Exhibit 10.9

 

CONSENT AND AMENDMENT NO. 2

TO FIRST LIEN CREDIT AND GUARANTY AGREEMENT AND AMENDMENT NO. 1

TO PLEDGE AND SECURITY AGREEMENT (FIRST LIEN)

CONSENT AND AMENDMENT NO. 2 TO FIRST LIEN CREDIT AND GUARANTY AGREEMENT AND
AMENDMENT NO. 1 TO PLEDGE AND SECURITY AGREEMENT (FIRST LIEN), dated as of
August 18, 2009 (this “Agreement”), among X-RITE, INCORPORATED, a Michigan
corporation, and successor by merger to OTP, Incorporated, X-Rite Ma,
Incorporated, Monaco Acquisition Company, Holovision Acquisition Company and
Pantone India, Inc. (the “Company”), X-RITE GLOBAL, INCORPORATED, a Michigan
corporation (“X-Rite Global”), X-RITE HOLDINGS, INC., a Michigan corporation
(“X-Rite Holdings”), XR VENTURES, LLC, a Michigan limited liability company (“XR
Ventures”), GRETAGMACBETH, LLC, a Delaware limited liability company
(“GretagMacbeth”), PANTONE, INC., a Delaware corporation (“Pantone”), PANTONE
ASIA, INC., a Delaware corporation (“Pantone Asia”), PANTONE GERMANY, INC., a
Delaware corporation “Pantone Germany”), PANTONE JAPAN, INC., a Delaware
corporation (“Pantone Japan”), PANTONE U.K., INC., a Delaware corporation
(“Pantone UK”), the other Persons party hereto that are designated as a “Credit
Party” on the signature pages hereof (such Persons, together with the Company,
X-Rite Global, X-Rite Holdings, XR Ventures, GretagMacbeth, Pantone, Pantone
Asia, Pantone Germany, Pantone Japan and Pantone UK are referred to herein each
individually as a “Credit Party” and collectively as the “Credit Parties”),
FIFTH THIRD BANK, a Michigan banking corporation (in its individual capacity,
“Fifth Third”), as administrative agent (in such capacity, the “Administrative
Agent”) and collateral agent (in such capacity, the “Collateral Agent”) for
certain financial institutions from time to time party thereto (each a “Lender”
and collectively the “Lenders”), and the other LENDERS signatory hereto.

WITNESSETH:

WHEREAS, the Company, the other Credit Parties, the Administrative Agent, the
Collateral Agent and the Lenders have entered into that certain First Lien
Credit and Guaranty Agreement dated as of October 24, 2007 (as the same has been
amended pursuant to that certain Forbearance Agreement and Consent, Waiver and
Amendment No. 1 to First Lien Credit and Guaranty Agreement dated as of
August 20, 2008, is currently being amended, and may further be amended, amended
and restated, extended, supplemented or otherwise modified and in effect from
time to time, the “Credit Agreement”; capitalized terms used herein and not
defined herein shall have the meanings ascribed thereto in the Credit Agreement
or in the Security Agreement described below, as applicable);

WHEREAS, the Company, the other Credit Parties and the Collateral Agent, for the
benefit of the Secured Parties, have entered into that certain Pledge and
Security Agreement (First Lien) dated as of October 24, 2007 (as amended,
amended and restated, extended, supplemented or otherwise modified and in effect
from time to time, the “Security Agreement”);

WHEREAS, pursuant to the Credit Agreement, (a) the Lenders have agreed to make,
and have made, certain Loans and other extensions of credit to the Company, and
(b) each Credit Party (other than the Company) has guaranteed all existing and
future Obligations of the Company and the other Credit Parties;

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WHEREAS, pursuant to the Security Agreement, each of the Company and each other
Credit Party has secured all of the Obligations by granting to the Collateral
Agent, for the benefit of the Secured Parties, a Lien on the Collateral
described therein;

WHEREAS, the Company and the other Credit Parties have informed the
Administrative Agent and the Lenders that the Company and the other Credit
Parties desire to implement an entity structure reorganization and, in
connection therewith, in order to effectuate such entity structure
reorganization, (a) the Company desires to form a wholly-owned Foreign
Subsidiary (the “New Subsidiary Formation”) under the laws of Switzerland (“New
Amazys Holdco”), (b) the Company desires to sell one hundred percent (100%) of
the issued and outstanding equity securities of Amazys Holding GmbH, a
corporation formed under the laws of Switzerland, formerly known as Amazys
Holding AG (“Amazys”) to the New Amazys Holdco (the “Amazys Sale”) in exchange
for an intercompany promissory note (which shall be in form and substance
reasonably acceptable to the Administrative Agent) issued by New Amazys Holdco
in favor of the Company in an aggregate principal amount to be determined based
on a third party valuation of Amazys (the “Amazys Sale Note”), (c) following the
consummation of the Amazys Sale and the issuance of the Amazys Sale Note, Amazys
desires to merge with and into New Amazys Holdco, with New Amazys Holdco being
the surviving entity (the “Amazys Merger”) and (d) following the consummation of
the Amazys Merger, X-Rite Europe GmbH, a corporation formed under the laws of
Switzerland (“X-Rite Europe”), a wholly-owned Foreign Subsidiary of New Amazys
Holdco, desires to issue an intercompany promissory note (which shall be in form
and substance reasonably acceptable to the Administrative Agent) to New Amazys
Holdco in an aggregate principal amount to be determined based on X-Rite
Europe’s balance sheet (the “Amazys Subsidiary Note”; the New Subsidiary
Formation, the Amazys Sale, the issuance of the Amazys Sale Note, the Amazys
Merger and the issuance of the Amazys Subsidiary Note are referred to herein as
the “Amazys Restructuring”);

WHEREAS, the Company and the other Credit Parties have also informed the
Administrative Agent and the Lenders that certain of the Permitted Holders
desire to purchase a portion of the Second Lien Indebtedness from certain of the
Second Lien Lenders (the “Selling Lenders”) in an aggregate principal par amount
not to exceed $41,561,223.12 in the aggregate (the “Second Lien Investor
Purchase”) and, immediately following the consummation of the Second Lien
Investor Purchase, the Permitted Holders who acquired such Second Lien
Indebtedness shall cancel one hundred percent (100%) of the par principal amount
of such Second Lien Indebtedness in exchange for (a) warrants (the “Warrants”)
to acquire an aggregate of 7,500,000 (subject to customary anti-dilution
adjustments) shares of common stock, par value $.10 per share, of the Company at
an initial exercise price of $0.01 per share, and (b) Series A Preferred Stock
of the Company (the “Preferred Stock”) that shall be issued on the terms and
conditions set forth in that certain Certificate of Designation, Preferences and
Rights of Series A Preferred Stock of X-Rite, Incorporated (the “Certificate of
Designations”), as in effect on the Second Amendment Effective Date (as defined
herein) (such issuance of the Warrants and the Preferred Stock and such exchange
and cancellation, in each case, as described above, the “Second Lien Exchange”);
and

WHEREAS, the Company and the other Credit Parties have requested that the
Administrative Agent and the Requisite Lenders (a) consent to the Amazys
Restructuring, (b) consent to the Second Lien Exchange and (c) amend the Credit
Agreement in certain respects, in each case in accordance with the terms and
subject to the conditions set forth herein; and

 

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WHEREAS, the Agents and Lenders agree to accommodate such requests of the
Company and the other Credit Parties, in each case on the terms and subject to
the conditions herein set forth.

