EXHIBIT 10.15


 


Private and Confidential


 


Dated  November 30, 2007






 


	
   

  	
  EMRISE
  CORPORATION

  	
  (1)

  
	
   

  	
   

  	
   

  
	
   

  	
  (the Pledgor)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GVEC RESOURCE IV INC.

  	
  (2)

  
	
   

  	
   

  	
   

  
	
   

  	
  (the Administrative Agent)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE LENDERS

  	
  (3)

  



 






 


AGREEMENT FOR THE PLEDGE OF

ACCOUNT OF FINANCIAL INSTRUMENTS

RELATING TO SHARES OF

CXR ANDERSON JACOBSON SAS


 






 





 


 

















 


Contents


 


	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1

  	
  Definitions
  - Interpretation

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  2

  	
  Creation and Basis of the Pledge

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  3

  	
  Representations and warranties

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  4

  	
  Covenants

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  5

  	
  Enforcement

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  6

  	
  Term - Release

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  7

  	
  Notices

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  8

  	
  Miscellaneous

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  9

  	
  Successors and assigns

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  10

  	
  Costs and Taxes

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  11

  	
  Governing Law - Jurisdiction

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 1

  	
   

  	
  9

  
	
   

  	
   

  	
   

  
	
  Part A - Déclaration de gage de compte d’instruments
  financiers (actions de société)           

  	
   

  	
  9

  
	
   

  	
   

  	
   

  
	
  Part B - Statement of pledge of financial instruments account (company
  shares)

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  Schedule 2

  	
   

  	
  13

  
	
   

  	
   

  	
   

  
	
  Part A - Attestation de constitution de nantissement de
  compte d’instruments financiers

  	
   

  	
  13

  
	
   

  	
   

  	
   

  
	
  Part B - Acknowledgement of pledge of financial instruments account     

  	
   

  	
  14

  
	
   

  	
   

  	
   

  
	
  Schedule 3

  	
   

  	
  15

  
	
   

  	
   

  	
   

  
	
  Part A - Notification au Teneur du Compte de Dividendes
  Nanti

  	
   

  	
  15

  
	
   

  	
   

  	
   

  
	
  Part B - Form of Notification of Pledge to Dividends Account Holder

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  Schedule 4

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  Part A - Attestation de
  Nantissement du Compte de Dividendes Nanti

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  Part B - Form of Certification of Pledge of
  Dividends Account

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  SIGNATURE PAGE

  	
   

  	
  22

  



 


 

















 


AGREEMENT FOR THE PLEDGE OF ACCOUNT OF FINANCIAL INSTRUMENTS 

(COMPANY SHARES)


 


BETWEEN THE UNDERSIGNED:


 


(1)        EMRISE CORPORATION, a company incorporated under the laws of Delaware, United States of
America, having its principal executive offices at 9485 Haven Avenue, Suite
100, Rancho Cucamonga, California, 91370, United States of America, represented by the person identified on the
signature page hereof (hereinafter referred to as the “Pledgor”);


 


(2)        GVEC RESOURCE
IV INC. a company incorporated under the laws of the
British Virgin Islands, whose
registered office is Walkers (BVI) Limited,
Walkers Chambers, PO Box 92, Road Town, Tortola, British Virgin Islands,
registered under number 1027282, acting
in its own name and in its capacity as Administrative Agent under the Credit
Agreement (as such term is defined below), represented by the person identified
on the signature page hereof (hereinafter referred to as the “Administrative  Agent”);
and


 


(3)        Each lender under the Credit Agreement, listed in
such Credit Agreement, together with its successors and assigns, represented by
the Administrative Agent (hereinafter referred to collectively as the “Lenders”) (the Administrative Agent, the Lenders and the Arranger under the
Credit Agreement being hereinafter referred to collectively as the “Beneficiaries”).


 


WHEREAS:


 


(A)      The Pledgor is the owner of 90,000 shares (actions)
representing 100% of the share capital and of the voting rights of CXR Anderson
Jacobson SAS, a French société par actions
simplifiée, whose registered office is rue de l’Ornette, 28410
Abondant, France, registered under single identification number 785 754 706 RCS
Dreux (hereinafter referred to as the “Company”
or, in its capacity as registrar of its own shares, the “Registrar”).


 


(B)       Pursuant to a credit agreement governed by the laws of the State of
California, United States of America, entitled “Credit Agreement” and dated on or about the date hereof (such
agreement, as it may be from time to time amended, modified or supplemented,
being referred to hereinafter as the “Credit
Agreement”) between, inter alia, GVEC RESOURCE IV Inc. as the Arranger
and the Administrative Agent, the Lenders as lenders, and the Pledgor and certain
of its subsidiaries as Borrowers (as such term is defined below), the Lenders
have granted to the Borrowers a credit facility for a maximum principal amount
of USD 23,000,000, pursuant to the terms and conditions set out in the Credit
Agreement.


 


(C)       Pursuant to schedule 3.1 of the Credit Agreement, it has been agreed
that the Pledgor shall grant a first ranking pledge over the financial
instruments account in which the Shares (as such term is defined below) are
registered, for the benefit of the Beneficiaries upon the terms and conditions
of the present agreement for pledge of financial instrument account in order to
secure the performance and payment of the Obligations (as such term is defined
below). The Beneficiaries have, pursuant to article 2328-1 of the French Code civil (hereafter the “Civil Code”), appointed the Administrative
Agent in order that the Administrative Agent be entitled to register, perform
and enforce any security interest (sûreté
réelle) granted by the Pledgor in order to secure the performance
and payment of the Obligations.


 


NOW, THEREFORE, IT IS
AGREED AS FOLLOWS:


 


1          Definitions -
Interpretation


 


1.1       Definitions


 


Unless
otherwise stipulated, capitalised terms and expressions used in this Agreement,
including in the recitals hereto, shall have the meanings ascribed to such
terms below or, if not so defined, shall have the meanings ascribed to such
terms in the Credit Agreement.


 

















 


“Agreement”
means this agreement, together with the Schedules hereto, as it may be amended,
restated or supplemented from time to time;


 


“Beneficiaries”
has the meaning ascribed to such term in the recitals hereof;


 


“Borrower”
has the meaning set forth in the preamble of the Credit Agreement;.


