such foreign jurisdiction not exceeding the minimum amount required and in no event exceeding $5,000,000 for each such Investment; and

(r)                                    Investments consisting of Hedge Agreements permitted by Section 8.12.

8.9           Optional Payments and Modifications of Certain Debt Instruments and Agreements. (a)  (i) Make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds with respect to the Interim Credit Agreement (other than amounts on deposit in any Escrow Account or any Blocked Account); provided that mandatory prepayments of outstanding Interim Loans may be made in accordance with the terms of Section 3.2 of the Interim Credit Agreement or (ii) amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the material terms of the Interim Loan Documents or any Subordinated Debt in a manner adverse to the Lenders.

(b)                                 Amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of any Organization

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Document of any Loan Party or any Pledged Company if such amendment, modification, waiver or change could reasonably be expected to have a Material Adverse Effect.

8.10                           Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Borrower or any Wholly Owned Subsidiary Guarantor) unless such transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of the relevant Group Member and (c) upon fair and reasonable terms no less favorable to the relevant Group Member, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. The foregoing sentence shall not prohibit, to the extent otherwise permitted under this Agreement, (i) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and other benefit plans, (ii) loans or advances to employees, officers or other directors of the Borrower or any Subsidiary permitted under this Agreement, (iii) the payment of fees and indemnities to directors, officers, employees and consultants of the Borrower and the Subsidiaries in the ordinary course of business, (iv) any agreements with employees and directors entered into by the Borrower or any of its Subsidiaries in the ordinary course of business, (v) existing related party transactions described in the Borrower’s SEC filings made prior to the Effective Date, (vi) any Restricted Payment permitted hereunder, (vii) any transfer pricing or tax sharing arrangements by or among Group Members that are compliant with relevant tax requirements or (viii) transactions for which the Borrower or any Subsidiary shall deliver to the Senior Administrative Agent a written opinion of a nationally recognized investment banking, accounting, valuation or appraisal firm stating that the transaction is fair to the Borrower or such Subsidiary from a financial point of view.

8.11         [Intentionally Omitted].

8.12         Hedge Agreements. Enter into any Hedge Agreement, except (a) Hedge Agreements entered into in good faith to hedge or mitigate risks to which the Borrower or any Subsidiary may have exposure (other than those in respect of Capital Stock or those entered into for speculative purposes), (b) Hedge Agreements 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 the Borrower or any Subsidiary and (c) any Hedge Agreements required to be entered into pursuant to the terms and conditions of this Agreement.

8.13         Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters.

8.14         Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits, limits or imposes any condition upon the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, other than (a) this Agreement and the other Loan Documents, (b) the Interim Loan Documents as in effect on the date hereof, (c) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed

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thereby) and (d) as may be required by a Governmental Authority in connection with the Transaction.

8.15                           Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of the Borrower to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Subsidiary of the Borrower, (b) make loans or advances to, or other Investments in, the Borrower or any other Subsidiary of the Borrower or (c) transfer any of its assets to the Borrower or any other Subsidiary of the Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions or encumbrances existing under the Interim Loan Documents as in effect on the date hereof, and (iii) 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 Capital Stock or assets of such Subsidiary.

8.16         Lines of Business. Enter into any business, either directly or through any Subsidiary, except for those businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement (or in the case of Constellation and its Subsidiaries, after giving effect to the Acquisition) or that are reasonably related, ancillary or complementary thereto.

8.17         Amendment to Scheme. If the Offer Conversion has not occurred:

(a)                                  Take any action (and shall procure that no person acting in concert with it takes any action) which will result in it becoming obliged to make an offer for Constellation Shares under Rule 9 of the City Code, unless consented to in writing by the Senior Administrative Agent;