NOW, THEREFORE, in consideration of the foregoing, the covenants and conditions
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

Section 1. Consents.

(a) Consent to Amazys Restructuring. Effective as of the Second Amendment
Effective Date, upon satisfaction of the conditions set forth in Section 4 of
this Agreement, and notwithstanding anything to the contrary contained in the
Credit Agreement (including, without limitation, Section 6.7 (other than
Section 6.7(j) of the Credit Agreement, as amended hereby), Section 6.9 and
Section 6.10 of the Credit Agreement) or any other Credit Document (other than
Section 6.7(j) of the Credit Agreement, as amended hereby), the Administrative
Agent, the Collateral Agent and the Lenders signatories hereto hereby consent to
the Amazys Restructuring; provided that the effectiveness of the foregoing
consent is subject to the following conditions:

(i) all steps of the Amazys Restructuring are consummated no later than June 30,
2010 and the Amazys Merger is consummated promptly following the consummation of
the Amazys Sale and the issuance of the Amazys Sale Note;

(ii) the Amazys Sale Note shall be unsecured and shall be subject to a First
Priority Lien in favor of the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the Security Agreement;

(iii) promptly following the formation of New Amazys Holdco, the Company shall
have delivered a Pledge Supplement whereby the Company shall pledge sixty-five
percent (65%) of the voting Capital Stock of New Amazys Holdco and one hundred
percent (100%) of the non-voting Capital Stock of New Amazys Holdco (such stock,
the “Pledged Stock”) to the Collateral Agent, for the benefit of the Secured
Parties, together with the stock certificates of New Amazys Holdco representing
the Pledged Stock, along with related assignments separate from certificate and
proxies, pursuant to which the Collateral Agent shall have received, for the
benefit of the Secured Parties, a First Priority Lien in all of the Pledged
Stock;

(iv) promptly following the formation of New Amazys Holdco, the Company shall
have delivered (w) a First Priority Share Pledge Agreement by and between the
Company and the Collateral Agent, for the benefit of the Secured Parties, with
respect to the Pledged Stock, governed by the laws of Switzerland, in form and
substance reasonably satisfactory to the Collateral Agent, (x) certified copies
of the Share Register of New Amazys Holdco, (y) the necessary resolutions of New
Amazys Holdco (under Swiss law), certified by an authorized officer or a
director as being in full force and effect without modification or amendment,
and (z) an opinion of Swiss counsel to the Company, in form and substance
reasonably satisfactory to the Administrative Agent;

 

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(v) (x) promptly following the formation of New Amazys Holdco, the Company shall
deliver certified copies of the Organizational Documents of New Amazys Holdco
and (y) promptly following the consummation of the Amazys Merger, the Company
shall deliver certified copies of the merger documents effectuating the merger
of Amazys with and into New Amazys Holdco, in each case in clauses (x) and (y),
that have been certified by the appropriate governmental authority in
Switzerland as of a recent date (to the extent such certification is available
in Switzerland); and

(vi) the Company shall have otherwise complied with the requirements of Sections
5.10(a) of the Credit Agreement, to the extent applicable.

(b) Consent to Second Lien Exchange. Effective as of the Second Amendment
Effective Date, upon satisfaction of the conditions set forth in Section 4 of
this Agreement, and notwithstanding anything to the contrary contained in the
Credit Agreement (including, without limitation, Section 6.5 of the Credit
Agreement) or any other Credit Document, the Administrative Agent, the
Collateral Agent and the Lenders signatories hereto hereby consent to the Second
Lien Exchange and the payment in cash by the Company to the Selling Lenders on
the Second Amendment Effective Date of all accrued and unpaid interest
(including any PIK Interest (as defined in the Second Lien Credit Agreement as
such agreement is in effect on the date hereof)) on the aggregate principal par
amount of Second Lien Indebtedness acquired by the Permitted Holders in
connection with the Second Lien Investor Purchase (the “Accrued Interest”);
provided that the effectiveness of the foregoing consent is subject to the
following conditions:

(i) the Second Lien Exchange (including, without limitation, the cancellation of
such Second Lien Indebtedness by the Permitted Holders) is consummated on the
Second Amendment Effective Date immediately following the Second Lien Investor
Purchase;

(ii) promptly following the Second Lien Investor Purchase, the Administrative
Agent shall receive evidence, in form and substance reasonably satisfactory to
the Administrative Agent, that the Second Lien Indebtedness purchased by the
Permitted Holders has been cancelled (the Administrative Agent acknowledges that
the cancellation language contained in the assignment and acceptance agreement
reviewed by the Administrative Agent prior to the date hereof, once executed and
delivered to the Administrative Agent, shall constitute reasonably satisfactory
evidence of such cancellation);

(iii) the principal par amount of Second Lien Indebtedness acquired by the
Permitted Holders (in the aggregate) in connection with the Second Lien Exchange
shall not to exceed $41,561,223.12 in the aggregate;

(iv) all Accrued Interest is paid in cash by the Company to the Selling Lenders
on the Second Amendment Effective Date and the aggregate amount of all Accrued
Interest paid to the Selling Lenders shall not exceed $703,836.47;

(v) the Preferred Stock is issued in accordance with the terms set forth in the
Certificate of Designations (as in effect on the date hereof), accrues and
cumulates

 

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dividends quarterly at a rate not to exceed 14.375% per annum (plus any
applicable penalty or default rate required pursuant to the terms of the
Certificate of Designations (as in effect on the date hereof or as amended from
time to time as permitted pursuant to the terms of the Credit Agreement, as
amended hereby)) and does not require (x) any cash dividends or distributions
on, (y) cash payments in respect of or (z) mandatory redemptions of the
Preferred Stock at any time prior to January 23, 2014 (except in connection with
a Fundamental Change (as such term is defined in the Certificate of Designations
(as in effect on the date hereof or as amended from time to time as permitted
pursuant to the terms of the Credit Agreement, as amended hereby) that will
result in the Obligations being paid in full in cash, the Revolving Commitments
being terminated and all Letters of Credit, if any, being returned to the LC
Issuer, backstopped or cash collateralized in a manner acceptable to the LC
Issuer and the Administrative Agent); and

(vi) the Warrants do not contain any put rights or otherwise require any
mandatory redemptions at any time prior to January 23, 2014 (except in
connection with a Fundamental Change (as such term is defined in the Certificate
of Designations (as in effect on the date hereof or as amended from time to time
as permitted pursuant to the terms of the Credit Agreement, as amended hereby)
that will result in the Obligations being paid in full in cash, the Revolving
Commitments being terminated and all Letters of Credit, if any, being returned
to the LC Issuer, backstopped or cash collateralized in a manner acceptable to
the LC Issuer and the Administrative Agent).

