Document:

SpectRx Inc - Exhibit 4.1 - Amended and Restated Loan Agreement

EXHIBIT 4.1

AMENDED AND RESTATED LOAN AGREEMENT

BY AND AMONG

SPECTRX, INC.,

THE AGENT

AND

THE NOTEHOLDERS NAMED HEREIN

 

	TABLE OF CONTENTS

 

	
			 	PAGE
	
				SECTION 1	DEFINITIONS	2
	 	 	 
	
				SECTION 2	LOANS	7
	2.1	Loans and Issuance of Convertible
				Notes	7
	2.2	Security
				Agreement and Pledge Agreement	7
	2.3	Conversion of Convertible Notes	7
	2.4	Warrants	9
	2.5	Private Offering	9
	2.6	Prepayment	10
	 	 	 
	
				SECTION 3	CLOSING;
				DELIVERY	10
	3.1	Closing	10
	3.2	Delivery	10
	3.3	Subsequent Closings	10
	 	 	 
	SECTION 4	REPRESENTATIONS AND WARRANTIES
				OF THE COMPANY	11
	4.1	Organization and
				Standing	11
	4.2	Corporate Power	11
	4.3	Subsidiaries	11
	4.4	Authorization	11
	4.5	Reports and
				Financial Statements	12
	4.6	Securities Laws	12
	4.7	Public Offering	12
	4.8	No Conflicts	12
	4.9	Consents and
				Approvals	13
	4.10	Litigation; Proceedings	13
	
				4.11	No Default or
				Violation	13
	4.12	Intellectual Property Rights	13
	
				4.13	Title 	14
	4.14	Permits	14
	
				4.15	Environmental	14
	4.16	Insolvency	14
	
				4.17	Insurance	15
	4.18	Tax Status	15
	
				4.19	Accounting
				Controls	15
	4.20	Sarbanes-Oxley Act	15
	
				4.21	Investment
				Company Status	15
	4.22	Usury	15
	
				4.23	Reservation of
				Shares	15
	 	 	 
	
				SECTION 5	COVENANTS OF
				THE COMPANY	16
	5.1	Rank	16
	5.2	Integration	16
	5.3	Liens	16
	5.4	Redemption	16
	5.5	Asset Sales	16
	5.6	Participation
				Rights	16
	5.7	Information	17
	5.8	Inspection	17
	5.9	Notice of Event Default	18
	
				5.10	Securities Law
				Compliance	18
	5.11	Reservation of Common Stock	18
	
				5.12	Use of Proceeds	18
	5.13	CEO	19
	
				5.14	Name Change	19
	5.15	Option Pool	19
	
				5.16	Board and
				Charter Matters	19
	5.17	Registration; Compliance with the
				Securities Act; Indemnification	19
	 	 	 
	SECTION 6	REPRESENTATIONS AND WARRANTIES
				AND COVENANTS OF THE NOTEHOLDERS	23
	6.1	Experience	23
	6.2	Investment Intent	23
	6.3	Accredited
				Investor	23
	6.4	Rule 144	23
	6.5	Access to
				Information	24
	6.6	Organization; Authorization	24
	6.7	Enforcement	24
	6.8	Brokers or Finders	24
	6.9	Legend	25
	6.10	Governmental Review	25
	
				6.11	No Intent to
				Effect a Change of Control	25
	6.12	Residency	25
	
				6.13	No Reliance	25
	 	 	 
	
				SECTION 7	CONDITIONS TO
				CLOSING OF NOTEHOLDERS	26
	7.1	Representations and Warranties
				Correct	26
	7.2	Covenants	26
	7.3	No Injunction	26
	7.4	Adverse Changes	26
	7.5	Change of Control	26
	7.6	Compliance
				Certificate	26
	7.7	Secretary's Certificate	26
	 	 	 
	SECTION 8	CONDITIONS TO CLOSING OF
				COMPANY	26
	8.1	Representations
				and Warranties Correct	27
	8.2	Legal Matters	27
	8.3	Covenants	27
	8.4	Litigation	27
	8.5	Change of
				Control	27
	8.6	No Injunction	27
	 	 	 
	SECTION 9	DEFAULTS; REMEDIES	27
	9.1	Events of
				Default; Acceleration	27
	9.2	Remedies on Default, etc	28
	9.3	Remedies Not
				Exclusive	28
	 	 	 
	
				SECTION 10	DESIGNEES AND
				AGENTS	29
	10.1	Appointment, Powers and Immunities	29
	
				10.2	Reliance by
				Agent	29
	10.3	Events of Default	30
	
				10.4	Rights as a
				Noteholder	30
	10.5	Indemnification	30
	
				10.6	Non-Reliance on
				Agent and Other Noteholders	30
	10.7	Failure to Act	31
	
				10.8	Resignation or
				Removal of Agent	31
	10.9	Cooperation of Noteholders	31
	 	 	 
	SECTION 11	MISCELLANEOUS	31
	
				11.1	Governing Law	31
	11.2	Survival	31
	
				11.3	Successors and
				Assigns	31
	11.4	Entire Agreement; Amendment	32
	
				11.5	Notices, etc	32
	11.6	Delays or Omissions	32
	
				11.7	Expenses	32
	11.8	U.S. Withholding Income Tax	33
	
				11.9	Counterparts	33
	11.10	Severability	33
	
				11.11	Titles and
				Subtitles	33
	11.12	No Third Party Beneficiaries	33
	
				11.13	Independent
				Nature of Noteholders' Obligations and Rights	33
	11.14	Further Assurances	33
	
				11.15	Original
				Agreement	33

	

 

List of Schedules

Schedule 1Noteholders

Schedule 2Original Noteholders Paid-Off by the Company

Schedule of Exceptions

List of Exhibits

Exhibit AForm of Convertible Notes

Exhibit BWeighted Average Conversion Price Adjustment Terms

Exhibit CForm of Warrant

 

AMENDED AND RESTATED LOAN AGREEMENT

    This Amended and Restated Loan Agreement is made as of March 1, 2007 by and among SpectRx, Inc., a Delaware corporation located at 4955 Avalon Ridge Parkway, Suite 300, Norcross, Georgia 30071 (the "Company"), facsimile: (770) 242-8639, the various lenders identified and listed on Schedule 1 attached hereto (each referred to herein as a "Noteholder", and collectively as the "Noteholders") and Michael James, as agent for the Noteholders and successor to the Agent identified in the Original Agreement, the SpectRx Security Agreement, the Pledge Agreement and the Sterling Security Agreement (in such capacity, together with successors and assigns, the "Agent"), and amends and restates the Bridge Loan Agreement dated as of June 28, 2006 among the Company and the lenders identified therein, as amended (the "Original Agreement").

WITNESSETH:

    WHEREAS, pursuant to the Original Agreement, the Company issued and sold certain promissory notes (the "Bridge Notes") to the lenders party to the Original Agreement;

    WHEREAS, following the first Closing, the Company will pay in full in cash the Bridge Notes of certain lenders party to the Original Agreement and the GT Notes of certain GT Noteholders, with such lenders and the principal amounts of their respective Bridge Notes and GT Notes listed on Schedule 2 attached hereto as well as the Bridge Notes and the GT Notes held by any other lender who elects not to convert the note held by such lender into a Convertible Note (all such lenders being paid-off by the Company referred to herein as the "Exiting Noteholders");

    WHEREAS, the Company and all parties to the Original Agreement, other than the Exiting Noteholders, have determined to enter into this Agreement amending and restating the Original Agreement (with such parties to this Agreement who were lenders under the Original Agreement other than the Exiting Noteholders being referred to as the "Original Noteholders") to permit the following:
(i)amend and restate the Bridge Notes held by the Original Noteholders to extend the maturities thereof and provide other changes thereto, which notes are referred to herein as "Convertible Notes";

(ii)to issue and sell to certain Noteholders newly issued Convertible Notes, with such purchasers referred to herein as the "New Noteholders");

(iii)to issue to the GT Noteholders (defined below) newly issued Convertible Notes in exchange for their GT Notes as further described herein;

(iv)to issue to each of the Original Noteholders, New Noteholders and GT Noteholders (who collectively comprise the Noteholders hereunder) the Warrants (as defined below); and

(v)to enter into the other agreements contained herein relative to the Convertible Notes and Warrants;

    NOW, THEREFORE, the parties agree as follows:

SECTION 1

DEFINITIONS

    "Agent" has the meaning set forth in the first paragraph of this Agreement.

    "Agreement" means this Amended and Restated Agreement, as it may be amended from time to time.

    "Average Trading Price" is the weighted average intraday trading price of Company Common Stock as reflected on the OTC Bulletin Board.

    "Bridge Notes" has the meaning set forth in the recitals hereto.

    "Bylaws" means the Bylaws of each of the SpectRx Companies, as the case may be, in effect on the date hereof.

    "CERCLA" means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

    "Certificate of Incorporation" means the Certificate of Incorporation of each of the SpectRx Companies, as the case may be, in effect on the date hereof. 

    "Change of Control" means the occurrence of any of (a) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act), other than the Noteholders or any of their affiliates, of in excess of 50% of the voting securities of the Company, (b) a replacement of more than one half of the members of the Company's Board of Directors that is not approved by a majority of those individuals who are members of the Board of Directors on the date hereof, or their duly elected successors who are directors immediately prior to such transaction, in one or a series of related transactions, (c) the merger of the Company with or into another Person, unless the holders of the Company's securities immediately prior to the merger continue to hold at least 51% of such securities following such transaction, (d) the consolidation or sale of all or substantially all of the assets of the Company in one or a series of related transactions or (e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth above in clauses (a), (b), (c) or (d).

    "Closing" has the meaning set forth in Section 3.3.

    "CNDS" means the Company's Cervical Neoplasia Detection Device System.

    "Code" means the Internal Revenue Code of 1986, as amended.

    "Common Stock" means the Company's common stock, $0.001 par value per share.

    "Company" has the meaning set forth in the first paragraph of this Agreement.

    "Conversion Price" has the meaning set forth in Section 2.3.

    "Convertible Notes" has the meaning set forth in the Recitals.

    "Enforceability Limitations" has the meaning set forth in Section 4.4.

    "Environmental Laws" means all applicable federal, state and local laws or regulations, codes, orders, decrees, judgments or injunctions issued, promulgated, approved or entered thereunder, relating to pollution or protection of public or employee health and safety or the environment, including, without limitation, laws relating to (a) emissions, discharges, releases or threatened releases of Hazardous Materials into the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata), (b) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling of Hazardous Materials, and (c) underground and above ground storage tanks and related piping, and emissions, discharges, releases or threatened releases therefrom. 

    "Equity Financing" means a financing of the Company in which capital stock, securities convertible or exercisable into the Company's capital stock, debt convertible into such capital stock, or debt with options or warrants exercisable into such capital stock are offered; however, an Equity Financing shall exclude (i) the grant of options, warrants or other rights to purchase shares of Common Stock issued pursuant to a stock option plan approved by the Company's Board of Directors and the issuance of Common Stock upon exercise thereof, (ii) the issuance hereunder or at any time in the future of additional Convertible Notes and Warrants, and the issuance of Common Stock upon the conversion or exercise of initial or additional Convertible Notes and Warrants, (iii) the issuance of Common Stock upon any conversions of Series A Preferred Stock, (iv) the issuance of securities in connection with a business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or in connection with any other strategic transaction, or any financing or leasing transaction or a consulting relationship, and (v) securities offered pursuant to any employee benefit plan approved by the Board of Directors.

    "Event of Default" has the meaning set forth in Section 9.1 of this Agreement.

    "Exchange Act" means the Securities Exchange Act of 1934, as amended.

    "Exiting Noteholders" has the meaning set forth in the Recitals.

    "FDA" means the U.S. Federal Drug Administration.

    "GAAP" means generally accepted accounting principles.

    "GT" means Guided Therapeutics, Inc., a Delaware corporation.

    "GT Loans" means the thirteen loans dated February 2, 2006 in the aggregate principal amount of $1.5 million made to GT and guaranteed by Sterling.

    "GT Noteholders" means the holders of the GT Notes.

    "GT Notes" means the notes evidencing the GT Loans.

    "Hazardous Material" means (a) any "hazardous substance," as defined in CERCLA, (b) any "hazardous waste," as defined by the Resource Conservation and Recovery Act, as amended, (c) any petroleum or petroleum product, (d) any polychlorinated biphenyl and (e) any pollutant or contaminant or hazardous, dangerous or toxic chemical, material, waste or substance.

    "Indebtedness" means liabilities, obligations, guarantees and indebtedness of the Company, of any kind or nature, whether now or hereafter owing, arising, due or payable, howsoever evidenced, created, incurred, acquired or owing, and whether primary, secondary, direct, contingent, fixed or otherwise.

    "Intellectual Property Rights" means trademarks, trademark applications, trade names and service marks, whether or not registered, and all patents, patent applications, copyrights, copyright applications and related filings, computer software and programs, inventions, licenses, approvals, governmental authorizations, trade secrets and any other intellectual property and proprietary rights, including all rights to license and to sue for any past, present and future infringement relating to the above.

    "Lien" means any deed to secure debt, deed of trust, mortgage or similar instrument, and any lien, security interest, preferential arrangement which has the practical effect of constituting a security interest, security title, pledge, charge, encumbrance or servitude of any kind, whether by consensual agreement or by operation of statute or other law, and whether voluntary or involuntary, including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof.

    "Loans" has the meaning set forth in Section 2.1.

    "Majority Noteholders" means the holders of the Convertible Notes representing more than fifty percent of the then outstanding aggregate principal amount of the Convertible Notes.

    "Material Adverse Effect" means a material adverse effect on the business, results of operation, assets, prospects or financial condition of the SpectRx Companies, taken as a whole, or on the issuance of the Convertible Notes or the consummation of the transactions contemplated by the Transaction Documents.

    "Material Permits" has the meaning set forth in Section 4.14.

    "M&D" has the meaning set forth in Section 5.12(iii).

    "New Closing" has the meaning set forth in Section 3.1.

    "New Closing Date" has the meaning set forth in Section 3.1.

    "New Noteholders" has the meaning set forth in the Recitals.

    "New Qualified Securities" means the issuance and sale by the Company for proceeds of $5,000,000 or more, in one or more than one related transactions, of shares of any class or series of preferred stock having a preference and priority as to distribution of assets upon liquidation over all other then outstanding and future classes of capital stock, preferred or otherwise, of the Company, wherein the holders of the New Qualified Securities are afforded registration rights in respect of the Common Stock into which the New Qualified Securities convert that are in all material respects no less favorable to such holders as the registration rights granted under this Agreement in respect of the Common Stock issuable upon conversion of the Convertible Notes.  All required corporate action necessary to issue the New Qualified Securities, inclusive of any necessary shareholder approvals, are required to be obtained prior to the issuance of the New Qualified Securities.

    "Noteholder" has the meaning set forth in the first paragraph of this Agreement and includes the Noteholder's successors and assigns.

    "Notice of Default" has the meaning set forth in Section 10.3.

    "Original Agreement" has the meaning set forth in the first paragraph of this Agreement.

    "Original Noteholder" has the meaning set forth in the recitals to this Agreement.

    "Permitted Encumbrances" means (a) Liens for taxes not yet due and payable or being actively contested; (b) carriers', warehousemen's mechanics, materialmen's, repairmen's or other like Liens arising in the ordinary course of business, payment for which is not yet due or which are being actively contested in good faith and by appropriate, lawful proceedings; (c) pledges or deposits in connection with worker's compensation, unemployment insurance and other social security legislation; (d) Liens in favor of Minolta Business Solutions existing as of the date of this Agreement; (e) any Liens that rank junior to the security interest created in favor of the Noteholders pursuant to Section 2.2 of this Agreement.

    "Permitted Indebtedness" means any (a) Indebtedness existing on the date of this Agreement, including the GT Loans; (b) any Indebtedness of the Company or any of its subsidiaries, by written agreement in form and substance reasonably satisfactory to the Agent, subordinated in right of payment and claim, to the rights of payment and claims under the Convertible Notes; (c) trade payables and contractual obligations to suppliers and customers incurred in the ordinary course of business; (d) deferred taxes; (e) any salary deferral or reduction; and (f) any other Indebtedness up to $50,000 in the aggregate.

    "Person" means a court or other federal, state, local or other governmental authority, regulatory or self regulatory agency, individual, partnership, corporation, limited liability company, joint stock company, association, trust, or unincorporated organization.

    "Pledge Agreement" means that certain Pledge Agreement executed by the Company on June 28, 2006 pursuant to the Original Agreement. 

    "PMA" means written pre-market approval from the FDA.

    "Prospectus" has the meaning set forth in Section 5.17(c).

    "Registration Statement" has the meaning set forth in Section 5.17(a).

    "SEC" means the Securities and Exchange Commission.

    "SEC Reports" has the meaning set forth in Section 4.5.

    "Securities Act" means the Securities Act of 1933, as amended.

    "Series A Condition" has the meaning set forth in Section 2.3(c). 

    "Series A Preferred Stock" means the Company's Series A Preferred Stock, $0.001 par value per share.

    "SpectRx Companies" means, collectively, the Company, GT and Sterling.

    "SpectRx Security Agreement" means that certain Security Agreement executed by the Company on June 28, 2006 pursuant to the Original Agreement. 

    "SpectRx Subsidiaries" means, collectively, GT and Sterling.

    "SpectRx Transaction Documents" means this Agreement, the Convertible Notes, the Warrants, the SpectRx Security Agreement, the Pledge Agreement, and any other agreements and instruments required to be executed and delivered in connection herewith and therewith by the Company.

    "Sterling" means Sterling Medivations, Inc., a Delaware corporation, d/b/a Simple Choice.

    "Sterling Guaranty" means that certain Guaranty executed by Sterling on June 28, 2006 pursuant to the Original Agreement.

    "Sterling Security Agreement" means that certain Security Agreement executed by Sterling on June 28, 2006 pursuant to the Original Agreement.

    "Sterling Transaction Documents" means the Sterling Guaranty, the Sterling Security Agreement and the agreements and instruments required to be executed and delivered in connection therewith by Sterling.

    "Subsequent Closing" has the meaning set forth in Section 3.3.

    "Transaction Documents" means, collectively, the SpectRx Transaction Documents and the Sterling Transaction Documents.

    "Underlying Stock" means the Common Stock into which a Noteholders' Note(s) are convertible and Warrants are exercisable.

    "Warrant" has the meaning set forth in Section 2.4.

    "Warrant Value" means $0.005.

 

SECTION 2

LOANS

    The Company and the Noteholders covenant and agree as follows:

    2.1Loans and Issuance of Convertible Notes.  Each of the Original Noteholders held a Bridge Note or Bridge Notes having made loans to the Company in the aggregate principal amounts and on the dates set forth next to that Original Noteholder's name on Schedule 1, and on the date hereof have agreed that their Bridge Notes have been amended and restated and reissued in the form of and as Convertible Notes (as defined below).  Each such Original Noteholder hereby waives the right of such Noteholder to the 10-day notice set forth in Section 5.8 of the Original Agreement relating to the issuance hereunder of the Convertible Notes and Warrants.  Each of the New Noteholders has, on the date hereof, made loans to the Company, or on Subsequent Closing will make loans, in the aggregate principal amount set forth next to that New Noteholders' name on Schedule 1.  On the date hereof each of the GT Noteholders held GT Notes having made loans to GT in the aggregate principal amounts and on the dates set forth next to that GT Noteholders' name on Schedule 1 and on the date hereof have agreed that their GT Notes have been exchanged for Convertible Notes.  Each of the loans described hereinabove is referred to herein as a "Loan" and collectively the "Loans".  Each Loan will be evidenced by a 13% Senior Secured Convertible Note payable to the order of the Noteholder in the aggregate principal amount of the Loan in the form attached hereto as Exhibit A, which note is referred to herein as a "Convertible Note".  The Company has issued, and will issue, to each Original Noteholder, upon surrender of such Original Noteholder's Bridge Note, a Convertible Note with that new principal amount set forth next to that Original Noteholder's name on Schedule 1 and bearing interest from the date of issuance of such Convertible Note.  The Company has issued, and will issue, to each New Noteholder a Convertible Note in the same principal amount as the amount of the Loan made in cash by such New Noteholder and bearing interest from the date of issuance of such Convertible Note.  The Company has issued, and will issue, to each GT Noteholder upon surrender for exchange of such GT Noteholder's GT Note, a Convertible Note with that new principal amount set forth next to that GT Noteholder and bearing interest from the date of issuance of such Convertible Note.

    2.2Security Agreement and Pledge Agreement.  The Convertible Notes will be senior secured obligations of the Company ranking senior to all existing and future Indebtedness of the Company and secured by (a) a first lien on all assets of the Company pursuant to the SpectRx Security Agreement; (b) a pledge on all issued and outstanding stock of the SpectRx Subsidiaries pursuant to the Pledge Agreement; (c) a guaranty of the SpectRx obligations pursuant to the Sterling Guaranty; and (d) a lien on all assets of Sterling to secure the Sterling Guaranty pursuant to the Sterling Security Agreement.  

    2.3Conversion of Convertible Notes.

	
		(a)     (i)The outstanding principal of, and the accrued and unpaid interest on, each Convertible Note shall be converted at any time at the election of the Noteholder into that number of shares of Common Stock of the Company as equals the amount being converted divided by $0.65 (as adjusted and provided herein below, the "Conversion Price").

		        (ii)The Convertible Notes shall automatically be converted into Common Stock of the Company at the Conversion Price applicable on the conversion date at the election of the Company on a date at least thirty days after the Company has given notice to each Noteholder of the Company's decision to convert; however, the Company may not make any election to convert all or a portion of the Convertible Notes unless the following has occurred:  the Average Trading Price for a period of at least thirty (30) consecutive trading days immediately prior to the Company sending the notice of conversion is equal to or greater than two times the initial Conversion Price.

		        (iii)Upon the closing by the Company of the issuance and sale of New Qualified Securities, each Convertible Note shall automatically be exchanged for New Qualified Securities wherein,

		
			
				(A)the Noteholder in respect of any Convertible Note so exchanged will receive New Qualified Securities having a liquidation preference equal to the principal amount and accrued but unpaid interest under the Convertible Note; and

				(B)the conversion price for the New Qualified Securities received by the Noteholder will equal eighty-three and one-third percent (or 0.8333 if expressed as a decimal (which is the inverse of 1.20, or 120%)) of the Conversion Price of the Convertible Notes in effect immediately prior to the issuance of the New Qualified Securities (or if lower, will equal the conversion price for the New Qualified Securities); to the extent necessary (only) to accomplish the foregoing in respect of the conversion price, the Noteholders will receive New Qualified Securities of a separate class of New Qualified Securities.  By way of example, if a New Noteholder holds a Convertible Note in the principal amount of $1,000, with accrued interest of $100, the New Qualified Securities will convert into 2,030 whole shares of Common Stock, plus a payment would be owed in respect of a fractional share [$1,100 ÷ (0.65 x 0.8333)].  By way of further example, if a total of $1,300 was due under the Convertible Note (both principal and interest), instead of converting into 2,000 shares of Common Stock (under the Conversion Price under the Convertible Note), the New Qualified Securities shall convert into 2,400 shares of Common Stock [$1,300 ÷ (0.65 x 0.8333)] (which provides 20% more Common shares).

			

		

	

	        (b)Any Noteholder may, at any time after the initial filing of the Registration Statement as set forth in Section 5.17(a) below, convert a portion or the entirety of his or its outstanding Convertible Notes.  Before any Noteholder shall be entitled to convert its Convertible Note into Common Stock the Noteholder shall surrender the Convertible Note endorsed for transfer to the Company or its designated transfer agent and shall give written notice of its election to convert, including the name or names in which the Common Stock certificates are to be issued.  The Company shall as soon as practicable thereafter issue and deliver to such Noteholder or the designated Persons a certificate or certificates for the number of shares of Common Stock into which the Convertible Note or percentage thereof is being converted and, if applicable, a new Convertible Note for the unconverted principal and unpaid interest; however, the conversion shall be deemed to have occurred and the Person(s) designated to receive the Common Stock shall be a record holder(s) thereof on the date of surrender by the Noteholder with appropriate instructions.  In the event of an automatic conversion, the Company shall provide to each Noteholder instructions for the surrender of its Convertible Note for conversion into Common Stock and for designation of Persons to receive Common Stock.  The conversion shall be deemed to have been made and the Person(s) to receive the Common Stock shall be a record holder(s) thereof on the date designated by the Company for the automatic conversion if the Convertible Note has been appropriately surrendered for conversion or such later date as it is so surrendered.

	        (c)The Conversion Price shall be adjusted on a full ratchet basis (for so long the Company's then issued and outstanding shares of Series A Preferred Stock comprises at least 10% of the fully diluted equity of the Company and continues to have a conversion price that adjusts (as it currently does) on a full ratchet basis (the "Series A Condition"), that is, if the Company issues any Common Stock or securities or debt convertible into or exchangeable for Common Stock or right to acquire such securities or debt at a price below the Conversion Price then in effect, then the Conversion Price shall be reduced to the price of that new issuance.  If the Series A Condition ceases to be applicable, then the Conversion Price shall be adjusted on a standard weighted average basis pursuant to the terms which shall govern same provided in
	Exhibit B attached hereto.  The Conversion Price shall also be adjusted proportionately for any stock dividends, stock splits, reverse stock splits, consolidations and the like in respect of the Company's Common Stock.  Notwithstanding the foregoing, there shall be no adjustment of the Conversion Price as a result of any of the following:  (i) the grant of options, warrants or other rights to purchase shares of Common Stock issued pursuant to a stock option plan approved by the Company's Board of Directors and the issuance of Common Stock upon exercise thereof, (ii) the issuance hereunder or at any time in the future of additional Convertible Notes and Warrants, and the issuance of Common Stock upon the conversion or exercise of initial or additional Convertible Notes and Warrants, (iii) the issuance of Common Stock upon any conversions of Series A Preferred Stock, (iv) the issuance of securities in connection with a business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or in connection with any other strategic transaction, or any financing or leasing transaction or a consulting relationship, and (v) securities offered pursuant to any employee benefit plan approved by the Board of Directors.

    2.4Warrants.  Upon the issuance of any Convertible Note, the Company shall issue and deliver to the Noteholder in respect thereof a warrant to purchase Company Common Stock in the form attached to this Agreement as Exhibit C (the "Warrant").  Each Noteholder will receive a warrant to purchase the number of shares into which the Convertible Note(s) in respect of which it is issued are convertible.  The exercise price for a share of Common Stock issuable upon exercise of the Warrant shall be $0.78 per share.  The Warrants will be exercisable through March 1, 2012, at which time they will expire.  For purposes of Regulation 1.1273-2 promulgated under Section 1273 of the Code, the fair market value of a Warrant shall be the number of shares into which it is exercisable on the day of issuance multiplied by the Warrant Value.  The Company and the Noteholders agree to use the Warrant Value for U.S. federal tax purposes with respect to the transactions contemplated by this Agreement (unless otherwise requested by a final determination of the Internal Revenue Service or a court of competent jurisdiction).

    2.5Private Offering.  The Convertible Notes and the Warrants have been, and will be, offered and sold to the Noteholders without registration under the Securities Act, in reliance upon the exemption from registration provided by Rule 506 of Regulation D or under Section 4(2) of the Securities Act.

    2.6Prepayment.  The Company may at any time elect to prepay, without penalty, the outstanding amount of the Convertible Notes including any unpaid accrued interest, in whole or in part, by giving a five (5) business- day written notice to the holders of the Convertible Notes, provided however in the event that, within 60 days succeeding the date of any such prepayment, the Average Trading Price for ten (10) consecutive days exceeds 150% of the Average Trading Price on the day of such prepayment, then the Company shall pay a penalty to the holders of the Convertible Notes that were prepaid an amount equal to the difference between the two measurement prices for each share to which such holders would have been entitled had the Convertible Notes been converted rather than prepaid.  Any prepayments must be applied pro-rata to all outstanding Convertible Notes.  Such prepayments must be in a minimum amount of $250,000, or an integral multiple thereof (except for a prepayment in full of all remaining Convertible Notes).

 

SECTION 3

CLOSING; DELIVERY

    3.1Closing.  All closings of loans, and issuance of the Bridge Notes, under the Original Agreement were from June 28, 2006 to January 23, 2007.  Subject to the provisions of Section 3.3, the issuance of Convertible Notes and Warrants under this Agreement will take place at up to two closings, one on the date of, and simultaneously with, the execution and delivery of this Agreement, and the other on March 7, 2007 or such other later date as agreed by the Company and the Agent together the "New Closing".  The date of any Closing constituting a New Closing is defined herein as the "New Closing Date."  At the New Closing occurring on March 7, 2007, the Company shall amend Schedule 1 to include the Loans then being made and Schedule 2 to identify all Exiting Noteholders as of the New Closing.

    3.2Delivery.  At each Closing comprising the New Closing, the Company will deliver to each Noteholder participating in that closing a Convertible Note in the aggregate principal amount as provided for in Schedule 1 hereof against payment of the purchase price therefor in the case of New Noteholders, or in exchange for cancellation or restatement of a Bridge Note or GT Note, in the case of an Original Noteholder or GT Noteholder, respectively, as the case may be.  At each Closing comprising the New Closing, the Company will issue and deliver to each Noteholder a Warrant to purchase that number of shares of Common Stock as determined pursuant to Section 2.4.

    3.3Subsequent Closings.  The Company may issue and sell additional Convertible Notes to investors at one or more closings subsequent to the New Closing (each a "Subsequent Closing"), provided that each of the then existing Noteholders be given the right of first refusal to participate in any additional Convertible Notes issued and sold on a basis pro rata to the principal amount of such Noteholders in relation to all then outstanding Convertible Notes.  The sale and issuance of Convertible Notes at each Subsequent Closing shall be on the terms set forth in this Agreement.  Each Noteholder shall execute an agreement agreeing to be bound by this Agreement and the other Transaction Documents at such closing and the Company shall amend Schedule 1 to include the additional Convertible Notes sold under each Subsequent Closing.  The New Closing, and each Subsequent Closing are individually referred to as a "Closing" and collectively, the "Closings".

 

SECTION 4

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

    Except as set forth on the Schedule of Exceptions attached hereto, as of the date of each Closing, the Company represents and warrants to each Noteholder participating in that Closing as follows:

    4.1Organization and Standing.  The Company is a corporation duly organized and validly existing under, and by virtue of, the laws of the State of Delaware and is in good standing under such laws.  The Company has requisite power and authority to own and operate its properties and assets and to carry on its business as presently conducted and as proposed to be conducted.  The Company is not presently qualified to do business as a foreign corporation in any jurisdiction other than Georgia.

    4.2Corporate Power.  The Company has all requisite legal and corporate power and authority to execute and deliver the Transaction Documents, to sell and issue the Convertible Notes and the Warrants, and to carry out and perform its obligations under the terms of the Transaction Documents.

    4.3Subsidiaries.  The Company has no subsidiaries or affiliated companies except GT and Sterling and does not otherwise own or control, directly or indirectly, any equity interest in any corporation, association or business entity.  

	
		(a)GT is a corporation duly organized and existing under the laws of Delaware and is not qualified to do business as a foreign corporation in any other jurisdiction.  All issued and outstanding shares of capital stock of GT are owned of record and beneficially by the Company.  Each such outstanding share is validly issued, fully paid and nonassessable and was issued in accordance with applicable Federal and state securities laws.  GT has not granted any options or rights to acquire or granted a security interest in or pledged any of its capital stock or securities, debt or obligations convertible or exercisable into capital stock.

		(b)Sterling is a corporation duly organized and existing under the laws of Delaware and is not qualified to do business as a foreign corporation in any other jurisdiction.  All issued and outstanding shares of capital stock of Sterling are owned of record and beneficially by the Company.  Each such outstanding share is validly issued, fully paid and nonassessable and was issued in accordance with applicable Federal and state securities laws.

	

    4.4Authorization.  All corporate action on the part of each of the Company and its officers, directors and stockholders necessary for the authorization, execution, delivery and performance of this Agreement, the issuance of the Convertible Notes, the issuance of the Warrants and the performance of all of the Company's and Sterling's obligations under the Transaction Documents, as applicable, have been taken or will be taken prior to the New Closing.  Each of the SpectRx Transaction Documents, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to the laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies (the "Enforceability Limitations").  Each of the Sterling Transaction Documents executed and delivered by Sterling in connection with the Original Agreement constitute valid and binding obligations of Sterling, enforceable in accordance with their terms, subject to Enforceability Limitations.

    4.5Reports and Financial Statements.  Each of (a) the Company's Quarterly Reports on Form 10-QSB for the quarters ended March 31, 2006, June 30, 2006 and September 30, 2006, (b) the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005, (c) the definitive proxy statement for the Company's 2006 annual meeting of stockholders and (d) any Current Reports on Form 8-K filed with the SEC by the Company since January 1, 2006 (as such documents have since the time of their filing been amended or supplemented, the "SEC Reports") did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case, at the time of filing (or the time of subsequent amendment or supplement, in the case of any SEC Reports that have been subsequently amended or supplemented).  The audited consolidated financial statements and unaudited interim consolidated financial statements (including, in each case, the notes, if any, thereto) included in the SEC Reports complied in all material respects with the published rules and regulations of the SEC with respect thereto, were prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except as may be indicated therein or in the notes thereto and except with respect to unaudited statements as permitted by Form 10-QSB of the SEC) and fairly present (subject, in the case of the unaudited interim financial statements, to year end audit adjustments and the absence of notes thereto) the consolidated financial position of the Company as at the respective dates thereof and the consolidated results of its operations and cash flow for the respective periods then ended.

    4.6Securities Laws.  The offer, sale and issuance of the Convertible Notes, and the offer, sale and issuance of the Warrants are exempt from registration under the Securities Act and from registration and qualification under applicable state securities laws.  Neither the Company nor anyone acting on its behalf has, directly or through any agent during the six-month period ending on the date of this Agreement, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) in a manner that would cause the offer and sale of the Convertible Notes not to be entitled to the exemption afforded by Rule 506 of Regulation D, or under Section 4(2) of the Securities Act.

    4.7Public Offering.  Neither the Company nor anyone acting on its behalf has engaged, in connection with the sale of the Convertible Notes (a) in any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or (b) in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act.

    4.8No Conflicts.  The execution, delivery and performance of the Transaction Documents by the Company and Sterling, as applicable, and the consummation by the Company and Sterling of the transactions contemplated in the Transaction Documents, as applicable, do not and will not (a) conflict with or violate any provision of their Certificates of Incorporation or Bylaws, (b) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to other Persons any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, license, note or instrument (evidencing a debt of the Company, GT or Sterling or otherwise) to which either the Company, GT or Sterling (as applicable) is a party or by which any property or asset of the Company or Sterling is bound or affected or (c) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which any of the SpectRx Companies (as applicable) is subject or by which any material property or asset of the Company is bound or affected.

    4.9Consents and Approvals.  None of the SpectRx Companies is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any Person in connection with the execution, delivery and performance by the Company and Sterling of the Transaction Documents, as applicable, and any filings, notices or registrations under applicable state securities laws, other than any filings, notices or registrations under Regulation D of the Securities Act and applicable state securities laws.

    4.10Litigation; Proceedings.  Except as otherwise disclosed in the Company's filings with the SEC, there is no action, suit, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting any of the SpectRx Companies or any of its assets or properties before or by any court, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) or any arbitrator, which adversely affects the legality, validity or enforceability of any Transaction Document.

    4.11No Default or Violation.  Except as otherwise disclosed in the Company's filings with the SEC none of the SpectRx Companies is in (a) violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court, arbitrator or governmental authority applicable to it, or (b) violation of any law, statute, ordinance, rule or regulation of any governmental authority to which it is subject.  None of the SpectRx Companies is in default under or in violation of its Certificate of Incorporation or Bylaws.  Neither the business of the Company nor the business of Sterling is being conducted, and no business of any of the SpectRx Companies shall be conducted, in violation of any law, statute, ordinance, rule or regulation of any governmental authority, except where such violations have not resulted or are not reasonably likely to result, individually or in the aggregate, in a Material Adverse Effect. 

    4.12   
Intellectual Property Rights.  Each of the Company and Sterling
owns or possesses adequate rights or licenses to use all Intellectual Property
Rights that are material to its business, as now conducted or as proposed to be
conducted and as described in the SEC Reports.  To the knowledge of the Company,
neither the Company nor Sterling has infringed or is infringing on any of the
Intellectual Property Rights (excluding the right to license or sue for
infringement) of any Person and, except as disclosed in the Company's SEC
Reports, there is no claim, action or proceeding which has been made or brought,
or to the Company's knowledge, is being made, brought or threatened, which
involves any Intellectual Property Rights of the Company or Sterling or
infringement or alleged infringement by the Company or Sterling of any
Intellectual Property Rights of any Person.  Each of the Company and
Sterling has taken reasonable security measures to protect the secrecy,
confidentiality and value of all of its Intellectual Property Rights.  The
Intellectual Property Rights of the Company and Sterling are valid and
enforceable.

    4.13Title.  Each of the Company and Sterling has good and marketable title in fee simple to all real property and personal property owned by it which is material to its business, in each case free and clear of all liens and encumbrances, except for liens that do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or Sterling and those liens set forth on Schedule 4.13.  Any real property and facilities held under lease by the Company or Sterling are held by it under valid, subsisting and enforceable leases, with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and facilities by the Company or Sterling.

    4.14Permits.  Each of the Company and Sterling possesses all certificates, authorizations, licenses, easements, consents, approvals, orders and permits necessary to own, lease and operate its properties and to conduct its business as currently conducted, except where the failure to possess such permits could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect (collectively, "Material Permits"), and there is no claim, action or proceeding pending, or, to the knowledge of the Company, threatened relating to the revocation, modification, suspension or cancellation of any Material Permit.  Neither the Company nor Sterling is in conflict with, in default under, or in violation of, any Material Permit.

    4.15Environmental.  Except as described in the SEC Reports or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (a) each of the Company and Sterling is in compliance with and not subject to any known liability under applicable Environmental Laws (as defined below), (b) each of the Company and Sterling has made all filings and provided all notices required under any applicable Environmental Law, and has, and is in compliance with, all permits required under any applicable Environmental Laws and each of them is in full force and effect, (c) (i) there is no pending civil, criminal or administrative action, or pending hearing or suit, (ii) neither the Company nor Sterling has received any demand, claim, or notice of violation and (iii) to the knowledge of the Company , there is no investigation, proceeding, notice or demand letter or request for information threatened against the Company or Sterling in the case of (i), (ii) and (iii), under any Environmental Law, (d) no lien, charge, encumbrance or restriction has been recorded under any Environmental Law with respect to any assets, facility or property owned, operated, leased or controlled by the Company or Sterling, (e) neither the Company nor Sterling has received notice that it has been identified as a potentially responsible party under CERCLA, or any comparable state law, (f) no property or facility currently or formerly owned or leased by the Company or Sterling is (i) listed or, to the knowledge of the Company, proposed for listing on the National Priorities List under CERCLA or is (ii) listed in the Comprehensive Environmental Response, Compensation, Liability Information System List promulgated pursuant to CERCLA, or on any comparable list maintained by any state or local governmental authority.

