SECOND LIEN TERM LOAN CREDIT AGREEMENT dated as of December 6, 2006 among TALECRIS BIOTHERAPEUTICS HOLDINGS CORP. TALECRIS BIOTHERAPEUTICS, INC. PRECISION PHARMA SERVICES, INC. and TALECRIS PLASMA RESOURCES, INC. as Borrowers, The Lenders Party...

Exhibit 10.11

[EXECUTION COPY]

SECOND LIEN TERM LOAN CREDIT AGREEMENT

dated as of

December 6, 2006

among

TALECRIS BIOTHERAPEUTICS HOLDINGS CORP.

TALECRIS BIOTHERAPEUTICS, INC.

PRECISION PHARMA SERVICES, INC. and

TALECRIS PLASMA RESOURCES, INC.

as Borrowers,

The Lenders Party Hereto,

XXXXXX XXXXXXX SENIOR FUNDING, INC.

as Administrative Agent and Syndication Agent

and

XXXXXXX SACHS CREDIT PARTNERS L.P.

as Documentation Agent

XXXXXX XXXXXXX SENIOR FUNDING, INC.

and

XXXXXXX SACHS CREDIT PARTNERS L.P.

as Joint Lead Arrangers and Joint Bookrunners

TABLE OF CONTENTS

			Page

ARTICLE I	DEFINITIONS		1

SECTION 1.01		Defined Terms	1
SECTION 1.02		Classification of Loans and Borrowings	23
SECTION 1.03		Terms Generally	23
SECTION 1.04		Accounting Terms; GAAP	23

ARTICLE II	THE CREDITS		24

SECTION 2.01		The Facility	24
SECTION 2.02		Term Loans	24
SECTION 2.03		Loans and Borrowings	24
SECTION 2.04		Requests for Borrowings	25
SECTION 2.05		Funding of Borrowings	25
SECTION 2.06		Interest Elections	26
SECTION 2.07		Termination of Term Loan Commitments	27
SECTION 2.08		Repayment and Amortization of Loans; Evidence of Debt	27
SECTION 2.09		Prepayment of Loans	28
SECTION 2.10		Fees	29
SECTION 2.11		Interest	29
SECTION 2.12		Alternate Rate of Interest	30
SECTION 2.13		Increased Costs	31
SECTION 2.14		Break Funding Payments	32
SECTION 2.15		Taxes	32
SECTION 2.16		Payments Generally; Allocation of Proceeds; Sharing of Set-offs	34
SECTION 2.17		Mitigation Obligations; Replacement of Lenders	36
SECTION 2.18		Indemnity for Returned Payments	37
SECTION 2.19		Joint and Several Liability of the Borrowers	37

ARTICLE III	REPRESENTATIONS AND WARRANTIES		38

SECTION 3.01		Organization; Powers	38
SECTION 3.02		Authorization; Enforceability	38
SECTION 3.03		Governmental Approvals; No Conflicts	39
SECTION 3.04		Financial Condition; No Material Adverse Change	39
SECTION 3.05		Properties	40
SECTION 3.06		Litigation and Environmental Matters	40
SECTION 3.07		Compliance with Laws; No Default	41
SECTION 3.08		Investment and Holding Company Status	41
SECTION 3.09		Taxes	41
SECTION 3.10		ERISA	41
SECTION 3.11		Disclosure	41
SECTION 3.12		Material Agreements	42
SECTION 3.13		Solvency	42
SECTION 3.14		Reportable Transaction	42

			Page

SECTION 3.15		Capitalization and Subsidiaries	42
SECTION 3.16		Common Enterprise	42
SECTION 3.17		Security Interest in Collateral	43
SECTION 3.18		Labor Disputes	43
SECTION 3.19		Broker’s and Transaction Fees	43
SECTION 3.20		Compliance with FDA Laws and Regulations	44

ARTICLE IV	CONDITIONS		44

SECTION 4.01		Effective Date	44

ARTICLE V	AFFIRMATIVE COVENANTS		47

SECTION 5.01		Financial Statements and Other Information	47
SECTION 5.02		Notices of Material Events	49
SECTION 5.03		Existence; Conduct of Business	50
SECTION 5.04		Payment of Obligations	50
SECTION 5.05		Maintenance of Properties and Intellectual Property Rights	50
SECTION 5.06		Books and Records; Inspection Rights	50
SECTION 5.07		Compliance with Laws	51
SECTION 5.08		Use of Proceeds	51
SECTION 5.09		Insurance	51
SECTION 5.10		Additional Collateral; Further Assurances	52
SECTION 5.11		Compliance with FDA Laws and Regulations	54
SECTION 5.12		Rate Protection Agreements	54
SECTION 5.13		Subsidiary Guarantors	54
SECTION 5.14		Maintenance of Ratings	54

ARTICLE VI	NEGATIVE COVENANTS		54

SECTION 6.01		Indebtedness	54
SECTION 6.02		Liens	57
SECTION 6.03		Fundamental Changes	58
SECTION 6.04		Investments, Loans, Advances and Acquisitions	59
SECTION 6.05		Swap Agreements	62
SECTION 6.06		Restricted Payments	62
SECTION 6.07		Transactions with Affiliates	63
SECTION 6.08		Restrictive Agreements	63
SECTION 6.09		Prepayment of Sponsor Subordinated Debt and Subordinated Indebtedness	64
SECTION 6.10		Capital Expenditures	64
SECTION 6.11		Financial Covenants	65
SECTION 6.12		Amendment of Certain Documents	67
SECTION 6.13		Permitted Dispositions	67
SECTION 6.14		Sale and Leaseback	67
SECTION 6.15		Accounting Policies and Reporting Practices	67

			Page

ARTICLE VII	EVENTS OF DEFAULT		67

ARTICLE VIII	THE ADMINISTRATIVE AGENT		70

ARTICLE IX	MISCELLANEOUS		73

SECTION 9.01		Notices	73
SECTION 9.02		Waivers; Amendments	75
SECTION 9.03		Expenses; Indemnity; Damage Waiver	77
SECTION 9.04		Successors and Assigns	79
SECTION 9.05		Survival	82
SECTION 9.06		Counterparts; Integration; Effectiveness	82
SECTION 9.07		Severability	83
SECTION 9.08		Right of Setoff	83
SECTION 9.09		Governing Law; Jurisdiction; Consent to Service of Process	83
SECTION 9.10		Waiver of Jury Trial	84
SECTION 9.11		Headings	84
SECTION 9.12		Confidentiality	84
SECTION 9.13		Several Obligations; Nonreliance; Violation of Law	85
SECTION 9.14		USA PATRIOT Act	85
SECTION 9.15		Disclosure	85
SECTION 9.16		Execution of Loan Documents	85
SECTION 9.17		Interest Rate Limitation	86
SECTION 9.18		Administrative Borrower	86

SCHEDULES:

Term Loan Commitment Schedule

Schedule 1.00 – Preplanned Investments

Schedule 3.05 – Properties

Schedule 3.15 – Capitalization and Subsidiaries

Schedule 6.01 – Existing Indebtedness

Schedule 6.02 – Existing Liens

Schedule 6.04 – Existing Investments

Schedule 6.08 – Existing Restrictions

EXHIBITS:

Exhibit A – Form of Assignment and Assumption

Exhibit B – Form of Compliance Certificate

Exhibit C – Closing Checklist

Exhibit D – Form of Subsidiary Guaranty

iii

SECOND LIEN TERM LOAN CREDIT AGREEMENT

SECOND LIEN TERM LOAN CREDIT AGREEMENT dated as of December 6, 2006 (as it may be amended or modified from time to time, this “Agreement”), among TALECRIS BIOTHERAPEUTICS HOLDINGS CORP., a Delaware corporation, TALECRIS BIOTHERAPEUTICS, INC., a Delaware corporation, PRECISION PHARMA SERVICES, INC., a Delaware corporation, TALECRIS PLASMA RESOURCES, INC., a Delaware corporation, the Lenders party hereto, and XXXXXX XXXXXXX SENIOR FUNDING, INC., as Administrative Agent.

The parties hereto hereby agree as follows:

ARTICLE I

Definitions

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

“ABR,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.

“Accounting Change” has the meaning assigned to such term in Section 1.04.

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (i) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (ii) the acquisition of in excess of 50% of the Equity Interests of any Person, or otherwise causing any Person to become a subsidiary, or (iii) a merger or consolidation or any other combination with another Person (other than a Person that is a subsidiary), provided that a Loan Party (which shall be a Borrower, other than Parent, if a Borrower is party to such transaction or series of transactions) is the surviving entity.

“Adjusted EBITDA” means, for any period, Net Income of the Parent and its Subsidiaries, plus, to the extent deducted in determining Net Income of the Parent and its Subsidiaries, (i) interest expense, amortization or write-off of debt discount, other deferred financing costs and other fees and charges associated with Indebtedness, (ii) expenses for taxes based on income or gain, (iii) depreciation, (iv) amortization, write-offs, write-downs, asset revaluations and other non-cash charges, losses and expenses, including non-cash equity compensation expenses, (v) impairment of intangibles, including, without limitation, goodwill, (vi) extraordinary losses (as determined in accordance with GAAP) realized other than in the ordinary course of business, (vii) fees paid pursuant to the Management Agreement as in effect on the date hereof, (viii) fees and expenses incurred in connection with the Transactions and permitted acquisitions and investments, (ix) extraordinary, unusual, or non-recurring charges and expenses including transition, restructuring and “carveout” expenses, (x) one-time costs and expenses directly related to the establishment of systems and processes necessary to remedy

control issues raised by the Parent’s auditors or to effect compliance with the rules promulgated under the Xxxxxxxx-Xxxxx Act of 2002 (whether or not such compliance is required by applicable law), it being understood that such costs and expenses (a) shall only relate to the initial implementation of such systems and processes, (b) shall be included in the calculation of Adjusted EBITDA only for the period in which such initial implementation occurred and (c) shall be excluded from the calculation of Adjusted EBITDA to the extent they relate to any period subsequent to such initial implementation, (xi) legal, accounting, consulting, and other costs and expenses relating to the Parent’s potential or actual issuance of Equity Interests, including without limitation an initial public offering of common stock, (xii) Special Recognition Bonus 2A paid to members of management out of proceeds of the Loans, the First Lien Term Loans and Revolving Loans (so long as the sum of such bonuses plus the amount of the Dividend actually paid does not exceed the maximum amount of the Dividend), (xiii) annual Special Recognition Bonus 2B paid to members of management to the extent permitted hereunder, and (xiv) Special Recognition Bonus 1, minus, to the extent included in consolidated income from operations, interest income, extraordinary gains (as determined in accordance with GAAP) realized other than in the ordinary course of business, all calculated without duplication for the Parent and its Subsidiaries on a consolidated basis.

Notwithstanding anything to the contrary contained herein, EBITDA shall be deemed to be (i) $23,900,000 for the fourth Fiscal Quarter of the 2005 Fiscal Year, (ii) $59,000,000 for the first Fiscal Quarter of the 2006 Fiscal Year, (iii) $81,100,000 for the second Fiscal Quarter of the 2006 Fiscal Year and (iv) $80,000,000 for the third Fiscal Quarter of the 2006 Fiscal Year.

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate.

“Administrative Agent” means Xxxxxx Xxxxxxx, in its capacity as administrative agent for the Lenders hereunder.

“Administrative Borrower” has the meaning assigned to such term in Section 9.18.

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

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

“Aggregate Credit Exposure” means, at any time, the aggregate Credit Exposure of all the Lenders.

“Alternate Base Rate” means, for any day, a rate per annum equal to the greater of (i) the Prime Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus ½ of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.

“Annualized Basis” means, (a) with respect to the end of the first Fiscal Quarter of the Parent ending after the Effective Date, the applicable amount for such Fiscal Quarter multiplied by four, (b) with respect to the second Fiscal Quarter of the Parent ending after the Effective Date, the applicable amount for such Fiscal Quarter and the immediately preceding Fiscal Quarter multiplied by two, and (c) with respect to the third Fiscal Quarter of the Parent ending after the Effective Date, the applicable amount for such Fiscal Quarter and the two immediately preceding Fiscal Quarters multiplied by one and one-third.

“Applicable Percentage” means, with respect to any Lender, with respect to the Term Loans, a portion equal to a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans and the denominator of which is the aggregate outstanding amount of the Term Loans of all Lenders.

“Applicable Rate” means, for any day, with respect to any ABR Loan constituting a Term Loan, 5.25% per annum and with respect to any Eurodollar Loan constituting a Term Loan, 6.50% per annum.

“Approved Fund” has the meaning assigned to such term in Section 9.04.

“Asset Disposition” means any sale of assets.

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent (which other form shall not, without the written approval of the Administrative Borrower, affect any rights or obligations as between the Borrowers and any Lender).

“Authorized Officer” means, with respect to any Person, any of the principal executive officers, managing members or general partners of such Person but, in any event, with respect to financial matters, a Financial Officer.

“Bayer” means Xxxxx XX, a German corporation.

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

“Bonus Plan” means the Talecris Biotherapeutics Holdings Corp. Special Recognition Bonus Plan effective as of October 1, 2006 and the Cash Bonus and Restricted Stock Plan approved by the Board of Directors on November 17, 2006.

“Borrowers” means Talecris Biotherapeutics Holdings Corp., a Delaware corporation, Talecris Biotherapeutics, Inc., a Delaware corporation, Precision Pharma Services, Inc., a Delaware corporation, Talecris Plasma Resources, Inc., a Delaware corporation and each other direct or indirect subsidiary of any such Person that is or becomes a Borrower from time to time pursuant to the terms hereof, and their respective successors.

“Borrowing” means a Term Loan made pursuant to a Borrowing Request and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

“Borrowing Request” means a request by the Administrative Borrower on behalf of the Borrowers for a Borrowing in accordance with Section 2.04.

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

“Capital Expenditures” means, without duplication, for any period, all cash expenditures by the Borrowers and their subsidiaries during that period that, in conformity with GAAP, are or are required to be included in the property, plant or equipment reflected in the consolidated balance sheet of the Borrowers and their subsidiaries, provided that Capital Expenditures shall in any event exclude (i) the purchase price paid in connection with any Permitted Acquisition, (ii) expenditures made with or reimbursed from the proceeds of any Recovery Event, and (iii) cash expenditures for equipment replacing similar equipment in accordance with Section 6.03(a)(iii)(4), to the extent of the fair market value of such replaced equipment at such time. For the avoidance of doubt, Capital Expenditures will be treated hereunder as having been incurred at the time they are treated as having been incurred under GAAP.

“Capital Lease Obligations” of any Person means 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 in accordance with GAAP, and the amount of such obligations shall be the capitalized amount thereof required to be set forth on a balance sheet of such Person in accordance with GAAP.

“Change in Control” means (i) Parent ceases to own, directly or indirectly, 100% of the Equity Interests in the other Borrowers, (ii) prior to an Initial Public Offering, the Sponsor Group shall cease to own, directly or indirectly, more than 50% of the outstanding voting Equity Interests of Parent on a fully diluted basis and (iii) after an Initial Public Offering (including an offering that would be an Initial Public Offering except that the amount of proceeds received with respect thereto is less than $50,000,000), (a) the Sponsor Group shall cease to own, directly or indirectly, at least 30% of the outstanding voting Equity Interests of Parent on a fully diluted basis, (b) any other Person or group owns, directly or indirectly, a percentage of the outstanding voting Equity Interests in Parent greater than that owned by the Sponsor Group, (c) occupation of a majority of the seats (other than vacant seats) on the board of directors of Parent by Persons who were neither (Y) nominated by the board of directors of Parent, nor (Z) appointed by directors so nominated, or (d) the Sponsor Group shall cease to Control Holdings.

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement, or (c) compliance by any Lender (or, for purposes of Section 2.13(b), by any lending office of such

Lender or by such Lender’s holding company, if any) with any request or directive (whether or not having the force of law) of any Governmental Authority with appropriate jurisdiction made or issued after the date of this Agreement.

“Closing Checklist” means the closing checklist attached hereto as Exhibit C.

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

“Collateral” means any and all property owned or leased by a Person subject to the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative Agent, on behalf of itself and the other Secured Parties under the Collateral Documents, to secure the Obligations.

“Collateral Access Agreement” has the meaning assigned to such term in the Security Agreement or a Subsidiary Security Agreement, as applicable.

“Collateral Documents” means, collectively, the Security Agreement, the Mortgages, the Subsidiary Security Agreements, and any other documents granting a Lien upon the Collateral as security for payment of the Obligations.

“Collection Account” means a collection account maintained by one or more Loan Parties with the Administrative Agent.

“Commitment Schedule” means the Schedule attached hereto identified as such.

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

“Credit Exposure” means, as to any Lender at any time, an amount equal to the aggregate principal amount of such Lender’s Term Loans outstanding at such time.

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both may, unless cured or waived, become an Event of Default.

“Defaulting Lender” has the meaning assigned to such term in Section 2.05(b).

“Disposition” (or similar words such as “Dispose”) means any sale, transfer, lease, contribution or other conveyance (including by way of merger) of, or the granting of options, warrants or other rights to, any of a Borrower’s or its subsidiaries’ assets (including accounts receivables and Equity Interests of subsidiaries) to any other Person (other than to another Loan Party) in a single transaction or series of related transactions (provided, that “Disposition” shall exclude the write-off in the ordinary course of business of amounts owing to a Borrower or its subsidiaries which such party has determined to be uncollectible).

“Dividend” means a one-time dividend (including any bonuses paid to or set aside for management of the Borrowers) to the Parent’s stockholders, payable on the Effective Date, in an amount not to exceed an amount equal to (i) the sum of (a) the aggregate amount of Loans, Revolving Loans and First Lien Term Loans made on the Effective Date, plus (b) the aggregate amount of cash on the Parent’s consolidated balance sheet on the Effective Date, less (ii) the sum of (a) the amount of the Refinancing, plus (b) fees and expenses incurred in connection with the Transactions.

“Document” has the meaning assigned to such term in the Security Agreement or a Subsidiary Security Agreement, as applicable.

“dollars” or “$” refers to lawful money of the United States of America.

“Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary.

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

“Eligible Assignee” means (i) a Lender; (ii) an Affiliate of a Lender; (iii) an Approved Fund; or (iv) any other Person (other than a natural Person, a Borrower, a subsidiary of any Borrower or a member of the Sponsor Group or any Affiliate of any of the foregoing).

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, or the management, release or threatened release of any Hazardous Material.

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower directly or indirectly resulting from or based upon (i) violation of any Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) exposure to any Hazardous Materials, (iv) the release or threatened release of any Hazardous Materials into the environment or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

“Equity Interests” means shares of capital stock (whether preferred or common), partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.

“ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrowers, is treated as a single employer under Section 414(b) or (c) of the

Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

“ERISA Event” means (i) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (ii) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (iii) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (iv) the incurrence by the Borrowers or any of their ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (v) the receipt by a Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (vi) the incurrence by a Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (vii) the receipt by a Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

“Event of Default” has the meaning assigned to such term in Article VII.