(c) Consent to Second Lien Amendment. Effective as of the Second Amendment
Effective Date, the Administrative Agent, the Collateral Agent and the Lenders
signatories hereto hereby consent to the consent and amendment to the Second
Lien Indebtedness Documents regarding the substance of this Agreement,
substantially in the form attached hereto as Exhibit A (the “Corresponding
Second Lien Amendment”); provided that the effectiveness of such consent is
subject to the Second Lien Lender Parties’ consent to the transactions
contemplated by this Agreement.

Section 2. Amendments to Credit Agreement. Effective as of the Second Amendment
Effective Date, and in reliance on the representations and warranties of the
Company set forth in this Agreement and in the Credit Agreement, as amended
hereby, the Credit Agreement is hereby amended as follows:

(a) Section 1.1 of the Credit Agreement is hereby amended by adding thereto the
following defined terms and their respective definitions in the correct
alphabetical order:

“Amazys Sale Note” shall have the meaning ascribed to such term in the Second
Amendment Agreement.

“Certificate of Designations” shall have the meaning ascribed to such term in
the Second Amendment Agreement.

“Preferred Stock” shall have the meaning ascribed to such term in the Second
Amendment Agreement.

 

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“Second Amendment Agreement” means that certain Consent and Amendment No. 2 to
First Lien Credit and Guaranty Agreement and Amendment No. 1 to Pledge and
Security Agreement (First Lien) dated as of the Second Amendment Effective Date
by and among the Company, the Guarantors, certain other Credit Parties, the
Administrative Agent, the Collateral Agent and the Requisite Lenders.

“Second Amendment Effective Date” shall mean August 18, 2009.

(b) Section 1.1 of the Credit Agreement is hereby further amended by
substituting the definitions of the terms set forth below in lieu of the current
versions of such definitions contained in Section 1.1 of the Credit Agreement:

“Change of Control” means, at any time, (i) any Person or “group” (within the
meaning of Rules 13d 3 and 13d 5 under the Exchange Act), other than the
Permitted Holders, (a) shall have acquired beneficial ownership of 35% or more
on a fully diluted basis of the voting and/or economic interest in the Capital
Stock of the Company or (b) shall have obtained the power (whether or not
exercised) to elect a majority of the members of the board of directors (or
similar governing body) of Company; (ii) the majority of the seats (other than
vacant seats) on the board of directors (or similar governing body) of Company
cease to be occupied by Persons who were nominated for election by the board of
directors of Company, a majority of whom were directors on the First Amendment
Effective Date or whose election or nomination for election was previously
approved by a majority of such directors; (iii) any “change of control” or
similar event under the Second Lien Credit Agreement shall occur or (iv) any
“Fundamental Change” (as defined in the Certificate of Designations) or similar
event under the Certificate of Designations shall occur.

“Consolidated Cash Interest Expense” means, for any period, Consolidated
Interest Expense for such period, excluding any amount not payable in Cash and,
to the extent constituting Consolidated Interest Expense, payments made in
respect of the Existing Interest Rate Agreements. The foregoing notwithstanding,
solely for purposes of calculating Interest Coverage Ratio as of any date of
measurement ending on or prior to July 3, 2010, Consolidated Cash Interest
Expense for any period set forth below included in the twelve month period
ending on such date shall be deemed to equal the amount set forth below (each
such amount an “Interest Expense Plug”) for such period:

 

Period:

   Interest Expense Plug:

Fiscal Quarter ending closest to March 31, 2009

   $ 4,842,925.00

Fiscal Quarter ending closest to June 30, 2009

   $ 4,625,773.00

Fiscal month ending closest to July 31, 2009

   $ 1,306,555.00

Fiscal month ending closest to August 31, 2009

   $ 1,306,555.00

“Consolidated Excess Cash Flow” means, for any period, an amount (if positive)
equal to: (i) the sum, without duplication, of the amounts for such period of
(a) Consolidated Adjusted EBITDA, plus (b) the Consolidated Working

 

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Capital Adjustment, minus (ii) the sum, without duplication, of the amounts for
such period of (a) Consolidated Capital Expenditures (net of any proceeds of
(y) any related financings with respect to such expenditures and (z) any sales
of assets used to finance such expenditures), (b) Consolidated Cash Interest
Expense, (c) provisions for current taxes based on income of Company and its
Subsidiaries and payable in Cash with respect to such period, (d) Cash payments
for the purchase price paid in connection with Permitted Acquisitions (whether
or not consummated), to the extent not paid with the proceeds of any
Indebtedness (other than Revolving Loans) or from the issuance of, or capital
contribution in respect of, any equity securities, (e) transaction costs and
expenses paid in Cash in connection with Permitted Acquisitions (whether or not
consummated) and added back to net income in the determination of Consolidated
Adjusted EBITDA and (f) restructuring charges paid in cash in connection with
the Pantone Mergers, the Prior Tender Offer and restructurings occurring after
the First Amendment Effective Date, solely to the extent (x) added back to
Consolidated Net Income in the calculation of Consolidated Adjusted EBITDA and
(y) not paid with the proceeds of any Indebtedness (other than Revolving Loans)
or from the issuance of, or capital contribution in respect of, any Capital
Stock or other equity securities.

“Restricted Junior Payment” means (i) any dividend or other distribution, direct
or indirect, on account of any shares or units of any Capital Stock of Company
or any Subsidiary of Company now or hereafter outstanding, except a dividend
payable solely in shares or units of any Capital Stock to the holders of that
class; (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any Capital
Stock of Company or any Subsidiary of Company now or hereafter outstanding;
(iii) any payment made to retire, or to obtain the surrender of, any outstanding
warrants, options or other rights to acquire any Capital Stock of Company or any
Subsidiary of Company now or hereafter outstanding and (iv) any payment or
prepayment of principal of, premium, if any, or interest on, or redemption,
purchase, retirement, defeasance (including in-substance or legal defeasance),
sinking fund or similar payment with respect to Indebtedness under the Second
Lien Credit Agreement or with respect to Indebtedness incurred pursuant to
Section 6.1(o).

(c) Section 6.1(b) of the Credit Agreement is hereby deleted in its entirety and
the following is substituted in lieu thereof:

“(b) Investments permitted pursuant to Section 6.7(d) and Section 6.7(j);”

(d) Section 6.1(o) of the Credit Agreement is hereby deleted in its entirety and
the following is substituted in lieu thereof

“(o) solely to the extent consented to by the holders of the Preferred Stock,
unsecured Indebtedness of the Company and its Subsidiaries not to exceed
$30,000,000 in aggregate principal amount at any time outstanding which is
subordinated to the Obligations in a manner reasonably satisfactory to
Administrative Agent; provided, that, immediately prior to the incurrence of any

 

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such Indebtedness, the Leverage Ratio, as determined of the last day of the
immediately preceding Fiscal Quarter with respect to which the Company has
delivered to Administrative Agent and Lenders the financial statements required
pursuant to Section 5.1(b)(ii), for the twelve (12) month period ending on such
date, is less than 4.00 to 1.00.”