    4.16Insolvency.  After giving effect to the execution and delivery of this Agreement, the other Transaction Documents and the making of any disbursements under the Convertible Notes, the Company will not be "insolvent" within the meaning of §101(32) of the Bankruptcy Code or any other applicable law and will not be "insolvent" as used in Section 548 of the Bankruptcy Code or be unable to pay its debts generally as such debts become due.  The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any bankruptcy or receivership law, and to its knowledge, no creditor of the SpectRx Companies intends to initiate involuntary bankruptcy proceedings with respect to any of the SpectRx Companies.

    4.17Insurance.  Each of the Company and Sterling is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the business in which each of the Company and Sterling is engaged.  The Company has no reason to believe that it or Sterling will not be able to renew its existing insurance coverages as and when such coverages expire or to obtain similar coverage from similar insurers as may be necessary to continue its business, at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business or operations of the Company, taken as a whole.

    4.18Tax Status.  Each of the Company and Sterling has made or filed all federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith.  There are no unpaid taxes in any material amount claimed to be due from the Company or Sterling by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.

    4.19Accounting Controls.  SpectRx and Sterling maintain systems of internal accounting controls sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management's general or specific authorizations; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (c) access to assets is permitted only in accordance with management's general or specific authorization; and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

    4.20Sarbanes-Oxley Act.  The Company is in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith, including Section 402 related to loans.

    4.21Investment Company Status.  The Company is not an "investment company," a company controlled by an "investment company" or an "affiliated person" of, or "promoter" or "principal underwriter" for, an "investment company" as such terms are defined in the Investment Company Act of 1940, as amended.

    4.22Usury.  The Transaction Documents when enforced in accordance with their terms, without the need to apply Section 8 of the Convertible Notes, do not violate any law or regulation of the State of Georgia with respect to usury.

    4.23Reservation of Shares.  The Company has reserved from its authorized but unsecured shares of Common Stock sufficient shares of Common Stock to permit the conversion of all Convertible Notes and the exercise of all Warrants that will be outstanding upon the New Closing.

 

SECTION 5

COVENANTS OF THE COMPANY

    So long as the Convertible Notes are outstanding, the Company hereby covenants to the Noteholders as follows; provided, however, that any action in contravention of this Section 5 will be permitted if consented by the Agent or the Majority Noteholders.

    5.1Rank.  Excluding Permitted Indebtedness as defined in clauses (b) through (f) of that definition, (i) the Convertible Notes will rank senior in right of payment to all existing and future Indebtedness of the Company, and (ii) the Company will cause the Convertible Notes to rank senior in right of payment to all existing and future Indebtedness of GT and Sterling.5.2Integration.  Neither the Company nor anyone acting on its behalf will offer, sell or solicit offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) in a manner that would cause the offer and sale of the Convertible Notes and the offer and sale of the Warrants to fail to be entitled to the exemption afforded by Rule 506 of Regulation D, or under Section 4(2) of the Securities Act.    5.3Liens.  The Company will not, and will cause each of GT and Sterling not to, create, assume, or suffer to exist any Lien on any of its property, except for Permitted Encumbrances and the Liens under the SpectRx Security Agreement, the Pledge Agreement and the Sterling Transaction Documents.

    5.4Redemption. The Company will
not purchase, redeem, or otherwise acquire for value any of its shares of any
class of capital stock.

    5.5Asset Sales.  The Company will not, and will cause each of the SpectRx Subsidiaries not to, sell, license or otherwise dispose of or transfer any of its properties to or in favor of any Person, except for (a) sales of products in the ordinary course of the Company's business, (b) sales or dispositions in one or a series of related transaction with an aggregate sale price of less than $100,000, (c) the disposition of any assets of the Company or Sterling that are obsolete, worn-out or unsuitable for continued use, or (d) provided it is approved by the Company's Board of Directors, the sale of the Company's Simple Choice business unit and related intellectual property.  In the event of any sales permitted under this Section 5.5, the Noteholders shall, upon the request and at the expense of the Company, forthwith release all of its liens and security interests in the assets to be sold and shall execute, if necessary, and deliver all UCC termination statements and/or other documents reasonably requested.

    5.6Participation Rights.  The Company hereby grants to each Noteholder the right to invest in any Equity Financing an amount equal to that required to maintain its pro rata equity ownership based on the number of shares into which such Noteholder's Convertible Notes are then convertible into on the same terms and conditions as the other investors in the Equity Financing, except the Noteholder may pay for the securities by exchanging that portion of the Noteholder's Convertible Note(s).  The rights set forth in this Section 5.6 are subject to pro ration among the Noteholders based on the principal amounts of their Convertible Notes outstanding if the Equity Financing is too small to accommodate all investments that the Noteholders have elected to make pursuant to this Section 5.6 and subject to any preemptive rights or rights of first refusal held by the holders of the Company's Series A Preferred Stock.  The Company shall provide each Noteholder with not less than ten business days' advance notice of any Equity Financing, which notice shall include the terms of the Equity Financing in sufficient detail to permit each Noteholder to make an informed investment decision whether or not to participate. 

    5.7Information.

	
		(a)As long as the Company is a reporting company under the Exchange Act, the Company will deliver to the Noteholders the same documentation or information provided to its holders of Common Stock and Series A Preferred Stock.

		(b)If the Company is not a reporting company under the Exchange Act, the Company will:

		
			(i)as soon as practicable after the end of each fiscal year, the Company shall furnish to the holders of Convertible Notes audited consolidated balance sheets of the SpectRx Companies, if any, as of the end of such fiscal year and audited consolidated statements of income and cash flow of the SpectRx Companies, if any, for such fiscal year, prepared in accordance with GAAP consistently applied.

			(ii)As soon as practicable after the end of each fiscal quarter, the Company shall furnish to the holders of Convertible Notes consolidated balance sheets of the SpectRx Companies, if any, as of the end of such quarter, and consolidated statements of income and cash flow of the SpectRx Companies, if any, for such quarter and for the current fiscal year to date, prepared in accordance with GAAP consistently applied, other than the absence of footnotes and normal year-end adjustments, with such statements certified by the chief financial officer of the Company as having been prepared in accordance with GAAP consistently applied.

			(iii)As soon as practicable after the end of each calendar month, the Company shall furnish to the holders of Convertible Notes consolidated balance sheets of the SpectRx Companies, if any, as of the end of such month, and consolidated statements of income and cash flow of the SpectRx Companies, if any, for such month and for the current fiscal year to date, prepared in accordance with GAAP consistently applied, other than the absence of footnotes and normal year-end adjustments, with such statements certified by the chief financial officer of the Company as having been prepared in accordance with GAAP consistently applied.

			(iv)No later than thirty (30) days prior to the end of each fiscal year, the Company shall furnish to the holders of Convertible Notes a business plan for the SpectRx Companies, if any, for the next fiscal year, containing information, data and other materials typically included in a business plan of a company similar in size and nature to the Company.

		

	

    5.8Inspection.  Should the Company not maintain its status as a reporting company under the Exchange Act, and for so long as the Company is not a reporting company under the Exchange Act, the Company will permit one representative of the holders of the Convertible Notes selected by the Majority Noteholders to visit and inspect any of the properties of the SpectRx Companies and to discuss their affairs, finances and accounts with their officers, all at reasonable times during regular business hours of the SpectRx Companies.

    5.9Notice of Event of Default.  The Company will immediately notify in writing each of the Noteholders and the Agent of the occurrence of each Event of Default or each occurrence or situation which with but for the applicable grace period or passage of time would be an Event of Default, as soon as the Company gains knowledge thereof.  The notification shall describe the nature of the occurrence or situation and the action that the Company proposes to take with respect thereto.

    5.10Securities Law Compliance.  The Company will make such filings, notices or registrations as are required under Regulation D of the Securities Act and applicable state securities laws after the Closing, within the time periods set forth in the Securities Act and those laws.

    5.11Reservation of Common Stock.  The Company will continue to reserve from its authorized but unissued shares of Common Stock a sufficient number of shares of Common Stock to permit conversion of the Convertible Notes and exercise of the Warrants.

    5.12Use of Proceeds.  The proceeds of the Convertible Notes, to the extent available, will be used to pay general corporate and subsidiary debts and obligations, and retire Bridge Notes outstanding prior to the Closing Date that are not exchanged in connection with participation in this financing, and, to the extent available, for the following other purposes:

	
		(i)complete the FDA Pivotal trial for the Cervical Cancer detection device;

		(ii)seek FDA approval of the Cervical Cancer detection device;

		(iii)payment of legal and other fees and expenses accrued by Murphy & Durieu ("M&D") through the Closing Date relating to the issuance and sale of the Convertible Notes and Warrants, and prior financing plans of the SpectRx Companies that were not completed;

		(iv)retain a professional search firm to conduct a CEO search;

		(v)prepare for manufacturing, launch and commercialization of the Cervical Cancer Detection Device;

		(vi)seek to sell the Company's Simple Choice business to a third party;

		(vii)continue activities in Glucose Monitoring;

		(viii)seek additional R&D grants;

		(ix)enhance the intellectual property portfolio; and

		(x)other corporate purposes as authorized by the Board of Directors

	

    5.13CEO.  As soon as practicable following the New Closing, the Company's Board of Directors will authorize a search for a new Chief Executive Officer of the Company.

    5.14Name Change.  As soon as practical following the Closing, the Company will be renamed Guided Therapeutics, Inc.

    5.15Option Pool.  The compensation committee of the Board of Directors will propose a broad based issuance of incentive and retention options to reflect the restructured operations of the Company, which proposal and issuance shall be approved by the Company's Board of Directors.  The option pool shall be increased by 3 million or more shares (which may remain unauthorized shares until the next shareholders meeting) as determined by the Company's Board of Directors and approved by its shareholders.

    5.16Board and Charter Matters.  For so long as the outstanding Convertible Notes, on an as converted basis, exceed 10% of the outstanding fully diluted shares of Common Stock of the Company, the Company agrees to take all actions within its control to cause the appointment and election thereafter of two (2) members to its Board of Directors nominated by the Majority Noteholders, and to cause the number of members of the Board of Directors to not exceed nine (9) and further agrees to not amend the Company's Charter or Bylaws, without the consent of the Majority Noteholders.

    5.17Registration; Compliance with the Securities Act; Indemnification.

	
		(a)Registration of Underlying Stock.

		
			(i)Registration Statement; Expenses.  The Company shall:

			
				
					(A)within 120 days after the date of this Agreement, use its best efforts to file a shelf registration statement (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") on Form S-1 or Form S-3 (or other appropriate form) with respect to the resale of the Underlying Stock.  The Company agrees to use its commercially reasonable efforts to cause the Registration Statement to be declared effective by the SEC as soon as practicable thereafter;
					

					(B)notify the Noteholders promptly upon the Registration Statement, or any post-effective amendment thereto, being declared effective by the SEC;

					(C)prepare and file with the SEC such amendments and supplements to the Registration Statement and the Prospectus (as defined in Section 5.17(c) below) and take such other action, if any, as may be necessary to keep the Registration Statement effective until the earlier of (i) the date on which the Underlying Stock may be resold by reason of Rule 144(k) under the Securities Act or any other rule of similar effect or (ii) the date upon which all of the Underlying Stock has been sold pursuant to the Registration Statement or Rule 144(k) under the Securities Act or any other rule of similar effect;

					(D)promptly furnish to the Noteholders with respect to the Underlying Stock registered under the Registration Statement such reasonable number of copies of the Prospectus, including any supplements to or amendments of the Prospectus, in order to facilitate the public sale or other disposition of all or any of the Underlying Stock by the holders thereof;

					(E)use its reasonable efforts to register or qualify the Underlying Stock under state securities or Blue Sky laws of such states as the Noteholders reasonably request;
					provided, however, that the Company shall not be required to qualify to do business in any jurisdiction in which it is not now so qualified or execute a general consent to service of process; and

					(F)bear all fees and expenses incurred by the Company in connection with the performance of its obligations in this Section 5.17(a)(i) as well as fees and expenses of counsel to the Noteholders reasonably incurred, exclusive of brokerage fees or underwriting discounts and commissions incurred by the Noteholders.

				

			

			(ii)Delay in Effectiveness of Registration Statement.  If the Registration Statement is not (a) filed by the 120th day following the date of this Agreement or (b) declared effective within 180 days after the date of this Agreement, or within 270 days after the date of this Agreement if the SEC reviews the Registration Statement, then the Company shall pay the holders of the Underlying Stock to be registered liquidated damages of 1.0% of the aggregate purchase price paid by each such holder for every 90 day period commencing 270 days after such date, or such prorated amount as may apply, until such deficiency is cured.
			

		

		(b)Transfer of Shares After Registration.  Each Noteholder agrees that it will not effect any disposition of the Underlying Stock or the related Notes or Warrants that would constitute a sale within the meaning of the Securities Act, except as contemplated in the Registration Statement referred to in Section 5.17(a) or as otherwise permitted by law, and that it will promptly notify the Company of any changes in the information set forth in the Registration Statement regarding the Noteholder or its plan of distribution.

		(c)Indemnification.  For the purpose of this Section 5.17(c), the term "Registration Statement" shall include any preliminary or final prospectus (the "Prospectus"), exhibit, supplement or amendment included in or relating to the Registration Statement referred to in Section 5.17(a).

		
			(i)Indemnification by the Company.  The Company agrees to indemnify and hold harmless each of the Noteholders and each person, if any, who controls any Noteholder within the meaning of the Securities Act with respect to the Registration Statement, the Prospectus or any amendment or supplement to the Registration Statement or Prospectus, against any losses, claims, damages, liabilities or expenses, joint or several, to which such Noteholders or such controlling person may become subject, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including the settlement of any litigation, if such settlement is effected with the written consent of the Company, which consent shall not be unreasonably withheld), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, including the Prospectus, financial statements and schedules, and all other documents filed as a part thereof, as amended at the time of effectiveness of the Registration Statement, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state in any of them a material fact required to be stated therein or necessary to make the statements in any of them, in light of the circumstances under which they were made, not misleading; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon (i) an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus or any amendment or supplement to the Registration Statement or Prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Noteholder expressly for use in the Registration Statement or the Prospectus or (ii) any untrue statement or omission of a material fact required to make such statement not misleading in any Prospectus that is corrected in any subsequent Prospectus that was delivered to the Noteholder before the pertinent sale or sales by the Noteholder.

			(ii)Indemnification by the Noteholder.  Each Noteholder will severally and not jointly indemnify and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of the Securities Act with respect to the Registration Statement, the Prospectus or any amendment or supplement to the Registration Statement or Prospectus, against any losses, claims, damages, liabilities or expenses to which the Company, each of its directors, each of its officers who signed the Registration Statement or controlling person may become subject, under the Securities Act, the Exchange Act, or any other federal or state regulatory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Noteholder, which consent shall not be unreasonably withheld) insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) arise out of or are based upon any untrue or alleged untrue statement of any material fact contained in the Registration Statement, the Prospectus, or any amendment or supplement to the Registration Statement or Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Prospectus, or any amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Noteholder expressly for use therein.

			(iii)Indemnification Procedure.

			
				(A)Promptly after receipt by an indemnified party under this Section 5.17(c) of notice of the threat or commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 5.17(c), promptly notify the indemnifying party in writing of the claim; but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise under the indemnify agreement contained in this Section 5.17(c) or to the extent it is not prejudiced as a result of such failure.
				

				(B)In any case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly with all other indemnifying parties similarly notified, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be a conflict between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.  Upon receipt of notice from the indemnifying party to such indemnified party of its election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 5.17(c) for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless:
				

				
					(I)the indemnified party shall have employed such counsel in connection with the assumption of legal defenses in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel, approved by such indemnifying party representing all of the indemnified parties who are parties to such action) or
					

					(II)the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of action, in each of which cases the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party.
					

				

			

			(iv)Contribution.  If the indemnification provided for in this Section 5.17(c) is required by its terms but is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party under this Section 5.17(c) in respect to any losses, claims, damages, liabilities or expenses referred to in this Section 5.17, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of any losses, claims, damages, liabilities or expenses referred to in this Section 5.17

			
				(A)in such proportion as is appropriate to reflect the relative benefits received by the Company and the Noteholder from the placement of Underlying Stock or
				

				(B)if the allocation provided by clause (A) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (A) above but the relative fault of the Company and the Noteholder in connection with the statements or omissions or inaccuracies in the representations and warranties that resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.

			

		

	

    The relative fault of the Company and each Noteholder shall be determined by reference to, among other things, whether the untrue or alleged statement of a material fact or the omission to state a material fact or the inaccurate or the alleged inaccurate representation or warranty relates to information supplied by the Company or by such Noteholder and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 5.17(c)(iii), any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.  The provisions set forth in Section 5.17(c)(iii) with respect to the notice of the threat or commencement of any threat or action shall apply if a claim for contribution is to be made under this Section 5.17(c)(iv).  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who is not guilty of such fraudulent misrepresentation.  The Noteholder's obligations to contribute pursuant to this Section 5.17(c) are several and not joint.

 

SECTION 6

REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE NOTEHOLDERS

    Each Noteholder, severally and not jointly, hereby represents and warrants to the Company with respect to such Noteholder's Loan and the issuance of the Noteholder's Convertible Note and as of the date of the New Closing or Subsequent Closing, as the case may be, as follows:

    6.1Experience.  Such Noteholder has substantial experience in evaluating and making loans and investing in private placement transactions of securities in companies similar to the Company so that such Noteholder is capable of evaluating the merits and risks of its Loan to the Company and purchase of the Convertible Notes and Warrants, and has the capacity to protect its own interests.

    6.2Investment Intent.  Such Noteholder is making its Loan, acquiring its Convertible Note and its Warrants for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof.  Such Noteholder understands that its Convertible Note, its Warrants and the Underlying Stock have not been registered under the Securities Act by reason of the exemption from the registration provisions of the Securities Act contained in Rule 506 of Regulation D and Section 4(2) of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of such Noteholder's representations as expressed herein.  The Company will rely upon the accuracy and truthfulness of, the representations made by each Noteholder set forth in this Section 6 and each Noteholder hereby consents to such reliance on the representations made by it hereunder.

    6.3Accredited Investor.  Such Noteholder is an "accredited investor" as that term is defined in Rule 501 of Regulation D promulgated pursuant to the Securities Act.

    6.4Rule 144.  Such Noteholder acknowledges that its Convertible Note, its Warrants and the Underlying Stock must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from such registration is available.  Such Noteholder is aware of the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of securities acquired in a private placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for the securities, the availability of certain current public information about the Company, the resale occurring not less than one year after a party has acquired and fully paid for the security to be acquired, the sale being effected through a "broker's transaction" or in a transaction directly with a "market maker" and the number of shares being sold during any three month period not exceeding specified limitations.

    6.5Access to Information.  Such Noteholder has had an opportunity to discuss the Company's business, management and financial affairs with its management.  It has also had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction.  Such Noteholder understands that such discussions, as well as any written information issued by the Company, were intended to describe certain aspects of the Company's business and prospects.  Such Noteholder acknowledges and understands that, in the course of such discussions, it may have been provided access to material, non-public information concerning the Company.  Further, such Noteholder acknowledges and understands the fact that the Company is seeking to effect the private placement of the Convertible Notes and the Warrants is material non-public information and disclosure of such information or use of such information by the Noteholder or anyone receiving such information from the Noteholder in connection with the purchase, sale or trade of the Company's securities (other than use by the Noteholder in acquiring Convertible Notes and Warrants), or any hedging, derivative or similar transactions or activities involving the Company's securities, is unlawful and constitutes a violation of securities laws.  Nothing contained in this Section 6.5 modifies, amends or affects each Noteholder's right to rely on the Company's representations and warranties contained in Section 4 above.

    6.6Organization; Authorization.  If such Noteholder is a corporation or a limited duration company or a limited liability company or limited partnership or a business trust or other entity, it is duly formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as the case may be, with the requisite power and authority, corporate or otherwise, to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations under this Agreement, and the acquisition by such Noteholder of its Convertible Note(s) and Warrants hereunder has been duly authorized by all necessary action on the part of such Noteholder.

    6.7Enforcement. This Agreement
when executed and delivered by such Noteholder will constitute a valid and
legally binding obligation of the Noteholder, enforceable in accordance with its
terms, subject to laws of general application relating to bankruptcy, insolvency
and the relief of debtors and rules of law governing specific performance,
injunctive relief or other equitable remedies.

    6.8Brokers or Finders.  Each Noteholder acknowledges the following: The Company has not incurred liability for brokerage or finders' fees or agents' commissions or any similar charges in connection with this Agreement, other than certain commissions owed to M&D.  The commissions payable to M&D will include 7% of the total amount of Convertible Notes issued pursuant to this Agreement to New Noteholders arranged by M&D, inclusive of New Noteholders who also are Original Noteholders; 3.5% of the total amount of Convertible Notes issued pursuant to this Agreement to all other Noteholders where M&D identified, handled or otherwise managed such funds, inclusive of Original Noteholders; and Warrants issued to M&D equal to 6% of the aggregate Convertible Notes as to which cash commission is payable as hereinabove provided.  In addition, the Company has agreed to reimburse M&D's counsel, Kelley Drye & Warren LLP, subject to certain limitations, for legal fees and expenses incurred in connection with the transactions provided for herein (up to $50,000) and, subject to certain limitations, in respect of prior financings of the SpectRx Companies that were not completed.

    6.9Legend.  Such Noteholder understands that its Convertible Note, the Warrants and the Underlying Stock will bear the following legend until such time as such securities are registered under the Securities Act and sold pursuant to such registration:  "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER APPLICABLE STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACTS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF THE SECURITIES ACT OF 1933."

    Such Noteholder acknowledges that its Convertible Notes, Warrants and Underlying Stock shall bear any additional legend required by any other applicable state securities or "blue sky" laws.

    6.10Governmental Review.  Such Noteholder understands that no United States federal or state agency or any other government or governmental agency or authority has passed upon or made any recommendation or endorsement of the Convertible Notes.

    6.11No Intent to Effect a Change of Control.  Such Noteholder has no present intent to change or influence the control of the Company within the meaning of Rule 13d-1 of the Exchange Act.

    6.12Residency.  Such Noteholder is a resident of the jurisdiction set forth in the address below such Noteholder's name on Schedule 1 hereto.

    6.13No Reliance.  The consummation of the transactions contemplated by the Transaction Documents are not done in reliance upon any warranty or representation by, or information from, the Company of any sort, oral or written, except the warranties and representations specifically set forth in this Agreement (including the exhibits and schedules hereto), in the other Transaction Documents (including the exhibits and schedules thereto) and in any certificates required to be delivered by the Company hereunder and thereunder.

 

SECTION 7

CONDITIONS TO CLOSING OF NOTEHOLDERS

    The obligations of the Noteholders to purchase the Convertible Notes and the Warrants at a Closing is, at the option of those Noteholders, subject to the fulfillment of the following conditions:

    7.1Representations and Warranties
Correct. The representations and warranties made by the Company herein shall
be true and correct in all material respects as of the date when made and as of
the Closing.

    7.2Covenants.  All covenants, agreements and conditions contained in this Agreement and the other Transaction Documents to be performed by each of the SpectRx Companies on or prior to the Closing shall have been performed or complied with in all material respects.

    7.3No Injunction.  No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated, endorsed or threatened or is pending by or before any court or governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation of any of the transactions contemplated by the Transaction Documents.

    7.4Adverse Changes.  Since the date of the financial statements included in the Company's Quarterly Report on Form 10-QSB, Annual Report on Form 10-KSB, or latest Current Report on Form 8-K, whichever is more recent, last filed prior to the date of this Agreement, no event which has had or could reasonably be expected to have a material impact on the commercialization of the CNDS.

    7.5Change of Control.  No Change of Control shall have occurred between the date hereof and the Closing.

    7.6Compliance Certificate.  Should the Closing occur as of a date other than the date of this Agreement, the Company shall have delivered to the Noteholder a certificate of the Company executed by the Chief Executive Officer of the Company, dated as of the Closing certifying to the fulfillment of the conditions specified in this Section 7.

    7.7Secretary's Certificate.  The Company shall have delivered to the Noteholder a certificate of the Company executed by the Secretary of the Company, dated as of the Closing, certifying (a) resolutions adopted by the Board of Directors of SpectRx authorizing the execution of this Agreement, the Convertible Notes, the Warrants and the transactions contemplated hereby; and (b) that the Certificate of Incorporation and Bylaws of each of the SpectRx Companies, as currently on file with the SEC, are in effect and full force.

 

SECTION 8

CONDITIONS TO CLOSING OF COMPANY

    The Company's obligation to sell and issue the Convertible Notes at a Closing is, at the option of the Company, subject to the fulfillment as of the Closing of the following conditions:

    8.1Representations and Warranties Correct.  The representations and warranties made by the Noteholders participating in that Closing shall be true and correct when made, and shall be true and correct on the date made and on the Closing.

    8.2Legal Matters.  All material matters of a legal nature which pertain to this Agreement, and the transactions contemplated hereby, shall have been reasonably approved by counsel to the Company.

    8.3Covenants.  Each Noteholder participating in that Closing shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Noteholder at or before the Closing.

    8.4Litigation.  No action, proceeding or litigation shall have been instituted or threatened against the Company which could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.

    8.5Change of Control.  No Change of Control of the Company shall have occurred between the date hereof and the Closing.

    8.6No Injunction.  No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated, endorsed, threatened or pending by or before any court or governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation of any of the transactions contemplated by the Transaction Documents.

 

SECTION 9

DEFAULTS; REMEDIES

    9.1Events of Default; Acceleration.  The occurrence of one or more of the following events without a cure in 30 days after occurrence of the default or within such other time period provided herein (each an "Event of Default") shall constitute an Event of Default:

	
		(a)The Company defaults in the payment of principal of or interest on the Convertible Notes or any other fee or expense due under the Transaction Documents when the same becomes due and payable, whether on demand, at maturity or at a date fixed for the payment of any installment or prepayment thereof or otherwise, and such default is not waived or cured within thirty (30) days after such default occurs.

		(b)The Company defaults in the performance of or compliance with any covenant or provision of this Agreement, the Convertible Notes, or in any Transaction Document, or Sterling defaults in the performance of or compliance with any covenant or agreement in any of the Sterling Transaction Documents, and any such default is not cured or waived within sixty (60) days after the Company or Sterling, as the case may be, has notice of the occurrence of such default.

		(c)The representations or warranties made by the Company in this Agreement and in any Transaction Document, and the representations and warranties made by Sterling in the Sterling Transaction Documents shall prove to have been false or incorrect in any material respect when made.

		(d)SpectRx discontinues its business or makes an assignment for the benefit of creditors.

		(e)If, within sixty (60) days after the commencement against any SpectRx Company of a case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, such case shall have been consented to or shall not have been dismissed or all orders or proceedings thereunder affecting the operations or the business of such SpectRx Company stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if within sixty (60) days after the entry of a decree appointing a trustee, receiver or liquidator (or other similar official ) of such SpectRx Company or any substantial part of the property of such SpectRx Company such appointment shall not have been vacated.

		(f)A Change of Control or sale of a majority of the business or assets of the Company unless approved by one or more of the members of the Board of Directors nominated by the Majority Noteholders, or by the Majority Noteholders or by the Agent.

		(g)Attachment or judgment in excess of $500,000 that is not covered by insurance if not discharged, annulled or stayed within thirty (30) days thereafter.

		(h)The occurrence and continuance of an Event of Default that results in an acceleration of any Indebtedness of the Company in excess of $500,000.

	

    9.2Remedies on Default, etc. In
case any one or more Events of Default shall occur and be continuing and after
any applicable cure period: (a) Majority Noteholders may by written notice to
the Company, declare the principal of and accrued interest in respect of the
Convertible Notes to be forthwith due and payable, whereupon the principal of
and accrued interest in respect of the Convertible Notes shall become forthwith
due and payable without any other notice of intent to accelerate, notice of
acceleration, presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived by the Company; and (b) Majority Noteholders
may proceed to protect and enforce the rights of the Noteholders and the holders
of the Convertible Notes rights by an action at law, suit in equity or other
appropriate proceeding, whether for the specific performance of any agreement
contained in this Agreement, in the Convertible Notes or in the other
Transaction Documents or for an injunction against a violation of any of the
terms hereof or thereof, or in aid of the exercise of any power granted hereby
or thereby or by law.

    9.3Remedies Not Exclusive.  No right conferred hereby or by the Convertible Notes or any other Transaction Document or the Sterling Transaction Document upon the Noteholders or holders of Convertible Notes shall be exclusive of any other right referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.

 

SECTION 10

DESIGNEES AND AGENTS

    10.1Appointment, Powers and Immunities.  Each Noteholder hereby irrevocably designates and appoints the Agent and any other person or entity chosen by Majority Noteholders to replace it, which designation and appointment is coupled with an interest, as the agent of such Noteholder under the Transaction Documents, and each such Noteholder irrevocably authorizes the Agent to take such action on the Noteholder's behalf under the provisions of the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto.  The Agent shall not:  (i) have any duties or responsibilities to be a trustee for any Noteholder; (ii) be responsible to the Noteholders for any recitals, statements, representations or warranties contained in the Transaction Documents, or in any certificate or other document referred to or provided for in, or received by either of them under, the Transaction Documents, or for the value, validity, effectiveness, genuineness, enforceability, perfection or sufficiency of the Transaction Documents, or for any failure by the Company or any other person to perform any of its obligations hereunder or thereunder; (iii) be required to initiate or conduct any litigation or collection proceedings under the Transaction Documents, except to the extent requested by Majority Noteholders; and (iv) be responsible for any action taken or omitted to be taken by it hereunder or under any other document or instrument referred to or provided for herein or in connection herewith, except for its own gross negligence or willful misconduct.  The Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact it selects with reasonable care.  Subject to the foregoing, the Agent shall, on behalf of the Noteholders, (a) hold and apply any and all Collateral, as defined in the SpectRx Security Agreement, the Pledge Agreement, the Sterling Security Agreement and the proceeds thereof, at any time received by it, in accordance with the provisions of those agreements and this Agreement; (b) exercise any and all rights, powers and remedies of the Noteholders under this Agreement or any other Transaction Document, including the giving of any consent or waiver or the entering into of any amendment; (c) execute, deliver and file UCC financing statements, assignments and other such agreements, and possess instruments on behalf of any of or all the Noteholders; (d) in the event of an Event of Default, sell or otherwise liquidate or dispose of any portion of the Collateral (as defined in the security agreements and Pledge Agreement) held by it and otherwise exercise the rights of the Noteholders hereunder and under the other Transaction Documents; and (e) exercise such other rights and powers as are provided in any Transaction Documents and approved by Majority Noteholders.

    10.2Reliance by Agent.  The Agent shall be entitled to rely upon any certification, notice or other communication (including any communication by telephone, telex, telegram or cable) believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper person or entity, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Agent.  As to any matters not expressly provided for by this Agreement, or the other Transaction Documents, the Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by Majority Noteholders, and such instructions of the Majority Noteholders and any action taken or failure to act pursuant thereto shall be binding on all Noteholders.

    10.3Events of Default.  The Agent shall not be deemed to have knowledge of the occurrence of an Event of Default unless such Agent has received written notice from any Noteholder or the Company specifying such Event of Default and stating that such notice is a "Notice of Default".  In the event that the Agent receives such a notice of the occurrence of an Event of Default, the Agent shall give prompt notice thereof to the Noteholders.  The Agent shall (subject to Section 10.7) take such action with respect to such Event of Default as shall be directed by Majority Noteholders, provided that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action on behalf of the Noteholders, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable in the best interest of the Noteholders.

    10.4Rights as a Noteholder.  A person or entity acting as the Agent to the extent it is a Noteholder shall have the same rights and powers hereunder as any other Noteholder and may exercise the same as though it were not acting as the Agent.  The Agent and its affiliates may (without having to account therefor to the Noteholders) lend money to, guaranty indebtedness of and generally engage in any kind of business with the Company and any of its affiliates as if it were not acting as an Agent, and the Agent may accept fees and other consideration from the Company for services in connection with this Agreement or otherwise without having to account for the same to the Noteholders.

    10.5Indemnification.  The Noteholders agree to indemnify the Agent (to the extent not reimbursed by the Company) ratably in accordance with the aggregate principal amount of the Convertible Notes held by the Noteholders, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of any Transaction Documents or the transactions contemplated by or referred to therein or the enforcement of any of the terms of any Transaction Document, provided that no Noteholder shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the party to be indemnified.

    10.6Non-Reliance on Agent and Other Noteholders.  Each Noteholder agrees that it has, independently and without reliance on the Agent or any other Noteholders, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the Company and its own decision to make the Loans and to enter into this Agreement and the other Transaction Documents to which it is a party and that it will, independently and without reliance upon the Agent or any other Noteholders, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under the Transaction Documents.  The Agent shall not be required to keep itself informed as to the performance or observance by the Company of any Transaction Document or to inspect the properties or books of the Company.  Except for notices, reports and other documents and information expressly required to be furnished to the Noteholders by the Agent hereunder, the Agent shall have no duty or responsibility to provide any Noteholder with any credit or other information concerning the affairs, financial condition or businesses of the Company which may come into the possession of the Agent or any of its affiliates.  Notwithstanding the foregoing, the Agent will provide to the Noteholders any and all information reasonably required by them and reasonably available to the Agent promptly upon such request.

    10.7Failure to Act.  Except for action expressly required of the Agent hereunder, the Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall be indemnified to its satisfaction by the Noteholders against any and all liability and expense which may be incurred by reason of taking or continuing to take any such action.

    10.8Resignation or Removal of Agent.  Any person or entity acting as Agent may resign as an Agent at any time by giving five days prior written notice thereof to the Noteholders and the Company and shall be removed as the Agent at any time with or without cause at the request of Majority Noteholders.  Any such resignation shall take effect at the end of such five day period or upon the earlier appointment of a successor Agent by Majority Noteholders as provided below.  Upon any resignation or removal of any Agent, Majority Noteholders shall appoint a successor agent from among the Noteholders.  Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent.  After the effective date of the resignation or removal of an Agent hereunder, the retiring Agent shall be discharged from its duties and obligations hereunder, provided that the provisions of this Section 10 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Agent.

    10.9Cooperation of Noteholders.
Each Noteholder shall (a) promptly notify the other Noteholders and the Agent of
any Event of Default known to such Noteholder under this Agreement and not
reasonably believed to have been previously disclosed to the other Noteholders;
(b) provide the other Noteholders and the Agent with such information and
documentation as such other Noteholders or the Agent shall reasonably request in
the performance of their respective duties hereunder, including, without
limitation, all information relative to the outstanding balance of principal,
interest and other sums owed to such Noteholder by the Company under the
Convertible Notes and other Transaction Documents; and (c) cooperate with the
Agent with respect to any and all collections and/or foreclosure procedures at
any time commenced against or otherwise in respect of the Collateral by the
Agent in the name and on behalf of the Noteholders.

 

SECTION 11

MISCELLANEOUS

    11.1Governing Law.  This Agreement shall be governed in all respects by the internal laws of the State of Georgia without reference to the principles of conflict of laws under Georgia law.

    11.2Survival.  The representations, warranties, covenants and agreements made herein shall survive any investigation made by the Noteholders and the closing of the transactions contemplated hereby.

    11.3Successors and Assigns.  Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto, provided, however, that the rights of the Noteholders to purchase the Convertible Notes shall not be assignable without the consent of the Company.

    11.4Entire Agreement; Amendment.  The Transaction Documents constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein or therein.  Except as expressly provided herein, neither this Agreement and the other Transaction Documents nor any term hereof and thereof may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought; provided, however, that the Majority Noteholders may, with the Company's and the Agent's prior written consent, waive, modify or amend on behalf of the Noteholders, any provision hereof and thereof.

    11.5Notices, etc.  All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, or by facsimile transmission, or otherwise delivered by hand or by messenger, addressed (a) if to any Noteholder, at the Noteholder's address set forth on Schedule 1, or at such other address as such Noteholder shall have furnished to the Company and the Agent in writing, (b) if to the Company, at its address set forth on the cover page of this Agreement and addressed to the attention of the CEO, or at such other address as the Company shall have furnished to the Noteholders and the Agent in writing, or (c) if to the Agent, to Mike James, 22 Church Street, Suite 5, Ramsey, New Jersey 07446, or at such other address as the Agent shall furnish to the Noteholders and the Company in writing.

    Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given when delivered if delivered personally, or, if sent by mail, at the earlier of its receipt or three business days after the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or if by facsimile transmission, on the first business day following receipt of an acknowledgment of good transmission.

    11.6Delays or Omissions.  Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any Noteholder, upon any breach or default of the Company under this Agreement, shall impair any such right, power or remedy of such Noteholder nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character on the part of any Noteholder of any breach or default under this Agreement, or any waiver on the part of any Noteholder of any provisions or conditions of this agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.  All remedies, either under this Agreement or by law or otherwise afforded to any Noteholder, shall be cumulative and not alternative.

    11.7Expenses.  Except as otherwise provided in Section 6.8 hereof, The Company and each of the Noteholders shall each bear their own legal and other expenses with respect to this Agreement and the transaction contemplated hereby.

    11.8U.S. Withholding Income Tax.  To the extent required by applicable U.S. law, the Company shall withhold from any payments due to a Noteholder under the Convertible Note held by such Noteholder any income tax required to be withheld by the Company.

    11.9Counterparts.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties, it being understood that the parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original thereof.

    11.10Severability.  In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

    11.11Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not considered in construing or interpreting this Agreement.

    11.12No Third Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto, and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

    11.13Independent Nature of Noteholders' Obligations and Rights.  The obligations of each Noteholder hereunder are several and not joint with the obligations of the other Noteholder hereunder, and no Noteholder shall be responsible in any way for the performance of the obligations of any other Noteholder hereunder. Nothing contained herein or in any other agreement or document delivered at the Closing, and no action taken by any Noteholder pursuant hereto or thereto, shall be deemed to constitute the Noteholders as a partnership, an association, a joint venture or any other kind of Person, or create a presumption that the Noteholders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Noteholder shall be entitled to protect and enforce its rights, including without limitation the rights arising out of the Transaction Documents, and it shall not be necessary for any other Noteholder to be joined as an additional party in any proceeding for such purpose.

    11.14Further Assurances.  Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other parties may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

    11.15Original Agreement.  This Agreement amends and restates the Original Agreement in its entirety.

[Signature page follows.]

IN WITNESS WHEREOF, the undersigned, thereunto duly authorized, have executed this Agreement as of the date first set forth above.
"Company"
SpectRx, Inc.