 


“Business Day”
means a day, other than a Saturday or Sunday, on which commercial banks are
open for business in the State of California (United States of America) and
Paris, France;


 


“Clauses”
means any of the clauses of this Agreement;


 


“Company” has the meaning ascribed to such term in the recitals
hereof;


 


“Dividends
Account” has the meaning set forth in Clause 2.1.3 below;


 


“Dividends
Account Holder” means the account holder of the Dividends Account,
as such account is defined in Clause 2.1.3 below;


 


“Event of
Default” has the meaning ascribed to such term in Schedule 1.1 of
the Credit Agreement;


 


“Financial
Instruments Account” has the meaning set forth in Clause 2.1.1
below;


 


“Loan Documents” has the meaning ascribed to such term in the
Credit Agreement;


 


“Notification to the Dividends Account Holder” means
notification in the form attached in Schedule 3 to this Agreement;


 


“Obligations” has the meaning ascribed to such term in the
Credit Agreement;


 


“Parties”
means collectively the Pledgor, the Administrative Agent and the Beneficiaries;


 


“Registrar” has the meaning ascribed to such term in the
recitals hereof;


 


“Schedule”
means any of the schedules to this Agreement;


 


“Shares”
means all the ninety thousand (90,000) shares of the Company, with a par value
of EUR 15 each, held by the Pledgor on the date of signature hereof, and which
are registered on the Financial Instruments Account, as well as any securities
(valeurs mobilières) and other
financial instruments (instruments financiers) which may be added to or
substituted for the aforementioned shares of the Company in any manner
whatsoever in accordance with the provisions of Clause 2.2 below (including the
results of any reduction in capital of the Company by reduction of the par
value of its shares) and any other rights in connection therewith; and


 


“ Statement of Pledge”
means a statement of pledge in the form attached in Schedule 1. - Part A
to this Agreement (a translation of which into English agreed between the
parties is attached for information purposes as Schedule 1 - Part B to this
Agreement).


 


1.2       Interpretation


 


In this Agreement, unless the
context otherwise requires:


 


1.2.1    The titles of Clauses and Schedules are for
ease of reference only and shall not affect the interpretation or construction
thereof.


 


1.2.2    Terms defined in Clause 1.1 may be used in the
singular or the plural sense as required by the context thereof.


 


2

















 


1.2.3       References to a person shall be construed as
including such person’s successors and assigns and to any other person
succeeding to the rights and obligations of such person in any manner
whatsoever.


 


1.2.4       References to an agreement or any other
document shall include any schedules thereto and any modifications or
amendments thereof.


 


1.2.5       References to time of day are to Paris time.


 


2             Creation and
Basis of the Pledge


 


2.1          Transfer of the Shares to the
Financial Instruments Account and pledge of the Financial Instruments Account
and Dividend Account


 


2.1.1        Pursuant to this Agreement and the Statement of
Pledge (which the Pledgor has signed in one original and one copy simultaneously
herewith), the Shares are registered on a special financial instruments account
on the books of the Registrar (hereafter the “Financial
Instruments Account”)
and the Pledgor hereby agrees to grant a first priority pledge over such
Financial Instruments Account in favor of the Beneficiaries, which accept such
pledge, in accordance with article L.431-4 of the French Code
Monétaire et Financier (hereafter the “Monetary and
Finance Code”) as security for the performance and payment of the Obligations.


 


2.1.2        Upon the signing of this Agreement, the Pledgor
has delivered one original executed copy of the Statement of Pledge to the
Administrative Agent and one copy thereof to the Registrar. The Company shall
cause the Registrar, upon receipt of said copy, to deliver to the
Administrative Agent a certification of the pledge created hereunder in the
form set forth in Schedule 2. - Part A hereto (a translation of which into
English agreed between the parties is attached for information purposes as
Schedule 2 - Part B to this Agreement) immediately following reception by the
Registrar of the signed copy of the Statement of Pledge.


 


2.1.3        Pursuant to article L. 431-4 of the Monetary
and Finance Code, all dividends, interest, fruits and products in any currency
relating to the Shares shall be credited on a special account to be held by the
Pledgor in the books of the Dividends Account Holder (the “Dividends
Account”). The Pledgor undertakes to open the Dividends Account and
to provide the Beneficiary with information relating to the Dividends Account
and the identity of the Dividends Account Holder prior to the payment of any
dividends by the Company to the Pledgor. The Dividends Account is deemed to be
incorporated into the basis of the pledge of the Financial Instruments Account
created hereunder, as from the date of the Statement of Pledge. The Pledgor
shall cause the Dividends Account Holder to deliver to the Administrative Agent
as reasonably requested from time to time by the Administrative Agent a
confirmation of the amounts held in the Dividends Account.


 


2.1.4        The Pledgor undertakes:


 


(a)   to deliver to the Dividends Account Holder a Notification to the
Dividends Account Holder as soon as the Dividends Account is opened;


 


(b)   to cause the Dividends Account Holder to register the pledge over the
Dividends Accounts in favor of the Beneficiaries pursuant to this Agreement and
the Statement of Pledge; and


 


(c)   to cause the Dividends Account Holder to deliver, as soon as the
Dividends Account is opened, to the Administrative Agent a certification of
pledge of dividends account substantially in the form of Schedule 4.


 


 


3

















 


2.2       Scope of pledge


 


2.2.1        In addition to the Shares registered on the
Financial Instruments Account, the scope of the pledge is extended to any
securities which are substituted therefor, or are added thereto pursuant to the
provisions of article L. 431-4 of the Monetary and Finance Code, such rights
being subject to and automatically and irrevocably deemed to be incorporated
into the pledge created hereunder, without any such operation constituting in
any manner a novation of the rights and security granted to the Beneficiaries
hereunder. The Pledgor and the Registrar irrevocably undertake to credit such
securities to the Financial Instruments Account.


 


2.2.2        If the Pledgor acquires in any manner additional
shares or other new securities issued by the Company that are not included in
the pledge granted pursuant to Clause 2.1.1 and Clause 2.2.1 above, the Pledgor
shall, as security for the payment of the Obligations, transfer such shares or
other securities to the Financial Instruments Account in order to include them
in the scope of the pledge granted by the Pledgor to the Beneficiaries pursuant
to the terms of  this Agreement. The
Pledgor shall, at its own cost, execute such documents and take such other actions
as may be necessary or appropriate to effect such first priority pledge.


