Document:

ex10-2.htm

    Exhibit
10.2

     

    PROMISSORY
NOTE

    

    
      	
              US
      $100,000

            	
              March
      27, 2008

            

    

    

    

    FOR VALUE RECEIVED, the
undersigned, XA, Inc. ("Maker"), hereby promises to pay to the order of Sands
Brothers Venture Capital III, LLC ("Payee"), the principal sum of One Hundred
Thousand Dollars ($100,000), in lawful money in United States of America, which
shall be legal tender, bearing interest and payable as provided
herein.  This Note is entered into in connection with and shall be
subject to the terms and conditions of the Revolving Line of Credit Agreement,
entered into between the Maker and the Payee on or around February 29, 2008 (the
“Line of Credit”).  The Maker and Payee agree that this Note evidences
the second Advance (the “Second Advance”) to the Maker by the Payee under the
Line of Credit and that the first Advance in the amount of $100,000 was made on
February 29, 2008 (the “First Advance”).  The Maker and the Payee
agree that the First Advance is still outstanding and that no payments have been
made by the Maker to the Payee in connection with the First Advance to
date.  The Maker and the Payee agree that this Second Advance has
exhausted the funding the Payee has agreed to provide pursuant to the Line of
Credit.

    

    
      	
              1.

            	
              Interest
      on the unpaid balance of this Note shall bear interest at the rate of
      Twelve Percent (12%) per annum, which interest shall accrue from the
      effective date until the Maturity Date (as defined below), unless prepaid
      prior to such Maturity Date. All past-due principal and interest (which
      failure to pay such amounts shall be defined herein as an “Acceleration
      Event”) shall bear interest at the rate of fifteen percent (15%) per annum
      until paid in full.  Interest will be computed on the basis of a
      360-day year.

            
	 
      	 
      
	
              2.

            	
              The
      principal amount of this Note shall be due and payable on June 29, 2008
      (the “Maturity Date”).

            
	 
      	 
      
	
              3.

            	
              This
      Note may be prepaid in whole or in part, at any time and from time to
      time, without premium or penalty.  If any amount of this Note is
      not paid when due under this Note, or otherwise cured as provided in the
      Line of Credit, or if any Acceleration Event as defined under the Line of
      Credit shall occur, such event shall be an Acceleration Event under this
      Note.  Upon an Acceleration Event, the Payee shall have the
      right to provide for the entire amount of unpaid principal and interest on
      this Note to be immediately due and payable, by providing the Maker
      fifteen (15) days prior written notice of Payee’s desire to make the
      entire outstanding amount of principal and interest due on this Note
      immediately payable, which Note shall then be payable by the Maker after
      the expiration of the fifteenth (15th)
      day following the receipt of such notice by the Maker (an “Event of
      Default”).

            

    

     

     

     

    
      
        
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              4.

            	
              If
      any payment of principal or interest on this Note shall become due on a
      Saturday, Sunday or any other day on which national banks are not open for
      business, such payment shall be made on the next succeeding business day.
      This Note shall be binding upon and inure to the benefit of the Payee
      named herein and Payee’s respective successors and
      assigns.  Each holder of this Note, by accepting the same,
      agrees to and shall be bound by all of the provisions of this
      Note.  Payee may assign this Note or any of its rights,
      interests or obligations to this Note without the prior written approval
      of Maker.

            
	 
      	 
      
	
              5.

            	
              No
      provision of this Note shall alter or impair the obligation of Maker to
      pay the principal of and interest on this Note at the times, places and
      rates, and in the coin or currency, herein prescribed.

            
	 
      	 
      
	
              6.

            	
              The
      Maker will do or cause to be done all things reasonably necessary to
      preserve and keep in full force and affect its corporate existence, rights
      and franchises and comply with all laws applicable to the Maker, except
      where the failure to comply could not reasonably be expected to have a
      material adverse effect on the Maker. Failure to comply with this
      provision shall constitute an Event of Default. Notwithstanding anything
      to the contrary in this Note or any other agreement entered into in
      connection herewith, whether now existing or hereafter arising and whether
      written or oral, it is agreed that the aggregate of all interest and any
      other charges constituting interest, or adjudicated as constituting
      interest, and contracted for, chargeable or receivable under this Note or
      otherwise in connection with this loan transaction, shall under no
      circumstances exceed the Maximum Rate (as defined
  below).

            
	 
      	 
      
	
              7.

            	
              In
      the event the maturity of this Note is accelerated by reason of an Event
      of Default under this Note, any other agreement entered into in connection
      herewith or therewith, or by voluntary prepayment by Maker or otherwise,
      then earned interest may never include more than the Maximum Rate
      allowable by law, computed from the dates of each advance of the loan
      proceeds outstanding until payment.  If from any circumstance
      any holder of this Note shall ever receive interest or any other charges
      constituting interest, or adjudicated as constituting interest, the
      amount, if any, which would exceed the Maximum Rate shall be applied to
      the reduction of the principal amount owing on this Note, and not to the
      payment of interest; or if such excessive interest exceeds the unpaid
      balance of principal hereof, the amount of such excessive interest that
      exceeds the unpaid balance of principal hereof shall be refunded to
      Maker.  In determining whether or not the interest paid or
      payable exceeds the Maximum Rate, to the extent permitted by applicable
      law (i) any nonprincipal payment shall be characterized as an expense, fee
      or premium rather than as interest; and (ii) all interest at any time
      contracted for, charged, received or preserved in connection herewith
      shall be amortized, prorated, allocated and spread in equal parts during
      the period of the full stated term of this Note.  The term
      "Maximum Rate" shall mean the maximum rate of interest allowed by
      applicable federal or state law.

            

    

     

     

     

    
      
        
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              8.

