Document:

Exhibit 4(b)

                        SUB-INVESTMENT ADVISORY AGREEMENT

      AGREEMENT dated September 29, 2006, between BlackRock Advisors, LLC, a
Delaware limited liability corporation (the "Advisor"), and BlackRock
Institutional Management Corporation, a Delaware corporation (the
"Sub-Advisor").

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
the Merrill Lynch U.S. Treasury Money Fund, a Massachusetts business trust (the
"Trust"), an open-end management investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act");

      WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it with
certain sub-advisory services as described below in connection with Advisor's
advisory activities on behalf of the Trust;

      WHEREAS, the advisory agreement between the Advisor and the Trust, dated
September 29, 2006 (such agreement or the most recent successor agreement
between such parties relating to advisory services to the Trust is referred to
herein as the "Advisory Agreement") contemplates that the Advisor may
sub-contract investment advisory services with respect to the Trust to a
sub-advisor pursuant to a sub-advisory agreement agreeable to the Trust and
approved in accordance with the provisions of the 1940 Act; and

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Sub-Advisor is willing to furnish such
services upon the terms and conditions herein set forth;

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. Appointment. The Advisor hereby appoints the Sub-Advisor to act as
sub-advisor with respect to the Trust and the Sub-Advisor accepts such
appointment and agrees to render the services herein set forth for the
compensation herein provided.

      2. Services of the Sub-Advisor. Subject to the succeeding provisions of
this section, the oversight and supervision of the Advisor and the direction and
control of the Trustees, the Sub-Advisor will perform certain of the day-to-day
operations of the Trust, which may include one or more of the following
services, at the request of the Advisor: (a) acting as investment advisor for
and managing the investment and reinvestment of those assets of the Trust as the
Advisor may from time to time request and in connection therewith have complete
discretion in purchasing and selling such securities and other assets for the
Trust and in voting, exercising consents and exercising all other rights
appertaining to such securities and other assets on behalf of the Trust; (b)
arranging, subject to the provisions of paragraph 3 hereof, for the purchase and
sale of securities and other assets of the Trust; (c) providing investment
research and credit analysis concerning the Trust's investments, (d) assisting
the Advisor in determining what portion of the Trust's assets will be invested
in cash, cash equivalents and money market instruments, (e) placing orders for
all purchases and sales of such investments made for the Trust, and (f)
maintaining the books and records as are required to support Trust investment

<PAGE>

operations. At the request of the Advisor, the Sub-Advisor will also, subject to
the oversight and supervision of the Advisor and the direction and control of
the Trust's Board of Trustees, provide to the Advisor or the Trust any of the
facilities and equipment and perform any of the services described in Section 3
of the Advisory Agreement. In addition, the Sub-Advisor will keep the Trust and
the Advisor informed of developments materially affecting the Trust and shall,
on its own initiative, furnish to the Trust from time to time whatever
information the Sub-Advisor believes appropriate for this purpose. The
Sub-Advisor will periodically communicate to the Advisor, at such times as the
Advisor may direct, information concerning the purchase and sale of securities
for the Trust, including: (a) the name of the issuer, (b) the amount of the
purchase or sale, (c) the name of the broker or dealer, if any, through which
the purchase or sale is effected, (d) the CUSIP number of the instrument, if
any, and (e) such other information as the Advisor may reasonably require for
purposes of fulfilling its obligations to the Trust under the Advisory
Agreement. The Sub-Advisor will provide the services rendered by it under this
Agreement in accordance with the Trust's investment objectives, policies and
restrictions (as currently in effect and as they may be amended or supplemented
from time to time) as stated in the Trust's Prospectus and Statement of
Additional Information and the resolutions of the Trust's Board of Trustees.