 


2.2.3        In the event that the Company should effect a
reduction of its capital otherwise than due to losses, the Pledgor undertakes
to refrain from presenting the Shares in order for such Shares to be purchased
by the Company without the prior written consent of the Administrative Agent,
acting in the name and on behalf of the Beneficiaries.


 


2.2.4        In the event that the Company should effect a
reduction of its capital due to losses, the Pledgor undertakes to inform the
Administrative Agent promptly of the proposed reduction and, in any event,
prior to the date on which the shareholders vote on such proposed reduction,
and any shares of the Company resulting from the Shares as a consequence of
such reduction in capital shall be automatically incorporated into the
Financial Instruments Account.


 


2.2.5        More generally, any shares, or other shareholder
interests attributed to the Pledgor and constituting ownership interests in any
legal entity resulting from the contribution of the Shares in connection with
the transformation or merger of the Company or any similar operation concerning
the legal nature or organization of the Company, shall be considered as being
subject to the pledge created hereunder and, consequently, shall be
incorporated into the Financial Instruments Account or the Dividends Account,
as the case may be. The Pledgor shall promptly, at its own cost, sign all
documents and take all action necessary to confirm such rights of the Beneficiaries
in such shares or other shareholder interests.


 


3        Representations
and warranties


 


3.1     Representations and warranties of the Pledgor


 


The Pledgor hereby represents and warrants to the
Administrative Agent, acting in the name and on behalf of the Beneficiaries,
that:


 


3.1.1        it is a duly incorporated, registered and
validly existing company in accordance with the laws and regulations governing
it and has the power to own its property and other assets and to conduct its
business as it is now being conducted and hereafter proposed to be conducted;


 


3.1.2        it has power to execute and perform its
obligations under this Agreement and all necessary corporate, shareholder and
other action has been taken to authorize the execution and performance of the
same;


 


3.1.3        any governmental or administrative authorizations
required to be obtained or receive by it in order to execute and perform its
obligations under this Agreement and to ensure the validity and enforceability
thereof have been obtained and are in force;


 


4

















 


 


3.1.4        the execution of this Agreement as well as the
performance of its obligations contained herein are its valid and legally
binding obligations, and do not contravene or conflict with, or result in any
breach of any of the terms of, or constitute a default under its Articles of
Association, or any provision of any contract or any undertaking to which it is
a party or by which it is bound;


 


3.1.5        the Shares were duly issued and are fully paid-up,
are wholly owned by the Pledgor and are not subject to a pledge, attachment or
sequestration of any kind other than the pledge created hereunder, and there is
no purchase or sale option with respect to any of them;


 


3.1.6        the Shares are held in registered form and
represent at the date hereof (i) all of the shares of the Company held by the
Pledgor; and (ii) 100% of the share capital of and the voting rights in the
Company;


 


3.1.7        the Company is the Registrar (teneur de compte) of its own shares, including the Shares;


 


3.1.8        the Dividends Account is not subject to a
pledge, attachment or sequestration of any kind other than the pledge created
hereunder;


 


3.1.9        the execution of this Agreement as well as the
performance of the obligations contained herein do not constitute an abuse of
company assets (abus de biens sociaux) or
analogous principle under the laws of any other jurisdiction other than France;


 


3.1.10      it has, in its capacity as the sole shareholder
of the Company, by a decision dated 27 November 2007, approved the terms and
conditions of the Agreement and the Beneficiaries as new shareholders of the
Company in the event of enforcement of the present pledge; and


 


3.1.11      there are no provisions in the by-laws (statuts) of the Company prohibiting the
transfer, assignment or pledge of Shares during a fixed or indeterminate time
period, which in the case of any of the foregoing would operate so as to
prevent the enforcement of the pledge created hereunder.


 


3.2       Repetition of representations and warranties


 


The representations and
warranties made in Clause 3.1 shall be deemed to be repeated so that they
remain accurate permanently and at all times during the term of this Agreement
and are without prejudice to the representations and warranties made and granted
under the Loan Documents.


 


4          Covenants


 


4.1           The Pledgor undertakes that it shall not (without the prior written
consent of the Administrative Agent, acting in the name and on behalf of the
Beneficiaries):


 


4.1.1        create or attempt to create or permit to
subsist in favor of any person other than the Beneficiaries any lien, charge or
other security interest on the Financial Instruments Account or the Dividends
Account, or any right pertaining thereto other than the pledge created
hereunder;


 


4.1.2        sell, transfer, assign or otherwise dispose of
the Shares or any part thereof or interest therein or attempt or agree so to
do; or


 


4.1.3        do or cause or permit to be done anything which
might reasonably be expected to depreciate, jeopardize or otherwise prejudice
the value of the Shares registered in the Financial Instruments Account;


 


4.2           The Pledgor undertakes to give to the Administrative Agent a statement
of the shares registered on the Financial Instruments Account in case of change
of the number of such shares.


 


5

















 


4.3           The Pledgor shall at any time and from time to time and at its own
expense, promptly take all such further action, as may be necessary in the
Administrative Agent’s opinion and as the Administrative Agent may request, in
order to perfect and protect any security interest granted or purported to be
granted hereby or to enable the Administrative Agent, acting in the name and on
behalf of the Beneficiaries, to exercise and enforce their rights and remedies
hereunder with respect to the Financial Instruments Account and the Dividends
Account.


 


4.4           The Pledgor undertakes not to exercise the voting rights attached to its
Shares in a way that could reasonably be expected to adversely affect the
rights of the Beneficiaries under this Agreement. Without limiting the
generality of the foregoing, the Pledgor undertakes to refrain from introducing
into the Articles of Association (statuts) of the
Company any provision not existing on the date hereof which would limit the
right of shareholders to transfer Shares to third parties.


 


5              Enforcement


 


5.1           The pledge created hereunder in favor of the Beneficiaries constitutes
the sole pledge on or over the Financial Instruments Account and the Dividends
Account.


