Exhibit 10.25
 EXECUTION COPY
 REVOLVING CREDIT
 AND
 SECURITY AGREEMENT
 PNC BANK, NATIONAL ASSOCIATION
(AS LENDER AND AS AGENT)
 WITH
 RAND WORLDWIDE U.S. HOLDINGS, INC.
 RAND A TECHNOLOGY CORPORATION
 RAND TECHNOLOGIES OF MICHIGAN, INC.
 AND
 RAND IMAGINIT TECHNOLOGIES, INC.
 (BORROWERS)
 August 14, 2009




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##### 



TABLE OF CONTENTS
 PageI. DEFINITIONS
    
    
    11.1. Accounting Terms
    
    
    11.2. General Terms
    
    
    11.3. Uniform Commercial Code Terms
    
    
    261.4. Certain Matters of Construction
    
    
    26II. ADVANCES, PAYMENTS
    
    
    282.1. Revolving Advances
    
    
    282.2. Procedure for Revolving Advances Borrowing
    
    
    302.3. Disbursement of Advance Proceeds
    
    
    322.4. Reserved
    
    
    322.5. Maximum Advances
    
    
    322.6. Repayment of Advances
    
    
    322.7. Repayment of Excess Advances
    
    
    332.8. Statement of Account
    
    
    332.9. Letters of Credit
    
    
    332.10. Issuance of Letters of Credit
    
    
    342.11. Requirements For Issuance of Letters of Credit
    
    
    342.12. Disbursements, Reimbursement
    
    
    352.13. Repayment of Participation Advances
    
    
    362.14. Documentation
    
    
    362.15. Determination to Honor Drawing Request
    
    
    372.16. Nature of Participation and Reimbursement Obligations
    
    
    372.17. Indemnity
    
    
    382.18. Liability for Acts and Omissions
    
    
    392.19. Additional Payments
    
    
    402.20. Manner of Borrowing and Payment
    
    
    402.21. Mandatory Prepayments
    
    
    422.22. Use of Proceeds
    
    
    422.23. Defaulting Lender
    
    
    42III. INTEREST AND FEES
    
    
    433.1. Interest
    
    
    433.2. Letter of Credit Fees
    
    
    443.3. Closing Fee and Facility Fee
    
    
    453.4. Collateral Evaluation Fee and Collateral Monitoring Fee
    
    
    453.5. Computation of Interest and Fees
    
    
    463.6. Maximum Charges
    
    
    463.7. Increased Costs
    
    
    463.8. Basis For Determining Interest Rate Inadequate or Unfair
    
    
    473.9. Capital Adequacy
    
    
    473.10. Gross Up for Taxes
    
    
    48
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Page3.11. Withholding Tax Exemption
    