(e) Section 6.5 of the Credit Agreement is hereby deleted in its entirety and
the following is substituted in lieu thereof:

“6.5 Restricted Junior Payments. No Credit Party shall, nor shall it permit any
of its Subsidiaries through any manner or means to, directly or indirectly,
declare, order, pay, make or set apart, or agree to declare, order, pay, make or
set apart, any sum for any Restricted Junior Payment, except that the foregoing
shall not prohibit any Subsidiary of the Company from making dividends or
distributions, directly or indirectly, to the Company or to any Wholly-Owned
Subsidiary of Company, and except that:

(a) Subject to the terms of the Intercreditor Agreement, Company may make
regularly scheduled payments of interest with respect to the Indebtedness
incurred under the Second Lien Credit Agreement in accordance with the terms
thereof, and only to the extent required by the Second Lien Credit Agreement as
in effect on the date hereof or as modified in accordance with the terms set
forth in the Intercreditor Agreement;

(b) the Company may accrue and cumulate dividends (but not pay in cash) on the
Preferred Stock in accordance with the terms set forth in the Certificate of
Designations (as in effect on the Second Amendment Effective Date or as amended
from time to time as permitted pursuant to Section 6.18); and

(c) the Company and its Subsidiaries may pay, as and when due and payable,
regularly scheduled payments of interest on any Indebtedness incurred pursuant
to Section 6.1(o), to the extent such payments are permitted pursuant to the
subordination terms governing such Indebtedness.

Except as expressly permitted by the foregoing sentence, no Credit Party shall,
nor shall it permit any of its Affiliates through any manner or means or through
any other Person to, directly or indirectly, declare, order, pay, make or set
apart, or agree to declare, order, pay, make or set apart, any sum for any
Restricted Junior Payment in respect of any Indebtedness incurred pursuant to
Section 6.1(o).”

(f) Section 6.7 of the Credit Agreement is hereby amended by (i) deleting the
“and” at the end of clause (h) thereof, (ii) deleting the period at the end of
clause (i) thereof and substituting “; and” therefor and (iii) adding a new
clause (j) thereto immediately following clause (i) thereof as follows:

“(j) the intercompany loan that is evidenced by the Amazys Sale Note; provided,
that the Amazys Sale Note shall be subject to a First Priority Lien pursuant to
the Pledge and Security Agreement.”

 

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(g) Section 6 of the Credit Agreement is hereby amended by adding a new
Section 6.18 thereto immediately following Section 6.17 thereof as follows:

“6.18 Amendments to Certificate of Designations. No Credit Party shall nor shall
it permit any of its Subsidiaries to amend, amend and restate, supplement, waive
or otherwise modify the Certificate of Designations (or the terms of the
Preferred Stock) (a) to require the payment of any cash dividends or
distributions or any other cash payments in respect thereof or to require
mandatory redemptions of the Preferred Stock at any time prior to January 23,
2014 (except in connection with a Fundamental Change (as such term is defined in
the Certificate of Designations (as in effect on the Second Amendment Effective
Date or as amended from time to time as permitted pursuant to the terms of this
Agreement) that will result in the Obligations being paid in full in cash),
(b) to increase the quarterly rate at which cumulative dividends accrue on the
Preferred Stock in excess of 14.375% per annum (plus any applicable penalty or
default rate required pursuant to the terms of the Certificate of Designations
(as in effect on the Second Amendment Effective Date or as amended from time to
time as permitted pursuant to the terms of this Agreement)), or (c) in any other
manner that would be materially adverse to the Agents or any Lender.”

Section 3. Amendments to Security Agreement. Effective as of the Second
Amendment Effective Date, and in reliance on the representations and warranties
of the Company and the other Credit Parties set forth in this Agreement and in
the Credit Agreement, as amended hereby, and the Security Agreement, as amended
hereby, the Security Agreement is hereby amended as follows:

(a) Section 4.7(a)(i)(C) of the Security Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“(C) Intentionally omitted;”

(b) Section 4.7(b)(iii) of the Security Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“(iii) it shall, together with each delivery of financial statements of the
Company and its Subsidiaries pursuant to Section 5.1(b)(ii) and 5.1(c) of the
Credit Agreement, notify the Collateral Agent of the filing of any application
to register any Copyright in the United States Copyright Office or any state
registry or foreign counterpart of the foregoing (whether such application is
filed by such Grantor or through any agent, employee, licensee, or designee
thereof) during the most recent Fiscal Quarter then ended by executing and
delivering to the Collateral Agent a completed Pledge Supplement, substantially
in the form of Exhibit A attached hereto, together with all Supplements to
Schedules thereto;”

(c) Section 4.7(b)(vii) of the Security Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“(vii) it shall, together with each delivery of financial statements of the
Company and its Subsidiaries pursuant to Section 5.1(b)(ii) and 5.1(c) of the

 

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Credit Agreement, report to the Collateral Agent (i) the filing of any
application to register any Intellectual Property with the United States Patent
and Trademark Office or any state registry or foreign counterpart of the
foregoing (whether such application is filed by such Grantor or through any
agent, employee, licensee, or designee thereof) during the most recent Fiscal
Quarter then ended and (ii) the registration of any Intellectual Property by any
such office during the most recent Fiscal Quarter then ended, in each case by
executing and delivering to the Collateral Agent a completed Pledge Supplement,
substantially in the form of Exhibit A attached hereto, together with all
Supplements to Schedules thereto;”

(d) Section 4.7(b)(viii) of the Security Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“(viii) it shall, together with each delivery of financial statements of the
Company and its Subsidiaries pursuant to Section 5.1(b)(ii) and 5.1(c) of the
Credit Agreement, report to the Collateral Agent the registration of any
Copyright by the United States Copyright Office or any state registry or foreign
counterpart of the foregoing during the most recent Fiscal Quarter then ended by
executing and delivering to the Collateral Agent a completed Pledge Supplement,
substantially in the form of Exhibit A attached hereto, together with all
Supplements to Schedules thereto;”

(e) Section 4.7(b)(x) of the Security Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“(x) no Grantor shall sell, assign, transfer, license, grant any option, or
create or suffer to exist any Lien upon or with respect to the Intellectual
Property, except for the Lien created by and under this Agreement and the other
Credit Documents and other Permitted Liens;”

(f) Section 4.7(b)(xiii) of the Security Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“(xiii) it shall, promptly upon the reasonable request of the Collateral Agent,
together with each delivery of financial statements of the Company and its
Subsidiaries pursuant to Section 5.1(b)(ii) and 5.1(c) of the Credit Agreement,
update Schedule 4.7 so that, as of the date of such update, it sets forth a true
and complete list of (1) all material United States, state and foreign
registrations of and applications for Patents, Trademarks, and Copyrights owned
by each Grantor and (2) all Patent Licenses, Trademark Licenses, Trade Secret
Licenses and Copyright Licenses material to the conduct of the business of such
Grantor;”

