Document:

Deed of Covenant dated July 21, 2006

 Exhibit 4.2 
  
 21 July 2006 
 PEPSICO, INC.

  

					
		  	 	  	
		  	  
 DEED OF COVENANT
 in respect of a U.S.$2,500,000,000
 EURO MEDIUM TERM NOTE PROGRAMME
  
  
	  	
		  	 	  	

 DEED OF COVENANT 
 THIS DEED OF COVENANT is made on 21 July, 2006 by PepsiCo, Inc. (the Issuer) in favour of the account holders specified below of Clearstream Banking, société anonyme and Euroclear Bank
S.A./N.V., as operator of the Euroclear System and/or any other additional clearing system or systems as are specified in the Final Terms relating to any Note (as defined below) (each a Clearing System). 
 WHEREAS: 
  

	 (A)
	 The Issuer has entered into a Programme Agreement (the Programme Agreement, which expression includes the same as it may be amended or supplemented
from time to time) dated 21 July, 2006 with the Dealers named therein under which the Issuer proposes from time to time to issue Euro Medium Term Notes (the Notes). 

  

	 (B)
	 The Notes will initially be represented by, and comprised in, Temporary Global Notes (the Temporary Global Notes) or Permanent Global Notes (the
Permanent Global Notes, the Temporary Global Notes and the Permanent Global Notes being herein together called the Global Notes) representing a certain number of underlying Notes (the Underlying Notes). Each
Underlying Note initially represented by, and comprised in, a Temporary Global Note may be thereafter represented by a Permanent Global Note. 

  

	 (C)
	 Each Global Note may, after issue, be deposited with a depositary or, as the case may be, the common safekeeper, for one or more Clearing Systems (each such
Clearing System or all such Clearing Systems together, the Relevant Clearing System). Upon such deposit of a Global Note the Underlying Notes represented by such Global Note will be credited to a securities account or securities
accounts with the Relevant Clearing System. Any account holder with the Relevant Clearing System which has underlying Notes credited to its securities account from time to time (each a Relevant Account Holder) will, subject to and in
accordance with the terms and conditions and operating procedures or management regulations of the Relevant Clearing System, be entitled to transfer such Underlying Notes and (subject to and upon payment being made by the Issuer to the bearer in
accordance with the terms of the relevant Global Note) will be entitled to receive payments from the Relevant Clearing System, as the case may be, calculated by reference to the Underlying Notes credited to its securities account.

  

	 (D)
	 In certain circumstances specified in each Global Note, a Global Note will become void. The time at which a Global Note becomes void is hereinafter referred to
as the Relevant Time. In such circumstances each Relevant Account Holder will, subject to and in accordance with the terms of this Deed, acquire against the Issuer all those rights which such Relevant Account Holder would have had if,
prior to the Global Note becoming void, duly executed and authenticated Definitive Note(s) (as defined in the Agency Agreement) and, if the Notes are repayable in instalments, receipts in respect thereof (the Receipts) and interest
coupons (the Coupons) appertaining to the Definitive Note(s) (if appropriate) had been issued in respect of its Underlying Note(s) and such Definitive Note(s), Receipts (if appropriate) and Coupons (if 

  

 Page 2 

	     
	 appropriate) were held and beneficially owned by such Relevant Account Holder. 

 NOW THIS DEED WITNESSES AS
FOLLOWS: 
  

	 1.
	 If any Global Note becomes void in accordance with the terms thereof the Issuer hereby undertakes and covenants with each Relevant Account Holder (other than
when any Relevant Clearing System is an account holder of any other Relevant Clearing System) that each Relevant Account Holder shall automatically acquire at the Relevant Time, without the need for any further action on behalf of any person,
against the Issuer all those rights which such Relevant Account Holder has credited to its securities account with the Relevant Clearing System at the Relevant Time. The Issuer’s obligation pursuant to this clause shall be a separate and
independent obligation by reference to each Underlying Note which a Relevant Account Holder has credited to its securities account with the Relevant Clearing System and the Issuer agrees that a Relevant Account Holder may assign its rights hereunder
in whole or in part. 