    
    48IV. COLLATERAL: GENERAL TERMS
    
    
    494.1. Security Interest in the Collateral
    
    
    494.2. Perfection of Security Interest
    
    
    504.3. Disposition of Collateral
    
    
    504.4. Preservation of Collateral
    
    
    504.5. Ownership of Collateral
    
    
    514.6. Defense of Agents and Lenders Interests
    
    
    514.7. Books and Records
    
    
    524.8. Financial Disclosure
    
    
    524.9. Compliance with Laws
    
    
    524.10. Inspection of Premises
    
    
    534.11. Insurance
    
    
    534.12. Failure to Pay Insurance
    
    
    544.13. Payment of Taxes
    
    
    544.14. Payment of Leasehold Obligations
    
    
    544.15. Receivables
    
    
    544.16. Inventory
    
    
    574.17. Maintenance of Equipment
    
    
    574.18. Exculpation of Liability
    
    
    574.19. Environmental Matters
    
    
    574.20. Financing Statements
    
    
    604.21. Canadian Attachment
    
    
    60V. REPRESENTATIONS AND WARRANTIES
    
    
    605.1. Authority
    
    
    605.2. Formation and Qualification
    
    
    605.3. Survival of Representations and Warranties
    
    
    615.4. Tax Returns
    
    
    615.5. Financial Statements
    
    
    615.6. Entity Names
    
    
    625.7. O.S.H.A. and Environmental Compliance
    
    
    625.8. Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance
    
    
    625.9. Patents, Trademarks, Copyrights and Licenses
    
    
    645.10. Licenses and Permits
    
    
    645.11. Default of Indebtedness
    
    
    645.12. No Default
    
    
    645.13. No Burdensome Restrictions
    
    
    645.14. No Labor Disputes
    
    
    655.15. Margin Regulations
    
    
    655.16. Investment Company Act
    
    
    655.17. Disclosure
    
    
    655.18. Delivery of Subordinated Loan Documents
    
    
    655.19. Swaps
    
    
    655.20. Conflicting Agreements
    
    
    665.21. Application of Certain Laws and Regulations
    
    
    66
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Page5.22. Business and Property of Borrowers
    
    
    665.23. Section 20 Subsidiaries
    
    
    665.24. Anti-Terrorism Laws
    
    
    665.25. Trading with the Enemy
    
    
    675.26. Federal Securities Laws
    
    
    675.27. Equity Interests. The authorized and outstanding Equity Interests of each Borrower is as
shown on Schedule 5.27 hereto
    
    
    67
 VI. AFFIRMATIVE COVENANTS
    
    
    676.1. Payment of Fees
    
    
    676.2. Conduct of Business and Maintenance of Existence and Assets
    
    
    686.3. Violations
    
    
    686.4. Government Receivables
    
    
    686.5. Fixed Charge Coverage Ratio
    
    
    686.6. Execution of Supplemental Instruments
    
    
    686.7. Payment of Indebtedness
    
    
    686.8. Standards of Financial Statements
    
    
    696.9. Federal Securities Laws
    
    
    696.10. Post Closing Conditions. Cause to be delivered to Agent:
    
    
    69VII. NEGATIVE COVENANTS
    
    
    707.1. Merger, Consolidation, Acquisition and Sale of Assets
    
    
    707.2. Creation of Liens
    
    
    707.3. Guarantees
    
    
    707.4. Investments
    
    
    707.5. Loans
    
    
    717.6. Capital Expenditures
    
    
    717.7. Dividends
    
    
    717.8. Indebtedness
    
    
    727.9. Nature of Business
    
    
    727.10. Transactions with Affiliates
    
    
    727.11. Leases
    
    
    727.12. Subsidiaries
    
    
    727.13. Fiscal Year and Accounting Changes
    
    
    727.14. Pledge of Credit
    
    
    727.15. Amendment of Articles of Incorporation,
By-Laws, Certificate of Formation, Operating
Agreement
    
    
    73
 7.16. Compliance with ERISA
    
    
    737.17. Prepayment of Indebtedness
    
    
    737.18. Anti-Terrorism Laws
    
    
    737.19. Trading with the Enemy Act
    
    
    747.20. Subordinated Indebtedness
    
    
    747.21. Other Agreements
    
    
    74VIII. CONDITIONS PRECEDENT
    
    
    748.1. Conditions to Initial Advances
    
    
    748.2. Conditions to Each Advance
    
    
    77
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PageIX. INFORMATION AS TO BORROWERS
    