“Excess Cash Flow” means, for any period, (i) Net Income of the Parent and its subsidiaries for such period, plus depreciation and amortization expense for such period, to the extent not paid in cash, minus (ii) without duplication, the sum of (A) to the extent included in Net Income, all non-cash write-ups, reversals of charge or expense, or other non-cash income or gains of the Parent and its subsidiaries included in determining Net Income for such period, including without limitation gains from dispositions of assets during such period, (B) all principal payments on the Term Loans, the First Lien Term Loans and on other Indebtedness that results in the permanent repayment of such Indebtedness (including without limitation Capital Lease Obligations) of the Parent or any of its subsidiaries during such period, including any prepayment penalty or premium in respect thereof, (C) capital expenditures made by the Parent and its subsidiaries during such period, (D) any increase in Working Capital from the first day to the last day of such period, (E) the cash portion of the purchase price of permitted acquisitions made during such period and the cash portion of permitted investments (including loans or demand notes to plasma suppliers) made during such period, including without limitation any transaction costs and expenses in connection therewith, (F) nonrecurring charges, expenses and costs, including without limitation restructuring charges and transaction costs, to the extent capitalized during such period or any prior period but paid in cash during such period, (G) stock repurchase pursuant to agreements with management or otherwise contractually required and permitted to be paid under the Loan Documents, (H) any income arising out of the amortization or recognition of negative goodwill or other similar non-cash items, (I) interest expense and debt issuance costs and commissions and discounts and other fees and charges

associated with indebtedness, to the extent capitalized but paid in cash during such period, (J) to the extent included in Net Income, income of any consolidated Person that is not a wholly-owned Subsidiary of the Parent except to the extent dividends or distributions were received from such person during such period and (K) the amount of cash used for any security deposits or collateral during such period.

“Excluded Equity Issuance” means any issuance of Equity Interests (i) by a Loan Party to another Loan Party or (ii) to the extent the proceeds thereof are received directly or indirectly through Parent (a) from Sponsor Group or (b) from management of any Loan Party.

“Excluded Joint Venture” means Centric Health Resources, a Delaware corporation and any other subsidiary of a Borrower that is a joint venture, partnership or limited liability company and that is designated in writing by the Administrative Borrower to the Administrative Agent as an Excluded Joint Venture, provided that investments by the Loan Parties in Excluded Joint Ventures shall not exceed $33,000,000 in the aggregate at any time outstanding.

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Parties hereunder, (a) income taxes and franchise taxes, net profits or capital taxes based on (or measured by) its net income or net profits (or franchise or similar taxes imposed in lieu of net income taxes) imposed on the Administrative Agent, such Lender or other recipient as a result of a present or former connection between such Administrative Agent, Lender or other recipient 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 as a result of such Lender entering into, receiving any payments under, undertaking any obligations pursuant to, or enforcing its rights under, this Agreement, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction, (c) any U.S. withholding tax that is imposed on amounts payable to a Lender at the time a Lender becomes a party to this Agreement (or designates a new lending office) (other than an assignee pursuant to a request by any Borrower under Section 2.17(b)), (d) any withholding tax to the extent imposed as a result of a Lender’s failure to comply with Section 2.15(e); provided, that clauses (c) and (d) above shall not include amounts to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to Section 2.15(a) or (e) any Taxes imposed as a result of such Lender’s gross negligence or willful misconduct.

“FDA” means the U.S. Food and Drug Administration and any successor entity.

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) 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 (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

“Fee Letter” means the Fee Letter, dated October 31, 2006, among Xxxxxx Xxxxxxx, GSCP and the Administrative Borrower.

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, vice president — finance, or controller of the applicable Person.

“First Lien Obligations” means the “Obligations” as defined in the First Lien Term Loan Credit Agreement.

“First Lien Term Loan Collateral” means any and all property owned or leased by a Person subject to, or purported to be subject to, the First Lien Term Loan Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of administrative agent for the First Lien Term Loan Lenders, on behalf of itself and the other secured parties under the First Lien Term Loans, to secure the First Lien Obligations under the First Lien Term Loans.

“First Lien Term Loan Collateral Documents” means any documents granting a Lien upon the First Lien Term Loan Collateral as security for payment of the First Lien Obligations.

“First Lien Term Loan Credit Agreement” means the First Lien Term Loan Credit Agreement, dated as of the date hereof, among the Borrowers and the lenders party thereto.

“First Lien Term Loan Documents” means the First Lien Term Loan Credit Agreement, the Intercreditor Agreement, and all documents relating thereto or executed in connection therewith.

“First Lien Term Loan Lenders” means a lender having a commitment or credit exposure under the First Lien Term Loan Credit Agreement.

“First Lien Term Loans” means the First Lien Term Loans extended by the Lenders to the Borrowers pursuant to the First Lien Term Loan Credit Agreement.

“First Lien Termination Date” means the date on which all First Lien Term Loan commitments have expired or been terminated and the principal of and interest on each First Lien Term Loan and all other amounts due and payable under the First Lien Term Loan Credit Agreement shall have been paid in full.

“Fiscal Quarter” means a quarter ending on the last day of March, June, September or December.

“Foreign Subsidiary” means any subsidiary of a Borrower that is organized under the laws of a jurisdiction other than the United States of America, a State thereof or the District of Columbia.

“Funding Account” has the meaning assigned to such term in Section 4.01(i).

“GAAP” means generally accepted accounting principles in the United States of America.

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

“GSCP” means Xxxxxxx Xxxxx Credit Partners L.P., in its individual capacity, and its successors.

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided, in each case that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

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

“Holdings” means Talecris Holdings, LLC, a Delaware limited liability company.

“Hyperimmune Business” means the business of the Loan Parties that manufactures and distributes a portfolio of hyperimmunes used for protection and prevention against a broad range of ailments including prevention of infectious diseases.

“IBR” means International BioResources, L.L.C., a Louisiana limited liability company.

“IBR Acquisition Documentation” means all material documents relating to the IBR Plasma Asset Purchase, in each case as amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms hereof.

“IBR Plasma Asset Purchase” means the acquisition of substantially all of the assets of IBR and certain of its affiliates by a Subsidiary.

“Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (iv) all obligations of such Person in respect of the deferred purchase price of property or services already received

(excluding accounts payable and accrued liabilities incurred in the ordinary course of business and not overdue for more than 90 days), (v) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (vi) all Guarantees by such Person of Indebtedness of others, (vii) all Capital Lease Obligations of such Person, (viii) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (ix) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (x) any Off-Balance Sheet Liability. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which 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 provide that such Person is not liable therefor. For purposes of this definition, neither the IBR Plasma Asset Purchase or any amounts owing by Parent or any Subsidiary under the IBR Acquisition Documentation shall be considered to constitute Indebtedness.

“Indemnified Taxes” means Taxes other than Excluded Taxes and Other Taxes.

“Information Memorandum” means the Confidential Information Memorandum, dated November 2006, relating to the Borrowers and the Transactions.

“Initial Public Offering” means any initial public offering by any Person of Equity Interests of such Person pursuant to which such Person offers to the public Equity Interests of Parent or a Borrower pursuant to a registration statement on Form S-1 (or any similar, successor or replacement form) and receives gross proceeds of $50,000,000 or more.

“Intercreditor Agreement” means the Intercreditor Agreement dated as of the date hereof by and among the Administrative Agent, the Administrative Agent (as defined in the First Lien Term Loan Credit Agreement), the Administrative Agent (as defined in the Revolving Credit Agreement) and each Loan Party.

“Interest Coverage Ratio” means, with respect to any Person for any period, the ratio of (i) Adjusted EBITDA of such Person for such period to (ii) Interest Expense of such Person as of the last day of such period.

“Interest Election Request” means a request by the Administrative Borrower on behalf of the Borrowers to convert or continue a Revolving Borrowing in accordance with Section 2.06.

“Interest Expense” means, with reference to any period, the cash interest expense of the Borrowers and their subsidiaries (net of interest income) calculated on a consolidated basis for such period; provided that for the first three Fiscal Quarters following the Effective Date, Interest Expense shall be determined on an Annualized Basis.

“Interest Payment Date” means (i) with respect to any ABR Loan, the last day of each March, June, September and December and the Maturity Date, and (ii) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at

intervals of three months’ duration after the first day of such Interest Period and the Maturity Date.

“Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, if reasonably available to all Lenders, nine or twelve months) thereafter, as the Administrative Borrower (on behalf of the Borrowers) may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

“Inventory” has the meaning assigned to such term in the Security Agreement or a Subsidiary Security Agreement, as applicable.

“Joint Contribution Agreement” means that certain Amended and Restated Joint Contribution Agreement, dated as of March 30, 2005, by and among Bayer HealthCare LLC, a Delaware limited liability company, Holdings, Parent and Talecris Biotherapeutics, Inc.

“Lenders” means the Persons listed on the Commitment Schedule and any other Person who, as of any date of determination, (i) has a Term Loan Commitment or, (ii) if the Term Loan Commitments have been terminated, has Credit Exposure and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto in accordance with the terms hereof pursuant to an Assignment and Assumption.

“Leverage Ratio” means, with respect to any Person for any period, the ratio of (i) Total Debt of such Person as of the last day of such Period to (ii) Adjusted EBITDA of such Person for such period.

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Page 3750 of the Dow Xxxxx Market Service (or on any successor page or any successor to such Service, or any substitute page or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal

London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.

“Lien” means, with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, collateral assignment, encumbrance, charge or security interest in, on or of such asset, and (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing arrangement having substantially the same economic effect as any of the foregoing) relating to such asset.

“Loan Documents” means this Agreement, any promissory notes issued pursuant to this Agreement, the Collateral Documents, the Subsidiary Guarantees, the Intercreditor Agreement and all other agreements, instruments, documents and certificates identified in Section 4.01 or on the Closing Checklist executed and delivered to, or in favor of, the Administrative Agent or any other Secured Party and including all other pledges, powers of attorney, consents, assignments, contracts, letter of credit agreements and all other agreements, instruments, mortgages, and title documents hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent or any other Secured Party in connection with this Agreement or the transactions contemplated thereby (but excluding the First Lien Indebtedness Documents and the Revolving Loan Documents). Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

“Loan Parties” means each Borrower and each Subsidiary Guarantor.

“Loans” means the loans and advances made by the Lenders pursuant to this Agreement.

“Management Agreement” means the Management Agreement, dated as of March 31, 2005, among Cerberus-Plasma Holdings LLC, Ampersand 2001 Limited Partnership, Parent and Talecris Biotherapeutics, Inc.

“Material Adverse Effect” means a material adverse effect on (i) the business, assets, operations, or financial condition of the Loan Parties and their subsidiaries, taken as a whole, (ii) the ability of the Loan Parties, taken as a whole, to perform any of their obligations under the Loan Documents to which they are party, under the Loan Documents, taken as a whole, or (iii) the rights of or benefits, taken as a whole, of the Administrative Agent or the Lenders under the Loan Documents.

“Material Contract” has the meaning assigned to such term in the Security Agreement or a Subsidiary Security Agreement, as applicable.

“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Swap Agreements, of any one or more of the Loan Parties in an aggregate principal amount exceeding $27,500,000. For purposes of determining Material Indebtedness, the “obligations” of any Loan Party or any Subsidiary in respect of any Swap Agreement at any time shall be, after taking into account the effect of any legally enforceable netting agreement

relating to such Swap Agreements, (i) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (ii) for any date prior to the date referenced in clause (i), the amount(s) determined as the xxxx-to-market value(s) for such Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender).

“Maturity Date” means the eighth anniversary of the Effective Date.

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

“Xxxxxx Xxxxxxx” means Xxxxxx Xxxxxxx Senior Funding, Inc., in its individual capacity, and its Affiliates, and their successors.

“Mortgages” means any mortgage, charge, deed of trust, leasehold mortgage, leasehold deed of trust, debenture or other agreement which conveys or evidences a Lien in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties, on the right, title and interest of a Loan Party in and to real property owned or leased by such Loan Party.

“Multiemployer Plan” means a multiemployer plan as defined in Section 3(37) of ERISA.

“Net Cash Proceeds” means, if in connection with (i) an Asset Disposition or Recovery Event, cash proceeds thereof net of (a) commissions and other reasonable and customary transaction costs, fees (including reasonable and customary professional and consulting fees) and expenses properly attributable to such transaction and payable by such Loan Party in connection therewith (in each case, paid to non-Affiliates or, if paid to Affiliates, incurred in the ordinary course of business at prices and on terms and conditions not less favorable to the Loan Parties than could be obtained on an arm’s-length basis from non-Affiliates or otherwise on terms and conditions acceptable to the Administrative Agent in its sole discretion), (b) sales, transfer or similar taxes, (c) amounts payable to holders of Liens on such asset (to the extent such Liens constitute Permitted Encumbrances hereunder), if any, (d) an appropriate reserve for income, franchise or capital gains taxes established in connection therewith, and (e) proceeds constituting reserves for escrows and indemnities, until such reserves are no longer required and such proceeds are released to the Loan Parties, (ii) the issuance or incurrence of Indebtedness, cash proceeds net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith, or (iii) an equity issuance, cash proceeds net of underwriting discounts and commissions and other reasonable costs, fees and expenses actually paid to non-Affiliates or, if payable to Affiliates, incurred in the ordinary course of business at prices and on terms and conditions not less favorable to the Loan Parties than could be obtained on an arm’s-length basis from non-Affiliates or otherwise on terms and conditions acceptable to the Administrative Agent in its sole discretion.

“Net Income” means, with respect to any Person for any period, the aggregate of the net income (loss) of such Person and its Subsidiaries, on a consolidated basis, for such period, all as determined in accordance with GAAP; provided, that the net losses of any Person that is not a consolidated Subsidiary or that is accounted for by the equity method of accounting shall be excluded, and the net income of any such Person shall be included only to the extent of the amount of dividends or distributions paid or payable to such first-mentioned Person or a consolidated Subsidiary of such Person.

“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(f).

“Non-U.S. Lender” means a Lender (or a Participant) that is organized under the laws of a jurisdiction other than the United States of America, a state thereof or the District of Columbia.

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified party arising under the Loan Documents. Obligations shall also include all Swap Obligations owing to one or more Secured Parties.

“Off-Balance Sheet Liability” of a Person means (a) any indebtedness, liability or obligation under any sale and leaseback transaction which is not a Capital Lease Obligation, or (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person.

“Other Taxes” means 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, registration, recording or enforcement of this Agreement or any other Loan Document.

“Parent” means Talecris Biotherapeutics Holdings Corp., a Delaware corporation.

“Participant” has the meaning set forth in Section 9.04.

“Patriot Act Disclosures” means all documentation and other information which the Administrative Agent or any Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

“Permitted Acquisition” has the meaning set forth in Section 1.04(b).

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

“Permitted Encumbrances” means:

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04;

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business or are being contested in compliance with Section 5.04;

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations;

(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

(e) judgment liens in respect of judgments, and liens securing appeal bonds, in each case with respect to judgments that do not constitute an Event of Default under clause (j) of Article VII;

(f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business which in the aggregate are not substantial in amount and do not in any case materially diminish the value of the affected property or materially interfere with the ordinary conduct of business of any Borrower;

(g) Liens in favor of the Administrative Agent granted pursuant to any Loan Document;

(h) any interest or title of a lessor under any lease entered into by any Borrower in the ordinary course of business;

(i) Liens arising from precautionary UCC and PPSA financing statements regarding operating leases entered into by any Borrower in the ordinary course of business;

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

(k) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by any Borrower in the ordinary course of business.

“Permitted Investments” means:

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency

thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;

(b) investments in commercial paper maturing within one year from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;

(c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus of not less than $500,000,000;

(d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above;

(e) money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and

(f) deposits which can be withdrawn on notice of any commercial bank and a maturity of less than 10 days, held by any Borrower and not subject to any Lien (other than pursuant to the Loan Documents or other Permitted Encumbrances), denominated in Dollars and the proceeds of which are capable of being remitted to such Borrower in the United States of America.

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

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Parent or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Plasma Protein Therapeutic Business” means the business of manufacturing, marketing, collection, distribution, sale and/or research, testing and development of all plasma-derived products currently conducted by the Borrowers or their respective Affiliates and any other plasma-derived therapeutic protein and recombinant technologies and substitutes and equivalents therefor.

“PPSA” means the Personal Property Security Act for the applicable jurisdiction and, in respect of the Province of Quebec, means the Quebec Civil Code.

“Precision” means Precision Pharma Services, Inc., a Delaware corporation.

“Preplanned Investment” means an Investment by a Loan Party in Equity Interests or assets of the Persons set forth on Schedule 1.0.

“Primary Syndication” means the period commencing on or prior to the date hereof and ending on the earlier of (a) 30 days following the Effective Date and (b) the date that the Joint Lead Arrangers have determined (and notified the Borrower) the primary syndication of the Loans has been completed.

“Prime Rate” means the rate of interest published in the Wall Street Journal as the “prime rate” (or equivalent) at such time.

“Pro Forma Information” has the meaning assigned to such term in clause (i) of Section 4.1(j).

“Projections” has the meaning assigned to such term in Section 5.01(e).

“Recovery Event” means any settlement of, or payment in respect of, any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Borrower.

“Refinancing” means the refinancing of the indebtedness of the Borrowers and their subsidiaries set forth on Schedule 1.01(b).

“Register” has the meaning set forth in Section 9.04.

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

“Regulatory Cap Ex” means Capital Expenditures required to be made by Parent or any Subsidiary pursuant to a notice issued by or an order issued by or a regulation promulgated by a Governmental Authority with appropriate jurisdiction over Parent or such Subsidiary.

“Report” means reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining to any Borrower’s assets from information furnished by or on behalf of any Borrower, after the Administrative Agent has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Administrative Agent.

“Required Lenders” means, at any time, Lenders representing a majority of the Aggregate Credit Exposure.

“Responsible Officer” shall mean the chief executive officer of any Borrower or any Guarantor, the president of any Borrower or any Guarantor (if not the chief executive officer), any senior or executive vice president of any Borrower or any Guarantor, the chief financial officer or treasurer of any Borrower or any Guarantor or, with respect to financial matters, the chief financial officer, senior financial officer or treasurer of any Borrower.

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in any Borrower, or any payment by any Borrower (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in any Borrower.

“Revolving Credit Agreement” means the Revolving Credit Agreement, dated as of the date hereof, among the Borrowers and the lenders party thereto.

“Revolving Lender” means a lender having a commitment or credit exposure under the Revolving Credit Agreement.

“Revolving Loan Collateral” means any and all property owned or leased by a Loan Party that is subject to a first priority security interest or Lien in favor of the administrative agent for the Revolving Lenders, on behalf of itself and the other secured parties under the Revolving Loan Documents, to secure the Revolving Obligations.

“Revolving Collateral Documents” means any documents granting a Lien upon the Revolving Loan Collateral as security for payment of the Revolving Obligations.

“Revolving Loan Documents” means the Revolving Credit Agreement, the Intercreditor Agreement, and all documents relating thereto or executed in connection therewith.

“Revolving Loans” means the Revolving Loans extended by the Lenders to the Borrowers pursuant to the Revolving Credit Agreement.

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

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

“Secured Parties” means, collectively, (i) the Administrative Agent and (ii) the Lenders.

“Security Agreement” means that certain Pledge and Security Agreement, dated as of the date hereof, among the Borrowers and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into, after the date of this Agreement, by any Borrower (as required by this Agreement or any other Loan Document).

