Exhibit 10.11(c)
 Execution Version




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Table of Contents
 PageARTICLE IDefinitionsSECTION 1.01. Defined Terms
    
    
    1SECTION 1.02. Terms Generally
    
    
    17SECTION 1.03. Independence of Covenants
    
    
    17ARTICLE IIThe NotesSECTION 2.01. Commitments
    
    
    17SECTION 2.02. Note Purchase
    
    
    17SECTION 2.03. Evidence of Debt; Repayment of Notes
    
    
    18SECTION 2.04. Interest on Notes
    
    
    18SECTION 2.05. Default Interest
    
    
    18SECTION 2.06. Termination of Commitments
    
    
    18SECTION 2.07. Repayment of Notes
    
    
    18SECTION 2.08. Prepayment
    
    
    19SECTION 2.09. Reserve Requirements; Change in Circumstances
    
    
    20SECTION 2.10. Indemnity
    
    
    20SECTION 2.11. Pro Rata Treatment
    
    
    21SECTION 2.12. Sharing of Setoffs
    
    
    21SECTION 2.13. Payments
    
    
    21SECTION 2.14. Taxes
    
    
    22SECTION 2.15. Assignment of Notes Under Certain Circumstances; Duty to Mitigate
    
    
    23SECTION 2.16. Issuance of Warrant
    
    
    23ARTICLE IIIRepresentations and Warranties of the IssuerSECTION 3.01. Organization; Powers
    
    
    24SECTION 3.02. Authorization
    
    
    24SECTION 3.03. Enforceability
    
    
    24SECTION 3.04. Governmental Approvals
    
    
    25SECTION 3.05. Financial Statements
    
    
    25SECTION 3.06. No Material Adverse Change
    
    
    25SECTION 3.07. Title to Properties; Possession Under Leases; Intellectual Property
    
    
    25SECTION 3.08. Subsidiaries
    
    
    26SECTION 3.09. Litigation; Compliance with Laws
    
    
    26SECTION 3.10. Agreements
    
    
    26




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Table of Contents
 PageSECTION 3.11. Federal Reserve Regulations
    
    
    27SECTION 3.12. Government Regulation
    
    
    27SECTION 3.13. Use of Proceeds
    
    
    27SECTION 3.14. Taxes
    
    
    27SECTION 3.15. Disclosure
    
    
    27SECTION 3.16. Employee Benefit Plans
    
    
    28SECTION 3.17. Environmental Matters
    
    
    28SECTION 3.18. Insurance
    
    
    28SECTION 3.19. Location of Real Property and Leased Premises
    
    
    28SECTION 3.20. Labor Matters
    
    
    28SECTION 3.21. Solvency
    
    
    28SECTION 3.22. Transactions
    
    
    29SECTION 3.23. Financial Advisors
    
    
    29SECTION 3.24. Foreign Assets Control Regulations, Etc.
    
    
    29SECTION 3.25. Representations of other Loan Parties
    
    
    30SECTION 3.26. Loans to Officers and Directors
    
    
    30SECTION 3.27. Internal Controls
    
    
    30SECTION 3.28. Senior Indebtedness; Ranking
    
    
    30SECTION 3.29. Capitalization and Voting Rights
    
    
    30SECTION 3.30. Valid Issuance of the Warrant Shares
    
    
    31SECTION 3.31. Security Documents
    
    
    31ARTICLE IVConditions of Purchase of NotesSECTION 4.01. Representations and Warranties
    
    
    32SECTION 4.02. Default; Event of Default
    
    
    32SECTION 4.03. Opinion of Counsel
    
    
    32SECTION 4.04. Legal Matters
    
    
    32SECTION 4.05. Secretary Certificates; Other Documents
    
    
    32SECTION 4.06. Officer Certificate
    
    
    33SECTION 4.07. Closing Fees, Expenses
    
    
    33SECTION 4.08. Insurance Policies
    
    
    33SECTION 4.09. Consummation of Transactions
    
    
    33SECTION 4.10. No Poison Pills
    
    
    33SECTION 4.11. Financing Statements
    
    
    33SECTION 4.12. Solvency Certificate
    
    
    34SECTION 4.13. Consents
    
    
    34SECTION 4.14. Patriot Act
    
    
    34SECTION 4.15. Proceedings
    
    
    34




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Table of Contents
 PageSECTION 4.16. Security Documents
    
