##### 



Exhibit 10.22




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PageARTICLE I DEFINITIONS AND ACCOUNTING TERMS
    
    
    1Section 1.01. Defined Terms
    
    
    1Section 1.02. Computation of Time Periods
    
    
    15Section 1.03. Accounting Terms
    
    
    16Section 1.04. Certain Terms
    
    
    16ARTICLE II AMOUNTS AND TERMS OF THE LOAN
    
    
    16Section 2.01. The Commitments and the Loans
    
    
    16Section 2.02. Making the Loans
    
    
    17Section 2.03. Repayments
    
    
    18Section 2.05. Mandatory Prepayment of Loans
    
    
    20Section 2.06. Interest
    
    
    21Section 2.07. Illegality
    
    
    22Section 2.08. Payments and Computations
    
    
    22Section 2.09. Taxes
    
    
    22Section 2.10. Conversion
    
    
    23ARTICLE III CONDITIONS PRECEDENT
    
    
    30Section 3.01. Conditions Precedent to the Effectiveness of this Agreement
    
    
    30Section 3.02. Conditions Precedent to Loans Made After the Closing Date
    
    
    31Section 3.03. Additional Conditions Precedent to Making All Loans
    
    
    31Section 3.04. Deadline for Satisfaction of Conditions
    
    
    32ARTICLE IV REPRESENTATIONS AND WARRANTIES
    
    
    32Section 4.01. Corporate Existence; Compliance with Law
    
    
    32Section 4.02. Corporate Power; Authorization; Enforceable Obligations
    
    
    33Section 4.03. Full Disclosure
    
    
    33Section 4.04. Financial Matters
    
    
    34Section 4.05. Litigation
    
    
    34Section 4.06. Margin Regulation
    
    
    34Section 4.07. No Default
    
    
    35Section 4.08. Investment Company Act
    
    
    35Section 4.09. Use of Proceeds
    
    
    35Section 4.10. Pari Passu Obligations
    
    
    35Section 4.11. Compliance with Agreements
    
    
    35ARTICLE V AFFIRMATIVE COVENANTS
    
    
    35Section 5.01. Compliance with Laws, Etc.
    
    
    35Section 5.02. Conduct of Business
    
    
    35Section 5.03. Preservation of Corporate Existence, Etc.
    
    
    36Section 5.04. Access
    
    
    36
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PageSection 5.05. Keeping of Books
    
    
    36Section 5.06. Application of Proceeds
    
    
    36Section 5.07. Financial Statements
    
    
    37Section 5.08. Reporting Requirements
    
    
    38Section 5.09. Insurance
    
    
    38Section 5.10. Payment of Taxes and Claims
    
    
    38Section 5.11. Compliance with Agreements
    
    
    39Section 5.12. Further Documents
    
    
    39Section 5.13. [Intentionally omitted]
    
    
    39Section 5.14. Collateral Documents
    
    
    39ARTICLE VI NEGATIVE COVENANTS
    
    
    39Section 6.01. Liens, Etc.
    
    
    39Section 6.02. Indebtedness
    
    
    41Section 6.03. Mergers, Sale of Assets, Etc.
    
    
    41Section 6.04. Change in Nature of Business
    
    
    42Section 6.05. Modification of Material Agreements
    
    
    42Section 6.06. Cancellation of Indebtedness Owed to the Borrower
    
    
    42Section 6.07. Capital Structure
    
    
    42Section 6.08. Accounting Changes
    
    
    42Section 6.09. OFAC Compliance
    
    
    43Section 6.10. Investments in Other Persons
    
    
    43ARTICLE VII EVENTS OF DEFAULT
    
    
    43Section 7.01. Events of Default
    
    
    43Section 7.02. Remedies
    
    
    45ARTICLE VIII MISCELLANEOUS
    
    
    45Section 8.01. Amendments, Etc.
    