By:     /s/  Mark A. Samuels

  Mark A. Samuels

Its:Chief Executive Officer

"Agent"

    /s/ Michael James

Michael James

 

SIGNATURE PAGE TO AMENDED AND RESTATED LOAN AGREEMENT

[Noteholder signature page to Amended and Restated Loan Agreement dated March 1, 2007]

[IF AN INDIVIDUAL:]

	
      /s/ Evan Fishel________________                              

Evan Fishel

3124 Fulton Street

San Francisco, CA   94118

	
    /s/ Mark A. Samuels____________

Mark A. Samuels

4400 Missendell Lane

Norcross, GA   30092

	
    /s/ Richard L. Fowler____________

Richard L. Fowler

2561 Floral Valley Drive

Dacula, GA   30019

	
    /s/ William D. Arthur, III_________

William D. Arthur, III

2010 Tavistock Court

Alpharetta, GA   30022

	
    /s/ B. W. Bowie_________________

Bob Bowie

16 Kings Lane

St. Simons Island, GA   31522

	
    /s/ Susan M. Imhoff______________

Susan M. Imhoff

Cottage 441

55 Rutledge Land

Sea Island, GA   31561

	
    /s/ John E. Imhoff_______________

John E. Imhoff

Cottage 441

55 Rutledge Land

Sea Island, GA   31561

	
    /s/ John E. Imhoff_______________

    /s/ Susan M. Imhoff______________

John & Susan Imhoff, Jt. Tenants

Cottage 441

55 Rutledge Land

Sea Island, GA   31561

	
            /s/ Christopher Jordan_______

Morgan Stanely DW, Inc. for

Christopher Jordan IRA

(Morgan Stanley DW, Inc.)

61 Laurelwood Drive

Colts Neck, NJ   07722

491 Harborside Financial Ctr., Plaza 3

Jersey City, NJ   07311

Attn:  IRA Non-Traditional Investments

	

      /s/ Jamie Halegoua_____________

Jamie Halegoua

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
     /s/ Isaak Halegoua______________

__/s/ Audrey Halegoua_____________

Isaak & Audrey Halegoua, Jt. Tenants 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
___/s/ Simon Halegoua_____________

Simon Halegoua 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
____/s/ Germain Halegoua__________

Germain Halegoua Annuity Trust

FBO Jamie Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
____/s/ Germain Halegoua__________

Germain Halegoua Annuity Trust

FBO Jason Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
____/s/ Simon Halegoua__________

Germain Halegoua Annuity Trust

FBO Rachel Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
 ___/s/ Simon Halegoua__________

Germain Halegoua Annuity Trust

FBO Germaine Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
   /s/ Catherine Tinney Rome________

Catherine Tinney Rome Profit Sharing 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan

	
    /s/ Walter J. Weadock____________

Walter J. Weadock

22 Deer Path Lane

Colts Neck, NJ   07722

	
    /s/ Brian A. Smouha_____________

Brian A. Smouha

97 West Eaton Place Mens

London, SWIXBLY, UK

	
    /s/ Claude Mosseri-Marlio________

Claude Mosseri-Marlio

c/o Credit Suisse

1-3 Rue De La Monnaie

CH-1211 Geneve 70

Switzerland

Attn: Mrs. F. D'Arrilio

	
____/s/ Andrew J. Lenza___________

Andrew J. Lenza

83 Carriage Hill Drive

Colts Neck, NJ   07722

	
    /s/ Jeffrey Belmont______________

Jeffrey Belmont

39 Spruce Drive

E. Northport, NY   11731

	
    /s/ Mildred S. Christian___________

Mildred S. Christian

6134 Mechanicsville Road

P.O. Box 56

Mechanicsville, PA  18934

	
    /s/ Richard W. Enersen___________

Richard W. Enersen

131 Buckelew Street

Sausalito, CA 94965

	
   /s/ Maryse Hops_________________

Maryse Hops

201-710 Chilco Street

Vancouver, BC V6G 2P4, Canada

	
   /s/ Lavorsia Jordan_______________

Lavorsia D. Jordan

6 Beaver Dam Road

Colts Neck, NJ   07722

 

	
 
    /s/ Marshall Etra________________

Marshall Etra IRA

250 East 73rd Street, #4-G

New York, NY   10021-4311

	
    /s/ David Naggar________________

David Naggar

780 Riverside Drive, Apt. 9-F

New York, NY   10026

	
    /s/ Andrew Gluck_______________

Rhoda Intervivos Trust

Andrew Gluck, Trustee

284 Route 27B

Hudson, NY   12534

	
    /s/ Andrew Gluck_______________

Andrew Gluck

284 Route 27B

Hudson, NY   12534

	
   /s/ William Bryce Combs__________

William Bryce Combs

1310 South Palmway

Lake Worth, FL   33460

	
    /s/ Joseph Rosenstreich___________

Joseph L. Rosenstreich

3215 Clubhouse Road

Merrick, NY   11566-4812

	
    /s/ Richard Steiner_______________

Richard Steiner

1356 Dover Road

Salt Lake City, UT   84108

Ph: 801/581-5325

	
___/s/ Gloria Mosseri______________

Gloria Mosseri

351 E. 84th Street, #22-E

New York, NY 10028

 

	
 
____/s/ Jeffrey Mosseri_____________

Jeffrey Mosseri

351 E. 84th Street, #22-E

New York, NY 10028

	
    /s/ A. Ancona___________________  

Vivette Ancona

45 Sutton Place, South

New York, NY 10022

	
    /s/ Lorianne O'Connor___________

Lorianne O'Connor

128 Squire Hill Rd.

Montclair, NJ 07043

[IF AN ENTITY:]

	
____/s/ Michael C. James___________

General Partner

Keukenhof Equity Fund, LLP

22 Church Street, Suite 5

Ramsey, NJ   07446

	
    /s/  P. L. Kern________________

Director 

Opaline International, Inc

P. O. Box N-4837, 

Bayside Executive Park

West Bay St., Nassau, Bahamas

	
    /s/ Tabacchi Gugueureo_________

Vice President

Dayton Holdings International, Inc.

292 5th Avenue

New York, NY   10001-4513

	
   /s/ Ronald W. Hart______________

Manager

Hart Management

4821 Crestwood Drive

Little Rock, AR   72207

	
   /s/ Richard Stewart_______________

Managing Director

21st Century Digital Industries Fund LP

960 Pines Lake Drive West

Wayne, NJ   07470

	
   /s/ Paul Hilf____________________

President

Nangarhil, LLC

3 Nancy Place

Berkeley Heights, NJ 07922

	
    /s/ Kenneth Holz________________

Chief Financial Officer

Chestnut Ridge Partners, LP

50 Tice Boulevard

Woodcliff Lake, NJ 07677

	
    /s/ Arthur Kontos________________

Vice President

The Arthur Kontos Foundation 

1 Channel Drive, Apt. 1703

Monmouth Beach, NJ 07750

	
    /s/ Douglas M. Millar____________

Director

Murphy & Durieu, L.P.

120 Broadway

New York, NY 10005

 

Schedule 1

Noteholders

	
Noteholder
	
Loan Principal Amount
	
Date of Loan
	
New Principal Amount
	
Warrant Shares

	 	 	 	 	 
	
Original Noteholders:
	 	 	 	 
	
Evan Fishel

3124 Fulton Street

San Francisco, CA   94118
	
$50,000

	
09/20/2006

	
$53,107
	
81,703

	
Kuekenhof Equity Fund, LLP

c/o Michael C. James

22 Church Street, Suite 5

Ramsey, NJ   07446
	
$100,000
	
09/22/2006
	
$106,137
	
163,288

	
Morgan Stanely DW, Inc. for

Christopher Jordan IRA

(Morgan Stanley DW, Inc.)

61 Laurelwood Drive

Colts Neck, NJ   07722

491 Harborside Financial Ctr., Plaza 3

Jersey City, NJ   07311

Attn:  IRA Non-Traditional Investments
	
$25,000

$15,000
	
10/12/2006

01/23/2007
	
$26,342

$15,213
	
40,527

23,404

	
Mark A. Samuels

4955 Avalon Ridge Parkway, Suite 300 Norcross, GA   30071
	
$33,334
	
06/28/2006
	
$36,479
	
56,122

	
Richard L. Fowler

4955 Avalon Ridge Parkway, Suite 300 Norcross, GA   30071
	
$33,333
	
06/28/2006
	
$36,478
	
56,120

	
William Arthur, III

2010 Tavistock Court

Alpharetta, GA   30022
	
$33,333
	
06/28/2006
	
$36,478
	
56,120

	 	 	 	 	 
	
GT Noteholders:
	 	 	 	 
	
Jamie Halegoua

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$100,000
	
02/02/2006
	
$110,740
	
170,369

	
Isaak & Audrey Halegoua, Jt. Tenants 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$200,000
	
02/02/2006
	
$221,479
	
340,738

	
Simon Halegoua 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$150,000
	
02/02/2006
	
$166,110
	
255,553

	
Germain Halegoua Annuity Trust

FBO Jamie Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$100,000
	
02/02/2006
	
$110,740
	
170,369

	
Germain Halegoua Annuity Trust

FBO Jason Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
Germain Halegoua Annuity Trust

FBO Rachel Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
Germain Halegoua Annuity Trust

FBO Germaine Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
Catherine Tinney Rome Profit Sharing 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$25,000
	
02/02/2006
	
$27,685
	
42,592

	
Bob Bowie

16 Kings Lane

St. Simons Island, GA   31522
	
$375,000
	
02/02/2006
	
$415,274
	
638,883

	
Susan M. Imhoff

Cottage 441, 55 Rutledge Land

Sea Island, GA   31561
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
John E. Imhoff 

Cottage 441, 55 Rutledge Land

Sea Island, GA   31561
	
$100,000
	
02/02/2006
	
$110,740
	
170,369

	
John and Susan Imhoff, Joint Tenants

Cottage 441, 55 Rutledge Land

Sea Island, GA   31561
	
$225,000
	
02/02/2006
	
$249,164
	
383,330

 

	
Noteholder
	
Loan Principal Amount
	
Date of Loan
	
Warrant Shares

	
New Noteholders:
	 	 	 
	 	 	 	 
	
Evan Fishel

3124 Fulton Street

San Francisco, CA   94118
	
$75,000
	
03/01/2007
	
115,385

	
Kuekenhof Equity Fund, LLP

c/o Michael C. James

22 Church Street, Suite 5

Ramsey, NJ   07446
	
$400,000
	
03/01/2007
	
615,385

	
Opaline International, Inc

P. O. Box N-4837, 

Bayside Executive Park

West Bay St., Nassau, Bahamas
	
$300,000
	
03/01/2007
	
461,538

	
Walter J. Weadock

22 Deer Path Lane

Colts Neck, NJ   07722
	
$250,000
	
03/01/2007
	
384,615

	
Dayton Holdings International, Inc.

292 5th Avenue

New York, NY   10001-4513
	
$100,000
	
03/01/2007
	
153,846

	
Ronald W. Hart

4821 Crestwood Drive

Little Rock, AR   72207
	
$100,000
	
03/01/2007
	
153,846

	
Brian Smouha

97 West Eaton Place Mens

London, SWIXBLY, UK
	
$100,000
	
03/01/2007
	
153,846

	
Claude Mosseri-Marlio

c/o Credit Suisse

1-3 Rue De La Monnaie

CH-1211 Geneve 70, Switzerland
	
$99,975
	
03/01/2007
	
153,808

	
Andrew J. Lenza

83 Carriage Hill Drive

Colts Neck, NJ   07722
	
$50,000
	
03/01/2007
	
76,923

	
21st Century Digital Industries Fund LP

c/o Richard Stewart

960 Pines Lake Drive West

Wayne, NJ   07470
	
$50,000
	
03/01/2007
	
76,923

	
Jeffrey Belmont

39 Spruce Drive

E. Northport, NY   11731
	
$50,000
	
03/01/2007
	
76,923

	
Mildred S. Christian

6134 Mechanicsville Road

P.O. Box 56

Mechanicsville, PA  18934
	
$50,000
	
03/01/2007
	
76,923

	
Richard Smouha

13 Cmeuin De Concmes

Concmes, Geneve, Switzerland
	
$49,982.50
	
03/01/2007
	
76,896

	
Richard W. Enersen

131 Buckelew Street

Sausalito, CA 94965
	
$50,000
	
03/01/2007
	
76,923

	
Maryse Hops

201-710 Chilco Street

Vancouver, BC V6G 2P4
	
$25,000
	
03/01/2007
	
38,462

	
Lavorsia D. Jordan

6 Beaver Dam Road

Colts Neck, NJ   07722
	
$25,000
	
03/01/2007
	
38,462

	
Marshall Etra IRA

250 East 73rd Street, #4-G

New York, NY   10021-4311
	
$25,000
	
03/01/2007
	
38,462

	
David Naggar

780 Riverside Drive, Apt. 9-F

New York, NY   10026
	
$25,000
	
03/01/2007
	
38,462

	
Rhoda Intervivos Trust

Andrew Gluck, Trustee

284 Route 27B

Hudson, NY   12534
	
$25,000
	
03/01/2007
	
38,462

	
Andrew Gluck

284 Route 27B

Hudson, NY   12534
	
$25,000
	
03/01/2007
	
38,462

	
William Bryce Combs

1310 South Palmway

Lake Worth, FL   33460
	
$25,000
	
03/01/2007
	
38,462

	
Nangarhil, LLC

3 Nancy Place

Berkeley Heights, NJ 07922
	
$25,000
	
03/01/2007
	
38,462

	
Joseph L. Rosenstreich

3215 Clubhouse Road

Merrick, NY   11566-4812
	
$20,000
	
03/01/2007
	
30,769

	
Richard Steiner

1356 Dover Road

Salt Lake City, UT   84108
	
$20,000
	
03/01/2007
	
30,769

	
Gloria Mosseri

351 E. 84th Street, #22-E

New York, NY 10028
	
$10,000
	
03/01/2007
	
15,385

	
Jeffrey Mosseri

351 E. 84th Street, #22-E

New York, NY 10028
	
$10,000
	
03/01/2007
	
15,385

	
Daniela Laufer Trust

Jeffrey Mosseri, Trustee

351 E. 84th Street, #22-E

New York, NY 10028
	
$10,000
	
03/01/2007
	
15,385

	
Chestnut Ridge Partners, LP

50 Tice Boulevard

Woodcliff Lake, NJ 07677
	
$250,000
	
03/01/2007
	
384,615

	
The Arthur Kontos Foundation

Rive Unit 1703

Monmouth Beach, NJ 07750
	
$100,000
	
03/01/2007
	
153,846

	
Vivette Ancona

45 Sutton Place, South

New York, NY 10022
	
$5,000
	
03/01/2007
	
7,692

	
Lorianne O'Connor

128 Squire Hill Rd.

Montclair, NJ 07043
	
$25,000
	
03/01/2007
	
38,462

	
Murphy & Durieu, L.P.

120 Broadway

New York, NY 10005
	
$41,685.11
	
03/01/2007
	
64,131

 

Schedule 2

EXITING NOTEHOLDERS

	
Exiting Noteholders Holding Bridge Notes

	

	

Principal Amount

	
Easton Hunt Capital Partners, L.P.
	
$250,000

	 	
$160,000

	
ProMed Offshore Fund II, Ltd.
	
$550,000

	 	
$160,000

	
Mark A. Samuels
	
$66,667

	
Dolores Maloof
	
$125,000

	 	
$50,000

	
Joseph Mermelstein
	
$100,000

	
Marvin Mermelstein
	
$100,000

	
David Salomon
	
$150,000

	
Congregation Judah and Israel

c/o Mendy Erez
	
$50,000

	 
	
Exiting Noteholder Holding GT Notes

	
Deena Schwartzman
	
$25,000

 

SCHEDULE OF EXCEPTIONS

Schedule 4.13

Liens

	

REPORT/INDEX DATE

LOCATION
	

UCC - SECURED PARTY
	

UCC

DATE FILED/

FILE NUMBER
	

UCC COLLATERAL

	
9/28/2005

Delaware Secretary of State
	
Minolta Business Solutions
	
4/14/2003

31086829
	
Lease - specific equipment

	
Barrow County, Georgia

[UCC Only]
	
Minolta Business Solutions
	
3/22/2001

007-2001-002437
	
Lease - specific equipment

 

Exhibit A

FORM OF CONVERTIBLE NOTE

[AMENDED AND RESTATED] 
1

SENIOR SECURED CONVERTIBLE NOTE

        THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR UNDER APPLICABLE STATE SECURITIES LAWS (THE "ACTS") AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THIS NOTE UNDER THE ACTS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF THE SECURITIES ACT OF 1933, AS AMENDED.

SPECTRX, INC.

13% SENIOR SECURED CONVERTIBLE NOTE

	
No. SSN-__	
Issue Date:  __________, 200_

	
$_______________	 

		

 

        FOR VALUE RECEIVED, the undersigned, SPECTRX, INC. (the "Company"), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to the order of _______________________________________, or registered assigns (the "Holder"), without offset, at Holder's office at _____________________________________________________________________________, or at such other place as the Holder may hereafter from time to time designate in writing, in lawful money of the United States of America, the principal sum of ______________________________ DOLLARS ($__________) on March __, 2010
2 (the "Maturity Date"), together with interest as hereinafter provided.  [This Convertible Note amends and restates that certain Promissory Note in the same principal amount originally issued by [the Company] [Guided Therapeutics, Inc.] on ___________________.]
1

 

1.    GENERAL

	1.1.     Loan Agreement and Guarantees.  This Convertible Note is one of a series of 13% Senior Secured Convertible Notes (herein called the "Convertible Notes") issued pursuant to the Amended and Restated Loan Agreement dated March 1, 2007 entered into by the Company, the Noteholders (the "Noteholders") and the Agent named therein, as it may be amended from time to time (the "Loan Agreement").  The Convertible Notes are guaranteed by the guarantee of the Company's subsidiary Sterling Medivation, Inc., dated as of June 28, 2006, as amended (the "Guaranty").

	1.2.     Loan Agreement.  The Convertible Notes have been issued pursuant to the Loan Agreement, and shall be governed by its terms.  Each Holder of this Convertible Note will be deemed to have made the representations set forth in Section 6 of the Loan Agreement.

	1.3.     Governing Law.  This Convertible Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of Georgia, excluding any choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

	1.4.     Definitions.  Terms with initial capital letters used but not otherwise defined herein shall have the meanings given to such terms in the Loan Agreement.

2.    INTEREST

	        The principal amount of this Convertible Note shall bear interest from the Issue Date at an annual rate of thirteen percent (13%), while no Event of Default has occurred, and at eighteen percent (18%) while an Event of Default has occurred and is continuing.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.  Absent an Event of Default, interest shall accrue until and be payable on the Maturity Date.

3.    PAYMENTS AND MANDATORY PREPAYMENT

	3.1.     Place of Payment.  Payments of all amounts due under this Convertible Note shall be made at the address of the Holder set forth in the first paragraph of this Convertible Note or such other place as the Holder of this Convertible Note shall have designated by written notice to the Company.

	3.2.     Application of Payments.  Payments of all amounts due under this Convertible Note will be applied as follows:  first to accrued and unpaid interest and second to principal.  The Convertible Notes rank equally and ratably without priority over one another.  No payment of principal shall be made under this Convertible Note unless payments of principal are made under the other Convertible Notes in an amount that bears the same ratio to the unpaid principal of the other Convertible Notes as the payment hereon bears to the unpaid principal on this Convertible Note.  No payment of interest shall be made under this Convertible Note unless payments of interest are made under the other Convertible Notes in an amount that bears the same ratio to the interest (including accrued interest) owing on the other Convertible Notes as the payment of interest (including accrued interest) on this Convertible Note bears to the interest (including accrued interest) owing on this Convertible Note.

	3.3.     Excess Payment.  Notwithstanding Section 3.2, if the Holder receives more than its pro rata share of interest or principal (such excess being termed an "Excess Payment"), the Holder shall pay to the Agent for distribution to the holders of the Convertible Notes their respective pro rata shares of such Excess Payment, as set forth in Section 3.2, unless the Holder is legally required to return the Excess Payment, in which case each holder of a Convertible Note receiving a portion of such Excess Payment shall return to the Holder its pro rata share of the sum required to be returned, without interest.

	3.4.     Company Obligation.  The Company acknowledges and agrees that, if the Holder shall be obligated to pay and pays to the Agent for distribution to the holders of the Convertible Notes an Excess Payment, the Company shall be deemed to have satisfied its obligations in respect of this Convertible Note only to the extent of the Excess Payment actually retained or received by the Holder after giving effect to the pro rata payments by the Agent to the holders of the Convertible Notes.  The obligations of the Company in respect of the Convertible Notes held by other holders shall be deemed to have been satisfied to the extent the amount of the Excess Payment distributed to each by the Agent and not required to be returned.

	3.5.     Payment.  Subject to the terms and conditions hereof governing Excess Payments, the Company may at any time and from time to time prepay in whole or in part any sum due hereunder without penalty in accordance with Section 2.6 of the Loan Agreement.

4.    SECURITY AGREEMENTS

	            The Convertible Notes are secured by the SpectRx Security Agreement, the Pledge Agreement, the Sterling Guaranty and the Sterling Security Agreement.

5.    CONVERSION

	            The Convertible Notes are convertible into the Company's Common Stock as set forth in Section 2.3 of the Loan Agreement.  For purpose of such conversion, the Holder is required to send to the Company a conversion notice in the form of
	Schedule 1.  The Company will reserve from its authorized but unissued shares of Common Stock a sufficient number of such shares to permit the Conversion of the Convertible Notes.
	

6.    EVENTS OF DEFAULT; REMEDIES

	6.1.     Events of Default.  The occurrence of one or more of the Events of Default set forth in the Loan Agreement shall be an Event of Default hereunder.

	6.2.     Remedies.

	
		(a)     Acceleration.  Upon the occurrence of and during the continuation of any Event of Default, the Majority Noteholders shall have the rights and shall be entitled to the remedies set forth in the Loan Agreement, which rights include, but are not limited to, the right to declare the outstanding principal balance, together with accrued interest and all other amounts owing  to be immediately due and payable, without presentment, demand, protest or further notice, all of which are hereby waived, and may exercise all applicable rights and remedies under the Guaranty, the Security Agreement and the Subsidiary Security Agreement.

		(b)     Other Remedies.  If any Event of Default has occurred and is continuing and has not been cured during the cure period set forth in the Loan Agreement, if any, and irrespective of whether the Convertible Notes have become or have been declared due and payable pursuant to the terms of this Convertible Note, the Holder of any Convertible Note at the time outstanding may proceed to protect and enforce the rights of such Holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Convertible Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

		(c)     No Waivers or Election of Remedies, Expenses, etc.  No course of dealing and no delay on the part of any Holder of any Convertible Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such Holder's rights, powers or remedies.  No right, power or remedy conferred hereby upon the Holder shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.

	

7.    REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES

	7.1.     Registration of Convertible Notes.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Convertible Notes.  The name and address of each Holder and the name and address of each transferee of one or more Convertible Notes shall be registered in such register.  Prior to due presentment for registration of transfer, the Person in whose name any Convertible Note shall be registered shall be deemed and treated as the owner and Holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any Holder promptly upon request therefore, a complete and correct copy of the names and addresses of all registered Holders.

	7.2.     Transfer and Exchange of Convertible Notes.  This Convertible Note is a registered Convertible Note and, upon surrender of this Convertible Note at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written instrument of transfer duly executed by the registered Holder or his attorney duly authorized in writing, accompanied by the address for notices of each transferee of such Convertible Note or part thereof and, upon delivery by the Holder of an opinion of counsel satisfactory to the Company confirming an exemption from registration under the Securities Act and any available state securities law; provided that if the record ownership of the Convertible Note remains the same no such opinion of counsel shall be required), the Company shall execute and deliver, at the Company's expense (except as provided below), one or more new Convertible Notes (as requested by the Holder thereof) in such series in exchange therefore, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Convertible Note.  Each such new Convertible Note shall be payable to such Person as such Holder may request and shall be substantially in the form of this Convertible Note.  The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Convertible Notes.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Convertible Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

	7.3.     Replacement of Convertible Notes.  Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Convertible Note (which evidence shall be notice from the Holder of such ownership and such loss, theft, destruction or mutilation), and

	
		(a)    in the case of loss, theft or destruction, receipt of an unsecured indemnity reasonably satisfactory to it, or

		(b)    in the case of mutilation, upon surrender and cancellation thereof, the Company at its own expense shall execute and deliver, in lieu thereof, a new Convertible Note of such series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Convertible Note or dated the date of such lost, stolen, destroyed or mutilated Convertible Note if no interest shall have been paid thereon.

	

8.    MAXIMUM LAWFUL RATE

	        It is the intent of the Company and the Holder to conform to and contract in strict compliance with applicable usury law from time to time in effect.  In no way, nor in any event or contingency (including but not limited to prepayment, default, demand for payment, or acceleration of the maturity of any obligation), shall the amounts constituting interest taken, reserved, contracted for, charged or received under this Convertible Note exceed the maximum nonusurious amount permissible under applicable law.  If interest would otherwise be payable in excess of the maximum nonusurious amount, this Convertible Note shall be automatically reformed and the interest payable shall be automatically reduced to the maximum nonusurious amount permitted under applicable law, without the necessity of execution of any amendment or new document.  If the Holder hereof shall ever receive anything of value which is characterized as interest under applicable law and which would apart from this provision be in excess of the maximum lawful amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the indebtedness evidenced hereby in the inverse order of its maturity and not to the payment of interest, or refunded to the Company or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal.  All interest paid or agreed to be paid to the holder hereof shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term (including any renewal or extension) of such indebtedness so that the amount of interest on account of such indebtedness does not exceed the maximum nonusurious amount permitted by applicable law.  As used in this paragraph, the term "applicable law" shall mean the laws of the State of Georgia, as such laws now exist or may be changed or amended or come into effect in the future.

9.    MISCELLANEOUS

	9.1.     Notices.  All notices required to be given shall be given as set forth in the Loan Agreement.

	9.2.     Amendment.  The Convertible Notes may be amended as provided in the Loan Agreement.

	9.3.     Courts.  The Company and the Holder each agree that any action or proceeding against the Company to enforce this Convertible Note may be commenced in any court having jurisdiction in Gwinnett County in the State of Georgia and the Company waives personal service or process and agrees that a summons and complaint commencing an action or proceeding in any such court shall be properly served and shall confer personal jurisdiction if served by registered or certified mail in accordance with the notice provisions set forth herein.

	9.4.     Successors.  This Convertible Note inures to the benefit of the Holder and binds the Company and their respective successors and assigns, and the words "Company" and "Holder" whenever occurring in this Convertible Note shall be deemed and construed to include such respective successors and assigns.  The Company cannot assign this Convertible Note without the prior written consent of the Holder.

	9.5.     Captions.  The captions or headings of the sections of this Convertible Note are for convenience only and shall not control or affect the meaning or construction of any of the terms or provisions of this Convertible Note.

 

[Signature page follows.]

 

IN WITNESS WHEREOF, the Company has caused this Convertible Note to be duly executed and delivered by its duly authorized officer as of the date first above written.

	
SpectRx, Inc.
	 
	
By:	 
	 
	
Printed Name:	 
	 
	
Title:	 

	 

		1         
	If Bridge Note or GT Note is being exchanged for a
	Convertible Note.

	
		2          Third
	anniversary of New Closing Date.

 

	

Schedule I

Form of Conversion Notice

	    To:    SPECTRX, INC.

	            The undersigned irrevocably elects to convert the principal amount of $________ of the 13% Senior Secured Convertible Note No. SSN-_____ (the "Note"), together with interest thereon, into Common Stock of SpectRx, Inc. (the "Company") pursuant to the conversion provisions of that certain Amended and Restated Loan Agreement dated March 1, 2007, as amended from time to time.

	            The undersigned requests that the certificates representing the shares of Common Stock as to which the Note is being converted be registered as follows:

 

	

Name:
	 
	

Social Security or Employer Identification Number:
	 
	

Address:
	 
	

Deliver to:
	 
	

Address:
	 

	

 

____The undersigned requests that the Company cause its transfer agent to electronically transmit the Common Stock issuable pursuant to this Conversion Form to the account of the undersigned or its nominee (which is ____________________) with DTC through its Deposit Withdrawal Agent Commission System ("DTC Transfer"), provided that such transfer agent participates in the DTC Fast Automated Securities Transfer program and the Common Stock issuable pursuant to this Subscription Form may be issued without a restrictive legend if permitted under the applicable securities laws.

____In lieu of receiving the shares of Common Stock issuable pursuant to this Conversion Form by way of DTC Transfer, the undersigned hereby requests that the Company cause its transfer agent to issue and deliver to the undersigned physical certificates representing such shares of Common Stock.

	
		The undersigned represents and warrants that it is an accredited investor within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended, and is acquiring the Common Stock for its own account for investment, and not with a view to, or for resale in connection with the distribution thereof, and has no present intention of distributing or reselling the Common Stock, except to the extent it is registered under the Securities Act of 1933, as amended, and in making the foregoing representations, the undersigned is aware that it must bear, and is able to bear, the economic risk of such investment for an indefinite period of time.  The undersigned agrees not to offer, sell, transfer or otherwise dispose of any Common Stock obtained on exercise of the Note except under circumstances that will not result in a violation of the Securities Act of 1933, as amended.

 

	

	
Date:
	 	 	 
	 	 	 	

(Print Name of Noteholder)

	 	 	 	 
	 	 	 	

(Signature)

	 	 	 	 
	 	 	 	

(Title, if applicable)

 

Exhibit B

WEIGHTED AVERAGE CONVERSION PRICE

ADJUSTMENT TERMS

    1.Issuance of Additional Shares of Common Stock.  If the Company issues or sells Additional Shares of Common Stock (as defined below) for a consideration per share less than the Conversion Price in effect on the date of such issue or sale, then, and in each such case, the Conversion Price shall be reduced, concurrently with such issue or sale, to a price determined by multiplying the Conversion Price then in effect by a fraction,
(A)the numerator of which shall be equal to (i) the number of shares of Common Stock outstanding immediately prior to such issue or sale plus (ii) the number of shares of Common Stock which the aggregate consideration received by the Company for the total number of such Additional Shares of Common Stock so issued or sold would purchase at the Conversion Price then in effect, and

(B)the denominator of which shall be equal to the number of shares of Common Stock outstanding immediately after such issue or sale of Additional Shares of Common Stock.

    2.Issuance of Options and Convertible Securities.  If the Company issues, sells or grants any Options (as defined below) or Convertible Securities (as defined below), whether or not such Options or the right to convert or exchange any such Convertible Securities are immediately exercisable, then, and in each such case, the maximum number of Additional Shares of Common Stock (as set forth in the instrument relating thereto, without regard to any provisions contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, issuable upon the conversion or exchange of such Convertible Securities (or the exercise of such Options for Convertible Securities and subsequent conversion or exchange of the Convertible Securities issued), shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue, sale or grant, provided that in any such case in which Additional Shares of Common Stock are deemed to be issued no further adjustment of the Conversion Price shall be made upon the subsequent issue or sale of Additional Shares of Common Stock or Convertible Securities upon the exercise of such Options or the conversion or exchange of such Convertible Securities.

    3.Minimum Adjustment of Conversion Price.  If the amount of any adjustment of the Conversion Price required hereunder would be less than 1% of the Conversion Price in effect at the time such adjustment is otherwise so required to be made, such amount shall be carried forward and adjustment with respect thereto made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall equal in the aggregate at least 1% of such Conversion Price.

    4.Definitions.  

	
		"Additional Shares of Common Stock" shall mean shares of Common Stock issued or sold by the Company, other than shares of Common Stock issued upon any of the excluded issuances set forth in Section 2.3(c) of this Agreement.

		"Convertible Securities" shall mean any evidence of indebtedness or other securities that may be convertible into or exchangeable for Additional Shares of Common Stock.

		"Options" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire either Additional Shares of Common Stock or Convertible Securities.

	

*   *   *   *   *   *

 

Exhibit C

FORM OF WARRANT

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD OR OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT AS TO THE WARRANT AND THE SHARES OF COMMON STOCK UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SAID ACT.

SPECTRX, INC.

COMMON STOCK WARRANT

_________ shares of Common Stock

No. _________________________, 2007

    SPECTRX, INC., a Delaware corporation (the "Company"), for value received, hereby certifies that ____________________ or its registered assigns (the "Holder") is entitled, subject to the provisions hereof, to purchase from the Company, at any time or from time to time during the Exercise Period (as defined below), ________ duly authorized, validly issued, fully paid and nonassessable shares of Common Stock (defined below) of the Company (the "Warrant Shares") at a purchase price of $0.78 per share (the "Warrant Price"), all subject to the terms, conditions and adjustments set forth below in this warrant (this warrant, and any new warrant issued pursuant to the terms hereof, being referred to herein as "Warrant").  This Warrant is one of a series of warrants (the "Warrants") issued pursuant to the Amended and Restated Loan Agreement dated March 1, 2007 entered into by the Company, the "Agent" and the "Noteholders" named therein (the "Loan Agreement").  Capitalized terms not otherwise defined in Section 6 hereof shall have the meaning given to such terms in the Loan Agreement.

    1.Exercise of Warrant.

	
		1.1Manner of Exercise.  This Warrant may be exercised by the Holder, in whole or in part, during normal business hours on any Business Day by delivering at the principal executive office of the Company the Warrant and a subscription notice in the form of
		Schedule I duly executed by such Holder accompanied by payment in cash or by certified or official bank check payable to the order of the Company or by wire transfer in the amount obtained by multiplying (a) the number of Warrant Shares designated in such subscription by (b) the Warrant Price.

		1.2When Exercise Effective.  Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 1.1.  At such time, the Person or Persons in whose name or names any certificate or certificates for Warrant Shares shall be issuable upon such exercise as provided in Section 1.3 shall be deemed to have become the stockholder(s) of record thereof.

		1.3Delivery of Stock Certificates, etc.  As soon as practicable after the exercise of this Warrant, in whole or in part, and in any event within five (5) Business Days thereafter, the Company at its expense will cause to be issued to and delivered or registered in the name of the Holder hereof or, subject to Section 3, as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct, the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares to which such Holder shall be entitled upon such exercise plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash in an amount equal to the same fraction of the Market Price per share on the Business Day next preceding the date of such exercise.  If the Company's transfer agent is participating in the Depository Trust Company ("DTC") Fast Automated Securities Transfer program, and so long as certificates issued pursuant the exercise hereof do not bear a legend and the Holder is not obligated to return such certificate for the placement of a legend thereon, the Company shall cause its transfer agent to electronically transmit the Warrant Shares so purchased to the Holder by crediting the account of the Holder with DTC through its Deposit Withdrawal Agent Commission system ("DTC Transfer").  If the aforementioned conditions to a DTC Transfer are not satisfied, the Company shall deliver to the Holder physical certificates representing the Warrant Shares so purchased.  Further, the Holder may instruct the Company to deliver to the Holder physical certificates representing the Warrant Shares so purchased in lieu of delivering such shares by way of DTC Transfer.  Any certificates so delivered shall be in such denominations as may be reasonably requested by the Holder hereof, shall be registered in the name of such Holder and shall bear a restrictive legend.  If this Warrant shall have been exercised only in part, then the Company shall, at its expense, at the time of delivery of such certificates, deliver to the Holder a new Warrant or Warrants of like tenor, calling in the aggregate on the face or faces thereof for issuance of the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of such shares so designated by such Holder upon such exercise as provided in Section 1.1.

		1.4Representations of the Company.  The Company represents, warrants and acknowledges to the Holder that:

		
			(a)it is a corporation duly formed and validly existing in the State of Delaware;

			(b)it will at all times reserve and keep available, solely for issuance and delivery upon the exercise of this Warrant, the number of Warrant Shares (or Other Securities) from time to time issuable upon the exercise of the Warrant at the time outstanding.  All such securities shall be duly authorized and, when issued upon such exercise, shall be validly issued and, in the case of shares, fully paid and nonassessable with no liability on the part of the holders thereof.

			(c)this Warrant has been duly authorized and approved by all requisite action of the Company, and constitutes a valid and binding agreement of the Company; and

			(d)when issued in accordance with the terms of this Warrant, the Warrant Shares will be duly authorized and validly issued, fully paid and nonassessable.

		

	

    2.Warrant Adjustments.

	
		2.1Reclassification, Exchange, and Substitution.  If the Warrant Shares shall be changed into the same or a different number of shares of the same or any other class or classes of stock or other securities of the Company, including any such reclassification in connection with a consolidation or merger in which the Company is the surviving entity, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares provided for above), the Holder shall, on its exercise, be entitled to receive the kind and number of shares of Common Stock or Other Securities which the Holder would have owned or been entitled to receive had such Warrant been exercised in full immediately prior to the happening of such reclassification, exchange or substitution for the same aggregate consideration.  If the Company shall at any time change its Common Stock or Other Securities, as the case may be, into the same or a different number of shares of the same or any other class or classes of stock or Other Securities, as the case may be, the Warrant Price then in effect immediately before that reclassification, exchange or substitution shall be adjusted by multiplying the Warrant Price by a fraction, the numerator of which shall be the number of shares of Common Stock or Other Securities, as the case may be, purchasable upon the exercise of this Warrant immediately prior to such adjustment and the denominator of which shall be the number of shares of Common Stock or Other Securities, as the case may be, purchasable immediately thereafter.  An adjustment made pursuant to this Section 2.1 shall become effective immediately after the effective date of such event.  Such adjustment shall be made successively whenever such an event occurs.

		2.2Reorganization, Mergers or Consolidations.  In the event of a reorganization, merger or consolidation of the Company with or into another entity, then, as part of such reorganization, merger or consolidation, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, at any time prior to the end of the Exercise Period and upon payment of the Warrant Price then in effect, the number of shares of Common Stock or Other Securities or property of the Company, or of the successor corporation resulting from such merger or consolidation, to which the Holder would have been entitled in such reorganization, merger, or consolidation if this Warrant had been exercised immediately before that reorganization, merger or consolidation.  In any such case, appropriate adjustment (as determined in good faith by the Company's Board of Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the reorganization, merger or consolidation to the end that the provisions of this Warrant (including adjustment of the Warrant Price then in effect and number of shares of Common Stock purchasable upon exercise of this Warrant) shall be applicable after that event, as near as reasonably may be, in relation to any Common Stock or Warrants or other property deliverable after than event upon exercise of this Warrant.  The Company shall, within thirty (30) days after making such adjustment, give written notice (by first class mail, postage prepaid) to the Holder at the address of the Holder shown on the Company's books.  That notice shall set forth, in reasonable detail, the event requiring the adjustment and the method by which the adjustment was calculated and specify the Warrant Price then in effect after the adjustment and the increased or decreased number of Warrant Shares purchasable upon exercise of this Warrant.  When appropriate, that notice may be given in advance and include as part of the notice required under other provisions of this Warrant.  Notwithstanding the foregoing, in the event of any transaction described in this Section 2.2 in which the consideration to be received by holders of Common Stock is payable only in cash, the Holder shall be entitled only to cash in the amount, if any, that such cash payment per share exceeds the Warrant Price.