      3. Covenants. (a) In the performance of its duties under this Agreement,
the Sub-Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended (the "Advisers Act") and all applicable Rules
and Regulations of the Securities and Exchange Commission (the "SEC"); (ii) any
other applicable provision of law; (iii) the provisions of the Declaration of
Trust and By-Laws of the Trust, as such documents are amended from time to time;
(iv) the investment objectives and policies of the Trust as set forth in the
Registration Statement on Form N-1A and/or the resolutions of the Board of
Trustees; and (v) any policies and determinations of the Board of the Trustees
of the Trust and

      (b) In addition, the Sub-Advisor will:

            (i) place orders either directly with the issuer or with any broker
      or dealer. Subject to the other provisions of this paragraph, in placing
      orders with brokers and dealers, the Sub-Advisor will attempt to obtain
      the best price and the most favorable execution of its orders. In placing
      orders, the Sub-Advisor will consider the experience and skill of the
      firm's securities traders as well as the firm's financial responsibility
      and administrative efficiency. Consistent with this obligation, the
      Sub-Advisor may select brokers on the basis of the research, statistical
      and pricing services they provide to the Trust and other clients of the
      Advisor or the Sub-Advisor. Information and research received from such
      brokers will be in addition to, and not in lieu of, the services required
      to be performed by the Sub-Advisor hereunder. A commission paid to such
      brokers may be higher than that which another qualified broker would have
      charged for effecting the same transaction, provided that the Sub-Advisor
      determines in good faith that such commission is reasonable in terms
      either of the transaction or the overall responsibility of the Advisor and
      the Sub-Advisor to the Trust and their other clients and that the total
      commissions paid by the Trust will be reasonable in relation to the
      benefits to the Trust over the long-term. Subject to the foregoing and the
      provisions of the 1940 Act, the Securities Exchange Act of 1934, as
      amended, and other applicable provisions of law, the Sub-Advisor may
      select brokers and dealers with which it or the Trust is affiliated;

                                       2
<PAGE>

            (ii) maintain books and records with respect to the Trust's
      securities transactions and will render to the Advisor and the Trust's
      Board of Trustees such periodic and special reports as they may request;

            (iii) maintain a policy and practice of conducting its investment
      advisory services hereunder independently of the commercial banking
      operations of its affiliates. When the Sub-Advisor makes investment
      recommendations for the Trust, its investment advisory personnel will not
      inquire or take into consideration whether the issuer of securities
      proposed for purchase or sale for the Trust's account are customers of the
      commercial department of its affiliates; and

            (iv) treat confidentially and as proprietary information of the
      Trust all records and other information relative to the Trust, and the
      Trust's prior, current or potential shareholders, and will not use such
      records and information for any purpose other than performance of its
      responsibilities and duties hereunder, except after prior notification to
      and approval in writing by the Trust, which approval shall not be
      unreasonably withheld and may not be withheld where the Sub-Advisor may be
      exposed to civil or criminal contempt proceedings for failure to comply,
      when requested to divulge such information by duly constituted
      authorities, or when so requested by the Trust.

      4. Services Not Exclusive. Nothing in this Agreement shall prevent the
Sub-Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Sub-Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the
Sub-Advisor will undertake no activities which, in its judgment, will adversely
affect the performance of its obligations under this Agreement.

      5. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Sub-Advisor hereby agrees that all records which it
maintains for the Trust are the property of the Trust and further agrees to
surrender promptly to the Trust any such records upon the Trust's request. The
Sub-Advisor further agrees to preserve for the periods prescribed by Rule 31a-2
under the 1940 Act the records required to be maintained by Rule 31a-1 under the
1940 Act (to the extent such books and records are not maintained by the
Advisor).

      6. Expenses. During the term of this Agreement, the Sub-Advisor will bear
all costs and expenses of its employees and any overhead incurred by the
Sub-Advisor in connection with its duties hereunder; provided that the Board of
Trustees of the Trust may approve reimbursement to the Sub-Advisor of the
pro-rata portion of the salaries, bonuses, health insurance, retirement benefits
and all similar employment costs for the time spent on Trust operations
(including, without limitation, compliance matters) (other than the provision of
investment advice and administrative services required to be provided hereunder)
of all personnel employed by the Sub-Advisor who devote substantial time to
Trust operations or the operations of other investment companies advised or
sub-advised by the Sub-Advisor.