“Seller Note” means a promissory note containing subordination provisions and otherwise upon terms and conditions (including with respect to restrictions on payment of interest in cash) reasonably acceptable to the Administrative Agent, representing Indebtedness of one or more Loan Parties incurred in connection with any Permitted Acquisition and payable to the seller in connection therewith.

“Senior Convertible Preferred Stock” means the 10% Senior Convertible Preferred Stock, Series A and Series B, issued by Parent.

“Special Recognition Bonus 1” means the aggregate of the special recognition bonuses to be paid pursuant to a grant made on October 12, 2006 pursuant to the Bonus Plan.

“Special Recognition Bonus 2A” means the aggregate of the special recognition bonuses to be paid pursuant to the Bonus Plan in connection with the Transactions from the proceeds of the Loans and Revolving Loans.

“Special Recognition Bonus 2B” means the aggregate of the remainder of the special recognition bonuses to be paid pursuant to the Bonus Plan in connection with the Transaction.

“Specified Equity Contribution” has the meaning assigned to such term in Section 6.11(b).

“Specified Leasehold Property” means any real property leased by any Loan Party located in the United States or Canada which is (i) used primarily for purposes other than office uses and having an annual rental cost in excess of $2,750,000 or (ii) otherwise material to the operation of the Loan Parties’ business (including the Plasma Protein Therapeutic Business), as reasonably determined by the Administrative Agent.

“Sponsor Group” means, collectively, Cerberus Capital Management, L.P., Ampersand Ventures and Affiliates of each of them and members of management and other employees of the Borrowers which hold or which are eligible to hold Equity Interests in the Parent.

“Sponsor Subordinated Debt” means Indebtedness incurred by the Parent (and not Guaranteed by any other Loan Party) owing to a member of the Sponsor Group (i) the payment of which is subordinated to payment of the Obligations to the reasonable satisfaction of the Administrative Agent, (ii) for which interest is payable in kind, and not in cash, at all times prior to maturity, (iii) which is unsecured, and (iv) which does not amortize, mature or become mandatorily prepayable prior to six months after the Maturity Date.

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

“Subordinated Indebtedness” of a Person means any Indebtedness of such Person (i) the payment of which is subordinated to payment of the Obligations to the reasonable satisfaction of the Administrative Agent, (ii) for which interest is payable in kind, and not in cash (unless at the time interest is to be paid, no Default has occurred and is continuing and the Interest Coverage Ratio is no less than 2.75:1.00, calculated on a pro forma basis prior to giving effect to such

payment in which case interest may be payable in cash), at all times prior to maturity, (iii) which is unsecured, and (iv) which does not amortize or mature prior to six months after the Maturity Date.

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (i) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

“Subsidiary” means any subsidiary of the Parent. For purposes of this Agreement, any trust owned by the Parent or any other Subsidiary established solely to hold Equity Interests of the Parent as part of the Bonus Plan shall not be considered to be a Subsidiary or a subsidiary of any Loan Party.

“Subsidiary Guarantor” means each Domestic Subsidiary that has executed and delivered to the Administrative Agent the Subsidiary Guaranty (including by means of a delivery of a supplement thereto) and their respective successors.

“Subsidiary Guaranty” means the guaranty executed and delivered by an Authorized Officer of the Borrower, each other Domestic Subsidiary existing on the Effective Date and each Domestic Subsidiary that becomes a Subsidiary Guarantor pursuant to the terms of this Agreement, substantially in the form of Exhibit D hereto, as amended, supplemented, amended and restated or otherwise modified from time to time.

“Swap Agreement” means 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 including any agreement entered into pursuant to Section 5.12; provided that no (i) phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of any Borrower or any Subsidiary, or (ii) purchase and sale agreements for supplies of inventory intended for actual use in the business of the Borrowers, shall be a Swap Agreement.

“Swap Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Swap Agreements, and (ii) any and all cancellations, buybacks, reversals, terminations or assignments of any Swap Agreement transaction.

“taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, together with any interest, penalties or additions to tax imposed thereon or with respect thereto.

“Term Loan” means a Loan made pursuant to Section 2.02.

“Term Loan Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans hereunder, as such commitment may be reduced from time to time pursuant to Section 2.10. The initial amount of each Lender’s Term Loan Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’ Term Loan Commitments is $330,000,000.

“Total Debt” means, at any date, the remainder of (i) aggregate principal amount of all Indebtedness of the types described in clauses (i), (ii), (vii), and (viii) of the definition thereof of the Borrowers and their subsidiaries at such date less (ii) the aggregate amount of cash and Permitted Investments (in each case not subject to any Liens (other than Permitted Encumbrances)) of each Loan Party at such date to the extent the aggregate amount of such cash and such Permitted Investments exceed $3,000,000 at such date, in each case, determined on a consolidated basis in accordance with GAAP.

“Transactions” means the execution, delivery and performance by the Borrowers of this Agreement, the Revolving Loan Documents, the First Lien Term Loan Documents, the borrowing of Loans, Revolving Loans, First Lien Term Loans and the use of the proceeds thereof pursuant to Section 5.08 and the consummation of the Refinancing and the payment of the Dividend, in each case on the Effective Date.

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests.

“Unliquidated Obligations” means, at any time, any Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including (a) any guarantee and (b) indemnification obligations for reimbursement of increased costs for which no claim or demand has been made) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations.

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

“Working Capital” means, at any date of determination, the excess of (a) the sum of 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 Parent and its Subsidiaries at such date over (b) the sum of 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 Parent and its Subsidiaries on such date, but excluding, without limitation, the current portion of Total Debt to the extent included in the computation of current liabilities.

SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”).

SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (v) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 1.04 Accounting Terms; GAAP. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time. In the event that any Accounting Change (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Administrative Borrower and the Administrative Agent agree to enter into negotiations in good faith in order to amend such provisions of this Agreement. Until such time as such an amendment shall have been executed and delivered by the Administrative Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the Securities and Exchange Commission and excludes changes in estimates.

(b) As of any date of determination, for purposes of determining the Interest Coverage Ratio and the Leverage Ratio (and any financial calculations required to be made or included within such ratios (including Net Income and Adjusted EBITDA), or required for purposes of preparing any Compliance Certificate to be delivered at any time or doing any calculations on a pro forma basis), the calculation of such ratios and other financial calculations shall include or exclude, as the case may be, the effect of any assets or businesses that have been acquired pursuant to an Acquisition permitted hereunder (a “Permitted Acquisition”) or Disposed of by the Parent or any of its Subsidiaries pursuant to the terms hereof (including through mergers or consolidations) as of such date of determination, as determined by the Parent on a pro forma basis in accordance with GAAP, which determination may, include one-time adjustments or reductions in costs, if any, directly attributable to any such permitted Disposition or Permitted Acquisition, as the case may be, in each case (i) calculated in accordance with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, for the period of four Fiscal Quarters ended on or immediately prior to the date of determination of any such ratios and (ii) giving effect to any such Permitted Acquisition or permitted Disposition as if it had occurred on the first day of such four Fiscal Quarter period.

ARTICLE II

The Credits

SECTION 2.01 The Facility. Subject to the terms and conditions set forth herein, each Lender agrees to make Term Loans to the Borrowers on the Effective Date in an aggregate principal amount that will not result in (i) such Lender’s Credit Exposure exceeding such Lender’s Term Loan Commitment or (ii) the sum of the Aggregate Credit Exposures exceeding the Term Loan Commitment.

SECTION 2.02 Term Loans. Each Lender severally agrees to make a Term Loan to the Borrowers on the Effective Date, in an amount equal to such Lender’s Term Loan Commitment. Each Lender shall make the amount of such Lender’s Term Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s designated account, not later than 10 a.m., New York time, on the Effective Date. After the Administrative Agent’s receipt of the proceeds of such Term Loan from the Lenders, the Administrative Agent shall make the proceeds of such Term Loan available to the Borrowers on the Effective Date by transferring immediately available funds to the account(s) designated by the Administrative Borrower in writing. The Term Loans shall amortize as set forth in Section 2.08.

SECTION 2.03 Loans and Borrowings. (a) Subject to Section 2.12, the Term Loans shall initially be ABR Loans but may be converted into Eurodollar Loans in accordance with Section 2.06. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement.

(b) Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

SECTION 2.04 Requests for Borrowings. To request a Borrowing, the Administrative Borrower shall notify the Administrative Agent of such request by telephone or e-mail not later than 10:00 a.m., New York time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a written Borrowing Request in a form reasonably acceptable to the Administrative Agent and signed by the Administrative Borrower. Each such telephonic, email and written Borrowing Request shall specify the following information in compliance with Section 2.02:

(i) the aggregate amount of the requested Borrowing; and

(ii) the date of such Borrowing, which shall be a Business Day.

Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

SECTION 2.05 Funding of Borrowings. (a) Term Loans shall be made as provided in Sections 2.02 and 2.03. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the Funding Account.

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.05(a) and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent (a “Defaulting Lender”), then the applicable Lender severally agrees to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. The Administrative Agent shall not be obligated to transfer to a Defaulting Lender any payments made by the Borrowers to the Administrative Agent for the Defaulting Lender’s benefit, and, in the absence of such transfer to the Defaulting Lender, the Administrative Agent shall transfer any such payments to each other non-Defaulting Lender ratably in accordance with their Applicable Percentage of the Term Loans (but only to the extent that such Defaulting Lender’s Borrowing was funded by the other Lenders) or, if so directed by the Administrative Borrower and if no Default has occurred and is continuing (and to the extent such Defaulting Lender’s Borrowing was not funded by the other Lenders), retain the same to be re-advanced to the Borrowers as if such Defaulting Lender had

made Loans to the Borrowers. Subject to the foregoing, the Administrative Agent may hold and, in its Permitted Discretion, setoff such Defaulting Lender’s funding shortfall against that Defaulting Lender’s Applicable Percentage of all payments received from the Borrowers or re-lend to the Borrowers for the account of such Defaulting Lender the amount of all such payments received and retained by the Administrative Agent for the account of such Defaulting Lender. Until a Defaulting Lender cures its failure to fund its Applicable Percentage of any Borrowing solely for the purposes of voting or consenting to matters with respect to the Loan Documents, such Defaulting Lender shall be deemed not to be a “Lender” and such Defaulting Lender’s Term Loan Commitment shall be deemed to be zero. This Section 2.05(b) shall remain effective with respect to such Defaulting Lender until (x) the Obligations under this Agreement shall have been declared or shall have become immediately due and payable, (y) the non-Defaulting Lenders, the Administrative Agent, and the Administrative Borrower shall have waived such Defaulting Lender’s default in writing, or (z) the Defaulting Lender makes its Applicable Percentage of the applicable Borrowing and pays to Administrative Agent all amounts owing by the Defaulting Lender in respect thereof. The operation of this Section 2.05(b) shall not be construed to increase or otherwise affect the Term Loan Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, to relieve or excuse the performance by any Borrower of its duties and obligations hereunder, or to limit the Borrowers’ rights or remedies against any such Defaulting Lender.

SECTION 2.06 Interest Elections. (a) During the Primary Syndication, Borrowings must be maintained as ABR Loans. Thereafter, the Administrative Borrower (on behalf of the Borrowers) may elect to convert such Borrowing to a different Type or to continue such Borrowing and may elect Interest Periods therefor, all as provided in this Section 2.06. The Administrative Borrower (on behalf of the Borrowers) may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

(b) To make an election pursuant to this Section, the Administrative Borrower shall notify the Administrative Agent of such election by telephone (i) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York time, three Business Days before the date of the proposed Borrowing, or (ii) in the case of an ABR Borrowing, not later than 1:00 p.m., New York time, on the date of the proposed Borrowing. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Administrative Borrower.

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.”

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration.

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s Applicable Percentage of each resulting Borrowing.

SECTION 2.07 Termination of Term Loan Commitments. Unless previously terminated, the Term Loan Commitments shall terminate immediately after the occurrence of the Effective Date (after giving effect to the funding of the Term Loans on such date).

SECTION 2.08 Repayment and Amortization of Loans; Evidence of Debt. (a) The Term Loans shall be due and payable on the Maturity Date. Payments or prepayments of the Term Loans may not be reborrowed. All unpaid Obligations shall be paid in full in cash by the Borrowers on the Maturity Date.

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder, and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. In the event of a conflict between the records of the Administration Agent and any Lender, the records of the Administration Agent will be presumed to be correct absent manifest error.

(d) The entries made in the accounts maintained pursuant to Section 2.08(b) or (c) shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement or affect the amount of such Loans.

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns) except to the extent that any such Lender subsequently returns any such promissory note for cancellation and requests that such Loans once again be evidenced as described in Section 2.08(b) and (c).

SECTION 2.09 Prepayment of Loans. (a) The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with Section 2.09(c). Any such voluntary prepayment shall be in a minimum amount of $1,000,000 or integral multiples of $500,000 in excess thereof.

Prepayments of the Term Loans on or prior to the second anniversary of the Effective Date will be subject to the following prepayment premium (expressed as a percentage of the prepaid principal amount of the Term Loans):

Period	Percentage
On or prior to the first anniversary of the Effective Date:	2	%
After the first anniversary of the Effective Date but on or prior to the second anniversary of the Effective Date:	1	%
Thereafter:	No premium

(b) (i) At all times on or after the First Lien Termination Date, immediately upon receipt by any Loan Party of the Net Cash Proceeds of any Asset Disposition or Recovery Event, to the extent such Net Cash Proceeds are not Net Cash Proceeds of Revolving Loan Collateral, the Borrowers shall prepay the Term Loans in an amount equal to 100% of such Net Cash Proceeds as set forth in Section 2.09(c); provided that the Loan Parties may retain up to $8,250,000 in the aggregate in any fiscal year of such Net Cash Proceeds otherwise required to be prepaid, to the extent such Net Cash Proceeds are reinvested in the Loan Parties’ business within a period not to exceed one year after the receipt of such proceeds.

(ii) At all times on or after the First Lien Termination Date, if any Loan Party issues Equity Interests (other than Excluded Equity Issuances) to any Person other than another Loan Party or any Indebtedness not otherwise permitted to be incurred hereunder the Borrowers shall prepay the Term Loans as follows: (A) 100% of such Net Cash Proceeds from the issuance of such Indebtedness and (B) an amount equal to 50% of such Net Cash Proceeds from the issuance of Equity Interests (other than Excluded Equity Issuances); provided that the amount of such prepayment required pursuant to this clause (ii) shall be reduced to an amount equal to 25% of such Net Cash Proceeds if the Leverage Ratio on the last day of the most recently ended Fiscal Quarter was less than or equal to 3.50:1.00; provided further that no such prepayment will be

required pursuant to this clause (ii) if the Leverage Ratio on the last day of the most recently ended Fiscal Quarter was less than or equal to 2.25:1.00. Notwithstanding the foregoing, in the event any Borrower issues Equity Interests to any Person other than another Loan Party, the Borrowers may elect to reduce the amount payable pursuant to the preceding sentence by an amount of up to $55,000,000 over the term of this Agreement so long as they use those proceeds to repay outstanding Revolving Loans.

(iii) At all times on or after the First Lien Termination Date, within 95 days after the close of each fiscal year (beginning with the close of the 2006 fiscal year) the Borrowers shall make a mandatory prepayment of the Term Loans in an amount equal to 50% of the Excess Cash Flow (if any) for such fiscal year; provided that the amount of such prepayment required pursuant to this clause (iii) shall be reduced to an amount equal to 25% of the Excess Cash Flow (if any) for any applicable fiscal year if the Leverage Ratio on the last day of such fiscal year was less than or equal to 3.50:1.00; provided further that no such prepayment will be required pursuant to this clause (iii) for any applicable fiscal year if the Leverage Ratio on the last day of such fiscal year was less than or equal to 2.25:1.00.

(c) Subject to Section 2.16(b) and the Intercreditor Agreement, all such amounts pursuant to Sections 2.09(b)(i), (ii) and (iii) shall be applied ratably to prepay Obligations constituting Term Loans. Prepayments made pursuant to Section 2.09(a) shall be applied as directed by the Borrowers.

(d) The Administrative Borrower (on behalf of the Borrowers) shall notify the Administrative Agent by telephone or email (confirmed promptly by facsimile or hand delivery) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York time, three Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York time, on the Business Day immediately prior to the date of prepayment, provided that the Borrowers shall use commercially reasonable efforts to give one days’ prior notice to the Administrative Agent of any mandatory prepayment of an ABR Borrowing resulting from any Asset Disposition that yields Net Cash Proceeds in excess of $5,000,000. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing shall be accompanied by accrued interest to the extent required by Section 2.11.

SECTION 2.10 Fees. (a) The Borrowers, jointly and severally, agree to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrowers (or any of them) and the Administrative Agent.

(b) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

SECTION 2.11 Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

(c) Notwithstanding the foregoing clauses (a) and (b), during the occurrence and continuance of an Event of Default under clause (a) or (b) of Article VII, the Administrative Agent or the Required Lenders may, at their option, by notice to the Administrative Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender adversely affected thereby” or “each Lender directly adversely affected thereby” for reductions in interest rates), declare that (i) the overdue amount, if any, of the Loans shall bear interest at 2% per annum plus the rate otherwise applicable to such Loans as provided in the preceding subsections of this Section 2.11, or (ii) in the case of any other overdue amount outstanding hereunder, such overdue amount shall accrue at 2% per annum plus the rate applicable to such fee or other obligation as provided hereunder. During the occurrence and continuance of an Event of Default under clause (g) or (h) of Article VII, the Borrowers shall automatically be required to pay interest on overdue amounts at the rates set forth in the previous sentence. The Borrowers agree that the rates provided for in clauses (i) and (ii) above appropriately reflect the increased risk to the Lenders during the occurrence and continuance of an Event of Default and when amounts outstanding hereunder are overdue, but notwithstanding anything to the contrary contained in this Agreement, and only in such circumstances and to such extent that the stipulation for the payment of interest at the rates provided for in such clauses may be prohibited in any particular jurisdiction by applicable laws, such rates shall in such circumstances be reduced to the highest rate of interest allowable under applicable law.

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment (it being understood, that in respect of mandatory prepayments, the Administrative Agent will allocate such mandatory prepayments to principal, interest, break funding payments, and other amounts payable hereunder in accordance with the application of payments provisions set forth herein), and (ii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

SECTION 2.12 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

(a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; or

(c) there are regulatory or legal reasons which make it illegal or impermissible for a Lender to make a LIBO Rate Loan, as determined by such Lender in its sole discretion;

then the Administrative Agent shall give notice thereof to the Administrative Borrower and the Lenders by telephone, email or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies the Administrative Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, which it shall do promptly upon so determining or, as applicable, upon being so advised by the Required Lenders, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective.

SECTION 2.13 Increased Costs. (a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or

(ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrowers jointly and severally agree to pay to such Lender the additional amount or amounts that will compensate such Lender for such additional costs incurred or reduction suffered.

(b) If any Lender determines in the exercise of its reasonable judgment that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy without discrimination), then from time to time the Borrowers jointly and severally agree to pay to such Lender the additional amount or amounts that will compensate such Lender or such Lender’s holding company for any such reduction suffered.

(c) A reasonably detailed certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in Section 2.13(a) or (b) shall be delivered to the Administrative Borrower and shall be conclusive absent manifest error. Each Borrower jointly and severally agrees to pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.13 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that no Borrower shall be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Administrative Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

(e) Notwithstanding anything to the contrary contained in this Agreement, (i) Section 2.13 shall not govern increased costs relating or attributable to taxes and (ii) all increased costs relating or attributable to taxes shall be governed solely and exclusively by Section 2.15.