 


5.2           Upon the occurrence of an Event of Default, the Administrative Agent may
by a demand (mise en demeure)
delivered by hand or sent by registered mail to the Pledgor and the Registrar
pursuant to articles D. 431-1 et seq. of the Monetary and Finance Code, require
that unless payment of any amount due is made by the Pledgor within eight (8)
Business Days of such delivery or, as the case may be, expedition, any cash
dividends, interest or other monies which may be paid or payable in respect of
the Shares following the expiration of such period shall be paid to the
Administrative Agent, acting in the name and on behalf of the Beneficiaries. All
sums so paid to the Administrative Agent shall be applied to payment of the Obligations.
However, so long as no Event of Default has occurred and no demand has been
made by the Administrative Agent, acting in the name and on behalf of the
Beneficiaries, following an Event of Default, any such cash dividends, interest
and other monies shall (subject to the provisions of the Credit Agreement) be
paid to the Pledgor and shall not fall within the scope of the pledge created
hereunder.


 


5.3           Upon the occurrence of an Event of Default resulting in the Obligations
becoming due and payable, the Administrative Agent may notify the Dividends
Account Holder and the Pledgor that the Pledgor is no longer entitled to
dispose of or withdraw from the Dividends Account any amount credited thereon.


 


5.4           As regards the balance of the Dividends Account, it is specified that
upon the occurrence of an Event of Default, the Administrative Agent acting in
the name and on behalf of the Beneficiaries shall, by a demand (mise en demeure) delivered by hand or sent
by registered mail pursuant to the provisions of articles D. 431-1 et seq. of
the Monetary and Finance Code, require that unless payment of any amount due is
made by the Pledgor within eight (8) Banking Days of such delivery or
expedition, any cash dividends, interests or other monies which are credited on
the Dividends Account and any cash dividends, interest or other monies which
may be paid or payable in respect of the Shares following the expiration of
such period shall be paid to the Administrative Agent for the account of the
Beneficiaries.


 


5.5           Upon the occurrence of an Event of Default resulting in the Obligations
becoming due and payable, the Beneficiary shall be entitled to exercise with
respect to the Financial Instruments Account and the Dividends Account all
rights, actions and privileges granted by law to a secured creditor in order to
recover the Obligations, including, at its discretion, by requesting the sale
of the Shares pursuant to article 2346 of the Civil Code and article L.521-3 of
the French Code de commerce, judicial
attribution of the Shares in accordance with article 2347 of the Civil Code, or
attribution of the Shares and any other securities or financial instruments
incorporated into the basis of the pledge pursuant to this Agreement, and any
amount credited on the Dividends Account in accordance with article 2348 of the
Civil Code, as well as any relief permitted under articles L. 431-4 and D. 431-1
et seq. of the Monetary and Finance Code.


 


6

















 


5.6           The Parties acknowledge and agree that the present Agreement shall be entered
into without prejudice to any other rights and actions of the Beneficiaries and
that it shall not affect the nature and the scope of any obligations and/or any
security which have been or will be granted or made by the Pledgor.


 


5.7           The Pledgor undertakes not to prevent the performance and enforcement of
the pledge over the Financial Instruments Account and the exercise by the
Administrative Agent acting in the name and on behalf of the Beneficiaries of their
rights under the Agreement in accordance with the law.


 


6              Term - Release


 


6.1           This Agreement shall remain in force until the complete and final
payment or the reimbursement of any amount due in respect of the Obligations. The
representations, warranties and covenants contained herein shall bind the Pledgor
during the same period.


 


6.2           The Agent acting in the name and on behalf of the Beneficiaries agrees
consequently to release the pledge created hereunder, at the expense of the
Pledgor, at such time that it is satisfied that (i) no amount remains due in
respect of the Obligations and (ii) none of the facilities granted under the Loan
Documents remain available.


 


7              Notices


 


Any notices, requests or communication made under this Agreement or
relating to this Agreement shall be made in accordance with section 11 of the
Credit Agreement.


 


8              Miscellaneous


 


8.1           This Agreement does not affect and shall not affect in any manner
whatsoever, the nature and the scope of any undertaking or any security or
guarantee relating to the Obligations that may have been given or granted by
the Pledgor or by any third party, and is in addition to them.


 


8.2           The rights and remedies of the Beneficiaries pursuant to this Agreement
and to any other document relating to the Agreement and its performance may be
exercised as often as necessary and are cumulative and not exclusive of any
other rights or remedies provided by law or any other document to which the
Pledgor is a party. The Agent acting in the name and on behalf of the
Beneficiaries may exercise their rights under this Agreement regardless of
whether their other rights or remedies provided by law or any other document with
respect to the Obligations have been exercised.


 


8.3           Subject to applicable limitation periods, the failure by the
Administrative Agent acting in the name and on behalf of the Beneficiaries to
exercise any right or action hereunder or any delay in exercising such rights
or actions shall not constitute a waiver thereof, no delay in exercising any
right, power or privilege under this Agreement by the Administrative Agent
shall operate as a waiver of the same, nor shall any single or partial exercise
of any such right, power or privilege preclude any other or further exercise of
the same, or the exercise of any other right, power or privilege, and no waiver
by any of the Beneficiaries shall be binding unless effected by written
instrument signed by all of the parties bound thereby and referring expressly
to the present Agreement. No delay or grace period granted to the Pledgor by any
of the Beneficiaries shall constitute a restriction or waiver by it of the
exercise of any of the rights and options of the Beneficiaries under the
present Agreement. The Beneficiaries shall have no liability towards the
Pledgor or its successors or assigns with respect to the late exercise or the
non-exercise of their rights under the Pledge.


 


8.4           In the event that any provision of the present Agreement shall be deemed
to be null and void or not binding due to the effect of any law or due to the
interpretation of such provision by any authority, the invalidity of such
provision shall not affect the validity of any other provision of this
Agreement which shall be legal, valid and binding. In such a case, the parties
shall negotiate in good faith to replace the relevant provision by a new
provision which shall be valid, binding, enforceable and compliant with the
original intention of the parties.


 


7

















 


9              Successors and
assigns


 


9.1           All the rights, privileges, actions and options granted to the Beneficiaries
hereunder will benefit their successors and assigns, as well as to any of their
own successors and assigns and all the terms, conditions, promises,
representations and warranties hereunder will be binding on the Pledgor and on
its successors and assigns.


 


9.2           The Pledgor acknowledges that the Beneficiaries are entitled, pursuant
to section 13 of the Credit Agreement, to assign all or part of their rights
under the Credit Agreement, and agrees that the provisions of this Agreement
will run to the benefit of any assignee of the Beneficiaries.


