Document:

Exhibit 10.2 Sixth Amendment to Revolving Credit and Guaranty Agreement

Exhibit 10.2

May 8, 2014
Via Overnight Courier
Euramax International, Inc.
Euramax Holdings, Inc.
Amerimax Richmond Company
303 Research Drive, Suite 400
Norcross, Georgia 30092
Attention: Mary S. Cullin

		
	RE:
	Sixth Amendment to Amended and Restated Senior Secured Revolving Credit and Guaranty Agreement (this "Amendment")

Ladies and Gentlemen:
Reference is made to that certain Amended and Restated Senior Secured Revolving Credit and Guaranty Agreement dated March 18, 2011 (as at any time amended, modified, restated, or supplemented, the "Credit Agreement"), by and among EURAMAX INTERNATIONAL, INC., a Delaware corporation ("Borrower"), EURAMAX HOLDINGS, INC., a Delaware corporation ("Holdings"), AMERIMAX RICHMOND COMPANY, an Indiana corporation ("Richmond"; Holdings and Richmond are collectively referred to herein as "Guarantors" and individually as a "Guarantor"; Borrower and Guarantors are collectively referred to herein as "Credit Parties" and individually as a "Credit Party"), REGIONS BANK, an Alabama banking corporation, in its capacity as collateral and administrative agent (together with its successors in such capacity, "Agent") for various financial institutions (together with their respective successors and permitted assigns, "Lenders") party from time to time to the Credit Agreement, and Lenders.  Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement.
Credit Parties have requested that Agent and Lenders agree to enter into this Amendment.  Subject to the terms and conditions set forth herein, Agent and Lenders are willing to enter into this Amendment.
NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.    Amendment to Credit Agreement.  The Credit Agreement is hereby amended, effective as of March 21, 2014, by deleting Sections 6.8(a) and 6.8(b) of the Credit Agreement in their entirety and by substituting the following in lieu thereof:

(a)        Fixed Charge Coverage Ratio.  If, during Fiscal Year 2014, a Seasonal Overadvance (Type A) Period is not then in effect and the Seasonal Overadvance (Type A) Conditions have not been satisfied, upon the commencement of and during a Financial Covenant Testing Period, the Fixed Charge Coverage Ratio shall not be tested and Euramax and its Subsidiaries shall be required to comply with Section 6.8(b) below. At all other times, including Fiscal Year 2014 and during any other Fiscal Year prior to the Maturity Date other than as set forth in the proviso below, upon the commencement of and during a Financial Covenant Testing Period, the Credit Parties shall not permit the Fixed Charge Coverage Ratio for Euramax and its Subsidiaries to be less than 1.00 to 1.00, with such covenant tested as of the last day of the fiscal month ending immediately prior to the Financial Covenant Testing Period for which financial statements have been delivered to Agent and Lenders pursuant to Section 5.1 and as of the last day of each fiscal month thereafter for the immediately preceding twelve-month period; provided, however, that if: 

(i)    a Seasonal Overadvance (Type B) Period is then in effect  and the Seasonal Overadvance (Type B) Conditions have been satisfied or 
(ii)    a Seasonal Overadvance (Type C) Period is then in effect and the Seasonal Overadvance (Type C) Conditions have been satisfied, 
then the Fixed Charge Coverage Ratio shall not be tested and Euramax and its Subsidiaries shall be required to comply with Section 6.8(b) below. 

(b)    Minimum Consolidated Adjusted EBITDA. If a Financial Covenant Testing Period occurs and any of the following exist: (i) during Fiscal Year 2014 only, a Seasonal Overadvance (Type A) Period is not in effect and the Seasonal Overadvance (Type A) Conditions have not been satisfied or (ii) during any Fiscal Year prior to the Maturity Date, a Seasonal Overadvance (Type B) Period is then in effect and the Seasonal Overadvance (Type B) Conditions have been satisfied or (iii) during any Fiscal Year prior to the Maturity Date, a Seasonal Overadvance (Type C) Period is then in effect and the Seasonal Overadvance (Type C) Conditions have been satisfied, the Credit Parties shall not permit the Consolidated Adjusted EBITDA for Euramax and its Subsidiaries to be less than (x) $50,000,000, as of any date of determination occurring during Fiscal Year 2014 or as of the last day of the fiscal month ending on or about December 31, 2014, or (y) $52,000,000, as of any other date of determination, with such covenant tested as of the last day of the fiscal month ending immediately prior to the Financial Covenant Testing Period for which financial statements have been delivered to Agent and Lenders pursuant to Section 5.1 and as of the last day of each fiscal month thereafter occurring during the Financial Covenant Testing Period for the immediately preceding twelve-month period. 
3293705_4