  

	 2.
	 The records of the Relevant Clearing System shall be conclusive evidence of the identity of the Relevant Account Holders and the number of Underlying Notes
credited to the securities account of each Relevant Account Holder. For the purposes hereof a statement issued by the Relevant Clearing System stating: 

  

	 	 (i)
	 the name of the Relevant Account Holder to which such statement is issued; and 

  

	 	 (ii)
	 the aggregate nominal amount of Underlying Notes credited to the securities account of such Relevant Account Holder as at the opening of business on the first
day following the Relevant Time on which the Relevant Clearing System is open for business, shall be conclusive evidence of the records of the Relevant Clearing System at the Relevant Time. 

  

	 3.
	 In the event of a dispute, the determination of the Relevant Time by the Relevant Clearing System (in the absence of manifest error) shall be final and
conclusive for all purposes in connection with the Relevant Account Holders with securities accounts with the Relevant Clearing System. 

  

	 4.
	 The Issuer will, subject to the exceptions and limitations set forth below, pay such Additional Amounts as are necessary in order that the net payment by the
Issuer or any Paying Agent of the principal of and interest (including any discount) on a Note or Coupon to a holder who is a United States Alien (as such term is defined below), after deduction or withholding for or on account of any present or
future tax, assessment or governmental charge of the United States (as such term is defined below), or a political subdivision or authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount
provided for in such Note or such Coupon to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply to: 

  

 Page 3 

	 	 (i)
	 any tax, assessment or governmental charge that would not have been so imposed but for the existence of any present or former connection between such holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or holder of power over, such holder, if such holder is an estate, trust, partnership or corporation) and the United States, including, without limitation, such holder (or
fiduciary, settlor, beneficiary, member, shareholder or holder of a power): 

  

	 	 (A)
	 being or having been present or engaged in a trade or business in the United States or having or having had a permanent establishment therein; or

  

	 	 (B)
	 having a current or former relationship with the United States, including a relationship as a citizen or resident or being treated as a resident thereof; or

  

	 	 (C)
	 being or having been a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign personal holding company with
respect to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organisation; or 

  

	 	 (D)
	 being or having been an actual or a constructive “10-per cent. shareholder” of the Issuer as defined in Section 871(h)(3) of the Code, or a bank
receiving interest described under Section 881(c)(3)(A) of the Code or a direct or indirect subsidiary of the Issuer; or 

  

	 	 (ii)
	 any holder who is a fiduciary or partnership or other than the sole beneficial owner of the Note or Coupon, but only to the extent that a beneficiary or settlor
with respect to such fiduciary or member of such partnership or a beneficial owner of the Note or Coupon would not have been entitled to the payment of an additional amount had such beneficiary, settlor, member or beneficial owner been the holder of
such Note or Coupon; or 

  

	 	 (iii)
	 any tax, assessment or governmental charge that would not have been imposed or withheld but for the failure of the holder, if required, to comply with
certification, identification information reporting requirements under United States income tax laws, without regard to any tax treaty, with respect to the payment, concerning the nationality, residence, identity or connection with the United States
of the holder or a beneficial owner of such Note or Coupon, if such compliance is required by United States income tax laws, without regard to any tax treaty, as a precondition to relief or exemption from such tax, assessment or governmental charge;
or 

  

	 	 (iv)
	 any tax, assessment or governmental charge that would not have been so imposed or withheld but for the presentation by the holder of such

  

 Page 4 

	 	     
	 Note or Coupon for payment on a date more than 30 days after the Relevant Date; or 

  

	 	 (v)
	 any estate, inheritance, gift, sales, transfer, excise, wealth or personal property tax or any similar tax, assessment or governmental charge; or

  

	 	 (vi)
	 any tax, assessment or governmental charge that is (a) payable otherwise than by withholding by the Issuer or a Paying Agent from the payment of the
principal of or interest on such Note or Coupon or (b) is required to be withheld by any Paying Agent from any such payment if such payment can be made without such withholding by any other Paying Agent; or 

  

	 	 (vii)
	 any withholding or deduction that is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC on the
taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or 

  

	 	 (viii)
	 any Note or Coupon presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant
Note or Coupon to another Paying Agent in a Member State of the EU; or 

  

	 	 (ix)
	 any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) or (viii). 

  

	     
	 As used with this paragraph, United States means the United States of America (including the States and the District of Columbia), the Commonwealth
of Puerto Rico and each possession of the United States of America and place subject to its jurisdiction and United States Alien means any person that is for United States federal income tax purposes (A) a foreign corporation,
(B) a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident alien fiduciary of a foreign estate or trust, (C) a non-resident alien individual or
(D) a non-resident alien fiduciary of a foreign estate or trust. 