		2.3Form of Warrant after Adjustments.  The form of this Warrant need not be changed because of any adjustments in the Warrant Price or number or kind of the shares of Common Stock purchasable pursuant to this Warrant, and Warrants theretofore or hereunder issued may continue to express the same price and number and kind of shares as are stated in this Warrant, as initially issued; provided, however, that the Company may, at any time in its sole discretion (which shall be conclusive), make any change in the form of Warrant certificate that it may deem appropriate and that does not affect the substance thereof.  Any Warrant certificate thereafter issued, whether upon registration of transfer of, or in exchange or substitution for, an outstanding Warrant certificate may be in the form so changed.

	

    3.Restrictions on Transfer.

	
		3.1Restrictive Legends.  Except as otherwise permitted by this Section 3, each Warrant originally issued, each Warrant issued upon direct or indirect transfer, each certificate for Common Stock (or Other Securities) issued upon the exercise of any Warrant, and each certificate issued upon the direct or indirect transfer of any such Common Stock (or Other Securities), shall be stamped or otherwise imprinted with a legend in substantially the following form, if applicable:

		"THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR EXEMPTION THEREFROM AND ANY APPLICABLE STATE SECURITIES LAWS OR EXEMPTION THEREFROM."

					
				
			
		
		3.2Notice of Proposed Transfer; Opinions of Counsel.  Prior to any transfer of any Restricted Securities which are not registered under an effective registration statement under the Securities Act (other than a transfer pursuant to Rule 144, Rule 144A or any comparable rule under such Act), the Holder thereof will give written notice to the Company of such Holder's intention to effect such transfer and to comply in all other respects with this Section 3.2.  Each such notice shall (a) describe the manner and circumstances of the proposed transfer in sufficient detail to enable counsel to render the opinion referred to below, and (b) designate counsel for the Holder giving such notice, which counsel shall be reasonably satisfactory to the Company.  The Holder giving such notice will submit a copy thereof to the counsel designated in such notice.  The following provisions shall then apply:

		
			3.2.1if in the written opinion of such counsel for the Holder, obtained at the Holder's sole cost and expense and a copy of which shall be delivered to the Company and shall be reasonably satisfactory in form, scope and substance to the Company, the proposed transfer may be effected without registration of such Restricted Securities under the Securities Act or applicable state securities laws, such Holder shall thereupon be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by such Holder to the Company.  Each Restricted Security or certificate, if any, issued upon or in connection with such transfer shall bear the appropriate restrictive legend set forth in Section 3.1 unless, in the opinion of such counsel, such legend is no longer required to insure compliance with the Securities Act and applicable state securities laws; and

			3.2.2if the opinion of such counsel rendered pursuant to the foregoing subdivision 3.2.1 is not to the effect that the proposed transfer may legally be effected without registration of such Restricted Securities under the Securities Act or applicable state securities laws (such opinion to state the basis of the legal conclusions reached therein), such Holder shall not be entitled to transfer such Restricted Securities (other than a transfer pursuant to Rule 144, Rule 144A or any comparable rule under the Securities Act) until receipt by the Company of a further notice and a further opinion of counsel for such Holder to the effect stated in subdivision 3.2.1 above or until registration of such Restricted Securities under the Securities Act and applicable state securities laws has become effective.

			3.2.3Termination of Restrictions.  The restrictions imposed by this Section 3 upon the transferability of Restricted Securities shall cease and terminate as to any particular Restricted Securities upon sale of the Restricted Securities in an offering registered under the Securities Act or when, in the opinion of counsel for the Company, such restrictions are no longer required in order to ensure compliance with the Securities Act.  Whenever such restrictions shall terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than transfer taxes, if any), new securities of like tenor not bearing the applicable legend set forth in Section 3.1.

		

	

    4.Ownership, Transfer and Substitution of Warrants.  The Company may treat the Person in whose name this Warrant is registered on the register kept at the principal executive office of the Company as the owner and Holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary.  Subject to Section 3, a Warrant, if properly assigned, may be exercised by a new Holder without first having a new Warrant issued.

    5.Registration Rights.  The holder of this Warrant shall be entitled to the registration rights set forth in the Loan Agreement.

    6.Definitions.  As used herein, unless the context otherwise requires, the following terms have the following respective meanings:

	
		"Business Day" shall mean any day other than a Saturday, Sunday or any other day on which U.S. Federal Reserve member banks are not open for business in Atlanta, Georgia.

		"Commission" shall mean the Securities and Exchange Commission or any other Federal agency at the time administering the Securities Act.

		"Common Stock" shall mean, the common stock, par value $.001 per share (or other common equity interest, however denominated) of the Company and any stock into which such Common Stock shall have been changed or any stock resulting from any reclassification of such Common Stock.

		"Company" shall have the meaning specified in the opening paragraph of this Warrant.

		"Exercise Period" means the date commencing on March 1, 2007 and ending on March 1, 2012.

		"Holder" shall have the meaning specified in the opening paragraph of this Warrant.

		"Loan Agreement" shall have the meaning specified in the opening paragraph of this Warrant.

		"Market Price" shall mean, per share of Common Stock on any date specified herein, (a) the last sale price on such date of such Common Stock or, if no such sale takes place on such date, the average of the closing bid and asked prices thereof on such date, in each case as officially reported on the principal national securities exchange on which such Common Stock is then listed or admitted to trading, or (b) if such Common Stock is not then designated, as a national market system security by the average National Association of Securities Dealers, Inc., but is trading on either the over-the-counter market on the OTC Bulletin Board or the "Pink Sheets", the last sale price as reported by the National Quotation Bureau, or (c) if neither (a) nor (b) is applicable, a price per share thereof equal to the fair value thereof determined in good faith by a resolution of the Board of Directors of the Company as of a date which is within 15 days of the date as of which the determination is to be made.

		"Other Securities" shall mean any stock (other than Common Stock) and other securities of the Company or any other Person (corporate or otherwise) which the Holder of the Warrant at any time shall be entitled to receive, or shall have received, upon the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 2 or otherwise.

		"Person" shall mean a corporation, an association, a partnership, an organization or business, an individual, a government or political subdivision thereof or a governmental agency.

		"Restricted Securities" shall mean (a) any Warrants bearing the applicable legend set forth in Section 3.1, (b) any Warrant Shares (or Other Securities) issued upon the exercise of Warrants which are evidenced by a certificate or certificates bearing the applicable legend set forth in such Section and (c) any Warrant Shares (or Other Securities) issued subsequent to the exercise of any of the Warrants as a dividend or other distribution with respect to, or resulting from a subdivision of the outstanding shares of Common Stock (or Other Securities) into a greater number of shares by reclassification, stock splits or otherwise, or in exchange for or in replacement of the Common Stock (or Other Securities) issued upon such exercise, which are evidenced by a certificate or certificates bearing the applicable legend set forth in such section.

		"Securities Act" shall mean the Securities Act of 1933, or any similar Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

		"Warrant Price" shall have the meaning specified in the opening paragraph of this Warrant.

		"Warrant Shares" shall have the meaning specified in the opening paragraph of this Warrant.

		"Warrants" shall have the meaning specified in the opening paragraph of this Warrant.

	

    7.No Rights or Liabilities as Stockholder.  Nothing contained in this Warrant shall be construed as conferring upon Holder hereof any rights as a stockholder of the Company or as imposing any obligation on such Holder to purchase any securities or as imposing any liabilities on the Holder as a stockholder of the Company, whether such obligation or liabilities are asserted by the Company or by creditors of the Company.

    8.Notices.  All notices and other communications provided for herein shall be delivered or mailed by first class mail, postage prepaid, addressed to:
If to the Holder:

_____________________________ 

_____________________________ 

_____________________________

If to the Company:

4955 Avalon Ridge Parkway, Suite 300

Norcross, GA 30071

	
		The address provided in this Section 8 may be modified by the Company by providing the Holder notice in writing; provided, however, that the exercise of any Warrant shall be effective in the manner provided in Section 1.

	

    9.Miscellaneous.  This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought; however, the Warrants may be amended as provided in the Loan Agreement.  Any provision of this Warrant which shall be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the Company waives any provision of law which shall render any provision hereof prohibited or unenforceable in any respect.  This Warrant shall be governed by the substantive laws of the State of Georgia without reference to the choice of law rules thereof.  The headings of this Warrant are inserted for convenience only and shall not be deemed to constitute a part hereof.

    10.Loss, Theft, Destruction or Mutilation of Warrant.  Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of this Warrant.

    11.Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein is not a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

    12.Expiration.  The right to exercise this Warrant shall expire on the last day of the Exercise Period.

					
						
							
								
									
										
											
												
													
														SpectRx, Inc.

													

												

											

										

									

								

							

						

					

					
				
			
		
	

		
			By: 
	 

	
Name: 	
			 

	
Title:	
 

						

Schedule I

Form of Subscription Note

    To:    SPECTRX, INC.

    The undersigned irrevocably elects to purchase __________ shares of Common Stock of the Company by exercising the Warrant to which this form is attached and tenders to the Company, in immediately available funds, $_______________ representing the full Warrant Price with respect to such shares of Common Stock

    The shares into which the Warrant is being exercised are referred to as the "Warrant Shares".  The undersigned requests that the certificates representing the shares of Common Stock of the Company as to which the Warrant is being exercised be registered as follows:

 

	
Name:

	

 

	

		Social Security or Employer Identification Number:

	

 

	
Address:

	 

	

		Deliver to:

	
		 

		

	

		Address:

	

 

	
		
___The undersigned requests that the Company cause its transfer agent to electronically transmit the Common Stock issuable pursuant to this Subscription Form to the account of the undersigned or its nominee (which is ____________________) with DTC through its Deposit Withdrawal Agent Commission System ("DTC Transfer"), provided that such transfer agent participates in the DTC Fast Automated Securities Transfer program and the Common Stock issuable pursuant to this Subscription Form may be issued without a restrictive legend if permitted under the applicable securities laws.

		___In lieu of receiving the shares of Common Stock issuable pursuant to this Subscription Form by way of DTC Transfer, the undersigned hereby requests that the Company cause its transfer agent to issue and deliver to the undersigned physical certificates representing such shares of Common Stock.

	

    The undersigned represents and warrants that it is an accredited investor within the meaning of Regulation D promulgated under the Securities Act and is purchasing the Warrant Shares for its own account for investment, and not with a view to, or for resale in connection with the distribution thereof, and has no present intention of distributing or reselling any Warrant Shares, and in making the foregoing representations, the undersigned is aware that it must bear, and is able to bear, the economic risk of such investment for an indefinite period of time.  The undersigned agrees not to offer, sell, transfer or otherwise dispose of any Common Stock obtained on exercise of this Warrant except under circumstances that will not result in a violation of the Securities Act of 1933, as amended.

    If the number of shares of Common Stock of the Company as to which the Warrant is being exercised are fewer than all the shares of Common Stock of the Company to which the Warrant relates, please issue a new Warrant for the balance of such shares of Common Stock registered in the name of the undersigned and deliver it to the undersigned at the following address:

		
Address:	
			 

	
Date:

	
 

	

 

		(Print Name of Warrant Holder)
				 

	
(Signature)

	
			 

	
(Title of signatory, if applicable)EXECUTION
        COPY      

    

     

    
 

    US
      $275,000,000

     

    CREDIT
      AGREEMENT

     

    dated
      as
      of August 23, 2007,

     

    among

     

    INGRAM
      MICRO INC.,

    as
      an
Initial Borrower and Guarantor,

     

    INGRAM
      MICRO COORDINATION CENTER B.V.B.A.,

    as
      an
Initial Borrower,

     

    INGRAM
      MICRO EUROPE TREASURY LLC,

    as
      an
Initial Borrower,

     

    CERTAIN
      FINANCIAL INSTITUTIONS,

    as
      the
Lenders,

     

    BANK
      OF AMERICA, N.A.,

    as
      the
Syndication Agent for the Lenders

     

    and

     

    THE
      BANK OF NOVA SCOTIA,

    as
      the
Administrative Agent for the Lenders

     

    ____________________________________________

     

    As
      arranged by

     

    THE
      BANK OF NOVA SCOTIA and

    BANC
      OF AMERICA SECURITIES LLC,

     

    as
      the
Joint Lead Arrangers and

    Joint
      Book Runners

     

    ____________________________________________

     

    KEYBANK
      NATIONAL ASSOCIATION, MIZUHO

    CORPORATE
      BANK, LTD. and

    UNION
      BANK OF CALIFORNIA

    as
      Co-Documentation Agents for the Lenders,

     

    

    

    

    
    

    

    

    
      
        
          
            

          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

      
        	 	
                        TABLE
                  OF CONTENTS      

              	 
	 	 	 
	 	 	Page       
	 	 	 
	
                ARTICLE
                  I

              	
                DEFINITIONS
                  AND ACCOUNTING TERMS

              	
                2

              
	
                SECTION
                  1.1

              	
                Defined
                  Terms

              	
                2

              
	
                SECTION
                  1.2

              	
                Use
                  of Defined Terms

              	
                28

              
	
                SECTION
                  1.3

              	
                Cross-References

              	
                28

              
	
                SECTION
                  1.4

              	
                Accounting
                  and Financial Determinations

              	
                28

              
	
                SECTION
                  1.5

              	
                Calculations

              	
                29

              
	
                SECTION
                  1.6

              	
                Round
                  Amounts

              	
                29

              
	
                ARTICLE
                  II

              	
                COMMITMENTS,
                  ETC

              	
                29

              
	
                SECTION
                  2.1

              	
                Commitments

              	
                29

              
	
                SECTION
                  2.2

              	
                Reductions
                  of the Commitment Amounts

              	
                30

              
	
                SECTION
                  2.3

              	
                Ineligible
                  Currencies

              	
                31

              
	
                SECTION
                  2.4

              	
                Designated
                  Additional Loans

              	
                31

              
	
                ARTICLE
                  III

              	
                PROCEDURES
                  FOR CREDIT EXTENSIONS

              	
                32

              
	
                SECTION
                  3.1

              	
                Borrowing
                  Procedures

              	
                32

              
	
                SECTION
                  3.2

              	
                Letter
                  of Credit Issuance Procedures

              	
                34

              
	
                ARTICLE
                  IV

              	
                PRINCIPAL,
                  INTEREST, AND FEE PAYMENTS

              	
                38

              
	
                SECTION
                  4.1

              	
                Loan
                  Accounts, Notes, Payments, and Prepayments

              	
                38

              
	
                SECTION
                  4.2

              	
                Interest
                  Provisions

              	
                40

              
	
                SECTION
                  4.3

              	
                Fees

              	
                42

              
	
                SECTION
                  4.4

              	
                Rate
                  and Fee Determinations

              	
                44

              
	
                ARTICLE
                  V

              	
                CERTAIN
                  PAYMENT PROVISIONS

              	
                45

              
	
                SECTION
                  5.1

              	
                Illegality;
                  Currency Restrictions

              	
                45

              
	
                SECTION
                  5.2

              	
                Deposits
                  Unavailable

              	
                45

              
	
                SECTION
                  5.3

              	
                Increased
                  Credit Extension Costs, etc

              	
                46

              
	
                SECTION
                  5.4

              	
                Funding
                  Losses

              	
                47

              
	
                SECTION
                  5.5

              	
                Increased
                  Capital Costs

              	
                47

              
	
                SECTION
                  5.6

              	
                Discretion
                  of Lenders as to Manner of Funding

              	
                48

              
	
                SECTION
                  5.7

              	
                Taxes

              	
                48

              
	
                SECTION
                  5.8

              	
                Payments

              	
                50

              
	
                SECTION
                  5.9

              	
                Sharing
                  of Payments

              	
                51

              
	
                SECTION
                  5.10

              	
                Right
                  of Set-off

              	
                52

              

      

      

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

      
        	 	 	 
	 	 	 
	
                SECTION
                  5.11

              	
                Judgments,
                  Currencies, etc

              	
                52

              
	
                SECTION
                  5.12

              	
                Replacement
                  of Lenders

              	
                53

              
	
                SECTION
                  5.13

              	
                Change
                  of Lending Office

              	
                53

              
	
                SECTION
                  5.14

              	
                European
                  Monetary Union

              	
                53

              
	
                ARTICLE
                  VI

              	
                CONDITIONS
                  TO MAKING CREDIT EXTENSIONS AND ACCESSION OF ACCEDING
                  BORROWERS

              	
                54

              
	
                SECTION
                  6.1

              	
                Initial
                  Credit Extension

              	
                54

              
	
                SECTION
                  6.2

              	
                All
                  Credit Extensions

              	
                56

              
	
                SECTION
                  6.3

              	
                Acceding
                  Borrowers

              	
                57

              
	
                ARTICLE
                  VII

              	
                REPRESENTATIONS
                  AND WARRANTIES

              	
                59

              
	
                SECTION
                  7.1

              	
                Organization,
                  etc

              	
                59

              
	
                SECTION
                  7.2

              	
                Due
                  Authorization, Non-Contravention, etc

              	
                59

              
	
                SECTION
                  7.3

              	
                No
                  Default

              	
                59

              
	
                SECTION
                  7.4

              	
                Government
                  Approval, Regulation, etc

              	
                60

              
	
                SECTION
                  7.5

              	
                Validity,
                  etc

              	
                60

              
	
                SECTION
                  7.6

              	
                Financial
                  Information

              	
                60

              
	
                SECTION
                  7.7

              	
                No
                  Material Adverse Effect

              	
                60

              
	
                SECTION
                  7.8

              	
                Litigation,
                  Labor Controversies, etc

              	
                60

              
	
                SECTION
                  7.9

              	
                Subsidiaries

              	
                61

              
	
                SECTION
                  7.10

              	
                Ownership
                  of Properties

              	
                61

              
	
                SECTION
                  7.11

              	
                Taxes

              	
                61

              
	
                SECTION
                  7.12

              	
                Pension
                  and Welfare Plans

              	
                61

              
	
                SECTION
                  7.13

              	
                Environmental
                  Warranties

              	
                61

              
	
                SECTION
                  7.14

              	
                Accuracy
                  of Information

              	
                62

              
	
                SECTION
                  7.15

              	
                Patents,
                  Trademarks, etc

              	
                62

              
	
                SECTION
                  7.16

              	
                Margin
                  Stock

              	
                63

              
	
                ARTICLE
                  VIII

              	
                COVENANTS

              	
                63

              
	
                SECTION
                  8.1

              	
                Affirmative
                  Covenants

              	
                63

              
	
                SECTION
                  8.2

              	
                Negative
                  Covenants

              	
                68

              
	
                ARTICLE
                  IX

              	
                EVENTS
                  OF DEFAULT

              	
                74

              
	
                SECTION
                  9.1

              	
                Listing
                  of Events of Default

              	
                74

              

      

      

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  9.2

              	
                Action
                  if Bankruptcy

              	
                76

              
	
                SECTION
                  9.3

              	
                Action
                  if Other Event of Default

              	
                77

              
	
                SECTION
                  9.4

              	
                Cash
                  Collateral

              	
                77

              
	
                ARTICLE
                  X

              	
                AGENTS

              	
                77

              
	
                SECTION
                  10.1

              	
                Authorization
                  and Actions

              	
                77

              
	
                SECTION
                  10.2

              	
                Funding
                  Reliance, etc

              	
                78

              
	
                SECTION
                  10.3

              	
                Exculpation

              	
                78

              
	
                SECTION
                  10.4

              	
                Successor

              	
                78

              
	
                SECTION
                  10.5

              	
                Credit
                  Extensions by an Agent

              	
                79

              
	
                SECTION
                  10.6

              	
                Credit
                  Decisions

              	
                79

              
	
                SECTION
                  10.7

              	
                Copies,
                  etc

              	
                79

              
	
                SECTION
                  10.8

              	
                Joint
                  Lead Arrangers and other Agents

              	
                80

              
	
                ARTICLE
                  XI

              	
                MISCELLANEOUS
                  PROVISIONS

              	
                80

              
	
                SECTION
                  11.1

              	
                Waivers,
                  Amendments, etc

              	
                80

              
	
                SECTION
                  11.2

              	
                Notices

              	
                80

              
	
                SECTION
                  11.3

              	
                Payment
                  of Costs and Expenses

              	
                81

              
	
                SECTION
                  11.4

              	
                Indemnification

              	
                81

              
	
                SECTION
                  11.5

              	
                Survival

              	
                82

              
	
                SECTION
                  11.6

              	
                Severability

              	
                82

              
	
                SECTION
                  11.7

              	
                Headings

              	
                82

              
	
                SECTION
                  11.8

              	
                Execution
                  in Counterparts, Effectiveness; Entire Agreement

              	
                83

              
	
                SECTION
                  11.9

              	
                Jurisdiction

              	
                83

              
	
                SECTION
                  11.10

              	
                Successors
                  and Assigns

              	
                84

              
	
                SECTION
                  11.11

              	
                Assignments
                  and Transfers of Interests

              	
                85

              
	
                SECTION
                  11.12

              	
                Other
                  Transactions

              	
                86

              
	
                SECTION
                  11.13

              	
                Further
                  Assurances

              	
                86

              
	
                SECTION
                  11.14

              	
                Waiver
                  of Jury Trial

              	
                87

              
	
                SECTION
                  11.15

              	
                Confidentiality

              	
                87

              
	
                SECTION
                  11.16

              	
                Release
                  of Subsidiary Guarantors and Acceding Borrowers

              	
                88

              
	
                SECTION
                  11.17

              	
                Collateral

              	
                88

              
	
                SECTION
                  11.18

              	
                USA
                  PATRIOT Act Notice

              	
                89

              

      

       

    

    
      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULES
      AND EXHIBITS

     

    
       

      
        	
                Schedule I

              	
                -

              	
                Disclosure
                  Schedule

              
	 	
                -

              	
                Item 7.8

              
	 	
                -

              	
                Item 7.9

              
	 	
                -

              	
                Item 7.11

              
	 	
                -

              	
                Item 7.12

              
	 	
                -

              	
                Item 8.2.1(a)(ii)

              
	 	
                -

              	
                Item 8.2.2(a)

              
	 	 	 
	
                Schedule
                  II

              	
                -

              	
                
                  [Omitted]

                

              
	
                Schedule
                  III

              	
                -

              	
                
                  [Omitted]

                

              
	 	 	 
	
                Exhibit A-1

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit
                  A-2

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit B

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit C

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit D

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit E

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit F

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit G

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit H

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit I

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit J

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit K

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit L

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit M

              	
                -

              	
                
                  [Omitted]

                

              
	
                Exhibit N

              	
                -

              	
                [Omitted]

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

     

     

    

    CREDIT
      AGREEMENT

     

    THIS
      CREDIT AGREEMENT is entered into as of August 23, 2007, among:

     

    
      	
              •

            	
              INGRAM
                MICRO INC., a corporation organized and existing under the laws of
                the
                State of Delaware, United States of America
                (“Micro”);

            

    

     

    
      	
              •

            	
              INGRAM
                MICRO COORDINATION CENTER B.V.B.A., a company organized and existing
                under
                the laws of The Kingdom of Belgium (“Coordination
                Center”);

            

    

     

    
      	
              •

            	
              INGRAM
                MICRO EUROPE TREASURY LLC, a limited liability company organized
                and
                existing under the laws of the State of Delaware, United States of
                America
                (“Treasury,” and together with Coordination Center, the
                “Subsidiary Borrowers,” and together with Coordination Center and
                Micro, the “Initial
                Borrowers”);

            

    

     

    
      	
              •

            	
              THE
                BANK OF NOVA SCOTIA (“Scotia Capital”), BANK OF AMERICA, N.A.
                (“BOA”) and all other financial institutions party hereto (together
                with their respective successors and permitted assigns and any branch
                or
                affiliate of a financial institution funding a Revolving Loan as
                permitted
                by Section 5.6 as a signatory or otherwise, collectively, the
                “Lenders”); and

            

    

     

    
      	
              •

            	
              SCOTIA
                CAPITAL, as administrative agent for the Lenders (in such capacity,
                the
                “Administrative Agent”) and BOA, as syndication agent for the
                Lenders (in such capacity, the “Syndication Agent”, and
                collectively with the Administrative Agent, the
                “Agents”).

            

    

     

    WHEREAS,
      Micro and its Subsidiaries (such capitalized term and all other capitalized
      terms used herein having the meanings provided in Section 1.1) are
      engaged primarily in the business of the wholesale distribution of microcomputer
      software and hardware products, multimedia products, customer financing,
      assembly and configuration and other related wholesaling, distribution and
      service activities; and

     

    WHEREAS,
      Micro wishes to obtain for itself and the Subsidiary Borrowers as Initial
      Borrowers, Commitments from all the Lenders for Credit Extensions to be made
      prior to the Commitment Termination Date in an aggregate amount in any Available
      Currency, not to exceed the Total Commitment Amount at any one time outstanding,
      such Credit Extensions being available in accordance with the term of this
      Agreement as Revolving Loans, Swing Line Loans and Letters of Credit;
      and

     

    WHEREAS,
      Micro is willing to guarantee all Obligations of each other Obligor;
      and

     

    WHEREAS,
      each Initial Additional Guarantor is, as of the date hereof, a Material
      Subsidiary and, consistent with Section 8.1.9(b), is required to,
      and is willing to, guarantee all Obligations of each other Obligor;
      and

     

    WHEREAS,
      the Lenders are willing, pursuant to and in accordance with the terms of this
      Agreement, to extend severally Commitments to make, from time to time prior
      to
      the

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Commitment
      Termination Date, Credit Extensions in an aggregate amount at any time
      outstanding not to exceed the excess of the Total Commitment Amount over the
      then Outstanding Credit Extensions; and

     

    WHEREAS,
      the proceeds of the Credit Extensions will be used for general
      corporate purposes (including, working capital and, so long as the relevant
      Borrower has complied with Section 8.2.7, Acquisitions) of each
      Borrower and its Subsidiaries;

     

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

     

    ARTICLE
      I

     

    DEFINITIONS
      AND ACCOUNTING TERMS

     

    SECTION
      1.1  Defined Terms.  The following
      terms when used in this Agreement, including its preamble and recitals, shall,
      except where the context otherwise requires, have the following meanings (such
      meanings to be equally applicable to the singular and plural forms
      thereof):

     

     “Acceding
      Borrower” is defined in Section 6.3.

     

    “Accession
      Request and Acknowledgment” means a request for accession duly completed and
      executed by an Authorized Person of the applicable Acceding Borrower and
      acknowledged by an Authorized Person of each Guarantor, substantially in the
      form of Exhibit N attached hereto.

     

    “Acquired
      Existing Debt and Liens” means, for a period of 180 days following the
      acquisition or merger of a Person by or into Micro or any of its Subsidiaries
      or
      the acquisition of a business unit of a Person or the assets of a Person or
      business unit of a Person by Micro or any of its Subsidiaries, the Indebtedness
      and Liens of that Person or business unit that (a) were not incurred in
      connection with that acquisition or merger and do not constitute any refinancing
      of Indebtedness so incurred and (b) were in existence at the time of that
      acquisition or merger.

     

    “Acquisition”
      means any transaction, or any series of related transactions, by which Micro
      and/or any of its Subsidiaries directly or indirectly (a) acquires any ongoing
      business or all or substantially all of the assets of any Person or division
      thereof, whether through purchase of assets, merger or otherwise, (b) acquires
      (in one transaction or as the most recent transaction in a series of
      transactions) control of at least a majority in ordinary voting power of the
      securities of a Person which have ordinary voting power for the election of
      directors of such Person or (c) otherwise acquires control of a more than 50%
      ownership interest in any Person.

     

    “Act”
      is defined in Section 11.18.

     

    “Additional
      Commitment Date” is defined in Section 2.4.

     

    “Additional
      Commitment Lender” is defined in Section 2.4.

     

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

    “Additional
      Guarantor” means each Initial Additional Guarantor and each other Subsidiary
      of Micro as shall from time to time become a Guarantor in accordance with
Section 8.1.9.

     

    “Additional
      Guaranty” means a guaranty, substantially in the form of the
Exhibit I attached hereto, duly executed and delivered by an
      Authorized Person of each Additional Guarantor, as amended, supplemented,
      restated, or otherwise modified from time to time.

     

    “Additional
      Permitted Liens” means, as of any date (a) Liens securing Indebtedness and
      not described in clauses (a) through (m) of Section 8.2.2,
      but only to the extent that (i) the sum of the Amount of Additional Liens on
      that date plus the amount of cash and cash equivalents or investments subject
      to
      Liens permitted by clause (c) of this definition on that date does not
      exceed 10% of Consolidated Tangible Assets on that date and, (ii) the Borrowers
      are otherwise in compliance with Section 8.2.1(b)(i), (b) Liens
      constituting Acquired Existing Debt and Liens on that date and (c) Liens on
      cash
      and cash equivalents or investments (and the deposit or other accounts to which
      such cash and cash equivalents and investments are credited) securing
      obligations under any interest rate protection agreement, foreign currency
      exchange agreement, commodity price protection agreement or other interest
      rate,
      currency exchange rate or commodity price hedging agreement but only to the
      extent that the sum of the Amount of Additional Liens on that date plus the
      amount of such cash and cash equivalents or investments on that date does not
      exceed 10% of Consolidated Tangible Assets on that date.

     

    “Administrative
      Agent” is defined in the preamble and includes each other Person as shall
      have subsequently been appointed as the successor Administrative Agent pursuant
      to Section 10.4.

     

    “Affiliate”
      of any Person means any other Person which, directly or indirectly, controls,
      is
      controlled by or is under common control with such Person (excluding any trustee
      under, or any committee with responsibility for administering, any
      Plan).  A Person shall be deemed to be controlled by any other Person
      if such other Person possesses, directly or indirectly, power (a) to vote,
      in
      the case of any Lender Party, 10% or more or, in the case of any other Person,
      35% or more, of the securities (on a fully diluted basis) having ordinary voting
      power for the election of directors or managing general partners, or (b) in
      the
      case of any Lender Party or any other Person, to direct or cause the direction
      of the management and policies of such Person whether by contract or
      otherwise.

     

    “Affiliate
      Transaction” is defined in Section 8.2.6.

     

    “Agents”
      is defined in the preamble.

     

    “Agreement”  means
      this Credit Agreement, as amended, supplemented, restated or otherwise modified
      from time to time in accordance with its terms.

     

    “Alternate
      Base Rate” means, on any date, a fluctuating rate of interest per annum
      (rounded upward, if necessary, to the next highest 1/16 of 1%) equal to (i)
      in
      the case of Loans denominated in Dollars, the higher
      of:  (a)  the Base Rate in effect on such day; and
      (b)  the Federal Funds Rate in effect on such day plus 1⁄2 of 1%; (ii)
      in the case of Loans denominated in Sterling, the Sterling Base Rate; (iii)
      in
      the case of Loans denominated in Euro, the Euro Base

     

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    Rate;
      and
      (iv) in the case of Loans denominated in a currency other than Dollars, Sterling
      or Euro, the comparable rate for such currency, as reasonably determined by
      the
      Administrative Agent.

     

    Changes
      in
      the rate of interest on that portion of any Loans maintained as Base Rate Loans
      will take effect simultaneously with each change in the Alternate Base
      Rate.  The Administrative Agent will give notice promptly to the
      Borrower and the Lenders of changes in the Alternate Base Rate; provided
      that, the failure to give such notice shall not affect the Alternate Base Rate
      in effect after such change.

     

    “Amount
      of Additional Liens” means, at any date, the aggregate principal amount of
      Indebtedness secured by Additional Permitted Liens on such date.

     

    “Applicable
      Margin” means, for any Loan or Letter of Credit (a) for any day during the
      period from and including the Effective Date, through and including the last
      day
      of the Fiscal Period ending on the Saturday nearest September 30, 2007,
      .60% per annum and (b) for any day thereafter, the rate per annum determined
      in
      accordance with the following procedure:

     

    (1)           If
      the Pricing Level set forth opposite the Leverage Ratio is the same as the
      Pricing Level set forth opposite the applicable Credit Rating, then the
      Applicable Margin for that Pricing Level shall be the Applicable
      Margin.

     

    (2)           If
      the Pricing Level set forth opposite the Leverage Ratio differs by one Pricing
      Level from the Pricing Level set forth opposite the applicable Credit Rating,
      then the Applicable Margin for the lower numbered Pricing Level of the two
      shall
      be the Applicable Margin.

     

    (3)           If
      the Pricing Level set forth opposite the Leverage Ratio differs by more than
      one
      Pricing Level from the Pricing Level set forth opposite the applicable Credit
      Rating, then the Applicable Margin shall be determined by reference to the
      Pricing Level that is numerically one Pricing Level below the higher numbered
      of
      the two applicable Pricing Levels.

     

    

     

    
      	
              Pricing
                Level

            	
              Credit
                Rating

            	
              Leverage
                Ratio

            	
              Applicable
                Margin

              for

              Libo
                Rate Loans

            	
              Applicable
                Margin

              for

              Base
                Rate Loans

            
	
              Level
                I

            	
              Higher
                than or equal to BBB+ or Baa1

            	
              Less
                than .50

            	
              .40%

            	
              .00%

            
	
              Level
                II

            	
              BBB
                or Baa2

            	
              Greater
                than or equal to .50, but less than 1.00

            	
              .50%

            	
              .00%

            

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
              Pricing
                Level

            	
              Credit
                Rating

            	
              Leverage
                Ratio

            	
              Applicable
                Margin

              for

              Libo
                Rate Loans

            	
              Applicable
                Margin

              for

              Base
                Rate Loans

            
	
              Level
                III

            	
              BBB-
                or Baa3

            	
              Greater
                than or equal to 1.00, but less than 2.00

            	
              .60%

            	
              .00%

            
	
              Level
                IV

            	
              BB+
                or Ba1

            	
              Greater
                than or equal to 2.00, but less than 3.00

            	
              .75%

            	
              .00%

            
	
              Level
                V

            	
              BB
                or Ba2

            	
              Greater
                than or equal to 3.00, but less than 3.50

            	
              1.00%

            	
              0.00%

            
	
              Level
                VI

            	
              Lower
                than or equal to BB- or Ba3

            	
              Greater
                than or equal to 3.50

            	
              1.25%

            	
              0.25%

            

    

    

     

    Any
      change
      in the Applicable Margin as a result in a change in the Credit Rating assigned
      by either S&P or Moody’s will be effective as of the day subsequent to the
      date on which S&P or Moody’s, as the case may be, releases the applicable
      change in its Credit Rating.

     

    If
      the
      Credit Ratings assigned by S&P and Moody’s fall into different Pricing
      Levels, then the applicable Pricing Level shall be determined by reference
      to
      the lower of the two Credit Ratings.

     

    Subject
      to
Section 4.4, the applicable Leverage Ratio shall be the Leverage Ratio
      for the Fiscal Period most recently ended prior to such day for which financial
      statements and reports have been received by the Administrative Agent pursuant
      to Section 8.1.1(a) or (b), as set forth in (and effective
      upon delivery by Micro to the Administrative Agent of) the related new
      Compliance Certificate pursuant to Section 8.1.1(d).

     

    Notwithstanding
      the foregoing, (i) for so long as an Event of Default has occurred and is
      continuing the applicable Pricing Level shall be Level VI and (ii) if Micro
      shall fail to deliver a Compliance Certificate required to be delivered pursuant
      to Section 8.1.1(d) within 60 days after the end of any of its
      fiscal quarters (or within 90 days, in the case of the last fiscal quarter
      of
      its Fiscal Year), the applicable Pricing Level from and including the 61st
      (or
      91st, as the case may be) day after the end of such fiscal quarter (or Fiscal
      Year, as the case may be) to but not including the date Micro delivers to the
      Administrative Agent a quarterly Compliance Certificate shall be Level
      VI.

     

    “Applicable
      Time” means, except as provided in clause (ii), (i) New York City
      time and (ii) in the case of notices, payments, requests or other actions
      relating to any Loan or Letter of Credit denominated in any Available Currency
      other than Dollars, the local time in the Principal Financial Center of the
      Available Currency in which such Loan or Letter of Credit is
      denominated.

     

    

    
      
        
          
          

        

        
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    “Authorized
      Person” means those officers or employees of each Obligor whose signatures
      and incumbency shall have been certified to the Administrative Agent pursuant
      to
Section 6.1.1 or 6.3.1.

     

    “Available
      Credit Commitment” means, for any Lender and at any time, the amount (not
      less than zero) equal to the remainder of (a) its Credit Commitment Amount
      at
      that time minus (b) its Outstanding Credit Extensions at that time.

     

    “Available
      Currency” means Dollars, Sterling and Euro, and any other currency approved
      in writing by all of the Lenders.

     

    “BAS”
      means Banc of America Securities LLC.

     

    “Base
      Rate” means, at any time, the rate of interest then most recently
      established by the Administrative Agent in New York as its base rate for Dollars
      loaned in the United States.  The Base Rate is not necessarily
      intended to be the lowest rate of interest determined by the Administrative
      Agent in connection with extensions of credit.

     

    “Base
      Rate Loan” means a Loan bearing interest at a fluctuating rate determined by
      reference to the Alternate Base Rate.

     

    “BOA”
      is defined in the preamble.

     

    “Board
      Representation Agreement” means the Board Representation Agreement dated as
      of November 6, 1996 and amended as of June 1, 2001, March 12, 2002 and May
      30, 2002, among Micro and the “Family Stockholders” (as defined therein)
      listed on the signature pages thereof, as it was in effect on May 30, 2002
      (it
      being understood that such Agreement is no longer in effect and is being
      identified solely for purposes of identifying those Persons who constitute
      the
“Family Stockholders” for purposes of the definition of “Change in
      Control”).

     

    “Borrowers”
      means, collectively, the Initial Borrowers and the Acceding Borrowers party
      to
      this Agreement from time to time, together with their respective successors
      and
      assigns.

     

    “Borrowing”
      means the Loans having the same Interest Period, made by all Lenders on the
      same
      Business Day, and made pursuant to the same Borrowing Request in accordance
      with
Section 3.1.

     

    “Borrowing
      Request” means a Loan and certificate duly completed and executed by an
      Authorized Person of the relevant Borrower, substantially in the form of
Exhibit B attached hereto.