    
    789.1. Disclosure of Material Matters
    
    
    789.2. Schedules
    
    
    789.3. Environmental Reports
    
    
    799.4. Litigation
    
    
    799.5. Material Occurrences
    
    
    799.6. Government Receivables
    
    
    799.7. Annual Financial Statements
    
    
    809.8. Quarterly Financial Statements
    
    
    809.9. Monthly Financial Statements
    
    
    809.10. Other Reports
    
    
    809.11. Additional Information
    
    
    809.12. Projected Operating Budget
    
    
    819.13. Variances From Operating Budget
    
    
    819.14. Notice of Suits, Adverse Events
    
    
    819.15. ERISA Notices and Requests
    
    
    819.16. Additional Documents
    
    
    82X. EVENTS OF DEFAULT
    
    
    8210.1. Nonpayment
    
    
    8210.2. Breach of Representation
    
    
    8210.3. Financial Information
    
    
    8210.4. Judicial Actions
    
    
    8210.5. Noncompliance
    
    
    8210.6. Judgments
    
    
    8310.7. Bankruptcy
    
    
    8310.8. Inability to Pay
    
    
    8310.9. Intentionally Omitted;
    
    
    8310.10. Material Adverse Effect. The occurrence of any Material Adverse Effect;
    
    
    8310.11. Lien Priority
    
    
    8310.12. Subordinated Loan Default
    
    
    8310.13. Cross Default
    
    
    8310.14. Breach of Guaranty
    
    
    8410.15. Change of Ownership
    
    
    8410.16. Invalidity
    
    
    8410.17. Licenses
    
    
    8410.18. Seizures
    
    
    8410.19. Pension Plans
    
    
    8410.20. Intercreditor Default
    
    
    8410.21. Fixed Charge Coverage Cure Right
    
    
    85XI. LENDERS RIGHTS AND REMEDIES AFTER DEFAULT
    
    
    8511.1. Rights and Remedies
    
    
    8511.2. Agents Discretion
    
    
    8711.3. Setoff
    
    
    8711.4. Rights and Remedies not Exclusive
    
    
    87
 iv




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Page11.5. Allocation of Payments After Event of Default
    
    
    87XII. WAIVERS AND JUDICIAL PROCEEDINGS
    
    
    8812.1. Waiver of Notice
    
    
    8812.2. Delay
    
    
    8912.3. Jury Waiver
    
    
    89XIII. EFFECTIVE DATE AND TERMINATION
    
    
    8913.1. Term
    
    
    8913.2. Termination
    
    
    89XIV. REGARDING AGENT
    
    
    9014.1. Appointment
    
    
    9014.2. Nature of Duties
    
    
    9014.3. Lack of Reliance on Agent and Resignation
    
    
    9114.4. Certain Rights of Agent
    
    
    9114.5. Reliance
    
    
    9114.6. Notice of Default
    
    
    9214.7. Indemnification
    
    
    9214.8. Agent in its Individual Capacity
    
    
    9214.9. Delivery of Documents
    
    
    9214.10. Borrowers Undertaking to Agent
    
    
    9214.11. No Reliance on Agents Customer Identification Program
    
    
    9314.12. Other Agreements
    
    
    93XV. BORROWING AGENCY
    
    
    9315.1. Borrowing Agency Provisions; Several Nature of Foreign Borrower
    
    
    9315.2. Waiver of Subrogation
    
    
    9415.3. Limitation on Liability of Foreign Borrowers
    
    
    94XVI. MISCELLANEOUS
    
    
    9416.1. Governing Law
    
    
    9516.2. Entire Understanding
    
    
    9516.3. Successors and Assigns; Participations; New Lenders
    
    
    9716.4. Application of Payments
    
    
    10016.5. Indemnity
    
    
    10016.6. Currency Indemnity
    
    
    10016.7. Notice
    
    
    10116.8. Survival
    
    
    10316.9. Severability
    
    
    10316.10. Expenses
    
    
    10316.11. Injunctive Relief
    
    
    10316.12. Consequential Damages
    
    
    10316.13. Captions
    
    
    10416.14. Counterparts; Facsimile Signatures
    
    
    10416.15. Construction
    
    
    10416.16. Confidentiality; Sharing Information
    
    
    104
 v




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Page16.17. Publicity
    
    
    10516.18. Certifications From Banks and Participants; USA PATRIOT Act
    
    
    105
 vi




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##### 



ExhibitsExhibit 1.2
    
    Borrowing Base CertificateExhibit 2.1(a)
    
    Revolving Credit NoteExhibit 8.1(k)
    
    Financial Condition CertificateExhibit 16.3
    
    Commitment Transfer SupplementSchedulesSchedule 1.2
    
    Permitted EncumbrancesSchedule 4.5
    
    LocationsSchedule 4.15(h)
    
    Deposit and Investment AccountsSchedule 4.19
    
    Real PropertySchedule 4.19A
    
    Leased InterestsSchedule 5.1
    
    ConsentsSchedule 5.2(a)
    
    States of Qualification and Good StandingSchedule 5.2(b)
    
    SubsidiariesSchedule 5.4
    
    Federal Tax Identification NumberSchedule 5.5
    
    Financial StatementsSchedule 5.6
    
    Prior NamesSchedule 5.8(b)
    
    Litigation; IndebtednessSchedule 5.8(d)
    