    
    34SECTION 4.17. Perfection Certificate; Lien Searches
    
    
    34SECTION 4.18. [Intentionally Omitted]
    
    
    34SECTION 4.19. [Intentionally Omitted]
    
    
    34SECTION 4.20. Landlord Consents
    
    
    34SECTION 4.21. Consummation of the Acquisition
    
    
    35SECTION 4.22. Certain Documents
    
    
    35ARTICLE VAffirmative CovenantsSECTION 5.01. Existence; Compliance with Laws; Businesses and Properties
    
    
    36SECTION 5.02. Insurance
    
    
    36SECTION 5.03. Obligations and Taxes
    
    
    36SECTION 5.04. Financial Statements, Reports, etc.
    
    
    37SECTION 5.05. Litigation and Other Notices
    
    
    38SECTION 5.06.Maintaining Records; Access to Properties and Inspections; Maintenance of
Ratings
    
    
    38SECTION 5.07. Use of Proceeds
    
    
    38SECTION 5.08. Employee Benefits
    
    
    38SECTION 5.09. Compliance with Environmental Laws
    
    
    39SECTION 5.10. Preparation of Environmental Reports
    
    
    39SECTION 5.11. Further Assurances
    
    
    39SECTION 5.12. Ranking
    
    
    40SECTION 5.13. Information Regarding Collateral
    
    
    40SECTION 5.14. Assignability of Contracts
    
    
    41SECTION 5.15. Post-Closing Covenants
    
    
    41ARTICLE VINegative CovenantsSECTION 6.01. Indebtedness
    
    
    42SECTION 6.02. Liens
    
    
    43SECTION 6.03. Sale and Lease-Back Transactions
    
    
    44SECTION 6.04. Investments, Loans and Advances
    
    
    44SECTION 6.05. Acquisitions, Consolidations, Sales of Assets and Acquisitions
    
    
    45SECTION 6.06. Restricted Payments; Restrictive Agreements
    
    
    45SECTION 6.07. Transactions with Affiliates
    
    
    46SECTION 6.08. Business of the Issuer and its Subsidiaries
    
    
    46SECTION 6.09. Other Indebtedness and Agreements
    
    
    46




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Table of Contents
 PageSECTION 6.10. Fiscal Year
    
    
    47SECTION 6.11. Certain Equity Securities
    
    
    47SECTION 6.12. Amendments or Waivers of Documents Relating to Indebtedness
    
    
    47SECTION 6.13. Wholly-Owned Subsidiaries
    
    
    47SECTION 6.14. Dormant Subsidiaries
    
    
    47SECTION 6.15. Minimum Liquidity
    
    
    48SECTION 6.16. Automatic Teller Machine Count
    
    
    48SECTION 6.17. Financial Covenants
    
    
    48SECTION 6.18. Notemachine Settlement Agreement
    
    
    48SECTION 6.19. Falcone Agreements
    
    
    48ARTICLE VIIRepresentations and Warranties of the PurchasersSECTION 7.01. Authorization
    
    
    49SECTION 7.02. Purchase Entirely for Own Account
    
    
    49SECTION 7.03. Investor Status; Etc.
    
