Document:

Exhibit
10.14.1

 

EXECUTION COPY

 

FIRST
AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
is entered into as of February 5, 2010 by and among DYNAVOX
SYSTEMS LLC, a Delaware limited liability company (“Borrower”),
DYNAVOX SYSTEMS HOLDINGS, LLC, a
Delaware limited liability company (“Holdings”), DynaVox Services Inc., a
Delaware corporation (“Services”),
Blink-Twice LLC, a Delaware limited liability company (“Blink-Twice”), Mayer-Johnson LLC, a
Delaware limited liability company (“Mayer-Johnson”),
DynaVox International Holdings Inc., a Delaware corporation (“International”), EYE RESPONSE TECHNOLOGIES,
INC., a Virginia corporation (“ERT”;
Borrower, Holdings, Services, Blink-Twice, Mayer-Johnson, International
and ERT are collectively referred to herein as the “Credit
Parties” and each individually as a “Credit Party”),
GE BUSINESS FINANCIAL SERVICES INC. (in
its individual capacity, “GE BFS”), as
agent (in such capacity, together with its successors and assigns in such capacity,
the “Agent”) for the several
financial institutions from time to time party to the Credit Agreement
(collectively, the “Lenders” and
each individually a “Lender”), and
for itself as a Lender, and such Lenders signatory hereto.

 

W I T N E S S E T H:

 

WHEREAS, Borrower, Agent and the Lenders have
entered into that certain Third Amended and Restated Credit Agreement dated as
of June 23, 2008 (as amended, modified, restated or otherwise supplemented
from time to time, the “Credit Agreement”);

 

WHEREAS, Borrower has requested that Agent and
the Required Lenders amend the Credit Agreement in certain respects as set
forth herein; and

 

WHEREAS, Agent and the Required Lenders are
willing to make such amendments subject to the terms, conditions and other
provisions hereof.

 

NOW,
THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained
herein, the parties agree as follows:

 

I.                                        Defined Terms. 
Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Credit Agreement (as amended hereby).

 

II.                                   Amendments. 
Subject to the conditions set forth below, and in reliance upon the
representations and warranties of the Credit Parties set forth in the Credit
Agreement and in this Amendment, the Credit Agreement is hereby amended as
follows:

 

(1)                                 Section 1.1 of the Credit Agreement is
hereby amended by substituting the following definition of the term set forth
below in lieu of the current version of such definition contained in Section 1.1
of the Credit Agreement:

 

 

“Revolving
Loan Commitment”
means, with respect to each Revolving Loan Lender, the commitment of such
Lender to make Revolving Loans and acquire interests in other Revolving Loan
Outstandings, which commitment is in the amount set forth opposite such Lender’s
name on Annex A under the caption “Revolving Loan Commitment”, as
amended to reflect Assignments and as such amount may be reduced pursuant to
this Agreement.  The aggregate amount of
the Revolving Loan Commitments on the First Amendment Effective Date equals
$12,925,000.

 

(2)                                 Section 1.1 of the Credit Agreement is
hereby further amended by adding the following definitions thereto in
appropriate alphabetical order:

 

“Available  Distribution Amount” has the meaning set forth in Section 5.4(e);
provided that the aggregate amount of
Available Distribution Amount shall in no event exceed $15,000,000 at any time.

 

“First Amendment”
means that certain First Amendment to Credit Agreement dated as of February 5,
2010 among the Borrower, the other Credit Parties, the Lenders and the Agent,
as the same may be amended, supplemented, or otherwise modified from time to
time.

 

“First Amendment Effective
Date” means February 5, 2010.

 

(3)                                 Section 2.11 of the Credit Agreement is
hereby amended by adding a new clause (d) at the end thereof to read as
follows:

 

“(d)                           If the Third Restatement Subordinated
Debt is not paid in full in cash on or before August 5, 2010, the Borrower
shall pay the Agent on behalf of Lenders signatory to the First Amendment a fee
in cash in the aggregate amount of 0.625% of the Revolving Loan Commitments of
and the Term Loan held by such Lenders on the First Amendment Effective Date
without giving effect to the First Amendment, which fee when paid shall be
fully earned and non-refundable.”

 

(4)                                 Section 5.2(n) of the Credit Agreement
is hereby deleted in its entirety and the following subsection (n) is
substituted in lieu thereof:

 

“(n)                           Liens not otherwise permitted pursuant to
this Section 5.2 which secure obligations permitted under this Agreement
not exceeding $5,000,000 in the aggregate at any one time outstanding.”

 

(5)                                 Section 5.4 of the Credit Agreement is
hereby amended by (i) deleting the word “and” at the end of clause (c) thereof,
(ii) deleting the “.” at the end of clause (d) thereof and
substituting the phrase “; and” in its place therefor and (iii) adding a
new clause (e) at the end thereof to read as follows:

 

“(e) dividends or distributions to Holdings not
otherwise permitted pursuant to this Section 5.4 (the proceeds of which may
be used by Holdings in its discretion) in an aggregate amount not to exceed (i) $12,000,000
plus (ii) the amount of any Excess Cash 

 

2

 

Flow and Net Cash
Proceeds from the issuance or disposition of any equity securities permitted to
be retained by the Borrower pursuant to, respectively, Section 2.8(a) and
Section 2.8(b)(i) after the First Amendment Effective Date (the sum
of clauses (i) and (ii) in an aggregate amount not to exceed
$15,000,000 being herein referred to as the “Available Distribution Amount”),
less the aggregate amount of any dividends or distributions previously made
after the First Amendment Effective Date pursuant to this clause (e) and
any loans and advances made after the First Amendment Effective Date pursuant
to Section 5.8(m) so long as, before and after giving effect to any
such dividend or distribution, (A) no Event of Default shall have occurred
and be continuing, (B) Borrower is in compliance on a pro forma basis with
the covenants set forth in Article VI recomputed for the most recently
ended Fiscal Quarter for which financial statements have been delivered
hereunder, (C) on a pro forma basis, the ratio of Net Senior Debt to
EBITDA recomputed for the most recently ended Fiscal Quarter for which
financial statements have been delivered hereunder shall not be greater than
2.00 and (D) the sum of (1) the amount by which the then effective
Revolving Loan Commitments exceeds the aggregate Revolving Loan Outstandings
plus (2) the aggregate amount of cash and Cash Equivalents of Borrower and
its Subsidiaries shall not be less than $5,000,000.”

 

(6)                                 Section 5.8 of the Credit Agreement is
hereby amended by (i) deleting the word “and” at the end of clause (j) thereof,
(ii) deleting the “.” at the end of clause (l) thereof and
substituting the phrase “; and” in its place therefor and (iii) adding a
new clause (m) at the end thereof to read as follows:

 

“(m) loans and advances by Borrower to Holdings
(the proceeds which may be used by Holdings in its discretion) in an aggregate
amount up to the Available Distribution Amount, less the aggregate amount of
loans and advances made after the First Amendment Effective Date pursuant to
this clause (m) and any dividends or distributions made after the First
Amendment Effective Date pursuant to Section 5.4(e).”