            	
              Except
      as provided herein, Maker and any sureties, guarantors and endorsers of
      this Note jointly and severally waive demand, presentment, notice of
      nonpayment or dishonor, notice of intent to accelerate, notice of
      acceleration, diligence in collecting, grace, notice and protest, and
      consent to all extensions without notice for any period or periods of time
      and partial payments, before or after maturity, without prejudice to the
      holder.  The holder shall similarly have the right to deal in
      any way, at any time, with one or more of the foregoing parties without
      notice to any other party, and to grant any such party any extensions of
      time for payment of any of said indebtedness, or to grant any other
      indulgences or forbearance whatsoever, without notice to any other party
      and without in any way affecting the personal liability of any party
      hereunder.  If any efforts are made to collect or enforce this
      Note or any installment due hereunder, the undersigned agrees to pay all
      collection costs and fees, including reasonable attorney's
      fees.

            
	 
      	 
      
	
              9.

            	
              A
      copy of this Promissory Note signed by one party and faxed to another
      party shall be deemed to have been executed and delivered by the signing
      party as though an original.  A photocopy of this Promissory
      Note shall be effective as an original for all
purposes.

            
	 
      	 
      
	
              10.

            	
              This
      Note shall be governed by and construed exclusively in accordance with the
      laws of the State of New York without regard to the conflicts of laws
      principles thereof. The parties hereto hereby agree that any suit or
      proceeding arising directly and/or indirectly pursuant to or under this
      instrument or the consummation of the transactions contemplated hereby,
      shall be brought solely in a federal or state court located in the
      Southern District of New York. By its execution hereof, the parties hereby
      covenant and irrevocably submit to the in personam jurisdiction of the
      federal and state courts located in the City, County and State of New York
      and agrees that any process in any such action may be served upon any of
      them personally, or by certified mail or registered mail upon them or
      their agent, return receipt requested, with the same full force and effect
      as if personally served upon them in New York City. The parties hereto
      waive any claim that any such jurisdiction is not a convenient forum for
      any such suit or proceeding and any defense or lack of in personam
      jurisdiction with respect thereto. In the event of any such action or
      proceeding, the party prevailing therein shall be entitled to payment from
      the other party hereto of its reasonable and documented counsel fees and
      disbursements in an amount judicially
  determined.

            

    

    

    

    

    

    [Remainder
of page left intentionally blank.  Signature page
follows.]

    

    
      
        
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    IN WITNESS WHEREOF, Maker has
duly executed this Note as of the day and year first written above.

    

    XA, Inc.

    

    

    /s/
Joseph Wagner

    Joseph
Wagner

    Chief
Executive Officer

     

     

     

     

    
      
        
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          XA,
Inc.exh10-1.htm

    EXHIBIT
10.1

     

     

    

    
      FIFTH AMENDMENT TO CREDIT
AGREEMENT

       

      This
FIFTH AMENDMENT TO CREDIT
AGREEMENT, dated as of April 1, 2008 (the "Amendment”), is executed by
and among HURON CONSULTING
GROUP INC., a Delaware corporation (the “Borrower” or the "Company"), HURON CONSULTING GROUP HOLDINGS
LLC, a Delaware limited liability company ("HCG”), HURON CONSULTING SERVICES LLC,
a Delaware limited liability company ("HCS") WELLSPRING MANAGEMENT SERVICES LLC,
formerly known as SPELTZ
& WEIS LLC, a Delaware limited liability company ("WMS"), Huron (UK) LIMITED, a UK
limited liability company ("Huron UK"), AAXIS TECHNOLOGIES, INC., a
Virginia corporation ("ATI"), FAB ADVISORY SERVICES, LLC, an
Illinois limited liability company ("FAB"), GLASS & ASSOCIATES, INC.,
a Delaware corporation ("GLASS"), GLASS EUROPE LIMITED, a United
Kingdom Private Company ("GEL"), WELLSPRING PARTNERS, LTD., a
Delaware corporation ("Wellspring"), WELLSPRING VALUATION, LTD., a
Delaware corporation ("WVL"), and KABUSHIKI KAISHA HURON CONSULTING GROUP, a
Japan business corporation ("HURON JAPAN"), and HURON DEMAND LLC, a Delaware
limited liability company (“HDL”) (each of HCG, HCS, WMS,
Huron UK, ATI, FAB, Glass, GEL, Wellspring, WVL, Huron Japan, and HDL being
referred to herein as a “Guarantor” and collectively
referred to herein as the “Guarantors”), and LASALLE BANK NATIONAL
ASSOCIATION, a national banking association, as Administrative Agent (the
"Administrative Agent"), Arranger and Lender
(“LaSalle”), JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, a national banking association, as Co-Syndication Agent and
Lender (“JPMorgan”),
FIFTH THIRD BANK, a Michigan banking
corporation, as Co-Syndication Agent and
Lender (“Fifth Third”), BANK OF
AMERICA, N.A., a national banking association, as Lender ("BA"),  NATIONAL CITY BANK, a national
banking association, as Lender ("National"), and HSBC BANK USA, NATIONAL ASSOCIATION, a
national banking association (“HSBC”) (the foregoing first
three (3) Lenders, LaSalle, JPMorgan and Fifth Third, shall collectively be
referred to herein as the "Original
Lenders";  the subsequent two (2) Lenders, BA and National,
shall collectively be referred to herein as the "Additional Lenders"); and all
six (6) Lenders shall collectively be referred to herein as the “Lenders”.