- 2 -

2.    Ratification and Reaffirmation; Acknowledgement; and Representations and Warranties.  
(a)    Each Credit Party hereby ratifies and reaffirms the Obligations, each of the Credit Documents and all of such Credit Party's covenants, duties, indebtedness and liabilities under the Credit Documents.  Each Credit Party acknowledges and stipulates that the Credit Agreement and the other Credit Documents executed by such Credit Party are legal, valid and binding obligations of such Credit Party that are enforceable against such Credit Party in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by such Credit Party); and the security interests and Liens granted by such Credit Party in favor of Agent are duly perfected, first priority security interests and liens with respect to the ABL Priority Collateral.
(b)    Each Credit Party represents and warrants to Agent and the Lenders, to induce Agent and the Lenders to enter into this Amendment, that no Default or Event of Default exists on the date hereof; the execution, delivery and performance of this Amendment have been duly authorized by all requisite corporate action on the part of such Credit Party and this Amendment has been duly executed and delivered by such Credit Party; and all of the representations and warranties made by such Credit Party in the Credit Agreement are true and correct on and as of the date hereof.
3.    Expenses of Agent.  Credit Parties agree to pay, on demand, all reasonable costs and expenses incurred by Agent in connection with the preparation, negotiation and execution of this Amendment and any other Credit Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the reasonable and documented costs and fees of Agent's legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or contemplated hereby.

4.    Miscellaneous.  Except as expressly set forth in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Credit Agreement or any of the other Credit Documents, each of which shall remain in full force and effect.  This Amendment shall be part of the Credit Agreement and a breach of any representation, warranty or covenant herein shall constitute an Event of Default.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement," "hereunder," or words of like import shall mean and be a reference to the Credit Agreement, as amended by this Amendment.  This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Credit Agreement as herein modified shall continue in full force and effect.  Each Credit Party agrees to take such further actions as Agent shall reasonably request from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby. Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto.
[Remainder of page intentionally left blank.]

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This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  The parties acknowledge that this Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when so executed, shall be deemed to be an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto (but such party shall promptly deliver to Agent an original signature by overnight delivery). To the fullest extent permitted by applicable law, the parties hereto each hereby waives the right to trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Amendment.
Very truly yours,
REGIONS BANK, as Agent
("Agent")

By:__/s/ Linda Harris_________________
     Linda Harris, Senior Vice President

REGIONS BANK
("Lender")

By:__/s/ Linda Harris_________________
     Linda Harris, Senior Vice President
[Signature pages continue on following page.]

Sixth Amendment to Amended and Restated Senior Secured Revolving Credit and Guaranty Agreement (Euramax)

EURAMAX INTERNATIONAL, INC.
EURAMAX HOLDINGS, INC.
AMERIMAX RICHMOND COMPANY 

By:_/s/ Mary S. Cullin_________________
     Mary S. Cullin, Chief Financial Officer

Sixth Amendment to Amended and Restated Senior Secured Revolving Credit and Guaranty Agreement (Euramax)StarTek-SixthAmendmenttoCreditandSecurityAgreementZ0026725

SIXTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT
THIS AMENDMENT (this “Amendment”) is entered into as of March 27, 2014, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”) and STARTEK, INC., a Delaware corporation, STARTEK USA, INC. , a Colorado corporation, and STARTEK HEALTH SERVICES, INC., a Colorado corporation (each a “Borrower”).
RECITALS
Each Borrower and Lender are parties to a Credit and Security Agreement dated as of February 28, 2012 (as amended from time to time, the “Credit Agreement”).  Capitalized terms used in these recitals have the meanings given to them in the Credit Agreement unless otherwise specified.
Each Borrower has requested that certain amendments be made to the Credit Agreement, which Lender is willing to make pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:
1.Defined Terms.  Capitalized terms used in this Amendment which are defined in the Credit Agreement shall have the same meanings as defined therein, unless otherwise defined herein.  In addition, Schedule 1.1 of the Credit Agreement is amended by adding or amending and restating, as the case may be, the following definitions (in the case of “Eligible Accounts,” there is no change to any part of the definition except subsection (k)): 
“Eligible Accounts” means those Accounts created by each Borrower in the ordinary course of its business, that arise out of such Borrower’s sale of Goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Lender in Lender’s Permitted Discretion.  In determining the amount to be included, Eligible Accounts shall be calculated net of customer deposits, credits and unapplied cash.  Eligible Accounts shall not include the following:
(k)    Accounts owing by a single Account Debtor or group of Affiliated Account Debtors (other than AT&T Services, Inc., T-Mobile USA, Inc. and Comcast Corporation) whose total obligations owing to Borrower exceed twenty percent (20%) of the aggregate amount of all otherwise Eligible Accounts, such Accounts owing by AT&T Services, Inc. which exceed thirty-five percent (35%) of the aggregate amount of all otherwise Eligible Accounts, such accounts owing by T-Mobile USA, Inc. which exceed forty-five percent (45%) of the aggregate 

{Z0026725/1 }    

amount of all otherwise Eligible Accounts, such Accounts owing by Comcast Corporation which exceed forty percent (40%) of the aggregate amount of all otherwise Eligible Accounts, and the accounts owing by AT&T Services, Inc., T-Mobile USA and Comcast Corporation which, combined, exceed eighty-five percent (85%) of the aggregate amount of all otherwise Eligible Accounts (but the portion of the Accounts not in excess of the foregoing applicable percentages may be deemed Eligible Accounts), such percentages being subject to reduction if the creditworthiness of such Account Debtor deteriorates; provided, however, that so long as the Citibank Supplier Agreement has not been terminated, Eligible Accounts shall not include any Accounts owing by AT&T Services, Inc. to any Borrower.
“Fixed Charge Coverage Ratio” means, with respect to Borrowers and their Subsidiaries on a consolidated basis for any period, the ratio of (i) EBITDA for such period, minus (a) Non-Financed Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period, (b) cash income taxes paid during such period, to the extent greater than zero, and (c) all Restricted Junior Payments consisting of Pass-Through Tax Liabilities to (ii) Fixed Charges for such period.
2.    Section 8(a).  Section 8(a) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
“(a)    Minimum Adjusted EBITDA.  Achieve Adjusted EBITDA, measured on a month-end basis, of at least the required amount set forth in the following table for the applicable period set forth opposite thereto: 

{Z0026725/1 }    -2-

	
		
	Applicable Amount
	Applicable Period

	$5,000,000
	For the 12-month period  
ending March 31, 2014

	$5,000,000
	For the 12-month period  
ending April 30, 2014

	$4,000,000
	For the 12-month period  
ending May 31, 2014

	$3,000,000
	For the 12-month period  
ending June 30, 2014

	$3,000,000
	For the 12-month period  
ending July 31, 2014

	$1,500,000
	For the 12-month period  
ending August 31, 2014

	$2,000,000
	For the 12-month period  
ending September 30, 2014

	$2,000,000
	For the 12-month period  
ending October 31, 2014

	$2,000,000
	For the 12-month period  
ending November 30, 2014

	$4,000,000
	For the 12-month period  
ending December 31, 2014

	$4,000,000
	For the 12-month period  
ending January 31, 2015

	$4,000,000
	For the 12-month period  
ending February 28, 2015

	$4,000,000
	For the 12-month period  
ending March 31, 2015

3.    Section 8(b).  Section 8(b) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
“(b)    Non-Financed Capital Expenditures.  Incur or contract to incur Non-Financed Capital Expenditures, measured on a month-end basis, in an amount less than or equal to the applicable amount set forth in the following table for the applicable period set forth opposite thereto: 

{Z0026725/1 }    -3-

	
		