     

    “Business
      Day” means

     

    (a)           any
      day which (i) is neither a Saturday or Sunday nor a legal holiday on which
      banks
      are authorized or required to be closed in London or in Brussels and
      (ii) relative to the making, continuing, prepaying of Loans denominated in
      an Available Currency, is also a day on which dealings in such Available
      Currency are carried on in the interbank eurodollar market in London or New
      York
      City; and

     

    

    
      
        
          
          

        

        
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    (b)           relative
      to the making of any payment in respect of any Credit Extension denominated
      in
      an Available Currency other than Sterling, any day on which dealings in such
      Available Currency are carried on in the London interbank eurodollar market
      and
      in the relevant local money market.

     

    “Capitalized
      Lease Liabilities” of any Person means, at any time, any obligation of such
      Person at such time to pay rent or other amounts under a lease of (or other
      agreement conveying the right to use) real and/or personal property, which
      obligation is, or in accordance with GAAP (including FASB Statement 13) is
      required to be, classified and accounted for as a capital lease on a balance
      sheet of such Person at the time incurred; and for purposes of this Agreement
      the amount of such obligation shall be the capitalized amount thereof determined
      in accordance with such FASB Statement 13.

     

    “Change
      in Control” means the occurrence of either (a) any Person or two or
      more Persons (excluding the Family Stockholders (as defined in the Board
      Representation Agreement)) acting in concert shall have acquired beneficial
      ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
      Commission under the Securities Exchange Act of 1934, as amended (or any
      successor regulation)) of capital stock of Micro having more than 30% of the
      ordinary voting power of all capital stock of Micro then outstanding; or (b)
      at
      any time during any period of 25 consecutive calendar months commencing on
      or
      after the date of this Agreement, a majority of Board of Directors of Micro
      shall no longer be composed of individuals (i) who were members of such Board
      of
      Directors on the first day of such period, (ii) whose election or nomination
      to
      such Board of Directors was approved by individuals referred to in
clause (b)(i) above constituting at the time of such election or
      nomination at least a majority of such Board of Directors or (iii) whose
      election or nomination to such Board of Directors was approved by individuals
      referred to in clause (b)(i) or (b)(ii) above constituting
      at the time of such election or nomination at least a majority of such Board
      of
      Directors.

     

    “Change
      in Control Notice” is defined in Section 4.1.2.

     

    “Code”
      means the U.S. Internal Revenue Code of 1986, as amended and as in effect from
      time to time, and any rules and regulations promulgated thereunder.

     

    “Commitment”
      means, relative to each Lender, its obligation under Section 2.1(a) to
      make Revolving Loans, under Section 2.1(b) to make Swing Line Loans and
      under Section 3.2 to participate in Letters of Credit and drawings
      thereunder.

     

    “Commitment
      Termination Date” means the fifth anniversary of the Effective Date, or the
      earlier date of termination in whole of the Commitments pursuant to
Section 2.2, 9.2 or 9.3.

     

    “Compliance
      Certificate” means a report duly completed, with substantially the same
      information as set forth in Exhibit E attached hereto, as such
Exhibit E may be amended, supplemented, restated or otherwise
      modified from time to time.

     

    “consolidated”
      and any derivative thereof each means, with reference to the accounts or
      financial reports of any Person, the consolidated accounts or financial reports
      of such Person and each Subsidiary of such Person determined in accordance
      with
      GAAP, including principles of

     

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    consolidation
      consistent with those applied in the preparation of the consolidated financial
      statements of Micro referred to in Section 7.6.

     

    “Consolidated
      Assets” means, at any date, the total assets of Micro and its Consolidated
      Subsidiaries that would be reflected on a consolidated balance sheet of Micro
      and its Consolidated Subsidiaries as at such date in accordance with
      GAAP.

     

    “Consolidated
      EBITDA” means, for any period, Consolidated Income (or Loss) from Operations
      for such period adjusted by adding thereto (a) the amount of all amortization
      of
      intangibles, depreciation and any other non-cash charges that were deducted
      in
      arriving at Consolidated Income (or Loss) from Operations for such period and
      (b) without duplication, the amount of Non-Recurring Restructuring Charges
      recorded in accordance with GAAP during such period; provided that the
      amount of Non-Recurring Restructuring Charges added pursuant to clause
      (b) may not exceed $50,000,000 in any four consecutive Fiscal
      Periods.

     

    “Consolidated
      Funded Debt” means, as at any date, the total of all Funded Debt of Micro
      and its Consolidated Subsidiaries outstanding on such date, after eliminating
      all offsetting debits and credits between Micro and its Consolidated
      Subsidiaries and all other items required to be eliminated in the course of
      the
      preparation of consolidated financial statements of Micro and its Consolidated
      Subsidiaries in accordance with GAAP.

     

    “Consolidated
      Income (or Loss) from Operations” means, for any period, the amount of
“income or loss from operations” (or any substituted or replacement line item)
      reflected on a consolidated statement of income of Micro and its Consolidated
      Subsidiaries for such period in accordance with GAAP.

     

    “Consolidated
      Interest Charges” means, for any period, the sum (without duplication) of
      the following (in each case, eliminating all offsetting debits and credits
      between Micro and its Consolidated Subsidiaries and all other items required
      to
      be eliminated in the course of the preparation of consolidated financial
      statements of Micro and its Consolidated Subsidiaries in accordance with
      GAAP):

     

    (a)           aggregate
      Net Interest Expense for such period plus, to the extent not deducted in
      determining Consolidated Net Income for such period, the amount of all interest
      previously capitalized or deferred that was amortized during such period;
      plus

     

    (b)           all
      debt discount and expense amortized or required to be amortized in the
      determination of Consolidated Net Income for such period; plus

     

    (c)           all
      attributable interest, fees in lieu of interest and “losses on sales of
      receivables” (or any substituted or replacement line item) reflected on a
      consolidated statement of income of Micro and its Consolidated Subsidiaries
      for
      such period, in each case associated with any securitization program by Micro
      or
      any of its Consolidated Subsidiaries.

     

    “Consolidated
      Liabilities” means, at any date, the sum of all obligations of Micro and its
      Consolidated Subsidiaries that would be reflected on a consolidated balance
      sheet of Micro and its Consolidated Subsidiaries as at such date in accordance
      with GAAP.

     

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

    “Consolidated
      Net Income” means, for any period, the consolidated net income of Micro and
      its Consolidated Subsidiaries as reflected on a consolidated statement of income
      of Micro and its Consolidated Subsidiaries for such period in accordance with
      GAAP.

     

    “Consolidated
      Retained Receivables” means, at any date, the face amount (calculated in
      Dollars but net of any amount allocated to the relevant Trade Accounts
      Receivable with respect to any reserve or similar allowance for doubtful
      payment) of all Trade Accounts Receivable of Micro and its Consolidated
      Subsidiaries outstanding as at such date (including the amount of “retained
      interest in securitized receivables” (or any substituted or replacement line
      item) that would be reflected on a consolidated balance sheet of Micro and
      its
      Consolidated Subsidiaries at such date, it being agreed for the avoidance of
      doubt that Consolidated Retained Receivables shall not include any Consolidated
      Transferred Receivables).

     

    “Consolidated
      Stockholders’ Equity” means, at any date, the remainder of (a) Consolidated
      Assets as at such date, minus (b) Consolidated Liabilities as at such
      date.

     

    “Consolidated
      Subsidiary” means any Subsidiary whose financial statements are required in
      accordance with GAAP to be consolidated with the consolidated financial
      statements delivered by Micro from time to time in accordance with
Section 8.1.1.

     

    “Consolidated
      Tangible Assets” means, at any date, the remainder of (a) the Consolidated
      Assets as at the end of the most recently ended Fiscal Period for which
      financial statements have been delivered pursuant to Section 8.1.1, minus
      (b) the Intangible Assets of Micro and its Consolidated Subsidiaries as of
      such
      last day.

     

    “Consolidated
      Tangible Net Worth” means, at any date, the remainder of (a) Consolidated
      Stockholders’ Equity as at the end of the most recently ended Fiscal Period for
      which financial statements have been delivered pursuant to Section 8.1.1
      plus the accumulated after-tax amount of non-cash charges and adjustments to
      income and Consolidated Stockholders’ Equity attributable to employee stock
      options and stock purchases through the last day of such Fiscal Period, minus
      (b) goodwill and other Intangible Assets of Micro and its Consolidated
      Subsidiaries as at such last day.

     

    “Consolidated
      Transferred Receivables” means, at any date, the face amount (calculated in
      Dollars but net of any amount allocated by Micro or any of its Consolidated
      Subsidiaries to the relevant Trade Accounts Receivable with respect to any
      reserve or similar allowance for doubtful payment) of all Trade Accounts
      Receivable (or an undivided interest in a specified amount thereof) originally
      payable to the account of Micro or any of its Consolidated Subsidiaries, which
      have not been discharged at such date and in respect of which Micro’s or any
      such Consolidated Subsidiary’s rights and interests have, on or prior to such
      date, been sold, assigned or otherwise transferred, in whole or in part, to
      any
      Person other than Micro or any of its Consolidated Subsidiaries (either directly
      or by way of such Person holding an undivided interest in a specified amount
      of
      Trade Accounts Receivable sold, assigned or otherwise transferred to a trust),
      it being agreed for avoidance of doubt that (a) the determination of whether
      Trade Accounts Receivable (or an undivided interest in a specified amount
      thereof) have been sold, assigned or otherwise transferred, in whole or in
      part,
      shall be made on the basis of the form of such sale, assignment or transfer
      and
      not on GAAP and (b) the amount of any such

     

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

    Trade
      Accounts Receivable that are Consolidated Transferred Receivables shall be
      net
      of the amount, if any, of Consolidated Retained Receivables determined with
      respect thereto.

     

    “Contingent
      Liability” means any agreement, undertaking or arrangement (including any
      partnership, joint venture or similar arrangement) by which any Person
      guarantees, endorses or otherwise becomes or is contingently liable (by direct
      or indirect agreement, contingent or otherwise) to provide funds for payment,
      to
      supply funds to, or otherwise to invest in, a debtor, or obligation or any
      other
      liability of any other Person (other than by endorsements of instruments in
      the
      course of collection), or guarantees the payment of dividends or other
      distributions upon the shares of any other person, if the primary purpose or
      intent thereof by the Person incurring the Contingent Liability is to provide
      assurance to the obligee of such obligation of another Person that such
      obligation of such other Person will be paid or discharged, or that any
      agreements relating thereto will be complied with, or that the holders of such
      obligation will be protected (in whole or in part) against loss in respect
      thereof.  The amount of any Person’s obligation under any Contingent
      Liability shall be deemed to be the lower of (a) the outstanding principal
      or
      face amount of the debt, obligation or other liability guaranteed thereby and
      (b) the maximum amount for which such Person may be liable pursuant to the
      terms
      of the instrument embodying such Contingent Liability, unless such obligation
      and the maximum amount for which such Person may be liable are not stated or
      determinable, in which case the amount of such Contingent Liability shall be
      such Person’s maximum reasonably anticipated liability in respect thereof as
      determined by Micro in good faith.

     

    “Continuation
      Notice” means a notice of continuation and certificate duly completed and
      executed by an Authorized Person of the relevant Borrower, substantially in
      the
      form of Exhibit D attached hereto.

     

    “Controlled
      Group” means all members of a controlled group of corporations and all
      members of a controlled group of trades or businesses (whether or not
      incorporated) under common control which, together with Micro, are treated
      as a
      single employer under Section 414(b) or 414(c) of the Code or
      Section 4001 of ERISA.

     

    “Coordination
      Center” is defined in the preamble.

     

    “Cost
      of Funds” means, for the Administrative Agent or any Lender, as the case may
      be, its cost, from whatever source it reasonably selects, of funds in respect
      of
      any expenditure or funding by it or in respect of maintaining any Loan, as
      the
      case may be.

     

    “Cost
      of Funds Rate Loan” means, for any Lender, any Loan bearing interest at an
      annual rate equal to the sum of (a) the Applicable Margin for that Loan plus
      (b)
      such Lender’s Cost of Funds.

     

    “Credit
      Commitment Amount” means, relative to any Lender at any time, such Lender’s
      Percentage multiplied by the then Total Commitment Amount as in effect at such
      time.

     

    “Credit
      Extension” means, collectively, (a) the making of Loans by the Lenders and
      (b) the issuance by any Issuer of a Letter of Credit.

     

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    “Credit
      Extension Request” means, as the context may require, a Borrowing Request, a
      Continuation Notice or an Issuance Request.

     

    “Credit
      Rating” means a statistical rating assigned by S&P and Moody’s to
      Micro’s long-term senior unsecured debt and either published or otherwise
      evidenced in writing by the applicable rating agency and made available to
      the
      Administrative Agent, including both “express” and “indicative” or “implied” (or
      equivalent) ratings.

     

    “Default”  means
      any Event of Default or any condition, occurrence or event which, after notice
      or lapse of time or both, would constitute an Event of Default.

     

    “Designated
      Additional Commitments” is defined in Section 2.4.

     

    “Disbursement
      Date” is defined in Section 3.2.2.

     

    “Disclosure
      Schedule” means the Disclosure Schedule attached hereto as
Schedule I, as the same may be amended, supplemented or otherwise
      modified from time to time by Micro with the consent of the Administrative
      Agent
      and the Required Lenders.

     

    “Dollar”
      and the sign “$” each means the lawful currency of the United
      States.

     

    “Dollar
      Amount” at any date, means (a) with respect to an amount denominated in
      Dollars, such amount as at such date, and (b) with respect to an amount
      denominated in any other Available Currency, the amount of Dollars into which
      such Available Currency is convertible into Dollars as at such date and on
      the
      terms herein provided.

     

    “Effective
      Date” is defined in Section 11.8.

     

    “Effective
      Date Certificate” means a certificate duly completed and executed by an
      Authorized Person of Micro, substantially in the form of Exhibit F
      attached hereto.

     

    “Eligible
      Assignee” means any Person that, on the date that it is to become a Lender
      under this Agreement, is (i) a Lender or (ii) any one of the following (in
      each
      case, with the prior written consent of the Administrative Agent, the Issuer
      and
      (so long as no Event of Default exists at that time) Micro, in each case such
      consent not to be unreasonably withheld or delayed (it being understood that
      (1)
      if an assignment or transfer to a Person described below results in a reduced
      rate of return to the Issuer or requires the Issuer to set aside capital in
      an
      amount greater than that which is required to be set aside for other Lenders
      participating in the Letter of Credit or the Issuer has a reasonable concern
      about the creditworthiness or reputation of the proposed assignee, then the
      failure to consent to such transfer by the Issuer shall be deemed reasonable
      and
      (2) in the case of an assignment or transfer to a bank or financial institution
      pursuant to clause (a) below to which Micro must consent, Micro may take
      into account, among other things, the creditworthiness of that bank or financial
      institution and the holding company, if any, by which it is owned):

     

    (a)           a
      bank or financial institution that at that time has (or is owned by a holding
      company that on a consolidated basis has) combined capital and surplus
      (as

     

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    established
      in its most recent report of condition to its primary regulator) of not less
      than $250,000,000 (or its equivalent in foreign currency);

     

    (b)           a
      commercial bank that at that time (i) is organized under the laws of the United
      States or any State thereof, (ii) has outstanding unsecured indebtedness that
      is
      rated A- or better by S&P or A3 or better by Moody’s (or an equivalent
      rating by another nationally recognized statistical rating agency of similar
      standing if such corporations are no longer in the business of rating unsecured
      indebtedness of entities engaged in such businesses) and (iii) has combined
      capital and surplus (as established in its most recent report of condition
      to
      its primary regulator) of not less than $250,000,000 (or its equivalent in
      foreign currency);

     

    (c)           a
      commercial bank that at that time (i) is organized under the laws of
      (A) any other country that is a member of the Organization for Economic
      Cooperation and Development or has concluded special lending arrangements with
      the International Monetary Fund associated with its General Arrangements to
      Borrow or any country that is a member of the European Community, or (B)
      political subdivision of any such country, (ii) has (unless Micro otherwise
      agrees) outstanding unsecured indebtedness that is rated A- or better by S&P
      or A3 or better by Moody’s (or an equivalent rating by another nationally
      recognized statistical rating agency of similar standing if such corporations
      are no longer in the business of rating unsecured indebtedness of entities
      engaged in such businesses) and (iii) has combined capital and surplus (as
      established in its most recent report of condition to its primary regulator)
      of
      not less than $250,000,000 (or its equivalent in foreign currency);

     

    (d)           the
      central bank of any country that at that time (i) is a member of the
      Organization for Economic Cooperation and Development, (ii) has (unless Micro
      otherwise agrees) outstanding unsecured indebtedness that is rated A- or better
      by S&P or A3 or better by Moody’s (or an equivalent rating by another
      nationally recognized statistical rating agency of similar standing if such
      corporations are no longer in the business of rating unsecured indebtedness
      of
      entities engaged in such businesses) and (iii) has combined capital and
      surplus (as established in its most recent report of condition to its primary
      regulator) of not less than $250,000,000 (or its equivalent in foreign
      currency); or

     

    (e)           solely
      during the occurrence and continuance of an Event of Default, a finance company,
      insurance company, or other financial institution or fund (whether a
      corporation, partnership, or other entity) that at that time is engaged
      generally in making, purchasing, and otherwise investing in commercial loans
      in
      the ordinary course of its business;

     

    so
      long
      as, in the case of any Person described in clauses (a) through (e)
      above, it must also at that time be (A) in respect of payments by Micro,
      entitled to receive payments hereunder free and clear of and without deduction
      for or on account of any United States federal income taxes, and (B) in respect
      of payments by Coordination Center, (I) credit institutions established in
      countries within the European Economic Area or with which Belgium has entered
      into a treaty for the avoidance of double taxation and (II) entitled to receive
      payments hereunder free and

     

    

    
      
        
          
          

        

        
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    clear
      of
      and without any deduction for or on account of any income taxes imposed by
      The
      Kingdom of Belgium.

     

    “EMU”
      means economic and monetary union as contemplated in the Treaty on European
      Union.

     

    “EMU
      Legislation” means legislative
      measures of the
      European Council for the introduction of, changeover to, or operation of, a
      single or unified European currency (whether known as the euro or otherwise),
      being in part the implementation of the third stage of EMU.

     

    “Environmental
      Laws” means any and all applicable statutes, laws, ordinances, codes, rules,
      regulations and binding and enforceable guidelines (including consent decrees
      and administrative orders binding on any Obligor or any of their respective
      Subsidiaries), in each case as now or hereafter in effect, relating to human
      health and safety, or the regulation or protection of the environment, or to
      emissions, discharges, releases or threatened releases of pollutants,
      contaminants, chemicals or toxic or hazardous substances or wastes into the
      indoor or outdoor environment, or otherwise relating to the manufacture,
      processing, distribution, use, treatment, storage, disposal, transport or
      handling of pollutants, contaminants, chemicals or toxic or hazardous substances
      or wastes issued (presently or in the future) by any national, federal, state,
      provincial, territorial, or local authority in any jurisdiction in which any
      Obligor or any of their respective Subsidiaries is conducting its
      business.

     

    “Equity
      Issuance” means (a) any issuance or sale by Micro or any of its Consolidated
      Subsidiaries after the Effective Date of (i) any of its capital stock, (ii)
      any
      warrants or options exercisable in respect of its capital stock (other than
      any
      warrants or options issued to directors, officers or employees of Micro or
      any
      of its Consolidated Subsidiaries pursuant to employee benefit plans established
      in the ordinary course of business and any capital stock of Micro issued upon
      the exercise of such warrants or options) or (iii) any other security or
      instrument representing an equity interest (or the right to obtain any equity
      interest) in Micro or any of its Subsidiaries or (b) the receipt by Micro
      any of its Subsidiaries after the Effective Date of any capital contribution;
      provided that Equity Issuance shall not include (x) any such issuance or
      sale by any Subsidiary of Micro to Micro or any wholly owned Subsidiary of
      Micro
      or (y) any capital contribution by Micro or any wholly owned Subsidiary of
      Micro
      to any Subsidiary of Micro.

     

    “ERISA”
      means the Employee Retirement Income Security Act of 1974, as amended, and
      any
      successor statute of similar import, together with the rules and regulations
      promulgated thereunder, in each case as in effect from time to
      time.  References to sections of ERISA also refer to any successor
      sections.

     

    “Eurocurrency
      Liabilities” has the meaning assigned to that term in Regulation D of the
      F.R.S. Board, as in effect from time to time.

     

    “Euro”
means
      the single currency of
      Participating Member States of the European Union.

     

    “Euro
      Base Rate” means, for any day,
      a rate per annum
      equal to the main refinancing rate as set by the European Central Bank
plus1⁄2
of
      1%.

     

    “Euro
      Unit” means a currency
      unit of the
      Euro.

     

    

    
      
        
          
          

        

        
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    “Event
      of Default” is defined in Section 9.1.

     

    “Existing
      Letters of Credit” means each of the Letters of Credit set forth on
Schedule III hereto and outstanding under the Predecessor Credit
      Agreement.

     

    “FASB”
      means the Financial Accounting Standards Board.

     

    “Fee
      Letters” means the letter agreements dated as of July 17, 2007, between
      Scotia Capital, BOA, BAS, Micro and Coordination Center, relating to certain
      fees to be paid in connection with this Agreement.

     

    “Fiscal
      Period” means a fiscal period of Micro or any of its Subsidiaries, which
      shall be either a calendar quarter or an aggregate period comprised of three
      consecutive periods of four weeks and five weeks (or, on occasion, six weeks
      instead of five), currently commencing on or about each January 1, April 1,
      July
      1 or October 1.

     

    “Fiscal
      Year” means, with respect to any Person, the fiscal year of such
      Person.  The term Fiscal Year, when used without reference to any
      Person, shall mean a Fiscal Year of Micro, which currently ends on the Saturday
      nearest December 31.

     

    “Floor
      Plan Obligation” means, with respect to any Person, an obligation owed by
      such Person arising out of arrangements whereby a third party makes payments
      for
      the account of such Person directly or indirectly to a trade creditor of such
      Person in respect of Trade Payables of such Person.

     

    “Floor
      Plan Support Obligation” means any obligation, contingent or otherwise, of
      any Person (the “Obligor”) in favor of another Person in respect of Floor Plan
      Obligations held by the other Person that arise in connection with sales of
      goods or services by the Obligor or its Affiliates.

     

    “Foreign
      Borrowers” means, collectively, (a) Coordination Center and (b) any Acceding
      Borrower that is not domiciled in the United States.

     

    “Foreign
      Subsidiary” means any Subsidiary of Micro that is not domiciled in the
      United States.

     

    “F.R.S.
      Board” is defined in Section 7.17.

     

    “Funded
      Debt” means, with respect to any Person, the sum (without duplication) of
      (i) all Indebtedness of such Person, (ii) Consolidated Transferred Receivables
      and (iii) the aggregate amount of Total Reimbursement Obligations that are
      more
      than 3 days past due; provided that, for purposes of determining the
“Applicable Margin” and the amount of the commitment fee pursuant to Section
      4.3.2, the definition of Funded Debt used to determine the Leverage Ratio
      shall include, in lieu of clause (iii) above, all Letter of Credit
      Outstandings.

     

    “GAAP”
      is defined in Section 1.4.

     

    

    
      
        
          
          

        

        
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    “Guaranties”
      means, collectively, (a) the Micro Guaranty and (b) each Additional
      Guaranty.

     

    “Guarantors”
      means, collectively, Micro and each Additional Guarantor.

     

    “Hazardous
      Material” means (a) any pollutant or contaminant or hazardous, dangerous or
      toxic chemical, material or substance that is presently or hereafter becomes
      defined as or included in the definition of “hazardous substances,”
“hazardous wastes,” “hazardous materials,” “extremely hazardous
      wastes,” “restricted hazardous wastes,” “toxic substances,”
“toxic pollutants,” “contaminants,” “pollutants,” or terms
      of similar import within the meaning of any Environmental Law, or (b) any other
      chemical or other material or substance, exposure to which is presently or
      hereafter prohibited, limited or regulated under any Environmental
      Law.

     

    “herein,”
      “hereof,” “hereto,” “hereunder” and similar terms contained
      in this Agreement or any other Loan Document refer to this Agreement or such
      other Loan Document, as the case may be, as a whole and not to any particular
      Article, Section, clause, paragraph or provision of this Agreement or such
      other
      Loan Document.

     

    “Impermissible
      Qualifications” means, relative to the opinion of certification of any
      independent public accountant engaged by Micro as to any financial statement
      of
      Micro and its Consolidated Subsidiaries, any qualification or exception to
      such
      opinion or certification:

     

    (a)           which
      is of a “going concern” or similar nature;

     

    (b)           which
      relates to the limited scope of examination of matters relevant to such
      financial statement; or

     

    (c)           which
      relates to the treatment or classification of any item in such financial
      statement and which, as a condition to its removal, would require an adjustment
      to such item the effect of which would be to cause Micro to be in default of
      any
      of its obligations under Section 8.2.3 or 8.2.8;

     

    provided
      that (i) qualifications relating to pre-acquisition balance sheet accounts
      of
      Person(s) acquired by Micro or any of its Subsidiaries and (ii) statements
      of
      reliance in the auditor’s opinion on another accounting firm (so long as such
      other accounting firm has a national reputation in the applicable country and
      such reliance does not pertain to any Borrower) shall not be deemed an
      Impermissible Qualification.

     

    “including”
      and “include” mean including without limiting the generality of any
      description preceding such term.

     

    “Indebtedness”
      of any Person means and includes the sum of the following (without
      duplication):

     

    (a)           all
      obligations of such Person for borrowed money, all obligations evidenced by
      bonds, debentures, notes, investment repurchase agreements or other similar
      instruments, and all securities issued by such Person providing for mandatory
      payments of money, whether or not contingent;

     

    

    
      
        
          
          

        

        
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    (b)           all
      obligations of such Person pursuant to revolving credit agreements or similar
      arrangements to the extent then outstanding;

     

    (c)           all
      obligations of such Person to pay the deferred purchase price of property or
      services, except (i) trade accounts payable arising in the ordinary course
      of
      business, (ii) other accounts payable arising in the ordinary course of business
      in respect of such obligations the payment of which has been deferred for a
      period of 270 days or less, (iii) other accounts payable arising in the ordinary
      course of business none of which shall be, individually, in excess of $200,000,
      and (iv) a lessee’s obligations under leases of real or personal property
      not required to be capitalized under FASB Statement 13;

     

    (d)           all
      obligations of such Person as lessee under Capitalized Lease Liabilities or
      Synthetic Leases;

     

    (e)           all
      obligations of such Person to purchase securities (or other property) which
      arise out of or in connection with the sale of the same or substantially similar
      securities or property excluding any such sales or exchanges for a period of
      less than 45 days;

     

    (f)           all
      obligations, contingent or otherwise, with respect to the stated amount of
      letters of credit, whether or not drawn, issued for the account of such Person
      to support the Indebtedness of any Person other than Micro or a Subsidiary
      of
      Micro, and bankers’ acceptances issued for the account of such
      Person;

     

    (g)           all
      Indebtedness of others secured by a Lien of any kind on any asset of such
      Person, whether or not such Indebtedness is assumed by such Person;
provided that the amount of any Indebtedness attributed to any Person
      pursuant to this clause (g) shall be limited, in each case, to the
      lesser of (i) the fair market value of the assets of such Person subject to
      such
      Lien and (ii) the amount of the other Person’s Indebtedness secured by such
      Lien; and

     

    (h)           all
      guarantees, endorsements and other Contingent Liabilities of such Person in
      respect of any of the foregoing;

     

    provided
      that it is understood and agreed that the following are not
“Indebtedness”:

     

    (i)           obligations
      to pay the deferred purchase price for the acquisition of any business (whether
      by way of merger, sale of stock or assets or otherwise), to the extent that
      such
      obligations are contingent upon attaining performance criteria such as earnings
      and such criteria shall not have been achieved;

     

    (ii)          obligations
      to repurchase securities issued to employees pursuant to any Plan or other
      contract or arrangement relating to employment upon the termination of their
      employment or other events;

     

    (iii)         obligations
      to match contributions of employees under any Plan;

     

    

    
      
        
          
          

        

        
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    (iv)         guarantees
      of any Obligor or any of their respective Subsidiaries that are guarantees
      of
      performance, reclamation or similar bonds or, in lieu of such bonds, letters
      of
      credit used for such purposes issued in the ordinary course of business for
      the
      benefit of any Subsidiary of Micro, which would not be included on the
      consolidated financial statements of any Obligor; and

     

    (v)          Trade
      Payables.

     

    “Indemnified
      Liabilities” is defined in Section 11.4.

     

    “Indemnified
      Parties” is defined in Section 11.4.

     

    “Ineligible
      Currency” means, with respect to any Available Currency (other than
      Dollars), a determination by the Administrative Agent that such currency has
      ceased to be (a) freely convertible into Dollars or (b) a currency for which
      there is an active foreign exchange and deposit market in London or New York
      City.

     

    “Initial
      Additional Guarantors” means Ingram Micro Management Company, a California
      corporation, Ingram Micro Asia Holdings Inc., a California corporation, and
      Ingram Micro SB Inc., a California corporation, each of which shall execute
      and
      deliver an Additional Guaranty on or prior to the Effective Date as required
      by
Section 6.1.3.

     

    “Initial
      Borrowers” is defined in the preamble.

     

    “Intangible
      Assets” means, with respect to any Person, that portion of the book value of
      the assets of such Person which would be treated as intangibles under GAAP,
      including all items such as goodwill, trademarks, trade names, brands, trade
      secrets, customer lists, copyrights, patents, licenses, franchise conversion
      rights and rights with respect to any of the foregoing and all unamortized
      debt
      or equity discount and expenses.

     

    “Intercompany
      Transfer” means the purchase or acquisition by Micro or any Subsidiary of
      Micro of property or assets of Micro or any Subsidiary of Micro, provided
      that (i) such purchase or acquisition satisfies the requirements of Section
      8.2.6 and (ii) no Event of Default has occurred and is continuing at the
      time of such purchase or acquisition or would occur after giving effect
      thereto.

     

    “Interest
      Period” means, for any LIBO Rate Loan, the period beginning on (and
      including) the date on which such Loan is made, continued or converted and
      ending on (but excluding) the last day of the period selected by the relevant
      Borrower pursuant to the provisions below.  The duration of each such
      Interest Period shall be one week (it being understood that such one-week
      Interest Period may not be selected by the Borrowers collectively more than
      twice in any calendar month) or one, three, or six months from (and including)
      the date of such Loan, ending on (but excluding), in the case of a one-week
      Interest Period, the corresponding day of the following week and, in each other
      case, the day which numerically corresponds to such date (or, if such month
      has
      no numerically corresponding day on the last Business Day of such month), as
      the
      relevant Borrower may select in its relevant notice pursuant to
Section 3.1 or 4.2.3; provided that:

     

    

    
      
        
          
          

        

        
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    (a)           the
      Borrowers shall not be permitted to select Interest Periods for Loans to be
      in
      effect at any one time which have expiration dates occurring on more than 10
      different dates in the aggregate;

     

    (b)           Interest
      Periods commencing on the same date for Loans comprising part of the same
      Borrowing shall be of the same duration;

     

    (c)           if
      such Interest Period would otherwise end on a day which is not a Business Day,
      such Interest Period shall end on the next following Business Day (unless
      (except in the case of a one-week Interest Period), if such Interest Period
      applies to a Loan, such next following Business Day is the first Business Day
      of
      a calendar month, in which case such Interest Period shall end on the Business
      Day next preceding such numerically corresponding day); and

     

    (d)           no
      Interest Period for any Loan may end later than the Commitment Termination
      Date.

     

    “Intra-Group
      Agreement” means, collectively, any Intra-Group Agreement, substantially in
      the form of Exhibit G attached hereto (i) duly executed and
      delivered on or prior to the Effective Date by Authorized Persons of each
      Borrower and each Initial Additional Guarantor and (ii) executed and delivered
      if and when required by Section 8.1.10, in each case as amended,
      supplemented, restated or otherwise modified from time to time.

     

    “Issuance
      Request” means an issuance request for Letters of Credit duly completed and
      executed by an Authorized Person of the relevant Borrower, substantially in
      the
      form of Exhibit C attached hereto.

     

    “Issuer”
      means Scotia Capital, in its capacity as issuer of the Letters of
      Credit.  At the request of the Agents, another Lender or an Affiliate
      of Scotia Capital may (but is not otherwise obligated to) issue one or more
      Letters of Credit hereunder.

     

    “Joint
      Lead Arrangers”  means Scotia Capital and BAS.

     

    “Lenders”
      is defined in the preamble and also includes Additional Commitment
      Lenders pursuant to Section 2.4.

     

    “Lender
      Assignment Agreement” means a Lender Assignment Agreement substantially in
      the form of Exhibit J attached hereto.

     

    “Lender
      Party” means any of the Lenders, the Agents, the Issuers, and (for purposes
      only of Section 11.4) the Joint Lead Arrangers.

     

    “Lending
      Office” means, for any Lender (a) for Loans to Micro, its Lending Office for
      Loans to Micro designated beside its signature below, designated in a Lender
      Assignment Agreement to which it is a party, or designated in a notice to the
      Administrative Agent and Micro from time to time and at any time and (b) for
      other Loans, its Lending Office for "Other Loans" designated beside its
      signature below, designated in a Lender Assignment Agreement to which
      it

     

    

    
      
        
          
          

        

        
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    is
      a
      party, or designated in a notice to the Administrative Agent and Micro from
      time
      to time and at any time.

     

    “Letter
      of Credit Commitment” means, with respect to any Issuer of Letters of
      Credit, such Issuer’s obligations to issue Letters of Credit pursuant to
Section 3.2 and, with respect to each of the other Lenders, the
      obligations of each such Lender to participate in Letters of Credit pursuant
      to
      such Section 3.2.

     

    “Letter
      of Credit Limit” means, on any date, a maximum amount (as such amount may be
      reduced from time to time pursuant to Section 2.2) equal to the
      Total Commitment Amount.

     

    “Letter
      of Credit Outstandings” means, on any date, the sum (without duplication) of
      the Dollar Amounts of (a) the then aggregate amount which is undrawn and
      available under all Letters of Credit issued and outstanding (assuming that
      all
      conditions for drawing have been satisfied), plus (b) the then aggregate amount
      of all unpaid and outstanding Reimbursement Obligations.

     

    “Letters
      of Credit” means all letters of credit issued and outstanding under this
      Agreement.

     

    “Leverage
      Ratio” means the ratio of (a) Consolidated Funded Debt on the last day of
      any Fiscal Period to (b) Consolidated EBITDA for the period of four Fiscal
      Periods ending on the last day of such Fiscal Period.

     

    “LIBO
      Rate” means, for any Interest Period for a Borrowing, an annual interest
      rate (rounded upward to four decimal places) determined by the Administrative
      Agent to be either:

     

    (a)           the
      London interbank offered rate for deposits, in the currency in which that
      Borrowing is denominated under this Agreement, at approximately 11:00 a.m.,
      London time, two Business Days before the first day (or, solely in the case
      of
      Borrowings denominated in Sterling, on the first day) of that Interest Period
      for a term comparable to that Interest Period, determined by the British Bankers
      Association as the London Interbank Offered Rate for deposits in the currency
      in
      which the Borrowing is denominated under this Agreement and published at Reuters
      Screen LIBOR01 Page or any successor publication, agreed upon by the parties
      hereto, that reports British Bankers Association rates; or

     

    (b)           if
      no such display rate is then available, the average of the rates at which
      deposits of the currency of the relevant Borrowing in immediately available
      funds are offered to each Reference Lender’s principal office in the London
      interbank market at or about 11:00 a.m., London time, two Business Days prior
      to
      (or the Business Day that, for Borrowings denominated in Sterling, is) the
      beginning of such Interest Period for delivery on the first day of such Interest
      Period, and in an amount approximately equal to the amount of each such
      Reference Lender’s Loan that is part of that Borrowing and for a period
      approximately equal to such Interest Period.

     

    “LIBO
      Rate Loan” means a Loan bearing interest at a rate determined by reference
      to the LIBO Rate.

     

    

    
      
        
          
          

        

        
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    “LIBOR
      Reserve Percentage” means, for any Lender, relative to any Interest Period
      for Loans, the reserve percentage (expressed as a decimal) equal to the maximum
      aggregate reserve requirements (including all basic, emergency, supplement,
      marginal and other reserves and taking into account any transitional adjustments
      or other scheduled changes in reserve requirements) specified under regulations
      issued from time to time by the F.R.S. Board and then applicable to assets
      or
      liabilities consisting of and including Eurocurrency Liabilities having a term
      approximately equal or comparable to such Interest Period.

     

    “Lien”
      means any security interest, mortgage, pledge, hypothecation, assignment,
      deposit arrangement, encumbrance, lien (statutory or otherwise), charge against,
      valid claim on or interest in property to secure payment of a debt or
      performance of an obligation or other priority or preferential arrangement
      of
      any kind or nature whatsoever (including, without limitation, (a) the lien
      or
      retained security title of a conditional vendor and (b) under any agreement
      for
      the sale of Trade Accounts Receivable (or an undivided interest in a specified
      amount of such Trade Accounts Receivable), the interest of the purchaser (or
      any
      assignee of such purchaser which has financed the relevant purchase) in a
      percentage of receivables of the seller not so sold, held by the purchaser
      (or
      such assignee) as a reserve for (i) interest rate protection in the event of
      a
      liquidation of the receivables sold, (ii) expenses that would be incurred upon
      a
      liquidation of the receivables sold, (iii) losses that might be incurred in
      the
      event the amount actually collected from the receivables sold is less than
      the
      amount represented in the relevant receivables purchase agreement as
      collectible, or (iv) any similar purpose (but excluding the interest of a trust
      in such receivables to the extent that the beneficiary of such trust is Micro
      or
      a Subsidiary of Micro).

     

    “Loan
      Document” means this Agreement, each Note (if any), each Credit Extension
      Request, each Letter of Credit, the Intra-Group Agreement, each Guaranty, the
      most recently delivered Compliance Certificate (specifically excluding any
      other
      Compliance Certificate previously delivered), any Accession Request and
      Acknowledgment, and any other agreement, document, or instrument (excluding
      any
      documents delivered solely for the purpose of satisfaction disclosure
      requirements or requests for information) required in connection with this
      Agreement or the making or maintaining of any Credit Extension and delivered
      by
      an Authorized Person.

     

    “Loans”
      means, as the context may require, (i) either a Revolving Loan or a Swing Line
      Loan or (ii) a Base Rate Loan or a LIBO Rate Loan of any type.

     

    “Mandatory
      Costs” means the percentage rate per annum calculated by the Administrative
      Agent in accordance with Schedule II.

     

    “Margin
      Stock” means “margin stock,” as such term is defined and used in
      Regulation U.

     

    “Material
      Adverse Effect” means a material adverse effect on the ability (whether
      financial, legal or otherwise) of the Obligors to comply with their obligations
      (future or otherwise) under this Agreement.