       

      R E C I T A L
S:

       

      A. The
Borrower, Administrative Agent, and Original Lenders entered into that certain
Credit Agreement dated as of June 7, 2006 (the “Credit Agreement”), providing
for the Original Lenders to make Revolving Loans to the Borrower in the
aggregate principal amount of up to Seventy-Five Million and 00/100 Dollars
($75,000,000.00) evidenced by the following notes (collectively, the “Original Revolving
Notes”):  (i) that certain Revolving Note dated as of June 7,
2006 in the maximum principal amount of Thirty-Five Million and 00/100 Dollars
($35,000,000.00) executed by the Borrower in favor of LaSalle and made payable
to the order of LaSalle;  (ii)  that certain Revolving Note
dated as of June 7, 2006 in the maximum principal amount of Twenty Million and
00/100 Dollars ($20,000,000.00) executed by the Borrower in favor of JPMorgan
and made payable to the order of JPMorgan; and (iii) that certain Revolving Note
dated as of June 7, 2006 in the maximum principal amount of Twenty Million and
00/100 Dollars ($20,000,000.00) executed by the Borrower in favor of Fifth Third
and made payable to Fifth Third.

       

      
        
          
          

        

        
          - 1 -

          
            

          

        

        
          
          

        

      

      B. In
connection with the Credit Agreement, HCS, HCG, Speltz & Weis LLC (now known
as WMS) and Huron UK executed that certain Guaranty Agreement dated as of June
7, 2006,  and ATI, FAB and Document Review Consulting Services LLC, a
Delaware limited liability company (“DRC”) executed that certain Guaranty
Agreement dated as of August 14, 2006, both of which Guaranty Agreements were
for the benefit of the Lenders (each such Guaranty Agreement being referred to
herein as a “Guaranty”
and collectively with the Guaranty Agreements referred to in Recitals E and I
below as the “Guaranties”) (DRC subsequently
was merged into another Guarantor and therefore no longer exists as a separate
entity).

       

      C. Pursuant
to that certain First Amendment to Credit Agreement dated as of December 29,
2006 (the "First
Amendment"), Borrower, Administrative Agent, and Original Lenders, among
other things, increased the maximum amount of  principal that may be
borrowed under the Credit Agreement to One Hundred Thirty Million and 00/100
Dollars ($130,000,000.00) in order to enable Borrower to consummate the
following proposed acquisitions (collectively, the "Acquisitions") in early
January, 2007:  (i) acquisition of all of the outstanding capital
stock of Wellspring; and (ii) acquisition of all of the outstanding capital
stock of Glass.  Pursuant to the First Amendment, the Amended and
Restated Revolving Notes dated December 29, 2006 (collectively, the "December 2006 Notes") were
executed and delivered by Borrower in favor of each of the Original Lenders
reflecting the increased Pro Rata Shares of each of the Original Lenders in
replacement of the Original Revolving Notes.

       

      D. Under the
First Amendment, Administrative Agent and Lenders consented to the maximum
amount of debt to be utilized in connection with the Acquisitions, as such
consent was required to be obtained under the Credit Agreement.

       

      E. Upon the
consummation of the Acquisitions, as required by the Credit Agreement, the
following Guaranty Agreements were executed: (i) Wellspring and WVL (the
Wellspring subsidiary acquired as part of the Acquisitions) executed that
certain Guaranty Agreement dated as of January 2, 2007; and (ii) Glass and GEL
and PWS Group, Inc., a Delaware corporation ("PWS") (the Glass subsidiaries
acquired as part of the Acquisitions)  executed that certain Guaranty
Agreement dated January 10, 2007; PWS was recently dissolved and is therefore no
longer a Guarantor.

       

      F. Pursuant
to that certain Second Amendment to Credit Agreement dated as of February 23,
2007 (the “Second
Amendment”), Borrower, Administrative Agent and Lenders further amended
the Credit Agreement to: (i) increase the maximum amount of principal that may
be borrowed under the Credit Agreement to One Hundred Seventy-Five Million and
00/100 Dollars ($175,000,000.00), with an "accordian" feature allowing for an
additional amount of up to Fifty Million Dollars ($50,000,000.00) in principal
to be borrowed; (ii) reduce certain pricing; (iii) modify the covenant with
respect to the amount of aggregate debt which may be utilized for an acquisition
or series of related acquisitions in order to increase such amount to Forty
Million Dollars ($40,000,000.00);  (iv) extend the maturity date of
the Revolving Loans from May 31, 2011 to February 23, 2012; (v) make a
clarification to the covenant concerning restricted payments; and (vi) modify
the "use of proceeds" covenant to add an additional Ten Million and 00/100
Dollars ($10,000,000.00) "bucket" for certain specified uses.

       

      
        
          
          

        

        
          - 2 -

          
            

          

        

        
          
          

        

      

      G.  The
Second Amendment also:  (i) provided for the participation of the
Additional Lenders in the increased amount of the Revolving Commitment and the
joinder of the Additional Lenders as parties to the Credit Agreement, as
amended; and (ii) required Borrower to execute and deliver Second Amended and
Restated Revolving Notes in favor of each of the Original Lenders in replacement
of the December 2006 Notes in order to reflect their modified Pro Rata Shares
and Revolving Notes in favor of each of the Additional Lenders to reflect their
Pro Rata Shares.

       

      H. Pursuant
to that certain Third Amendment to Credit Agreement dated as of May 25, 2007
(the "Third Amendment"),
the parties further amended the Credit Agreement, as amended, to provide for the
participation by HSBC in the Revolving Commitment and the joinder of HSBC as a
party to the Credit Agreement, as well as the modification of the Pro Rata
Shares of the Original Lenders and the Additional Lenders in order to allow for
such participation by HSBC.  The Third Amendment also required
Borrower to execute and deliver Third Amended and Restated Revolving Notes in
favor of each of the Original Lenders, Amended and Restated Revolving Notes in
favor of the Additional Lenders, and a Revolving Note in favor of HSBC in order
to reflect the modifications of the Pro Rata Shares and the participation by
HSBC.