	Applicable Amount
	Applicable Period

	$15,000,000
	For the 12-month period  
ending March 31, 2014

	$15,000,000
	For the 12-month period  
ending April 30, 2014

	$15,000,000
	For the 12-month period  
ending May 31, 2014

	$16,000,000
	For the 12-month period  
ending June 30, 2014

	$16,000,000
	For the 12-month period  
ending July 31, 2014

	$16,000,000
	For the 12-month period  
ending August 31, 2014

	$15,000,000
	For the 12-month period  
ending September 30, 2014

	$15,000,000
	For the 12-month period  
ending October 31, 2014

	$12,000,000
	For the 12-month period  
ending November 30, 2014

	$12,000,000
	For the 12-month period  
ending December 31, 2014

	$12,000,000
	For the 12-month period  
ending January 31, 2015

	$12,000,000
	For the 12-month period  
ending February 28, 2015

	$12,000,000
	For the 12-month period  
ending March 31, 2015

4.    Section 12.  For purposes of Section 12 (Notices), the contact information for Lender is hereby amended and restated in its entirety to read as follows:
If to Lender:    WELLS FARGO BANK, NATIONAL ASSOCIATION
MAC 7300-210
1740 Broadway
Denver, CO 80274
Attn: Karen S. Kenney
Fax No.:  (303) 863-4904
    
with courtesy copies to

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(which shall not constitute
Notice for purposes of this 
Section 12):    
Markus Williams Young & Zimmermann LLC
1700 Lincoln Street, Suite 4550
Denver, CO 80203
Attn:  Thomas H. Keyse, Esq.
Fax No.:  (303) 830-0809

5.    Schedule 2.12.  Schedule 2.12 (Fees) to the Credit Agreement is hereby amended by amending and restating subsection (f) of the Monthly Fees section of the schedule to read in its entirety as follows:
“(f) Lockbox Waiver Fee.  Until such time as the Citibank Supplier Agreement is terminated, and no Account Debtor of any Borrower is permitted to make payments directly to the Designated Account, a Lockbox Waiver Fee of $2,000 per month; provided, however, that the Lockbox Waiver Fee shall not be payable until on and after the first month in which any Account Debtor payment is made directly to the Designated Account.” 
6.    Compliance Certificate.  The form of Compliance Certificate attached as Exhibit A to the Credit Agreement is hereby amended and restated in its entirety by the form of Compliance Certificate attached as Exhibit A to this Amendment.
7.    Schedule 5.26(a).  The form of Schedule 5.26(a) (Owned Real Estate) attached as part of Exhibit E to the Credit Agreement is hereby amended and restated in its entirety by the form of Schedule 5.26(a) attached as part of Exhibit E to this Amendment.
8.    No Other Changes.  Except as explicitly amended by this Amendment, all of the terms and conditions of the Credit Agreement shall remain in full force and effect and shall apply to any advance or letter of credit thereunder.
9.    Amendment Fee.  Each Borrower agrees, jointly and severally, to pay Lender as of the date hereof a fully earned, non-refundable fee in the amount of $10,000.00 in consideration of Lender’s execution and delivery of this Amendment.
10.    Conditions Precedent.  This Amendment shall be effective when Lender shall have received an executed original hereof, together with each of the following, each in substance and form acceptable to Lender in its sole discretion:
(a)    The Acknowledgment and Agreement of each of StarTek Canada Services, Ltd., StarTek Honduras, SA de CV, StarTek International Limited and StarTek Philippines, Inc. (each a “Subordinated Creditor”) set forth at the end of this Amendment, duly executed by each Subordinated Creditor.
(b)    Payment of the fee described in Paragraph 9.

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(c)    Such other matters as Lender may require.
11.    Representations and Warranties.  Each Borrower hereby represents and warrants to Lender as follows:
(a)    Each Borrower has all requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder and to perform all of its obligations hereunder and thereunder, and each of this Amendment and all such other agreements and instruments has been duly executed and delivered by each Borrower and constitutes the legally valid and binding agreement and obligation of such Person, enforceable against such Person in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.
(b)    The execution, delivery and performance by each Borrower of this Amendment and any other agreements or instruments required hereunder have been duly authorized by all necessary corporate action and do not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to any Borrower, the Governing Documents of such Person, or any order, judgment, or decree of any court or other Governmental Authority binding on such Person, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Borrower except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Borrower, other than Permitted Liens, or (iv) require any approval of any Borrower’s interest holders or any approval or consent of any Person under any Material Contract of any Borrower, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change.
(c)    All of the representations and warranties contained in Exhibit D of the Credit Agreement are correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date.
12.    References; Affirmation.  All references in the Credit Agreement to “this Agreement” shall be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the Loan Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.  The existing Loan Documents, except as amended by this Amendment or, as applicable, as amended (or amended and restated) by a separate agreement or instrument in connection herewith, shall remain in full force and effect, and each of them is hereby ratified and confirmed by each Borrower and Lender.  Each Borrower and Lender intend that this Amendment shall not in any manner (a) constitute the refinancing, refunding, payment or extinguishment of the Obligations evidenced by the existing Loan Documents; (b) be deemed to evidence a novation of the outstanding balance of the Obligations; or (c) affect, replace, impair, or extinguish the creation, attachment, perfection or priority of the Liens on the Collateral granted pursuant to the Credit Agreement or any of the other Loan Documents evidencing, 