 

(7)                                 Each of Sections 8.1(o) and 8.1(p) of
the Credit Agreement is hereby deleted in its entirety and the following
subsections are substituted in lieu thereof:

 

“(o)                           except as otherwise permitted by Sections
5.4(e) and 5.8(m), any Holding Company shall incur any Debt and use the
proceeds of such incurrence to make dividend, payment or other distribution
with respect to the holders of its equity interests; or

 

(p)                                 except as otherwise permitted by Sections
5.4(e) and 5.8(m), either (i) Holdings engages in any type of
business activity other than the ownership of the capital stock of Borrower,
and performance of its obligations under Operative Documents to which it is a
party and other activities directly related thereto and as permitted under the
Financing Documents, or (ii) DynaVox International engages in any type of
business activity other than the ownership of the capital stock of DynaVox
Canada and DynaVox UK, and performance of its obligations under Operative
Documents to which it is a party and other activities directly related thereto
or otherwise permitted hereby.”

 

3

 

(8)                                 Annex A to the Credit Agreement is deleted in
its entirety to and the Annex A attached hereto as Exhibit A is
substituted in lieu thereof.

 

(9)                                 Exhibits B and C to the Credit Agreement are
deleted in their entirety and Exhibits B and C attached
hereto are substituted in lieu thereof.

 

III.                              Conditions Precedent. 
The effectiveness of this Amendment is subject to the following
conditions precedent or concurrent:

 

(1)                                 the execution and delivery of this Amendment by
each of the Credit Parties, Agent, Required Lenders and each Lender with
increased Revolving Loan Commitments on the First Amendment Effective Date;

 

(2)                                 all representations and warranties by any Credit
Party contained herein or in any other Financing Document shall be true and
correct in all material respects on and as of the date hereof or, to the extent
such representations and warranties expressly relate to an earlier date, on and
as of such earlier date;

 

(3)                                 before and after giving effect hereto, no
Default or Event of Default under the Credit Agreement shall have occurred and
be continuing;

 

(4)                                 delivery to Agent of evidence in form and
substance reasonably satisfactory to Agent of corresponding amendments to the
Third Restatement Subordinated Note Purchase Agreement by the Credit Parties
and the Third Restatement Subordinated Lenders;

 

(5)                                 receipt by Agent on behalf of Lenders signatory
hereto of a fully earned, non-refundable amendment fee in the aggregate amount
of 0.125% of the Revolving Loan Commitments of and the Term Loan held by such
Lenders on the date hereof, immediately prior to giving effect to the increase
of the Revolving Loan Commitments provided hereunder, which fee is due and
payable in full on the First Amendment Effective Date;

 

(6)                                 receipt by Agent on behalf of Lenders with
increased Revolving Loan Commitments on the First Amendment Effective Date of a
fully earned, non-refundable commitment fee in the aggregate amount of 0.75% of
the amount by which the Revolving Loan Commitments are increased hereunder (the
“RC Increase”), which fee is due
and payable in full on the First Amendment Effective Date and shall be
distributed by Agent to the Lenders based on their pro rata share of the RC
Increase;

 

(7)                                 Borrower and Agent shall have entered into a fee
letter in form and substance acceptable to Agent;

 

(8)                                 receipt by Agent of the fees set forth in that
certain fee letter dated as of the First Amendment Effective Date by and
between Borrower and Agent; and

 

(9)                                 the Credit Parties, Agent and the Third
Restatement Subordinated Lenders shall have entered into an amendment and
reaffirmation of the Third Restatement Subordination Agreement in form and
substance acceptable to Agent.

 

4

 

IV.                               Representations and Warranties.  
Each Credit Party, jointly and severally, hereby represents and warrants
to Agent and each Lender as follows:

 

(1)                                 The execution, delivery and performance by each
Credit Party of this Amendment and each other document, agreement and
instrument executed by such Credit Party in connection herewith are within its
powers, have been duly authorized by all necessary action pursuant to its
Organizational Documents, require no further action by or in respect of, or
filing with, any governmental body, agency or official except for actions or
filings, the failure with respect to which could not reasonably be expected to
have a Material Adverse Effect, and do not violate, conflict with or cause a
breach or a default under any provision of applicable law or regulation or of
the Organizational Documents of any Credit Party or of any agreement, judgment,
injunction, order, decree or other instrument binding upon it, except for such
violations, conflicts, breaches or defaults as could not reasonably be expected
to have a Material Adverse Effect;

 

(2)                                 this Amendment and each other document,
agreement and instrument executed by such Credit Party in connection herewith
constitutes a valid and binding agreement or instrument of such Credit Party,
enforceable against such Credit Party in accordance with its respective terms,
subject to the effects of (i) insolvency, fraudulent conveyance,
reorganization, moratorium and bankruptcy or other similar laws relating to or
affecting creditors’ rights generally, (ii) general equitable principles
(whether considered in a proceeding in equity or at law) and (iii) any
implied covenant of good faith and fair dealing; and

 

(3)                                 no Default or Event of Default exists.

 

V.                                    No Waiver. 
Except as expressly set forth herein, nothing contained herein shall be
deemed to constitute a waiver of compliance with any term or condition
contained in the Credit Agreement or any of the other Financing Documents or
constitute a course of conduct or dealing among the parties.  Except as expressly stated herein, (a) Agent
and Lenders reserve all rights, privileges and remedies under the Financing
Documents, and (b) the Credit Agreement and other Financing Documents
remain unmodified and in full force and effect.

 

VI.                               References.                               Any reference to the Credit Agreement contained
in any document, instrument or agreement executed in connection with the Credit
Agreement, including, without limitation, any Financing Document, shall be
deemed to be a reference to the Credit Agreement as modified by this
Amendment.  This Amendment shall be
deemed to be a Financing Document.

 

VII.                          Counterparts. 
This Amendment may be executed and delivered via facsimile or other
electronic transmission with the same force and effect as if an original were
executed and may be executed by one or more of the parties to this Amendment
and any number of separate counterparts, each of which when so executed, shall
be deemed an original and all said counterparts when taken together shall be
deemed to constitute but one and the same instrument.

 

VIII.                     Successors and Assigns. 
This Amendment shall be binding upon and inure to the benefit of Borrower
and each other Credit Party and their successors and assigns and the Agent and
the Lenders and their successors and assigns.

 

5

 

IX.                              GOVERNING LAW. 
THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

X.                                   Severability.  Wherever possible, each provision of this
Amendment shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Amendment shall be prohibited by
or invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Amendment.

