EXHIBIT 10.2

AMENDMENT NO. 9
 
AMENDMENT NO. 9 dated as of November 3, 2006 to the Credit Agreement referred to
below, between MDC Partners Inc., a Canadian corporation (“MDC Partners”),
Maxxcom Inc., an Ontario corporation (“Maxxcom Canada”), Maxxcom Inc., a
Delaware corporation (“Maxxcom U.S.” and together with MDC Partners and Maxxcom
Canada, the “Borrowers”), each of the Lenders identified under the caption
“LENDERS” on the signature pages hereto and JPMorgan Chase Bank, N.A. (“JPMCB”),
as U.S. administrative agent for the Lenders (in such capacity, the “U.S.
Administrative Agent”).

The Borrowers, the Lenders party thereto (individually, a “Lender” and,
collectively, the “Lenders”), the U.S. Administrative Agent, JPMCB, as
Collateral Agent (in such capacity, the “Collateral Agent”), and JPMCB, Toronto
Branch, as Canadian Administrative Agent (in such capacity, the “Canadian
Administrative Agent” and together with the U.S. Administrative Agent, the
“Administrative Agents”) are parties to a Credit Agreement dated as of September
22, 2004 (as amended, the “Credit Agreement”). The Borrowers and the Required
Lenders wish to amend the Credit Agreement in certain respects, and accordingly,
the parties hereto hereby agree as follows:

Section 1. Definitions. Capitalized terms used in this Amendment No. 9 and not
otherwise defined are used herein as defined in the Credit Agreement.

Section 2. Amendments. Effective as provided in Section 5 hereof, the Credit
Agreement shall be amended as follows:

2.01. References in the Credit Agreement (including references to the Credit
Agreement as amended hereby) to “this Agreement” (and indirect references such
as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be
references to the Credit Agreement as amended hereby.

2.02. Section 1.01 of the Credit Agreement is hereby amended by amending the
following definitions to read in their entirety as follows:

“Net Available Proceeds” means, (a) with respect to any Equity Issuance
occurring on or prior to December 30, 2005, the aggregate amount of all cash
received by the Borrowers and their Subsidiaries in respect of such Equity
Issuance, net of any legal, title and recording tax expenses, financial advisory
fees, commissions and other fees and expenses paid or payable by any such Person
in connection therewith and (b) with respect to the Disposition in whole or in
part of the Secure Products Business, the aggregate amount of all cash received
by the Borrowers and their Subsidiaries in respect of such Disposition in excess
of $12,500,000, net of (i) any legal, title and recording tax expenses,
financial advisory fees, commissions and other fees and expenses paid or payable
by any such Person in connection therewith and (ii) any income or other taxes
paid or reasonably estimated to be payable by any such Person as a result
thereof.
 
“Net Worth” means the shareholders’ equity of MDC Partners and its Subsidiaries
determined on a Consolidated basis in accordance with U.S. GAAP; provided that
the calculation of such Consolidated shareholders’ equity shall be adjusted to
include an addition for any losses on sale or non-cash impairment charges
recorded in connection with the Disposition in whole or in part of the Secure
Products Business not to exceed $21,500,000.
 

--------------------------------------------------------------------------------

 
2.03 Section 8.01 of the Credit Agreement is hereby amended in its entirety to
read as follows:
 
“SECTION 8.01. Total Debt Ratio. MDC Partners will not permit the Total Debt
Ratio as of the last day of any Test Period ending on or, as applicable, after
the dates set forth below to exceed the ratio set forth opposite such Test
Period:
 
Test Period Ending
Total Debt Ratio
   
September 30, 2006
2.90 to 1.00
   
December 31, 2006
3.25 to 1.00 
   
March 31, 2007
3.00 to 1.00 
   
June 30, 2007
2.75 to 1.00”

Section 3. Representations and Warranties. Each Borrower represents and warrants
(as to itself and each of its Subsidiaries) to the Agents and Lenders that (a)
the representations and warranties set forth in Article V of the Credit
Agreement, as amended hereby, and in each of the other Loan Documents are
complete and correct on the date hereof as if made on and as of such date and as
if each reference in said Article V to “this Agreement” included reference to
this Amendment No. 9 and (b) no Default shall have occurred and be continuing
under the Credit Agreement, as amended hereby.

Section 4. Confirmation of Security Documents. Each of the Borrowers hereby
confirms and ratifies all of its obligations under the Loan Documents to which
it is a party, including its obligations as a guarantor under Article III of the
Credit Agreement as amended hereby. By its execution on the respective signature
lines provided below, each of the Guarantors hereby confirms and ratifies all of
its obligations and the Liens granted by it under the Security Documents to
which it is a party, represents and warrants that the representations and
warranties set forth in such Security Documents are complete and correct on the
date hereof as if made on and as of such date and confirms that all references
in such Security Documents to the “Credit Agreement” (or words of similar
import) refer to the Credit Agreement as amended hereby without impairing any
such obligations or Liens in any respect.

Section 5. Conditions Precedent to Effectiveness. The amendments set forth in
Section 2 hereof shall become effective, as of the date hereof, upon (a) receipt
by the U.S. Administrative Agent of one or more counterparts of this Amendment
No. 9 executed by the Obligors and the Required Lenders and (b) the payment of
an amendment fee to the U.S. Administrative Agent for the account of each Lender
that has approved this Amendment No. 9 on or before 12:00 noon, New York City
time, on November 3, 2006, such amendment fee to be in an amount equal to 0.10%
of the Commitment of such Lender.