    PlansSchedule 5.9
    
    Intellectual Property, Source Code Escrow AgreementsSchedule 5.10
    
    Licenses and PermitsSchedule 5.13
    
    Material ContractsSchedule 5.14
    
    Labor DisputesSchedule 5.27
    
    Equity InterestsSchedule 6.10
    
    Post-Closing ItemsSchedule 7.3
    
    Guarantees
 vii




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##### 



REVOLVING CREDIT
 AND
 SECURITY AGREEMENT
    Accounting Terms
 General Terms
 Accountants
 Advance Rates
 Advances
 Affiliate




---



##### 



Agent
 Agreement
 Alternate Base Rate
 Ampersand 2001 Limited
 Ampersand 2001 Companion
 Ampersand 2006 Limited
 Ampersand Guarantors
 Anti-Terrorism Laws
 Applicable Law
 Applicable Margin
 2




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##### 



APPLICABLE MARGINS
    
    APPLICABLE MARGINSFOR REVOLVING
    
    FOR REVOLVINGADVANCES THAT ARE
    
    ADVANCES THAT ARE
    
    APPLICABLE MARGINSDOMESTIC RATE LOANS
    
    EURODOLLAR RATE LOANS
    
    FOR FACILITY FEE2.75%
    
    3.50%
    
    0.50%
 Adjustment Date Calculation Period
 APPLICABLE MARGINSAPPLICABLE MARGINS
    
    
    FOR REVOLVINGFOR REVOLVING
    
    
    ADVANCES THAT AREFIXED CHARGE COVERAGE
    
    ADVANCES THAT ARE
    
    
    EURODOLLAR RATE
    
    
    APPLICABLE MARGINSRATIO
    
    DOMESTIC RATE LOANS
    
    
    LOANS
    
    
    FOR FACILITY FEELess than 1.25 to 1.00
    
    
    3.00
    %
    
    
    3.75
    %
    
    
    0.50
    %Greater than or equal
to 1.25 to 1.00 but
less than 1.50 to
1.00
    
    
    2.75
    %
    
    
    3.50
    %
    
    
    0.50
    %Greater than or equal
to 1.50 to 1.00
    
    
    2.25
    %
    
    
    3.00
    %
    
    
    0.375
    %
   3




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Authority
 Availability Block
 Base Rate
 Blocked Accounts
 Blocked Account Bank
 Blocked Person
 Borrower Borrowers
 Borrowers on a Consolidated Basis
 Borrowers Account
 4




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##### 



Borrowing Agent
 Borrowing Base Certificate
 Borrowing Group
 Business Day
 Canadian Borrower
 Canadian Dollars
 Canadian Stock Pledge Agreement
 Capital Expenditures
 Capitalized Lease Obligation
 CERCLA
 Change of Control
 5




---



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Change of Ownership
 Charges
 Closing Date
 Code
 Collateral
        6




---



##### 



Commitment Percentage
 Commitment Transfer Supplement
 Compliance Certificate
 Consents
 7




---



##### 



Controlled Group
 Custome
 Customs
 Daily LIBOR Rate minus
 Debt Payments plus plus plus plus
 Default
 Default Rate
 Defaulting Lender
 Depository Accounts
 Designated Lender
 Documents
 Dollar $
 Domestic Rate Loan
 8




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##### 



Domestic Subsidiary Stock
 Drawing Date
 Early Termination Date
 Earnings Before Interest and Taxes plus plus
 EBITDA plus plus
 Eligible Foreign Receivables
      9




---



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10




---



##### 



Eligible US Receivables
          11




---



##### 



Environmental Complaint
 Environmental Laws
 Equipment
 Equity Interests
 12




---



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ERISA
 Eurodollar Rate
 Average of London interbank offered rates quoted
by Bloomberg or appropriate successor as shown on
Bloomberg Page BBAM1Eurodollar Rate =
    
    1.00  Reserve Percentage
  Eurodollar Rate Loan
 Event of Default
 Exchange Act
 Executive Order No. 13224
 13




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##### 



Federal Funds Effective Rate
 Federal Funds Open Rate
 Fixed Charge Coverage Ratio minus minus minus
 Foreign Blocked Accounts
 Foreign Borrower
 Foreign Formula Amount
 Foreign Obligations
 Foreign Receivables Advance Rates
 14