       

      I. Also
pursuant to the Third Amendment, a Guaranty Agreement was executed and delivered
by Huron Japan, which is a new subsidiary of Borrower, as required under the
Credit Agreement, as amended.

       

      J. Pursuant
to that certain Fourth Amendment to Credit Agreement dated as of July 27, 2007
(the “Fourth
Amendment”), the parties further amended the Credit Agreement, as
amended, to provide for Borrower to borrow an additional
Twenty-Five  Million Dollars ($25,000,000.00) in principal under the
"accordian" feature of the Credit Agreement, as amended, in order to enable
Borrower to consummate the acquisition (the "Callaway Acquisition") of the
assets of Callaway Partners, LLC, a Georgia limited liability company ("Callaway"), for an aggregate
purchase price of approximately Sixty Million and 00/100 ($60,000,000.00), but
not to exceed Sixty-Five Million and 00/00 Dollars ($65,000,000.00), plus a five
(5) year incentive earn-out.  As part of the Fourth Amendment, at
Borrower’s request the Administrative Agent and Lenders consented to the maximum
amount of debt to be utilized in connection with the Callaway Acquisition, as
such consent was required to be obtained under the Credit
Agreement.  The Fourth Amendment also required Borrower to execute and
deliver Fourth Amended and Restated Notes in favor of each of the Original
Lenders, Second Amended and Reinstated Revolving Notes in favor of the
Additional Lenders, and an Amended and Restated Revolving Note in favor of
HSBC.

       

      K. Also
pursuant to the Fourth Amendment, a Guaranty Agreement was executed and
delivered by HDL, which was a newly formed subsidiary of Borrower formed to
acquire the Callaway assets, as required under the Credit Agreement, as
amended.

       

      
        
          
          

        

        
          - 3 -

          
            

          

        

        
          
          

        

      

      L. The
parties desire to further amend the Credit Agreement to: (i) provide for
Borrower to be permitted to borrow an additional Twenty-Five Million Dollars
($25,000,000.00) in principal under the “accordion” feature of the Credit
Agreement, as amended; and an additional Fifteen Million Dollars
($15,000,000.00)  in principal in excess of the maximum amount of
principal that may currently be borrowed under the Credit Agreement, as amended;
and (ii) allow HDL to incur additional debt in the amount of Twenty-Three
Million Dollars ($23,000,000.00) (the “HDL Debt”) for the “buy-out”
of the incentive earn-out under the Callaway Acquisition referred to in Recital
J above; and (iii) modify certain pricing.

       

      M. Administrative
Agent and Lenders desire to amend the Credit Agreement to incorporate the
matters in the preceding Recital, pursuant to and on the terms and conditions
set forth below.  The term "Credit Agreement", as hereinafter used in
this Amendment, shall mean the Credit Agreement as defined in Recital A above,
as amended by the First Amendment, the Second Amendment, the Third Amendment,
the Fourth Amendment, and this Amendment.

       

      NOW
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
Borrower, the
Guarantors, the Administrative Agent and the Lenders hereby agree as
follows:

       

      A G R E E M E N T
S:

       

      1. RECITALS.  The
foregoing Recitals are hereby made a part of this Amendment.

       

      2. DEFINITIONS.  Capitalized
words and phrases used herein without definition shall have the respective
meanings ascribed to such words and phrases in the Credit
Agreement.

       

      3. CONSENT.   Section
11.1 of the Credit Agreement prohibits the
Company from incurring the HDL Debt without the prior written consent of the
Administrative Agent and Lenders.  To induce Administrative Agent and
Lenders to consent to the HDL Debt,  (i) Borrower hereby covenants and
agrees that,  simultaneously with the execution hereof, Borrower will
deliver to Administrative Agent a Subordination Agreement in form and substance
satisfactory to Administrative Agent, duly executed by the Junior Lender (as
defined therein), Borrower and HDL, and (ii) Borrower hereby represents and
warrants to Administrative Agent and Lenders that (a) the HDL Debt will not
result in an Event of Default under the Credit Agreement or any of the other
Loan Documents executed in connection therewith,  (b) none of the
Borrower's covenants, including but not limited to the financial covenants in
Section 11.12 of the Credit Agreement, will be breached by the incurring of the
HDL Debt, and (c) the HDL Debt will be incurred pursuant to a Promissory Note
(the “HDL Note”) in the
form of Exhibit
A to the above Subordination Agreement.  Based upon the
foregoing (including but not limited to the covenants, representations, and
warranties of Borrower in this Amendment) Administrative Agent and Lenders
hereby consent to the incurring of the HDL Debt in accordance with the terms of
the HDL Note, and Administrative Agent and Lenders hereby agree that such
indebtedness shall not constitute a breach of Section 11.1 of the Credit
Agreement.

       

      
        
          
          

        

        
          - 4 -

          
            

          

        

        
          
          

        

      

      4. AMENDMENTS
TO THE CREDIT AGREEMENT.

       

      4.1 Revolving
Commitment.  Borrower hereby elects to increase the amount of
the Revolving Commitment by:  (i) Twenty-Five Million and 00/100
Dollars ($25,000,000.00) pursuant to the "accordian" feature set forth in
Section 1.1 of the Credit Agreement under the definition of "Revolving
Commitment", and (ii) an additional Fifteen Million and 00/100 Dollars
($15,000,000.00) in excess of such amount. Borrower hereby represents and
warrants to Administrative Agent and Lenders that at the time of this election
and after giving effect to the borrowings permitted by such election, there is
and would be no Unmatured Event of Default or Event of Default. Borrower further
represents and warrants to Administrative Agent and Lenders that the proceeds of
such increase in the Revolving Commitment shall be used for an incentive
earn-out payment coming due with respect to the Wellspring acquisition referred
to in Recital C above and for working capital purposes.  Accordingly,
the parties hereto hereby agree to amend the definition of "Revolving
Commitment" in the Credit Agreement to read in its entirety as
follows:

       

       “Revolving Commitment”
means Two Hundred Forty Million and 00/100 Dollars ($240,000,000.00), as reduced
from time to time pursuant to Section 6.1.