                                       3
<PAGE>

      7. Compensation.

      (a) The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor
agrees to accept as full compensation for all services rendered by the
Sub-Advisor as such, a monthly fee in arrears at an annual rate equal to the
amount set forth in Schedule A hereto. For any period less than a month during
which this Agreement is in effect, the fee shall be prorated according to the
proportion which such period bears to a full month of 28, 29, 30 or 31 days, as
the case may be.

      (b) For purposes of this Agreement, the net assets of the Trust shall be
calculated pursuant to the procedures adopted by resolutions of the Trustees of
the Trust for calculating the value of the Trust's assets or delegating such
calculations to third parties.

      8. Indemnity.

      (a) The Trust may, in the discretion of the Board of Trustees of the
Trust, indemnify the Sub-Advisor, and each of the Sub-Advisor's directors,
officers, employees, agents, associates and controlling persons and the
directors, partners, members, officers, employees and agents thereof (including
any individual who serves at the Sub-Advisor's request as director, officer,
partner, member, trustee or the like of another entity) (each such person being
an "Indemnitee") against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and counsel
fees (all as provided in accordance with applicable state law) reasonably
incurred by such Indemnitee in connection with the defense or disposition of any
action, suit or other proceeding, whether civil or criminal, before any court or
administrative or investigative body in which such Indemnitee may be or may have
been involved as a party or otherwise or with which such Indemnitee may be or
may have been threatened, while acting in any capacity set forth herein or
thereafter by reason of such Indemnitee having acted in any such capacity,
except with respect to any matter as to which such Indemnitee shall have been
adjudicated not to have acted in good faith in the reasonable belief that such
Indemnitee's action was in the best interest of the Trust and furthermore, in
the case of any criminal proceeding, so long as such Indemnitee had no
reasonable cause to believe that the conduct was unlawful; provided, however,
that (1) no Indemnitee shall be indemnified hereunder against any liability to
the Trust or its shareholders or any expense of such Indemnitee arising by
reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence or
(iv) reckless disregard of the duties involved in the conduct of such
Indemnitee's position (the conduct referred to in such clauses (i) through (iv)
being sometimes referred to herein as "disabling conduct"), (2) as to any matter
disposed of by settlement or a compromise payment by such Indemnitee, pursuant
to a consent decree or otherwise, no indemnification either for said payment or
for any other expenses shall be provided unless there has been a determination
that such settlement or compromise is in the best interests of the Trust and
that such Indemnitee appears to have acted in good faith in the reasonable
belief that such Indemnitee's action was in the best interest of the Trust and
did not involve disabling conduct by such Indemnitee and (3) with respect to any
action, suit or other proceeding voluntarily prosecuted by any Indemnitee as
plaintiff, indemnification shall be mandatory only if the prosecution of such
action, suit or other proceeding by such Indemnitee was authorized by a majority
of the full Board of Trustees of the Trust.

                                       4
<PAGE>

      (b) The Trust shall make advance payments in connection with the expenses
of defending any action with respect to which indemnification might be sought
hereunder if the Trust receives a written affirmation of the Indemnitee's good
faith belief that the standard of conduct necessary for indemnification has been
met and a written undertaking to reimburse the Trust unless it is subsequently
determined that such Indemnitee is entitled to such indemnification and if the
Trustees of the Trust determine that the facts then known to them would not
preclude indemnification. In addition, at least one of the following conditions
must be met: (A) the Indemnitee shall provide a security for such Indemnitee's
undertaking, (B) the Trust shall be insured against losses arising by reason of
any unlawful advance, or (C) a majority of a quorum consisting of Trustees of
the Trust who are neither "interested persons" of the Trust (as defined in
Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested
Non-Party Trustees") or an independent legal counsel in a written opinion, shall
determine, based on a review of readily available facts (as opposed to a full
trial-type inquiry), that there is reason to believe that the Indemnitee
ultimately will be found entitled to indemnification.