  

	     
	 As used herein, the Relevant Date means the date on which such payment fist becomes due, except that, if the full amount of the moneys payable has
not been duly received by the Agent on or prior to such due date, it means the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the Noteholders. 

  

	 5.
	 The Issuer will pay any stamp and other duties and similar taxes, including interest and penalties, payable on or in connection with the execution of this Deed
and any action taken by any Relevant Account Holder to enforce the provisions of this Deed. 

  

	 6.
	 The Issuer hereby warrants, represents and covenants with each Relevant Account Holder that it has all corporate power, and has taken all necessary corporate or
other steps, to enable it to execute, deliver and perform this Deed, and that this Deed constitutes a legal, valid and binding obligation of the 

  

 Page 5 

	     
	 Issuer enforceable in accordance with its terms subject to the laws of bankruptcy and other laws affecting the rights of creditors generally.

  

	 7.
	 This Deed shall take effect as a Deed Poll for the benefit of the Relevant Account Holders from time to time and for the time being. This Deed shall be deposited
with and held by the depositary or, as the case may be, the common safekeeper for the Relevant Clearing System until all the obligations of the Issuer hereunder have been discharged in full. 

  

	 8.
	 The Issuer hereby acknowledges the right of every Relevant Account Holder to the production of, and the right of every Relevant Account Holder to obtain (upon
payment of a reasonable charge) a copy of, this Deed, and further acknowledges any covenants that the obligations binding upon it contained herein are owed to, and shall be for the account of, each and every Relevant Account Holder, and that each
Relevant Account Holder shall be entitled severally to enforce the said obligations against the Issuer. 

  

	 9.
	 This Deed is governed by, and shall be construed in accordance with, the law of England. 

  

	     
	 The Issuer hereby irrevocably agrees, for the exclusive benefit of the Paying Agents, that the courts of England are to have jurisdiction to settle any disputes
which may arise out of or in connection with this Deed and that accordingly any suit, action or proceedings (together referred to as Proceedings) arising out of or in connection with this Deed may be brought in such courts. The Issuer
hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in any such court and any claim that any such Proceedings have been brought in an inconvenient forum and hereby further
irrevocably agrees that a judgment in any such Proceedings brought in the English courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction. Nothing contained in this Clause shall limit any right to
take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. The Issuer
hereby appoints PepsiCo International Limited at its registered office at 63 Kew Road, Richmond, Surrey, England TW9 2QL (Attention: Division Counsel) as its agent for service of process, and undertakes that, in the event of PepsiCo International
Limited ceasing so to act or ceasing to be registered in England, it will appoint another person, as the Agent may approve, as its agent for service of process in England in respect of any Proceedings. Nothing herein shall affect the right to serve
process in any manner permitted by law. 

  

	 10.
	 No person shall have any right to enforce any term or condition of the Notes under the Contracts (Rights of Third Parties) Act 1999.

  

 Page 6 

 IN WITNESS whereof the Issuer has caused this Deed to be duly
executed the day and year first above mentioned. 
  

			
	 EXECUTED as a DEED under seal
	  	     )

	 by PEPSICO, INC.
	  	     )

	 and signed and delivered as a deed on
	  	     )

	 its behalf by
	  	     )

	 in the presence of:
	  	     )

  

			
	 Witness:  /s/ Cynthia Nastanski

	
	 Name: /s/ Lionel L. Nowell

	             Lionel L. Nowell

  

			
	 Address:
	  	         PepsiCo, Inc.

		  	         700 Anderson Hill Road

		  	         Purchase, NY 10577

  

			
	 EXECUTED as a DEED under seal
	  	     )

	 by PEPSICO, INC.
	  	     )

	 and signed and delivered as a deed on
	  	     )

	 its behalf by
	  	     )

	 in the presence of:
	  	     )

  

			
	 Witness:  /s/ Cynthia Nastanski

	
	 Name: /s/ J. Darrell Thomas

	             J. Darrell Thomas

  

			
	 Address:
	  	         PepsiCo, Inc.