{Z0026725/1 }    -6-

governing or creating a Lien on the Collateral.  Each Borrower hereby ratifies and reaffirms any and all grants of the Liens to Lender on the Collateral as security for the Obligations, and acknowledges and confirms that the grants of the Liens to Lender on the Collateral:  (i) represent continuing Liens on all of the Collateral, (ii) secure all of the Obligations, and (iii) represent valid first Liens on all of the Collateral, subject only to the Permitted Liens.  The Credit Agreement, as amended by this Amendment, will be construed as one agreement.
13.    No Waiver.  The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreement or a waiver of any breach, default or event of default under any Loan Document or other document held by Lender, whether or not known to Lender and whether or not existing on the date of this Amendment.
14.    Release.  Each Borrower, and each Subordinated Creditor by signing the Acknowledgment and Agreement of Subordinated Creditors set forth below, hereby absolutely and unconditionally releases and forever discharges Lender, and any and all participants, parent entities, subsidiary entities, affiliated entities, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which any Borrower or Subordinated Creditor has had, now has or has made claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.
15.    Costs and Expenses.  Each Borrower hereby reaffirms its joint and several agreement under the Credit Agreement to pay or reimburse Lender on demand for all costs and expenses incurred by Lender in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel.  Without limiting the generality of the foregoing, each Borrower specifically agrees to pay all fees and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto.  Each Borrower hereby agrees that Lender may, at any time or from time to time in its sole discretion and without further authorization by any Borrower, make a loan to any Borrower under the Credit Agreement, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses.
16.    Miscellaneous.  This Amendment and the Acknowledgment and Agreement of Subordinated Creditors may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.  Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this 

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Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.
17.    Joint and Several Liability.  Each Borrower agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Lender the prompt performance of, all Obligations under this Amendment.
[Signatures on the next page]

{Z0026725/1 }    -8-

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION

By:    /s/ Karen S. Kenney         
Name:     Karen S. Kenney
Title:     Authorized Signatory
	STARTEK, INC.

By:     /s/ Lisa Bullington-Weaver        
Name:  Lisa Bullington-Weaver
Title:   Senior Vice President and Chief    Financial Officer

STARTEK USA, INC.

By:     /s/ Lisa Bullington-Weaver        
Name:  Lisa Bullington-Weaver
Title:    Senior Vice President and Chief    Financial Officer

STARTEK HEALTH SERVICES, INC.

By:     /s/ Lisa Bullington-Weaver           
Name:  Lisa Bullington-Weaver
Title:    Senior Vice President and Chief    Financial Officer

                            

{Z0026725/1 }    Signature Page to Sixth Amendment
to Credit and Security Agreement

ACKNOWLEDGMENT AND AGREEMENT OF SUBORDINATED CREDITORS
The undersigned, each a subordinated creditor of StarTek, Inc. (“StarTek”), StarTek USA, Inc. (“StarTek USA”) and StarTek Health Services, Inc. (“StarTek Health Services”) to Wells Fargo Bank, National Association ( “Lender”), pursuant to an Intercompany Subordination Agreement dated as of February 28, 2012 (the “Intercompany Subordination Agreement”), hereby (i) acknowledges receipt of the foregoing Amendment; (ii) consents to the terms (including without limitation the release set forth in Paragraph 14 of the Amendment) and execution thereof; (iii) reaffirms all obligations to Lender pursuant to the terms of the Intercompany Subordination Agreement; (iv) acknowledges that effective September 24, 2013, all references in the Intercompany Subordination Agreement to:  (a) “Borrower” shall be deemed to refer to any of StarTek, StarTek USA and StarTek Health Services, (b) “Borrowers” shall be deemed to refer to StarTek, StarTek USA and StarTek Health Services, collectively, (c) “Company” shall be deemed to refer to any of StarTek, StarTek USA, StarTek Health Services, StarTek Canada Services, Ltd. (“StarTek Canada”), StarTek Honduras, SA de CV (“StarTek Honduras”), StarTek International Limited (“StarTek International”) and StarTek Philippines, Inc. (“StarTek Philippines”), and (d) “Companies” shall be deemed to refer to StarTek, StarTek USA, StarTek Health Services, StarTek Canada, StarTek Honduras, StarTek International and StarTek Philippines, collectively, and (v) acknowledges that Lender may amend, restate, extend, renew or otherwise modify the Loan Documents (other than the Intercompany Subordination Agreement) and any indebtedness or agreement of any Borrower, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the obligations of the undersigned under the Intercompany Subordination Agreement.