    
    45Section 8.02. Notices
    
    
    45Section 8.03. No Waiver; Remedies
    
    
    46Section 8.04. Costs; Expenses; Indemnities
    
    
    46Section 8.05. Right of Set-off
    
    
    47Section 8.06. Binding Effect
    
    
    48Section 8.07. Governing Law
    
    
    48Section 8.08. Severability
    
    
    48Section 8.09. Submission to Jurisdiction; Service of Process
    
    
    48Section 8.10. Waiver of Jury Trial
    
    
    49Section 8.11. Section Titles
    
    
    49Section 8.12. Execution in Counterparts
    
    
    49Section 8.13. Survival
    
    
    49Section 8.14. Entire Agreement
    
    
    49
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EXHIBITSExhibit A-1
    
    Form of Tranche A NoteExhibit A-2
    
    Form of Tranche B NoteExhibit A-3
    
    Form of Tranche C NoteExhibit A-4
    
    Form of Tranche D NoteExhibit B
    
    Form of Notice of BorrowingExhibit C
    
    Security AgreementExhibit D
    
    Form of Conversion NoticeExhibit E
    
    Form of Statement of Indebtedness and Trade PayablesSCHEDULESSchedule I
    
    Acquisition GuidelinesSchedule 1.01
    
    Potential TransactionsSchedule 2.05
    
    Existing WarrantsSchedule 6.01
    
    Existing LiensSchedule 6.02
    
    Certain Indebtedness
 iii




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Borrower Lender
  Existing
Credit Agreement Existing Loans Existing Supply Agreement
      ARTICLE I
 DEFINITIONS AND ACCOUNTING TERMS
 Defined Terms




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Acquisition Target
 Additional Rebates
 Affiliate
 Agreement
 Approved Stock Plan
 Base Rebates
 Business Day
 Cash Equivalents
 2




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Change of Control
 Outstanding Company Common
Stock Outstanding Company Voting
Securities ); provided however
 Incumbent Board provided however
 Business Combination ,
 3




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Closing Date
 Closing Statement Exhibit E
 Collateral Documents
 Commitment Termination Date
 Commitments
 4




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Common Stock
 Consolidated Net Income
 Conversion Price
 Convertible Securities
 Current Assets
 Current Liabilities
 Current Market Price
 Default
 Distribution Date
 Dollars
 5




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EBITDA
     less
 Environmental Laws
 ERISA
 Event of Default
 Excess Cash Flow
  6




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Less:
    Exchange Act
 Excluded Issuances
 7




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Existing Credit Agreement
 Existing Tranche A Loan
 Existing Tranche B Loan
 Existing Tranche C Loan
 Existing Tranche C-1 Loan
 Existing Tranche C-2 Loan
 Existing Tranche C-3 Loan
 Existing Tranche C-3 Accrued Interest
 Fiscal Quarter
 GAAP
 Governmental Authority
 Indebtedness
 8




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Indemnified Matters
 Indemnitee
 Interest Expense
 Investor Rights Agreement
 Investment
 Lien
 Loan Balance
 Loan Documents
 Loan Payment Date
 9




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Loans
 Material Adverse Change
 Material Adverse Effect
 Maturity Date
 Maximum Commitment
 Minimum Issuance Price
 Minimum Purchase Requirement
 Net Income (Loss)
 Notes
 Notice of Borrowing
 Obligations
 Options
 10




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Other Taxes
 Permit
 Permitted Acquisition Indebtedness
     Permitted Liens
 Permitted Senior Indebtedness
     11




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Permitted Subordinated Indebtedness
    Person
 Principal Market
 Required Tranche A Payment
 Required Tranche B Payment
 Required Tranche C Payment
 Required Tranche D Payment
 Requirement of Law
 12




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Responsible Officer
 Rights Agreement
 Securities Act
 Security Agreement Exhibit C
 Solvent
 Specified Notes
 Stand-Alone Acquisition
 Stock
 Stock Equivalents
 Subordinated Notes
 Subsidiary
 13




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Supply Agreement
 Taxes
 Tranche A Loan
 Tranche A Loan Payment Date
 Tranche A Note Exhibit A-1
 Tranche B Loan
 Tranche B Loan Commitment
 Tranche B Loan Payment Date
 Tranche B Note Exhibit A-2
 Tranche C Loan
 Tranche C Loan Commitment
 14