SECTION 2.14 Break Funding Payments. Each Borrower jointly and severally agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense (other than lost profits) that such Lender may actually sustain or incur as a consequence of (a) default by any Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after such Borrower or the Administrative Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by any Borrower in making any prepayment of or conversion from Eurodollar Loans after such Borrower or the Administrative Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment or conversion of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. A reasonably detailed certificate as to (showing in reasonable detail the calculation of) any amounts payable pursuant to this Section 2.14 submitted to the Administrative 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 Obligations.

SECTION 2.15 Taxes. (a) Except as otherwise required by applicable law, any and all payments by or on account of any obligation of any Loan Party under this Agreement or any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes; provided that if any Loan Party shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.15(a)), the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make such deductions, and (iii) such Loan Party shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

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

(c) Subject to Section 2.15(e) below, the Borrowers shall indemnify the Administrative Agent and each Lender for the full amount of any Indemnified Taxes and Other Taxes levied, imposed or assessed on (and whether or not paid directly by) the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of any Loan Party under this Agreement or the other Loan Documents (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority (other than those resulting from the Administrative Agent’s or Lender’s gross negligence or willful misconduct). Payment under this subsection (c) shall be made within 20 days after the date the Lender or Administrative Agent makes a written demand therefor accompanied by either (i) a copy of the receipt issued by a Governmental Authority evidencing the Lender’s or the Administrative Agent’s payment of such Indemnified Taxes, interest or penalties, and, if not set forth therein, a certificate prepared in good faith that describes in reasonable detail the calculation and basis for such payment or liability or (ii) if the Lender or Administrative Agent determines that it is unable to provide a copy of such receipt without making its tax returns available to the Borrowers, a certificate as to the amount of such payment or liability prepared in good faith and including a description setting forth in reasonable detail the calculation and basis for such payment or liability.

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

(e) Any Non-U.S. Lender that is entitled to an exemption from or reduction of withholding tax under the law of the United States, or any treaty to which the United States is a party, with respect to payments under this Agreement shall deliver to the Administrative Borrower (with a copy to the Administrative Agent), after the Non-U.S. Lender (or its assignee, if any) becomes a party to this Agreement, and in the case of a Participant who complies with this Section 2.15 in accordance with Section 9.04, after the date on which such person becomes a Participant, or in each case when reasonably requested by the Administrative Borrower, two accurate and duly signed completed copies of United States Internal Revenue Service Forms W-8ECI, W-8BEN, W-8IMY (as applicable) and such other properly completed and executed documentation prescribed by applicable law or reasonably requested by the Administrative Borrower as will permit such payments to be made without withholding or at a reduced rate. Any Lender that is a United States person as defined in section 7701(a)(30) of the Code, including any Lender’s assignee that is a United States person, shall deliver to the Administrative Borrower (with a copy to the Administrative Agent) a statement signed by an authorized signatory of the Lender (or assignee) that it is a United States person and, if necessary to avoid U.S. backup withholding, a duly completed and signed Internal Revenue Services Form

W-9 (or successor form) establishing that the Lender (or assignee) is organized under the laws of the United States and is not subject to backup withholding.

(f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Loan Parties or with respect to which the Loan Parties have paid additional amounts pursuant to Section 2.15(a) or Section 2.15(c), it shall pay over such refund to the Loan Parties (but only to the extent of indemnity payments made, or additional amounts paid, by the Loan Parties under this Section 2.15 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative 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 Loan Parties, upon the request of the Administrative Agent or such Lender, agree jointly and severally to repay the amount paid over to the Loan Parties (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority, provided that the Loan Parties shall not be obligated to repay an amount in excess of the amount they received from such Administrative Agent or Lender under this Section. This Section 2.15 shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to any Borrower or any other Person.

(g) Notwithstanding anything to the contrary contained in this Agreement, each Lender agrees (i) that as between it and the Borrowers or the Administrative Agent, it shall be the person to deduct and withhold taxes, and to the extent required by law it shall deduct and withhold taxes, on amounts that such Lender may remit to any other person(s) by reason of the sale of any participation (including, for the avoidance of doubt, any attempted assignment or transfer that does not comply with Section 9.04(b) and thus is treated as a participation under this Agreement) by such Lender that the Borrowers do not have actual knowledge of and should not reasonably know about and (ii) to severally and not jointly indemnify the Borrowers and the Administrative Agent and any officers, directors, agents or employees of the Borrowers or the Administrative Agent, and to hold them harmless from, any tax, interest, additions to tax, penalties, reasonable fees or payments arising from the assertion by any applicable Governmental Authority of any claim against them relating to the failure to withhold taxes as required by applicable law with respect to amounts described in clause (i) of this paragraph (g).

(h) Each assignee of a Lender’s interest in this Agreement in conformity with Section 9.04 shall be bound by this Section 2.15, so that such assignee will have all of the obligations and provide all of the forms and statements and all indemnities, representations and warranties required to be given under this Section 2.15.

SECTION 2.16 Payments Generally; Allocation of Proceeds; Sharing of Set-offs. (a) The Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest or fees, or of amounts payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to 1:00 p.m., New York time, on the date when due, in immediately available funds, without set off or counterclaim. Any amounts received after such time on any date may, in the

discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000. Unless otherwise expressly provided in a Loan Document, all payments by the Borrowers pursuant to each Loan Document shall be made by the Borrowers to the Administrative Agent for the pro rata account of the Secured Parties entitled to receive such payment. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars.

(b) Any proceeds of Collateral received by the Administrative Agent in its capacity as such (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents, or (B) a mandatory prepayment (which shall be applied in accordance with Section 2.09), or (ii) after an Event of Default has occurred and is continuing, such funds shall be applied ratably, subject to the Intercreditor Agreement; provided that after the First Lien Termination Date, such funds shall be applied as follows: first, to pay any fees, indemnities, or expense reimbursements related to the Term Loans, including amounts then due to the Administrative Agent from the Borrowers (other than in connection with Swap Obligations), second, to pay any fees or expense reimbursements then due to the Lenders from the Borrowers (other than in connection with Swap Obligations), third, to pay interest then due and payable on the Loans, fourth, to the payment of principal on the Loans and to payment of any amounts owing with respect to Swap Obligations, fifth, to the payment of any other Obligation due to the Administrative Agent or any Lender by the Borrowers and sixth, to prepay amounts pursuant to the Revolving Credit Agreement. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Administrative Borrower, or unless a Default is in existence, neither the Administrative Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan, except (a) on the expiration date of the Interest Period applicable to any such Eurodollar Loan, or (b) in the event, and only to the extent, that there are no outstanding ABR Loans and, in any event, the Borrowers shall pay the break funding payment required in accordance with Section 2.14.

(c) At the election of the Administrative Agent, all payments of principal, interest, fees, premiums, reimbursable expenses (including, without limitation, all documented reimbursement for fees and expenses pursuant to Section 9.03), and other documented sums payable under the Loan Documents, may be deducted from any deposit account of any Borrower maintained with the Administrative Agent. The Borrowers hereby irrevocably authorize the Administrative Agent to charge any deposit account of any Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other miscellaneous expenses due under the Loan Documents.

(d) Unless the Administrative Agent shall have received notice from the Administrative Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date

in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

(e) If any Lender shall fail to make any payment required to be made by it pursuant to 2.16(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

SECTION 2.17 Mitigation Obligations; Replacement of Lenders. If any Lender requests compensation under Section 2.13 or Section 2.14, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then:

(a) such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13, 2.14 or 2.15, as the case may be, in the future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender;

(b) the Administrative Borrower may, at the sole expense and effort of the Borrowers, require such Lender or any Defaulting Lender (such Lender or Defaulting Lender herein, a “Departing Lender”), upon notice to the Departing Lender and the Administrative Agent, to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Administrative Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) the Departing Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13, Section 2.14 or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments. A Departing Lender shall not be required to make any such assignment and delegation if, prior thereto, such Departing Lender shall have taken action under Section 2.17(a), within the requirements of Section 2.17(a), necessary to eliminate the continued need for payment of amounts owing pursuant to Section 2.13, 2.14 or 2.15.

SECTION 2.18 Indemnity for Returned Payments. If after receipt of any payment which is applied to the payment of all or any part of the Obligations, the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender and the Borrowers shall be jointly and severally liable to pay to the Administrative Agent and the Lenders, and the Borrowers hereby jointly and severally indemnify the Administrative Agent and the Lenders and holds the Administrative Agent and the Lenders harmless for the amount of such payment or proceeds surrendered. The provisions of this Section 2.18 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the Administrative Agent’s and the Lenders’ rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds having become final and irrevocable. The provisions of this Section 2.18 shall survive the termination of this Agreement.

SECTION 2.19 Joint and Several Liability of the Borrowers. (a) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, each of the Borrowers hereby accepts joint and several liability hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the Administrative Agent and the other Secured Parties under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each of the Loan Parties and in consideration of the undertakings of the other Borrowers to accept joint and several liability for the Obligations and of the Subsidiary Guarantors to guarantee the Obligations. Each of the Borrowers, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this Section 2.19), it being the intention of the parties hereto that all of the Obligations shall be the joint and several obligations of each of the Borrowers without preferences or distinction among them. If and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such Obligation. Subject to the terms and conditions hereof, the Obligations of each of the Borrowers under the provisions of this Section 2.19 constitute the absolute and unconditional, full recourse Obligations of each of the Borrowers, enforceable against each such Person to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement, the other Loan Documents or any other circumstances whatsoever.

(b) The provisions of this Section 2.19 are made for the benefit of the Administrative Agent, the other Secured Parties and their respective successors and assigns permitted hereby, and may be enforced by them from time to time against any or all of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Administrative Agent, the other Secured Parties or such successors or assigns first to marshal

any of its or their claims or to exercise any of its or their rights against any of the other Borrowers or to exhaust any remedies available to it or them against any of the other Borrowers or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this Section 2.19 shall remain in effect until all of the Obligations shall have been paid in full, including the payment in full in cash of each Loan and all fees payable hereunder.

(c) Each of the Borrowers hereby agrees that it will not enforce any of its rights of contribution or subrogation against the other Borrowers with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to the Administrative Agent or the other Secured Parties with respect to any of the Obligations, or any Collateral, until such time as the Obligations (other than Unliquidated Obligations) shall have been paid in full, including the payment in full in cash of each Loan and all fees payable hereunder, the payment in full in cash, or the cash collateralization or making of other arrangements pursuant to Section 9.02(d), of all Swap Obligations, and this Agreement shall have been terminated. Any claim which any Borrower may have against any other Borrower with respect to any payments to the Administrative Agent or any other Secured Party hereunder or under any other Loan Documents is hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations.

ARTICLE III

Representations and Warranties

Each Borrower represents and warrants to the Administrative Agent and the Lenders that:

SECTION 3.01 Organization; Powers. Each of the Loan Parties and each of their subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, has not filed any certificates of domestication, transfer or continuance in any other jurisdiction, has all requisite power and authority to carry on its business as now conducted and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to be so qualified and in good standing, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.02 Authorization; Enforceability. The Transactions are within each Loan Party’s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder action. The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or any order of any Governmental Authority, except as could not reasonably be expected to have a Material Adverse Effect, (c) will not violate the charter, by-laws or other organizational documents of any Loan Party or any of its subsidiaries, (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any of its subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party or any of its subsidiaries, except as could not reasonably be expected to have a Material Adverse Effect, and (e) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its subsidiaries (other than Liens permitted pursuant to Sections 6.02(f) and (g)).

SECTION 3.04 Financial Condition; No Material Adverse Change

(a) The Pro Forma Information (including the notes thereto), copies of which have heretofore been furnished to each Lender, has been prepared giving effect (as if such events had occurred on September 30, 2006) to (i) consummation of the Transactions, (ii) the Loans and other extensions of credit hereunder to be made on the Effective Date and the use of proceeds thereof and (iii) the payment of fees and expenses in connection with the foregoing but excludes the impact of Special Recognition Bonus 2A and Special Recognition Bonus 2B. The Pro Forma Information has been prepared based on the best information available to the Loan Parties as of the date of delivery thereof, and presents a good faith estimate of the pro forma financial condition of Parent and its Subsidiaries as at September 30, 2006, assuming that the events specified in the preceding sentence had actually occurred at such date, subject, to finalization of working capital calculations and purchase price allocations under GAAP with respect to the IBR Plasma Asset Purchase.

(b) The financial statements heretofore furnished to the Lenders by the Loan Parties pursuant to Section 4.01(j)(ii) present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its Subsidiaries, as applicable, as of such dates and for such periods presented therein, and have been prepared in accordance with GAAP (subject to the proviso at the end of this clause) except as otherwise indicated in Section 4.01(j)(ii); subject to year end audit adjustments and the absence of footnotes and, with regard to the income statement referred to in Section 4.01(j)(ii), the absence of the corresponding balance sheet and statement of cash flows, provided that, with respect to any unaudited predecessor financial statements prepared by Bayer, such financial statements were, to the best of Parent’s knowledge after due inquiry, prepared in accordance with GAAP except as otherwise indicated in Section 4.01(j)(ii).

(c) The Projections have been prepared in good faith based upon assumptions believed to be reasonable by the Borrowers at the time of preparation thereof.

(d) Since December 31, 2005, there has been no change in the Parent and its Subsidiaries, taken as a whole, which could reasonably be expected to have a Material Adverse Effect.

SECTION 3.05 Properties. (a) As of the Effective Date and after giving effect to the consummation of the Transactions, Schedule 3.05 sets forth a correct and complete list of all real property owned or leased by each Loan Party. Except as could not reasonably be expected to have a Material Adverse Effect, each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force and effect, and no default by any Loan Party or, to the knowledge of the Loan Parties, any other Person party to any such lease or sublease exists. Except as set forth on Schedule 3.05, each of the Loan Parties and each of their subsidiaries has good title to, or valid leasehold interests in, all its real and personal property, or otherwise has the rights it purports to have in any Loan Document or in any certificate or financial statement furnished pursuant to this Agreement or any Loan Document in each item of Collateral, free of all Liens other than those permitted by Section 6.02.

(b) Each Loan Party owns, or is licensed to use, (i) all U.S. and Canadian trademarks, tradenames, copyrights, patents and other intellectual property that are, individually or collectively, necessary to the conduct of the Loan Parties’ business as it is operated on the date hereof, and (ii) except as could not reasonably be expected to have a Material Adverse Effect, all other trademarks, tradenames, copyrights, patents and other intellectual property that are, individually or collectively, necessary to the conduct of the Loan Parties’ business, a correct and complete list of all of which U.S., Canadian, and other trademarks, tradenames, copyrights, patents and other intellectual property, as of the Effective Date and after giving effect to the consummation of the Transactions, is set forth on Schedule 3.05, the use of any thereof by the Loan Parties does not infringe in any material respect upon the rights of any other Person, and except as could not reasonably be expected to result in a Material Adverse Effect, the Loan Parties’ rights thereto are not subject to any licensing agreement or similar arrangement.

(c) Each Loan Party has good and indefeasible title in fee simple to the real property identified on Schedule 3.05 as owned by such Loan Party, or valid leasehold interests in all material real property designated therein as “leased” by such Loan Party, in each case other than properties disposed of in a manner not otherwise prohibited by the Loan Documents.

SECTION 3.06 Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting any Loan Party (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (ii) that involve this Agreement or any other Loan Document, or (iii) that otherwise involve the Transactions as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected to have an adverse effect on any of the Secured Parties.

(b) (i) No Loan Party has received notice of any claim with respect to any Environmental Liability or knows of any basis for any Environmental Liability that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, and (ii) and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan

Party (1) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law or (2) has become subject to any Environmental Liability.

SECTION 3.07 Compliance with Laws; No Default. Each of the Loan Parties is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

SECTION 3.08 Investment and Holding Company Status. Neither the Loan Parties nor any of their subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

SECTION 3.09 Taxes. Each of the Loan Parties has filed or caused to be filed all U.S. and Canadian federal income and other material tax returns and reports required to have been filed and has paid or caused to be paid all U.S. and Canadian federal and other material taxes required to have been paid by it, except (a) taxes that are being contested in good faith by appropriate proceedings and for which the Loan Parties have set aside on their books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so would not in the aggregate reasonably be expected to have a Material Adverse Effect. No tax liens have been filed, except liens for taxes not yet due and payable or that are being contested in compliance with Section 5.04, and no claims are being asserted with respect to any material amount of taxes, except claims that are being contested in compliance with Section 5.04.

SECTION 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $1,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $1,000,000 the fair market value of the assets of all such underfunded Plans.

SECTION 3.11 Disclosure. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other written information (other than third party reports not prepared under the control of the Loan Parties) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made (including customary practices in the loan syndication market) not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

SECTION 3.12 Material Agreements. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any Material Contract to which it is a party or (ii) any agreement or instrument evidencing or governing Indebtedness, except matters that could not reasonably be expected to have a Material Adverse Effect.

SECTION 3.13 Solvency. (a) Immediately after the consummation of the Transactions and immediately following the making of each Borrowing made on the date hereof and after giving effect to the application of the proceeds of such Borrowing, (i) the fair value of the assets of each Loan Party, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of each Loan Party; (ii) the present fair saleable value of the property of each Loan Party will be greater than the probable liability of each Loan Party on its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) each Loan Party will have reasonably sufficient capital with which to conduct the businesses in which it is engaged as such businesses are now conducted and are proposed to be conducted after the date hereof.

(b) No Loan Party intends to, or will permit any of its subsidiaries to, and believes that it or any of its subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such subsidiary.

SECTION 3.14 Reportable Transaction. The Borrowers do not intend to treat the Borrowings and related transactions as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event any Borrower determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent thereof.

SECTION 3.15 Capitalization and Subsidiaries. Schedule 3.15 sets forth as of the Effective Date and after giving effect to the consummation of the Transactions (a) a correct and complete list of the name and relationship to each Loan Party of each and all of each Loan Party’s subsidiaries, (b) a true and complete listing of each class of each of Parent’s authorized Equity Interests, of which all of such issued shares are validly issued, outstanding, fully paid and non-assessable, and owned beneficially and of record by the Persons identified on Schedule 3.15, and (c) the type of entity of each of the Loan Parties and each of their subsidiaries. All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non assessable.

SECTION 3.16 Common Enterprise. Each Loan Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from (i) successful operations of each of the other Loan Parties, and (ii) the credit extended by the Lenders to the Borrowers hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to

be executed by such Loan Party is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest.

SECTION 3.17 Security Interest in Collateral. (a) The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (i) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement, (ii) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral, (iii) Liens in favor of the Revolving Lenders with respect to the Revolving Loan Collateral and (iv) Liens in favor of the First Lien Term Loan Lenders with respect to the Term Loan Collateral.

(b) The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Revolving Loan Collateral and the First Lien Term Loan Collateral in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties, and such Liens constitute perfected and continuing Liens on the Revolving Loan Collateral and the First Lien Term Loan Collateral, securing the Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over (i) all other Liens on the Revolving Loan Collateral except (a) Liens in favor of the Revolving Lenders, (b) in the case of Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement, and (c) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Revolving Loan Collateral and (ii) all other Liens on the First Lien Term Loan Collateral except (a) Liens in favor of the First Lien Term Loan Lenders, (b) in the case of Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement, and (c) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such First Lien Term Loan Collateral.