 

XI.                              Reaffirmation. Each of the Credit Parties as debtor,
grantor, pledgor, guarantor, assignor, or in other any other similar capacity
in which such Credit Party grants liens or security interests in its property
or otherwise acts as accommodation party or guarantor, as the case may be,
hereby: (i) ratifies and
reaffirms all of its payment and performance obligations, contingent or
otherwise, under each of the Financing Documents to which it is a party (after
giving effect hereto) and (ii) to
the extent such Credit Party granted liens on or security interests in any of
its property pursuant to any such Financing Document as security for or
otherwise guaranteed the Obligations under or with respect to the Financing
Documents, ratifies and reaffirms such guarantee and grant of security
interests and liens and confirms and agrees that such security interests and
liens hereafter secure all of the Obligations. 
Each of the Credit Parties hereby consents to this Amendment and acknowledges
that each of the Financing Documents remains in full force and effect and is
hereby ratified and reaffirmed.  Except
as specifically provided hereunder, the execution of this Amendment shall not
operate as a waiver of any right, power or remedy of the Agent or Lenders,
constitute a waiver of any provision of any of the Financing Documents or serve
to effect a novation of the Obligations.

 

– Remainder of Page Intentionally Blank; Signature
Page Follows –

 

6

 

IN WITNESS WHEREOF, each of the undersigned has
executed this Amendment as of the date set forth above.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  DYNAVOX SYSTEMS
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  OTHER
  LOAN PARTIES:

  
	
   

  	
   

  
	
   

  	
  DYNAVOX SYSTEMS
  HOLDINGS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  DYNAVOX SERVICES
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L. Donnelly
  Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  BLINK-TWICE
  SYSTEMS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly, Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  EYE RESPONSE
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly, Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  

 

First Amendment to Credit Agreement

 

 

	
   

  	
  MAYER-JOHNSON
  LLC

  
	
   

  	
   

  
	
   

  	
  By: DynaVox
  Systems LLC, its sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
  DYNAVOX
  INTERNATIONAL HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  

 

First Amendment to Credit Agreement

 

 

IN WITNESS WHEREOF, each of the undersigned has
executed this Amendment as of the date set forth above.

 

 

	
   

  	
  GE BUSINESS FINANCIAL
  SERVICES INC., as the Agent and a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Bird

  
	
   

  	
  Name: Keith Bird

  
	
   

  	
  Its:      Duly
  Authorized Signatory

  

 

First Amendment to Credit Agreement

 

 

IN WITNESS WHEREOF, each
of the undersigned has executed this Amendment as of the date set forth above.

 

	
   

  	
  PNC Bank, N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brett R.
  Schweikle

  
	
   

  	
  Name:

  	
  Brett R.
  Schweikle

  
	
   

  	
  Title:

  	
  Vice President

  

 

First Amendment to Credit Agreement

 

 

IN WITNESS WHEREOF, each
of the undersigned has executed this Amendment as of the date set forth above.

 

	
   

  	
  TriState Capital Bank, as
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L.
  Hammond

  
	
   

  	
  Name:

  	
  Michael L.
  Hammond

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

First Amendment to Credit AgreementExhibit
10.14.2

 

SECOND
AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
is entered into as of March 4, 2010 by and among DYNAVOX
SYSTEMS LLC, a Delaware limited liability company (“Borrower”),
DYNAVOX SYSTEMS HOLDINGS, LLC, a
Delaware limited liability company (“Holdings”), DynaVox Services Inc., a
Delaware corporation (“Services”),
Blink-Twice LLC, a Delaware limited liability company (“Blink-Twice”), Mayer-Johnson LLC, a
Delaware limited liability company (“Mayer-Johnson”),
DynaVox International Holdings Inc., a Delaware corporation (“International”), EYE RESPONSE TECHNOLOGIES,
INC., a Virginia corporation (“ERT”;
Borrower, Holdings, Services, Blink-Twice, Mayer-Johnson, International
and ERT are collectively referred to herein as the “Credit
Parties” and each individually as a “Credit Party”),
GE BUSINESS FINANCIAL SERVICES INC. (in
its individual capacity, “GE BFS”), as
agent (in such capacity, together with its successors and assigns in such
capacity, the “Agent”) for the
several financial institutions from time to time party to the Credit Agreement
(collectively, the “Lenders” and
each individually a “Lender”), and
for itself as a Lender, and such Lenders signatory hereto.

 

W I T N E S S E T H:

 

WHEREAS, Borrower, Agent and the Lenders have
entered into that certain Third Amended and Restated Credit Agreement dated as
of June 23, 2008 (as amended, modified, restated or otherwise supplemented
from time to time, the “Credit Agreement”);

 

WHEREAS, Borrower has requested that Agent and
the Required Lenders amend the Credit Agreement in certain respects as set
forth herein; and

 

WHEREAS, Agent and the Required Lenders are
willing to make such amendments subject to the terms, conditions and other
provisions hereof.

 

NOW,
THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained
herein, the parties agree as follows:

 

I.                                         Defined Terms. 
Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Credit Agreement (as amended hereby).

 

II.                                     Consent; Waiver.

 

(1)                                 Notwithstanding anything to the contrary
set forth in the Credit Agreement and the other Financing Documents, the Agent
and the Required Lenders hereby consent to Holdings assigning its rights and
obligations under the Credit Agreement and the other Financing Documents to a
newly formed wholly-owned Subsidiary of Holdings (“Newco”) on or prior to the date of the consummation of the IPO
so long as (1) Newco has pledged to Agent all of the outstanding capital
stock or other equity interests of Borrower, (2) Newco has Guaranteed the
Obligations and secured such Guarantee by granting in favor of Agent, for its
benefit and the benefit of the Lenders, a Lien on all or substantially all of
the assets and (3) at its own cost and 

 

 

expense,
cause to be promptly and duly taken, executed, acknowledged and delivered all
such further acts, documents and assurances as may reasonably be necessary or
as Agent may reasonably request in order to carry out the intent and purposes
of the Financing Documents and the transactions contemplated thereby.  Upon the effectiveness of such assignment,
Newco shall be deemed to be “Holdings” for all purposes under the Credit
Agreement and the other Financing Documents and Holdings shall be released from
its obligations thereunder.

 

(2)                                 Notwithstanding anything to the contrary
set forth in the Credit Agreement and the other Financing Documents, the Agent
and the Required Lenders hereby consent to (and hereby waive any breach of any
of the provisions of the Financing Documents caused by) Borrower’s payment in
full of the Third Restatement Subordinated Debt and the Debt evidenced by the
Enkidu Seller Note solely with the proceeds of the IPO.

 

(3)                                 Notwithstanding anything to the contrary
set forth in the Credit Agreement and the other Financing Documents, the Agent
and the Required Lenders hereby waive the requirement under Section 2.8(b) of
the Credit Agreement with regard to the proceeds of the IPO.