    
    49SECTION 7.04. No Conflict
    
    
    49SECTION 7.05. Brokers
    
    
    49ARTICLE VIIIEvents of DefaultARTICLE IXThe Administrative Agent and the Collateral AgentARTICLE XMiscellaneousSECTION 10.01. Notices
    
    
    55SECTION 10.02. Survival of Agreement
    
    
    55SECTION 10.03. Binding Effect
    
    
    56SECTION 10.04. Successors and Assigns
    
    
    56SECTION 10.05. Expenses; Indemnity
    
    
    59SECTION 10.06. Right of Setoff
    
    
    60SECTION 10.07. Applicable Law
    
    
    60SECTION 10.08. Waivers; Amendment
    
    
    61SECTION 10.09. Interest Rate Limitation
    
    
    61SECTION 10.10. Entire Agreement
    
    
    62




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Table of Contents
 PageSECTION 10.11. WAIVER OF JURY TRIAL
    
    
    62SECTION 10.12. Severability
    
    
    62SECTION 10.13. Counterparts
    
    
    62SECTION 10.14. Headings
    
    
    63SECTION 10.15. Jurisdiction; Consent to Service of Process
    
    
    63SECTION 10.16. Confidentiality
    
    
    63SECTION 10.17. USA PATRIOT Act Notice
    
    
    64




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Table of Contents
 SCHEDULESSchedule 1.01(a)
    
    -
    
    Subsidiary GuarantorsSchedule 2.01
    
    -
    
    Purchasers and CommitmentsSchedule 3.02
    
    -
    
    AuthorizationSchedule 3.06
    
    -
    
    Material Adverse ChangeSchedule 3.08
    
    -
    
    SubsidiariesSchedule 3.09
    
    -
    
    Litigation; Compliance with LawsSchedule 3.17
    
    -
    
    Environmental MattersSchedule 3.18
    
    -
    
    InsuranceSchedule 3.19
    
    -
    
    Leased PropertySchedule 3.23
    
    -
    
    Financial AdvisorsSchedule 3.31
    
    -
    
    UCC Filing OfficesSchedule 4.02
    
    -
    
    Default; Event of DefaultSchedule 6.01
    
    -
    
    Existing IndebtednessSchedule 6.02
    
    -
    
    Existing LiensEXHIBITSExhibit A
    
    -
    
    Form of Administrative QuestionnaireExhibit B
    
    -
    
    Form of Assignment and AcceptanceExhibit C
    
    -
    
    Form of Promissory NoteExhibit D
    
    -
    
    Form of WarrantExhibit E-1
    
    -
    
    Form of Opinion of LedgewoodExhibit E-2
    
    -
    
    Form of Opinion of Perkins CoieExhibit F
    
    -
    
    Form of Amended and Restated Registration Rights AgreementExhibit G
    
    -
    
    Form of Guarantee and Collateral Agreement




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Issuer Administrative Agent Collateral Agent
 PRELIMINARY STATEMENT
  Notes
 Registration Rights Agreement Exhibit F
   Definitions
 SECTION 1.01. Defined Terms
 Acquisition
 Acquisition Agreement




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Acquisition Documents
 Acquisition Note
 Administrative Agent
 Administrative Questionnaire
 Affiliate provided however
 Agents Article IX
 Agreement
 Applicable Percentage
 Applicable Prepayment Premium
 Asset Sale
 Assignment and Acceptance




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Board
 Business Day
 Capital Lease Obligations
 Change in Control
     Change in Law
 Charges




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Circulated Stockholder Vault Cash
 Closing Date
 Code
 Collateral
 Collateral Agent
 Commitment
 Common Stock
 Company Option Plan
 Consolidated
 Consolidated EBITDA




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Consolidated Net Income provided, however
 Contingent Obligation
 Control Controlling Controlled




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Credit Facilities
 Default
 Disqualified Stock
 dollars $
 Domestic Subsidiary
 Dormant Subsidiary
 DZ Bank Agreement
 eFunds
 eFunds Settlement
 Employee
 Environmental Laws




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Environmental Liability
 Equity Interests
 ERISA
 ERISA Affiliate
 ERISA Event




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Event of Default
 Exchange Act
 Excluded Taxes
 Expense Reimbursement Letter
 Federal Funds Effective Rate
 Financial Officer
 Foreign Purchaser
 Foreign Subsidiary
 GAAP
 Governmental Authority
 Granting Purchaser




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GSO
 GSO Loan Documents
 Guarantee primary obligor provided however
 Guarantee and Collateral Agreement
 Hazardous Materials
 Hedging Agreement
 Indebtedness