Section 4. Conditions to Effectiveness of this Agreement. Notwithstanding
anything to the contrary set forth herein, this Agreement shall become effective
upon satisfaction in a manner reasonably satisfactory to the Administrative
Agent of each of the following conditions:

(a) the delivery to the Administrative Agent of this Agreement executed by each
Credit Party, the Administrative Agent and the Requisite Lenders;

 

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(b) the delivery to the Administrative Agent of a copy of the fully executed
Corresponding Second Lien Amendment, and evidence that all conditions contained
therein (other than the effectiveness of this Agreement) have been satisfied;

(c) the Company shall have paid to the Administrative Agent in immediately
available Dollars, for the benefit of each Lender who has delivered an executed
signature page to this Agreement on or prior to 5:00 P.M., New York City time,
on August 17, 2009 (collectively, the “Signing Lenders”), a non-refundable fee
in an aggregate amount equal to 0.10% of each such Signing Lender’s Revolving
Commitment and the outstanding principal balance of the Term Loans held by each
such Signing Lender, which fee shall be non-refundable for any reason and fully
earned and payable as of the date hereof;

(d) the Company shall have paid all fees then due and payable to the
Administrative Agent pursuant to the Credit Documents and, to the extent
invoiced by the Administrative Agent not less than two (2) Business Days prior
to the Second Amendment Effective Date, shall have reimbursed the Administrative
Agent for all reasonable costs and expenses incurred by the Administrative Agent
in connection with this Agreement, including, without limitation, the
preparation, negotiation and execution of this Agreement (including reasonable
attorney’s fees of counsel to the Administrative Agent);

(e) Administrative Agent shall have received a copy of the Certificate of
Designations, in form and substance reasonably satisfactory to the
Administrative Agent, duly executed by the Company;

(f) the accuracy of the representations and warranties contained in Section 5
hereof; and

(g) no Default or Event of Default under the Credit Agreement shall have
occurred and be continuing.

The “Second Amendment Effective Date” shall mean the first date on which each of
the conditions set forth in this Section 4 have been satisfied.

Section 5. Representations and Warranties.

To induce the Agents and the Lenders to enter into this Agreement, each Credit
Party hereby represents and warrants to the Agents and Lenders that as of the
date hereof:

(a) each of the representations and warranties made by such Credit Party
contained in the Credit Documents are true and correct in all material respects
(without duplication of any materiality qualifiers contained therein) as of such
date, except to the extent such representation or warranty expressly relates to
an earlier date (in which case, such representations and warranties were true
and correct in all material respects (without duplication of any materiality
qualifiers contained therein) as of such earlier date);

(b) such Credit Party has all requisite corporate or limited liability company,
as applicable, power and authority to execute, deliver and perform its
obligations under this Agreement, the Credit Agreement, as amended hereby, and
the Security Agreement, as amended hereby;

 

11

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(c) the execution, delivery and performance by such Credit Party of this
Agreement, the Credit Agreement, as amended hereby, and the Security Agreement,
as amended hereby, have been duly authorized by all necessary action by such
Credit Party;

(d) the execution, delivery and performance by such Credit Party of this
Agreement, the Credit Agreement, as amended hereby, and the Security Agreement,
as amended hereby, and the consummation of the transactions contemplated by this
Agreement, the Credit Agreement, as amended hereby, and the Security Agreement,
as amended hereby, do not and will not (i) violate any provision of any law or
any governmental rule or regulation applicable to the Company or any of its
Subsidiaries, any of the Organizational Documents (including, without
limitation, the Certificate of Designations) of the Company or any of its
Subsidiaries, or any order, judgment or decree of any court or other agency of
government binding on the Company or any of its Subsidiaries, except, to the
extent that any such violations could not singly or in the aggregate reasonably
be expected to have a Material Adverse Effect; (ii) conflict with, result in a
breach of or constitute (with due notice or lapse of time or both) a default
under any Contractual Obligation of Company or any of its Subsidiaries, except
to the extent that any such conflicts, breaches or defaults could not singly or
in the aggregate reasonably be expected to have a Material Adverse Effect;
(iii) result in or require the creation or imposition of any Lien upon any of
the properties or assets of Company or any of its Subsidiaries (other than any
Liens created under any of the Credit Documents in favor of Collateral Agent, on
behalf of Secured Parties and Second Lien Indebtedness Liens contemplated by the
Corresponding Second Lien Amendment); or (iv) require any approval of
stockholders, members or partners or any approval or consent of any Person under
any Contractual Obligation of Company or any of its Subsidiaries, except for
such approvals or consents that were obtained on or before the date hereof and
disclosed in writing to the Administrative Agent except for any such approvals
or consents the failure of which to obtain could not singly or in the aggregate
reasonably be expected to have a Material Adverse Effect;

(e) this Agreement, the Credit Agreement, as amended hereby, and the Security
Agreement, as amended hereby, each constitute, the legal, valid and binding
obligation of such Credit Party, enforceable against such Person in accordance
with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability;

(f) no Default or Event of Default presently exists.

Section 6. Reference and Effect on the Credit Documents.

(a) On and after the Second Amendment Effective Date each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in the Notes and
the other Credit Documents to the “Credit Agreement”, shall mean and be a
reference to the Credit Agreement, as amended or otherwise modified hereby. On
and after the Second Amendment Effective Date each reference in the Security
Agreement to “this Agreement”, “hereunder”, “hereof” or

 

12

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words of like import referring to the Security Agreement, and each reference in
the other Credit Documents to the “Security Agreement”, shall mean and be a
reference to the Security Agreement, as amended or otherwise modified hereby.

(b) The Credit Agreement, the Notes, the Security Agreement and each of the
other Credit Documents, as specifically amended or otherwise modified by this
Agreement, are and shall continue to be in full force and effect and are hereby
in all respects ratified and confirmed.

(c) The execution, delivery and effectiveness of this Agreement shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender or the Agents under any of the Credit Documents, nor
constitute a waiver of any provision of any of the Credit Documents. The Credit
Agreement and the other Credit Documents are in full force and effect and are
hereby in all respects ratified and confirmed.

(d) Except as expressly set forth herein, nothing contained in this Agreement
and no action by, or inaction on the part of, any Lender or the Agent shall, or
shall be deemed to, directly or indirectly constitute a consent to or waiver of
any past, present or future violation of any provisions of the Credit Agreement
or any other Credit Document.

(e) This Agreement is a Credit Document.

Section 7. Amendments; Successors and Assigns.

No amendment, modification, termination or waiver of any provision of this
Agreement, or consent to any departure by any Credit Party therefrom, shall in
any event be effective without the written concurrence of the Administrative
Agent, the Collateral Agent and the Requisite Lenders and, in the case of any
such amendment or modification, each of the Credit Parties. This Agreement shall
be binding upon the parties hereto and their respective successors and assigns
and shall inure to the benefit of the parties hereto and the successors and
assigns of Lenders. No Credit Party’s rights or obligations hereunder nor any
interest therein may be assigned or delegated to any other Person by any Credit
Party without the prior written consent of the Administrative Agent, the
Collateral Agent and the Requisite Lenders.