		  	         700 Anderson Hill Road

		  	         Purchase, NY 10577

  

 Page 7Guaranty, dated July 19, 2006

 Exhibit 10.1 
 EXECUTION COPY 
 GUARANTY 
 This GUARANTY (this “Guaranty”), dated as of July 19, 2006, is entered into by and between Excelligence Learning Corporation, a
Delaware corporation (the “Company”), and Thoma Cressey Fund VIII, L.P., a limited partnership (“Guarantor”). Capitalized terms used herein without definition have the meanings given to them in the Merger Agreement
(as defined below). 
 RECITALS 
 WHEREAS, concurrently with the execution and delivery of this Guaranty, the Company, ELC Holdings Corporation, a Delaware corporation (“Parent”), and ELC Acquisition Corporation, a Delaware corporation (“Merger
Sub”), are entering into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), providing for the Merger of Merger Sub with and into the Company upon the terms and subject to the conditions
set forth therein; 
 WHEREAS, each of Parent and Merger Sub is an Affiliate of the Guarantor; and 
 WHEREAS, in order to induce the Company to enter into the Merger Agreement, the Guarantor has agreed to enter into this Guaranty; 
 NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Guarantor hereby agree as follows: 
 1. Guaranty. The Guarantor hereby irrevocably and
unconditionally guarantees to the Company the prompt and complete payment and performance of the obligations of Parent and Merger Sub to the Company arising under the Merger Agreement (the “Guaranteed Obligations”); provided,
however, that the maximum aggregate liability of the Guarantor hereunder shall not exceed $15,000,000 (the “Maximum Amount”). The Company hereby agrees that in no event shall the Guarantor, be required to pay to any Person
under, in respect of, or in connection with this Guaranty more than the Maximum Amount, and that Guarantor shall not have any obligation or liability to any Person relating to, arising out of or in connection with this Guaranty other than as
expressly set forth herein. 
 2. Terms of Guaranty. 
 (a) This Guaranty is one of payment, not collection, and a separate action may be brought and prosecuted against the Guarantor to enforce
this Guaranty, irrespective of whether any action is brought against Parent or whether Parent is joined in any such action or actions. Without limiting the foregoing, Guarantor waives any right to require that any recourse be had by the Company to
(i) the Company’s rights against any other Person, including Parent or Merger Sub, or (ii) any other right or remedy available to the Company by contract, Law or otherwise. 
 (b) Notwithstanding any other provision of this Guaranty, the Company hereby agrees that (i) the Guarantor may assert, as a defense
to any payment or performance by Guarantor under this Guaranty, any claim, set-off, deduction or defense that Parent or Merger Sub could assert against the Company under the terms of the Merger Agreement or that could otherwise be asserted by Parent
or Merger Sub against the Company in any action by the Company against Parent or Merger Sub and (ii) any failure by the Company to comply with the terms of the Merger Agreement, including, without limitation, any breach by the Company of the
representations, warranties and covenants contained therein or in any of the agreements, certificates and other documents required to be delivered by the Company pursuant to the terms of the Merger Agreement (whether such breach results from fraud,
intentional misrepresentation or otherwise), that would relieve Parent and Merger Sub of their obligations under the Merger Agreement shall relieve the Guarantor of its obligations under this Guaranty to the same extent. 
 3. Sole Remedy. 
 (a)
The Company hereby acknowledges and agrees that neither Parent nor Merger Sub has any assets as of the date hereof, and that the Company shall not have any right to cause any monies to be contributed to Parent by any current, former or prospective
stockholder, officer, member, director, agent, employee, Affiliate or assignee of the Guarantor. 
 (b) The Company hereby
agrees that no Person other than the Guarantor shall have any obligation or liability arising out of, in connection with or relating to this Guaranty and that neither the Company nor any other Person shall have any remedy, recourse or right of
recovery against any current, former or prospective stockholder, member, general or limited partner, 