Section 6. Miscellaneous. Except as herein provided, the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment No. 9 may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same agreement and any of the parties hereto may execute
this Amendment No. 9 by signing any such counterpart. This Amendment No. 9 shall
be governed by, and construed in accordance with, the law of the State of New
York.
 
- 2 -

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 9 to be
duly executed and delivered as of the day and year first above written.

 
MDC PARTNERS INC.
         
By:________________________________
 
Name:
 
Title: Authorized Signatory
     
By:________________________________
 
Name:
 
Title: Authorized Signatory
         
MAXXCOM INC., an Ontario corporation
         
By:________________________________
 
Name:
 
Title: Authorized Signatory
     
By:________________________________
 
Name:
 
Title: Authorized Signatory
         
MAXXCOM INC., a Delaware corporation
         
By:________________________________
 
Name:
 
Title: Authorized Signatory
     
By:________________________________
 
Name:
 
Title: Authorized Signatory

- 3 -

--------------------------------------------------------------------------------

 

  Agreed as set forth in Section 4 above:       GUARANTORS

 
 
Signed sealed and delivered by the attorney of Placard Pty Ltd ACN 074 646 343
under power of attorney and who has received no notice of the revocation of the
power, in the presence of:
      _______________________ _______________________
Signature of witness
Signature of attorney    
Name of witness: Ray Forzley
Name of attorney: Walter Campbell

- 4 -

--------------------------------------------------------------------------------

 

 
1208075 ONTARIO LIMITED
1220777 ONTARIO LIMITED
1385544 ONTARIO LIMITED
2026646 ONTARIO LIMITED
656712 ONTARIO LIMITED
AMBROSE CARR LINTON CARROLL INC.
ASHTON POTTER CANADA INC.
BRUCE MAU DESIGN INC.
BRUCE MAU HOLDINGS LTD.
CAMPBELL + PARTNERS COMMUNICATIONS LTD.
COMPUTER COMPOSITION OF CANADA INC.
HENDERSON BAS
MAXXCOM (NOVA SCOTIA) CORP.
MAXXCOM INTERACTIVE INC.
METACA CORPORATION
STUDIOTYPE INC.
TREE CITY INC

 

 
By: ________________________________
 
Name:
 
Title: Authorized Signatory
         
By: ________________________________
 
Name:
 
Title: Authorized Signatory

 
- 5 -

--------------------------------------------------------------------------------

 
ACCENT ACQUISITION CO.
 
ACCENT INTERNATIONAL, INC.
 
ACCENT MARKETING SERVICES, L.L.C.
 
ASHTON-POTTER (USA) LTD.
 
BRATSKEIR & COMPANY, INC.
 
CHINNICI DIRECT, INC.
 
CMS U.S. HOLDCO, INC.
 
COLLE & MCVOY, INC.
 
CPB ACQUISITION INC.
 
CRISPIN PORTER & BOGUSKY LLC
 
DOTGLU LLC
 
FLETCHER MARTIN LLC
 
FMA ACQUISITION CO.
 
HELLO ACQUISITION INC.
 
KBP HOLDINGS LLC
 
KIRSHENBAUM BOND & PARTNERS LLC
 
KIRSHENBAUM BOND & PARTNERS WEST LLC
 
LAFAYETTE PRODUCTIONS LLC
 
MACKENZIE MARKETING, INC.
 
MARGEOTES/FERTITTA + PARTNERS LLC
 
MAXXCOM (USA) FINANCE COMPANY
 
MAXXCOM (USA) HOLDINGS INC.
 
MDC USA HOLDINGS INC.
 
MDC/KBP ACQUISITION INC.
 
MF+P ACQUISITION CO.
 
MONO ADVERTISING, LLC
 
PRO-IMAGE CORPORATION
 
SABLE ADVERTISING SYSTEMS, INC.
 
SMI ACQUISITION CO.
 
SOURCE MARKETING LLC
 
TARGETCOM LLC
 
VITROROBERTSON LLC
 
ZG ACQUISITION INC.
 
ZYMAN GROUP, LLC

 

 
By: ________________________________
 
Name:
 
Title: Authorized Signatory
         
By: ________________________________
 
Name:
 
Title: Authorized Signatory

 
 
- 6 -

--------------------------------------------------------------------------------

 

  LENDERS       JPMORGAN CHASE BANK, N.A.      
By:________________________________   Name:   Title:           JPMORGAN CHASE
BANK, N.A., TORONTO   BRANCH       By:________________________________  
Name:
 
Title:

 
- 7 -

--------------------------------------------------------------------------------

 

  BANK OF MONTREAL (CHICAGO BRANCH)          
By:________________________________  
Name:
 
Title:
          BANK OF MONTREAL       By:________________________________   Name:  
Title:

- 8 -

--------------------------------------------------------------------------------

 
THE BANK OF NOVA SCOTIA, by its Atlanta Agency
         
By:________________________________
 
Name:
 
Title:
         
THE BANK OF NOVA SCOTIA
         
By:________________________________
 
Name:
 
Title:
     
By:________________________________
 
Name:
 
Title:

 
 
- 9 -

--------------------------------------------------------------------------------

 
TORONTO DOMINION (TEXAS) INC.
         
By:________________________________
 
Name:
 
Title:
         
THE TORONTO-DOMINION BANK
         
By:________________________________
 
Name:
 
Title:
   

 
- 10 -

--------------------------------------------------------------------------------

 

 
CIBC INC.
         
By:________________________________
 
Name:
 
Title:
         
CANADIAN IMPERIAL BANK OF COMMERCE
         
By:________________________________
 
Name
 
Title:
     
By:________________________________
 
Name:
 
Title:

 
- 11 -

--------------------------------------------------------------------------------