 


9.3           The Pledgor shall not be entitled to assign or transfer in whole or in
part its rights and obligations under this Agreement.


 


9.4           The security created hereunder shall not be affected in the event of modification,
amendment, supplement or transfer of the Credit Agreement. The Pledgor
undertakes to sign any document required to enable any successor or assign of
the Beneficiaries to benefit from their rights hereunder.


 


10            Costs and Taxes


 


In accordance with and subject to the terms and conditions set forth in
the Credit Agreement, all taxes, imposts, duties or penalties, present or
future, of any manner whatsoever, and any reasonable costs incurred by the
Administrative Agent and/or the Beneficiaries in connection with this
Agreement, including any reasonable fees and expenses of legal counsel,
relating to the negotiation, preparation, execution or registration of the
present Agreement and to the performance, amendment, enforcement or release
thereof or consequent thereupon, shall be borne by the Pledgor, who undertakes
to pay such amounts on first demand to the Administrative Agent acting in the
name and on behalf of the Beneficiaries.


 


11            Governing Law - Jurisdiction


 


11.1         This Agreement is governed by French law as to
its validity, construction and enforcement.


 


11.2         Any dispute or other procedure concerning the
present Agreement or any documents or instruments in connection therewith shall
be subject to the jurisdiction of the Commercial court of Paris or the state
and federal courts in the county of Los Angeles, State of California, as the
case may be, without prejudice to the right of the Beneficiaries to commence
proceedings before any other jurisdiction.


 


The signature of the parties is
at the end of the document.


 


8

















 


Schedule 1


 


Part A - Déclaration de gage de compte d’instruments financiers (actions de
société)


 


CONSTITUANT


 


- Nom :             EMRISE CORPORATION, société régie par le droit
de l’Etat du Delaware (Etats-Unis d’Amérique) dont les bureaux principaux sont
situés au 9485 Haven Avenue, Suite 100, Rancho Cucamonga, California, 91370,
Etats-Unis d’Amérique.


 


INSTRUMENTS FINANCIERS INSCRITS EN COMPTE NANTI


 


	
  - Compte d’Instruments Financiers Nanti :

  	
  numéro 12 bis

  
	
   

  	
   

  
	
  - Nature :

  	
  actions nominatives d’une valeur nominale de EUR 15
  chacune

  
	
   

  	
   

  
	
  - Nombre:

  	
  initialement 90.000

  
	
   

  	
   

  
	
  - Société Emettrice et Teneur de Compte :

  	
  CXR ANDERSON JACOBSON SAS,  société par actions simplifiée au capital social de 1.350.000 euros, dont
  le siège social est situé rue de l’Ornette, 28410 Abondant, France, immatriculée au
  Registre du Commerce et des Sociétés de Dreux sous le numéro unique
  d’identification 785 754 706

  



 


 


Les termes commençant par
une majuscule auront la signification qui leur est attribuée dans la Convention
de nantissement de compte d’instruments financiers conclue en date de ce jour
entre le Constituant, les Bénéficiaires et l’Agent Administratif.


 


OBLIGATIONS GARANTIES


 


	
  - Nature :

  	
  toutes les dettes et obligations de paiement du
  Constituant, présentes et futures, tant en principal, qu’en intérêts,
  intérêts de retard, prime, frais, commissions ou accessoires dues et
  exigibles (que ce soit à leur échéance normale ou dès la survenance d’un Cas
  de Défaut dont la période de grâce a expiré) au titre de la Convention de
  Crédit, telles qu’elles pourront, le cas échéant, être modifiées ou
  augmentées à la suite de toute modification ou avenant aux Documents de
  Crédit sans qu’un avenant aux présentes ou une nouvelle Déclaration de Gage
  ne soit nécessaire

  
	
   

  	
   

  
	
  - Montant total :

  	
  toutes sommes en principal, intérêts, intérêts de
  retard, primes, frais, commissions et accessoires dues par le Constituant au
  titre de la Convention de Crédit, étant précisé que ce montant pourra, le cas
  échéant, être modifié ou augmenté par toute modification de, ou avenant, des
  Documents de Crédit sans que la signature d’une nouvelle déclaration de gage
  soit nécessaire, dans la limite de la valeur des instruments financiers,
  sommes et autres droits figurant sur le Compte d’Instruments Financiers

  



 


9

















 


BENEFICIAIRES DU NANTISSEMENT


 


GVEC RESOURCE IV INC., société régie par le droit des Iles Vierges
britanniques, dont le siège social est situé au Walkers (BVI) Limited, Walkers Chambers, PO Box 92, Road Town, Tortola,
Iles Vierges Britanniques,,
et tout successeur, cessionnaire et ayants droit de ce dernier ;


 


Ainsi que les entités dénommées
les Prêteurs dans la Convention de Crédit et dont la liste figure dans ladite Convention
de Crédit.


 


État de Californie (Etats-Unis d’Amérique), le ____________ 2007


 


 


_________________________________


EMRISE CORPORATION


Par :


 


10

















 


For information purposes only


 


Part B - Statement of pledge of financial instruments account (company
shares)


 


PLEDGOR


 


	
  - Name:

  	
  EMRISE CORPORATION a company incorporated under the laws of
  Delaware, United States of America, having its principal executive offices at
  9485 Haven Avenue, Suite 100, Rancho Cucamonga, California, 91370, United
  States of America

  



 


 


SECURITIES CONTAINED IN THE PLEDGED FINANCIAL INSTRUMENTS ACCOUNT


 


	
  - Pledged Financial Instruments Account:

  	
  n°12 bis

  
	
   

  	
   

  
	
  - Nature:

  	
  Registered shares with par value of EUR 15 each

  
	
   

  	
   

  
	
  - Number:

  	
  Initially 90,000

  
	
   

  	
   

  
	
  - Issuer and Registrar:

  	
  CXR ANDERSON JACOBSON SAS, a société par actions simplifiée  incorporated under the laws of France with a
  share capital of EUR 1,350,000, whose registered office is rue de l’Ornette,
  28410 Abondant, France, registered at the Registre du Commerce et des Sociétés of Dreux under single identification number 785 754 706

  



 


The terms the first letter of which is capitalized have the meanings
ascribed to them in the Agreement for Pledge of Financial Instruments entered
into on the date hereof between the Pledgor, the Beneficiaries and the
Administrative Agent.