      (c) All determinations with respect to the standards for indemnification
hereunder shall be made (1) by a final decision on the merits by a court or
other body before whom the proceeding was brought that such Indemnitee is not
liable by reason of disabling conduct, or (2) in the absence of such a decision,
by (i) a majority vote of a quorum of the Disinterested Non-Party Trustees of
the Trust, or (ii) if such a quorum is not obtainable or even, if obtainable, if
a majority vote of such quorum so directs, independent legal counsel in a
written opinion. All determinations that advance payments in connection with the
expense of defending any proceeding shall be authorized shall be made in
accordance with the immediately preceding clause (2) above.

      The rights accruing to any Indemnitee under these provisions shall not
exclude any other right to which such Indemnitee may be lawfully entitled.

      9. Limitation on Liability.

      (a) The Sub-Advisor will not be liable for any error of judgment or
mistake of law or for any loss suffered by the Advisor or by the Fund in
connection with the performance of this Agreement, except a loss resulting from
a breach of fiduciary duty with respect to the receipt of compensation for
services or a loss resulting from willful misfeasance, bad faith or gross
negligence on its part in the performance of its duties or from reckless
disregard by it of its duties under this Agreement. As used in this Section
9(a), the term "Sub-Advisor" shall include any affiliates of the Sub-Advisor
performing services for the Fund contemplated hereby and partners, directors,
officers and employees of the Sub-Advisor and such affiliates.

      (b) Notwithstanding anything to the contrary contained in this Agreement,
the parties hereto acknowledge and agree that, as provided in Section 5.1 of the
Declaration of Trust, this Agreement is executed by the Trustees and/or officers
of the Fund, not individually but as such Trustees and/or officers of the Fund,
and the obligations hereunder are not binding upon any of the Trustees or
Shareholders individually but bind only the estate of the Fund.

      10. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Trust as
provided herein, shall continue in

                                       5
<PAGE>

effect for a period of two years. Thereafter, if not terminated, this Agreement
shall continue in effect with respect to the Trust for successive periods of 12
months, provided such continuance is specifically approved at least annually by
both (a) the vote of a majority of the Trust's Board of Trustees or a vote of a
majority of the outstanding voting securities of the Trust at the time
outstanding and entitled to vote and (b) by the vote of a majority of the
Trustees, who are not parties to this Agreement or interested persons (as such
term is defined in the 1940 Act) of any such party, cast in person at a meeting
called for the purpose of voting on such approval. Notwithstanding the
foregoing, this Agreement may be terminated by the Trust or the Advisor at any
time, without the payment of any penalty, upon giving the Sub-Advisor 60 days'
notice (which notice may be waived by the Sub-Advisor), provided that such
termination by the Trust or the Advisor shall be directed or approved by the
vote of a majority of the Trustees of the Trust in office at the time or by the
vote of the holders of a majority of the voting securities of the Trust at the
time outstanding and entitled to vote, or by the Sub-Advisor on 60 days' written
notice (which notice may be waived by the Trust and the Advisor), and will
terminate automatically upon any termination of the Advisory Agreement between
the Trust and the Advisor. This Agreement will also immediately terminate in the
event of its assignment. (As used in this Agreement, the terms "majority of the
outstanding voting securities," "interested person" and "assignment" shall have
the same meanings of such terms in the 1940 Act.)

      11. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      12. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Trustees of the Trust, including a majority of those Trustees who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of the Trust.

      13. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      15. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

                                       6
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers designated below as of the day and
year first above written.

                          BLACKROCK ADVISORS, LLC

                          By:
                              ------------------------------------
                              Name:  Donald C. Burke
                              Title: Managing Director

                          BLACKROCK INSTITUTIONAL MANAGEMENT CORPORATION

                          By:
                              ------------------------------------
                              Name:
                              Title:

AGREED AND ACCEPTED
as of the date first set forth above

MERRILL LYNCH U.S. TREASURY MONEY FUND

By:
    ---------------------------
    Name:  Donald C. Burke
    Title: Vice President