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##### 



Foreign Security Agreements
 Foreign Subsidiary
 Formula Amount
 GAAP
 General Intangibles
 Governmental Acts
 Governmental Body
 Guarantor
 Guarantor Security Agreement
 Guaranty
 Hazardous Discharge
 Hazardous Substance
 15




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##### 



Hazardous Wastes
 Hedge Liabilities
 Holdings
 Indebtedness
 Ineligible Security
 Intellectual Property
 Intellectual Property Claim
 Intercreditor Agreement
 Interest Period
 Interest Rate Hedge
 16




---



##### 



Inventory
 Investment Property
 Issuer
 Leasehold Interests
 Lender Lenders
 Lender-Provided Interest Rate Hedge
 Letter of Credit Fees
 Letter of Credit Borrowing
 Letter of Credit Sublimit
 Letters of Credit
 License Agreement
 17




---



##### 



Licensor
 Licensor/Agent Agreement
 Lien
 Lien Waiver Agreement
 Material Adverse Effect
 Maximum Face Amount
 Maximum Foreign Revolving Advance Amount
 Maximum Loan Amount
 18




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##### 



Maximum Revolving Advance Amount provided however
 Maximum Undrawn Amount
 Maximum US Revolving Advance Amount
 Modified Commitment Transfer Supplement
 Multiemployer Plan
 Multiple Employer Plan
 Note
 Obligations
 19




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##### 



Ordinary Course of Business
 Original Owners
 Other Documents
 Out-of-Formula Loans
 Parent
 Participant
 Participation Advance
 Participation Commitment
 Payee
 Payment Office
 PBGC
 20




---



##### 



Perfection Certificates
 Pension Benefit Plan
 Permitted Discretion
 Permitted Encumbrances
 Permitted Overadvance
 21




---



##### 



Person
 Plan
 Pledge Agreements
 PNC
 Pro Forma Balance Sheet
 Pro Forma Financial Statements
 Properly Contested
 Projections
 Published Rate
 22




---



##### 



Purchasing CLO
 Purchasing Lender
 Rand North America
 RCRA
 Real Property
 Receivables
 Receivables Advance Rate
 Register
 Reimbursement Obligation
 Release
 Replacement Letter of Credit
 Reportable Event
 Required Lenders
 Reserve Percentage
 23




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##### 



Revolving Advances
 Revolving Credit Note
 Revolving Interest Rate plus plus
 SEC
 Section 20 Subsidiary
 Securities Act
 Settlement Date
 Subordinated Indebtedness
 Subordinated Loan Documents
 Subordination Agreement
 24




---



##### 



Subsidiary
 Term
 Termination Event
 Toxic Substance
 Trading with the Enemy Act
 Transactions
 Transferee
 Undrawn Availability less minus minus plus plus
 Undrawn Availability/Closing Date less minus minus
 25




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##### 



plus plus
 Unfunded Capital Expenditures
 Uniform Commercial Code
 US Borrowers
 US Dollar Equivalent
 US Formula Amount
 US Obligations
 USA PATRIOT Act
 Week
 Uniform Commercial Code Terms
 Certain Matters of Construction
 General
 26




---



##### 



Canadian Terms
 27




---



##### 



Revolving Advances
 Revolving Advances minus
 Receivables Advance Rate plus
 minus
  minus
  Revolving Credit Note Exhibits
2.1-US 2.1-F
 28




---



##### 



US Borrowing Group Sublimit minus plus
 plus
 minus
 minus
 minus
 minus
  minus
 Foreign Borrowing Group Sublimit
 minus
  minus Foreign Formula Amount
 Discretionary Rights
 29




---



##### 



Sublimit for Rand North America
 Procedure for Revolving Advances Borrowing
    30




---



##### 



31




---



##### 



Disbursement of Advance Proceeds
 Reserved
 Maximum Advances less
 Repayment of Advances
   32




---



##### 



Repayment of Excess Advances
 Statement of Account Borrowers Account provided however
 Letters of Credit plus plus
 33




---



##### 



Issuance of Letters of Credit
    Requirements For Issuance of Letters of Credit
   34