 


OBLIGATIONS


 


	
  - Nature:

  	
  all present and future obligations and liabilities of the Pledgor, in
  principal, interest, default interest, indemnities, fees, commissions and
  accessories due and payable (at their term or on the occurrence of an Event
  of Default which grace period has expired) pursuant to the Credit Agreement,
  and as they may be modified or increased pursuant to any modification of or
  amendments to the Loan Documents without any amendment to this Agreement or
  any new statement of pledge being necessary

  
	
   

  	
   

  
	
  - Total amount:

  	
  all amounts in principal, interest, default interest, indemnities,
  fees and accessories due by the Pledgor pursuant to the Credit Agreement, it
  being stated that this amount may be modified or increased as a result of any
  modification of or amendment to the Loan Documents without the signature of
  any new statement of pledge being required, up to the value of the
  securities, moneys and other rights registered on the Financial Instruments
  Account

  



 


 


BENEFICIARIES OF THE PLEDGE


 


GVEC RESOURCE IV INC.,  a company organized under the laws of the British Virgin Islands, whose registered office is Walkers (BVI) Limited, Walkers Chambers, PO Box 92, Road
Town, Tortola, British Virgin Islands; and


 


11

















 


Other
entities, referred to as the Lenders in the Credit
Agreement and the list of which is indicated in the said Credit Agreement.


 


Signed in the State of California (United States of America) on ____________ 2007


 


 


_________________________________


EMRISE CORPORATION


By: ________________________


 


12

















 


Schedule 2


 


Part A - Attestation de
constitution de nantissement de compte d’instruments financiers


 


A :           GVEC
RESOURCE IV INC.


Walkers (BVI) Limited, Walkers Chambers


PO Box 92, Road Town


Tortola, British Virgin Islands


 


en qualité d’Agent Administratif,
agissant au nom et pour le compte des Bénéficiaires


 


Nous avons pris connaissance de la déclaration de gage de compte d’instruments
financiers (actions de société) ci-jointe en date du [•] 2007 et nous certifions, en qualité de Teneur de Compte de nos propres
actions, que les instruments financiers dont il est fait mention dans ladite
déclaration de gage sont inscrits sur un compte spécial ouvert au nom du
Constituant, EMRISE CORPORATION lequel compte est nanti au profit de GVEC RESOURCE IV INC.,et d’autres entités, dénommées les Prêteurs dans la Convention de Crédit et
dont la liste figure dans ladite Convention de Crédit (les “Bénéficiaires”) aux termes de la Convention de Nantissement
de Compte d’Instruments Financiers en langue anglaise en date du [•] 2007, entre le Constituant, les Bénéficiaires et l’Agent Administratif (la
“Convention de Nantissement”) et ce
conformément à l’article L.431-4 du Code Monétaire et Financier et à la
Convention de Nantissement.


 


Dans ce cadre, nous vous déclarons que les comptes d’actionnaires et le
registre de mouvements de titres de la Société sont à jour à la date des
présentes.


 


Le [•] 2007


 


 


_________________________________


CXR ANDERSON JACOBSON SAS


En sa qualité de Teneur de Compte


Par : ___________


Qualité
: ___________________


 


13

















 


For information purposes only


 


Part B - Acknowledgement of pledge of financial instruments account


 


To: GVEC
RESOURCE IV INC.,


Walkers (BVI) Limited, Walkers Chambers


PO Box 92, Road Town


Tortola, British Virgin Islands


 


in its capacity as Administrative
Agent, acting in the name and on behalf of the Beneficiaries


 


We have read the Statement of pledge of account of financial instruments
(company shares) dated [•] 2007 and we hereby certify, as Registrar of
our own shares, that the financial instruments referred to in such Statement of
pledge were transferred to a special account opened in the name of the Pledgor,
EMRISE CORPORATION, which account is pledged in favor
of GVEC RESOURCE IV INC., and
other entities, referred to as the Lenders in the Credit Agreement and the list
of which is indicated in the said Credit Agreement (the “Beneficiaries”)
pursuant to the Agreement for the Pledge of Account of Financial Instruments
dated as of [•] 2007 between the Pledgor and the Beneficiary (the “Pledge Agreement”) in accordance with article L.431-4 of
the Monetary and Finance Code and with the Pledge Agreement.


 


In such context, we hereby declare that the shareholders’ accounts and
the share register of the Company are up to date on the date hereof.


 


Signed in the State of California (United Stated of America) on [•].


 


 


_________________________________


CXR ANDERSON JACOBSON SAS


In its capacity as Registrar


By: _________________


Title: ______________________


 


14

















 


Schedule 3


 


Part A - Notification au Teneur du Compte de Dividendes Nanti


 


EMRISE CORPORATION


[Adresse]


 


A :           [•], en sa qualité de Teneur du Compte de Dividendes Nanti


 


Date :      [•] 2007


 


Compte N° : RIB : [•] / IBAN : [•] (le “Compte de Dividendes Nanti”) / Titulaire du
Compte : EMRISE CORPORATION (le “Constituant”)


 


Madame/Monsieur,


 


(a)           Aux termes d’une convention de
nantissement de compte d’instruments financiers conclue en date de ce jour (la “Convention de Nantissement”) entre le
Constituant, GVEC RESOURCE IV INC. et d’autres entités dénommées les Prêteurs
dans le Convention de Crédit et dont la liste figure dans ladite Convention de
Crédit (ci-après les “Bénéficiaires”),
et GVEC RESOURCE IV INC. en qualité d’agent administratif (l’ ”Agent Administratif”) et de la déclaration
de gage y afférente, nous vous notifions par la présente que le Constituant a
consenti un nantissement en faveur des Bénéficiaires sur le solde créditeur du
Compte de Dividendes Nanti à tout moment (y compris tout intérêt (le cas
échéant) couru sur un tel solde créditeur) ouvert en relation avec le Compte d’Instruments
Financiers conformément à l’Article L.431-4 III du Code Monétaire et Financier.


 


(b)           Les termes et expressions utilisés dans la
présente notification auront, sauf stipulation contraire, la signification qui
est attribuée au terme correspondant dans la Convention de Nantissement.