       

      4.2 Annex
A.  In order to reflect the above election, Annex A to the Credit
Agreement is hereby amended to read in its entirety as set forth in Annex A to this
Amendment.

       

      4.3 Revolving
Note.  All references in the Loan Agreement to the “Revolving
Note”, “Note” or “Notes” (collectively, the “Notes”) shall be deemed to be
references to the Replacement Notes (as defined below), to the extent that
Replacement Notes are required to be delivered.  Borrower shall
execute and deliver the following to those Lenders who are participating in the
increase in the Revolving Commitment:  (i) Notes in the form of Exhibit "A" hereto in
favor of each of the Original Lenders which shall replace the Notes executed by
original Lenders pursuant to the Third Amendment and reflect the modified Pro
Rata Shares of each of the Original Lenders set forth in Annex A to this
Amendment; (ii) Notes in the form of Exhibit "B" hereto in
favor of each of the Additional Lenders which shall replace the Notes executed
by Additional Lenders pursuant to the Third Amendment and reflect the modified
Pro Rata Shares of such Additional Lenders set forth in Annex A to this
Amendment, and (iii) a Note in the form of Exhibit "C" hereto in
favor of HSBC which shall replace the Note executed by HSBC pursuant to the
Third Amendment and reflect the Pro Rata Share of HSBC set forth in Annex A to this
Amendment (the Notes in subsections (i), (ii) and (iii) of this Section 4.2
shall collectively be referred to herein as the "Replacement
Notes").

       

      
        
          
          

        

        
          - 5 -

          
            

          

        

        
          
          

        

      

      4.4 Applicable
Margin.  The definition of "Applicable Margin" in Section 1.1
of the Credit Agreement is hereby amended so as to modify the pricing chart
included within such definition to read in its entirety as follows:

       

      
        	
                Level

              	
                Total
      Debt

                to EBITDA Ratio

              	
                LIBOR

                Margin

              	
                Base
      Rate Margin

              	
                Non-Use

                Fee Rate

              	
                L/C
      Fee

                Rate

              
	
                I

              	
                Greater
      than 2.50:1

                 

              	
                200.0
      bps

              	
                  75.0
      bps

              	
                  40.0
      bps

              	
                175.0
      bps

              
	
                II

              	
                Greater
      than 2.00:1 but less than or equal to 2.50:1

                 

              	
                175.0
      bps

              	
                50.0
      bps

              	
                35.0
      bps

              	
                150.0
      bps

              
	
                III

              	
                Greater
      than 1.50:1 but less than or equal to 2.00:1

                 

              	
                150.0
      bps

              	
                25.0
      bps

              	
                30.0
      bps

              	
                125.0
      bps

              
	
                IV

              	
                Greater
      than 1.00:1 but less than or equal to 1.50:1

                 

              	
                125.0
      bps

              	
                00.0
      bps

              	
                25.0
      bps

              	
                100.0
      bps

              
	
                V

              	
                Greater
      than .50:1 but less than or equal to 1.00:1

                 

              	
                100.0
      bps

              	
                00.0
      bps

              	
                20.0
      bps

              	
                75.0
      bps

              
	
                VI

              	
                Less
      than or equal to .50:1

              	
                087.5
      bps

              	
                00.0
      bps

              	
                17.5
      bps

              	
                62.5
      bps

              

      

      

       

       The
Applicable Margin on the date hereof shall be based upon Level III pricing above
until adjusted in accordance with the Credit Agreement.

       

      5. COMMITMENT
FEE.   In addition to any other fees payable by Borrower
in connection with the Credit Agreement, Borrower shall pay to Administrative
Agent, for the benefit of Lenders, an upfront commitment fee equal to ten basis
points (0.10%) of the amount of the increase in the Revolving Commitment as a
result of this Amendment (such increase being equal to Forty-Million and 00/100
Dollars ($40,000,000.00). Such fee shall be payable at the time of the
Borrower’s execution and delivery to Administrative Agent of this Amendment and
shall be deemed fully earned and non-refundable when paid.

       

      6. REPRESENTATIONS
AND WARRANTIES.  To induce the Lenders to enter into this
Amendment, the Borrower hereby certifies, represents and warrants to the Lenders
that:

       

      
        
          
          

        

        
          - 6 -

          
            

          

        

        
          
          

        

      

      6.1 Organization.  The
Borrower is a corporation validly existing and in good standing under the laws
of the State of Delaware.  The Borrower is duly qualified to do
business in each jurisdiction where the nature of its activities requires such
qualification except where the failure to be so qualified would not have a
Material Adverse Effect.  The Articles of Incorporation and Bylaws,
Borrowing Resolutions and Incumbency Certificate of the Borrower have not been
changed or amended since the most recent date that certified copies thereof were
delivered to the Bank.

       

      6.2 Authorization.  The
Borrower is duly authorized to execute and deliver this Amendment and is duly
authorized to borrow monies under the Credit Agreement, as amended hereby, and
to perform its Obligations under the Credit Agreement, as amended
hereby.

       

      6.3 No
Conflicts.  The execution and delivery of this Amendment, the
borrowings under the Credit Agreement, as amended hereby, and the performance by
the Borrower of its Obligations under the Credit Agreement, as amended hereby,
do not require any consent or approval of any governmental agency or authority
and do not conflict with any provision of law or of the Certificate of
Incorporation or Bylaws of the Borrower or any agreement binding upon the
Borrower (except for any such agreement the conflict with which would not have a
Material Adverse Effect) .