 

III.                                 Amendments. 
Subject to the conditions set forth below, and in reliance upon the
representations and warranties of the Credit Parties set forth in the Credit
Agreement and in this Amendment, effective as of the Second Amendment Effective
Date, the Credit Agreement is hereby amended as follows:

 

(1)                                 Section 1.1 of the Credit Agreement
is hereby amended by substituting the following definition of the term set
forth below in lieu of the current version of such definition contained in Section 1.1
of the Credit Agreement:

 

“Applicable Margin”
means, with respect to Revolving Loans, Swing Loans, Term Loan and the Unused
Commitment Fee, a percentage equal to (a) during the period commencing on
the Third Restatement Effective Date and ending on the next date of
determination that is at least two full Fiscal Quarters of Borrower after the
Third Restatement Effective Date, the percentage set forth in the applicable
column opposite Level II in the table set forth in clause (b) below,
and (b) thereafter, as of each date of determination (and until the next
such date of determination), a percentage equal to the percentage set forth
below in the applicable column opposite the level corresponding to the ratio of
(x) Net Total Debt, as of the last day of the most recently ended Fiscal
Quarter to (y) EBITDA for the twelve month period ending on such last day:

 

2

 

	
   

  	
   

  	
  Ratio of Net

  	
   

  	
  Base Rate Loans

  	
   

  	
  Eurodollar Rate

  Loans

  	
   

  	
   

  	
   

  
	
  Level

  	
   

  	
  Total

  Debt to

  EBITDA

  	
   

  	
  Revolving

  Loans and

  Swing Loans

  	
   

  	
  Term

  Loan

  	
   

  	
  Revolving

  Loans

  	
   

  	
  Term

  Loan

  	
   

  	
  Unused

  Commitment

  Fee

  	
   

  
	
  I

  	
   

  	
  Greater than or equal
  to 5.00 to 1.00

  	
   

  	
  3.75

  	
  %

  	
  3.75

  	
  %

  	
  4.75

  	
  %

  	
  4.75

  	
  %

  	
  0.500

  	
  %

  
	
  II

  	
   

  	
  Less than 5.00 to 1.00
  but equal to or greater than 4.00 to 1.00

  	
   

  	
  3.50

  	
  %

  	
  3.50

  	
  %

  	
  4.50

  	
  %

  	
  4.50

  	
  %

  	
  0.500

  	
  %

  
	
  III

  	
   

  	
  Less than 4.00 to 1.00
  but equal to or greater than 3.00 to 1.00

  	
   

  	
  3.25

  	
  %

  	
  3.25

  	
  %

  	
  4.25

  	
  %

  	
  4.25

  	
  %

  	
  0.500

  	
  %

  
	
  IV

  	
   

  	
  Less than 3.00 to 1.00

  	
   

  	
  3.00

  	
  %

  	
  3.00

  	
  %

  	
  4.00

  	
  %

  	
  4.00

  	
  %

  	
  0.375

  	
  %

  

 

Each date of determination for the “Applicable
Margin” shall be the date that is 3 Business Days after delivery by Borrower
to Agent of a new Compliance Certificate pursuant to Section 4.1(c) in
connection with the delivery of financial statements pursuant to Section 4.1(n).  Notwithstanding anything to the contrary set
forth in this Agreement, (x) the Applicable Margin shall equal the
percentage set forth in the appropriate column opposite Level I in the table
above, effective immediately if Borrower shall at any time fail to timely
deliver a Compliance Certificate, the 10th Business Day following the date on which such
Compliance Certificate was due, until the date of delivery of such Compliance
Certificate and (y) if an Event of Default has occurred and is continuing
on a date or determination for the “Applicable Margin”, no reduction in the
Applicable Margin shall occur on such date.

 

“ECF Percentage
Table” means the following table:

 

	
  Ratio of Net Total Debt to EBITDA

  	
   

  	
  Percentage

  	
   

  
	
  Greater
  than or equal to 4.50 to 1.00

  	
   

  	
  75.0

  	
  %

  
	
  Less
  than 4.50 to 1.00, but greater than or equal to 3.00 to 1.00

  	
   

  	
  50.0

  	
  %

  
	
  Less
  than 3.00 to 1.00, but greater than or equal to 2.50 to 1.00

  	
   

  	
  37.5

  	
  %

  
	
  Less
  than 2.50 to 1.00, but greater than or equal to 1.50 to 1.00

  	
   

  	
  25.0

  	
  %

  
	
  Less
  than 1.50 to 1.00

  	
   

  	
  0

  	
  %

  

 

“Investors”
means, Vestar Capital Partners IV, L.P. and Park Avenue Equity Partners, L.P.,
and any other holders of equity interests in DynaVox Systems Holdings, LLC, a
Delaware limited liability company, on the Third Restatement Effective Date
(including the respective Affiliates of such Persons who now or hereafter
acquire equity interests as aforesaid), collectively, and “Investor” shall mean any such Person,
individually.

 

“Permitted Acquisition”
means any Proposed Acquisition satisfying each of the 

 

3

 

following conditions: (a) no
Default or Event of Default then exists, (b) Agent has received pro forma
financial statements prepared in good faith based on reasonable assumptions
after giving effect to such Proposed Acquisition and Agent is reasonably
satisfied that Borrower is in compliance with the financial covenants set forth
in Article VI on a pro forma basis as of the last day of the last
Fiscal Quarter for which financial statements have been delivered hereunder, (c) at
or prior to the closing of such Proposed Acquisition, Agent will be granted a
first priority Lien (subject to Permitted Liens) in the assets acquired
pursuant thereto that, under the Security Documents, are required to be subject
to the Liens created under any of the Security Documents and Holdings, its
Subsidiaries and the Proposed Acquisition Target shall have executed such
documents and taken such actions as may be reasonably required by Agent in
connection therewith, (d) except with regard to any Proposed Acquisition
the aggregate consideration for which does not exceed $3,000,000, Agent shall
have received reasonable advance notice of such Proposed Acquisition including
a reasonably detailed description thereof at least two (2) weeks prior to
the consummation of such Proposed Acquisition (or such later date as may be
agreed by Agent) and on or prior to the date of such Proposed Acquisition,
Agent shall have received copies of the acquisition agreement and related
contractual obligations and other documents (including financial information
and analysis, environmental assessments and reports, opinions, certificates and
lien searches, in each case, to the extent prepared or obtained in connection
with such Proposed Acquisition) and information reasonably requested by Agent, (e) after
giving effect to such Proposed Acquisition, the sum of (i) the amount by
which the then effective Revolving Loan Commitments exceeds the aggregate
Revolving Loan Outstandings plus (ii) the aggregate amount of cash and
Cash Equivalents of Borrower and its Subsidiaries shall not be less than
$5,000,000 and (f) such Proposed Acquisition shall be consensual, shall
have been approved by the Proposed Acquisition Target’s board of directors (or
comparable governing body) and shall be consummated substantially in accordance
with the terms of the agreements and documents related thereto, and in
compliance with all applicable Laws except to the extent the failure to do so
could not reasonably be expected to have a Material Adverse Effect.