 


(c)           Nous vous autorisons par la présente et
vous donnons instruction de bloquer le Compte de Dividendes Nanti, ainsi que de
geler le solde créditeur figurant sur le Compte de Dividendes Nanti à la date à
laquelle vous recevrez une instruction écrite par l’Agent Administratif à cet
effet et jusqu’à la réception d’une instruction écrite contraire notifiée par l’Agent
Administratif.


 


(d)           Nous vous informons également que les
stipulations de cette notification ne peuvent être révoquées ou modifiées qu’avec
le consentement écrit préalable de l’Agent Administratif.


 


(e)           Nous vous prions de bien vouloir retourner à l’Agent
Administratif (avec copie à notre Société) l’Attestation de Nantissement du
Compte de Dividendes Nanti ci-jointe dûment signée.


 


Nous vous prions d’agréer, Madame, Monsieur, l’expression de nos
salutations distinguées.


 


 


___________________________


EMRISE CORPORATION


Le Constituant


Par: ____________________


Qualité: __________________


 


Annexe : copie de la Convention de Nantissement et de la Déclaration de
Gage du Compte d’Instruments Financiers y afférent


 


15

















 


For information purposes only


 


Part B - Form of Notification of Pledge to Dividends Account Holder


 


EMRISE CORPORATION


[address]


 


To:          [•], as Dividends Account Holder


 


Date:       [•] 2007


 


Account No: RIB: [•] / IBAN: [•] (the “Dividends
Account”) / Account Owner: EMRISE CORPORATION (the “Pledgor”)


 


Madam/Sir,


 


(a)           According to the terms and conditions set out
in the pledge of the financial instruments account (the “Agreement”) entered into on the date hereof
between the Pledgor, GVEC RESOURCE IV INC. and other entities, referred to as
the Lenders in the Credit Agreement and the list of which is indicated in the
said Credit Agreement (hereafter the “Beneficiaries”)
and GVEC RESOURCE IV INC. as the administrative agent (the “Administrative  Agent”)
and the related statement of pledge, we hereby notify that the Pledgor has
pledged in favor of the Beneficiaries the balance of the pledged Dividends
Account existing from time to time (including any accrued interest (as the case
may be) on such a positive balance) open in relation to the Financial Instruments
Account in accordance with article L.431-4 III of the French Code Monétaire et Financier.


 


(b)           Unless otherwise stipulated, the terms and
expressions used in this notification shall have the meaning ascribed to such
term in the Agreement.


 


(c)           We hereby allow you and instruct you to block
the Dividends Account, as well as to freeze the balance of the Dividends
Account on the date on which you will receive a written instruction from the
Administrative Agent for this purpose and until receipt of a written
instruction to the contrary notified by the Administrative Agent.


 


(d)           Furthermore, we inform you that the provisions
of this notification may only be revoked or modified with the prior written
consent of the Administrative Agent.


 


(e)           Please return to the Administrative Agent (as
well as a copy to our company) the duly signed Statement of Pledge of the
Dividend Account attached hereto.


 


Yours faithfully,


 


 


___________________________


EMRISE CORPORATION


The Pledgor


By: _________________


Position: __________________


 


16

















 


Annex: copy of the Agreement and the related Statement of Pledge of
Financial Instruments




17

















 


Schedule 4


 


Part
A - Attestation de Nantissement du Compte de Dividendes Nanti


 


A : GVEC RESOURCE IV INC.


 


En sa qualité d’Agent Administratif, agissant au nom et pour le compte des
Bénéficiaires


 


Date : [•] 2007


 


Nantissement du compte de dividendes détenu par EMRISE CORPORATION


 


Madame/Monsieur,


 


(a)        Nous soussignés, [Teneur du Compte de Dividendes
Nanti] société [type de société] au capital social de [•] EUR, dont le
siège social est situé au [adresse], [code postal] [ville], France,
immatriculée au Registre du Commerce et des Sociétés de [•] sous le numéro
unique d’identification [•], faisons référence à la déclaration de
gage de compte d’instruments financiers signée par EMRISE CORPORATION en date
du [•] 2007 et relative au compte d’actionnaire détenu par cette société auprès
de CXR Anderson Jacobson SAS (ci-après la « Déclaration
de Gage ») et agissons, dans le cadre des présentes, en qualité de
teneur du compte bancaire spécial mentionné ci-dessous.


 


(b)       Nous certifions par les présentes :


 


(i)      qu’un compte bancaire spécial n° [•] sur lequel seront crédités les fruits et produits payés par CXR Anderson
Jacobson SAS en relation avec les actions de CXR Anderson Jacobson SAS détenues
par EMRISE CORPORATION, telles qu’identifiées dans la Déclaration de Gage, a
été ouvert au nom de EMRISE CORPORATION en date du [•] 2007 ; et


 


(ii)     que ce compte bancaire (ci-après le « Compte de Dividendes Nanti ») est nanti en
faveur des Bénéficiaires (tel qu’identifiés dans la Déclaration de Gage)
conformément aux dispositions de l’article L.431-4 du Code monétaire et
financier.


 


(c)        Les termes et expressions commençant par
une majuscule auront, sauf stipulation contraire, la signification qui leur est
attribuée dans la notification qui nous a été adressée par EMRISE CORPORATION en
date de ce jour (le cas échéant par renvoi à la Convention de Nantissement).


 


(d)       Nous soussignés :


 


(i)      reconnaissons que sur notification de l’Agent
Administratif, le Constituant ne sera pas autorisé à disposer et utiliser les
produits en numéraire crédités sur le Compte de Dividendes Nanti (sans que nous
ayons à vérifier le bien fondé de cette notification) ;


 


(ii)     acceptons, sur notification de l’Agent
Administratif, d’affecter le solde du Compte de Dividendes Nanti au paiement
des Obligations conformément aux dispositions légales (sans que nous ayons à
vérifier le bien fondé de cette notification) ; et


 


(iii)    plus généralement, confirmons que nous n’avons pas
reçu de notification écrite indiquant que le Constituant a octroyé une sûreté
ou tout autre droit d’une quelconque nature sur le Compte de Dividendes Nanti
en faveur de tiers y compris nous-mêmes, à l’exception du nantissement
constitué par la Convention de Nantissement.