Section 8. Agreement Not a Defense.

Each Credit Party agrees that, subject to the terms and provisions of this
Agreement, the agreements of the Agents and Lenders under this Agreement shall
not constitute a defense by the Credit Parties to the exercise by any Agent or
any Lender of any right, power or remedy which such Person may have under or in
respect of the Credit Agreement or any of the other Credit Documents and any
other agreement or document relating thereto (and including rights, powers and
remedies at law, in equity or by statute).

Section 9. GOVERNING LAW AND JURISDICTION.

(a) GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES THEREOF.

 

13

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(b) SUBMISSION TO JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY
CREDIT PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW
YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF
AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND
UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES
ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN
ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY AT ITS ADDRESS
PROVIDED IN ACCORDANCE WITH SECTION 10.1 OF THE CREDIT AGREEMENT; (D) AGREES
THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH
COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT;
AND (E) AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY
IN THE COURTS OF ANY OTHER JURISDICTION.

SECTION 10. Miscellaneous.

(a) Further Assurances. At any time or from time to time upon the request of
Administrative Agent, each Credit Party will, at its expense, promptly execute,
acknowledge and deliver such further documents and do such other acts and things
as Administrative Agent or Collateral Agent may reasonably request in order to
effect fully the purposes of this Agreement.

(b) Consent of Guarantors. Each of the Guarantors of the Obligations of the
Company under the Credit Agreement that is a party to this Agreement hereby
(a) consents to the terms and provisions hereof, (b) acknowledges that
notwithstanding the execution and delivery hereof, the obligations of each of
such Guarantor are not impaired or affected and its Guaranty continues in full
force and effect, and (c) ratifies, confirms and reaffirms its Guaranty and each
of the Credit Documents to which it is a party.

(c) Reaffirmation. Each of the Credit Parties as debtor, grantor, pledgor,
guarantor, assignor, or in other any other similar capacity in which such Credit
Party grants liens or security interests in its property or otherwise acts as
accommodation party or guarantor, as the case may be, hereby (i) ratifies and
reaffirms all of its payment and performance obligations, contingent or
otherwise, under each of the Credit Documents to which it is a party (after
giving effect hereto) and (ii) to the extent such Credit Party granted liens on
or security interests in any of its property pursuant to any such Credit
Document as security for or otherwise guaranteed the Company’s Obligations under
or with respect to the Credit Documents, ratifies and reaffirms such guarantee
and grant of security interests and liens and confirms and agrees that such
security interests and liens hereafter secure all of the Obligations as amended
hereby.

 

14

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(d) Release of Claims. In consideration of the Lenders’ and the Agents’
agreements contained in this Agreement, each Credit Party hereby irrevocably
releases and forever discharge each of the Agents, Lenders, and their respective
affiliates, subsidiaries, successors, assigns, directors, officers, employees,
agents, consultants and attorneys (each, a “Released Person”) of and from any
and all claims, suits, actions, investigations, proceedings or demands, whether
based in contract, tort, implied or express warranty, strict liability, criminal
or civil statute or common law of any kind or character, which such Credit Party
ever had or now has against any Agent, any Lender or any other Released Person
which relates, directly or indirectly, to any acts or omissions of any Agent,
any Lender or any other Released Person relating to the Credit Agreement or any
other Credit Document on or prior to the date hereof and actually known to such
Credit Party as of the date hereof (it being understood and agreed that nothing
herein shall affect the continued effectiveness of the indemnity provisions set
forth in Section 10.3 of the Credit Agreement).

(e) No Waiver, Etc. Except as otherwise expressly set forth herein, nothing in
this Agreement is intended or shall be deemed or construed to extend to or
affect in any way any of the Obligations or any of the rights and remedies of
any Agent or any Lender arising under the Credit Agreement, any of the other
Credit Documents or applicable law. The failure of any Agent or any Lender at
any time or times hereafter to require strict performance by any Credit Party or
any other Person obligated under any Credit Document of any of the respective
provisions, warranties, terms and conditions contained herein or therein shall
not waive, affect or diminish any right of such Person at any time or times
thereafter to demand strict performance thereof; and no rights of any Agent or
any Lender hereunder shall be deemed to have been waived by any act or knowledge
of such Person, or any of its agents, attorneys, officers or employees, unless
such waiver is contained in an instrument in writing signed by an authorized
officer of such Person and specifying such waiver. Except as otherwise expressly
set forth herein, no waiver by any Agent or any Lender of any of its rights or
remedies shall operate as a waiver of any other of its rights or remedies or any
of its rights or remedies on a future occasion at any time and from time to
time. All terms and provisions of the Credit Agreement and each of the other
Credit Documents remain in full force and effect, except to the extent expressly
modified by this Agreement.

(f) Execution in Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts, and all of
such counterparts taken together shall be deemed to constitute one and the same
instrument. Any party hereto may execute and deliver a counterpart of this
Agreement by delivering by facsimile transmission or electronic mail in portable
document format a signature page of this Agreement signed by such party, and
such signature shall be treated in all respects as having the same effect as an
original signature.

(g) Acknowledgment of Legal Counsel; Drafting of Agreement. Each Credit Party
represents and warrants that it is represented by legal counsel of its choice,
is fully aware of the terms contained in this Agreement and has voluntarily and
without coercion or duress of any kind whatsoever, entered into this Agreement
and the agreements, documents and instruments, if any, executed in connection
with this Agreement. Each Credit Party further represents and warrants and
acknowledges and agrees that it has participated in the drafting of this
Agreement.

 

15

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(h) Severability. The invalidity, illegality or unenforceability of any
provision in or obligation under this Agreement in any jurisdiction shall not
affect or impair the validity, legality or enforceability of the remaining
provisions or obligations under this Agreement or of such provision or
obligation in any other jurisdiction.

(i) No Third Party Beneficiaries. This Agreement shall be binding upon and inure
to the benefit of each party hereto and their respective successors and assigns.
No Person other than the parties hereto, their respective successors and assigns
and any other Lender shall have rights hereunder or be entitled to rely on this
Agreement, and all third-party beneficiary rights are hereby expressly
disclaimed.

(j) Section Titles. The section and subsection titles contained in this
Agreement are included for convenience only, shall be without substantive
meaning or content of any kind whatsoever, and are not a part of the agreement
between the Agents and the Lenders, on the one hand, and the Credit Parties on
the other hand. Any reference in this Agreement to any “Section” refers, unless
the context otherwise indicates, to a section of this Agreement.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

16

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

THE COMPANY: X-RITE, INCORPORATED, a Michigan corporation, and successor by
merger to OTP, Incorporated, X-Rite Ma, Incorporated, Monaco Acquisition
Company, Holovision Acquisition Company and Pantone India, Inc., as the Company
By:  

/s/ Thomas J. Vacchiano Jr.