 

(2)                                 Section 1.1 of the Credit Agreement
is hereby further amended by adding the following definitions thereto in
appropriate alphabetical order:

 

“Available Amount”
means the excess of (a) the amount of any Excess Cash Flow and Net Cash
Proceeds from the issuance or disposition of any equity securities permitted to
be retained by the Borrower pursuant to, respectively, Section 2.8(a) and
Section 2.8(b)(i) after the First Amendment Effective Date over (b) the
aggregate amount of Investments made after the Second Amendment Effective Date
pursuant to clause (k) or clause (l) of Section 5.8, in each
case of this clause (b) to the extent made as a portion of the Available
Investment Amount.

 

“Available  Investment Amount” means the excess of (a) the amount
of any Excess Cash Flow retained by the Borrower pursuant to Section 2.8(a) and
Net Cash Proceeds from the issuance or disposition of any equity securities
permitted to be retained by Borrower pursuant to Section 2.8(b)(i), in
each case, after the Second Amendment 

 

4

 

Effective Date over (b) the
sum of (i) the aggregate amount of any Investments made after the Second
Amendment Effective Date pursuant to clause (k) or clause (l) of Section 5.8,
in each case of this clause (i) to the extent made as a portion of the
Available Investment Amount plus (ii) the aggregate amount of any
dividends or distributions made after the First Amendment Effective Date
pursuant to Section 5.4(e) and any loans and advances made after the
First Amendment Effective Date pursuant to Section 5.8(m), in each case of
this clause (ii) to the extent the aggregate amount thereof exceeded
$12,000,000.

 

“IPO” means the
initial public offering (including any over-allotment option) of the equity
securities of Ultimate Holdings to be consummated on or prior to August 31,
2010.

 

“IPO Fee” means
a fee payable by the Borrower to the Investors in connection with the IPO in an
aggregate amount not to exceed $3,000,000.

 

“Permitted Subordinated
Debt” means Debt of the Borrower and Guarantees thereof by any other
Loan Party; provided that (i) such Debt and related Guarantees
shall not be secured by any Lien, (ii) such Debt and related Guarantees
are subordinated to the Obligations pursuant to subordination provisions that
are reasonably satisfactory to the Agent, (iii) at the time of the
incurrence of such Debt, the Borrower and its Subsidiaries are in compliance,
on a pro forma basis after giving effect to the incurrence of such Debt and the
Permitted Acquisition financed with such Debt, with the covenants contained in
Sections 6.3, 6.4 and 6.5 recomputed as of the last day of the most recently
ended fiscal quarter of the Borrower for which financial statements are
available, as if such Permitted Acquisition and incurrence of Debt had occurred
on the first day of the relevant period for testing such compliance, provided,
that the Borrower and its Subsidiaries shall calculate pro forma compliance
under this clause (iii) with Sections 6.4 and 6.5 at the applicable ratio
levels set forth in such provisions minus 0.50, (iv) such Debt shall not
have any principal payments due prior to the date that is 180 days after the
Term Loan Maturity Date, whether at maturity or otherwise, except upon the
occurrence of a change of control or similar event (including asset sales), in
each cash so long as the provisions relating to change of control or similar
events including asset sales) included in the governing instrument of such Debt
provide that the provisions of this Agreement must be satisfied prior to the
satisfaction of such provisions of such Debt and (v) such Debt bears
interest at a rate which, in the good faith judgment of the Borrower’s board of
directors, is consistent with the market at the time of issuance for similar
Debt for comparable issuers of borrowers.

 

“Second Amendment”
means that certain Second Amendment to Credit Agreement dated as of March 4,
2010 among the Borrower, the other Credit Parties, the Lenders and the Agent,
as the same may be amended, supplemented, or otherwise modified from time to
time.

 

“Second Amendment Effective
Date” means the date the Second Amendment becomes effective pursuant
to its terms.

 

5

 

“Securityholders Agreement”
means the Amended and Restated Securityholders Agreement among Ultimate
Holdings, Holdings and the Securityholders party thereto to be executed in
connection with the IPO.

 

“Ultimate Holdings”
means DynaVox Inc., a Delaware corporation.

 

(3)                                 Each of Sections 4.1(a), 4.1(b), 4.1(c),
4.1(e) 4.1(f), 4.1(g), 4.1(l), 4.1(n) and 4.1(p) of the Credit Agreement is
hereby deleted in its entirety and the following subsections (a), (b), (e),
(f), (g), (l), (n) and (p) are substituted in lieu thereof:

 

“(a)                            [Reserved];

 

(b)                                 as soon as available and in any event
within 5 days after the earlier of the date on which such financial statements
are required to be filed or actually filed with the Securities and Exchange
Commission, a consolidated balance sheet of Ultimate Holdings and its
Subsidiaries as of the end of each Fiscal Year and the related consolidated
statements of operations, stockholders’ equity and cash flows for such Fiscal
Year, setting forth in each case, to the extent comparable figures are
available, in comparative form the figures for the previous Fiscal Year,
certified (solely with respect to such consolidated statements) without
material qualification (including with respect to the scope of audit) or
exception by independent public accountants of nationally recognized standing;

 

(c)                                  together with each delivery of financial
statements pursuant to Sections 4.1(b) and 4.1(n), a
Compliance Certificate, and together with each delivery of financial statements
pursuant to Section 4.1(b), an Excess Cash Flow Certificate;

 

...

 

(e)                                  promptly upon receipt thereof, copies of
all reports submitted to Ultimate Holdings or any Credit Party by independent
public accountants in connection with each annual, interim or special audit of
the financial statements of Ultimate Holdings or any Credit Party made by such
accountants, including the comment letter submitted by such accountants to
management in connection with their annual audit;

 

(f)                                    promptly upon their becoming available,
copies (i) of all regular and periodic reports and all registration
statements and prospectuses filed by Ultimate Holdings or any Credit Party with
any securities exchange or with the Securities and Exchange Commission or any
successor and (ii) all Interest Rate Contracts entered into by any Credit
Party;

 

(g)                                 promptly upon any officer of any Credit
Party obtaining knowledge (i) of the existence of any Event of Default or
Default, or becoming aware that the holder of any Debt of any Credit Party in
an amount greater than $500,000 has given any notice or taken any other action
with respect to a claimed default thereunder, (ii) that any Person has given
any notice to any Credit Party or taken any other action with respect to a
claimed default under any material agreement or instrument (other than the
Financing 

 

6

 

Documents) to which any
Credit Party is a party or by which any of its assets is bound, which default
could reasonably be expected to have a Material Adverse Effect, or (iii) of
the institution of any litigation or arbitration involving an alleged liability
of any Credit Party equal to or greater than $500,000 or any adverse
determination in any litigation or arbitration involving a potential liability
of any Credit Party equal to or greater than $500,000, a certificate of a
Responsible Officer specifying the nature and period of existence of any such
condition or event, or specifying the notice given or action taken by such
holder or Person and the nature of such claimed default (including any Event of
Default or Default), event or condition, and what action the applicable Credit
Party has taken, is taking or proposes to take with respect thereto;

 

...