---



##### 



Disbursements, Reimbursement
    35




---



##### 



Repayment of Participation Advances
   Documentation
 36




---



##### 



Determination to Honor Drawing Request
 Nature of Participation and Reimbursement Obligations
      37




---



##### 



Indemnity
 38




---



##### 



Liability for Acts and Omissions
  39




---



##### 



Additional Payments
 Manner of Borrowing and Payment
    40




---



##### 



41




---



##### 



Mandatory Prepayments
 Use of Proceeds
   Defaulting Lender
   42




---



##### 



Interest
  43




---



##### 



plus
 Interest Act
  Criminal Code
  Criminal Code
 Letter of Credit Fees
  44




---



##### 



Closing Fee and Facility Fee
 less
  Collateral Evaluation Fee and Collateral Monitoring Fee
 45




---



##### 



Computation of Interest and Fees
 Maximum Charges
 Increased Costs
   46




---



##### 



Basis For Determining Interest Rate Inadequate or Unfair
    Capital Adequacy
 47




---



##### 



Gross Up for Taxes
 Withholding Tax Exemption
  48




---



##### 



Security Interest in the Collateral
 provided however
  49




---



##### 



Perfection of Security Interest
 Disposition of Collateral
 Preservation of Collateral
 50




---



##### 



Ownership of Collateral
   Defense of Agents and Lenders Interests
 51




---



##### 



Books and Records
 Financial Disclosure
 Compliance with Laws
 52




---



##### 



Inspection of Premises
 Insurance
 53




---



##### 



Failure to Pay Insurance
 Payment of Taxes
 Payment of Leasehold Obligations
 Receivables
 Nature of Receivables
 Solvency of Customers
 54




---



##### 



Location of Borrowers
 Collection of Receivables
 Notification of Assignment of Receivables
 Power of Agent to Act on Borrowers Behalf
 55




---



##### 



No Liability
 Establishment of a Lockbox Account, Dominion Account
 56




---



##### 



Adjustments
 Inventory
 Maintenance of Equipment
 Exculpation of Liability
 Environmental Matters
  57




---



##### 



58




---



##### 



59




---



##### 



Financing Statements
 Canadian Attachment
   Authority
 Formation and Qualification
  60




---



##### 



Survival of Representations and Warranties
 Tax Returns
 Financial Statements
    61




---



##### 



Entity Names
 O.S.H.A. and Environmental Compliance
    Solvency; No Litigation, Violation, Indebtedness or Default; ERISA
Compliance
  62




---



##### 



63




---



##### 



; .
 Patents, Trademarks, Copyrights and Licenses
 Licenses and Permits
 Default of Indebtedness
 No Default
 No Burdensome Restrictions
 64




---



##### 



No Labor Disputes
 Margin Regulations
 Investment Company Act
 Disclosure
 Delivery of Subordinated Loan Documents
 Swaps
 65




---



##### 



Conflicting Agreements
 Application of Certain Laws and Regulations
 Business and Property of Borrowers
 Section 20 Subsidiaries
 Anti-Terrorism Laws
 General
 Executive Order No. 13224
     66




---



##### 



Trading with the Enemy
 Federal Securities Laws
 Equity Interests
   Payment of Fees
 67




---



##### 



Conduct of Business and Maintenance of Existence and Assets
 Violations
 Government Receivables
 Fixed Charge Coverage Ratio
 Execution of Supplemental Instruments
 Payment of Indebtedness
 68




---



##### 



Standards of Financial Statements
 Federal Securities Laws
 Post Closing Conditions
 Schedule 5.5
 Schedule 6.10
  provided that
  Excess Funds
 69




---



##### 



Merger, Consolidation, Acquisition and Sale of Assets
   Creation of Liens
 Guarantees
 Investments
 70




---



##### 



Loans
 Capital Expenditures
 Dividends th th
 71




---



##### 



Indebtedness
 Nature of Business
 Transactions with Affiliates
 Leases
 Subsidiaries
   Fiscal Year and Accounting Changes
 Pledge of Credit
 72




---



##### 



Amendment of Articles of Incorporation, By-Laws, Certificate of Formation,
Operating Agreement
 Compliance with ERISA .
 Prepayment of Indebtedness
 Anti-Terrorism Laws
    73