 


18

















 


(e)        Toutefois, il est entendu que nous n’aurons,
en aucune manière, à vérifier que les sommes versées sur le Compte de
Dividendes Nanti correspondent aux fruits et produits effectivement dus au
Constituant et plus généralement, nous n’assumons aucune responsabilité en ce
qui concerne :


 


(i)      la bonne exécution par le Constituant et/ou la
Société de leurs obligations respectives ;


 


(ii)     la validité ou l’efficacité de la documentation
juridique relative au gage ou aux obligations sous-jacentes garanties par le
gage ; et


 


(iii)    la disponibilité des fonds crédités (ou à
créditer) sur le Compte de Dividendes Nanti.


 


(f)        La présente attestation est régie par (et doit
être interprétée selon) le droit français.


 


(g)           Tout litige relatif à sa validité, son
interprétation ou son exécution relève de la compétence du Tribunal de commerce
de Paris ou d’une juridiction compétente relevant de l’Etat de Californie, sans
préjudice de la faculté pour les Bénéficiaires de saisir toute autre
juridiction compétente de leur choix.


 


(h)           Une copie de la Déclaration de Gage est
jointe en annexe à cette attestation de nantissement du Compte de Dividendes
Nanti.


 


 


___________________________________


[•]


Le Teneur du Compte de Dividendes Nanti


Par : [•]


Fonction : [•]


 


 


Annexe : copie de la Déclaration de Gage du Compte d’Instruments
Financiers


 


19

















 


Part
B - Form of Certification of Pledge of Dividends Account


 


To: GVEC RESOURCE IV INC.


 


As Administrative Agent


 


Date: [•] 2007


 


Financial Instruments Account Pledge by EMRISE CORPORATION


 


Madam/Sir,


 


(a)           We, [Dividends Account Holder] a [type of company] with a share capital
of EUR [•], whose registered office is [address], [postal code] [city], France,
registered with the Registry of Commerce and Companies of [•] under single identification number [•], hereby refer to
a statement of pledge of financial instruments account which has been
constituted by EMRISE CORPORATION on [•] 2007 in connection with its shareholder
account in CXR Anderson Jacobson SAS (hereafter the “Statement of Pledge”) and we hereby act as the account holder
of the special bank account mentioned below:


 


(b)           We hereby certify that:


 


(i)      a special bank account no. [•] has been opened in the name of EMRISE
CORPORATION, on which the fruits and products paid by CXR Anderson Jacobson SAS
in connection with the shares of CXR Anderson Jacobson SAS, as identified in
the Statement of Pledge of Financial Instruments dated [•] 2007 and signed by EMRISE CORPORATION, shall
be credited;


 


(ii)     this bank account is pledged in favor of the Beneficiaries
(as identified in the Statement of Pledge) in accordance with article L. 431-4
of the Finance and Monetary Code (the “Dividends
Account”).


 


(c)           Unless otherwise stipulated, capitalised terms and expressions shall
have the meaning ascribed to such terms in the notification issued by EMRISE
CORPORATION and dated the date hereof (as the case may be by reference to the
Agreement).


 


(d)           We the undersigned:


 


(i)      acknowledge that upon notification from the Administrative Agent to us
of the occurrence of an Event of Default, the Pledgor shall not be allowed to
use the cash proceeds credited on the Dividends Account (without having to
verify if such notification is justified);


 


(ii)     accept upon notification from the
Administrative Agent, to allocate the balance of the Dividends Account to the
payment of the Obligations in accordance with the law (without having to verify
if such notification is justified); and


 


(iii)    more generally, confirm that we have not
received any written notification stating that the Pledgor has granted any
security interest or any right on the Dividends Account in favor of any third
party including ourselves, except as regards the present pledge.


 


(e)           However, it has been agreed that we shall not have, in any manner
whatsoever, to verify that the sums transferred to the Dividends Account
correspond to the fruits and products owed to the Pledgor and, more generally,
we shall not have any liability regarding:


 


(i)      the performance by the Pledgor and/or the Company of their respective
obligations;


 


20

















 


(ii)     the validity or efficiency of the legal
documentation relating to the pledge or the obligations secured by the pledge;
and


 


(iii)    the availability of the sums credited (or to be
credited) to the Dividends Account.


 


(f)            This certification shall be governed (and
interpreted) according to French law.


 


(g)           Any dispute relating to its validity, interpretation or performance shall
be subject to the jurisdiction of the Commercial court of Paris or the
competent courts of the State of California, as the case may be, without
prejudice to the right of the Beneficiaries to commence proceedings before any
other jurisdiction.


 


(h)           A copy of the Statement of Pledge of financial instruments is set out as
an annex to this confirmation of pledge of Dividends Account.


 


 


___________________________


[•]


The Dividends Account Holder


By: [•]


Position: [•]


 


Annex: copy of the Statement of Pledge of Financial Instruments


 


21

















 


SIGNATURE
PAGE


 


Signed in the State of
California (United Stated of America), on November 30, 2007, in three (3)
originals.


 


	
  EMRISE
  CORPORATION

  
	
  Pledgor

  	
  )

  
	
  By:

  	
  Carmine Thomas Oliva

  	
  ) /s/ Carmine Thomas Oliva

  
	
  Title:

  	
  President and Chief Executive Officer

  	
  )

  



 


	
  GVEC
  RESOURCE IV INC.

  	
   

  
	
  Administrative Agent

  	
  )

  
	
  By:

  	
  Robert J. Anderson

  	
  ) /s/ Robert J. Anderson

  
	
  Title

  	
  Authorized Signatory

  	
  )

  



 


	
  By:

  	
  Peter Paul Mendel

  	
  ) /s/ Peter Paul Mendel

  
	
  Title

  	
  Authorized Signatory

  	
  )

  



 


	
  The
  BENEFICIARIES

  
	
  Represented by the Administrative Agent

  	
  )

  



 


	
  By:

  	
  Robert J. Anderson

  	
  ) /s/ Robert J. Anderson

  
	
  Title

  	
  Authorized Signatory

  	
  )

  



 


	
  By:

  	
  Peter Paul Mendel

  	
  ) /s/ Peter Paul Mendel

  
	
  Title

  	
  Authorized Signatory

  	
  )

  



 


22