 
officer, director, agent, employee, Affiliate or assignee of the Guarantor, or against any current, former or prospective stockholder, member, general or
limited partner, officer, director, agent, employee, Affiliate or assignee of any of the foregoing, whether through the Guarantor or otherwise, by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of Parent
or Merger Sub against the Guarantor or against any current, former or prospective stockholder, member, general or limited partner, officer, director, agent, employee, Affiliate or assignee of the Guarantor, Parent or Merger Sub or any of their
respective Affiliates, or otherwise. 
 (c) Recourse by the Company against the Guarantor under this Guaranty shall be the
sole and exclusive remedy of the Company against the Guarantor or any of its Affiliates (other than Parent or Merger Sub) in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement or the transactions
contemplated thereby. The Company hereby covenants and agrees that it shall not institute, and shall cause its Affiliates not to institute, any proceeding or bring any other claim arising under, or in connection with, the Merger Agreement or the
transactions contemplated thereby, against Guarantor or any of its Affiliates (other than Parent or Merger Sub), except for claims by the Company against the Guarantor under this Guaranty. Nothing set forth in this Guaranty shall affect or be
construed to affect any liability of Parent or Merger Sub to the Company or shall confer or give, or shall be construed to confer or give, to any Person other than the Company (including any Person acting in a representative capacity) any rights or
remedies against any Person in respect of or relating to any obligation or liability of the Guarantor arising out of, in connection with or relating to this Guaranty. 
 (d) Notwithstanding any provision hereof or otherwise, including by applicable Law, no obligation or liability contained in, arising out
of, in connection with or relating to this Guaranty shall be enforceable by way of specific performance. 
 4. Representations and
Warranties of Guarantor. Guarantor hereby represents and warrants to the Company as set forth below: 
 (a) The execution
and delivery of this Guaranty and the performance by Guarantor of its obligations hereunder have been duly and validly authorized by all necessary limited partnership action, and no other proceedings on the part of Guarantor are necessary to
authorize the execution and delivery of this Guaranty and the performance by Guarantor of its obligations hereunder. 
 (b)
This Guaranty has been duly executed and delivered by Guarantor, and constitutes a valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms. 
 (c) None of the execution, delivery or performance of this Guaranty by Guarantor will (i) require any consent or approval that has
not been obtained under; (ii) require notice that has not been given under; or (iii) violate, conflict with, breach, constitute a default (or an event which, with notice or lapse of time or both, would violate, conflict with, breach, or
constitute a default) under or result in the termination of (or the right of its limited partners to terminate) its limited partnership agreement and/or other governing documents. 
 (d) As of the date hereof, Guarantor has sufficient liquid and unencumbered assets (or the enforceable right to obtain such assets from
its limited partners in connection with this Guaranty pursuant to the terms of its limited partnership agreement or other governing documents) to satisfy its obligations under this Guaranty, and will maintain at least such amount of liquid and
unencumbered assets (or the right to maintain such assets) until the termination of this Guaranty in accordance with Section 5 hereof. 
 5. Termination. This Guaranty shall terminate upon the earlier to occur of (i) the Effective Time and (ii) the final, non-appealable adjudication or settlement of any litigation, action, arbitration, proceeding, demand or
claim by the Company against Parent, Merger Sub or Guarantor. In the event that the Company or any of its Affiliates asserts in any litigation relating to this Guaranty that the provisions of Section 1 hereof limiting the maximum aggregate
liability of the Guarantors to the Maximum Amount or the provisions of Section 3 hereof are illegal, invalid or unenforceable in whole or in part, the obligations of the Guarantor under this Guaranty shall terminate forthwith and shall
thereupon be null and void; provided, however, that the foregoing provisions of this sentence shall not apply in respect of any litigation involving claims against Parent, Merger Sub, the Guarantor or any of their Affiliates based on fraud
(including fraudulent conveyance). 
 6. Continuing Guaranty. Unless terminated pursuant to the provisions of Section 5 hereof,
this Guaranty is a continuing one and shall remain in full force and effect until the indefeasible payment and satisfaction in full of the Guaranteed Obligations, and shall be binding upon, inure to the benefit of and be enforceable by, the parties
hereto and their respective successors and permitted transferees and assigns. 

 7. Entire Agreement. This Guaranty constitutes the entire agreement with respect to the subject
matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, between the Guarantor or any of their Affiliates on the one hand, and the Company or any of
its Affiliates on the other hand. 
 8. Amendments and Waivers. 
 (a) No amendment or waiver of any provision of this Guaranty shall be valid and binding unless it is in writing and signed, in the case of
an amendment, by each of the Guarantors and the Company, or in the case of waiver, by the party against whom the waiver is sought to be enforced. No waiver by a party of any breach or violation of, or default under, this Guaranty shall be deemed to
extend to any prior or subsequent breach, violation or default hereunder or to affect in any way any rights arising by virtue of any such prior or subsequent occurrence. No delay or omission by any party in exercising any right, power or remedy
under this Guaranty shall operate as a waiver thereof. 
 (b) To the fullest extent permitted by Law, Guarantor waives
presentment to, demand of payment from and protest to the Company, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by Law, the obligations of Guarantor hereunder shall not
be affected by (i) the failure of the Company to assert any claim or demand or to exercise or enforce any right or remedy against Parent or Merger Sub under the provisions of the Merger Agreement or otherwise, or (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions, of the Merger Agreement. 
 9. Counterparts.
This Guaranty may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. This Guaranty shall become effective when duly executed by each party
hereto. 
 10. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered personally or sent by telecopy or telex, overnight courier service or by registered or certified mail (postage prepaid, return receipt requested), to the respective parties at the following addresses or at such addresses as shall be
specified by the parties by like notice: 
  