Name:   Thomas J. Vacchiano Jr. Its:   Chief Executive Officer OTHER CREDIT
PARTIES: X-RITE GLOBAL, INCORPORATED, a Michigan corporation X-RITE HOLDINGS,
INC., a Michigan corporation XR VENTURES, LLC, a Michigan limited liability
company GRETAGMACBETH LLC, a Delaware limited liability company PANTONE, INC., a
Delaware corporation PANTONE ASIA, INC., a Delaware corporation PANTONE GERMANY,
INC., a Delaware corporation PANTONE JAPAN, INC., a Delaware corporation PANTONE
U.K., INC., a Delaware corporation By:  

/s/ Thomas J. Vacchiano Jr.

Name:   Thomas J. Vacchiano Jr. Title:   President

 

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

AGENTS AND LENDERS: FIFTH THIRD BANK, a Michigan banking corporation, as
Administrative Agent, Collateral Agent and a Lender By:  

/s/ Scott R. DeMeester

Name:   Scott R. DeMeester Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): KATONAH 2007-I CLO LTD., as a Lender By:  

/s/ Daniel Gilligan

Name:   Daniel Gilligan Title:  

Authorized Officer

Katonah Debt Advisers, L.L.C.

As Manager

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): KOHLBERG CAPITAL FUNDING LLC I., as a Lender By:  

/s/ Daniel Gilligan

Name:   Daniel Gilligan Title:  

Authorized Signatory

Kohlberg Capital Corporation

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

T2 Income Fund CLO I, Ltd.,

as a Lender

 

By: T2 Advisers, LLC,

As Collateral Manager

By:  

/s/ Saul Rosenthal

Name:   Saul Rosenthal Title:   President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Galaxy CLO 2003-1, Ltd.

By: AIG Global Investment Corp., Inc.

Its Collateral Manager,

 

Galaxy IV CLO, Ltd.

By: AIG Global Investment Corp.,

its Collateral Manager,

 

Galaxy V CLO, Ltd.

By: AIG Global Investment Corp.,

Its Collateral Manager,

 

Galaxy VI CLO, Ltd.

By: AIG Global Investment Corp.,

its Collateral Manager,

 

Galaxy VII CLO, Ltd.

By: AIG Global Investment Corp.,

its Collateral Manager,

 

American International Group, Inc.

By: AIG Global Investment Corp.,

Its Investment Adviser

By:  

/s/ W. Jeffrey Baxter

Name:   W. Jeffrey Baxter Title:   Managing Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

MCDONNELL LOAN OPPORTUNITY LTD.

By: McDonnell Investment Management, LLC,

as Investment Manager

By:  

/s/ Kathleen A. Zarn

Name:   Kathleen A. Zarn Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

ILLINOIS STATE BOARD OF INVESTMENT

By: McDonnell Investment Management, LLC, as Manager

 

as a Lender

By:  

/s/ Kathleen A. Zarn

Name:   Kathleen A. Zarn Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): General Electric Capital Corporation, as a Lender By:  

/s/ Sandra Horn

Name:   Sandra Horn Title:   Duly Authorized Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): GOLDMAN SACHS LENDING PARTNERS L.L.C., as a Lender By:  

/s/ Andrew Caditz

Name:   Andrew Caditz Title:   Authorized Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): LightPoint CLO 2004-1, Ltd, as a Lender By:  

/s/ Colin Donlan

Name:   Colin Donlan Title:   Authorized Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): LightPoint Pan-European CLO 2007-1 Plc., as a Lender By:  

/s/ Colin Donlan

Name:   Colin Donlan Title:   Authorized Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Loan Funding IV LLC

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner,

as a Lender

By:  

/s/ Jason Post

Name:   Jason Post Title:   Operations Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Jasper CLO, Ltd.

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner,

as a Lender

By:  

/s/ Jason Post

Name:   Jason Post Title:   Operations Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Loan Star State Trust

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its Investment Advisor,

as a Lender

By:  

/s/ Jason Post

Name:   Jason Post Title:   Operations Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Red River CLO Ltd.

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner,

as a Lender

By:  

/s/ Jason Post

Name:   Jason Post Title:   Operations Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Stralford CLO, Ltd.

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner,

as a Lender

By:  

/s/ Jason Post

Name:   Jason Post Title:   Operations Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Loan Funding VII LLC

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner,

as a Lender

By:  

/s/ Jason Post

Name:   Jason Post Title:   Operations Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

GSCP (NJ), L.P., on behalf of each of the following fund, in its capacity as
Collateral Manager:

 

GSC PARTNERS CDO FUND V, LIMITED

GSC PARTNERS CDO FUND VI, LIMITED

GSC PARTNERS CDO FUND VIII, LIMITED

GSC CAPITAL CORP. LOAN FUNDING 2005-1

By:  

/s/ Alexander B. Wright

Name:   Alexander B. Wright Title:   Authorized Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): Garrison Credit Investments I LLC, as a Lender By:  

/s/ Brian S. Chase

Name:   Brian S. Chase Title:   Chief Financial Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Each of the persons listed on Annex A, severally but not jointly, as Lender

 

By: Wellington Management Company, LLP

as investment adviser

By:  

/s/ Donald M. Caiazza

Name:   Donald M. Caiazza Title:   Vice President and Counsel

Annex A

SunAmerica Senior Floating Rate Fund, Inc.

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

AMMC CLO III, LIMITED

 

By: American Money Management Corp.,

as Collateral Manager,

By:  

/s/ David P. Meyer

Name:   David P. Meyer Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

AMMC CLO IV, LIMITED

 

By: American Money Management Corp.,

as Collateral Manager

By:  

/s/ David P. Meyer

Name:   David P. Meyer Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

AMMC CLO V, Limited

 

By: American Money Management Corp.,

as Collateral Manager

By:  

/s/ David P. Meyer

Name:   David P. Meyer Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

AMMC CLO VI, LIMITED

 

By: American Money Management Corp.,

as Collateral Manager

By:  

/s/ David P. Meyer

Name:   David P. Meyer Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

AMMC VIII, LIMITED

 

By: American Money Management Corp.,

as Collateral Manager,

By:  

/s/ David P. Meyer

Name:   David P. Meyer Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Dryden VII – Leveraged Loan CDO 2004

 

By: Prudential Investment Management, Inc.

as Collateral Manager

By:  

/s/ George Edwards

Name:   George Edwards Title:  

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Dryden XVIII – Leveraged Loan 2007 Ltd.