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Indemnified Taxes
 Indemnitee
 Information
 Intellectual Property
 Interest Payment Date provided
 Interest Period provided
 Issuer
 Landlord Consent, Estoppel and Collateral Access Agreement




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Leasehold Property
 Lien
 Liquidity
 Loan Parties
 Margin Stock
 Material Adverse Change
 Material Adverse Effect
 Material Indebtedness




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Maturity Date
 Maximum Rate
 Moodys
 Mortgaged Properties Section 5.11
 Mortgages Section
5.11
 Multiemployer Plan
 Notemachine
 Notemachine Security Agreement
 Notemachine Settlement Agreement
 Notes
 Obligations
 OFAC
 Organizational Documents
 Original Purchase Agreement
 Other Taxes




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PBGC
 Perfection Certificate
 Permitted Investments
       person
 Plan
 Pledge, Security and Escrow Agreement




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Purchasers
 Qualified Capital Stock
 Register
 Registration Rights Agreement
 Regulation T
 Regulation U
 Regulation X
 Related Fund
 Related Parties
 Release
 Required Purchasers
 Responsible Officer
 Restricted Indebtedness
 Restricted Payment




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S&P
 SEC
 Secured Parties
 Security Documents
 Securities Act
 Solvent
 SPC
 Stockholder Vault Cash
 Subsidiary parent
 Subsidiary Guarantor
 Synthetic Purchase Agreement provided




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Taxes
 Terrorism Order
 Transactions
 Transaction Documents
 TRM SEC Documents
 USA PATRIOT Act
 Vault Cash Agreement
 Vault Cash Amount
 Warrants Exhibit D
 Warrant Shares
 wholly owned Subsidiary




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Withdrawal Liability
 SECTION 1.02. Terms Generally provided however
 SECTION 1.03. Independence of Covenants
  The Notes
 SECTION 2.01. Commitments
 SECTION 2.02. Note Purchase




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SECTION 2.03. Evidence of Debt; Repayment of Notes
  prima
facie provided however
  SECTION 2.04. Interest on Notes
  SECTION 2.05. Default Interest
 SECTION 2.06. Termination of Commitments
 SECTION 2.07. Repayment of Notes




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SECTION 2.08. Prepayment Applicable Prepayment Premium provided however
 If Prepaid:
    
    PercentageFrom and after the Closing Date but prior to the first
anniversary of the Closing Date
    
    
    102
    %From and after the first anniversary of the Closing Date but
prior to second anniversary of the Closing Date
    
    
    101
    %From and after the second anniversary of the Closing Date
    
    
    100
    %




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SECTION 2.09. Reserve Requirements; Change in Circumstances
   provided
 SECTION 2.10. Indemnity




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SECTION 2.11. Pro Rata Treatment
 SECTION 2.12. Sharing of Setoffs provided however
 SECTION 2.13. Payments




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SECTION 2.14. Taxes provided




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SECTION 2.15. Assignment of Notes Under Certain Circumstances; Duty to Mitigate
 SECTION 2.16. Issuance of Warrant Warrant Shares Common Stock




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Representations and Warranties of the Issuer
  SECTION 3.01. Organization; Powers
 SECTION 3.02. Authorization
 SECTION 3.03. Enforceability




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SECTION 3.04. Governmental Approvals
 SECTION 3.05. Financial Statements
 SECTION 3.06. No Material Adverse Change
 SECTION 3.07. Title to Properties; Possession Under Leases; Intellectual Property




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SECTION 3.08. Subsidiaries
 SECTION 3.09. Litigation; Compliance with Laws
   SECTION 3.10. Agreements




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SECTION 3.11. Federal Reserve Regulations
  SECTION 3.12. Government Regulation.
 SECTION 3.13. Use of Proceeds
 SECTION 3.14. Taxes
 SECTION 3.15. Disclosure