	 	(a)	If to the Guarantor: 

  

			
	Thoma Cressey Fund VIII, L.P.
	c/o Thoma Cressey Equity Partners, Inc.
	9200 Sears Tower
	233 South Wacker Drive
	Chicago, IL 60606-6331
	Attention:	  	Carl D. Thoma, Managing Partner
	Telephone:	  	(312) 777-4420
	Facsimile:	  	(312) 777-4421

  

	 	(b)	If to the Company: 

  

			
	2 Lower Ragsdale Drive
	Suite 200
	Monterey, CA 93940-5743
	United States of America
	Attention:	  	Robert MacDonald
		  	Vikas Arora, Esq.
	Telephone:	  	(831) 333-2000
	Facsimile:	  	(831) 333-2580

 11. Governing Law. This Guaranty shall be governed by and construed in accordance with the
laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof, except to the extent that mandatory provisions of federal law apply. 

 12. Jurisdiction and Venue; Service of Process. Each of the parties hereto hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of Delaware and any appellate court thereof, in any action or proceeding arising out of or relating to this Guaranty or any of the
transactions contemplated hereby or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (a) agrees not to commence any such action except in such court, (b) agrees
that any claim in respect of any such action or proceeding may be heard and determined in such Delaware state court, (c) waives, to the fullest extent it may legally and effectively do so any objection which it may now or hereafter have to
venue of any such action or proceeding in any such Delaware state court, and (d) waives, to the fullest extent permitted by law, the defense of any inconvenient forum to the maintenance of such action or proceeding in any such Delaware state
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto
irrevocably consents to service of process in any such action or proceeding in the manner provided for notices in Section 10 of this Guaranty; provided, however, that nothing in this Guaranty shall affect the right of any party
hereto to serve process in any other manner permitted by law. 
 13. Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS GUARANTY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AND ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE SUCH WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF
SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS CONTAINED IN THIS SECTION 13. 
 14. Severability. Any term or provision of this Guaranty that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Guaranty or affecting the validity or enforceability of any terms or provisions of this Guaranty
in any other jurisdiction so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party; provided, however, that this Guaranty may not be enforced without giving
effect to the limitation of the amount payable hereunder to the Maximum Amount provided in Section 1 hereof and to the provisions of Sections 3 and 5 hereof. No party hereto shall assert, and each party shall cause its respective Affiliates not
to assert, that this Guaranty or any part hereof is invalid, illegal or unenforceable. 
 15. Headings. Headings are used for
reference purposes only and do not affect the meaning or interpretation of this Guaranty. 
 16. Parties in Interest. This Guaranty
shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Guaranty, express or implied, is intended to or shall confer upon any other Person any rights,
benefits or remedies of any nature whatsoever under or by reason of this Guaranty. 
 17. Defined Terms. Capitalized terms used by not
otherwise defined herein shall have the meanings given to them in the Merger Agreement. 
 [Signatures follow on next page] 

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Guaranty as of the date first above
written. 
  

					
	GUARANTOR
	
	 THOMA CRESSEY FUND VIII, L.P.

		
	By:	 	 TC Partners VIII, L.P.

	Its:	 	 General Partner

			
		 	By:	 	 Thoma Cressey Equity Partners, Inc.

		 	Its:	 	 General Partner

			
		 	By:	 	 /s/ Carl D. Thoma

		 		 	 Carl D. Thoma, Partner

	
	COMPANY
	
	 EXCELLIGENCE LEARNING CORPORATION

		
	By:	 	 /s/ Ronald Elliott

		 	Name:	 	 Ronald Elliott

		 	Title:	 	 Chief Executive Office

 [Signature Page to Guaranty]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]