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Tranche C Loan Payment Date
 Tranche C Note Exhibit A-3
 Tranche D Loan
 Tranche D Loan Commitment
 Tranche D Note Exhibit A-4
 UCC
 Voting Stock
 Working Capital
 Computation of Time Periods
  Accounting Terms
  15




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Certain Terms
   ARTICLE II
 AMOUNTS AND TERMS OF THE LOAN
 The Commitments and the Loans
 Tranche A Loan
 Tranche B Loans
 Tranche C Loans
 16




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Tranche D Loans
 Aggregate Commitments
 Commitment Reductions
 Commitment Termination
 Making the Loans
 Notice of Borrowing Notice of Borrowing Exhibit B
 17




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Order of Priority of Making of Loans
 Notice of Borrowing Irrevocable
 Repayments
 Repayment of Tranche A Loan Tranche A Loan Payment
Date Required Tranche A Payment
 Repayment of Tranche B Loans th Tranche B Loan Payment Date Required Tranche B Payment
 Repayment of Tranche C Loans Tranche C Loan Payment Date Required Tranche C
Payment
 Repayment of Tranche D Loans
 18




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Required
Tranche D Payment
 Deemed Repayments of Tranche A and Tranche C Loans
   Deemed Repayment of Tranche B Loans
   Loan Reductions from Rebates
   19




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Cure of Minimum Purchase Requirement Original Loan Payment Date Subsequent Loan Payment Date
 Optional Prepayments
 provided however
 Mandatory Prepayment of Loans
    20




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Interest
 th
   Illegality
  21




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Payments and Computations
     Taxes
 Taxes
 Other Taxes
  22




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Conversion
 Conversion Right
 23




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Number of Shares Issuable Upon Conversion
 Conversion Rate
 Conversion Notice Conversion Notice Conversion Date
 Limitation on Conversion Right
 Common Stock Issuance upon Conversion
 Conversion Date Procedures
 Stock Certificates or DWAC
 24




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DTC FAST
 Conversion Price Adjustments
 Stock Dividends, Splits and Combinations
 Distributions
 Anti-dilution Adjustment of Conversion Price upon Issuance of Common
Stock
 25




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Dilutive
Issuance
 
        
  Issuance of Options
 26




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Issuance of Convertible Securities
 Change in Option Price or Rate of Conversion
 27




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Calculation of Consideration Received
 Adjustment in Other Securities
 Rounding of Adjustments
 Notice of Adjustments
 28




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Need for Additional Authorized Shares of Common Stock
 Notice of Certain Events
        29




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Reservation and Issuance of Underlying Securities
 No Fractions
 Charges, Taxes and Expenses
 ARTICLE III
 CONDITIONS PRECEDENT
 Conditions Precedent to the Effectiveness of this Agreement
     30




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Conditions Precedent to Loans Made After the Closing Date
    Additional Conditions Precedent to Making All Loans
  31
              Deadline for Satisfaction of Conditions
  ARTICLE IV
 REPRESENTATIONS AND WARRANTIES
  Corporate Existence; Compliance with Law
  32




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Corporate Power; Authorization; Enforceable Obligations
       Full Disclosure
  33




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Financial Matters
      Litigation
   Margin Regulation
  34




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No Default
    Use of Proceeds
  Pari Passu Obligations
 pari passu
 Compliance with Agreements
  ARTICLE V
 AFFIRMATIVE COVENANTS
  Compliance with Laws, Etc.
  Conduct of Business
  35




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Preservation of Corporate Existence, Etc.
  Access
 provided
 Keeping of Books
  Application of Proceeds
  36




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Financial Statements
    37




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Reporting Requirements
      Insurance
  Payment of Taxes and Claims
  38




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Compliance with Agreements
  Further Documents
   Collateral Documents.
  ARTICLE VI
 NEGATIVE COVENANTS
  Liens, Etc
   39
       provided however
 provided however
 provided however
  provided however
  provided however
 40