SECTION 3.18 Labor Disputes. As of the Effective Date and after giving effect to the consummations of the Transactions (a) there is no collective bargaining agreement or other comparable labor contract covering employees of any of the Loan Parties or any of their subsidiaries, (b) no union or other labor organization is seeking to organize, or to be recognized as, a collective bargaining unit of employees of any of the Loan Parties or any of their subsidiaries or for any similar purpose, and (c) except as could not reasonably be expected to have a Material Adverse Effect, there is no pending or (to the best of the Borrowers’ knowledge) threatened, strike, work stoppage, unfair labor practice claim, or other labor dispute against or affecting any of the Loan Parties or any of their subsidiaries or their employees.

SECTION 3.19 Broker’s and Transaction Fees. No Loan Party has any obligation to any Person in respect of any finder’s, broker’s or investment banker’s fees in connection with the

Transactions, except for fees paid to the Administrative Agent or the Lenders in connection therewith and fees paid in connection with the Revolving Loan Documents and First Lien Indebtedness Documents that have been disclosed to the Administrative Agent.

SECTION 3.20 Compliance with FDA Laws and Regulations. Each Loan Party is in substantial compliance with laws, regulations, and orders of the FDA and any equivalent regulatory body in any other jurisdiction with respect to its business (including the Plasma Protein Therapeutic Business), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

ARTICLE IV

Conditions

SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

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

(b) The Administrative Agent shall have received duly executed copies of the other Loan Documents and such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents (each as specified on the Closing Checklist), including written opinions of the Borrowers’ counsel, addressed to the Administrative Agent and the Lenders in form and substance acceptable to the Administrative Agent, and each other item listed in the Closing Checklist as being required to be delivered on the Effective Date, each in form and substance reasonably satisfactory to Administrative Agent.

(c) The Administrative Agent shall have received the Effective Date Certificate, dated as of the Effective Date and duly executed and delivered by an Authorized Officer of the Administrative Borrower, in which certificate the Borrowers shall agree and acknowledge that the statements made therein shall be deemed to be true and correct representations and warranties of each of the Borrowers as of such date, and, at the time each such certificate is delivered, such statements shall in fact be true and correct in all material respects (provided, that representations and warranties which have materiality or Material Adverse Effect qualifiers shall be true and correct in all respects to the extent such materiality or Material Adverse Effect qualifier is applicable thereto).

(d) [INTENTIONALLY OMITTED];

(e) The Administrative Agent shall have received duly executed copies of the Revolving Loan Documents and the First Lien Term Loan Documents and be reasonably satisfied that the Borrowers have borrowed no more than $71,800,000 of Revolving Loans (of which $1,800,000 will be used to cash collateralize letters of credit which shall be replaced with Letters of Credit within 10 Business Days of the Effective Date) and $700,000,000 of First Lien Term Loans on the Effective Date.

(f) All governmental and material third party approvals necessary in connection with the Transactions shall have been obtained and be in full force and effect except to the extent the failure to obtain any such approval could not reasonably be expected to have a Material Adverse Effect.

(g) After giving effect to all Borrowings to be made on the Effective Date and payment of all fees and expenses due hereunder on the Effective Date, and with all of the Borrowers’ indebtedness, liabilities, and obligations current, the Borrowers’ Leverage Ratio calculated based on Adjusted EBITDA for the twelve months ended as of September 30, 2006 and Total Debt as of the Effective Date (after giving effect to the Transactions) shall not be more than 5.00:1.00.

(h) The Administrative Agent and the Joint Lead Arrangers shall have received all fees and other amounts due and payable on or prior to the Effective Date (including fees and expenses of counsel for the Joint Lead Arrangers), including, to the extent invoiced, reimbursement or payment of all reasonable, out of pocket expenses required to be reimbursed or paid by the Borrowers hereunder.

(i) The Borrowers shall have delivered to the Administrative Agent a notice setting forth the deposit account of the Borrowers (the “Funding Account”) to which the Lenders are initially authorized by the Borrowers to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

(j) (i) The Administrative Agent shall be reasonably satisfied with the form of quarterly pro forma consolidated and consolidating profit and loss statements, balance sheets and cash flow projections (including detailed capital expenditures) for the first full year after the Effective Date for the Borrowers and their subsidiaries, and on an annual basis thereafter for the next four years (the “Pro Forma Information”), and such Pro Forma Information, taken as a whole, shall not be inconsistent in a material and adverse manner with any pro forma information or projections previously delivered to the Administrative Agent. The Pro Forma Information shall have been prepared based upon good faith estimates and assumptions believed by the Borrowers to be reasonable at the time made and shall contain adequate text explaining the significant assumptions on which they were based.

(ii) The Borrowers shall have delivered to the Administrative Agent (x) the Borrowers’ audited consolidated balance sheet as of December 31, 2005 and the related statements of income, stockholders’ equity and cash flows for the period from March 31, 2005 through December 31, 2005 prepared in accordance with GAAP consistently applied (y) Bayer Plasma Products Business Group (“Predecessor”) audited consolidated combined balance sheets as of December 31, 2004 and 2003 and related statements of operations, Parent’s net investment

and cash flows for the years then ended and the Predecessor unaudited combined balance sheet at March 31, 2005 and related statements of operations, Parent’s net investment and cash flows for the three month period then ended, all prepared in accordance with GAAP consistently applied, except for the exclusion of litigation costs and income taxes from those combined financial statements and (z) the Borrowers’ unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows for (1) each subsequent Fiscal Quarter ended 30 days before the Effective Date and (2) each fiscal month after the most recent Fiscal Quarter for which financial statements were received by the Lenders as described above and ended 30 days before the Effective Date.

(k) The Borrowers shall have delivered to the Administrative Agent evidence of insurance with respect to the Borrowers customary for similarly situated companies, in form and substance reasonably satisfactory to the Administrative Agent, including reasonably satisfactory endorsements naming the Administrative Agent as mortgagee, loss payee or additional insured, as applicable, on all such policies.

(l) The Borrowers shall have delivered to the Administrative Agent a solvency certificate in form and substance reasonably satisfactory to the Administrative Agent executed by the chief financial officer of the Administrative Borrower (or another Financial Officer of the Administrative Borrower acceptable to the Administrative Agent), on behalf of the Borrowers and each of their subsidiaries.

(m) [INTENTIONALLY OMITTED]

(n) Within five Business Days’ prior to the Effective Date, the Lenders or the Administrative Agent shall have received copies of all Patriot Act Disclosures as reasonably requested by the Lenders or the Administrative Agent.

(o) The Administrative Agent shall have received counterparts of each Subsidiary Guaranty, dated as of the Effective Date, duly executed and delivered by an Authorized Officer of each party thereto.

(p) All UCC financing statements or other similar financing statements and UCC (Form UCC-3) termination statements (collectively, the “Filing Statements”) required pursuant to the Loan Documents shall have been delivered by counsel to the Administrative Agent to CT Corporation System or another similar filing service company acceptable to the Administrative Agent (the “Filing Agent”). The Filing Agent shall have acknowledged in a writing satisfactory to the Administrative Agent and its counsel (i) the Filing Agent’s receipt of all Filing Statements, (ii) that the Filing Statements required pursuant to the Loan Documents, have either been submitted for filing in the appropriate filing offices or will be submitted for filing in the appropriate offices within ten days following the Effective Date and (iii) that the Filing Agent will notify the Administrative Agent and its counsel of the results of such submissions and will provide recorded copies of the same within 30 days following the Effective Date.

(q) The Borrowers shall have obtained (i) a Corporate Rating and Corporate Family Rating, as applicable (of any level) and (ii) a senior secured debt rating (of any

level) in respect of the Loans, in each case from each of S&P and Xxxxx’x, which ratings (of any level) shall remain in effect on the Effective Date.

The Administrative Agent shall notify the Administrative Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

ARTICLE V

Affirmative Covenants

Until the Term Loan Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrowers each covenant and agree with the Administrative Agent and the Lenders that:

SECTION 5.01 Financial Statements and Other Information. The Borrowers will furnish to the Administrative Agent (for delivery to each Lender):

(a) within the earlier of (i) 120 days after the end of each fiscal year and (ii) so long as any Borrower is a public reporting company at such time, such earlier date as the SEC requires the filing of such information (or if any Borrower is required to file such information on a Form 10-K with the SEC, promptly following such filing), their audited consolidated and unaudited consolidating balance sheet and related statements of operations, and consolidated cash flows, in each case as of the end of and for such year, setting forth in each case (commencing with the fiscal year ended December 31, 2007) in comparative form the figures for the previous fiscal year, all reported on (except with regard to consolidating financial statements) by independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrowers and their consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, accompanied by any management letter prepared by said accountants that has been issued at such time, or thereafter promptly upon the issuance of any such management letter;

(b) within the earlier of (i) 60 days after the end of each of the first three Fiscal Quarters of each fiscal year and (ii) so long as any Borrower is a public reporting company at such time, such earlier date as the SEC requires the filing of such information (or if any Borrower is required to file such information on a Form 10-Q with the SEC, promptly following such filing), their consolidated and consolidating balance sheet and related statements of operations, and consolidated cash flows, in each case as of the end of and for such Fiscal Quarter and the then elapsed portion of the fiscal year, setting forth in each case (commencing with the Fiscal Quarter ended March 31, 2007) in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified in a certificate of the Administrative Borrower executed by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Loan Parties and their consolidated subsidiaries on a consolidated

basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

(c) within 30 days after the end of each fiscal month of the Loan Parties (commencing with the fiscal month ended December 31, 2006), their consolidated and consolidating balance sheet and related statements of operations, and consolidated cash flows, in each case as of the end of and for such fiscal month and the then elapsed portion of the fiscal year, setting forth in each case (commencing with the fiscal month ended December 31, 2007), in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified in a certificate of the Administrative Borrower executed by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Loan Parties and their consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

(d) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of the Administrative Borrower executed by one of its Financial Officers in substantially the form of Exhibit B (a “Compliance Certificate”) (i) certifying, in the case of the financial statements delivered under clause (b), as presenting fairly in all material respects the financial condition and results of operations of the Borrowers and their consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, (ii) certifying on behalf of the Borrowers as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.10 and Section 6.11 and (iv) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 that would effect the financial statements accompanying such certificate;

(e) as soon as available, but in any event not more than 45 days after the end of each fiscal year (other than fiscal year 2006, which shall be 60 days) of the Borrowers commencing with the year ending December 31, 2006, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Loan Parties for each quarter of the immediately succeeding fiscal year (the “Projections”) in form reasonably satisfactory to the Administrative Agent;

(f) concurrently with any delivery of financial statements under clause (a), (b) or (c) above, commencing with the financial statements delivered for the fiscal month ended January 31, 2007, and other than the financial statements delivered with respect to the first fiscal month of each fiscal year, such financial statements set forth in comparative form on a consolidated basis with the Projections for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) such fiscal year;

(g) from and after the registration of any securities of any Borrower, promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Loan Party with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said

Commission, or with any national securities exchange, or distributed by any Loan Party to its public securities holders generally, as the case may be;

(h) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Loan Parties, or compliance with the terms of this Agreement, as the Administrative Agent may reasonably request; and

(i) promptly upon the execution and delivery thereof, a copy of any amendment, supplement or modification to any First Lien Indebtedness Document or Revolving Loan Document or any indenture, note or other agreement evidencing or governing any Subordinated Indebtedness or any Sponsor Subordinated Debt.

SECTION 5.02 Notices of Material Events. The Borrowers will furnish to the Administrative Agent, as soon as possible and in any event within three Business Days, written notice of the following:

(a) the occurrence of any Default;

(b) any Responsible Officer of any Borrower having actual knowledge of any written assertion by the holder of any Indebtedness of any Loan Party in excess of $5,000,000 that any default exists with respect thereto or that any Loan Party is not in compliance therewith;

(c) any Responsible Officer of any Borrower becoming aware of receipt of any written notice of any governmental investigation or any litigation commenced or threatened against any Loan Party that (i) seeks damages in excess of $5,000,000, (ii) seeks material injunctive relief, (iii) is asserted or instituted against any Plan, its fiduciaries or its assets, which asserts or could result in damages, costs or liabilities of any Loan Party in excess of $5,000,000, (iv) alleges criminal misconduct by any Loan Party, (v) alleges the violation of any law regarding, or seeks remedies in connection with, any Environmental Laws, which asserts or could result in damages, costs or liabilities of any Loan Party in excess of $5,000,000; (vi) involves any product recall, or (vii) alleges the material violation of, or seeks remedies or threatens enforcement action in connection with, the Food, Drug and Cosmetic Act, or any law, regulation, or order administered by the FDA, including any warning letter or untitled letter issued by the FDA;

(d) any Responsible Officer of any Borrower becoming aware of any loss, damage, or destruction to the Collateral in the amount of $5,000,000 or more, whether or not covered by insurance;

(e) any Responsible Officer of any Borrower becoming aware of any default notices received under or with respect to any leased location or public warehouse where Collateral valued in excess of $5,000,000 is located (which shall be delivered within two Business Days after receipt thereof), which default notices could reasonably be expected to have an adverse impact on any such Collateral, the interests therein of the Administrative Agent on behalf of the Secured Parties, or the value thereof;

(f) any Responsible Officer of any Borrower becoming aware of any pending or threatened strike, work stoppage, unfair labor practice claim, or other labor dispute affecting any Loan Party in a manner which could reasonably be expected to have a Material Adverse Effect; and

(g) any Responsible Officer of any Borrower becoming aware of any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Section 5.02 shall be accompanied by a statement of the Administrative Borrower executed by a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03 Existence; Conduct of Business. The Borrowers will do or cause to be done all things necessary to preserve, renew and keep in full force and effect (i) their legal existence and (ii) the rights, licenses, permits, privileges and franchises material to the conduct of their business, and maintain all requisite authority to conduct their business in each jurisdiction in which their business is conducted, in each case (except in connection with clause (i) above) except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

SECTION 5.04 Payment of Obligations. The Borrowers will pay or discharge when due all Material Indebtedness and all other material liabilities and obligations, including taxes, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on such Person’s books, or (b) the failure to pay or discharge such liabilities or obligations could not, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

SECTION 5.05 Maintenance of Properties and Intellectual Property Rights. The Borrowers will, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect or as otherwise permitted by Section 6.03, (a) keep and maintain all property used or useful in the conduct of their business in good working order and condition, ordinary wear and tear excepted, and (b) obtain and maintain in effect at all times all franchises, governmental authorizations, intellectual property rights, licenses and permits, which are necessary or appropriate for them to own their property or conduct their business as conducted on the date of this Agreement.

SECTION 5.06 Books and Records; Inspection Rights. The Borrowers will keep, or cause to be kept, proper books of record and account in which full, true and correct entries in conformity with GAAP are made of all material dealings and transactions in relation to their business and activities. The Borrowers will permit any representatives designated by the Administrative Agent (and accompanied by representatives designated by any Lender), upon reasonable prior notice and, so long as no Event of Default has occurred and is continuing, during normal business hours, to visit and inspect their properties (including to conduct field examinations or audits of the Borrowers’ assets), to examine and make extracts from their books

and records, and to discuss their affairs, finances and condition with their officers and independent accountants, all at such reasonable times and as often as reasonably requested, provided that in the absence of an Event of Default not more than two such visits shall occur in one calendar year (excluding visits occurring prior to the Effective Date); provided, further, that with respect to any such books and records with respect to the Borrowers maintained by Bayer or any of its Affiliates, the Borrowers shall only be obligated to use commercially reasonable efforts to cause Bayer (or any such Affiliate) to make such books and records and related properties, officers and independent accountants of Bayer available in accordance with this Section 5.06, including by the exercise of any contractual rights of any Borrower, whether pursuant to the Joint Contribution Agreement or otherwise. After the occurrence and during the continuance of any Event of Default, the Borrowers will provide the Administrative Agent (who may be accompanied by representatives designated by any Lender) with access to their suppliers. The Borrowers acknowledge that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain Reports pertaining to the Borrowers’ assets for internal use by the Administrative Agent and the Lenders.

SECTION 5.07 Compliance with Laws. The Borrowers will comply with all laws, rules, regulations and orders of any Governmental Authority applicable to them or their property, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.08 Use of Proceeds. The proceeds of the Loans will be used only (i) to consummate a portion of the Transaction and (ii) for working capital needs and general corporate purposes of the Borrowers (including Permitted Acquisitions, Investments and Loans permitted under Section 6.04). No part of the proceeds of any Loan will be used, whether directly or indirectly, (i) for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X or (ii) to make any Acquisition other than a Permitted Acquisition.

SECTION 5.09 Insurance. The Borrowers will maintain with financially sound and reputable carriers having a financial strength rating of at least A- by A.M. Best Company insurance against: (i) loss or damage by fire and loss in transit; (ii) theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; (iii) business interruption; (iv) general liability; and (v) and such other hazards, as is customary in the business of such Person. All such insurance shall be in amounts, cover such assets and be under policies acceptable to the Administrative Agent in its Permitted Discretion (subject to the following criteria). All hazard insurance and such other insurance as Administrative Agent shall specify in the exercise of its Permitted Discretion shall contain a mortgagee endorsement or an equivalent satisfactory to Administrative Agent showing Administrative Agent as first loss payee thereof. Each policy of liability insurance referred to in this Section 5.09 shall name the Secured Parties as additional insured. Every policy of insurance referred to in this Section 5.09 shall contain an agreement by the insurer that it will not cancel such policy for any reason except after 30 days prior written notice to the Administrative Agent and that any loss payable thereunder shall be payable. The Borrowers shall, upon the Administrative Agent’s request and to the extent reasonably available, deliver to the Administrative Agent certified copies of such insurance. Certificates of insurance reasonably satisfactory to the Administrative Agent evidencing such insurance shall be delivered to the Administrative Agent no more than seven days following the issuance of such policies. In

the event of failure by any Borrower to provide and maintain insurance as provided herein, the Administrative Agent may, at its option and, if no Event of Default has occurred and is continuing, upon notice to the Administrative Borrower, provide such insurance and charge the amount thereof to the Borrowers. No Borrower shall take out separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 5.09, unless the Administrative Agent is included thereon as additional insured with the loss payable to the Administrative Agent under a standard mortgagee endorsement or its equivalent. The Borrowers immediately shall notify the Administrative Agent whenever such separate insurance is taken out, specifying the insurer thereunder and full particulars as to the policies evidencing the same, and copies of such policies promptly shall be provided to the Administrative Agent. The Borrowers shall not, and shall not permit any other Person to, use or permit any property of any Borrower to be used in any manner which might render inapplicable any insurance coverage.