     

    “Material
      Asset Acquisition” (a) means the purchase or other acquisition (in one
      transaction or a series of related transactions) from any Person of property
      or
      assets, the aggregate purchase price of which (calculated in Dollars) paid
      in
      cash or property (other than 

    

    
      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

    

    property
      consisting of equity shares or interests or other equivalents of corporate
      stock
      of, or partnership or other ownership interests in, any Obligor), equals or
      exceeds 25% of the sum (calculated without giving effect to such purchase or
      acquisition) of (i) Consolidated Funded Debt (determined as at the end of the
      then most recently ended Fiscal Period), plus (ii) Consolidated Stockholders’
Equity (determined as at the end of the then most recently ended Fiscal Period),
      plus (iii) any increase thereof attributable to any equity offerings or
      issuances of capital stock occurring subsequent to the end of such Fiscal Period
      and before any such purchase or acquisition, but (b) does not mean an
      Intercompany Transfer.

     

    “Material
      Subsidiary” means:

     

    (a)           with
      respect to any Subsidiary of Micro as of the date of this Agreement, a
      Subsidiary of Micro that, as of any date of determination, either (i) on an
      average over the three most recently preceding Fiscal Years contributed at
      least
      5% to Consolidated Net Income or (ii) on an average at the end of the three
      most
      recently preceding Fiscal Years owned assets constituting at least 5% of
      Consolidated Assets; and

     

    (b)           with
      respect to any Subsidiary of Micro organized or acquired subsequent to the
      date
      of this Agreement, a Subsidiary of Micro that as of:

     

    (i)           the
      date it becomes a Subsidiary of Micro, would have owned (on a pro forma basis
      if
      such Subsidiary had been a Subsidiary of Micro at the end of the preceding
      Fiscal Year) assets constituting at least 5% of Consolidated Assets at the
      end
      of the Fiscal Year immediately prior to the Fiscal Year in which it is organized
      or acquired; or

     

    (ii)           any
      date of determination thereafter, either (A) on an average over the three most
      recently preceding Fiscal Years (or, if less, since the date such Person became
      a Subsidiary of Micro) contributed at least 5% to Consolidated Net Income or
      (B)
      on an average at the end of the three (or, if less, such number of Fiscal
      Year-ends as have occurred since such Person became a Subsidiary of Micro)
      most
      recently preceding Fiscal Years owned assets constituting at least 5% of
      Consolidated Assets;

     

    provided
      that Ingram Funding Inc. and any other special purpose financing vehicle shall
      not be Material Subsidiaries.

     

    “Maturity”
      of any of the Obligations means the earliest to occur of:

     

    (a)           the
      date on which such Obligations expressly become due and payable pursuant hereto
      or any other Loan Document but in no event beyond the Commitment Termination
      Date; and

     

    (b)           the
      date on which such Obligations become due and payable pursuant to
Section 9.2, 9.3, or 9.4.

     

    “Micro”
      is defined in the preamble.

     

    

    
      
        
          
          

        

        
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    “Micro
      Guaranty” means a guaranty, substantially in the form of
Exhibit H attached hereto, duly executed and delivered by an
      Authorized Person of Micro, as amended, supplemented, restated or otherwise
      modified from time to time.

     

    “Moody’s”
      means Moody’s Investors Service, Inc.

     

    “National
      Currency
      Unit” means a unit of
      currency (other than a Euro Unit) of a Participating Member
      State.

     

    “Net
      Interest Expense” means, for any applicable period, the aggregate interest
      expense of Micro and its Consolidated Subsidiaries (including imputed interest
      on Capitalized Lease Liabilities) deducted in determining Consolidated Net
      Income for such period, net of interest income of Micro and its Consolidated
      Subsidiaries included in determining Consolidated Net Income for such applicable
      period.

     

    “Non-Compliance
      Period” is defined in Section 8.2.4(b).

     

    “Non-Exempt
      U.S. Person” means any Lender Party who is a “United States person” within
      the meaning of Section 7701(a)(30) of the Code other than a Lender Party who
      is
      an exempt recipient (including a corporation or a financial institution) as
      determined under the provisions of Treas. Reg. § 1.6049-4(c)(1)(ii) unless the
      communications with such Lender Party are mailed by Micro or the Administrative
      Agent to an address in a foreign country.

     

    “Non-Recurring
      Restructuring Charges” means, for any period, the aggregate non-recurring
      restructuring charges recorded in accordance with GAAP by Micro and its
      Consolidated Subsidiaries during such period with respect to either Acquisitions
      or the 2005 North American outsourcing and optimization program described in
      the
      April 11, 2005 Press Release of Micro.

     

    “Note”
      means, as the context may require, a Revolving Note or a Swing Line
      Note.

     

    “Obligations”
      means, individually and collectively (a) the Revolving Loans, (b) Swing
      Line Loans, (c) all Letter of Credit Outstandings, and (d) all other
      indebtedness, liabilities, obligations, covenants and duties of any Borrower
      owing to the Agents or the Lenders of every kind, nature and description, under
      or in respect of this Agreement or any of the other Loan Documents including,
      without limitation, any fees, whether direct or indirect, absolute or
      contingent, due or not due, contractual or tortious, liquidated or unliquidated,
      and whether or not evidenced by any note.

     

    “Obligors”
      means, collectively, the Borrowers and the Guarantors.

     

    “Organic
      Documents” means, relative to any Obligor, any governmental filing or
      proclamation pursuant to which such Person shall have been created and shall
      continue in existence (including a charter or certificate or articles of
      incorporation or organization, and, with respect to Coordination Center, the
      Royal Decree) and its by-laws (or, if applicable, partnership or operating
      agreement) and all material shareholder agreements, voting trusts and similar
      arrangements to which such Obligor is a party that are applicable to the voting
      of any of its authorized shares of capital stock (or, if applicable, other
      ownership interests therein).

     

    

    
      
        
          
          

        

        
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    “Outstanding
      Credit Extensions” means, relative to any Lender at any date and without
      duplication, the sum of the Dollar Amounts of (a) the aggregate principal amount
      of all outstanding Loans of such Lender at such date, plus (b) such Lender’s
      Percentage of the Letter of Credit Outstandings.

     

    “Participant”
      is defined in Section 11.11.2.

     

    “Participating
      Member
      State” means each such
      state so described in any EMU Legislation.

     

    “PBGC”
      means the Pension Benefit Guaranty Corporation and any entity succeeding to
      any
      or all of its functions under ERISA.

     

    “Pension
      Plan” means a “pension plan,” as such term is defined in Section 3(2)
      of ERISA, which is subject to Title IV of ERISA (other than a multiemployer
      plan
      as defined in Section 4001(3) of ERISA), and to which any Obligor or any
      corporation, trade or business that is, along with Obligor, a member of a
      Controlled Group, may have liability, including any liability by reason of
      having been a substantial employer within the meaning of Section 4063 of
      ERISA at any time during the preceding five years, or by reason of being deemed
      to be a contributing sponsor within the meaning of Section 4069 of
      ERISA.

     

    “Percentage”
      of any Lender means in the case of (a) each Lender which is a signatory to
      this
      Agreement, the percentage set forth opposite such Lender’s signature hereto
      under the caption “Percentage,” subject to any modification necessary to
      give effect to (i) any sale, assignment or transfer made pursuant to
Section 11.11.1 or (ii) any Designated Additional Commitments
      made pursuant to Section 2.4 or (b) any Transferee Lender, effective upon
      the occurrence of the relevant purchase by, or assignment to, such Transferee
      Lender, the portion of the Percentage of the selling, assigning or transferring
      Lender allocated to such Transferee Lender.

     

    “Person”
      means any natural person, company, partnership, firm, limited liability company
      or partnership, association, trust, government, government agency or any other
      entity, whether acting in an individual, fiduciary or other
      capacity.

     

    “Plan”
      means any Pension Plan or Welfare Plan.

     

    “Predecessor
      Credit Agreement” means the certain Credit Agreement dated as of July 29,
      2005 by and between Agents, the Initial Borrowers and the financial institutions
      party thereto.

     

    “Principal
      Financial Center” means, in the case of any Available Currency, the
      principal financial center where such Available Currency is cleared and settled,
      as determined by the Administrative Agent.

     

    “Quarterly
      Payment Date” means the last day of March, June, September and December of
      each calendar year or, if any such day is not a Business Day, the next
      succeeding Business Day.

     

    

    
      
        
          
          

        

        
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    “Reference
      Lenders” means Scotia Capital and BOA; provided that, in relation to
      Mandatory Costs, “Reference Lenders” shall refer to the principal London office
      of Scotia Capital and BOA.

     

    “Reference
      Rate” means, at any time, an annual interest rate equal to the sum of (a)
      the Applicable Margin for Loans at that time (unless already included in the
      rate determined under clause (b) following) plus (b) the rate determined
      by the Administrative Agent to be the higher of either:

     

    (i)           the
      rate on the relevant base amount or overdue amount (before the date due, if
      principal), as the case may be and to the extent applicable (the “relevant
      amount”); or

     

    (ii)           the
      rate that would have been payable if the relevant amount constituted a Loan
      in
      the currency of the relevant amount for successive interest periods of such
      duration as the Administrative Agent may determine (each a “designated
      interest period”).

     

    Such
      rate
      in clause (b) above shall be determined on each Business Day or the
      first day of, or two Business Days before the first day of, the designated
      interest period, as appropriate, and otherwise determined in accordance with
      the
      definition of LIBO Rate or, if not available, determined by reference to the
      cost of funds to the Administrative Agent from whatever source it reasonably
      selects.

     

    “Refunded
      Swing Line Loans” is
      defined in clause (b) of Section 3.1.2.

     

    “Regulation
      U” is defined in Section 7.17.

     

    “Regulation
      X” is defined in Section 7.17.

     

    “Regulatory
      Change” means any change after the date hereof in any (or the promulgation
      after the date hereof of any new):

     

    (a)           law
      applicable to any class of banks (of which any Lender Party is a member) issued
      by (i) any competent authority in any country or jurisdiction, or (ii) any
      competent international or supra-national authority; or

     

    (b)           regulation,
      interpretation, directive or request (whether or not having the force of law)
      applicable to any class of banks (of which any Lender Party is a member) of
      any
      court, central bank or governmental authority or agency charged with the
      interpretation or administration of any law referred to in
clause (a) of this definition or of any fiscal, monetary or other
      authority having jurisdiction over any Lender Party.

     

    “Reimbursement
      Obligation” is defined in Section 3.2.3.

     

    “Release”
      means a “release,” as such term is defined in the Comprehensive
      Environmental Response, Compensation and Liability Act of 1980, as amended
      and
      as in effect

     

    

    
      
        
          
          

        

        
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    from
      time
      to time (42 United States Code § 9601 etseq.), and any rules and
      regulations promulgated thereunder.

     

    “Required
      Currency” is defined in Section 5.8.1(a).

     

    “Required
      Lenders” means (a) at any time when the Commitments of the Lenders have
      expired or been terminated, those Lenders holding more than 50% of the total
      Outstanding Credit Extensions of all of the Lenders at that time, and (b) at
      any
      other time, those Lenders whose Percentages total more than 50% at that
      time.

     

    “Restricted
      Payment” is defined in Section 8.2.4(a).

     

    “Revolving
      Loans” is defined in clause (a) of
Section 2.1.

     

    “Revolving
      Note” means a promissory note of a Borrower, payable to a Lender that has
      requested it under Section 4.1, substantially in the form of
Exhibit A-1 attached hereto (as such promissory note may be amended,
      endorsed, or otherwise modified from time to time), evidencing the aggregate
      Indebtedness of that Borrower to such Lender resulting from outstanding
      Revolving Loans, together with all other promissory notes accepted from time
      to
      time in substitution therefor or renewal thereof.

     

    “Royal
      Decree” means the Royal Decree of The Kingdom of Belgium recognizing
      Coordination Center as a coordination center under Belgian law, as the same
      may
      from time to time be amended, supplemented or otherwise modified by any new
      Royal Decree relating to the recognition of the Coordination Center as a
      coordination center under Belgium law.

     

    “S&P”
      means Standard & Poor’s Rating Services, a division of The McGraw-Hill
      Companies, Inc.

     

    “Scotia
      Capital” is defined in the preamble.

     

    “Securitization
      Default” is defined in Section 9.1.10.

     

    “Securitization
      Financing Amount” means, in respect of any Securitization Default, the
      principal equivalent of the outstanding amount of financing being provided
      to
      Micro and its Consolidated Subsidiaries under the related Trade Accounts
      Receivable securitization program, determined in accordance with general
      accepted financial practices.

     

    “Settlement
      Date” is defined in Section 4.1.2.

     

    “Stated
      Amount” for any Letter of Credit on any day means the amount which is
      undrawn and available under such Letter of Credit on such day (after giving
      effect to any drawings thereon on such day).

     

    “Stated
      Expiry Date” is defined in Section 3.2.

     

    “Sterling”
      means the lawful currency of the United Kingdom.

     

    

    
      
        
          
          

        

        
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    “Sterling
      Base Rate” means, for any day, the rate per annum equal to the base rate as
      set by the Monetary Policy Committee of the Bank of England plus1⁄2 of
      1%.

     

    “Subject
      Lender” is defined in Section 5.12.

     

    “Subsidiary”  means,
      with respect to any Person, any corporation, company, partnership or other
      entity of which more than 50% of the outstanding shares or other ownership
      interests having by the terms thereof ordinary voting power to elect a majority
      of the board of directors of, or other persons performing similar functions
      for,
      such corporation, company, partnership or other entity (irrespective of whether
      at the time shares or other ownership interests of any other class or classes
      of
      such corporation, company, partnership or other entity shall or might have
      voting power upon the occurrence of any contingency) is at the time directly
      or
      indirectly owned by such Person, by such Person and one or more other
      Subsidiaries of such Person, or by one or more other Subsidiaries of such
      Person.

     

    “Subsidiary
      Borrowers” is defined in the preamble.

     

    “Swing
      Line Lender” means, subject to the terms of this Agreement, Scotia
      Capital.

     

    “Swing
      Line Loan” is defined in clause (b) of Section
      2.1.

     

    “Swing
      Line Loan Commitment” means the Swing Line Lender’s obligation (if any) to
      make Swing Line Loans pursuant to clause (b) of Section
      2.1.

     

    “Swing
      Line Loan Commitment Amount” means, on any date, the Dollar Amount of
      $75,000,000, as such amount may be reduced from time to time pursuant to
Section 2.2.

     

    “Swing
      Line Note” means a promissory note of a Borrower payable to the Swing Line
      Lender (if requested by the Swing Line Lender under Section 4.1), in the
      form of Exhibit A-2 hereto (as such promissory note may be amended,
      endorsed or otherwise modified form time to time), evidencing the aggregate
      Indebtedness of the Borrower to the Swing Line Lender resulting from outstanding
      Swing Line Loans, and also means all other promissory notes accepted from time
      to time in substitution therefor or renewal thereof.

     

    “Syndication
      Agent” is defined in the preamble and includes each other Person as shall
      have subsequently been appointed as the successor Syndication Agent pursuant
      to
Section 10.4.

     

    “Synthetic
      Lease” means, as applied to any Person, any lease (including leases that may
      be terminated by the lessee at any time) of any property (whether real, personal
      or mixed) (a) that is not a capital lease in accordance with GAAP and (b) in
      respect of which the lessee retains or obtains ownership of the property so
      leased for federal income tax purposes, other than any such lease under which
      that Person is the lessor.

     

    “Tax
      Payment” is defined in Section 5.7.

     

    “Tax
      Refund” is defined in Section 5.7.

     

    “Taxes”
      is defined in Section 5.7.

     

    

    
      
        
          
          

        

        
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    “Total
      Commitment Amount” means, at any time, the Dollar Amount of $275,000,000, as
      such amount may be reduced from time to time pursuant to Section 2.2
      or increased from time to time pursuant to Section 2.4.

     

    “Total
      Indebtedness of Subsidiaries” means, at any date, the aggregate of all
      Indebtedness on such date of all the Subsidiaries of Micro, without duplication
      and after eliminating all offsetting debits and credits between each of such
      Subsidiaries or between such a Subsidiary and Micro and all other items required
      to be eliminated in accordance with GAAP, excluding (a) all Indebtedness of
      any
      Consolidated Subsidiary of Micro outstanding on March 31, 2007, or incurred
      pursuant to any commitment or line of credit in its favor in effect on March
      31,
      2007, and any renewals or replacements thereof, so long as such renewals or
      replacements do not increase the amount of such Indebtedness or such commitments
      or lines of credit and (b) any Indebtedness of Ingram Funding Inc. or any other
      special purpose financing vehicle incurred in connection with their purchase,
      directly or indirectly, from Micro or any of Micro’s other Consolidated
      Subsidiaries, of Trade Accounts Receivable or interests therein.

     

    “Total
      Reimbursement Obligations” means, at any date, the sum of (a) all
      Reimbursement Obligations of each Borrower and (b) any other obligations of
      Micro or any of its Subsidiaries to reimburse any issuer with respect to a
      disbursement under a letter of credit issued on behalf of Micro or any such
      Subsidiary, in each case that have ceased to be contingent upon a drawing under
      the related letter of credit.

     

    “Trade
      Accounts Receivable” means, with respect to any Person, all rights of such
      Person to the payment of money arising out of any sale, lease or other
      disposition of goods or rendition of services by such Person.

     

    “Trade
      Payables” means, with respect to any Person, (a) any accounts payable or any
      other indebtedness or monetary obligation to trade creditors created, assumed
      or
      guaranteed by such Person or any of its Subsidiaries arising in the ordinary
      course of business in connection with the acquisition of goods or services
      or
      (b) such Person's Floor Plan Obligations and Floor Plan Support
      Obligations.

     

    “Transferee
      Lender” is defined in Section 11.11.1.

     

    “Treasury”
      is defined in the preamble.

     

    “United
      Kingdom” means The United Kingdom of Great Britain and Northern
      Ireland.

     

    “United
      States” or “U.S.” means the United States of America, its fifty
      States, and the District of Columbia.

     

    “Voting
      Stock” means, (a) with respect to a corporation, the stock of such
      corporation the holders of which are ordinarily, in the absence of
      contingencies, entitled to elect members of the board of directors (or other
      governing body) of such corporation, (b) with respect to any partnership, the
      partnership interests in such partnership the owners of which are entitled
      to
      manage the affairs of the partnership or vote in connection with the management
      of the affairs of the partnership or the designation of another Person as the
      Person entitled to manage the affairs of the partnership, and (c) with respect
      to any limited liability company, the membership

     

    

    
      
        
          
          

        

        
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    interests
      in such limited liability company the owners of which are entitled to manage
      the
      affairs of such limited liability company or entitled to elect managers of
      such
      limited liability company (it being understood that, in the case of any
      partnership or limited liability company, “shares” of Voting Stock shall
      refer to the partnership interests or membership interests therein, as the
      case
      may be).

     

    “Welfare
      Plan” means a “welfare plan,” as such term is defined in
      Section 3(l) of ERISA.

     

    SECTION
      1.2  Use of Defined Terms.  Unless
      otherwise defined or the context otherwise requires, terms for which meanings
      are provided in this Agreement shall have such meaning as when used in the
      Disclosure Schedule and in each Credit Extension Request, each other Loan
      Document, and each notice and other communication delivered from time to time
      in
      connection with this Agreement or any other Loan Document.

     

    SECTION
      1.3  Cross-References.  Unless
      otherwise specified, references in this Agreement and in each other Loan
      Document to any Article, Section, clause or definition are references to
      such clause or definition of this Agreement or such other Loan Document, as
      the case may be, and, unless otherwise specified, references in any Article,
      Section, clause or definition to any section are references to such section
      of such Article, Section, clause or definition.

     

    SECTION
      1.4  Accounting and Financial
      Determinations.

     

    (a)           Unless
      otherwise specified, all accounting terms used herein or in any other Loan
      Document shall be interpreted, and all accounting determinations and
      computations hereunder or thereunder (including under Section 8.2.3)
      shall be made, in accordance with those U.S. generally accepted accounting
      principles (“GAAP”) as applied in the preparation of the financial
      statements of Micro and its Consolidated Subsidiaries included in its annual
      report on Form 10-K for the Fiscal Year ended December 30, 2006;
provided, that the financial statements required to be delivered pursuant
      to clauses (a) and (b) of Section 8.1.1 shall be
      prepared in accordance with GAAP as in effect from time to time and the
      quarterly financial statements required to be delivered pursuant to
clause (b) of Section 8.1.1 are not required to contain
      footnote disclosures required by GAAP and shall be subject to ordinary year-end
      adjustments.

     

    (b)           If,
      after the date hereof, there shall be any change to Micro’s Fiscal Year, or any
      modification in GAAP used in the preparation of the 2006 financial statements
      (whether such modification is adopted or imposed by FASB, the American Institute
      of Certified Public Accountants or any other professional body) which changes
      result in a change in the method of calculation of financial covenants,
      standards or terms found in this Agreement, the parties hereto agree promptly
      to
      enter into negotiations in order to amend such financial covenants, standards
      or
      terms so as to reflect equitably such changes, with the desired result that
      the
      evaluations of Micro’s financial condition shall be the same after such changes
      as if such changes had not been made; provided that until the parties
      hereto have reached a definitive agreement on such amendments, Micro’s financial
      condition shall continue to be evaluated on the same principles as those used
      in
      the preparation of the financial statements.

     

    

    
      
        
          
          

        

        
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    SECTION
      1.5  Calculations.  All
      calculations made for purposes of this Agreement, each other Loan Document,
      and
      the transactions contemplated by them shall be made to two decimal places except
      as otherwise specifically stated in this Agreement or any other Loan
      Document.

     

    SECTION
      1.6  Round Amounts.  Unless
      otherwise specifically stated in this Agreement or any other Loan Document,
      each
      requirement that Credit Extensions, repayments, and reductions in Commitments
      be
      in certain Dollar minimums and integral multiples shall, in respect of dealings
      in another Available Currency, be deemed to be rounded amounts in that other
      Available Currency that approximate those Dollar minimums and
      multiples.

     

    ARTICLE
      II

     

    COMMITMENTS,
      ETC.

     

    SECTION
      2.1  Commitments.  On the terms
      and subject to the conditions of this Agreement (including Article VI),
      each Lender severally (or in the case of Swing Line Loans, the Swing Line
      Lender) agrees that it will, from time to time on any Business Day occurring
      prior to the Commitment Termination Date:

     

    (a)           make
      revolving loans (other than Swing Line Loans) in Available Currencies
      (“Revolving Loans”) to any Borrower equal to such Lender’s Percentage of
      the aggregate amount of the Borrowing to be made on such Business Day, all
      in
      accordance with Section 3.1; provided that no Lender shall be
      required to make any Revolving Loan if, after giving effect
      thereto:

     

    (i)           such
      Lender’s Outstanding Credit Extensions would exceed its Credit Commitment
      Amount; or

     

    (ii)           the
      aggregate Outstanding Credit Extensions of all the Lenders would exceed the
      then
      Total Commitment Amount;

     

    (b)           the
      Swing Line Lender agrees that it will make loans in Available Currencies (its
      “Swing Line Loans”) to any Borrower equal to the principal amount of the
      Swing Line Loan requested by such Borrower; provided that the Swing Line
      Lender shall not be required to make any Swing Line Loan if, after giving effect
      thereto, the aggregate outstanding Dollar Amount of the principal amount of
      all
      Swing Line Loans would exceed the then existing Swing Line Loan Commitment
      Amount; and

     

    (c)           purchase
      participation interests in Available Currencies equal to its Percentage in
      each
      Letter of Credit issued upon the application of any Borrower pursuant to
Section 3.2; provided that no Issuer shall issue a Letter of
      Credit if, after giving effect thereto:

     

    (i)           the
      aggregate Letter of Credit Outstandings would exceed the then Letter of Credit
      Limit; or

     

    

    
      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

    

    

    (ii)           the
      aggregate Outstanding Credit Extensions of all the Lenders would exceed the
      then
      Total Commitment Amount.

     

    On
      and
      subject to the conditions hereof, the Borrowers may from time to time borrow,
      prepay and reborrow Loans and may apply for, extinguish or reimburse drawings
      made under and re-apply for Letters of Credit.  For purposes of this
Section 2.1, the Dollar Amount on any date of any Credit Extension
      denominated in an Available Currency (other than Dollars) shall be calculated
      based upon the spot rate at which Dollars are offered on such day for such
      Available Currency which appears on Telerate Page 261 at approximately
      11:00 a.m., London time, (and if such spot rate is not available on Telerate
      Page 261 as of such time, such spot rate as quoted by Scotia Capital, in
      London at approximately 11:00 a.m., London time).

     

    SECTION
      2.2  Reductions of the Commitment
      Amounts.  

     

    (a)           Micro
      may, from time to time on any Business Day, voluntarily reduce the Total
      Commitment Amount; provided that:

     

    (i)           All
      such reductions shall require at least three and not more than five Business
      Days’ prior notice to the Administrative Agent and shall be permanent, and any
      partial reduction thereof shall be in a minimum amount of $5,000,000 and in
      an
      integral multiple of $1,000,000 (or, if less, in an amount equal to the Total
      Commitment Amount at such time);

     

    (ii)          Micro
      shall not voluntarily reduce the Total Commitment Amount pursuant to this
      section to an amount which, on the date of proposed reduction, is less than
      the
      aggregate Outstanding Credit Extensions of all the Lenders; and

     

    (iii)         Once
      so reduced, the Total Commitment Amount may not be increased.

     

    (b)           Micro
      may, from time to time on any Business Day, voluntarily reduce the Swing Line
      Loan Commitment Amount; provided that:

     

    (i)           All
      such reductions shall require at least three and not more than five Business
      Days’ prior notice to the Administrative Agent and shall be permanent, and any
      partial reduction thereof shall be in a minimum amount of $5,000,000 and in
      an
      integral multiple of $1,000,000 (or, if less, in an amount equal to the Swing
      Line Loan Commitment Amount at such time);

     

    (ii)          Micro
      shall not voluntarily reduce the Swing Line Loan Commitment Amount pursuant
      to
      this section to an amount which, on the date of proposed reduction, is less
      than
      the aggregate principal amount of all outstanding Swing Line Loans of the Swing
      Line Lender; and

     

    (iii)         Once
      so reduced, the Swing Line Loan Commitment Amount may not be
      increased.

     

    

    
      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

    

    

    SECTION
      2.3  Ineligible
      Currencies.  Notwithstanding any other provision in this
      Agreement, if, at any time before the Commitment Termination Date, the
      Administrative Agent determines that an Available Currency has become an
      Ineligible Currency, then (a) the Administrative Agent may (in its sole
      discretion) at any time so notify the relevant Borrower of any Borrowing
      denominated in that Ineligible Currency, and (b) the Commitments of the Lenders
      to make Loans in that Available Currency shall be suspended unless and until
      the
      Administrative Agent determines that such Available Currency is no longer an
      Ineligible Currency.  Promptly after receiving that notice and, in any
      event, within five Business Days of receiving the same, that Borrower will
      notify the Administrative Agent and the Lenders as to what Available Currency
      it
      desires that Borrowing to be converted into and promptly thereafter the relevant
      Lenders shall so convert that Borrowing on the last day of its Interest
      Period.  If the relevant Borrower fails to select another Available
      Currency as provided in the preceding sentence, then that other Available
      Currency shall be selected by the Administrative Agent.  The
      conversion shall be effected at the relevant spot rate at which the Ineligible
      Currency is offered on that last day for the selected Available Currency that
      appears on Telerate Page 261 at approximately 11:00 a.m., London time, (and
      if such spot rate is not available on Telerate Page 261 as of that time,
      the spot rate as quoted by Scotia Capital in London at approximately 11:00
      a.m.,
      London time) or, if that spot rate shall not exist, such other rate of exchange
      as the Administrative Agent shall reasonably determine.

     

    SECTION
      2.4  Designated Additional
      Loans.  From time to time, so long as no Default has occurred
      and is continuing, the Borrowers may notify the Administrative Agent that the
      Borrowers wish, on the terms and subject to the conditions contained in this
      Agreement, to increase the Total Commitment Amount by additional Commitments
      from the Lenders and/or other Persons (each of which must be an Eligible
      Assignee) not then a party to this Agreement (“Designated Additional
      Commitments”), provided that the cumulative amount of the Designated
      Additional Commitments may not exceed $175,000,000.  Such notice shall
      specify (A) the date (each, an “Additional Commitment Date”) on which the
      Borrowers propose that the Designated Additional Commitments shall be effective
      (it being understood that the Borrowers and the Agents will use commercially
      reasonable efforts to avoid the prepayment or assignment of any LIBO Rate Loan
      on a day other than the last day of the Interest Period applicable thereto)
      and
      (B) the identity of each Lender or Eligible Assignee that has agreed to provide
      a Designated Additional Commitment and become a party to this Agreement,
      together with the amount of its Designated Additional Commitment (each, an
      “Additional Commitment Lender”).  Nothing contained in this
Section 2.4 or otherwise in this Agreement is intended to commit any
      Lender or any Agent to provide any Additional Designated Commitment, but
      otherwise no consent from any Lender or Agent shall be required, whether
      pursuant to Section 11.1 or otherwise, for any increase in the Total
      Commitment Amount pursuant to this Section 2.4.  On the
      Additional Commitment Date (i) the Total Commitment Amount shall be increased
      by
      the amount of the additional Commitments agreed to be so provided, (ii) subject
      to compliance with the terms of Section 6.2, Loans requested by the
      Borrowers will be made in accordance with this Agreement, (iii) the Percentages
      of the respective Lenders and Additional Commitment Lenders shall be
      appropriately adjusted, (iv) the Lenders and the Additional Commitment Lenders
      shall assign and assume outstanding Credit Extensions including participations
      in outstanding Letters of Credit so as to cause the amounts of such Loans and
      participations in Letters of Credit held by each Lender and each Additional
      Commitment Lender to conform to the respective Percentages of the Commitments
      of
      the Lenders and the Additional Commitment Lenders and (v) the 

     

    

    
      
        
          
          

        

        
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    Borrowers
      and any Additional Commitment Lender that is not already a Lender shall execute
      and deliver any additional Notes or other amendments or modifications to this
      Agreement or any other Loan Document as the Administrative Agent may reasonably
      request.  Any fees payable in respect of any commitment provided for
      in this Section 2.4 shall be as agreed to by the Borrowers and the
      Administrative Agent.  Any Designated Additional Commitment pursuant
      to this Section 2.4 (i) shall be irrevocable as of the Additional
      Commitment Date, (ii) shall reduce the amount of commitments that may be
      requested under this Section 2.4pro tanto and (iii) shall be in a
      minimum principal amount of $5,000,000 and integral multiples of
      $1,000,000.

     

    ARTICLE
      III

     

    PROCEDURES
      FOR CREDIT EXTENSIONS

     

    SECTION
      3.1  Borrowing Procedures.  Loans
      (other than Swing Line Loans) shall be made by the Lenders in accordance with
      Section 3.1.1, and Swing Line Loans shall be made by the Swing Line
      Lender in accordance with Section 3.1.2.  Unless otherwise
      expressly provided, all Loans (other than Swing Line Loans) shall be LIBO Rate
      Loans.

     

    SECTION
      3.1.1  Borrowing Procedure for Revolving
      Loans.

     

    (a)           In
      the case of Loans (other than Swing Line Loans), on any Business Day occurring
      on or prior to the Commitment Termination Date, any Borrower may from time
      to
      time irrevocably request, by delivering on or prior to 1:00 p.m., Applicable
      Time, on such Business Day a Borrowing Request to the Administrative Agent
      not
      less than three nor more than five Business Days before the date of the proposed
      Borrowing, that a Borrowing be made in a minimum amount of $5,000,000 and an
      integral multiple of $1,000,000, or if less, in the unused amount of the Total
      Commitment Amount.  Upon the receipt of each Borrowing Request, the
      Administrative Agent shall give prompt notice thereof to each Lender on the
      same
      day such Borrowing Request is received.  On the terms and subject to
      the conditions of this Agreement, each Borrowing shall be made on the Business
      Day specified in such Borrowing Request.  On or before 2:30 p.m.,
      Applicable Time, on such Business Day, each Lender shall deposit with the
      Administrative Agent (to an account specified by the Administrative Agent to
      each Lender from time to time) same day funds in an amount equal to such
      Lender’s Percentage of the requested Borrowing.

     

    (b)           To
      the extent funds are received from the Lenders (except as otherwise provided
      in
Section 10.2), the Administrative Agent shall make such funds
      available to the relevant Borrower by wire transfer of same day funds to the
      accounts such Borrower shall have specified in its Borrowing
      Request.  No Lender’s obligation to make any Loan shall be affected by
      any other Lender’s failure to make any Loan.

     

    SECTION
      3.1.2  Borrowing Procedure for Swing Line
      Loans.

     

    (a)           In
      the case of Swing Line Loans, on any Business Day occurring on or prior to
      the
      Commitment Termination Date, any Borrower may from time to time irrevocably
      request, by delivering on or prior to 1:00 p.m., Applicable Time, on such

     

    

    
      
        
          
          

        

        
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    Business
      Day a Borrowing Request to the Administrative Agent not less than one nor more
      than five Business Days before the date of the proposed Borrowing that a Swing
      Line Loan be made to such Borrower.  Alternatively, by telephonic
      notice to the Swing Line Lender on or before 12:00 noon, Applicable Time, on
      a
      Business Day (followed within one Business Day by the delivery of a confirming
      Borrowing Request), any Borrower may from time to time irrevocably request
      that
      Swing Line Loans be made by the Swing Line Lender.  In either case,
      Swing Line Loans shall be in an aggregate minimum principal amount of $500,000
      and an integral multiple of $100,000.  All Swing Line Loans shall be
      made as Base Rate Loans and shall not be entitled to be converted into LIBO
      Rate
      Loans.  The proceeds of each Swing Line Loan requested by telephonic
      notice shall be made available by the Swing Line Lender to the relevant Borrower
      by wire transfer to the account such Borrower shall have specified in its notice
      therefor (i) for requests in U.S. Dollars, by 2:00 p.m., Applicable Time, on
      the
      Business Day telephonic notice is received by the Swing Line Lender (so long
      as
      such request is received at or before 12:00 noon (Applicable Time)), (ii) for
      requests of Loans to be made in Euros, by the close of business on the Business
      Day telephonic notice is received by the Swing Line Lender (so long as such
      request is received at or before 11:00 a.m., London time) and (iii) for requests
      of Loans to be made in Sterling, by the close of business on the Business Day
      telephonic notice is received by the Swing Line Lender (so long as such request
      is received at or before 12:00 noon, London time).  Proceeds of Swing
      Line Loans in respect of telephonic notices received by the Swing Line Lender
      after the time set forth in the preceding sentence shall be made available
      to
      the applicable Borrower by 10:00 a.m. (Applicable Time) on the next succeeding
      Business Day.  Swing Line Loans shall be made available to the
      applicable Borrower no later than 9:30 a.m. (Applicable Time) on the date
      requested, in the case of a Swing Line Loan requested pursuant to a Borrowing
      Request.  Upon the
      making of each Swing Line Loan, and without further action on the part of the
      Swing Line Lender or any other Person, each Lender (other than the Swing Line
      Lender) shall be deemed to have irrevocably purchased, to the extent of its
      Percentage, a participation interest in such Swing Line Loan, and such Lender
      shall, to the extent of its Percentage, be responsible for reimbursing the
      Swing
      Line Lender for Swing Line Loans which have not been repaid by the relevant
      Borrower in accordance with the terms of this Agreement.  The
      Swing Line Lender shall provide to Micro a confirmation of Swing Line Loan
      borrowings by facsimile or electronic mail, as requested by Micro.

     

    (b)           If
      (i) any Swing Line Loan is or will be
      outstanding on a date when any Borrower requests that a Revolving Loan be made,
      (ii) any Default shall occur and be continuing, or (iii) at any time, and
      in the Swing Line Lender’s sole and absolute discretion, then each Lender (other than the
      Swing Line
      Lender) irrevocably agrees that it will, at the request of the Swing Line
      Lender, make a Revolving Loan (which shall initially be funded as a Base Rate
      Loan) in an amount equal to such Lender’s Percentage of the aggregate principal
      amount of all such Swing Line Loans then outstanding and in the same currency
      in
      which such Loans were made (such outstanding Swing Line Loans hereinafter
      referred to as the “Refunded Swing Line
      Loans”).  On
      or before 11:00
      a.m., Applicable Time, on the third Business Day following receipt by each
      Revolving Loan Lender of a request to make Revolving Loans as provided in the
      preceding sentence, each Lender shall deposit in an account specified by the
      Swing Line Lender the amount so

     

    

    
      
        
          
          

        

        
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    requested
      in same day funds and such funds shall be applied by the Swing Line Lender
      to
      repay the Refunded Swing Line Loans.  At the time the Lenders make the
      above referenced Revolving Loans the Swing Line Lender shall be deemed to have
      made, in consideration of the making of the Refunded Swing Line Loans, Revolving
      Loans in an amount equal to the Swing Line Lender’s Percentage of the aggregate
      principal amount of the Refunded Swing Line Loans.  Upon the making
      (or deemed making, in the case of the Swing Line Lender) of any Revolving Loans
      pursuant to this clause, the amount so funded shall become an outstanding
      Revolving Loan and shall no longer be owed as a Swing Line Loan.  All
      interest payable with respect to any Revolving Loans made (or deemed made,
      in
      the case of the Swing Line Lender) pursuant to this clause shall be
      appropriately adjusted to reflect the period of time during which the Swing
      Line
      Lender had outstanding Swing Line Loans in respect of which such Revolving
      Loans
      were made.  Each Lender’s obligation to make the Revolving Loans
      referred to in this clause shall be absolute and unconditional and shall not
      be
      affected by any circumstance, including (i) any set-off, counterclaim,
      recoupment, defense or other right which such Lender may have against the Swing
      Line Lender, any Obligor or any Person for any reason whatsoever; (ii) the
      occurrence or continuance of any Default; (iii) any adverse change in the
      condition (financial or otherwise) of any Obligor; (iv) the acceleration or
      maturity of any Obligations or the termination of any Commitment after the
      making of any Swing Line Loan; (v) any breach of any Loan Document by any
      Person; or (vi) any other circumstance, happening or event whatsoever, whether
      or not similar to any of the foregoing.