       

      6.4 Validity and Binding
Effect.  The Credit Agreement, as amended by the First
Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and
hereby, is a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditors’ rights or by general
principles of equity.

       

      6.5 Compliance with Credit
Agreement.  The representations and warranties set forth in
Section 9 of the Credit Agreement, as amended hereby, are true and correct with
the same effect as if such representations and warranties had been made on the
date hereof, with the exception that all references to the financial statements
shall mean the financial statements most recently delivered to the
Administrative Agent and except for such changes as are specifically permitted
under the Credit Agreement.  In addition, the Borrower has complied
with and is in compliance with all of the covenants set forth in the Credit
Agreement.

       

      6.6 No Event of
Default.  As of the date hereof, no Event of Default under the
Credit Agreement, as amended hereby, or event or condition which, with the
giving of notice or the passage of time, or both, would constitute an Event of
Default, has occurred and is continuing.

       

      7. CONDITIONS
PRECEDENT.  This Amendment shall become effective as of the
date above first written after receipt by the Administrative Agent of the
following:

       

      7.1 Amendment.  This
Amendment executed by the Borrower, the Guarantors, the Administrative Agent and
the Lenders.

       

      
        
          
          

        

        
          - 7 -

          
            

          

        

        
          
          

        

      

      7.2 Replacement
Notes.  The Replacement Notes in favor of each of the Lenders
executed by the Borrower.

       

      7.3 Fees. The fee
required to be paid under Section 5 above with such fee payable upon the
execution and delivery of this Amendment by the Borrower to the Administrative
Agent.

       

      7.4 Resolutions.  A
certified copy of resolutions of the Board of Directors of the Borrower
authorizing the execution, delivery, and performance of this Amendment and the
related loan documents.

       

      7.5 Subordination
Agreement.  The Subordination Agreement required to be
delivered pursuant to Section 3 above.

       

      7.6 Affirmation of
Guaranties.  The Affirmation of Guaranties executed by the
Guarantors in the form attached hereto.

       

      7.7 Other
Documents.  Such other documents, certificates, resolutions
and/or opinions of counsel as the Bank may request.

       

      8. GENERAL.

       

      8.1 Governing Law;
Severability.  This Amendment shall be construed in accordance
with and governed by the laws of Illinois, without regard to conflicts of laws
principles.  Wherever possible each provision of the Credit Agreement,
the First Amendment, the Second Amendment, the Third Amendment, the Fourth
Amendment and this Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of the Credit
Agreement, the First Amendment, the Second Amendment, the Third Amendment, the
Fourth Amendment, or 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 the Credit Agreement, the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment,  and this
Amendment.

       

      8.2 Successors and
Assigns.  This Amendment shall be binding upon the Borrower,
the Guarantors and the Administrative Agent, Lenders and their respective
successors and assigns, and shall inure to the benefit of the Borrower, the
Guarantors, the Administrative Agent and the Lenders and the successors and
assigns of the Administrative Agent and the Lenders.

       

      
        
          
          

        

        
          - 8 -

          
            

          

        

        
          
          

        

      

      8.3 Continuing Force and Effect
of Loan Documents, Guaranties.  Except as specifically modified
or amended by the terms of this Amendment, all other terms and provisions of the
Credit Agreement, the First Amendment, the Second Amendment, the Third
Amendment, the Fourth Amendment and the other Loan Documents are incorporated by
reference herein, and in all respects, shall continue in full force and
effect.  The Borrower, by execution of this Amendment, hereby
reaffirms, assumes and binds itself to all of the obligations, duties, rights,
covenants, terms and conditions that are contained in the Credit Agreement, the
First Amendment, the Second Amendment, the Third Amendment, the Fourth
Amendment, and the other Loan Documents.  Each of the Guarantors, by
execution of this Amendment, hereby reaffirms, assumes and binds themselves to
all of the obligations, duties, rights, covenants, terms and conditions that are
contained in their respective Guaranties.

       

      8.4 References to Credit
Agreement.  Each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, or words of like import, and each reference
to the Credit Agreement in any and all instruments or documents delivered in
connection therewith, shall be deemed to refer to the Credit Agreement, as
amended by the First Amendment, the Second Amendment, the Third Amendment, the
Fourth Amendment, and hereby.

       

      8.5 Expenses.  The
Borrower shall pay all reasonable costs and expenses in connection with the
preparation of this Amendment and other related loan documents, including,
without limitation, reasonable attorneys’ fees and time charges of attorneys who
may be employees of the Administrative Agent or any of the Lenders or any
affiliate or parent of any of such parties.  The Borrower shall pay
any and all stamp and other taxes, UCC search fees, filing fees and other costs
and expenses in connection with the execution and delivery of this Amendment and
the other instruments and documents to be delivered hereunder, and agrees to
save the Bank harmless from and against any and all liabilities with respect to
or resulting from any delay in paying or omission to pay such costs and
expenses.

       

      8.6 Counterparts.  This
Amendment may be executed in any number of counterparts, all of which shall
constitute one and the same agreement.

       

      [SIGNATURE
PAGE TO FOLLOW]

       

      
        
           

        

        
          - 9 -

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment to Credit
Agreement as of the date first above written.