                                       7
<PAGE>

                                   Schedule A

                           Sub-Investment Advisory Fee

59% of the monthly advisory fee received by the Advisor from the Trust.exv10w1

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is
made and entered into as of March 27, 2007, with an effective date as set forth in Section
3 hereof, by and among IKON OFFICE SOLUTIONS, INC., an Ohio corporation (the
“Borrower”), the banks, financial institutions and other lender parties party hereto (the
“Lenders”) pursuant to the authorization (in the form attached hereto as Exhibit A,
the “Lender Authorization”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent
for the Lenders (the “Administrative Agent”), DEUTSCHE BANK SECURITIES INC., as Syndication
Agent, PNC BANK NATIONAL ASSOCIATION, as Syndication Agent, THE ROYAL BANK OF SCOTLAND PLC, as
Documentation Agent and LASALLE BANK NATIONAL ASSOCIATION, as Documentation Agent.

Statement of Purpose

     The Lenders agreed to extend certain credit facilities to the Borrower pursuant to the Amended
and Restated Credit Agreement dated as of June 28, 2006 by and among the Borrower, the Lenders, the
Administrative Agent, the Syndication Agents and the Documentation Agents (as amended, restated,
supplemented or otherwise modified as of the date hereof, the “Credit Agreement”).

     The Borrower desires to amend or modify certain provisions of the Credit Agreement in certain
respects on the terms and conditions set forth below.

     Subject to and in accordance with the terms and conditions set forth herein, the Lenders party
hereto are willing to agree to the modifications described in this Amendment.

     NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties hereto agree as follows:

     1. Capitalized Terms. All capitalized undefined terms used in this Amendment
(including, without limitation, in the statement of purpose hereto) shall have the meanings
assigned thereto in the Credit Agreement.

     2. Amendments to the Credit Agreement.

     (a) Section 1.1 to the Credit Agreement is hereby amended by deleting the following
defined terms in their entirety: “Consolidated Cash Flow”, “Consolidated Net Income”, Covenant
Suspension Period”, “Fixed Charge Coverage Ratio”, “Fixed Charges” and “Net Leverage Ratio”.

     (b) Section 10.6 to the Credit Agreement is hereby amended and restated in its
entirety as follows:

     SECTION 10.6 Restricted Payments.

     (a) Directly or indirectly:

1

 

     (i) Declare or pay any dividend or make any other payment or distribution on
account of the Borrower’s or any of its Subsidiaries’ Equity Interests (including,
without limitation, any payment in connection with any merger or consolidation
involving the Borrower or any of its Subsidiaries) or to the direct or indirect
holders of the Borrower’s or any of its Subsidiaries’ Equity Interests in their
capacity as such (other than dividends, payments or distributions payable in (A)
Equity Interests (other than Disqualified Stock) of the Borrower or (B) to the
Borrower or any other Subsidiary (and if such Subsidiary is not a Wholly-Owned
Subsidiary, to its other holders of Equity Interests on a pro rata basis) so long
as, in the case of any dividend or distribution payable on or in respect of any
class or series of Equity Interests issued by a Subsidiary other than a Wholly-Owned
Subsidiary, the Borrower or a Subsidiary receives at least its pro rata share of
such dividend or distribution in accordance with its ownership in such class or
series of Equity Interests) of the Borrower);

     (ii) purchase, redeem or otherwise acquire or retire for value (including,
without limitation, in connection with any merger or consolidation involving the
Borrower) any Equity Interests of the Borrower (other than any such Equity Interests
owned by any of the Borrower’s Subsidiaries) or any Equity Interests of any of its
Subsidiaries (other than any such Equity Interests owned by the Borrower or any of
its Subsidiaries) that are held by an Affiliate of the Borrower;

     (iii) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value any Subordinated Indebtedness, except (A)
payment of interest or principal at the Stated Maturity thereof, or to satisfy a
scheduled sinking fund or amortization or other installment obligation thereon or
(B) the purchase, redemption or other acquisition or retirement of any such
Subordinated Indebtedness purchased in anticipation of satisfying a payment at the
Stated Maturity thereof or a sinking fund or amortization or other installment
obligation, in each case due within one year of the date of acquisition; or