 

(l)                                     [Reserved];

 

...

 

(n)                                 as soon as available and in any event
within 5 days after the earlier of the date on which such financial statements
are required to be filed or actually filed with the Securities and Exchange
Commission, a consolidated balance sheet of Ultimate Holdings and its
Subsidiaries as at the end of each Fiscal Quarter and the related consolidated
statements of operations and cash flows for such Fiscal Quarter, and for the
portion of the Fiscal Year ended at the end of such Fiscal Quarter setting
forth, in each case, to the extent comparable figures are available, in
comparative form the figures for the corresponding periods of the previous
Fiscal Year, all of the foregoing in reasonable detail and certified by a
Responsible Officer as fairly presenting, in all material respects, the
financial condition and results of operations of Ultimate Holdings and its
Subsidiaries and as having been prepared in accordance with GAAP applied on a
basis consistent with the audited financial statements of Ultimate Holdings,
subject to changes resulting from audit and normal year-end adjustments and the
absence of footnote disclosures;

 

...

 

(p)                                 [Reserved]; and”

 

(4)                                 Section 4.8 of the Credit Agreement
is hereby deleted in its entirety and the following Section 4.8 is
substituted in lieu thereof

 

“Section 4.8                                [Reserved].”

 

(5)                                 Section 5.1(f) of the Credit
Agreement is hereby deleted in its entirety and the following subsection (f) is
substituted in lieu thereof:

 

“(f)                              other Debt not to exceed $10,000,000 in
the aggregate at any time outstanding; provided that no more than $5,000,000 of
such Debt may be secured Debt;”

 

7

 

(6)                                 Section 5.1(i) of the Credit
Agreement is hereby deleted in its entirety and the following subsections are
substituted in lieu thereof:

 

“(i)                               Debt, if any, arising under Interest Rate
Contracts;

 

(j)                                     (A) Debt of any Person acquired by
the Borrower or any Subsidiary or that becomes a Subsidiary, in each case, in a
Permitted Acquisition or Debt attaching to the assets of any Person that are
acquired by the Borrower or any Subsidiary in a Permitted Acquisition, provided
that (1) such Debt exists at the time such Person becomes a Subsidiary or
at the time such assets were acquired and is not created in contemplation of or
in connection with such Person becoming a Subsidiary or such assets being
acquired and (2) the aggregate principal amount of Debt permitted by this
clause (j) shall not exceed $5,000,000 at any time outstanding and (B) any
refinancings, renewals and replacements of any such Debt pursuant to the
preceding clause (A) that do not increase the outstanding principal amount
thereof (plus accrued interest and premium in respect thereof); and

 

(k)                                  Permitted Subordinated Debt incurred to
finance a Permitted Acquisition.”

 

(7)                                 Section 5.2 of the Credit Agreement
is hereby amended by (i) deleting the word “and” at the end of clause (m) thereof,
(ii) inserting a new clause (n) thereof to read as follows and (iii) re-numbering
clause (n) thereof as the new clause (o):

 

“(n)                           Liens existing on any property or asset
prior to the acquisition thereof by the Borrower or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the date
hereof prior to the time such Person becomes a Subsidiary, in each case in
connection with a Permitted Acquisition, provided that (A) such Lien is
not created in contemplation of or in connection with such acquisition or such
Person becoming a Subsidiary, as applicable, (B) such Lien shall not apply
to any other property or asset of the Borrower or any Subsidiary and (C) such
Lien shall secure only those Debt permitted by Section 5.1(j); and”

 

(8)                                 Section 5.3(h) of the Credit
Agreement is hereby deleted in its entirety and the following subsection (h) is
substituted in lieu thereof:

 

“(h)                           Continent Obligations that support Debt
to the extent permitted under Sections 5.1(a) through (g) and
5.1(i) through 5.1(k).”

 

(9)                                 Section 5.4 of the Credit Agreement
is hereby amended by (i) inserting the phrase “, as amended or amended and
restated in connection with the IPO” after “Amended and Restated Limited
Liability Company Agreement dated May 13, 2004 of Holdings” in clause (b) thereof,
(ii) deleting the word “and” at the end of each of clauses (a), (b) and
(d) thereof, (iii) deleting the phrase “the amount of any Excess Cash
Flow and Net Cash Proceeds from the issuance or disposition of any equity
securities permitted to be retained by the Borrower pursuant to, respectively, Section 2.8(a) and
Section 2.8(b)(i) after the First Amendment Effective Date” in its
entirety and substituting the phrase “the Available Amount” in lieu thereof, (iv) deleting
the 

 

8

 

“.”
at the end of clause (e) thereof and substituting the phrase “; and” in
lieu thereof and (v) adding a new clause (f) thereto to read as
follows:

 

“(f)                              payment of the IPO Fee payable by
Holdings.”

 

(10)                          Section 5.8 of the Credit Agreement
is hereby deleted in its entirety and the following is substituted in lieu
thereof:

 

“Section 5.8                                Purchase of Assets,
Investments.  Borrower will not, and will not permit any
Subsidiary to, directly or indirectly acquire any assets other than in the ordinary
course of business or as may otherwise be used or useful in the conduct of such
Person’s business as then conducted and permitted hereunder.  Borrower will not, and will not permit any
Subsidiary to, directly or indirectly make, acquire or own any Investment in
any Person other than (a) Investments set forth on the Information
Certificate; (b) Cash Equivalents and, in the case of Foreign
Subsidiaries, similar investments customary for countries in which such Foreign
Subsidiary conducts business; (c) Investments in Domestic Subsidiaries, so
long as (i) Borrower has pledged to Agent all of the outstanding capital
stock or other equity interests of any such Domestic Subsidiary and (ii) any
such Domestic Subsidiary has Guaranteed the Obligations and secured such
Guarantee by granting in favor of Agent, for its benefit and the benefit of the
Lenders, a Lien on all or substantially all of the assets; (d) bank
deposits established in accordance with Section 5.15; (e) Investments
in securities of account debtors received pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of such
account debtors; (f) loans to officers and employees in an aggregate
principal amount not to exceed $500,000 at any time outstanding; (g) intercompany
loans permitted under Section 5.1(d); (h) transactions
permitted under Section 5.7; (i) Guarantees to the extent
permitted by Section 5.1 or 5.3; (j) Investments in the
form of Interest Rate Contracts permitted under Section 5.3(g); (k) other
Investments not included in any of the foregoing and not exceeding (i) $1,000,000
in any given Fiscal Year of Borrower and $5,000,000 in the aggregate during the
term of this Agreement plus (ii) the Available Investment Amount; (l) Investments
in any Foreign Subsidiaries or any joint venture or partnership not exceeding (i) $5,000,000
in any given Fiscal Year of Borrower and $10,000,000 in the aggregate during
the term of this Agreement plus (ii) the Available Investment Amount; and (m) loans
and advances by Borrower to Holdings (the proceeds of which may be used by
Holdings in its discretion) in an aggregate amount up to the Available
Distribution Amount, less the aggregate amount of loans and advances made after
the First Amendment Effective Date pursuant to this clause (m) and any
dividends or distributions made after the First Amendment Effective Date
pursuant to Section 5.4(e). 
Notwithstanding the foregoing, Borrower may acquire, or may cause a
Subsidiary to acquire, all or substantially all of the assets, or all or
substantially all of the equity securities, of any Person with the prior
written approval of Required Lenders or in connection with a Permitted
Acquisition.”