     

    SECTION
      3.2  Letter of Credit Issuance
      Procedures.  By delivering to the Administrative Agent an
      Issuance Request on or before 1:00 p.m., Applicable Time, on any Business Day
      occurring prior to the Commitment Termination Date, any Borrower may from time
      to time request that an Issuer issue a Letter of Credit.  Each such
      request shall be made on not less than two Business Days’ notice (or such
      shorter period as may be agreed to by the Administrative Agent), and not less
      than 30 days prior to the Commitment Termination Date.  Upon receipt
      of an Issuance Request, the Administrative Agent shall promptly on the same
      day
      notify the applicable Issuer (if other than Scotia Capital) and each Lender
      thereof.  Each Letter of Credit shall by its terms be denominated in
      an Available Currency and be stated to expire (whether originally or after
      giving effect to any extension) on the earlier of (its “Stated Expiry
      Date”) (i) (unless otherwise agreed to by the Issuer) one year from the date
      of issuance thereof or (ii) the Commitment Termination Date.  The
      relevant Borrower and the relevant Issuer may amend or modify any issued Letter
      of Credit upon written notice to the Administrative Agent only; provided
      that (A) any amendment constituting an extension of such Letter of Credit’s
      Stated Expiry Date shall comply with the provisions of the immediately preceding
      sentence and may be made only if the Commitment Termination Date has not
      occurred and (B) any amendment constituting an increase in the Stated Amount
      of
      such Letter of Credit shall be deemed a request for the issuance of a new Letter
      of Credit and shall comply with the foregoing provisions of this
      paragraph.  Upon satisfaction of the terms and conditions hereunder,
      the relevant Issuer will issue each Letter of Credit to be issued by it and
      will
      make available to the beneficiary thereof the original of such Letter of
      Credit.    

     

    SECTION
      3.2.1  Other Lenders’
Participation.  Automatically, and without further action,
      upon the issuance of each Letter of Credit, each Lender (other than the Issuer
      of such

     

    

    
      
        
          
          

        

        
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    Letter
      of
      Credit) shall be deemed to have irrevocably purchased from the relevant Issuer,
      to the extent of such Lender’s Percentage, a participation interest in such
      Letter of Credit (including any Reimbursement Obligation and any other
      Contingent Liability with respect thereto), and such Lender shall, to the extent
      of its Percentage, be responsible for reimbursing promptly (and in any event
      within one Business Day after receipt of demand for payment from the Issuer,
      together with accrued interest from the day of such demand) the relevant Issuer
      for any Reimbursement Obligation which has not been reimbursed in accordance
      with Section 3.2.3.  In addition, such Lender shall, to
      the extent of its Percentage, be entitled to receive a ratable portion of the
      Letter of Credit participation fee payable pursuant to clause (a) of
Section 4.3.3 with respect to each Letter of Credit and a ratable
      portion of any interest payable pursuant to Sections 3.2.2 and
4.2.

     

    SECTION
      3.2.2  Disbursements.  Subject to the terms
      and provisions of each Letter of Credit and this Agreement, upon presentment
      under any Letter of Credit to the Issuer thereof for payment, such Issuer shall
      make such payment to the beneficiary (or its designee) of such Letter of Credit
      on the date designated for such payment (the “Disbursement
      Date”).  Such Issuer will promptly notify the relevant Borrower
      and each of the Lenders of the presentment for payment of any such Letter of
      Credit, together with notice of the Disbursement Date thereof.  Prior
      to 12:00 noon, Applicable Time, on the next Business Day following the
      Disbursement Date, the relevant Borrower will reimburse the Administrative
      Agent, for the account of such Issuer, for all amounts disbursed under such
      Letter of Credit, together with all interest accrued thereon since the
      Disbursement Date.  To the extent the Administrative Agent does not
      receive payment in full, on behalf of the relevant Issuer on the Disbursement
      Date, the relevant Borrower’s Reimbursement Obligation shall accrue interest,
      payable on demand, at an annual rate equal to the Reference Rate through the
      first Business Day following the Disbursement Date and equal to the sum of
      the
      Reference Rate plus 0.50% thereafter.  In the event the relevant
      Borrower fails to notify the Administrative Agent and the relevant Issuer prior
      to 1:00 p.m., Applicable Time, on the Disbursement Date that the relevant
      Borrower intends to pay the Administrative Agent, for the account of such
      Issuer, for the amount of such drawing with funds other than proceeds of Loans,
      or the Administrative Agent does not receive such reimbursement payment from
      the
      relevant Borrower prior to 1:00 p.m., Applicable Time, on the Disbursement
      Date
      (or if the relevant Issuer must for any reason return or disgorge such
      reimbursement), the Administrative Agent shall promptly notify the Lenders,
      and
      the relevant Borrower shall be deemed to have given a timely Borrowing Request
      as of the Disbursement Date for Loans in an aggregate principal amount equal
      to
      such Reimbursement Obligation and the Lenders (other than the relevant Issuer)
      shall, on the terms and subject to the conditions of this Agreement (including,
      without limitation, Sections 6.1 and 6.2), make Loans in the
      amount of such Reimbursement Obligation as provided in Section 3.1;
provided that for the purpose of determining the availability of any
      unused Total Commitment Amount immediately prior to giving effect to the
      application of the proceeds of such Loans, such Reimbursement Obligation shall
      be deemed not to be outstanding at such time.  In the event that the
      conditions precedent to any Loans deemed requested by the relevant Borrower
      as
      provided in the preceding sentence shall not be satisfied at the time of such
      deemed request, each Lender (including the relevant Issuer) shall pay to the
      Administrative Agent, as funding of its participation interest pursuant to
      Section 3.2.1 in the related Letter of Credit, its Percentage of the related
      Reimbursement Obligation, and the Administrative Agent shall promptly pay to
      the
      relevant Issuer the amounts so received by it from the Lenders.  If a
      Lender makes a payment pursuant to this subsection to reimburse an

     

    

    
      
        
          
          

        

        
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    Issuer
      in
      respect of any Reimbursement Obligation (other than by funding Loans as
      contemplated above), (i) such payment will not constitute a Loan and will not
      relieve the relevant Borrower of its Reimbursement Obligation and (ii) such
      Lender will be subrogated to its pro rata share of the relevant Issuer's claim
      against such Borrower for payment of such Reimbursement Obligation.

     

    SECTION
      3.2.3  Reimbursement.  The obligation (the
“Reimbursement Obligation”) of the relevant Borrower under
Section 3.2.2 to reimburse the relevant Issuer with respect
      to each
      disbursement under a Letter of Credit (including interest thereon), and, upon
      the failure of the relevant Borrower to reimburse such Issuer, the obligation
      of
      each Lender to reimburse such Issuer, shall be absolute and unconditional under
      any and all circumstances and irrespective of any set-off, counterclaim or
      defense to payment which the relevant Borrower or such Lender, as the case
      may
      be, may have or have had against the relevant Issuer or any Lender, including
      any defense based upon the failure of any disbursement under a Letter of Credit
      to conform to the terms of the applicable Letter of Credit (if, in the relevant
      Issuer’s good faith opinion, such disbursement is determined to be appropriate)
      or any non-application or misapplication by the beneficiary of the proceeds
      of
      such Letter of Credit; provided that nothing herein shall require the
      relevant Borrower or such Lender, as the case may be, to reimburse an Issuer
      for
      any wrongful disbursement made by such Issuer under a Letter of Credit as a
      result of acts or omissions finally determined by a court of competent
      jurisdiction to constitute gross negligence or willful misconduct on the part
      of
      such Issuer.

     

    SECTION
      3.2.4  Deemed Disbursements.  Upon the
      occurrence and during the continuation of any Event of Default of the type
      described in Section 9.1.8 or, with notice from the Administrative
      Agent given at the direction of the Required Lenders, upon the occurrence and
      during the continuation of any other Event of Default, an amount equal to the
      then aggregate amount of all Letters of Credit which are undrawn and available
      under all issued and outstanding Letters of Credit shall, without demand upon
      or
      notice to any Borrower, be deemed to have been paid or disbursed by the Issuer
      under such Letters of Credit (notwithstanding that such amount may not in fact
      have been so paid or disbursed) and the Borrowers shall be immediately obligated
      to pay to the Issuer of each Letter of Credit an amount equal to such
      amount.  Any amounts so payable by the relevant Borrower pursuant to
Section 3.2.4 shall be deposited in cash with the Administrative
      Agent and held in trust (for the sole benefit of the relevant Issuer and the
      Lenders) for payment of the Obligations arising in connection with such Letters
      of Credit.  If such Event of Default shall have been cured or waived
      (provided that no other Default has occurred and is continuing and the
      Obligations have not been accelerated pursuant to Section 9.2 or
      9.3), the Administrative Agent shall promptly return to the relevant
      Borrower all amounts deposited by it with the Administrative Agent pursuant
      to
      this Section 3.2.4 (together with accrued interest thereon at the
      Administrative Agent’s Cost of Funds or such other interest rate based upon a
      cash equivalent investment (in the form of obligations issued by or guaranteed
      by the U.S. government, commercial paper of a domestic corporation rated A-1
      by
      S&P or a comparable rating from another nationally recognized rating agency
      or certificates of deposit of a U.S. or Canadian bank with (x) a credit rating
      of Aa or better by S&P or a comparable rating from another nationally
      recognized rating agency and (y) a combined capital and surplus greater than
      $250,000,000) which is agreed to between the relevant Issuer and the relevant
      Borrower), net of any amount (which may include accrued interest) applied to
      the
      payment of any Obligations with respect to the Letters of Credit.

     

    

    
      
        
          
          

        

        
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    SECTION
      3.2.5  Nature of Reimbursement
      Obligations.  Each Borrower and, to the extent set forth in
Section 3.2.1, each Lender shall assume all risks of the acts,
      omission or misuse of any Letter of Credit by the beneficiary
      thereof.  No Issuer or any Lender (except to the extent of its own
      gross negligence or willful misconduct as finally determined by a court of
      competent jurisdiction) shall be responsible for:

     

    (a)           the
      form, validity, sufficiency, accuracy, genuineness or legal effect of any
      document submitted by any party in connection with the application for an
      issuance of a Letter of Credit, even if it should in fact prove to be in any
      or
      all respects invalid, insufficient, inaccurate, fraudulent or
      forged;

     

    (b)           the
      form, validity, sufficiency, accuracy, genuineness or legal effect of any
      instrument transferring or assigning or purporting to transfer or assign a
      Letter of Credit or the rights or benefits thereunder or the proceeds thereof
      in
      whole or in part, which may prove to be invalid or ineffective for any
      reason;

     

    (c)           failure
      of the beneficiary to comply fully with conditions required in order to demand
      payment under a Letter of Credit; provided that if a payment is made
      pursuant to such Letter of Credit when a beneficiary has failed to comply with
      the conditions therefor and such failure to comply is manifest on the face
      of
      such Letter of Credit or the documents submitted by the beneficiary in
      connection therewith, the relevant Borrower shall be required to indemnify
      the
      Issuer in connection therewith only if, and to the extent, the relevant Borrower
      or any of its Subsidiaries has received the benefit of such payment on such
      Letter of Credit by one or more of their obligations being satisfied, either
      in
      whole or in part;

     

    (d)           errors,
      omissions, interruptions or delays in transmission or delivery of any messages,
      by mail, telecopy or otherwise; or

     

    (e)           any
      loss or delay in the transmission or otherwise of any document or draft required
      in order to make a disbursement under a Letter of Credit.

     

    None
      of
      the foregoing shall affect, impair or prevent the vesting of any of the rights
      or powers granted to any Issuer or any Lender hereunder.  In
      furtherance and extension and not in limitation or derogation of any of the
      foregoing (but subject to the limitations set forth in clause (c)
      above), any action taken or omitted to be taken by an Issuer in good faith
      (and
      not constituting gross negligence or willful misconduct as finally determined
      by
      a court of competent jurisdiction) shall be binding upon the relevant Borrower
      and each Lender, and shall not put such Issuer under any resulting liability
      to
      any Borrower or any Lender.

     

    SECTION
      3.2.6  Ineligible
      Currencies.  Notwithstanding any other provision contained in
      this Agreement, if, at any time prior to the Commitment Termination Date, the
      Administrative Agent determines that the Available Currency in which a Letter
      of
      Credit has been issued is an Ineligible Currency, then the Administrative Agent
      may (in its sole discretion) at any time notify the relevant Borrower of the
      same, and the Administrative Agent shall then promptly notify each other
      Lender.  Such relevant Borrower shall use reasonable efforts to cause
      the beneficiary of

     

    

    
      
        
          
          

        

        
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    such
      Letter of Credit to accept a substitution for such Letter of Credit with another
      Letter of Credit in an Available Currency acceptable to such Borrower and the
      relevant Issuer.

     

    SECTION
      3.2.7  Existing Letters of Credit.  On the
      Effective Date, the Existing Letters of Credit shall automatically and without
      any action on the part of any Person, become Letters of Credit hereunder issued,
      in each case, for the account of the relevant Borrower identified on Schedule
      III.

     

    ARTICLE
      IV

     

    PRINCIPAL,
      INTEREST, AND FEE PAYMENTS

     

    SECTION
      4.1  Loan Accounts, Notes, Payments, and
      Prepayments.  The Outstanding Credit Extensions shall be
      evidenced by one or more loan accounts or records maintained by the
      Administrative Agent which loan accounts or records shall be conclusive
      evidence, absent manifest error, of the amount of those Outstanding Credit
      Extensions and the interest and principal payments thereon.  Any
      failure to so record or any error in doing so shall not, however, limit or
      otherwise affect the Obligations of the relevant Borrower under the Loan
      Documents to pay any amount owing with respect to the
      Obligations.  Upon the request of any Lender made at any time through
      the Administrative Agent, the relevant Borrower shall promptly execute and
      deliver to that Lender a Note to evidence Loans made by that Lender to the
      relevant Borrower.

     

    SECTION
      4.1.1  Repayments and Prepayments of
      Loans.  The relevant Borrower shall make all payments and
      prepayments of each Loan made to it in the Available Currency in which it was
      originally denominated and shall repay in full the unpaid principal amount
      of
      each Loan outstanding to it at the Maturity thereof.  Before that
      Maturity:

     

    (a)           the
      relevant Borrower may, from time to time on any Business Day, make a voluntary
      prepayment, in whole or in part, of the outstanding principal amount of any
      Revolving Loan; provided that:

     

    (i)           any
      such prepayment of any Revolving Loan shall be allocated to each Lender pro
      rata
      according to such Lender’s Percentage of the Revolving Loans so
      prepaid;

     

    (ii)           any
      such prepayment of any Revolving Loan made on any day other than the last day
      of
      the Interest Period then applicable to such Revolving Loan shall be subject
      to
Section 5.4;

     

    (iii)         all
      such voluntary prepayments shall require prior notice to the Administrative
      Agent of at least three but no more than five Business Days; and

     

    (iv)         all
      such voluntary prepayments shall, if other than a prepayment in whole, be in
      an
      aggregate minimum amount of $5,000,000 and an integral multiple of
      $1,000,000;

     

    

    
      
        
          
          

        

        
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    (b)           the
      relevant Borrower may, from time to time on any Business Day, make a voluntary
      prepayment, in whole or in part, of the outstanding principal amount of any
      Swing Line Loan; provided that:

     

    (i)           all
      such voluntary prepayments shall require telephonic notice to the Swing Line
      Lender on or before 1:00 p.m., Applicable Time, on the day of such prepayment
      (such notice to be confirmed in writing on or prior to the next Business Day
      thereafter); and

     

    (ii)          all
      such voluntary partial prepayments shall be in an aggregate minimum amount
      of
      $500,000 (or the then outstanding principal amount of Swing Line Loans, if
      less)
      and an integral multiple of $100,000 (or the then outstanding principal amount
      of Swing Line Loans, if less).

     

    (c)           The
      Administrative Agent shall determine if the aggregate Outstanding Credit
      Extensions of all the Lenders exceed the Total Commitment Amount (i) at the
      end
      of each Fiscal Period and (ii) on the date of each request for a Credit
      Extension (excluding any request submitted in respect of any continuation of
      any
      Borrowing previously made hereunder), and promptly thereafter -- and in any
      event, in respect of any determination made pursuant to clause (ii)
      above, prior to the proposed date of such requested Credit Extension --
      Micro shall (or shall cause the other Borrowers to) make a mandatory prepayment
      of the outstanding principal amount of such Revolving Loans or Swing Line Loans
      (or both) as Micro may select in an amount equal to such excess, such prepayment
      to be allocated to the Lenders in the manner set forth in
clause (a)(i) above); and

     

    (d)           Micro
      shall (and shall cause the other relevant Borrowers to), on each date when
      any
      reduction or termination in the Total Commitment Amount shall become effective,
      including pursuant to Section 2.2, make a mandatory prepayment of
      all Revolving Loans equal to the excess, if any, of the then aggregate
      Outstanding Credit Extensions of all the Lenders over the Total Commitment
      Amount as so reduced, such prepayment to be allocated to the Lenders in the
      manner set forth in clause (a)(i) above.

     

    SECTION
      4.1.2  Change in Control.  Promptly, and in
      any event within two Business Days, following a Change in Control or, in the
      case of a “Change in Control” of the type described in clause (a) of such
      definition, within two Business Days following the date on which Micro or any
      other Obligor is provided with the relevant Schedule 13D or Schedule 13G filing,
      Micro shall provide notice (a “Change in Control Notice”) thereof to the
      Administrative Agent (which the Administrative Agent shall promptly distribute
      to the Lenders) which notice shall (i) describe such event in reasonable
      detail and (ii) offer to prepay all outstanding Loans of each Lender and
      cash collateralize all outstanding Letters of Credit of each Issuer, which
      prepayment or cash collateralization shall occur (referred to as the
“Settlement Date”) on or before the 30th
      Business Day
      following such Change in Control Notice.  In such Change in Control
      Notice, Micro may request that the Lenders waive such right to prepayment (or,
      in the case of any Issuers, such right of cash collateralization) and continue
      as a Lender (or Issuer, as the case may be) hereunder.  Any Lenders or
      Issuers which, in their sole and absolute discretion, determine to continue
      in
      such capacities hereunder (by notice to Micro no later than the 10th Business
      Day

     

    

    
      
        
          
          

        

        
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    before
      such Settlement Date) shall continue to provide loans and letters of credit
      in
      an amount equal to their respective Commitment and Letter of Credit Commitment,
      as in effect immediately prior to such Change in Control.  Lenders or
      Issuers that do not consent to continue as Lenders or Issuers, as the case
      may
      be, hereunder shall have all their respective commitments cancelled, regardless
      of the percentage of consenting Lenders and all such Lenders outstanding Loans
      shall be repaid, and all their respective Letter of Credit Obligations shall
      be
      cash collateralized no later than the Settlement Date.  On or promptly
      following the Settlement Date, the Administrative Agent shall distribute to
      the
      Borrowers and the Lenders a schedule of the Percentages after giving effect
      to
      the foregoing.  The resulting Commitments of any Lenders agreeing to
      waive its right of prepayment following a Change in Control shall be binding
      on
      such Lender, notwithstanding that the previously existing Total Commitment
      Amount may have been reduced as a result of the foregoing terms.

     

    SECTION
      4.2  Interest Provisions.  Each
      Loan shall bear interest from and including the day when made until (but not
      including) the day such Loan shall be paid in full, and such interest shall
      accrue and be payable in accordance with this
Section 4.2.

     

    SECTION
      4.2.1  Rates.  Subject to
Sections 4.2.2 and 5.1, each Loan shall bear an annual rate
      of interest, during each Interest Period applicable thereto, equal to
      the sum of (i) the LIBO Rate for such Interest Period, (ii) the
      Applicable Margin, plus (iii) Mandatory Costs (if any); provided that,
      Swing Line Loans shall always accrue interest at the Alternate Base Rate plus
      the then effective Applicable Margin.

     

    SECTION
      4.2.2  Post-Maturity Rates.  After the date
      any principal amount of any Loan is due and payable (whether at Maturity, upon
      acceleration or otherwise), or after any other monetary Obligation of Micro
      or
      any other Borrower shall have become due and payable, Micro or each such other
      Borrower shall pay, but only to the extent permitted by law, interest (after
      as
      well as before judgment) on such amounts at an annual rate equal to the
      Reference Rate plus 2%.

     

    SECTION
      4.2.3  Continuation Elections.  The
      relevant Borrower may from time to time by delivering a Continuation Notice
      to
      the Administrative Agent on or before 1:00 p.m., Applicable Time, on a
      Business Day, irrevocably elect, on not less than three nor more than five
      Business Days’ notice, that all, or any portion in an aggregate minimum amount
      of $5,000,000 and an integral multiple of $1,000,000 of the LIBO Rate Loans,
      be
      continued for one or more new Interest Periods; provided
      that:

     

    (a)           in
      the absence of delivery of a Continuation Notice with respect to any Loan,
      at
      least three Business Days (but not more than five Business Days) before the
      last
      day of the then current Interest Period with respect thereto, that Loan shall,
      on such last day, automatically continue for a new Interest Period having a
      duration equal to the original duration of the then expiring Interest Period;
      and

     

    (b)           no
      portion of the outstanding principal amount of any Loans may be continued with
      an Interest Period longer than one month while any Default has occurred and
      is
      continuing.

     

    

    
      
        
          
          

        

        
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    SECTION
      4.2.4  Payment Dates.  Interest accrued on
      each Loan shall be payable, without duplication, in the Available Currency
      in
      which it is denominated:

     

    (a)           on
      the Commitment Termination Date;

     

    (b)           (i)  on
      the date of any payment or prepayment, in whole or in part, of principal
      outstanding on such Loan (but only on the principal amount so paid or prepaid)
      and (ii) in the case of any Swing Line Loan outstanding for more than 30 days,
      on the 31st day
      following the making of such Swing Line Loan and each 30 day period
      thereafter;

     

    (c)           in
      the case of LIBO Rate Loans, on the last day of each applicable Interest Period
      (and, if such Interest Period shall exceed three months, on each three month
      anniversary of the date of the commencement of such Interest Period);
      and

     

    (d)           on
      that portion of any Loans which is accelerated pursuant to
Section 9.2 or 9.3, immediately upon such
      acceleration.

     

    Interest
      accrued on Loans or other monetary Obligations arising under this Agreement
      or
      any other Loan Document after the date such Loans or other Obligations are
      due
      and payable (whether on the Commitment Termination Date, upon acceleration
      or
      otherwise) shall be payable upon demand.

     

    SECTION
      4.2.5  Interest Rate Determination.  The
      Administrative Agent and, if and when applicable, the Reference Lenders shall,
      in accordance with each of their customary practices, attempt to determine
      the
      relevant interest rates applicable to each Loan requested to be made pursuant
      to
      each Borrowing Request duly completed and delivered by a Borrower, and, if
      and
      when applicable, each Reference Lender agrees to furnish the Administrative
      Agent timely information for the purpose of determining the LIBO
      Rate.  If any Reference Lender fails, if and when applicable, to
      timely furnish such information to the Administrative Agent for any such
      interest rate, the Administrative Agent shall determine such interest rate
      on
      the basis of the information shared by the other Reference Lender.

     

    SECTION
      4.2.6  Additional Interest on Loans.  For
      so long as the cost to a Lender of making or maintaining its LIBO Rate Loans
      is
      increased as a result of any imposition or modification after the date of this
      Agreement of any reserve required to be maintained by such Lender against
      Eurocurrency Liabilities (or any other category of liabilities which includes
      deposits by reference to which the interest rate on Loans is determined or
      any
      category of extensions of credit or other assets which includes loans by a
      non-United States office of such Lender to United States residents but not
      duplicating any requirement included in the calculation of Mandatory Costs),
      then such Lender may require the relevant Borrower to pay, contemporaneously
      with each payment of interest on any of its LIBO Rate Loans, additional interest
      on such Loan of such Lender at a rate per annum up to but not exceeding the
      excess of (i) (A) the applicable LIBO Rate divided by (B) one minus the
      LIBOR Reserve Percentage over (ii) the applicable LIBO Rate.  Any
      Lender wishing to require payment of such additional interest shall so notify
      Micro and the Administrative Agent (which notice shall set forth the amount
      (as
      determined by such Lender) to which such Lender is then entitled under this
      Section 4.2.6 (which amount shall be consistent with such Lender’s
      good faith estimate of the level at which

     

    

    
      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

    

    

    the
      related reserves are maintained by it and which determination shall be
      conclusive and binding for all purposes, absent demonstrable error) and shall
      be
      accompanied by such information as to the computation set forth therein as
      Micro
      may reasonably request), in which case such additional interest on the LIBO
      Rate
      Loans of such Lender shall be payable on the last day of each Interest Period
      thereafter (commencing with the Interest Period beginning at least three
      Business Days after the giving of such notice) to such Lender at the place
      indicated in such notice.  Each Lender that receives any payment in
      respect of increased costs pursuant to this Section 4.2.6 shall promptly
      notify Micro of any change with respect to such costs which affects the amount
      of additional interest payable pursuant to this section in respect
      thereof.

     

    SECTION
      4.3  Fees.  Each Borrower agrees
      to pay the fees applicable to it set forth in this
Section 4.3.  All such fees shall be nonrefundable and
      shall be paid in Dollars to the Administrative Agent, each Lender or the
      relevant Issuer, as the case may be, at its office specified for such purpose
      on
      the signature pages hereof.

     

    SECTION
      4.3.1  Administration Fees.  Coordination
      Center and Micro, jointly and severally, agree to pay directly to the
      Administrative Agent, for its own account, an annual administration fee in
      the
      amounts and on the dates set forth in the Fee Letters.

     

    SECTION
      4.3.2  Commitment Fees.  The Initial
      Borrowers, jointly and severally, agree to pay to the Administrative Agent
      for
      the account of each Lender (including, any portion thereof when the Lenders
      may
      not extend any Credit Extensions by reason of the inability of the Borrowers
      to
      satisfy any condition of Section 6.1 or 6.2) (a) for each day
      during the period commencing on the Effective Date and continuing through and
      including the last day of the Fiscal Period ending on the Saturday nearest
      September 30, 2007, a commitment fee to each Lender on the unused portion of
      its
      Credit Commitment Amount on such day at a rate of 0.125% per annum and (b)
      for
      each day thereafter, until but excluding the Commitment Termination Date, a
      commitment fee to each Lender on the unused portion of its Credit Commitment
      Amount on each day at the rate per annum determined in accordance with the
      following procedure; provided that, the making of Swing Line Loans shall
      not constitute usage of the Commitment for purposes of calculating commitment
      fees to be paid by the Borrowers to the Lenders:

     

    (1)           If
      the Pricing Level set forth opposite the Leverage Ratio is the same as the
      Pricing Level set forth opposite the applicable Credit Rating, then the
      commitment fee for that Pricing Level shall be the commitment fee.

     

    (2)           If
      the Pricing Level set forth opposite the Leverage Ratio differs by one Pricing
      Level from the Pricing Level set forth opposite the applicable Credit Rating,
      then the commitment fee for the lower numbered Pricing Level of the two shall
      be
      the commitment fee.

     

    (3)           If
      the Pricing Level set forth opposite the Leverage Ratio differs by more than
      one
      Pricing Level from the Pricing Level set forth opposite the applicable Credit
      Rating, then the commitment fee shall be determined by reference to the Pricing
      Level that is numerically one Pricing Level below the
      higher numbered of the two applicable Pricing Levels.

     

     

    
      
        
        

      

      
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              Pricing
                Level

            	
              Credit
                Rating

            	
              Leverage
                Ratio

            	
              Commitment
                Fee

            
	
              Level
                I

            	
              Higher
                than or equal to BBB+ or Baa1

            	
              Less
                than .50

            	
              0.080%

            
	
              Level
                II

            	
              BBB
                or Baa2

            	
              Greater
                than or equal to .50, but less than 1.00

            	
              0.100%

            
	
              Level
                III

            	
              BBB-
                or Baa3

            	
              Greater
                than or equal to 1.00, but less than 2.00

            	
              0.125%

            
	
              Level
                IV

            	
              BB+
                or Ba1

            	
              Greater
                than or equal to 2.00, but less than 3.00

            	
              0.150%

            
	
              Level
                V

            	
              BB
                or Ba2

            	
              Greater
                than or equal to 3.00, but less than 3.50

            	
              0.200%

            
	
              Level
                VI

            	
              Lower
                than or equal to BB- or Ba3

            	
              Greater
                than or equal to 3.50

            	
              0.250%

            

    

    

    Such
      commitment fee shall be determined from time to time by the Administrative
      Agent
      and shall be payable by the Initial Borrowers in arrears on each Quarterly
      Payment Date and on the Commitment Termination Date.  If the Credit
      Ratings assigned by S&P and Moody’s fall into different Pricing Levels, then
      the applicable Pricing Level shall be determined by reference to the lower
      of
      the two Credit Ratings.

     

    Subject
      to
      Section 4.4, the applicable Leverage Ratio shall be the Leverage Ratio for
      the
      Fiscal Period most recently ended prior to such day for which financial
      statements and reports have been received by the Administrative Agent pursuant
      to Section 8.1.1(a) or (b), as set forth in (and effective
      upon delivery by Micro to the Administrative Agent of) the related new
      Compliance Certificate pursuant to Section 8.1.1(d).

     

    Notwithstanding
      the foregoing, (a) for so long as an Event of Default has occurred and is
      continuing the applicable Pricing Level shall be Level V and (b) if Micro shall
      fail to deliver a Compliance Certificate required to be delivered pursuant
      to
Section 8.1.1(d) within 60 days after the end of any of its fiscal
      quarters (or within 90 days, in the case of the last fiscal quarter of its
      Fiscal Year), the applicable Pricing Level from and including the 61st (or
      91st,
      as the case may be) day after the end of such fiscal quarter (or Fiscal Year,
      as
      the case may be) to but not including the date Micro delivers to the
      Administrative Agent a quarterly Compliance Certificate shall be Level
      V.

     

    SECTION
      4.3.3  Letter of Credit Fees.

     

    (a)           The
      applicable Borrower agrees to pay to the Administrative Agent for the account
      of
      each Lender (including the relevant Issuer) a Letter of Credit participation
      fee

     

    

    
      
        
          
          

        

        
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    equal
      to
      each Lender’s Percentage of the average daily Stated Amount of each Letter of
      Credit during the applicable period multiplied by the Applicable Margin then
      in
      effect for LIBO Rate Loans.  Such participation fee shall accrue from
      the date of issuance of any Letter of Credit until the date such Letter of
      Credit is drawn in full or terminated, and shall be payable in arrears on each
      Quarterly Payment Date and on the date that the Commitments terminate in their
      entirety.

     

    (b)           The
      applicable Borrower agrees to pay to the Administrative Agent for the account
      of
      the Issuer of each Letter of Credit a Letter of Credit fronting fee at the
      rate
      set forth in the Fee Letters (or, in the case of an Issuer other than Scotia
      Capital, as separately agreed between Micro and such Issuer) during the
      applicable period, such fee to be payable for the account of the relevant Issuer
      in quarterly installments in arrears on each Quarterly Payment Date and on
      the
      date that the Commitments terminate in their entirety.  Micro agrees
      to reimburse each Issuer, on demand, for all usual out-of-pocket costs and
      expenses incurred in connection with the issuance or maintenance of any Letter
      of Credit issued by such Issuer.

     

    (c)           The
      Administrative Agent shall pay to each Lender and each Issuer fees paid for
      its
      account under clause (a) or (b) above promptly after receipt
      by the Administrative Agent.

     

    SECTION
      4.4  Rate and Fee
      Determinations.  Interest on each Loan shall be computed on
      the basis of a year consisting of 360 days (or 365 or 366, as the case may
      be,
      for Loans denominated in Sterling) and fees shall be computed on the basis
      of a
      year consisting of 365 or 366 days, as the case may be, in each case paid for
      the actual number of days elapsed, calculated as to each period from and
      including the first day thereof to but excluding the last day
      thereof.  All determinations by the Administrative Agent of the rate
      of interest payable with respect to any Loan shall be conclusive and binding
      in
      the absence of demonstrable error.  The Borrowers acknowledge that the
      Lenders have agreed to the amount of the Applicable Margin and Commitment and
      Letter of Credit fees payable under the Loan Documents based upon, among other
      things, the delivery by the Obligors pursuant to Section 8.1.1 of
      accurate and actual reporting of results of operation, and that the financial
      covenant ratios set forth in a Compliance Certificate shall only be treated
      by
      the Lenders as presumptive evidence of such actual results.  If the
      actual Leverage Ratio for any period is higher than that set forth in a
      Compliance Certificate for such period, then the amount of interest and
      Commitment and Letter of Credit fees owing for such period shall be established
      by reference to the actual Leverage Ratio , and not the ratio set forth in
      the
      Compliance Certificate.  Promptly, and in any event within thirty
      days, following the earlier of (i) any Borrower’s receipt of a notice from the
      Administrative Agent pursuant to this clause or (ii) any Borrower’s knowledge
      that the Leverage Ratio for a particular period was higher than that reported
      in
      the Compliance Certificate for such period, the Borrowers shall pay to the
      Administrative Agent all unpaid interest and Commitment and Letter of Credit
      fees for such period based upon the actual Leverage Ratio.  In no
      event shall the Lenders be required to rebate interest or Commitment and Letter
      of Credit fees paid by any Borrower, and the payment of incremental interest
      and
      fees pursuant to this clause shall not impair (and is without limitation of)
      the
      other rights and remedies of the Lenders under the Loan Documents.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      V

     

    CERTAIN
      PAYMENT PROVISIONS

     

    SECTION
      5.1  Illegality; Currency
      Restrictions.

     

    (a)           If,
      as the result of any Regulatory Change, any Lender shall determine (which
      determination shall, in the absence of demonstrable error, be conclusive and
      binding on each Borrower), that it is unlawful for such Lender to make any
      Loan,
      issue any Letter of Credit, or continue any Loan previously made by it hereunder
      in respect of the LIBO Rate, as the case may be, the obligations of such Lender
      to make any such Loan, issue any such Letter of Credit, or continue any such
      Loan in respect of the LIBO Rate, as the case may be, shall, upon the giving
      of
      notice thereof to the Administrative Agent, Micro, and any other applicable
      Borrower, forthwith be suspended and each applicable Borrower shall, if
      requested by such Lender and if required by such Regulatory Change, on such
      date
      as shall be specified in such notice, prepay to such Lender in full all of
      such
      Loans or convert all of such Loans into a Cost of Funds Rate Loan that is not
      unlawful, in each case on the last day of the Interest Period applicable thereto
      (unless otherwise required by applicable law) and without any penalty whatsoever
      (but subject to Section 5.4); provided that such Lender shall make
      as Cost of Funds Loans all Loans that such Lender would otherwise be obligated
      to make Loans at the LIBO Rate and convert into or continue as Cost of Funds
      Loans all Loans that such Lender would otherwise be required to convert into
      or
      continue as Loans at the LIBO Rate, in each case during the period any such
      suspension is effective.  Such suspension shall continue to be
      effective until such Lender shall notify the Administrative Agent and Micro
      that
      the circumstances causing such suspension no longer exist, at which time the
      obligations of such Lender to make any such Loan, issue any Letter of Credit,
      or
      continue any Loan, as the case may be, shall be reinstated.

     

    (b)           If
      any central bank or other governmental authorization in the country of the
      proposed Available Currency of any proposed Loan is required to permit the
      use
      of such Available Currency by a Lender (through its Lending Office) for such
      Loan and such authorization has not been obtained (provided that such
      Lender has used reasonable endeavors to obtain such authorization) or is not
      in
      full force and effect, the obligation of such Lender to provide such Loans
      shall
      be suspended so long as such authorization is required and has not been obtained
      by such Lender.

     

    SECTION
      5.2  Deposits Unavailable.

     

    (a)           If,
      before the date on which all or any portion of any Revolving Loan bearing
      interest in respect of the LIBO Rate is to be made, maintained, or continued
      the
      Administrative Agent shall have determined (which determination shall be
      conclusive and binding), with respect to that Loan that:

     

    (i)           deposits
      in the relevant amount and the relevant Available Currency and for the relevant
      Interest Period are available, if and when applicable, to none of the Reference
      Lenders in the relevant market, or

     

    

    
      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

    

    

    (ii)           by
      reason of circumstances affecting the London interbank market adequate means
      do
      not exist for ascertaining the interest rate applicable under this Agreement
      in
      respect of the relevant LIBO Rate,

     

    then,
      upon
      notice from the Administrative Agent to Micro and the Lenders, the obligations
      of the Lenders to make or continue any Loan bearing interest in respect of
      the
      LIBO Rate in such Available Currency under Sections 3.1 and
4.2.3 shall forthwith be suspended until the Administrative Agent
      shall
      notify Micro and the Lenders that the circumstances causing such suspension
      no
      longer exist.

     

    (b)           If
      a notification under this Section 5.2 applies to a Loan which is
      outstanding and that is not going to be converted at the end of its Interest
      Period to another Available Currency for which the LIBO Rate is available,
      then,
      notwithstanding any other provision of this Agreement:

     

    (i)           within
      five Business Days of receipt of the notification, the Borrowers and the
      Administrative Agent shall enter into negotiations for a period of not more
      than
      30 days with a view to agreeing an alternative basis for determining the rate
      of
      interest and/or funding applicable to that Loan at the end of its applicable
      Interest Period;

     

    (ii)          any
      alternative basis agreed under clause (i) above shall be, with the prior
      consent of all the Lenders, binding on all of the Obligors and Lender
      Parties;

     

    (iii)          if
      no alternative basis is agreed, each Lender shall (through the Administrative
      Agent) certify on or before the last day of the Interest Period to which the
      notification relates an alternative basis for maintaining its participation
      in
      that Loan;

     

    (iv)         any
      such alternative basis may include an alternative method of fixing the interest
      rate, alternative Interest Periods or alternative currencies but it must reflect
      the cost to the Lender of funding its participation in the Loan from whatever
      sources it may select plus the Applicable Margin; and

     

    (v)          each
      alternative basis so certified shall be binding on the Obligors and the
      certifying Lender and treated as part of this Agreement.

     

    SECTION
      5.3  Increased Credit Extension Costs,
      etc.  Each Borrower agrees to reimburse each Lender within 30
      days after any demand for any increase in the cost to such Lender of, or any
      reduction in the amount of any sum receivable by such Lender in respect of,
      making, maintaining, participating, issuing or extending (or of its obligation
      to make, maintain, participate, issue or extend) any Credit Extension to the
      extent such increased cost or reduced amount is due to a Regulatory
      Change.  Such Lender shall provide to the Administrative Agent and the
      relevant Borrower a certificate stating, in reasonable detail, the reasons
      for
      such increased cost or reduced amount and the additional amount required fully
      to compensate such Lender for such increased cost or reduced
      amount.  Such additional amounts shall be payable by the relevant
      Borrower directly to such Lender upon its receipt of such notice, and such
      notice

     

    

    
      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

    

    

    shall
      be
      rebuttable, presumptive evidence of the additional amounts so
      owing.  In determining such amount, such Lender shall act reasonably
      and in good faith and may use any method of averaging and attribution that
      it
      customarily uses for its other borrowers with a similar credit rating as
      Micro.  Such Lender may demand reimbursement for such increased cost
      or reduced amount only for the 360-day period immediately preceding the date
      of
      such written notice, and such Borrower shall have liability only for such
      period.