       

      
        	
                BORROWER:

                 

                HURON
      CONSULTING GROUP INC.,

                a
      Delaware corporation

                 

                By:  /s/ Gary L. Burge                                

                Name:  Gary L. Burge                                 

                Title:  CFO                                                   

                 

              
	
                GUARANTORS:

                 

                HURON
      CONSULTING GROUP HOLDINGS LLC,

                a
      Delaware limited liability company

                 

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   

                

                 

              
	
                HURON CONSULTING SERVICES LLC,
      a Delaware limited liability company

                         

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                                   

              
	
                WELLSPRING MANAGEMENT SERVICES
      LLC, formerly known as SPELTZ & WEIS LLC, a Delaware limited
      liability company

                                                                                          

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   

                

                 

              

      

       

      
        
          
          

        

        
          - 10 -

          
            

          

        

        
          
          

        

      

      
        	
                HURON  (UK) LIMITED,
      a UK limited liability company

                 

                
                  
                    By:  /s/ Gary L. Burge                                

                    Name:  Gary L. Burge                                 

                    Title:  CFO                                                   

                  

                

                 

              
	
                AAXIS TECHNOLOGIES,
      INC., a Virginia corporation

                   

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                                         

              
	
                FAB ADVISORY SERVICES, LLC,
      an Illinois limited liability company

                         

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                             

              
	
                GLASS & ASSOCIATES,
      INC., a Delaware corporation

                    

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                                      

              

      

       

      
        
          
          

        

        
          - 11 -

          
            

          

        

        
          
          

        

      

      
        	
                WELLSPRING PARTNERS, LTD.,
      a Delaware corporation

                       

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                                 

              
	
                WELLSPRING VALUATION,
      LTD., a Delaware corporation

                 

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                                         

              
	
                KABUSHIKI KAISHA HURON CONSULTING
      GROUP, a Japan business
      corporation

                
                   

                  By:  /s/ Gary
      E. Holdren                             

                  Name:  Gary E. Holdren                              

                  Title:  Director                                              

                

                 

              
	
                HURON DEMAND LLC, a
      Delaware limited liability company

                   

                
                  By:  /s/ Gary L. Burge                                

                  Name:  Gary L. Burge                                 

                  Title:  CFO                                                   
                                                        

              

      

       

      
        
          
          

        

        
          - 12 -

          
            

          

        

        
          
          

        

      

      
        	
                LENDERS:

                 

                LASALLE
      BANK NATIONAL ASSOCIATION,

                a
      national banking association, as Administrative Agent, Arranger and
      Lender

                 

                By:  /s/ Ashley Ericson                              

                Name:  Ashley Ericson                               

                Title:  Vice President                                   

                 

              
	
                JPMORGAN CHASE BANK, NATIONAL
      ASSOCIATION, a national banking association, as Co-Syndication
      Agent and Lender

                 

                By:  /s/ Nathan Margol                                                                                 

                Name:  Nathan Margol                                                                                 

                Title:  Vice President                                                                                 

                 

              
	
                FIFTH THIRD
      BANK,

                a
      Michigan banking corporation, as Co-Syndication

                Agent
      and Lender

                 

                By:  /s/ Susan Kaminski                              

                Name:  Susan Kaminski                               

                Title:  VP                                                        

                 

              
	
                BANK
      OF AMERICA, N.A.,

                a
      national banking association, as Lender

                 

                By:                                                                                 

                Name:                                                                                 

                Title:                                                                                 

                 

              

      

       

      
        
          
          

        

        
          - 13 -

          
            

          

        

        
          
          

        

      

      
        	
                NATIONAL
      CITY BANK,

                a
      national banking association, as Lender

                 

                By:  /s/ Brandon S.
      Norder                              

                Name:  Brandon S. Norder                               

                Title:  Officer                                                      

                 

              
	
                HSBC
      BANK USA, NATIONAL ASSOCIATION,

                a
      national banking association, as Lender

                 

                
                  By:                                                                                 

                  Name:                                                                                 

                  Title:                                                                          

                

                 

              

      

      

       

      
        
           

        

        
          - 14 -

          
            

          

        

        
           

        

      

      AFFIRMATION OF
GUARANTIES

      

      This
affirmation of Guaranties ("Affirmation") is made by each
of the undersigned Guarantors with respect to that certain Fifth Amendment to
Credit Agreement of even date herewith (the "Fifth Amendment"), to which
this Reaffirmation is attached, executed by and among Huron Consulting Group
Inc. a Delaware corporation (the "Borrower"), the undersigned
Guarantors, and LASALLE BANK
NATIONAL ASSOCIATION, a national banking association, as Administrative
Agent (the "Administrative
Agent"), Arranger and Lender, JPMORGAN CHASE BANK NATIONAL
ASSOCIATION, a national banking association, as Co-Syndication Agent and
Lender,  FIFTH THIRD
BANK, a Michigan banking corporation, as Co-Syndication Agent and Lender,
BANK OF AMERICA, N.A., a
national banking association, as Lender, NATIONAL CITY BANK, a national
banking association, as Lender, HSBC BANK USA, NATIONAL
ASSOCIATION, a national banking association (the foregoing six Lenders
shall collectively be referred to herein as the "Lenders").  All
capitalized terms used herein and not defined shall have the meanings assigned
to them in the respective Guaranty Agreements (each referred to herein as a
“Guaranty”) to which
each such Guarantor is a party, as referenced in Recitals B, E, I, and K to the
Fifth Amendment.  The definition of "Loan Documents" in the Credit
Agreement shall include each such Guaranty.