SECTION 5.10 Additional Collateral; Further Assurances. (a) The Borrowers will, and will cause each Domestic Subsidiary to, execute any documents, UCC or PPSA filing statements, agreements and instruments, and take all further action (including filing Mortgages) that may be required under applicable law, or that the Administrative Agent may reasonably request, in order to effectuate the transactions contemplated by the Loan Documents and in order to grant, preserve, protect and perfect the validity and priority of the Liens created or intended to be created by the Loan Documents. Each Borrower will cause any subsequently acquired or organized Domestic Subsidiary to execute a supplement (in form and substance satisfactory to the Administrative Agent) to the Subsidiary Guaranty and each other applicable Loan Document in favor of the Secured Parties. Each Borrower will cause its Foreign Subsidiaries to execute and deliver any documents reasonably necessary to perfect the pledge of its Equity Interests (subject to the limitations set forth below) under the laws of such subsidiaries’ jurisdiction of organization. In addition, from time to time, the Borrowers will, at their cost and expense, promptly secure the Obligations by pledging or creating, or causing to be pledged or created, perfected Liens with respect to such of their and their Domestic Subsidiaries’ assets and properties as the Administrative Agent or the Required Lenders shall designate, it being agreed that it is the intent of the parties that the Obligations shall be secured by, among other things, substantially all the assets of the Borrowers and their Domestic Subsidiaries (including real and personal property acquired subsequent to the Effective Date); provided that, notwithstanding anything to the contrary contained in any Loan Document, Revolving Loan Document or Second Lien Term Loan Document, neither the Borrowers nor their subsidiaries shall be required to pledge more than 65% of the voting Equity Interests (representing not greater than 65% of the total combined voting power of all classes of Equity Interests entitled to vote) of a Foreign Subsidiary, provided, further, that none of the Borrowers or their subsidiaries shall be required to pledge (or cause to be pledged) Equity Interests of a Foreign Subsidiary to the extent such Equity Interests of such Foreign Subsidiary are held by another Foreign Subsidiary. Such Liens will be created under the Loan Documents in form and substance satisfactory to the Administrative Agent, and the Borrowers shall deliver or cause to be delivered to the Administrative Agent all such instruments and documents (including legal opinions, title insurance policies and lien searches) as the Administrative Agent shall reasonably request to evidence compliance with this Section.

(b) The Borrowers will cause any Revolving Loan Collateral or other assets that are subject to a first priority, perfected Lien in favor of the lenders (or the administrative agent on behalf of such lenders) under the Revolving Loan Documents to be subject at all times to a perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Loan Documents, and shall deliver such other security documents in connection therewith as the Administrative Agent shall reasonably (taking into account the costs of delivery of such security documents and the benefits provided by such security documents) request.

(c) The Borrowers will cause any First Lien Term Loan Collateral or other assets that are subject to a first priority, perfected Lien in favor of the First Lien Term Loan Lenders (or the administrative agent on behalf of such First Lien Term Loan Lenders) under the First Lien Term Loan Documents to be subject at all times to a perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Loan Documents, and shall deliver such other security documents in connection therewith as the Administrative Agent shall reasonably (taking into account the costs of delivery of such security documents and the benefits provided by such security documents) request.

(d) Without limiting the foregoing, the Borrowers will execute and deliver, or cause to be executed and delivered, to the Administrative Agent such documents and agreements, and will take or cause to be taken such actions as the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents, including but not limited to all items of the type required by Section 4.01 (as applicable).

(e) To the extent permitted hereunder, if, after the Effective Date, any Borrower proposes to (i) acquire a fee ownership interest in real property with a fair market value in excess of $5,000,000 or (ii) enter into any lease of Specified Real Property, such Borrower will (or, with respect to any such lease of Specified Leasehold Property, will use commercially reasonable efforts to), prior to or concurrently with the acquisition of such fee ownership interest or the entry into such lease, as the case may be, provide the Administrative Agent a mortgage or deed of trust granting the Administrative Agent a first priority Lien on the fee ownership interest or the leasehold interest (as applicable) to be acquired, a mortgage title insurance policy, local counsel opinion(s), a survey (with respect to such a fee ownership interest), consent of the lessor under the applicable lease to the mortgage or deed of trust (with respect to such a leasehold interest), supplemental casualty insurance if required by the Administrative Agent, flood insurance if required by law, and such other documents, instruments or agreements reasonably requested by the Administrative Agent, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

(f) Notwithstanding anything else set forth herein, the Borrowers will not be required to deliver the following items on the Effective Date and will be required instead to deliver them no later than 30 days after the Effective Date (or such later dates from time to time as consented to by the Administrative Agent in its reasonable discretion):

(i) any documents required under German law to create and perfect the security interest of the Administrative Agent in 65% of the Equity Interests of any Subsidiary of any Borrower organized under the laws of Germany;

(ii) a Mortgage and all other documents and instruments required to be delivered in connection with the Mortgages delivered on the Effective Date with respect to all real estate acquired by the Borrowers pursuant to the IBR Plasma Asset Acquisition; and

(iii) PPSA filing statements with respect to the Borrowers’ assets located in Canada, together with opinions of local counsel opining to the perfection of the Administrative Agent’s security interest in such Collateral.

SECTION 5.11 Compliance with FDA Laws and Regulations. The Borrowers will substantially comply with all laws, rules, regulations, and orders of FDA and any order of any court of competent jurisdiction in the enforcement of any law, regulation, or order administered by the FDA with respect to their businesses (including the Plasma Protein Therapeutic Business), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.12 Rate Protection Agreements. Within 90 days following the Effective Date, the Borrowers will enter into interest rate swap, cap, collar or similar arrangements designed to protect the Borrowers against fluctuations in interest rates with respect to at least 50% of the aggregate outstanding principal amount of Loans and First Lien Term Loans for a period of at least three years from the Effective Date, on terms reasonably satisfactory to the Administrative Agent.

SECTION 5.13 Subsidiary Guarantors. Each Borrower will cause any Subsidiary Guarantor controlled by it to comply with the terms of each covenant contained in Article V and Article VI hereof as if such Subsidiary Guarantor were a Borrower.

SECTION 5.14 Maintenance of Ratings. The Borrowers will use commercially reasonable efforts to cause a (i) corporate credit rating by S&P and Xxxxx’x and (ii) senior secured credit rating with respect to the Loans from each of S&P and Xxxxx’x to be available at all times until the Maturity Date for the Term Loans.

ARTICLE VI

Negative Covenants

Until the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrowers covenant and agree with the Administrative Agent and the Lenders that:

SECTION 6.01 Indebtedness. The Borrowers will not, and will not permit any of their respective subsidiaries to, create, incur or suffer to exist any Indebtedness, except:

(a) the Obligations;

(b) Indebtedness existing on the date hereof and set forth on Schedule 6.01 and extensions, renewals, refinancings and replacements of any such Indebtedness; provided that, (i) the principal amount of such Indebtedness is not increased, (ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party, (iii) no Loan Party that is not originally obligated (whether as a borrower or a guarantor) with respect to repayment of such Indebtedness is required to become obligated with respect thereto (whether as a borrower or a guarantor), (iv) such extension, refinancing, replacement or renewal does not result in a shortening of the average weighted maturity of the Indebtedness so extended, refinanced, replaced or renewed, (v) the terms of any such extension, refinancing, replacement or renewal, taken as a whole, are not materially less favorable to the obligor thereunder than the original terms of such Indebtedness, and (vi) if the Indebtedness that is refinanced, renewed, replaced or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, replacement or extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were applicable to the refinanced, renewed, replaced or extended Indebtedness;

(d) subject to the Intercreditor Agreement, (i) Indebtedness consisting of the First Lien Term Loans in an aggregate principal amount not to exceed the Maximum First Lien Loan Amount (as defined in the Intercreditor Agreement) and (ii) Indebtedness consisting of the Revolving Obligations, and extensions, renewals, refinancings and replacements of any such Indebtedness in an aggregate principal amount not to exceed the Maximum Second Lien Loan Amount (as defined in the Intercreditor Agreement);

(e) Indebtedness of any Loan Party (other than Parent) to any other Loan Party, provided that:

(i) the applicable Loan Parties shall have executed a demand note to evidence any such intercompany Indebtedness owing at any time by any applicable Loan Party to another applicable Loan Party, which demand notes shall be in form and substance reasonably satisfactory to the Administrative Agent and shall be pledged and delivered to the Administrative Agent pursuant to the Security Agreement or the applicable Subsidiary Security Agreement as additional collateral security for the Obligations;

(ii) each applicable Loan Party shall record all material intercompany transactions on its books and records in accordance with Section 5.06; and

(iii) the obligations of the applicable Loan Parties under any such Intercompany Notes shall be subordinated to the Obligations hereunder in a manner reasonably satisfactory to the Administrative Agent.

(f) Guarantees by a Loan Party of Indebtedness of any other Loan Party if the primary obligation is expressly permitted elsewhere in this Section 6.01;

(g) Indebtedness of any Loan Party (other than Parent) incurred to finance the acquisition, construction or improvement (in each case after the Effective Date) of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof; provided that (i) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (g), when aggregated with the principal amount of all Indebtedness incurred under clause (h) of this Section 6.01, shall not exceed $93,500,000 at any time outstanding;

(h) purchase money Indebtedness of any Loan Party (other than Parent) incurred in connection with the purchase after the Effective Date of any fixed or capital assets (as such term is defined in the Security Agreement); provided that, (i) the amount of such purchase money Indebtedness shall be limited to an amount not in excess of the purchase price of such fixed or capital assets and (ii) the aggregate of all such purchase money Indebtedness incurred under this clause (h), when aggregated with the principal amount of all Indebtedness incurred under clause (g) of this Section 6.01, shall not exceed $93,500,000 at any time outstanding;

(i) Indebtedness of any Loan Party under any Swap Agreement required in connection with the First Lien Term Loan Credit Agreement, the Revolving Credit Agreement or otherwise permitted hereunder;

(j) obligations in respect of performance, bid and surety bonds and completion guaranties and Guarantees and credit support for the account of plasma suppliers provided by any Loan Party (other than Parent), in each case in the ordinary course of business;

(k) Indebtedness incurred by any Loan Party (other than Parent) arising from agreements providing for indemnification related to sales of goods or adjustment of purchase price or similar obligations in any case incurred in the ordinary course of business in connection with the disposition of any business, assets or subsidiary of the Loan Parties otherwise permitted hereunder;

(l) Indebtedness of any Loan Party in respect of workers’ compensation claims, self-insurance obligations otherwise permitted hereunder, and bankers’ acceptances in the ordinary course of business;

(m) Indebtedness of any Loan Party arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days;

(n) Guarantees by any Loan Party (other than Parent) of obligations of Foreign Subsidiaries and joint ventures if such Guarantees would be permitted if it were an Investment under Section 6.04(l) at such time;

(o) (i) Indebtedness incurred by any Loan Party with respect to a Seller Note issued as consideration in connection with a Permitted Acquisition, and (ii) Indebtedness of any Loan Party existing at the time such Loan Party is acquired pursuant to a

Permitted Acquisition, provided that such Indebtedness was not incurred in connection with, or in anticipation or contemplation of, such Permitted Acquisition;

(p) Indebtedness incurred with respect to the deferral of management fees and other amounts payable pursuant to the Management Agreement, as in effect on the date hereof and with such changes as are acceptable to the Administrative Agent;

(q) Indebtedness secured by a mortgage on real property owned by a Loan Party, secured by no Liens other than Liens upon such real property, improvements thereof and fixtures thereon in an aggregate principal amount not exceeding $22,000,000 at any time outstanding;

(r) Indebtedness in an aggregate principal amount not exceeding $44,000,000 at any time outstanding financing foreign operations of the Loan Parties secured solely by Liens on assets located outside the United States;

(s) Subordinated Indebtedness and Sponsor Subordinated Debt; provided that at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing and the Borrowers are in pro forma compliance with Section 6.11 after giving effect to the incurrence thereof; and

(t) other unsecured Indebtedness in an aggregate principal amount not exceeding $66,000,000 at any time outstanding.

SECTION 6.02 Liens. The Borrowers will not, and will not permit any of their respective subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:

(a) Permitted Encumbrances;

(b) any Lien on any property or asset of any Loan Party and proceeds thereof existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of any Loan Party (other than proceeds thereof), and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

(c) Liens securing purchase money Indebtedness of a Loan Party permitted pursuant to clause (h) of Section 6.01; provided that, such Liens attach only to the property and proceeds thereof which was purchased with the proceeds of such purchase money Indebtedness;

(d) Liens on fixed or capital assets acquired, constructed or improved by a Loan Party; provided that (i) such security interests secure Indebtedness permitted by clause (g) of Section 6.01, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of

acquiring, constructing or improving such fixed or capital assets, and (iv) such security interests shall not apply to any other property or assets of any Loan Party;

(e) Liens securing Indebtedness permitted by Section 6.01(j);

(f) Liens securing the First Lien Obligations, subject to the Intercreditor Agreement;

(g) Liens securing the Revolving Obligations, subject to the Intercreditor Agreement; and

(h) Liens on specific property or specific assets acquired pursuant to a Permitted Acquisition (and the proceeds thereof) or assets of a Subsidiary in existence at the time such subsidiary is acquired pursuant to a Permitted Acquisition and not created in contemplation thereof; and

(i) Liens securing Indebtedness permitted by Sections 6.01(q) and (r), and, in each case attaching only to the assets specified therein.

SECTION 6.03 Fundamental Changes. (a) The Borrowers will not, and will not permit any of their respective subsidiaries to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or Dispose of (in one transaction or in a series of transactions) any substantial part of their assets, or all or substantially all of the stock of any of their subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that (i) any subsidiary may merge into a Borrower in a transaction in which such Borrower is the surviving Person, (ii) any Borrower (other than Parent) may merge into any other Loan Party (other than Parent) in a transaction in which the surviving entity is a Loan Party (or if either such Loan Party was a Borrower, the surviving entity shall be a Borrower), (iii) any Loan Party may Dispose of (1) its assets to any other Loan Parties (other than the Parent), (2) Inventory, (3) equipment that is obsolete or no longer useful in its business, (4) equipment that is being replaced with equipment having a comparable purpose or function, and (5) other assets having a book value not exceeding $8,250,000 in the aggregate in any fiscal year, (iv) any subsidiary of a Borrower that is not a Loan Party may liquidate or dissolve if the Borrowers determine in good faith that such liquidation or dissolution is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04, (v) if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, any Borrower may consummate a merger or consolidation to consummate a Permitted Acquisition, (vi) any Loan Party may sell, license or sublicense Intellectual Property or enter into transactions having a similar effect, so long as the Loan Parties maintain all rights with respect thereto reasonably necessary to run their business, (vii) if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, any Borrower may sell the Hyperimmune Business or any part thereof for not less than fair market value and otherwise on terms and conditions reasonably acceptable to the Administrative Agent, (viii) if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, any Loan Party may sell other product

lines not material to the business of the Loan Parties as a whole for not less than fair market value and otherwise on terms and conditions reasonably acceptable to the Administrative Agent, (ix) the disposition or transfer by any Loan Party (other than Parent) of any of its property or assets to a joint venture or Foreign Subsidiary (other than a Subsidiary Guarantor), provided, that to the extent the consideration paid by such joint venture or Foreign Subsidiary is less than the fair market value thereof, the Loan Parties shall be in compliance with the provisions of Section 6.04(l), and (x) the Loan Parties may make any Restricted Payments not prohibited by Section 6.06. The Net Cash Proceeds of any Disposition permitted pursuant to Section 6.03(a)(iii)(5), (a)(vii) or (a)(viii) and in excess of $8,250,000 in any Fiscal Year shall be delivered to the Administrative Agent if and to the extent required by Section 2.09, and applied to the Obligations as set forth therein.

(b) The Loan Parties will not, and will not permit any of their respective subsidiaries to, engage in any business activity except those business activities engaged in by the Borrowers or IBR on the date of this Agreement and activities related thereto and reasonable extensions thereof.

SECTION 6.04 Investments, Loans, Advances and Acquisitions. The Borrowers will not, and will not permit any of their respective subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise) or make any Acquisition (each of the foregoing, an “Investment”), except:

(a) Permitted Investments, subject to control agreements in favor of the Administrative Agent for the benefit of the Secured Parties or otherwise subject to a perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties;

(b) Investments existing on the date hereof by any Borrower in the Equity Interests of its subsidiaries;

(d) Investments or capital contributions made by a Loan Party to any other Loan Party (other than Parent);

(e) other Investments, loans and advances in existence on the date of this Agreement and described in Schedule 6.04;

(f) loans or advances made by a Loan Party (other than Parent) to its employees on an arms-length basis in the ordinary course of business for travel and entertainment expenses, relocation costs and similar purposes (up to a maximum of $1,100,000

in the aggregate at any one time outstanding), and loans or advances to directors, officers or employees of any Loan Party the proceeds of which are concurrently used to purchase Equity Interests in such Loan Party;

(g) [INTENTIONALLY OMITTED];

(h) Investments incurred in order to consummate Permitted Acquisitions, provided that (i) the consideration for all such Acquisitions, in the aggregate does not exceed $110,000,000, provided further that such $110,000,000 limit shall be increased on a dollar for dollar basis by the cash proceeds of any issuance of Sponsor Subordinated Debt or equity contribution (other than equity contributions made for purposes of allowing additional Investments pursuant to Sections 6.04 (l), (p) or (q) to fund repurchases or redemptions permitted by Section 6.06, allowing additional Capital Expenditures pursuant to Section 6.10 or for purposes of satisfying the covenants contained in Section 6.11), (ii) at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (iii) immediately after giving effect thereto, the Leverage Ratio of the Borrowers, as of the last day of the Fiscal Quarter ended immediately prior to the date of consummation of such Acquisition and after giving pro forma effect to such Acquisition does not increase above the greater of either (A) the amount it had been at or on such date or (B) an amount that is no more than 0.25 less than the level permitted by Section 6.11(a) at the end of the then current Fiscal Quarter, (iv) the Loan Parties shall have obtained the prior, effective written consent or approval to such Acquisition of the board of directors or equivalent governing body of the Person being acquired or whose assets are being acquired and (v) such Acquisition consists exclusively of (A) assets located only in the United States or Canada, (B) a Person organized under the laws of the United States or any state thereof or Canada or any province thereof, so long as such Person becomes a Loan Party, or (C) assets located in, or Persons organized under the laws of, other jurisdictions, in an aggregate amount, when aggregated with Investments made pursuant to Section 6.04(l), do not exceed $82,500,000 at any time outstanding, which foreign Investments shall be Controlled at all times by the Borrowers unless the Person holding such acquired assets, or the acquired Person, is an Excluded Joint Venture, provided further that such $82,500,000 limit shall be increased on a dollar for dollar basis by the cash proceeds of any equity contribution or proceeds from the issuance of Sponsor Subordinated Debt, other than equity contributions or issuances of Indebtedness made for purposes of allowing additional Investments or Acquisitions pursuant to Section 6.04(h)(i), to fund repurchases or redemptions permitted by Section 6.06, for purposes of allowing additional Capital Expenditures pursuant to Section 6.10 or for purposes of satisfying the covenants contained in Section 6.11(a) or (c), (vi) all material governmental and material third-party approvals necessary in connection with such Acquisition shall have been obtained and be in full force and effect, (vii) if acquiring a Person, such Person becomes (A) a wholly-owned subsidiary of a Borrower or (B) an Excluded Joint Venture and (viii) on or before the date of consummation of such Acquisition, the Administrative Agent shall have received (A) all documents required by the provisions of Section 5.10 with respect to any Person purchased or formed in such Acquisition and (B) if the amount of such Acquisition exceeds $11,000,000, a certificate of the Administrative Borrower executed by its chief financial officer or chief executive officer certifying to the Administrative Agent and the Lenders as to the matters set forth in the foregoing clauses (i) through (viii);