 

(11)                          Section 5.13 of the Credit Agreement
is hereby deleted in its entirety and the following is substituted in lieu
thereof:

 

9

 

“Section 5.13         Investor Fees.  Borrower will not, and will not permit any
Subsidiary to, directly or indirectly, pay or become obligated to pay any
management, consulting or similar advisory fees or other amounts to or for the
account of any Investor or any Affiliate of any Investor except (a) pursuant
to the Management Agreement as it exists on the Third Restatement Effective
Date, provided that any and all amounts due, owing or payable thereunder,
howsoever characterized (but excluding reimbursement for out of pocket
expenses), shall not exceed the greater of (i) $300,000 per Fiscal Year of
Borrower and (ii) an amount equal to 1.5% of Borrower’s EBITDA for the
most recent period for which a Compliance Certificate was delivered to Agent
pursuant to the terms of this Agreement; and provided, further that any amounts
paid or payable by Borrower representing reimbursement for out of pocket
expenses shall not exceed an amount equal to 30% of the amounts otherwise paid
or payable under clauses (i) or (ii) above and (b) the IPO Fee.”

 

(12)         Section 5.14
of the Credit Agreement is hereby deleted in its entirety and the following is
substituted in lieu thereof:

 

“Section 5.14         [Reserved].”

 

(13)         Section 5.16
of the Credit Agreement is hereby deleted in its entirety and the following is
substituted in lieu thereof:

 

“Section 5.16         Payments and Modifications of Certain Documents.  Borrower will not, and will not permit any
Subsidiary to do any of the following:

 

(a)           waive
or otherwise modify any term of any Third Restatement Equity Documents or Third
Restatement Stock Redemption Documents in a manner which would be reasonably
expected to materially adversely affect the interests of Agent or any other
Secured Party under the Financing Documents; or

 

(b)           directly
or indirectly declare, pay, make or set aside any amount for payment in respect
of Third Restatement Subordinated Debt, except for (i) regularly scheduled
and mandatory payments of principal and interest (but no voluntary
prepayments), (ii) payments made with the proceeds from the IPO and (iii) other
payments in respect of Third Restatement Subordinated Debt made in full
compliance with and to the extent expressly permitted by the Third Restatement
Subordination Agreement.”

 

(14)         Each
of Sections 8.1(b), 8.1(c), 8.1(j) and 8.1(n) of the Credit Agreement
is hereby deleted in its entirety and the following subsections (b), (c), (j) and
(n) are substituted in lieu thereof:

 

“(b)         Borrower
shall fail to observe or perform any covenant contained in (i) Section 4.1(b),
4.1(c), 4.1(g), 4.1(h), 4.1(i), 4.1(m), 4.1(n),
Section 4.7, Section 4.9, Section 4.10, Section 4.13,
Section 4.14, Section 4.16, Article V, or Article VI;

 

(c)           any
Loan Party defaults in the performance of or compliance with any 

 

10

 

term contained in this
Agreement or in any other Financing Document (other than occurrences described
in other provisions of this Section 8.1 which constitute immediate
Events of Default) and such default is not remedied or waived within thirty
(30) days after the earlier of (1) receipt by Borrower of notice from
Agent or Required Lenders of such default or (2) actual knowledge of
Borrower or any other Credit Party of such default;

 

...

 

(j)            (1) Holdings
shall cease to directly or indirectly own and control one hundred percent
(100%) of each class of the outstanding equity interests of Borrower, (2) any
Person or group (within the meaning of the Securities Exchange Act of 1934 and
the rules of the Securities and Exchange Commission thereunder as in
effect on the Second Amendment Effective Date) other than the Investors and the
other parties to the Securityholders Agreement as in effect on the date of the
IPO shall acquire ownership, directly or indirectly, beneficially or of record,
of equity interests representing more than 35% of the aggregate ordinary voting
power represented by the issued and outstanding equity interests in Ultimate
Holdings, (3) DynaVox International shall cease to, directly or
indirectly, own and control one hundred percent (100%) of each class of the
outstanding equity interests of each of DynaVox Canada and DynaVox UK, (4) any
“Change of Control”, “Change in Control”, or term of similar import occurs
under any agreement, instrument, or other documents evidencing any Permitted
Subordinated Debt, or (5) occupation of a majority of the seats (other
than vacant seats) on the board of directors of Ultimate Holdings at any time
by Persons who were neither (i) nominated by members of the Investors or
the board of directors of Ultimate Holdings nor (ii) appointed by
directors so nominated;

 

...

 

(n)           any
of the Operative Documents (other than the Third Restatement Subordinated Note
Documents) shall for any reason fail to constitute the valid and binding
agreement of any party thereto, or any such party shall so assert in writing
and such failure could reasonably be expected to have a Material Adverse
Effect;”

 

(15)         Exhibit B
to the Credit Agreement is deleted in its entirety and Exhibit A
attached hereto is substituted in lieu thereof.

 

IV.           Conditions Precedent. 
The effectiveness of this Amendment is subject to the satisfaction of
the following conditions precedent or concurrent:

 

(1)           the
execution and delivery of this Amendment by each of the Credit Parties, Agent
and the Required Lenders;

 

(2)           all
representations and warranties by any Credit Party contained herein or in any
other Financing Document shall be true and correct in all material respects on
and as of the Second Amendment Effective Date or, to the extent such representations
and warranties expressly relate to an earlier date, on and as of such earlier
date;

 

11

 

(3)           before
and after giving effect hereto, no Default or Event of Default under the Credit
Agreement shall have occurred and be continuing;

 

(4)           the
IPO shall have been or shall substantially contemporaneously be consummated;

 

(5)           evidence
in form and substance reasonably satisfactory to Agent of the substantially
contemporaneous payment in full of the Third Restatement Subordinated Debt
solely with the proceeds of the IPO and termination of all agreements relating
thereto (other than contingent indemnification obligations for which a claim
has not been made);

 

(6)           receipt
by Agent on behalf of Lenders signatory hereto of a fully earned,
non-refundable amendment fee in the aggregate amount of 0.125% of the Revolving
Loan Commitments of and the Term Loan held by such Lenders on the date hereof,
which fee is due and payable in full on the date hereof;

 

(7)           Borrower
and Agent shall have entered into a fee letter in form and substance acceptable
to Agent; and

 

(8)           receipt
by Agent on the date hereof of the fees set forth in that certain fee letter
dated as of the date hereof by and between Borrower and Agent.