       

      Each of
the Guarantors hereby expressly:  (a) consents to the execution by the
Borrower, the Administrative Agent and the Lenders of the Fifth Amendment; (b)
acknowledges that the Company Obligations of the Borrower means all of the
"Obligations" of the Borrower as defined in the Credit Agreement, as amended by
the First Amendment to Credit Agreement dated as of December 29, 2006, the
Second Amendment to Credit Agreement dated as of February 23, 2007, the Third
Amendment to Credit Agreement dated as of May 25, 2007, the Fourth Amendment to
Credit Agreement dated as of July 27, 2007, and the Fifth Amendment and as such
may be further amended from time to time, and as evidenced by the Replacement
Notes (as defined in the Fifth Amendment), as modified, extended and/or replaced
from time to time, and that the obligations with respect to each Guarantor,
means all of "Guarantor Obligations", arising under such Guarantor’s respective
Guaranty; (c) acknowledges that such Guarantor does not have any set-off,
defense, or counterclaim to the payment or performance of any or all of the
Guarantor Obligations of such Guarantor under its respective Guaranty; (d)
reaffirms, assumes and binds itself in all respects to all of the Guarantor’s
obligations, liabilities, duties, covenants, terms and conditions that are
contained in its respective Guaranty; (e) agrees that all Guarantor Obligations
under its respective Guaranty shall continue in full force and that the
execution and delivery of the Fifth Amendment to, and its acceptance by, the
Administrative Agent and the Lenders shall not in any manner whatsoever (i)
impair or affect the liability of any Guarantor to the Administrative Agent or
any Lender under its respective Guaranty, (ii) prejudice, waive, or be construed
to impair, affect, prejudice or waive the rights and abilities of the
Administrative Agent or any Lender at law, in equity or by statute, against any
Guarantor pursuant to its respective Guaranty,
and/or (iii) release or discharge, nor be construed to release or discharge, any
of the Guarantor Obligations owing to the Administrative Agent or any Lender by
any Guarantor under its respective Guaranty; and (f)
represents  and  warrants  that  each of
the representations 

       

      
        
          
          

        

        
          - 1
-

          
            

          

        

        
          
          
and
warranties made by such Guarantor in any of the documents executed in connection
with the Credit Agreement remains true and correct as of the date
hereof.

      

       

      [SIGNATURE
PAGE TO FOLLOW]

       

      
        
          
            
              	 
      	 
      	
                       

                    

            

            

          

           

        

        
          - 2
-

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the undersigned have executed this Affirmation as of the 1st
day of April, 2008.

       

      

      
        	
                GUARANTORS:

                 

                HURON
      CONSULTING GROUP HOLDINGS LLC,

                a
      Delaware limited liability company

                 

                By:  /s/ Gary L. Burge                                       

                Name:  Gary L. Burge                                        

                Title:  CFO                                                          

                 

              
	
                HURON
      CONSULTING SERVICES LLC,

                a
      Delaware limited liability company

                                                                                          

                
                  By:  /s/ Gary L. Burge                                       

                  Name:  Gary L. Burge                                        

                  Title:  CFO                                                          

                

                 

              
	
                WELLSPRING
      MANAGEMENT SERVICES LLC, formerly known as SPELTZ & WEIS
      LLC,

                a
      Delaware limited liability company

                                       

                
                  
                    By:  /s/ Gary L. Burge                                       

                    Name:  Gary L. Burge                                        

                    Title:  CFO                                                          
                                               

                

              
	
                HURON  (UK) LIMITED,
      a UK limited liability

                company

                                                          

                
                  By:  /s/ Gary L. Burge                                       

                  Name:  Gary L. Burge                                        

                  Title:  CFO                                                                                            

                

                 

              

      

      
        
          
            
              	 
      	 
      	
                       

                    

            

            

          

           

        

        
          - 3
-

          
            

          

        

        
           

        

      

      

      
        	
                AAXIS TECHNOLOGIES,
      INC., a Virginia corporation

                                                                                        

                
                  By:  /s/ Gary L. Burge                                       

                  Name:  Gary L. Burge                                        

                  Title:  CFO                                                           

                

                 

              
	
                FAB ADVISORY SERVICES, LLC,
      an Illinois limited liability company

                 

                
                  
                    
                      By:  /s/ Gary L. Burge                                       

                      Name:  Gary L. Burge                                        

                      Title:  CFO                                                           

                    

                  

                

                 

              
	
                GLASS & ASSOCIATES,
      INC., a Delaware

                corporation

                                  

                
                  
                    By:  /s/ Gary L. Burge                                       

                    Name:  Gary L. Burge                                        

                    Title:  CFO                                                           

                  
                                                       

              
	
                GLASS EUROPE LIMITED,
      

                a
      United Kingdom Private Company

                                                         

                
                  
                    By:  /s/ Gary L. Burge                                       

                    Name:  Gary L. Burge                                        

                    Title:  CFO                                                           

                  
                                  

              
	
                WELLSPRING PARTNERS, LTD.,
      a Delaware corporation

                                                          

                
                  
                    By:  /s/ Gary L. Burge                                       

                    Name:  Gary L. Burge                                        

                    Title:  CFO                                                           

                  
                              

              

      

      

      
        
          
          

        

        
          - 4
-

          
            

          

        

        
          
          

        

      

      
        	
                WELLSPRING VALUATION,
      LTD., a Delaware corporation

                 

                
                  
                    By:  /s/ Gary L. Burge                                       

                    Name:  Gary L. Burge                                        

                    Title:  CFO                                                           

                  

                

                 

              
	
                KABUSHIKI KAISHA HURON
      CONSULTING

                GROUP, a Japan business
      corporation

                 

                
                  By:  /s/ Gary
      E. Holdren                             

                  Name:  Gary E. Holdren                              

                  Title:  Director                                              

                

                 

              
	
                HURON DEMAND LLC, a
      Delaware limited liability company

                 

                
                  
                    By:  /s/ Gary L. Burge                                       

                    Name:  Gary L. Burge                                        

                    Title:  CFO                                                           

                  

                

                 

              

      

      

      
        
          
            
              	 
      	 
      	
                       

                    

            

            

          

           

        

        
          - 5
-

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