 

By: Prudential Investment Management as Collateral Manager

By:  

/s/ George Edwards

Name:   George Edwards Title:  

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Sargas CLO I LTD., as a Lender

 

By: Sargas Asset Management, LLC, its Portfolio Manager

By:  

/s/ Michael P. King

Name:   Michael P. King Title:   Senior Managing Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Pangaea CLO 2007-I LTD., as a Lender

 

By: Pangaea Asset Management, LLC, its Collateral Manager

By:  

/s/ Michael P. King

Name:   Michael P. King Title:   Senior Managing Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): STANWICH LOAN FUNDING LLC, as a Lender By:  

/s/ Tara E. Kenny

Name:   Tara E. Kenny Title:   Assistant Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): National City Bank, as a Lender By:  

/s/ Arthur F. Gray

Name:   Arthur F. Gray Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for DENALI CAPITAL CLO V, LTD., or an
affiliate,

as a Lender

By:  

/s/ John P. Thacker

Name:   John P. Thacker Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for DENALI CAPITAL CLO VI, LTD., or
an affiliate,

as a Lender

By:  

/s/ John P. Thacker

Name:   John P. Thacker Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for DENALI CAPITAL CLO VII, LTD., or
an affiliate,

as a Lender

By:  

/s/ John P. Thacker

Name:   John P. Thacker Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Denali Capital LLC, managing member of

DC Funding Partners LLC, Collateral Manager for Spring Road CLO 2007-1, LTD., or
an affiliate,

as a Lender

By:  

/s/ John P. Thacker

Name:   John P. Thacker Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for DENALI CAPITAL CREDIT OPPORTUNITY
FUND FINANCING, LTD., or an affiliate,

as a Lender

By:  

/s/ John P. Thacker

Name:   John P. Thacker Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

GOLUB CAPITAL MANAGEMENT CLO

2007-1, LTD., as a Lender

By:  

GOLUB CAPITAL MANAGEMENT LLC,

as Collateral Manager

By:  

/s/ Mike Loehrke

Name:   Mike Loehrke Title:   Designated Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d): GOLUB CAPITAL SENIOR LOAN OPPORTUNITY FUND, LTD., as a Lender
By:  

GOLUB CAPITAL INCORPORATED,

as Collateral Manager

By:  

/s/ Mike Loehrke

Name:   Mike Loehrke Title:   Designated Signatory

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Bank of America, N.A., successor by merger to LaSalle Bank Midwest N.A.

as a Lender

By:  

/s/ David W. Edwards

Name:   David W. Edwards Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

GULF STREAM-COMPASS CLO 2003-1 LTD.

By: Gulf Stream Asset Management LLC

As Collateral Manager

By:  

/s/ Barry K. Love

Name:   Barry K. Love Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

GULF STREAM-RASHINBAN CLO 2006-1 LTD.

By: Gulf Steam Asset Management LLC

As Collateral Manager

(Sumitomo Deal)

By:  

/s/ Barry K. Love

Name:   Barry K. Love Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

GULF STREAM-SEXTANT CLO 2006-1 LTD.

By: Gulf Steam Asset Management LLC

As Collateral Manager

By:  

/s/ Barry K. Love

Name:   Barry K. Love Title:   Chief Credit Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

SCHILLER PARK CLO LTD.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

MARKET SQUARE CLO, Ltd.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

MARQUETTE PARK CLO, LTD.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

LONG GROVE CLO, LIMITED.

By: Deerfield Capital Management LLC as

its Collateral Manager, as a Lender

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

FOREST CREEK CLO, Ltd.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

CUMBERLAND II CLO LTD.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

BURR RIDGE CLO Plus LTD.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

BRIDGEPORT CLO LTD.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

BRIDGEPORT CLO II LTD.

By: Deerfield Capital Management LLC as

its Collateral Manager

By:  

/s/ Lynne Sanders

Name:   Lynne Sanders Title:   Senior Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

CIFC Funding 2006-II, Ltd

as a Lender

By:  

/s/ Stephen J. Vaccaro

Name:   Stephen J. Vaccaro Title:   Co-Chief Investment Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

CIFC Funding 2006-IB, Ltd

as a Lender

By:  

/s/ Stephen J. Vaccaro

Name:   Stephen J. Vaccaro Title:   Co-Chief Investment Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

OCTAGON INVESTMENT PARTNERS V, LTD.

By: Octagon Credit Investors, LLC

as Portfolio Manager

OCTAGON INVESTMENT PARTNERS VI, LTD.

By: Octagon Credit Investors, LLC

as collateral manager

OCTAGON INVESTMENT PARTNERS VII, LTD.

By: Octagon Credit Investors, LLC

as collateral manager

OCTAGON INVESTMENT PARTNERS VIII, LTD.

By: Octagon Credit Investors, LLC

as collateral manager

OCTAGON INVESTMENT PARTNERS IX, LTD.

By: Octagon Credit Investors, LLC

as Manager

OCTAGON INVESTMENT PARTNERS X, LTD.

By: Octagon Credit Investors, LLC

as Collateral Manager

OCTAGON INVESTMENT PARTNERS XI, LTD.

By: Octagon Credit Investors, LLC

as Collateral Manager

HAMLET II, LTD.

By: Octagon Credit Investors, LLC

as Portfolio Manager

as a Lender

By:  

/s/ Thomas A. Connors

Name:   Thomas A. Connors Title:   Chief Financial & Administrative Officer

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

WELLS FARGO BANK,

as a Lender

By:  

/s/ Robin Login

Name:   Robin Login Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

ALLIED CAPITAL SENIOR DEBT FUNDING 2007-1

by: Its Collateral Manager A.C. Corporation

as a Lender

By:  

/s/ Robert J. Hicks

Name:   Robert J. Hicks Title:   Managing Director

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

KNIGHTSBRIDGE CLO 2008-1 LIMITED

by: ACKB LLC, its Investment Manager,

as a Lender

By:  

/s/ Robert J. Hicks

Name:   Robert J. Hicks Title:   Portfolio Manager

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

KNIGHTSBRIDGE CLO 2007-1 LIMITED

by: ACKB LLC, its Investment Manager,

as a Lender

By:  

/s/ Robert J. Hicks

Name:   Robert J. Hicks Title:   Portfolio Manager

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Van Kampen Dynamic Credit Opportunities Fund

By: Van Kampen Asset Management

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

VAN KAMPEN SENIOR LOAN FUND

By: Van Kampen Asset Management

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

VAN KAMPEN SENIOR INCOME TRUST

By: Van Kampen Asset Management

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Confluent 3 Limited

By: Morgan Stanley Investment Management Inc.

as Investment Manager

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

QUALCOMM Global Trading, Inc.

By: Morgan Stanley Investment Management Inc.

as Investment Manager

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Morgan Stanley Prime Income Trust

as a Lender

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

MSIM Peconic Bay, Ltd.

By: Morgan Stanley Investment Management Inc.

as Interim Collateral Manager

as a Lender

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Genworth Life Insurance Company

By: Morgan Stanley Investment Management Inc.

as Investment Manager

as a Lender

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

ZODIAC FUND – Morgan Stanley US Senior Loan Fund.

By: Morgan Stanley Investment Management Inc.,

as Investment Adviser

as a Lender

By:  

/s/ Ryan Kommers

Name:   Ryan Kommers Title:   Vice President

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

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

 

LENDERS (Cont’d):

Elk Funding

as a Lender

By:  

/s/ Michael Feinsod

Name:   Michael Feinsod Title:   CEO