(i) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business, and Investments (including debt obligations) received as consideration for any disposition permitted by Section 6.03(a)(viii) or (ix), to the extent that such consideration is not required thereunder to be paid in cash;

(j) Investments of the Loan Parties under any Swap Agreement otherwise permitted hereunder;

(k) Investments of any Loan Party existing at the time such Loan Party is acquired pursuant to a Permitted Acquisition, provided such Investment was not incurred in connection with, or in anticipation or contemplation of, such Acquisition;

(l) Investments by the Loan Parties in joint ventures, Foreign Subsidiaries, or other Investments, so long as (A) at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (B) the Leverage Ratio of the Borrowers, as of the last day of the Fiscal Quarter ended immediately prior to the date of such Investment and after giving pro forma effect to such Investment, does not increase above the level permitted by Section 6.11(a) at the end of the current Fiscal Quarter and (C) if such Investment constitutes an Acquisition, the Loan Parties shall have complied with clauses (iv), (v), (vi), and (viii) of Section 6.04(h) with respect thereto;

(m) Investments by the Loan Parties in new domestic subsidiaries, so long as the Loan Parties and such subsidiaries are in compliance with Section 5.10 with respect thereto, provided that, in each case, to the extent such new subsidiary is created solely for the purpose of consummating a merger transaction pursuant to a Permitted Acquisition, and such new subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of such merger transactions, such new subsidiary shall not be required to take the actions set forth in Section 5.10, as applicable, until the respective acquisition is consummated (at which time the surviving entity of the respective merger transaction shall be required to so comply promptly (and in any event within 10 Business Days);

(n) so long as the Loan Parties have complied with Section 5.10 with respect thereto, other Investments in an aggregate amount not to exceed $22,000,000 at any time outstanding, provided that if such Investment constitutes an Acquisition, the Loan Parties shall have complied with clauses (ii), (iv), (v), (vi) and (viii) of Section 6.04(h) with respect thereto;

(o) loans or advances to suppliers of plasma to the Borrowers in the ordinary course of business and consistent with past practice;

(p) other Acquisitions; provided that (i) such Acquisitions are otherwise permitted herein, (ii) the consideration for such Acquisitions consists exclusively of Equity Interests of the Parent, (iii) the issuance of such Equity Interests in connection with such Acquisition will not result in a Change of Control and (iv) such Acquisition will comply with sub-clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii) of Section 6.04(h); and

(q) Investments incurred in order to consummate any of the Preplanned Investments, provided that (i) the aggregate consideration for all such Preplanned Investment, in the aggregate does not exceed $55,000,000 at any time outstanding, provided further that such $55,000,000 limit shall be increased on a dollar for dollar basis by the cash proceeds of any Sponsor Subordinated Debt or equity contribution (other than equity contributions or issuances of Indebtedness made for purposes of allowing additional Investments pursuant to Section 6.04(h), (l) or (p), to fund repurchases or redemptions permitted by Section 6.06, allowing additional Capital Expenditures pursuant to Section 6.10 or for purposes of satisfying the covenants contained in Section 6.11), (ii) at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (iii) the Leverage Ratio of the Borrowers, as of the last day of the Fiscal Quarter ended immediately prior to the date of consummation of such Preplanned Investment and after giving pro forma effect to such Preplanned Investment does not increase above the amount it had been at or on such date, (iv) the Loan Parties shall have obtained the prior, effective written consent or approval to such Acquisition of the board of directors or equivalent governing body of the Person being acquired or whose assets are being acquired, (v) all material governmental and material third-party approvals necessary in connection with such Preplanned Investment shall have been obtained and be in full force and effect, (vi) if acquiring a Person, such Person becomes a wholly-owned Subsidiary of a Borrower, (vii) on or before the date of consummation of such Preplanned Investment, the Administrative Agent shall have received (A) all documents required by the provisions of Section 5.10 with respect to any Person purchased or formed in such Preplanned Investment and (B) if the amount of such Preplanned Investment exceeds $11,000,000, a certificate of the Administrative Borrower executed by its chief financial officer or chief executive officer certifying to the Administrative Agent and the Lenders as to the matters set forth in the foregoing clauses (i) through (vi).

SECTION 6.05 Swap Agreements. The Loan Parties will not enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which any Loan Party has or reasonably expects to have actual exposure (other than those in respect of Equity Interests of any Loan Party or any of its subsidiaries), and (b) Swap Agreements entered into in order to effectively fix, cap or collar interest rates with respect to any interest-bearing liability of a Loan Party or to exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing investment of a Loan Party.

SECTION 6.06 Restricted Payments. The Borrowers will not, and will not permit any of their respective subsidiaries to, declare or make, directly or indirectly, any Restricted Payment, except (a) the Borrowers may make Restricted Payments with respect to its Equity Interests payable solely in additional shares of its common stock, (b) any subsidiary of Parent may declare and pay dividends ratably with respect to their Equity Interests, (c) after an Initial Public Offering (including an offering that would be an Initial Public Offering except that the amount of proceeds received with respect thereto is less than $55,000,000) of a Borrower, such Borrower may declare and pay dividends for the purchase of fractional shares arising out of stock dividends, splits or combinations; provided however, that the Loan Parties may make Restricted Payments: (i) for the payment of general and administrative costs and expenses in an amount not to exceed $550,000 in any fiscal year and taxes of Parent; (ii) so long as no Event of Default has occurred and is continuing, for the purchase of common stock or common stock

options from present or former officers or employees upon the death, disability or termination of employment of such officer or employee, provided, that the aggregate amount of Restricted Payments under this clause (ii) in any fiscal year shall not exceed $5,500,000, (iii) so long as the requirements of Section 6.07(d) are met, for the payment of management fees and other amounts owing (including accrued management fees and other accrued amounts) to the Sponsor Group pursuant to the Management Agreement, as in effect on the date hereof and with such changes as are acceptable to the Administrative Agent, (iv) for payment of in kind dividends on the Senior Convertible Preferred Stock, (v) to repurchase or redeem equity owned by IBR pursuant to the IBR Plasma Asset Purchase, (vi) for payment of Special Recognition Bonus 1 and Special Recognition Bonus 2A, (vii) for payment of Special Recognition Bonus 2B, (viii) in connection with the Dividend, in an amount not to exceed the amount of the respective Dividend and (ix) so long as no Event of Default has occurred and is continuing or would result therefrom, repurchases of Equity Interests issued in connection with the Bonus Plan to the extent necessary to pay the minimum withholding tax required to be paid in connection with the vesting of restricted Equity Interests and options thereon. For the avoidance of doubt, the Borrowers shall not be restricted pursuant to this Section 6.06 or otherwise from issuing options pursuant to a stock option plan or from the issuance of Equity Interest upon the exercise of any such options.

SECTION 6.07 Transactions with Affiliates. Except as set forth on Schedule 6.07, the Borrowers will not, and will not permit their respective subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of their Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Loan Parties than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among a Loan Party (other than Parent) and another Loan Party that is a wholly owned subsidiary of a Loan Party not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.06, (d) performance of the terms of the Management Agreement, as in effect on the date hereof and with such changes as are acceptable to the Administrative Agent, provided, that no Loan Party shall pay any management or similar fees under the Management Agreement unless no Event of Default has occurred and is continuing; provided, that management and similar fees that are not at any time permitted to be paid can accrue for later payment, (e) Indebtedness, Liens and Investments with respect to Foreign Subsidiaries and joint ventures of the Loan Parties otherwise permitted under the Loan Documents, (f) the Dividend, (g) the incurrence of, and payments in respect of, Sponsor Subordinated Debt permitted hereunder, (h) sales of Equity Interests by Parent (directly or indirectly) to the Sponsor Group, (i) payment of Special Recognition Bonus 1, Special Recognition Bonus 2A and Special Recognition Bonus 2B and (j) any issuance of Equity Interests by Parent to Holdings. For avoidance of doubt, this Section 6.07 shall not apply to employment arrangements with and payments of compensation or benefits to or for the benefit of management including the board of directors.

SECTION 6.08 Restrictive Agreements. The Borrowers will not, and will not permit any other Borrower or any subsidiary of any Borrower to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any subsidiary of a Loan Party to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or

advances to any Borrower or any other subsidiary of a Borrower or to Guarantee Indebtedness of a Borrower or any other subsidiary of a Borrower; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law, by the Loan Documents, the Revolving Loan Documents or by the First Lien Indebtedness Documents, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of an entity or asset pending such sale, provided such restrictions and conditions apply only to the entity or asset that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness (including Capital Lease Obligations) permitted by this Agreement if such restrictions or conditions apply only to the property or assets (or the proceeds thereof) securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof, and (vi) customary provisions in joint venture agreements and similar agreements that restrict the transfer or pledge of Equity Interests in, or the creation of Liens on assets of, joint ventures constituting Excluded Joint Ventures or which are not Subsidiaries, which restrictions relate only to the assets of, or Equity Interests in, such joint venture, so long as such Equity Interests are not pledged to any other Person.

SECTION 6.09 Prepayment of Sponsor Subordinated Debt and Subordinated Indebtedness. The Borrowers will not, and will not permit their respective subsidiaries to, directly or indirectly, voluntarily purchase, redeem, defease, prepay, retire or otherwise acquire any principal of, premium, if any, interest or other amount payable in respect of any Sponsor Subordinated Debt or Subordinated Indebtedness prior to its scheduled maturity, other than with respect to interest, on the stated, scheduled date for payment of interest set forth in the applicable document governing such Subordinated Indebtedness.

Except as permitted by Section 6.01(b), (c) or (d), no Loan Party shall make any amendment or modification to any indenture, note, or other agreement evidencing or governing the Subordinated Indebtedness (other than intercompany Indebtedness) or Sponsor Subordinated Debt; provided that the Loan Parties may enter into amendments or modifications (i) that make covenants and events of default in any such Subordinated Indebtedness documents or Sponsor Subordinated Debt documents less restrictive on the Borrowers or the Subsidiary Guarantors or (ii) that waive, or forbear from the exercise of remedies in respect of, defaults under such Sponsor Subordinated Debt documents and Subordinated Indebtedness documents or (iii) that are not adverse to the Secured Parties.

SECTION 6.10 Capital Expenditures. (a) The Borrowers and their subsidiaries will not expend cash for Capital Expenditures during any period listed below in excess of the following:

Period	Annual Permitted Amount
December 1, 2006 through December 31, 2007	$	107,800,000
Fiscal Year ending December 31, 2008	$	123,200,000
Fiscal Year ending December 31, 2009	$	116,600,000

Period	Annual Permitted Amount
Fiscal Year ending December 31, 2010	$	95,700,000
Fiscal Year ending December 31, 2011	$	53,900,000
Fiscal Year ending December 31, 2012	$	73,700,000
Fiscal Year ending December 31, 2013 and each Fiscal Year ending thereafter	$	86,900,000

To the extent that actual Capital Expenditures for any fiscal year are less than the maximum amount allowed hereunder for such fiscal year, such unused amount may be carried forward and used only in the next fiscal year.

(b) Notwithstanding clause (a), to the extent the Borrowers and their subsidiaries are required to make any Regulatory Cap Ex, the Borrowers and their subsidiaries are permitted to make such Regulatory Cap Ex in an amount not to exceed $11,000,000 in any fiscal year.

SECTION 6.11 Financial Covenants.

(a) Leverage Ratio. Commencing as of the Fiscal Quarter ended March 31, 2007, the Borrowers will not permit the Leverage Ratio of the Borrowers and their subsidiaries, determined as of the end of each Fiscal Quarter for the then most-recently ended four Fiscal Quarters, to be greater than the following:

Period	Leverage Ratio
Fiscal Quarter ending March 31, 2007	7.20 to 1
Fiscal Quarter ending June 30, 2007	7.10 to 1
Fiscal Quarter ending September 30, 2007	6.95 to 1
Fiscal Quarters ending December 31, 2007	6.70 to 1
Fiscal Quarter ending March 31, 2008	6.58 to 1
Fiscal Quarter ending June 30, 2008	6.45 to 1
Fiscal Quarter ending September 30, 2008	6.33 to 1
Fiscal Quarters ending December 31, 2008	6.20 to 1
Fiscal Quarter ending March 31, 2009	6.06 to 1
Fiscal Quarter ending June 30, 2009	5.83 to 1
Fiscal Quarter ending September 30, 2009	5.59 to 1
Fiscal Quarters ending December 31, 2009	5.35 to 1
Fiscal Quarter ending March 31, 2010	5.04 to 1
Fiscal Quarter ending June 30, 2010	4.73 to 1
Fiscal Quarter ending September 30, 2010	4.41 to 1
Fiscal Quarters ending December 31, 2010	4.10 to 1
Fiscal Quarter ending March 31, 2011	3.85 to 1
Fiscal Quarter ending June 30, 2011	3.60 to 1
Fiscal Quarter ending September 30, 2011	3.35 to 1
Fiscal Quarters ending December 31, 2011	3.10 to 1
Fiscal Quarters ending December 31, 2012	3.35 to 1
Fiscal Quarters ending December 31, 2013	4.70 to 1

Period	Leverage Ratio
Fiscal Quarters ending December 31, 2014	5.25 to 1

(b) Interest Coverage Ratio. Commencing as of the Fiscal Quarter ended March 31, 2007, the Borrowers will not permit the Interest Coverage Ratio of the Borrowers and their subsidiaries, determined as of the end of each Fiscal Quarter for the then most-recently ended four Fiscal Quarters, to be less than the following:

Period	Interest Coverage Ratio
Fiscal Quarter ending March 31, 2007	1.40 to 1
Fiscal Quarter ending June 30, 2007	1.40 to 1
Fiscal Quarter ending September 30, 2007	1.40 to 1
Fiscal Quarters ending December 31, 2007	1.50 to 1
Fiscal Quarter ending March 31, 2008	1.51 to 1
Fiscal Quarter ending June 30, 2008	1.53 to 1
Fiscal Quarter ending September 30, 2008	1.54 to 1
Fiscal Quarters ending December 31, 2008	1.55 to 1
Fiscal Quarter ending March 31, 2009	1.58 to 1
Fiscal Quarter ending June 30, 2009	1.60 to 1
Fiscal Quarter ending September 30, 2009	1.63 to 1
Fiscal Quarters ending December 31, 2009	1.65 to 1
Fiscal Quarter ending March 31, 2010	1.83 to 1
Fiscal Quarter ending June 30, 2010	2.00 to 1
Fiscal Quarter ending September 30, 2010	2.18 to 1
Fiscal Quarters ending December 31, 2010	2.35 to 1
Fiscal Quarter ending March 31, 2011	2.54 to 1
Fiscal Quarter ending June 30, 2011	2.73 to 1
Fiscal Quarter ending September 30, 2011	2.91 to 1
Fiscal Quarters ending December 31, 2011	3.10 to 1
Fiscal Quarters ending December 31, 2012	2.75 to 1
Fiscal Quarters ending December 31, 2013	2.30 to 1
Fiscal Quarters ending December 31, 2014	2.00 to 1

(c) For purposes of determining compliance with the covenants in clauses (a) and (b), any equity investment made to the Borrowers after the Effective Date and on or prior to the day that is 20 days after the day on which financial statements are required to be delivered for a Fiscal Quarter shall, at the request of the Borrowers, be included in the calculation of Adjusted EBITDA for the purposes of determining compliance with such covenant at the end of such Fiscal Quarter and applicable subsequent periods (any such equity contribution so included in the calculation of Adjusted EBITDA, a “Specified Equity Contribution”); provided that (i) in each four consecutive Fiscal Quarter period there shall be a period of at least three consecutive Fiscal Quarters in which no Specified Equity Contribution is made and (ii) in each eight consecutive Fiscal Quarter period there shall be a period of at least four consecutive Fiscal Quarters in which no Specified Equity Contribution is made.

SECTION 6.12 Amendment of Certain Documents. No Borrower will, nor will they permit their respective subsidiaries to, amend or terminate its articles of incorporation, charter, certificate of formation, by-laws, operating or management agreement (with respect to an LLC), any Revolving Loan Document or partnership agreement (with respect to a partnership), the Management Agreement, the Bonus Plan or (if applicable) the IBR Acquisition Documentation in a manner materially adverse to the Secured Parties.

SECTION 6.13 Permitted Dispositions. The Borrowers will not, nor will they permit their respective subsidiaries to, Dispose of any of their respective assets to any Person in one transaction or series of transactions unless such Disposition is (a) inventory or obsolete, damaged, worn out or surplus property Disposed of in the ordinary course of its business, (b) permitted by Section 6.03, (c) the licensing, as either licensor or licensee, of patents, trademarks, copyrights and know-how to or from third Persons or the Borrowers in the ordinary course of business or (d) (i) for fair market value and the consideration received consists of no less than 75% in cash or Permitted Investments, (ii) after giving effect to any such Disposition, no Default shall have occurred and be continuing and (iii) the Net Cash Proceeds from such Disposition in excess of the amount set forth in the last sentence of Section 6.03(a) are applied pursuant to Section 2.09(b)(i).

SECTION 6.14 Sale and Leaseback. Except as permitted under Section 6.03, the Borrowers will not, and will not permit any of their respective subsidiaries to, directly or indirectly enter into any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired) to a Person and the subsequent lease or rental of such property or other similar property from such Person.

SECTION 6.15 Accounting Policies and Reporting Practices. The Borrowers will not, nor will they permit their respective subsidiaries to, make any changes to the accounting policies and financial reporting practices that are in effect as of the Effective Date, except as required by or in conformity with GAAP.