	
		
	STARTEK CANADA SERVICES, LTD. 

By:      /s/ Lisa Bullington-Weaver         
Name:  Lisa Bullington-Weaver
Title:   Senior Vice President and Chief    Financial Officer
	STARTEK INTERNATIONAL LIMITED 

By:     /s/ Lisa Bullington-Weaver           
Name:  Lisa Bullington-Weaver
Title:    Senior Vice President and Chief    Financial Officer

	STARTEK HONDURAS, SA de CV 

By:    /s/ Chad A. Carlson            
Name:  Chad A. Carlson
Title:  President and Chief Executive Officer
	STARTEK PHILIPPINES, INC.  

By:     /s/ Chad A. Carlson            
Name:  Chad A. Carlson
Title:  President and Chief Executive Officer

{Z0026725/1 }    Acknowledgement and Agreement of
Subordinated Creditors to Sixth Amendment
to Credit and Security Agreement

EXHIBIT A

TO CREDIT AND SECURITY AGREEMENT
FORM OF COMPLIANCE CERTIFICATE
[on Borrower’s letterhead]
To:    Wells Fargo Bank, National Association
MAC 7300-210
1740 Broadway
Denver, CO 80274
Attn: Karen Kenney

Re:    Compliance Certificate dated             , 20__
Ladies and Gentlemen:
Reference is made to that certain Credit and Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of February 28, 2012, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, (“Lender”), and STARTEK, INC., STARTEK USA, INC. and STARTEK HEALTH SERVICES, INC. (each a “Borrower” and collectively, the “Borrowers”).  Capitalized terms used in this Compliance Certificate have the meanings set forth in the Credit Agreement unless specifically defined herein.
Pursuant to Schedule 6.1 of the Credit Agreement, the undersigned chief financial officer of each of StarTek, Inc., StarTek USA, Inc. and StarTek Health Services, Inc. hereby certifies that:
1.    The financial information of each Borrower and its Subsidiaries furnished to Lender pursuant to Section 6.1 of the Credit Agreement has been prepared in accordance with GAAP (except for year-end adjustments and the lack of footnotes), and fairly presents in all material respects the financial condition of each Borrower and its Subsidiaries.
2.    Such officer has reviewed the terms of the Credit Agreement and has made, or caused to be made under his/her supervision, a review in reasonable detail of the transactions and condition of each Borrower and its Subsidiaries during the accounting period covered by the financial statements delivered pursuant to Schedule 6.1 of the Credit Agreement.
3.    Such review has not disclosed the existence on and as of the date hereof, and the undersigned does not have knowledge of the existence as of the date hereof, of any event or condition that constitutes a Default or Event of Default.

{Z0026725/1 }    Exhibit A - 1

4.    The representations and warranties of each Borrower and its Subsidiaries set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof (except to the extent they relate to a specified date). 
5.    Each Borrower and its Subsidiaries are in compliance with the applicable covenants contained in Section 8 of the Credit Agreement as demonstrated on Schedule 1 hereof.
6.    The Citibank Supplier Agreement has not been amended, supplemented, modified or terminated without Lender’s prior written consent. 
IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this _____ day of _______________, 201__.

STARTEK, INC.

By:                         
Name:                         
Title:    Chief Financial Officer

STARTEK USA, INC.

By:                         
Name:                         
Title:    Chief Financial Officer

STARTEK HEALTH SERVICES, INC.