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SECTION 3.16. Employee Benefit Plans
 SECTION 3.17. Environmental Matters
 SECTION 3.18. Insurance
 SECTION 3.19. Location of Real Property and Leased Premises Schedule 3.19 Schedule 3.19
 SECTION 3.20. Labor Matters
 SECTION 3.21. Solvency Solvent




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SECTION 3.22. Transactions
 SECTION 3.23. Financial Advisors
 SECTION 3.24. Foreign Assets Control Regulations, Etc Terrorism
Order




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OFAC
 SECTION 3.25. Representations of other Loan Parties
 SECTION 3.26. Loans to Officers and Directors
 SECTION 3.27. Internal Controls
 SECTION 3.28. Senior Indebtedness; Ranking pari passu
 SECTION 3.29. Capitalization and Voting Rights.
 Authorized Stock
 Valid Issuance




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Rights to Acquire Company Option Plan
  SECTION 3.30. Valid Issuance of the Warrant Shares.
 SECTION 3.31. Security Documents.
 Schedule 3.31




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Conditions of Purchase of Notes
  SECTION 4.01. Representations and Warranties.
 SECTION 4.02. Default; Event of Default.
 SECTION 4.03. Opinion of Counsel. Exhibit E-1 Exhibit E-2
 SECTION 4.04. Legal Matters.
 SECTION 4.05. Secretary Certificates; Other Documents.




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SECTION 4.06. Officer Certificate.
 SECTION 4.07. Closing Fees, Expenses.
 SECTION 4.08. Insurance Policies.
 SECTION 4.09. Consummation of Transactions.
 SECTION 4.10. No Poison Pills.
 SECTION 4.11. Financing Statements.




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SECTION 4.12. Solvency Certificate.
 SECTION 4.13. Consents.
 SECTION 4.14. Patriot Act.
 SECTION 4.15. Proceedings.
 SECTION 4.16. Security Documents.
 SECTION 4.17. Perfection Certificate; Lien Searches.
 SECTION 4.18. [Intentionally Omitted].
 SECTION 4.19. [Intentionally Omitted].
 SECTION 4.20. Landlord Consents.




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SECTION 4.21. Consummation of the Acquisition.
 SECTION 4.22. Certain Documents.
         Affirmative Covenants




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SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties
  SECTION 5.02. Insurance
   SECTION 5.03. Obligations and Taxes provided that provided however




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SECTION 5.04. Financial Statements, Reports, etc.




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SECTION 5.05. Litigation and Other Notices
     SECTION 5.06. Maintaining Records; Access to Properties and Inspections; Maintenance of
Ratings
 SECTION 5.07. Use of Proceeds
 SECTION 5.08. Employee Benefits




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SECTION 5.09. Compliance with Environmental Laws provided however
 SECTION 5.10. Preparation of Environmental Reports
 SECTION 5.11. Further Assurances




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Section 6.14
 Section
5.11
 provided that
 Section 5.11
 SECTION 5.12. Ranking pari passu
 SECTION 5.13. Information Regarding Collateral.




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Section 5.04(e) Section 5.13
 SECTION 5.14. Assignability of Contracts.
 SECTION 5.15. Post-Closing Covenants
 Section 5.11(a)




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Negative Covenants
  SECTION 6.01. Indebtedness




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SECTION 6.02. Liens
 provided
  provided




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provided
   SECTION 6.03. Sale and Lease-Back Transactions
 SECTION 6.04. Investments, Loans and Advances
 provided




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provided
   SECTION 6.05. Acquisitions, Consolidations, Sales of Assets and Acquisitions
  SECTION 6.06. Restricted Payments; Restrictive Agreements provided however




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provided provided
 SECTION 6.07. Transactions with Affiliates
 SECTION 6.08. Business of the Issuer and its Subsidiaries
 SECTION 6.09. Other Indebtedness and Agreements




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SECTION 6.10. Fiscal Year
 SECTION 6.11. Certain Equity Securities.
 SECTION 6.12. Amendments or Waivers of Documents Relating to Indebtedness
 Amendments of Documents Relating to Indebtedness
 Amendments of Organizational Documents.
 SECTION 6.13. Wholly-Owned Subsidiaries
 SECTION 6.14. Dormant Subsidiaries




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SECTION 6.15. Minimum Liquidity
 SECTION 6.16. Automatic Teller Machine Count
 SECTION 6.17. Financial Covenants.
      SECTION 6.18. Notemachine Settlement Agreement.
 SECTION 6.19. Falcone Agreements.