     (iv) make any Restricted Investment (other than a Permitted Acquisition) (all
such payments and other actions described in these clauses (i) through (iv) being
collectively referred to as “Restricted Payments”);

     provided, that the Borrower or any of its Subsidiaries may make a
Restricted Payment if, at the time of and after giving effect to such Restricted
Payment:

     (A) no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence thereof; and

     (B) the Borrower would, at the time of such Restricted Payment and
after giving pro forma effect thereto as if such Restricted
Payment had been made at the beginning of the applicable four-quarter
period, be in compliance with the financial covenants contained in
Article IX for the

2

 

Borrower’s most recently ended four full fiscal quarters for which
financial statements are available immediately preceding the date on which
such Restricted Payment is to made.

     (b) The provisions of Section 10.6(a) shall not prohibit:

     (i) the payment of any dividend within sixty (60) days after the date of
declaration thereof, provided that on the date of such declaration such payment
would have complied with the provisions of this Agreement;

     (ii) the redemption, repurchase, retirement, defeasance or other acquisition of
any Subordinated Indebtedness of the Borrower or of any Equity Interests of the
Borrower in exchange for, or out of the net cash proceeds of the substantially
concurrent sale (other than to a Subsidiary of the Borrower) of, Equity Interests of
the Borrower (other than Disqualified Stock);

     (iii) the defeasance, redemption, repurchase or other acquisition of
Subordinated Indebtedness of the Borrower with the net cash proceeds from an
incurrence of Subordinated Indebtedness in accordance with (A) Section 4.09 of the
September 2015 Notes Indenture and (B) Section 10.1 of this Agreement;

     (iv) Investments acquired as a capital contribution to, or in exchange for, or
out of the net cash proceeds of a substantially concurrent offering of, Capital
Stock (other than Disqualified Stock) of the Borrower;

     (v) the redemption, repurchase, retirement or other acquisition of Capital
Stock of the Borrower deemed to occur upon the exercise of options or warrants if
such Capital Stock represents all or a portion of the exercise price thereof;

     (vi) so long as no Default or Event of Default has occurred and is continuing
or would be caused thereby, the repurchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Borrower held by any current or
former employees or directors of the Borrower pursuant to any management equity
subscription agreement, employee agreement or stock option agreement approved by the
board of directors (or equivalent governing body) of the Borrower; provided
that the aggregate price paid for all such repurchased, redeemed, acquired or
retired Equity Interests in any Fiscal Year shall not exceed the sum of (a)
$2,000,000 and (b) the amount of Restricted Payment permitted but not made pursuant
to this clause (vii) in the immediately preceding Fiscal Year;

     (vii) dividends paid on shares of Disqualified Stock of the Borrower issued in
accordance with Section 4.09 of the September 2015 Notes Indenture;

     (viii) redemption by the Borrower of the rights to purchase the Borrower’s
Series 12 Preferred Stock in accordance with the terms of the Rights Agreement; and

3

 

     (ix) so long as no Default or Event of Default has occurred and is continuing
or would be caused thereby, Restricted Payments in an aggregate amount not to exceed
$10,000,000.

     (c) The amount of all Restricted Payments (other than cash) shall be the Fair
Market Value on the date of the Restricted Payment of the assets proposed to be
transferred by the Borrower or such Subsidiary, as the case may be, pursuant to the
Restricted Payment.

     3. Effectiveness. This Amendment shall become effective on the date that each of the
following conditions has been satisfied:

     (a) Amendment Documents. The Administrative Agent shall have received a duly executed
counterpart of this Amendment from the Administrative Agent, the Borrower and the Required Lenders;
and

     (b) Fees and Expenses.

     (i) The Borrower shall pay all reasonable, out-of-pocket fees and expenses of the
Administrative Agent (including, without limitation, all costs of electronic or internet
distribution of any information hereunder) in connection with the preparation, execution and
delivery of this Amendment, including, without limitation, the reasonable, fees,
disbursements and other charges of counsel for the Administrative Agent.