By:                         
Name:                         
Title:    Chief Financial Officer

{Z0026725/1 }    Exhibit A - 2

{Z0026725/1 }    Exhibit A - 3

SCHEDULE 1 TO COMPLIANCE CERTIFICATE
1.    Minimum Adjusted EBITDA.  
Borrowers’ and their Subsidiaries’ Adjusted EBITDA, measured on a month-end basis, for the [__] month period ending _________, 201__ is $___________, which [does/does not] satisfy the minimum Adjusted EBITDA requirement set forth in Section 8 of the Credit Agreement (and copied below) for the corresponding period.
	
		
	Applicable Amount
	Applicable Period

	$5,000,000
	For the 12-month period  
ending March 31, 2014

	$5,000,000
	For the 12-month period  
ending April 30, 2014

	$4,000,000
	For the 12-month period  
ending May 31, 2014

	$3,000,000
	For the 12-month period  
ending June 30, 2014

	$3,000,000
	For the 12-month period  
ending July 31, 2014

	$1,500,000
	For the 12-month period  
ending August 31, 2014

	$2,000,000
	For the 12-month period  
ending September 30, 2014

	$2,000,000
	For the 12-month period  
ending October 31, 2014

	$2,000,000
	For the 12-month period  
ending November 30, 2014

	$4,000,000
	For the 12-month period  
ending December 31, 2014

	$4,000,000
	For the 12-month period  
ending January 31, 2015

	$4,000,000
	For the 12-month period  
ending February 28, 2015

	$4,000,000
	For the 12-month period  
ending March 31, 2015

2.    Non-Financed Capital Expenditures.  

{Z0026725/1 }    Exhibit A – Schedule 1-1

Borrowers’ and their Subsidiaries Non-Financed Capital Expenditures, measured on a month-end basis, for the [__] month period ending _________, 201__ were $___________, which [is/is not] an amount less than or equal to the applicable amount set forth in Section 8 of the Credit Agreement (and copied below) for the corresponding period. 
	
		
	Applicable Amount
	Applicable Period

	$15,000,000
	For the 12-month period  
ending March 31, 2014

	$15,000,000
	For the 12-month period  
ending April 30, 2014

	$15,000,000
	For the 12-month period  
ending May 31, 2014

	$16,000,000
	For the 12-month period  
ending June 30, 2014

	$16,000,000
	For the 12-month period  
ending July 31, 2014

	$16,000,000
	For the 12-month period  
ending August 31, 2014

	$15,000,000
	For the 12-month period  
ending September 30, 2014

	$15,000,000
	For the 12-month period  
ending October 31, 2014

	$12,000,000
	For the 12-month period  
ending November 30, 2014

	$12,000,000
	For the 12-month period  
ending December 31, 2014

	$12,000,000
	For the 12-month period  
ending January 31, 2015

	$12,000,000
	For the 12-month period  
ending February 28, 2015

	$12,000,000
	For the 12-month period  
ending March 31, 2015

3.    Fixed Charge Coverage Ratio Calculation; Applicable Interest Rate Margin.  
Borrowers’ and their Subsidiaries Fixed Charge Coverage Ratio, measured on a trailing twelve-month basis for the month ended [______________, 201_], was [___]:1.0, which 

{Z0026725/1 }    Exhibit A – Schedule 1-2

means that as of the date of determination, the Interest Rate Margin is as set forth in Level [I/II] of the following table: 
	
			
	            Level
	Fixed Charge Coverage Ratio         Calculation
	      Interest Rate Margin

	I
	If the Fixed Charge Coverage Ratio is less 1.5:1.0
	3%

	II
	If the Fixed Charge Coverage Ratio is equal to or greater than 1.5:1.0
	2.50%

4.    Citibank Supplier Agreement.
The Citibank Supplier Agreement [has/has not] been amended, supplemented, modified or terminated without Lender’s prior written consent.  [Any applicable amendments, supplements, modifications or terminations are described as follows:]

{Z0026725/1 }    Exhibit A – Schedule 1-3

Schedule 5.26(a)

TO INFORMATION CERTIFICATE

Owned Real Estate 

		
	1.
	407 2nd Street, Laramie, WY 82070 [owned by StarTek USA, Inc.]

		
	2.
	116 E. Randolph Ave, Enid, OK 73701 [owned by StarTek USA, Inc.]

{Z0026725/1 }    Exhibit E – Schedule 5.26(a)

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