ARTICLE VII

Events of Default

If any of the following events (“Events of Default”) shall occur:

(a) the Borrowers shall fail to pay any principal of any Loan after the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

(b) the Borrowers shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article VII) payable under this Agreement, within three Business Days after the same shall become due and payable;

(c) any representation or warranty made or deemed made by or on behalf of any Loan Party in this Agreement or any Loan Document or any amendment or

modification thereof or waiver thereunder, or in any certificate or financial statement furnished pursuant to this Agreement or any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been materially incorrect when made or deemed made or confirmed;

(d) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Sections 5.02(a), 5.03 (with respect to a Loan Party’s existence), 5.08, or in Article VI (other than 6.07 and 6.15);

(e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or the other Loan Documents (other than those covenants, conditions or agreements which constitute a default under another clause of this Article VII), and such failure shall continue unremedied for a period of (i) 10 days if such breach relates to terms or provisions of Sections 5.01, 5.02 (other than Section 5.02(a)), 5.09, 6.07 and 6.15 of this Agreement or (ii) 30 days if such breach relates to terms or provisions of any other section of this Agreement or the other Loan Documents;

(f) any Loan Party shall (i) default in making any payment of any principal of any Material Indebtedness on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such Material Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Material Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event of default shall occur, the effect of which payment or other default or other event of default is to cause, or to permit the holder or beneficiary of such Material Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Material Indebtedness to become due prior to its stated maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or to become payable; provided, that (1) this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the sale, transfer, destruction or other disposition of the Property or assets securing such Material Indebtedness if such sale, transfer, destruction or other disposition is not prohibited hereunder and under the documents providing for such Indebtedness and (2) no “Event of Default” (as defined in the First Lien Term Loan Credit Agreement) (other than the non-payment of the “Obligations” (as defined in the First Lien Term Loan Credit Agreement) when due after giving effect to any grace period set forth therein) shall constitute an Event of Default under this clause unless the First Lien Term Loan Lenders cause such Indebtedness to become immediately due and payable as a result thereof;

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

(h) any Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

(i) any Loan Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

(j) (i) one or more judgments or decrees for the payment of money shall be entered against any Loan Party (to the extent not paid or fully covered by insurance or effective indemnity) of $22,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 45 days from the entry thereof or (ii) one or more non-monetary judgments or orders shall be entered against any Loan Party that has had, or could reasonably be expected to have, a Material Adverse Effect;

(k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

(l) a Change in Control shall occur;

(m) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any Collateral with a fair market value in excess of $550,000 purported to be covered thereby, except as permitted by the terms of this Agreement or any Collateral Document, or any Collateral Document shall fail to remain in full force or effect in any material respect or any action shall be taken by any Loan Party to discontinue or to assert the invalidity or unenforceability of any Collateral Document or security interest in any Collateral with a fair market value in excess of $500,000; provided, that there shall be no Event of Default under this clause (m) to the extent such Event of Default arises from (A) the resignation of the Administrative Agent or (B) the negligence or willful misconduct of the Administrative Agent following a reasonable request from the Administrative Borrower to execute any document or take any other action relating to such Collateral Document or the Liens granted thereunder;

(n) any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); or

(o) any Subsidiary Guaranty executed and delivered by a Subsidiary with a fair market value in excess of $550,000 shall fail to remain in full force or effect or any action by a Loan Party shall be taken to discontinue or to assert the invalidity or unenforceability of any Subsidiary Guaranty, or any Subsidiary Guarantor shall fail to pay any amount due pursuant to any Subsidiary Guaranty to which it is a party, or any Subsidiary Guarantor shall deny that it has any further liability under the Subsidiary Guaranty to which it is a party, or shall give notice to such effect;

then, and in every such event (other than an event with respect to any Loan Party described in clause (g) or (h) of this Article VII), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Administrative Borrower, declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to any Loan Party described in clause (g) or (h) of this Article VII, the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable (and the Borrowers will be obligated to pay any premiums that would otherwise be owing if a prepayment of the Loans were made at such time and such premium will be automatically due and owing at such time), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. Upon the occurrence and the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC and the PPSA.

ARTICLE VIII

The Administrative Agent

Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Each of the Lenders hereby irrevocably authorizes the Administrative Agent to enter into the Intercreditor Agreement and consents to be bound by the terms of the Intercreditor Agreement.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Loan Parties or any subsidiary of a Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder.

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to the Administrative Agent by any Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV, the Closing Checklist or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for a Loan Party), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Administrative Borrower effective upon appointment of a successor Administrative Agent. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under clause (a), (b), (g), (h) or (i) of Article VII shall have occurred and be continuing) be subject to approval by the Administrative Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor Administrative Agent shall have been so appointed by the Required Lenders with such consent of the Administrative Borrower and shall have accepted such appointment within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and with the consent of the Administrative Borrower (such consent not to be unreasonably withheld or delayed), appoint a successor Administrative Agent, that shall be a bank that has an office in New York, New York with a combined capital and surplus of at least $500,000,000. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents.

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder.

Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender (other than the Administrative Agent) obtain possession of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions.

Each Lender hereby agrees that (a) it is deemed to have requested that the Administrative Agent furnish such Lender, promptly after it becomes available, a copy of each Report prepared by or on behalf of the Administrative Agent; (b) the Administrative Agent (i) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission contained in or

relating to a Report, or (ii) shall not be liable for any information contained in any Report; (c) the Reports are not comprehensive audits or examinations, and that the Administrative Agent or any other party performing any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports; (d) it will keep all Reports confidential and strictly for its internal use, not share the Report with any Loan Party and not to distribute any Report to any other Person except as otherwise permitted pursuant to this Agreement; and (e) without limiting the generality of any other indemnification provision contained in this Agreement, it will pay and protect, and indemnify, defend, and hold the Administrative Agent and any such other Person preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorney fees) incurred by the Administrative Agent and any such other Person preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.

Unless it has actual knowledge evidenced by way of written notice from any such Secured Party or Loan Party to the contrary, the Administrative Agent, in acting in such capacity under the Loan Documents, shall be entitled to assume that no Swap Obligations or Obligations in respect thereof are in existence or outstanding between any Secured Party and any Loan Party.

Neither the Syndication Agent nor the Documentation Agent (each as referred to on the cover page) listed on the first page hereof shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.

ARTICLE IX

Miscellaneous

SECTION 9.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 9.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows:

(i) if to any Loan Party, c/o the Administrative Borrower at:

Talecris Biotherapeutics, Inc.

X.X. Xxx 00000

79 XX Xxxxxxxxx Drive

0000 Xxxxxxxx Xxxxxxx

Xxxxxxxx Xxxxxxxx Xxxx, XX 00000

Attention: General Counsel

Fax: (000) 000-0000

With copies to:

Talecris Holdings, LLC

x/x Xxxxxxxx Xxxxxxx Xxxxxxxxxx, X.X.

000 Xxxx Xxxxxx, 00xx Xxxxx

Xxx Xxxx, XX 00000

Fax: (000) 000-0000

and

Xxxx Xxxxxxxx

General Counsel

Cerberus Capital Management, L.P.

000 Xxxx Xxxxxx, 00xx Xxxxx

Xxx Xxxx, XX 00000

Fax: (000) 000-0000

(ii) if to the Administrative Agent, to Xxxxxx Xxxxxxx at:

0000 Xxxxxxxx

Xxx Xxxx, XX 00000

Attention: Talecris Account Manager

(iii) if to any other Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire.

All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received, or (ii) sent by facsimile shall be deemed to have been given when sent, provided that if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient.

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II (other than borrowing requests referred to in Section 2.04, to the extent set forth in such Section) or to compliance and no Event of Default certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Administrative Borrower (on behalf of all of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. All such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or

intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing subsection (b)(i) of notification that such notice or communication is available and identifying the website address therefor.

(c) Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.

SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 9.02(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Event of Default at the time.

(b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders, or (ii) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Term Loan Commitment of any Lender without the written consent of such Lender, (ii) reduce or forgive the principal amount of any Loan or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without the written consent of each Lender directly adversely affected thereby, (iii) postpone the maturity of any Loan, or any scheduled date of payment of the principal amount of any Loan, or any date for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Term Loan Commitment, without the written consent of each Lender directly adversely affected thereby, (iv) change the definition of “Applicable Percentage” or Section 2.16(a) or (b) in a manner that would alter the manner in which payments are shared, without the written consent of each Lender, (v) change any of the provisions of this Section 9.02(b) or the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender, or (vi) except as otherwise permitted by the terms of any Loan Document, release any Borrower from its obligations under this Agreement or any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty except as provided in Section 9.02(d) or (e) or in any Collateral Document, release all or substantially all of the Collateral, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the

rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent.

(c) The Administrative Agent may (i) amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04, (ii) waive payment of the fee required under Section 9.04(b)(ii)(C) and (iii) implement any provisions contained in the Fee Letter, in each case without obtaining the consent of any other party to this Agreement.

(d) The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of the Term Loan Commitment, payment and satisfaction in full in cash of all Obligations (other than Unliquidated Obligations), payment and satisfaction in full in cash or cash collateralization, or the making of other arrangements satisfactory to the Administrative Agent and the applicable counterparty with respect thereto, of all Obligations constituting Swap Obligations, (ii) constituting property being sold or disposed of if the Loan Party disposing of such property (or the Administrative Borrower on behalf of such Loan Party) certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property in which no Loan Party has at any time during the term of this Agreement owned any interest, (iv) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, (v) owned by or leased to any Loan Party which is subject to a purchase money security interest or which is a Capital Lease Obligation, in either case, entered into by such Loan Party pursuant to Section 6.01, or (vi) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release any Liens upon particular types or items of Collateral pursuant to this Section 9.02. Except as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders; provided that, the Administrative Agent may in its discretion, release its Liens on Collateral valued in the aggregate not in excess of $11,000,000 during any calendar year without the prior written authorization of the Required Lenders.

(e) Upon at least five Business Days prior written request by the Administrative Borrower, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of its Liens upon such Collateral to the extent such release is authorized by Section 9.02(d); provided that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

(f) If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender directly adversely affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then, so long as the Administrative Agent is not a Non-Consenting Lender, the Administrative Borrower may, at its sole cost and expense, elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Administrative Borrower and the Administrative Agent, including, without limitation, any member of the Sponsor Group or Affiliate thereof, shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of Section 9.04(b), and (ii) the Borrowers shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.13 and 2.15, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.14 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.

SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) Each Borrower hereby jointly and severally agrees to pay (i) all reasonable, documented out of pocket expenses incurred by the Administrative Agent and its Affiliates from and after September 1, 2006, including the reasonable fees, charges and disbursements of outside counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable, documented expenses incurred by the Administrative Agent or any Lender, including the out-of-pocket fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section 9.03, or in connection with the Loans made hereunder, including all such expenses incurred during any workout, restructuring or negotiations in respect of such Loans. Expenses being reimbursed by the Borrowers under this Section 9.03 include, without limiting the generality of the foregoing, costs and expenses incurred in connection with:

(i) Subject to Section 5.10, appraisals of all or any portion of the Collateral (including travel, lodging, meals and other out of pocket expenses of the appraisers);

(ii) field examinations and the preparation of Reports referred to in Section 5.06 at either the Administrative Agent’s then customary charge (such charge is currently $1,000 per day (or portion thereof) for each Person employed by the

Administrative Agent with respect to each field examination) or at the fee charged by a third party retained by the Administrative Agent, plus in each case reasonable, documented travel, lodging, meals and other out of pocket expenses;

(iii) lien and title searches and title insurance;

(iv) taxes, fees and other charges for recording the Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens;

(v) sums paid or incurred to take any action required of any Borrower under the Loan Documents that such Borrower fails to pay or take; and

(vi) costs and expenses of forwarding loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral.

All of the foregoing costs and expenses may be charged to the Borrowers as described in Section 2.16(c).

(b) Each Borrower hereby jointly and severally agrees to indemnify the Administrative Agent, Syndication Agent, Documentation Agent, Joint Lead Arranger and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, liabilities, obligations, and reasonable, documented costs, disbursements and expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of any actual or threatened claim, action, investigation or proceeding (regardless of whether the Indemnitee is a party thereto) relating to or otherwise with respect to (i) the execution or delivery of the Loan Documents or any certificate, agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom or (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its subsidiaries, or any Environmental Liability related in any way to any Borrower or any of its subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of such Indemnitee’s Related Parties. To the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, arising out of, as a result of, or in any way related to, this Agreement or any Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event

occurring in connection therewith, and the Loan Parties hereby waive, release and agree not to xxx upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

(c) To the extent that the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent under Section 9.03(a) or (b) (and without limiting their obligation to do so), each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, penalty, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such.

(d) The relationship between any Loan Party on the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of debtor and creditor. Neither the Administrative Agent nor any Lender (i) shall have any fiduciary responsibilities to any Loan Party, or (ii) undertakes any responsibility to any Loan Party to review or inform such Loan Party of any matter in connection with any phase of any Loan Party’s business or operations.

(e) All amounts due under this Section shall be payable promptly after written demand therefor.

SECTION 9.04 Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns permitted hereby, except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent shall be null and void), it being understood that mergers, consolidations and other corporate changes permitted by Section 6.03 of the Credit Agreement shall not be deemed an assignment for purposes of this sentence, and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in Section 9.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b) (i) Subject to the conditions set forth in Section 9.04(b)(ii), any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Term Loan Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, delayed or conditioned) of:

(A) the Administrative Borrower, provided that no consent of the Administrative Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under clause (g) or (h) of Article VII has occurred and is continuing, any other assignee or for any

assignments made by Xxxxxx Xxxxxxx or GSCP or any of their respective Affiliates until the Primary Syndication has been completed; and

(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund.

(ii) Assignments shall be subject to the following additional conditions:

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Term Loan Commitment or Loans, the amount of the Term Loan Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Administrative Borrower and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed), provided that no such consent of the Administrative Borrower shall be required if an Event of Default under clause (g) or (h) of Article VII has occurred and is continuing;

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of Term Loan Commitments or Loans; and

(C) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning:

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans, commercial loans or similar extensions of credit and that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.

(iii) Subject to acceptance and recording thereof pursuant to Section 9.04(b)(iv), from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 (with respect to periods it was a Lender) and 9.03). Any

assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 9.04(c).

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Term Loan Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”) and give prompt written notice to the Borrower. The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in Section 9.04(b) and any written consent to such assignment required by Section 9.04(b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.16(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. Notwithstanding anything to the contrary in this Agreement, no assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided herein.

(c) (i) Any Lender may, without the consent of any Borrower or the Administrative Agent sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Term Loan Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that directly and adversely affects such

Participant. Subject to Section 9.04(c)(ii), each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 (and subject to the limitations thereof) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 9.04(b), provided such Participant agrees to be subject to Sections 2.15 as though it were a Lender, and provided further such Participant agrees to be subject to Section 2.17 as though it were a Lender.

(ii) Notwithstanding anything to the contrary contained herein, (A) a Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, (B) a Participant shall not be entitled to the benefits of Section 2.15 unless the Administrative Borrower is notified of the participation sold to such Participant and (C) a Participant shall not be entitled to the benefits of Section 2.15 unless and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.15(e) as though it were a Lender.

(d) Each Lender that sells a participation interest in all or a portion of such Lender’s rights and obligations under this Agreement shall, as agent of the Borrower solely for purposes of this Section 9.04, record in book entries (as defined in Temporary Treasury Regulation §5f.103-1) maintained by such Lender the name and the amount of the participating interest of each Participant entitled to receive payments in respect of such participating interest.

(e) Any Lender may, without the consent of the Administrative Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of, or securities issued by, such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

SECTION 9.05 Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any provision hereof.

SECTION 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which

shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, the Fee Letter, and any other separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION 9.07 Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing or if any Loan Party becomes insolvent, however evidenced, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, but excluding tax, payroll and fiduciary accounts) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Loan Party against any of and all the Obligations held by such Lender which are then due and payable, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations owing by such Lender or Affiliate may be unmatured. The rights of each Lender under this Section 9.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. (a) THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

(b) EACH BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH BORROWER AGREES THAT A FINAL

JUDGMENT (AFTER ANY APPEAL) IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section 9.09(b). Each Borrower hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10 Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel, trustees and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection

with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and their obligations, (g) with the written consent of the Administrative Borrower, or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section, or (ii) becomes available to the Administrative Agent or any Lender from a source other than the Borrowers. For the purposes of this Section 9.12, “Information” means all information received from the Borrowers relating to the Borrowers or their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrowers. Any Person required to maintain the confidentiality of Information as provided in this Section 9.12 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord confidential information of a similar nature.

SECTION 9.13 Several Obligations; Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock for the repayment of the Borrowings provided for herein. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrowers in violation of any limitation or prohibition provided by any applicable statute or regulation.

SECTION 9.14 USA PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrowers that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the names and addresses of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Act.

SECTION 9.15 Disclosure. Each Borrower and each Lender hereby acknowledges and agrees that the Administrative Agent, the Syndication Agent, the Documentation Agent, the Lenders, and/or their respective Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Borrowers and their respective Affiliates.

SECTION 9.16 Execution of Loan Documents. The Lenders hereby empower and authorize the Administrative Agent, on behalf of the Lenders, to execute and deliver to the Borrowers the other Loan Documents and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents. Each Lender agrees that any action taken by the Administrative Agent or the Required Lenders in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Administrative Agent or the Required Lenders of their respective powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding

upon all of the Lenders. The Lenders acknowledge that all of the Obligations hereunder constitute one debt, secured pari passu by all of the Collateral.

SECTION 9.17 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.17 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

SECTION 9.18 Administrative Borrower. Each Borrower hereby irrevocably appoints Talecris Biotherapeutics, Inc. as the borrowing agent and attorney-in-fact for the Borrowers (the “Administrative Borrower”), which appointment shall remain in full force and effect unless and until the Administrative Agent shall have received prior written notice signed by all of the Borrowers that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (i) to provide to the Administrative Agent and receive from the Administrative Agent all notices with respect to Loans obtained for the benefit of any Borrower and all other notices and instructions under the Loan Documents and (ii) to take such action as the Administrative Borrower deems appropriate on its behalf to obtain Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the Loans and Collateral of the Borrowers in a combined fashion, as more fully set forth herein, is done solely as an accommodation to the Borrowers in order to utilize the collective borrowing powers of the Borrowers in the most efficient and economical manner and at their request, and that neither the Administrative Agent nor any other Secured Party shall incur liability to the Borrowers as a result hereof. Each of the Borrowers expects to derive benefit, directly or indirectly, from the handling of the Loans and the Collateral in a combined fashion since the successful operation of each Borrower is dependent on the continued successful performance of the integrated group. To induce the Administrative Agent and the other Secured Parties to do so, and in consideration thereof, each of the Borrowers hereby jointly and severally agrees to indemnify the Indemnitees and hold the Indemnitees harmless against any and all liability, expense, loss or claim of damage or injury, made against such Indemnitee by any of the Borrowers or by any third party whosoever, arising from or incurred by reason of the Administrative Agent and other Secured Parties relying on any instructions of the Administrative Borrower.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

	TALECRIS BIOTHERAPEUTICS, INC.

	By	/s/ Xxxx Xxxxxx
	Name: Xxxx Xxxxxx
	Title: Exec VP & CFO

	TALECRIS BIOTHERAPEUTICS HOLDINGS CORP.

	By	/s/ Xxxx Xxxxxx
	Name: Xxxx Xxxxxx
	Title: Exec VP & CFO, Treasurer

	PRECISION PHARMA SERVICES, INC.

	By	/s/ Xxxx Xxxxxx
	Name: Xxxx Xxxxxx
	Title: Exec VP & CFO

	TALECRIS PLASMA RESOURCES, INC.

	By	/s/ Xxxx Xxxxxx
	Name: Xxxx Xxxxxx
	Title: Exec VP & CFO

	XXXXXX XXXXXXX SENIOR FUNDING, INC.,
	individually and as Administrative Agent

	By	/s/ Xxxx XxXxxx
	Name: Xxxx XxXxxx
	Title: Vice President

	XXXXXXX SACHS CREDIT PARTNERS L.P.

	By	/s/ Authorized Signatory
		Authorized Signatory

COMMITMENT SCHEDULE

Lender	Term Loan Commitment
Xxxxxx Xxxxxxx Senior Funding, Inc.	$	198,000,000
Xxxxxxx Sachs Credit Partners L.P.	$	132,000,000

Total	$	330,000,000

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SECOND LIEN TERM LOAN CREDIT AGREEMENT dated as of December 6, 2006 among TALECRIS BIOTHERAPEUTICS HOLDINGS CORP. TALECRIS BIOTHERAPEUTICS, INC. PRECISION PHARMA SERVICES, INC. and TALECRIS PLASMA RESOURCES, INC. as Borrowers, The Lenders Party...

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