 

V.            Representations and Warranties.  
Each Credit Party, jointly and severally, hereby represents and warrants
to Agent and each Lender as follows:

 

(1)           The
execution, delivery and performance by each Credit Party of this Amendment and
each other document, agreement and instrument executed by such Credit Party in
connection herewith are within its powers, have been duly authorized by all
necessary action pursuant to its Organizational Documents, require no further
action by or in respect of, or filing with, any governmental body, agency or
official except for actions or filings, the failure with respect to which could
not reasonably be expected to have a Material Adverse Effect, and do not
violate, conflict with or cause a breach or a default under any provision of
applicable law or regulation or of the Organizational Documents of any Credit
Party or of any agreement, judgment, injunction, order, decree or other
instrument binding upon it, except for such violations, conflicts, breaches or
defaults as could not reasonably be expected to have a Material Adverse Effect;

 

(2)           this
Amendment and each other document, agreement and instrument executed by such
Credit Party in connection herewith constitutes a valid and binding agreement
or instrument of such Credit Party, enforceable against such Credit Party in
accordance with its respective terms, subject to the effects of (i) insolvency,
fraudulent conveyance, reorganization, moratorium and bankruptcy or other
similar laws relating to or affecting creditors’ rights generally, (ii) general
equitable principles (whether considered in a proceeding in equity or at law)
and (iii) any implied covenant of good faith and fair dealing; and

 

(3)           no
Default or Event of Default exists.

 

12

 

VI.           No Waiver.  Except
as expressly set forth herein, nothing contained herein shall be deemed to
constitute a waiver of compliance with any term or condition contained in the
Credit Agreement or any of the other Financing Documents or constitute a course
of conduct or dealing among the parties. 
Except as expressly stated herein, (a) Agent and Lenders reserve
all rights, privileges and remedies under the Financing Documents, and (b) the
Credit Agreement and other Financing Documents remain unmodified and in full
force and effect.

 

VII.         References.          Any reference to the Credit Agreement
contained in any document, instrument or agreement executed in connection with
the Credit Agreement, including, without limitation, any Financing Document,
shall be deemed to be a reference to the Credit Agreement as modified by this
Amendment.  This Amendment shall be
deemed to be a Financing Document.

 

VIII.        Counterparts.  This
Amendment may be executed and delivered via facsimile or other electronic
transmission with the same force and effect as if an original were executed and
may be executed by one or more of the parties to this Amendment and any number
of separate counterparts, each of which when so executed, shall be deemed an
original and all said counterparts when taken together shall be deemed to
constitute but one and the same instrument.

 

IX.           Successors and Assigns. 
This Amendment shall be binding upon and inure to the benefit of
Borrower and each other Credit Party and their successors and assigns and the
Agent and the Lenders and their successors and assigns.

 

X.            GOVERNING LAW.  THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

XI.           Severability. 
Wherever
possible, each provision of this Amendment shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Amendment shall be prohibited by or invalid under such law, such provision
shall be ineffective to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of
this Amendment.

 

XII.         Reaffirmation. Each of the Credit Parties as debtor, grantor,
pledgor, guarantor, assignor, or in other any other similar capacity in which
such Credit Party grants liens or security interests in its property or
otherwise acts as accommodation party or guarantor, as the case may be, hereby: (i) ratifies and reaffirms all of its
payment and performance obligations, contingent or otherwise, under each of the
Financing Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Credit Party
granted liens on or security interests in any of its property pursuant to any
such Financing Document as security for or otherwise guaranteed the Obligations
under or with respect to the Financing Documents, ratifies and reaffirms such
guarantee and grant of security interests and liens and confirms and agrees
that such security interests and liens hereafter secure all of the
Obligations.  Each of the Credit Parties
hereby consents to this Amendment and acknowledges that each of the Financing
Documents remains in full force and effect and is hereby ratified and
reaffirmed.  Except as specifically
provided 

 

13

 

hereunder,
the execution of this Amendment shall not operate as a waiver of any right,
power or remedy of the Agent or Lenders, constitute a waiver of any provision
of any of the Financing Documents or serve to effect a novation of the
Obligations.

 

– Remainder of Page Intentionally Blank; Signature
Page Follows –

 

14

 

IN WITNESS WHEREOF, each of the undersigned has
executed this Amendment as of the date set forth above.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  DYNAVOX SYSTEMS
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name:

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  OTHER
  LOAN PARTIES:

  
	
   

  	
   

  
	
   

  	
  DYNAVOX SYSTEMS
  HOLDINGS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name: 

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  DYNAVOX SERVICES
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name: 

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  BLINK-TWICE
  SYSTEMS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name: 

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  EYE RESPONSE
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name: 

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  

 

Second Amendment to Credit Agreement

 

 

	
   

  	
  MAYER-JOHNSON
  LLC

  
	
   

  	
   

  
	
   

  	
  By: DynaVox
  Systems LLC, its sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name: 

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
  DYNAVOX
  INTERNATIONAL HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Name: 

  	
  Edward L.
  Donnelly 

  
	
   

  	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  

 

Second Amendment to Credit Agreement

 

 

IN WITNESS WHEREOF, each of the undersigned has
executed this Amendment as of the date set forth above.

 

	
   

  	
  GE BUSINESS FINANCIAL
  SERVICES INC., as the Agent and a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Bird

  
	
   

  	
  Name: Keith Bird

  
	
   

  	
  Its:      Duly
  Authorized Signatory

  

 

Second Amendment to Credit Agreement

 

 

IN WITNESS WHEREOF, each
of the undersigned has executed this Amendment as of the date set forth above.

 

	
   

  	
  PNC Bank, N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brett R.
  Schweikle

  
	
   

  	
  Name:

  	
  Brett R.
  Schweikle

  
	
   

  	
  Title:

  	
  Vice President

  

 

Second Amendment to Credit Agreement

 

 

IN WITNESS WHEREOF, each
of the undersigned has executed this Amendment as of the date set forth above.

 

	
   

  	
  TriState Capital Bank, as
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L.
  Hammond

  
	
   

  	
  Name:

  	
  Michael L.
  Hammond

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

Second Amendment to Credit Agreement

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