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Indebtedness
            Mergers, Sale of Assets, Etc.
  41




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Change in Nature of Business
  Modification of Material Agreements
 provided however provided further
 Cancellation of Indebtedness Owed to the Borrower
 provided provided further
 Capital Structure
  Accounting Changes
  42




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OFAC Compliance.
  Investments in Other Persons
  ARTICLE VII
 EVENTS OF DEFAULT
 Events of Default
     43
             44




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Remedies
 provided however
 ARTICLE VIII
 MISCELLANEOUS
 Amendments, Etc.
  Notices
  (i)
    
    if to the Borrower:
 
 45




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th
 (ii)
    
    if to the Lender:
 
  
  No Waiver; Remedies
  Costs; Expenses; Indemnities
  46




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Indemnitee Indemnified Matters provided however
   Right of Set-off
 provided however
 47




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Binding Effect
  Governing Law
  Severability
  Submission to Jurisdiction; Service of Process
 forum non conveniens
  48




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Waiver of Jury Trial
  Section Titles
  Execution in Counterparts
  Survival
  Entire Agreement
  49




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HearUSA, Inc.By:
    

/s/
Stephen J. HansbroughName:
    
    Stephen J. HansbroughTitle:
    
    President and CEOSIEMENS HEARING INSTRUMENTS, INC.By:
    

/s/
William J. LankenauName:
    
    William J. LankenauTitle:
    
    President and CEO




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EXHIBIT A-1
  U.S. $
    
    Dated: December ___, 2006
 Borrower Lender
   Credit
Agreement
  A-1-1




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HearUSA, INC.By:Name:Title:
 A-1-2




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EXHIBIT A-2
  U.S. $30,000,000
    
    Dated: December [___], 2006
 Borrower Lender
   Credit
Agreement
  A-2-1




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HearUSA, INC.By:Name:Title:
 A-2-2




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EXHIBIT A-3
  U.S. $30,000,000
    
    Dated: December [___], 2006
 Borrower Lender
   Credit
Agreement
  A-3-1




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HearUSA, INC.By:Name:Title:
 A-3-2




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EXHIBIT A-4
  U.S. $50,000,000
    
    Dated: December [___], 2006
 Borrower Lender
   Credit
Agreement
  A-4-1




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HearUSA, INC.By:Name:Title:
 A-4-2




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EXHIBIT B
 
 
 
 HearUSA, Inc.
  Credit Agreement Lender
 Proposed Borrowing
 Borrowing Date




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Very truly yours,HearUSA, INC.By:Name:Title:
 A-4-2




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EXHIBIT D
 
 Company
 Date to Effect Conversion:Total Amount of Loans Being Converted:
    
    Principal:Accrued Interest:
 Siemens Hearing Instruments, Inc.By:Name:Title:




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EXHIBIT E
 
 CLOSING STATEMENT
  Pre-Closing
    
    Post-ClosingPast Due Trade Payables
to Be Converted
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    0.00
 Siemens Loans:
    
    Interest
    
    Principal
    
    TotalTranche A
    
    
    
    
    
    
    
    
    
    $
    0.00
    
    
    $
    0.00Tranche B
    
    
    
    
    
    
    
    
    
    $
    0.00
    
    
    $
    0.00Tranche C1
    
    
    
    
    
    
    
    
    
    $
    0.00Tranche C2
    
    $
    0.00
    
    
    
    
    
    
    $
    0.00Tranche C3
    
    
    
    
    
    
    
    
    
    $
    0.00Total Tranche C
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Tranche DTotal Outstanding Loans
    
    
    
    
    
    
    
    
    
    $
    0.00
    
    
    $
    0.00
 
 HearUSA, Inc.By:
    /s/ Stephen J. HansbroughName:
    Stephen J. HansbroughTitle:
    President & CEO Siemens Hearing Instruments, Inc.By:
    /s/ William J. LankenauName:
    Willaim J. LankenauTitle:
    President & CEO