     (ii) The Borrower shall pay to the Administrative Agent for its own account and the
account of each of the other Lenders that consents to the Amendment by 5:00 P.M. (Eastern
time) on March 27, 2007, an amendment fee equal to five (5) basis points of each consenting
Lender’s Commitment.

     4. Effect of Amendment. Except as expressly provided herein, the Credit Agreement and
the Loan Documents shall remain unmodified and in full force and effect. This Amendment shall not
be deemed (i) to be a waiver of, or consent to, a modification or amendment of, any other term or
condition of the Credit Agreement or any other Loan Document or (ii) to be a waiver of, or consent
to, a modification or amendment to any term or provision of any Loan Document specifically
consented to, waived, amended or modified by this Amendment on any other occasion, or (iii) to
prejudice any other right or rights which the Administrative Agent or the Lenders may now have or
may have in the future under or in connection with the Credit Agreement or the other Loan Documents
or any of the instruments or agreements referred to therein, as the same may be amended or modified
from time to time. References in the Credit Agreement to “this Agreement” (and indirect references
such as “hereunder”, “hereby”, “herein”, and “hereof”) and in any Loan Document to the Credit
Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

     5. Representations and Warranties/No Default.

4

 

     (a) By its execution hereof, the Borrower hereby certifies that (i) each of the
representations and warranties set forth in the Credit Agreement (after giving effect to this
Amendment) is true and correct in all material respects as of the date hereof as if fully set forth
herein, except for any representation and warranty made as of an earlier date, which representation
and warranty shall remain true and correct as of such earlier date (provided that any
representation and warranty that is qualified by materiality or reference to Material Adverse
Effect shall be true and correct in all respects) and (ii) no Default or Event of Default has
occurred and is continuing as of the date hereof.

     (b) By its execution hereof, the Borrower hereby represents and warrants that it has the
right, power and authority and has taken all necessary corporate and company action to authorize
the execution, delivery and performance of this Amendment and each other document executed in
connection herewith to which it is a party in accordance with their respective terms.

     (c) By its execution hereof, the Borrower hereby represents and warrants that this Amendment
and each other document executed in connection herewith has been duly executed and delivered by its
duly authorized officers, and each such document constitutes the legal, valid and binding
obligation of the Borrower, enforceable in accordance with its terms except as such enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal
debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in
general and the availability of equitable remedies.

     6. Governing Law. This Amendment shall be governed by, construed and enforced in
accordance with the laws of the State of New York (including Section 5-1401 and Section 5-1402 of
the General Obligations Law of the State of New York), without reference to any other conflicts of
law principles thereof.

     7. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and shall be binding upon all parties, their successors and assigns, and all of
which taken together constitute one and the same agreement.

     8. Fax Transmission. A facsimile, telecopy or other reproduction of this Amendment
may be executed by one or more parties hereto, and an executed copy of this Amendment may be
delivered by one or more parties hereto by facsimile or similar instantaneous electronic
transmission device pursuant to which the signature of or on behalf of such party can be seen, and
such execution and delivery shall be considered valid, binding and effective for all purposes. At
the request of any party hereto, all parties hereto agree to execute an original of this Amendment
as well as any facsimile, telecopy or other reproduction hereof.

[Signature Pages To Follow]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date and year first above written.

	 	 	 	 	 
	 	BORROWER:

IKON OFFICE SOLUTIONS, INC.,

as Borrower

 	 
	 	By:  	/s/ RICHARD J. OBETZ
 	 
	 	 	Name:  	Richard J. Obetz 	 
	 	 	Title:  	Vice President and Treasurer 	 

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

WACHOVIA BANK, NATIONAL ASSOCIATION,

in its own capacity and as Administrative Agent for

the Lenders

 	 
	 	By:  	/s/ MARK B. FELKER
 	 
	 	 	Name:  	Mark B. Felker 	 
	 	 	Title:  	Managing Director 	 

 

 

Exhibit A

FORM OF LENDER AUTHORIZATION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]