---



##### 



Trading with the Enemy Act
 Subordinated Indebtedness
 Other Agreements
  Conditions to Initial Advances
 Note
 Filings, Registrations and Recordings
 Company Proceedings of Borrowers
 Incumbency Certificates of Borrowers
 74




---



##### 



Company Proceedings of each Guarantor
 Incumbency Certificates of each Guarantor
 Certificates
 Good Standing Certificates
 Legal Opinion
 75




---



##### 



No Litigation
 Financial Condition Certificates
 Collateral Examination
 Fees
 Financial Statements
 Subordinated Loan Documents
 Subordination Agreement and Intercreditor Agreement
 Insurance
 Payment Instructions
 Blocked Accounts
 Consents
 76




---



##### 



No Adverse Material Change
 Leasehold Agreements
 Contract Review
 Closing Certificate
 Borrowing Base
 Undrawn Availability
 Compliance with Laws
 Other
 Conditions to Each Advance
 Representations and Warranties
 77




---



##### 



No Default
 Maximum Advances
    Disclosure of Material Matters
 Schedules st th
 78




---



##### 



Environmental Reports
 Litigation
 Material Occurrences
 Government Receivables
 79




---



##### 



Annual Financial Statements
 Quarterly Financial Statements
 Monthly Financial Statements
 Other Reports
 Additional Information
 80




---



##### 



Projected Operating Budget
 Variances From Operating Budget
 Notice of Suits, Adverse Events
 ERISA Notices and Requests
 81




---



##### 



Additional Documents
   Nonpayment
 Breach of Representation
 Financial Information
 Judicial Actions
 Noncompliance
 82




---



##### 



Judgments
 Bankruptcy
 Inability to Pay
 Intentionally Omitted
 Material Adverse Effect
 Lien Priority
 Subordinated Loan Default
 Cross Default
 83




---



##### 



Breach of Guaranty
 Change of Ownership
 Invalidity
 Licenses
 Seizures
 Pension Plans
 Intercreditor Default
 84




---



##### 



Fixed Charge Coverage Cure Right
     Rights and Remedies
  85




---



##### 



86




---



##### 



Agents Discretion
 Setoff
 Rights and Remedies not Exclusive
 Allocation of Payments After Event of Default
 87




---



##### 



Waiver of Notice
 88




---



##### 



Delay
 Jury Waiver
  Term
 Termination
 89




---



##### 



Appointment
 Nature of Duties
 90




---



##### 



Lack of Reliance on Agent and Resignation
    Certain Rights of Agent
 Reliance
 91




---



##### 



Notice of Default
 Indemnification
 Agent in its Individual Capacity
 Delivery of Documents
 Borrowers Undertaking to Agent
 92




---



##### 



No Reliance on Agents Customer Identification Program
 Other Agreements
  Borrowing Agency Provisions; Several Nature of Foreign Borrower
   93




---



##### 



Waiver of Subrogation
 Limitation on Liability of Foreign Borrowers
  94




---



##### 



Governing Law
 Entire Understanding
   95




---



##### 



96




---



##### 



Successors and Assigns; Participations; New Lenders
 97




---



##### 



98




---



##### 



99




---



##### 



Application of Payments
 Indemnity
 Currency Indemnity Judgment Currency Currency Due
 100




---



##### 



Notice
      101




---



##### 



102




---



##### 



Survival
 Severability
 Expenses
 Injunctive Relief
 Consequential Damages
 103




---



##### 



Captions
 Counterparts; Facsimile Signatures
 Construction
 Confidentiality; Sharing Information
 104




---



##### 



Publicity
 Certifications From Banks and Participants; USA PATRIOT Act
 105




---



##### 



RAND WORLDWIDE U.S. HOLDINGS, INC.By:Name:Title:RAND A TECHNOLOGY CORPORATIONBy:Name:Title:RAND TECHNOLOGIES OF MICHIGAN, INC.By:Name:Title:RAND IMAGINIT TECHNOLOGIES, INC.By:Name:Title:PNC BANK, NATIONAL ASSOCIATION,
as Lender and as AgentBy:Name:Title:Commitment Percentage: 100%  S-1