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Representations and Warranties of the Purchasers
  SECTION 7.01. Authorization.
 SECTION 7.02. Purchase Entirely for Own Account.
 SECTION 7.03. Investor Status; Etc.
 SECTION 7.04. No Conflict.
 SECTION 7.05. Brokers
  Events of Default
 Events of Default




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provided provided
 provided




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The Administrative Agent and the Collateral Agent
 Agents




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Miscellaneous
 SECTION 10.01. Notices
     SECTION 10.02. Survival of Agreement




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SECTION 10.03. Binding Effect
 SECTION 10.04. Successors and Assigns
 provided however provided




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Register




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provided however
 provided
 provided
 Granting
Purchaser SPC provided




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SECTION 10.05. Expenses; Indemnity
 Indemnitee




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provided
 provided
   SECTION 10.06. Right of Setoff
 SECTION 10.07. Applicable Law




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SECTION 10.08. Waivers; Amendment
 provided however provided further
 SECTION 10.09. Interest Rate Limitation Charges Maximum Rate




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SECTION 10.10. Entire Agreement
 SECTION 10.11. WAIVER OF JURY TRIAL
 SECTION 10.12. Severability
 SECTION 10.13. Counterparts




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SECTION 10.14. Headings
 SECTION 10.15. Jurisdiction; Consent to Service of Process
   SECTION 10.16. Confidentiality




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Information provided
 SECTION 10.17. USA PATRIOT Act Notice




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TRM CORPORATION, as the IssuerBy
    
    /s/ Richard SternName: Richard SternTitle: President & Chief Executive Officer
 LAMPE, CONWAY & CO., LLC, as Administrative AgentBy
    
    /s/ Richard F. ConwayName: Richard F. ConwayTitle: Managing Member
 LC CAPITAL MASTER FUND, LTD., as a PurchaserBy
    
    /s/ Richard F. ConwayName: Richard F. ConwayTitle: Director




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Schedules and Exhibits List (1)
 Schedule 1.01(a)
    
    -
    
    Subsidiary GuarantorsSchedule 2.01
    
    -
    
    Purchasers and CommitmentsSchedule 3.02
    
    -
    
    AuthorizationSchedule 3.06
    
    -
    
    Material Adverse ChangeSchedule 3.08
    
    -
    
    SubsidiariesSchedule 3.09
    
    -
    
    Litigation; Compliance with LawsSchedule 3.17
    
    -
    
    Environmental MattersSchedule 3.18
    
    -
    
    InsuranceSchedule 3.19
    
    -
    
    Leased PropertySchedule 3.23
    
    -
    
    Financial AdvisorsSchedule 3.31
    
    -
    
    UCC Filing OfficesSchedule 4.02
    
    -
    
    Default; Event of DefaultSchedule 6.01
    
    -
    
    Existing IndebtednessSchedule 6.02
    
    -
    
    Existing LiensEXHIBITSExhibit A
    
    -
    
    Form of Administrative QuestionnaireExhibit B
    
    -
    
    Form of Assignment and AcceptanceExhibit C
    
    -
    
    Form of Promissory NoteExhibit D
    
    -
    
    Form of WarrantExhibit E-1
    
    -
    
    Form of Opinion of LedgewoodExhibit E-2
    
    -
    
    Form of Opinion of Perkins CoieExhibit F
    
    -
    
    Form of Amended and Restated Registration Rights AgreementExhibit G
    
    -
    
    Form of Guarantee and Collateral Agreement
 
 (1)
    
    Pursuant to Regulation S-K Item 601(b)(2), the
Company agrees to furnish supplementally a copy of any omitted schedule or
exhibit to the Securities and Exchange Commission upon request.