     

    SECTION
      5.4  Funding Losses.  If any
      Lender shall incur any loss or expense (including any loss or expense incurred
      by reason of the liquidation or reemployment of deposits or other funds acquired
      by such Lender to make, continue, or extend any portion of the principal amount
      of any LIBO Rate Loan) as a result of:

     

    (a)           any
      repayment or prepayment of the principal amount of any LIBO Rate Loan on a
      date
      other than the scheduled last day of the Interest Period whether pursuant to
      Section 4.1.1 or otherwise;

     

    (b)           any
      conversion of the currency of any LIBO Rate Loan on a date other than the
      scheduled last day of the Interest Period; or

     

    (c)           any
      LIBO Rate Loan not being made, continued, or converted in accordance with the
      Credit Extension Request therefor in the case of any Credit Extension Request
      as
      a consequence of any action taken, or failed to be taken, by any
      Obligor,

     

    then,
      upon
      the written notice of such Lender to the relevant Borrower (with a copy to
      the
      Administrative Agent), such Borrower shall, within five days of its receipt
      thereof, pay directly to such Lender such amount as will (in the reasonable
      determination of such Lender) reimburse such Lender for such loss or
      expense.  Such written notice (which shall include calculations in
      reasonable detail) shall be rebuttable presumptive evidence of the amount of
      any
      such loss or expense that has been so incurred.

     

    SECTION
      5.5  Increased Capital Costs.  If
      any Regulatory Change affects or would affect the amount of capital required
      or
      expected to be maintained by any Lender or any Person controlling such Lender,
      and such Lender determines (in its sole and absolute discretion) that the rate
      of return on its or such controlling Person’s capital as a consequence of its
      participation in this Agreement or the making, continuing, participating in
      or
      extending of any Credit Extension is reduced to a level below that which such
      Lender or such controlling Person could have achieved but for the occurrence
      of
      any such circumstance, then, in any such case, upon the relevant Borrower’s
      receipt of written notice thereof from such Lender (with a copy to the
      Administrative Agent), such Borrower shall pay directly to such Lender
      additional amounts sufficient to compensate such Lender or such controlling
      Person for such reduction in rate of return.  A statement of such
      Lender as to any such additional amounts (including calculations thereof in
      reasonable detail) shall be rebuttable, presumptive evidence of the additional
      amounts so owing.  In determining such amount, such Lender may use any
      method of averaging and attribution that it shall deem
      applicable.  Such Lender may demand payment for such additional
      amounts that have accrued only during the 360-day period immediately preceding
      the date of such written notice and such Borrower shall have liability only
      for
      such period.

     

    

    
      
        
          
          

        

        
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    SECTION
      5.6  Discretion of Lenders as to Manner of
      Funding.  Notwithstanding any provision of this Agreement to
      the contrary, the Lenders shall be entitled to fund and maintain their funding
      of all or any part of their Loans and other Credit Extensions in any manner
      they
      elect, it being understood, however, that for the purposes of this Agreement
      all
      determinations hereunder with respect to a Loan shall be made as if each Lender
      had actually funded and maintained each Loan through its Lending Office and
      through the purchase of deposits having a maturity corresponding to the maturity
      of such Loan.  Any Lender may, if it so elects, fulfill any commitment
      or obligation to make or maintain Loans or other Credit Extensions by causing
      a
      branch or affiliate to make or maintain such Loans or other Credit Extensions;
      provided that, in such event, such Loans or other Credit Extensions shall
      be deemed for the purposes of this Agreement to have been made by such Lender
      through its applicable Lending Office, and the obligation of a Borrower to
      repay
      such Loans shall nevertheless be to such Lender at its Lending Office and shall
      be deemed held by such Lender through its applicable Lending Office, to the
      extent of such Loan, for the account of such branch or
      affiliate.  Notwithstanding the foregoing or the fact that different
      Affiliates for a Lender under this Agreement may have executed this Agreement
      or
      the Lender Assignment Agreement by which it has become a Lender under this
      Agreement, all of those Lending Offices and signatories shall be treated under
      the Loan Documents as but one Lender for purposes of calculations of Percentage,
      Commitment, Required Lenders, and modifications, amendments, waivers, consents,
      and approvals under Section 11.1 and other provisions of the Loan
      Documents.

     

    SECTION
      5.7  Taxes.

     

    (a)           All
      payments by any Obligor of principal of, and interest and fees on, any Credit
      Extension and all other amounts payable hereunder or under any other Loan
      Document shall be made free and clear of and without deduction for any present
      or future income, excise, stamp or franchise taxes, and other taxes, fees,
      duties, withholdings, or other charges of any nature whatsoever imposed by
      any
      taxing authority with respect to such payments, but excluding franchise taxes
      and taxes imposed on or measured by any Lender Party’s gross or net income,
      profits, or receipts, in each case imposed (i) by any taxing authority under
      the
      laws of which such Lender Party is organized or in which it maintains its
      applicable Lending Office or (ii) by reason of a present or former connection
      between the jurisdiction imposing such tax and such Lender Party or one of
      its
      applicable lending offices other than a connection arising solely from such
      Lender Party having executed, delivered or performed its obligations under,
      or
      received payment under or enforced, this Agreement or any of the other Loan
      Documents (such non-excluded items being called “Taxes”) except to the
      extent required by law.  In the event that any withholding or
      deduction from any payment to be made by any Obligor hereunder is required
      in
      respect of any Taxes pursuant to any applicable law, rule, or regulation, then
      such Obligor will:

     

    (i)           pay
      directly to the relevant authority the full amount required to be so withheld
      or
      deducted;

     

    (ii)          promptly
      forward to the relevant Lender Party an official receipt or other documentation
      satisfactory to such Lender Party evidencing such payment to such authority;
      and

     

    

    
      
        
          
          

        

        
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    (iii)         pay
      directly to the relevant Lender Party for its own account such additional amount
      or amounts as is or are necessary to ensure that the net amount actually
      received by such Lender Party will equal the full amount such Lender Party
      would
      have received had no such withholding or deduction been required.

     

    (b)           Moreover,
      if any Taxes are directly asserted against any Lender Party with respect to
      any
      payment received by such Lender Party hereunder, such Lender Party may pay
      such
      Taxes and the relevant Obligor will promptly pay such additional amounts
      (including any penalties, interest or expenses) as is necessary in order that
      the net amount received by such Lender Party after the payment of such Taxes
      (including any Taxes on such additional amount) shall equal the amount such
      Lender Party would have received had not such Taxes been asserted.

     

    (c)           If
      the relevant Obligor fails to pay any Taxes when due to the appropriate taxing
      authority or fails to remit to the relevant Lender Parties entitled thereto
      the
      required receipt or other required documentary evidence, such Obligor shall
      indemnify such Lender Parties for any incremental Taxes, interest or penalties
      that may become payable by any Lender Party as a result of any such
      failure.

     

    (d)           The
      following provisions govern exceptions to the tax indemnification provisions
      of
      this Section 5.7 and related matters.

     

    (i)           In
      respect of its Credit Extensions to Micro, (A) each Lender Party organized
      under
      the laws of a jurisdiction outside the United States -- on or before the date
      of
      its execution and delivery of this Agreement (if an original signatory to this
      Agreement) or the date on which it otherwise becomes a Lender Party, on or
      before the date of any change in its Lending Office, and from time to time
      thereafter if requested in writing by Micro (but only so long as and to the
      extent that Lender Party remains lawfully able to do so) -- shall provide Micro
      and the Administrative Agent with either (I) two duly completed copies of either
      (1) Internal Revenue Service Form W-8BEN claiming eligibility of such Lender
      Party for the benefit of an exemption from United States withholding tax under
      an income tax treaty to which the United States is a party or (2) Internal
      Revenue Service Form W-8ECI, or in either case an applicable successor form,
      or
      (II) in the case of a Lender Party who is not legally entitled to deliver either
      form listed in clause (i)(A), (1) a certificate to the effect that such
      Lender Party is not (x) a “bank” within the meaning of Section 881(c)(3)(A) of
      the Code, (y) a “10 percent shareholder” of the Obligor within the meaning of
      Section 881(c)(3)(B) of the Code or (z) a controlled foreign corporation
      receiving interest from a related person within the meaning of Section
      881(c)(3)(A) of the Code (such certificate an “Exemption Certificate”)
      and (2) two duly completed copies of Internal Revenue Service Form W-8BEN or
      applicable successor form and (B) each Lender Party who is a Non-Exempt U.S.
      Person, on or before the date of its execution and delivery of this Agreement
      (if an original signatory to this Agreement) or the date on which it becomes
      a
      Lender Party, on or before the date of any change in its Lending Office, and
      from time to time thereafter if requested in writing by Micro (but only so
      long
      as that Lender Party remains lawfully able

     

    

    
      
        
          
          

        

        
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    to
      do so),
      shall provide Micro and the Administrative Agent with two duly completed copies
      of Internal Revenue Service Form W-9.

     

    (ii)           A
      Lender Party is not entitled to indemnification under this Section 5.7
      with respect to the applicable Taxes for any period during which the Lender
      Party has failed to provide Micro and the Administrative Agent with the
      applicable U.S. Internal Revenue Service form if required under clause
      (i) above (unless that failure is due to a change in treaty, law, or
      regulation occurring after the date on which the applicable form originally
      was
      required to be provided or a redesignation of the Lender Party’s Lending Office
      at the request of the relevant Obligor) in respect of U.S. withholding
      taxes.

     

    (iii)          Notwithstanding
      clause (ii) above to the contrary, if a Lender Party that is otherwise
      exempt from or subject to a reduced rate of withholding tax becomes subject
      to
      United States withholding tax because of its failure to deliver an Internal
      Revenue Service form required hereunder, then Micro shall take such steps as
      that Lender Party shall reasonably request to assist that Lender Party to
      recover the applicable withholding tax.

     

    (e)           If
      any Obligor pays any additional amount under this Section 5.7 (a
“Tax Payment”) and any Lender Party or Affiliate thereof effectively
      obtains a refund of Tax by reason of the Tax Payment (a “Tax Refund”) and
      such Tax Refund is, in the reasonable judgment of such Lender Party or
      Affiliate, attributable to the Tax Payment, then such Lender Party, after
      receipt of such Tax Refund, shall promptly reimburse such Obligor for such
      amount as such Lender Party shall reasonably determine to be the proportion
      of
      the Tax Refund as will leave such Lender Party (after that reimbursement) in
      no
      better or worse position than it would have been in if the Tax Payment had
      not
      been required; provided that no Lender Party shall be required to make
      any such reimbursement if it reasonably believes the making of such
      reimbursement would cause it to lose the benefit of the Tax Refund or would
      adversely affect in any other respect its tax position.  Subject to
      the other terms hereof, any claim by a Lender Party for a Tax Refund shall
      be
      made in a manner, order and amount as such Lender Party determines in its sole
      and absolute discretion.  No Lender Party shall be obligated to
      disclose information regarding its tax affairs or computations to any Obligor,
      it being understood and agreed that in no event shall any Lender Party be
      required to disclose information regarding its tax position that it deems to
      be
      confidential (other than with respect to the Tax Refund).

     

    SECTION
      5.8  Payments.  All payments by an
      Obligor pursuant to this Agreement or any other Loan Document, whether in
      respect of principal, interest, fees or otherwise, shall be made as set forth
      in
      this Section 5.8.

     

    SECTION
      5.8.1  Credit Extensions.

     

    (a)           All
      payments by an Obligor (whether in respect of principal, interest, fees or
      otherwise) pursuant to this Agreement or any other Loan Document with respect
      to
      Credit Extensions or any other amount payable hereunder shall be made by the
      relevant Borrower in the Available Currency in which the Obligation was
      denominated (the

     

    

    
      
        
          
          

        

        
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    “Required
      Currency”).  All such payments (other than fees payable pursuant
      to Section 4.3, which fees shall be paid by the relevant Borrower to
      the Administrative Agent for the account of the relevant payee, Article
      V, Section 11.3 or 11.4) shall be made by the relevant
      Borrower to the Administrative Agent for the account of each Lender based upon
      its Percentage.  All such payments required to be made to the
      Administrative Agent shall be made, without set-off, deduction or counterclaim,
      not later than 1:00 p.m., Applicable Time, on the date when due, in same day
      or
      immediately available funds, to such account as the Administrative Agent shall
      specify from time to time by notice to the relevant Borrower.  Funds
      received after that time shall be deemed to have been received by the
      Administrative Agent on the next succeeding Business Day.  The
      Administrative Agent shall promptly remit in same day funds to each Lender
      its
      share, if any, of such payments received by the Administrative Agent for the
      account of such Lender.  Whenever any payment hereunder shall be
      stated to be due on a day other than a Business Day, such payment shall, except
      as otherwise required pursuant to clause (d) of the definition of
      Interest Period, be made on the next succeeding Business Day, and such extension
      of time shall in such case be included in the computation of payment of interest
      or fees, as the case may be.

     

    (b)           In
      the case of any payment made pursuant to the preceding clause (a) by
      a Borrower to the Administrative Agent, unless the Administrative Agent will
      have received notice from that Borrower prior to the date on which any such
      payment is due hereunder that such Borrower will not make such payment in full,
      the Administrative Agent may assume that such Borrower has made such payment
      in
      full to the Administrative Agent on such date and the Administrative Agent
      may,
      in reliance upon such assumption, cause to be distributed to each Lender on
      such
      due date an amount equal to the amount then due to such Lender.  If
      that Borrower shall not have so made such payment in full to the Administrative
      Agent, each Lender shall repay to the Administrative Agent forthwith on demand
      any such amount distributed to the Lender to the extent that such amount was
      not
      paid by that Borrower to the Administrative Agent together with interest
      thereon, for each day from the date such amount is distributed to such Lender
      until the date such Lender repays such amount to the Administrative Agent,
      at an
      annual rate equal to the Administrative Agent’s Cost of Funds.

     

    SECTION
      5.9  Sharing of Payments.

     

    (a)           If
      any Lender Party shall obtain any payment or other recovery (whether voluntary,
      involuntary, by application of setoff or otherwise) on account of any Credit
      Extension or Reimbursement Obligation (other than pursuant to the terms of
      Sections 5.3, 5.4, 5.5 or 5.7) in excess of its pro
      rata share of payments obtained by all Lender Parties, such Lender Party shall
      purchase from the other Lender Parties such participations in Credit Extensions
      made by them as shall be necessary to cause such purchasing Lender Party to
      share the excess payment or other recovery ratably (to the extent such other
      Lender Parties were entitled to receive a portion of such payment or recovery)
      with each of them; provided, however, that if all or any portion
      of the excess payment or other recovery is thereafter recovered from such
      purchasing Lender Party, the purchase shall be rescinded and each Lender Party
      which has sold a participation to the purchasing Lender Party shall repay to
      the
      purchasing Lender Party the purchase price to the ratable extent

     

    

    
      
        
          
          

        

        
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    of
      such
      recovery together with an amount equal to such selling Lender Party’s ratable
      share (according to the proportion of (a) the amount of such selling Lender
      Party’s required repayment to the purchasing Lender Party to (b) total
      amount so recovered from the purchasing Lender Party) of any interest or other
      amount paid or payable by the purchasing Lender Party in respect of the total
      amount so recovered.

     

    (b)           The
      Borrowers agree that any Lender Party purchasing a participation from another
      Lender Party pursuant to this Section 5.9 may, to the fullest extent
      permitted by law, exercise all its rights of payment (including pursuant to
      Section 5.10) with respect to such participation as fully as if such
      Lender Party were the direct creditor of the relevant Borrower in the amount
      of
      such participation.  If under any applicable bankruptcy, insolvency or
      other similar law any Lender Party receives a secured claim in lieu of a setoff
      to which this Section 5.9 applies, such Lender Party shall, to the extent
      practicable, exercise its rights in respect of such secured claim in a manner
      consistent with the rights of the Lender Parties entitled under this Section
      5.9 to share in the benefits of any recovery on such secured
      claim.

     

    SECTION
      5.10  Right of Set-off.  Upon the
      occurrence and during the continuance of any Event of Default, each Lender
      Party
      is hereby authorized at any time and from time to time, to the fullest extent
      permitted by law, to set off and apply any and all balances, credits,accounts,
      moneys or deposits
      (general or special, time or demand, provisional or final but excluding, for
      the
      avoidance of doubt, any payment received pursuant to this Agreement by the
      Administrative Agent in its capacity qua Administrative Agent on behalf of
      the
      Lenders) at any time held and other indebtedness at any time due and owing
      by
      such Lender Party (in any currency and at any branch or office) to or for the
      credit or the account of any Obligor against any and all of the Obligations
      of
      such Obligor now or hereafter existing under this Agreement or any other Loan
      Document that are at such time due and owing, irrespective of whether or not
      such Lender Party shall have made any demand under this Agreement or such other
      Loan Document (other than any notice expressly required hereby).  The
      rights of each Lender Party under this Section 5.10 are in addition
      to other rights and remedies (including other rights of set-off) which such
      Lender Party may have.

     

    SECTION
      5.11  Judgments, Currencies,
      etc.  The obligation of each Obligor to make payment of all
      Obligations in the Required Currency shall not be discharged or satisfied by
      any
      tender, or any recovery pursuant to any judgment, which is expressed in or
      converted into any currency other than the Required Currency, except to the
      extent such tender or recovery shall result in the actual receipt by the
      recipient at the office required hereunder of the full amount of the Required
      Currency expressed to be payable under this Agreement or any other Loan
      Document.  Without limiting the generality of the foregoing, each
      Obligor authorizes the Administrative Agent on any tender or recovery in a
      currency other than the Required Currency to purchase in accordance with normal
      banking procedures the Required Currency with the amount of such other currency
      so tendered or recovered.  The obligation of each Obligor to make
      payments in the Required Currency shall be enforceable as an alternative or
      additional cause of action for the purpose of recovery in the Required Currency
      of the amount (if any) by which such actual receipt shall fall short of the
      full
      amount of the Required Currency expressed to be payable under this Agreement
      or
      any other Loan Document, and shall not be affected by

     

    

    
      
        
          
          

        

        
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    judgment
      being obtained for any other sums due under this Agreement or such other Loan
      Document.

     

    SECTION
      5.12  Replacement of
      Lenders.  Each Lender hereby severally agrees that if such
      Lender (a “Subject Lender”) makes demand upon any Borrower for (or if any
      Borrower is otherwise required to pay) amounts pursuant to
Section 4.2.6, 5.3, 5.5, or 5.7, or if the
      obligation of such Lender to make Loans is suspended pursuant to
Section 5.1(a), such Borrower may, so long as no Event of Default
      shall have occurred and be continuing, replace such Subject Lender with an
      Eligible Assignee pursuant to an assignment in accordance with
Section 11.11.1; provided that (i) such Eligible Assignee
      shall be subject to the approval of the Administrative Agent and the Issuer
      as
      required by the definition of “Eligible Assignee”, and (ii) the purchase price
      paid by such designated financial institution shall be in the amount of such
      Subject Lender’s Loans and its applicable Percentage of outstanding
      Reimbursement Obligations, together with all accrued and unpaid interest and
      fees in respect thereof, plus all other amounts (including the amounts demanded
      and unreimbursed under Sections 4.2.6, 5.3, 5.5, and
5.7), owing to such Subject Lender hereunder.  Upon the
      effective date of such assignment, such designated financial institution shall
      become a Lender for all purposes under this Agreement and the other Loan
      Documents.

     

    SECTION
      5.13  Change of Lending
      Office.  If Micro or any other Obligor is required to pay
      additional amounts to or for the account of any Lender Party pursuant to
Section 4.2.6, 5.3, 5.5, or 5.7, or if the
      obligation of any Lender to make or continue Loans is suspended pursuant to
      Section 5.1(a), then such Lender Party will change the jurisdiction
      of its Lending Office if, in the judgment of such Lender Party, such change
      (a)
      will eliminate or reduce any such additional payment which may thereafter accrue
      or will avoid such suspension and (b) is not otherwise disadvantageous to such
      Lender Party.

     

    SECTION
      5.14  European Monetary Union.  If
      and to the extent that any provision of this Section 5.14 relates to any state
      (or the currency of such state) that is not a Participating Member State on
      the
      Effective Date, such provision shall become effective in relation to such state
      (and the currency of such state) at and from the date on which such state
      becomes a Participating Member State.

     

    (a)           An
      amount denominated in the National
      Currency Unit of a Participating Member State shall be redenominated into Euro
      in accordance with EMU Legislation and paid by the debtor either in the Euro
      Unit or in that National Currency Unit and an amount denominated in the Euro
      Unit shall be paid by the debtor in the Euro Unit unless EMU Legislation
      provides otherwise; provided,
      that if and to the extent that any EMU
      Legislation provides that an amount denominated either in the Euro or in the
      National Currency Unit of a Participating Member State and payable within the
      Participating Member State by crediting an account of the creditor can be paid
      by the debtor either in the Euro Unit or in that National Currency Unit, any
      party to this Agreement shall be entitled to pay or repay any such amount either
      in the Euro Unit or in such National Currency Unit.

    

    (b)           If
      the basis of accrual of interest or
      fees expressed in this Agreement with respect to the currency of any state
      that
      is or becomes a Participating Member State shall

    

    
      
        
          
          

        

        
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    be
      inconsistent with any convention or
      practice in the London, England interbank market for the basis of accrual of
      interest or fees in respect of the Euro, such convention or practice shall
      replace such expressed basis effective as of and from the date on which such
      state becomes a Participating Member State.

    

    (c)           Without
      prejudice to the respective liabilities of each Borrower to the Lenders, the
      Issuer and the Administrative Agent under or pursuant to this Agreement, except
      as expressly provided in this clause (c), each provision of this
      Agreement shall be subject to such reasonable changes of construction as the
      Administrative Agent in consultation with Micro may from time to time specify
      to
      be necessary or appropriate to reflect the introduction of or changeover to
      the
      Euro in Participating Member States.

    

    ARTICLE
      VI

     

    CONDITIONS
      TO MAKING CREDIT EXTENSIONS

    AND
      ACCESSION OF ACCEDING BORROWERS

     

    SECTION
      6.1  Initial Credit
      Extension.  The obligation of each Lender and, if applicable,
      any Issuer to make the initial Credit Extension shall be subject to the prior
      or
      concurrent satisfaction of each of the conditions precedent set forth in this
      Section 6.1.

     

    SECTION
      6.1.1  Resolutions, etc.  The
      Administrative Agent will have received from each Obligor a certificate, dated
      the Effective Date and with counterparts for each Lender, duly executed and
      delivered by the Secretary, Assistant Secretary, or other authorized
      representative of such Obligor as to:

     

    (a)           resolutions
      of its Board of Directors or its Executive Committee (or its equivalent), as
      the
      case may be, then in full force and effect authorizing the execution, delivery
      and performance of this Agreement and each other Loan Document to be executed
      by
      it;

     

    (b)           the
      incumbency and signatures of those of its officers authorized to act as
      Authorized Persons for it with respect to this Agreement and each other Loan
      Document to be executed by it; and

     

    (c)           the
      Organic Documents of such Obligor;

     

    upon
      which
      certificate each Lender may conclusively rely until the Administrative Agent
      shall have received a further certificate of the Secretary of the relevant
      Obligor canceling or amending such prior certificate.  In addition,
      each Obligor shall, where applicable, have delivered to the Administrative
      Agent
      a good standing certificate from the relevant governmental regulatory
      institution of its jurisdiction of incorporation, each such certificate to
      be
      dated a date reasonably near (but prior to) the Effective Date.

     

    SECTION
      6.1.2  Effective Date Certificate.  The
      Administrative Agent shall have received, with counterparts for each Lender,
      the
      Effective Date Certificate, dated the Effective

     

    

    
      
        
          
          

        

        
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    Date
      and
      duly executed and delivered by the chief executive officer, an Authorized Person
      or the Treasurer of Micro.

     

    SECTION
      6.1.3  Guaranties; Intra-Group
      Agreement.  The Administrative Agent shall have received,
      with counterparts for each Lender, the Micro Guaranty and an Additional Guaranty
      from each Initial Additional Guarantor, each in effect as of the Effective
      Date,
      dated the date hereof, duly executed and delivered by an Authorized Person
      of
      the relevant Guarantor.  The Administrative Agent shall have also
      received, with counterparts for each Lender, the Intra-Group Agreement, in
      effect on the Effective Date, dated the date hereof, duly executed and delivered
      by an Authorized Person of each Borrower and each Initial Additional
      Guarantor.

     

    SECTION
      6.1.4  Consents, etc.  The Administrative
      Agent shall have received evidence satisfactory to it as to the receipt by
      each
      Obligor of any necessary consents or waivers under any agreement applicable
      to
      such Obligor in order to enable such Obligor to enter into this Agreement and
      any other Loan Document, to perform its obligations hereunder and thereunder
      and, in the case of each Borrower, to obtain Credit Extensions
      hereunder.

     

    SECTION
      6.1.5  Closing Fees, Expenses, etc.  The
      Administrative Agent, its counsel, and each Joint Lead Arranger shall have
      received payment in full of all fees, costs, and expenses under
Sections 4.3 and 11.3 to the extent (a) then due and payable
      and (b) unless an amount is otherwise provided by the Loan Documents or the
      Fee
      Letters and without waiving the right for subsequent reimbursement in accordance
      with the Loan Documents, to the extent that a reasonably detailed invoice is
      presented to Micro no later than two Business Days prior to the Effective
      Date.

     

    SECTION
      6.1.6  Opinions of Counsel.  The
      Administrative Agent shall have received opinions of counsel, dated the
      Effective Date and addressed to the Administrative Agent and all the Lenders,
      from:

     

    (a)           Lily
      Arevalo, Senior Corporate Counsel of Micro, covering the matters set forth
      in
Exhibit K attached hereto;

     

    (b)           Davis
      Polk & Wardwell, special New York counsel to Micro, covering the matters set
      forth in Exhibit L attached hereto; and

     

    (c)           Baker
      & McKenzie, special Belgian counsel to Coordination Center, covering the
      matters set forth in Exhibit M attached hereto.

     

    SECTION
      6.1.7  Satisfactory Legal Form.  All
      documents executed or submitted pursuant to this Article VI by or on
      behalf of each Obligor shall be satisfactory in form and substance to the
      Administrative Agent (who may rely upon the advice of its legal counsel with
      respect to legal matters in making such determination), and the Administrative
      Agent shall have received such additional information, approvals, opinions,
      documents, or instruments as the Administrative Agent or the Required Lenders
      may reasonably request.

     

    SECTION
      6.1.8  Termination of Predecessor Credit
      Agreement.  The Administrative Agent shall have received
      evidence that the Predecessor Credit Agreement has been, or will be,
      concurrently with the Effective Date, terminated in accordance with its
      terms.

     

    

    
      
        
          
          

        

        
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    SECTION
      6.2  All Credit Extensions.  The
      obligation of each Lender to make any Credit Extension (including the initial
      Credit Extension) shall be subject to the satisfaction of each of the additional
      conditions precedent set forth in this Section 6.2.

     

    SECTION
      6.2.1  Compliance with Warranties, No Default,
      etc.  Both before and after giving effect to such Credit
      Extension other than any continuation or conversion (except as otherwise set
      forth in the initial proviso to this section) of a Borrowing (but, if any
      Default of the nature referred to in Section 9.1.5 shall have
      occurred with respect to any other Indebtedness, without giving effect to the
      application, directly or indirectly, of the proceeds of such Credit Extension
      to
      such other Indebtedness), the following statements shall be true and
      correct:

     

    (a)           the
      representations and warranties of each Obligor set forth in
Article VII (excluding, however, those contained in
Section 7.8) and in any other Loan Document shall be true and
      correct with the same effect as if then made (unless stated to relate solely
      to
      an earlier date, in which case such representations and warranties shall be
      true
      and correct as of such earlier date); provided that if any of the
      financial statements delivered pursuant to clause (b) of
Section 8.1.1 do not present fairly the consolidated financial
      condition of the Persons covered thereby as of the dates thereof and the results
      of their operations for the periods then ended and Micro subsequently delivers
      one or more financial statements pursuant to clause (a) or
(b) of Section 8.1.1 which, in the opinion of the Required
      Lenders, effectively cures any omission or misstatement contained in such prior
      delivered financial statement, then the representation and warranty contained
      in
Section 7.6 as it relates to such prior delivered financial
      statement shall be deemed satisfied for purposes hereof (it being understood
      and
      agreed that such subsequent delivered financial statements shall be deemed
      to
      have cured such earlier delivered inaccurate financial statements unless the
      Required Lenders raise an objection with respect thereto);

     

    (b)           except
      as disclosed in Item 7.8 (Litigation) of the Disclosure
      Schedule:

     

    (i)           no
      labor controversy, litigation, arbitration or governmental investigation or
      proceeding shall be pending or, to the knowledge of any Obligor, threatened
      against any Obligor, or any of their respective Consolidated Subsidiaries in
      respect of which there exists a reasonable possibility of an outcome that would
      result in a Material Adverse Effect or that would affect the legality, validity
      or enforceability of this Agreement or any other Loan Document; and

     

    (ii)           no
      development shall have occurred in any labor controversy, litigation,
      arbitration or governmental investigation or proceeding so disclosed in respect
      of which there exists a reasonable possibility of an outcome that would result
      in a Material Adverse Effect;

     

    (c)           no
      Default shall have occurred and be continuing, and no Obligor, nor any of their
      respective Subsidiaries, shall be in violation of any law or governmental
      regulation or court order or decree which, singly or in the aggregate, results
      in, or would reasonably be expected to result in, a Material Adverse
      Effect;

     

    

    
      
        
          
          

        

        
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    (d)           no
      Change in Control shall have occurred; and

     

    (e)           the
      Outstanding Credit Extensions of all the Lenders do not exceed the Total
      Commitment Amount (as such amount may be reduced from time to time pursuant
      to
Section 2.2);

     

    provided
      that in the case of any continuation or conversion of a Borrowing, no Event
      of
      Default shall have occurred and be continuing.

     

    SECTION
      6.2.2  Credit Extension Request.  In the
      case of any Credit Extension the Administrative Agent shall have received the
      relevant Credit Extension Request in a timely manner as herein provided for
      such
      Credit Extension.  Delivery of a Credit Extension Request and the
      acceptance by Micro or any other Borrower of the proceeds of any Credit
      Extension shall constitute a representation and warranty by each Obligor that,
      on the date of making such Credit Extension (both immediately before and after
      giving effect to the making of such Credit Extension and the application of
      the
      proceeds thereof), the statements made in Section 6.2.1 are true and
      correct.

     

    SECTION
      6.3  Acceding Borrowers.  Subject
      to the prior or concurrent satisfaction of the conditions precedent set forth
      in
      this Section 6.3, any Subsidiary of Micro may become a party hereto
      and a Borrower and an Obligor hereunder subsequent to the Effective Date (each
      such Subsidiary of Micro, an “Acceding Borrower”), entitled to all the
      rights and subject to all the obligations incident thereto.

     

    SECTION
      6.3.1  Resolutions, etc.  The
      Administrative Agent shall have received from such Acceding Borrower a
      certificate, dated the date such Acceding Borrower is accepted by the
      Administrative Agent as a Borrower hereunder and with counterparts for each
      Lender, duly executed and delivered by the Secretary, Assistant Secretary or
      other authorized representative of such Acceding Borrower as to:

     

    (a)           resolutions
      of its Board of Directors or its Executive Committee, as the case may be, then
      in full force and effect authorizing the execution, delivery and performance
      of
      this Agreement and the Additional Guaranty (if any) and each other Loan Document
      to be executed by it and, in respect of an Acceding Borrower incorporated under
      the laws of Belgium under the form of NV/SA, a resolution of its General
      Shareholders Meeting specifically approving, for the purposes of article 556
      of
      the Belgian Company Code, Section 8.1.11, Sections 9.1.4 and
9.3 (to the extent they apply to Section 8.1.11) and, insofar as
      required,  the terms of Section 4.1.2, and (ii) evidence of the
      filing of such resolution with the clerk office at the commercial court where
      its registered office is located;

     

    (b)           the
      incumbency and signatures of those of its officers authorized to act with
      respect to this Agreement and the Additional Guaranty (if any) and each other
      Loan Document to be executed by it; and

     

    (c)           the
      Organic Documents of such Acceding Borrower,

     

    

    
      
        
          
          

        

        
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    upon
      which
      certificate each Lender may conclusively rely until the Administrative Agent
      shall have received a further certificate of the Secretary of such Acceding
      Borrower canceling or amending such prior certificate.  In addition,
      each Acceding Borrower shall have delivered to the Administrative Agent a good
      standing certificate from the relevant governmental regulatory institution
      of
      its jurisdiction of organization, each such certificate to be dated a date
      reasonably near (but prior to) the date such Acceding Borrower becomes a
      Borrower hereunder.

     

    SECTION
      6.3.2  Delivery of Accession Request and
      Acknowledgment.  The Administrative Agent shall have received
      (a) an original Accession Request and Acknowledgment duly completed and executed
      and delivered by such Acceding Borrower and (b) originals of any other
      instruments evidencing accession of such Acceding Borrower hereunder as the
      Administrative Agent may reasonably request, in each case effective as of the
      date such Acceding Borrower becomes a Borrower hereunder.

     

    SECTION
      6.3.3  Guaranties, etc.  If such Acceding
      Borrower has not previously delivered an Additional Guaranty, whether pursuant
      to Section 8.1.9 or otherwise, and such Acceding Borrower is a Material
      Subsidiary, then the Administrative Agent shall have received, with counterparts
      for each Lender (a) an Additional Guaranty executed by such Acceding Borrower,
      in effect as of the date such Acceding Borrower becomes a Borrower hereunder,
      duly executed and delivered by an Authorized Person of such Acceding Borrower;
      provided that if such Acceding Borrower is a Foreign Subsidiary, such
      Acceding Borrower shall not be required to deliver such Additional Guaranty
      if
      and to the extent Micro, in consultation with the Administrative Agent,
      reasonably determines that adverse tax consequences would result therefrom,
      and
      (b) such documents as are required by Section 8.1.10, in each case
      effective with respect to such Acceding Borrower as of the date such Acceding
      Borrower becomes a Borrower hereunder.

     

    SECTION
      6.3.4  Compliance Certificate.  The
      Administrative Agent shall have received with counterparts for each Lender,
      a
      Compliance Certificate from Micro, dated the date such Acceding Borrower becomes
      a Borrower hereunder.

     

    SECTION
      6.3.5  Consents, etc.  The Administrative
      Agent shall have received evidence satisfactory to it as to the receipt by
      such
      Acceding Borrower of any necessary consents or waivers under any agreement
      applicable to such Acceding Borrower in order to enable such Acceding Borrower
      to enter into this Agreement and any other Loan Document, to perform its
      obligations hereunder and thereunder and to obtain Credit Extensions
      hereunder.

     

    SECTION
      6.3.6  Opinions of Counsel.  The
      Administrative Agent shall have received an opinion of counsel, dated the date
      such Acceding Borrower becomes a Borrower hereunder and addressed to the Agents
      and all the Lenders, from the Senior Corporate Counsel of Micro, or such other
      counsel as shall be reasonably satisfactory to the Administrative Agent,
      covering the matters set forth in Exhibit K attached hereto as to
      such Acceding Borrower.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      VII

     

    REPRESENTATIONS
      AND WARRANTIES

     

    In
      order
      to induce the Lender Parties to enter into this Agreement and to make Credit
      Extensions hereunder, each Borrower represents and warrants unto the
      Administrative Agent and each Lender with respect to itself and the other
      Obligors as set forth in this Article VII.

     

    SECTION
      7.1  Organization, etc.  Each of
      the Obligors and each of the respective Subsidiaries is a company or
      corporation, as the case may be, validly organized and existing and in good
      standing under the laws of the jurisdiction of its incorporation or
      organization, is duly qualified to do business and is in good standing as a
      foreign corporation in each jurisdiction where the nature of its business
      requires such qualification and where the failure to so qualify and to maintain
      such good standing, singularly or in the aggregate, has resulted in, or would
      reasonably be expected to result in, a Material Adverse Effect, and has full
      power and authority and holds all requisite governmental licenses, permits,
      authorizations and other approvals to enter into and perform its Obligations
      under this Agreement and each other Loan Document to which it is a party and
      to
      own and hold under lease its property and to conduct its business substantially
      as currently conducted by it, excluding any such governmental licenses, permits
      or other approvals in respect of which the failure to so obtain, hold or
      maintain has not caused, and would not reasonably be expected to result in,
      a
      Material Adverse Effect.

     

    SECTION
      7.2  Due Authorization, Non-Contravention,
      etc.  The execution, delivery and performance by each Obligor
      of this Agreement and each other Loan Document executed or to be executed by
      it
      are within such Obligor’s corporate powers, have been duly authorized by all
      necessary corporate action, and do not:

     

    (a)           contravene
      such Obligor’s Organic Documents;

     

    (b)           contravene
      any law or governmental regulation or court decree or order binding or affecting
      such Obligor; or

     

    (c)           result
      in, or require the creation or imposition of, any Lien on any of such Obligor’s
      properties.

     

    Micro
      and
      each of its Subsidiaries is, and after giving effect to any Borrowing or
      issuance of any Letter of Credit under this Agreement will be, in compliance
      with the limits described in the resolutions of Micro's board of directors
      delivered pursuant to Section 6.1.1.

    

     

    SECTION
      7.3  No Default.  None of the
      Obligors, nor any of their respective Subsidiaries, is in default in the
      performance of any obligation, agreement or condition contained in any bond,
      debenture, note, or in any indenture, loan agreement, or other agreement, in
      connection with or as a result of which default there exists a reasonable
      possibility that a Material Adverse Effect could arise.  The
      execution, delivery and performance by each Obligor of this Agreement and each
      other Loan Document executed or to be executed by such Obligor will not conflict
      with, or constitute a breach of, or a default under, any such bond, debenture,
      note, indenture, loan agreement or other agreement to which any Obligor or
      any
      of their

     

    

    
      
        
          
          

        

        
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    respective
      Subsidiaries is a party or by which it is bound, in connection with, or as
      a
      result of which, conflict, breach or default, there exists a reasonable
      possibility that a Material Adverse Effect could arise.

     

    SECTION
      7.4  Government Approval, Regulation,
      etc.  No action by, and no notice to or filing with, any
      governmental authority or regulatory body or other Person and no payment of
      any
      stamp or similar tax, is required for the due execution, delivery, or
      performance by any Obligor of this Agreement or any other Loan Document to
      which
      it is a party.  No Obligor (nor any of its Subsidiaries) is an
“investment company” within the meaning of the Investment Company Act of 1940,
      as amended.

     

    SECTION
      7.5  Validity, etc.  This
      Agreement constitutes, and each other Loan Document executed by any Obligor
      will, on the due execution and delivery thereof, constitute, the legal, valid
      and binding obligations of each Obligor party thereto, enforceable against
      such
      Obligor in accordance with their respective terms, except as such enforcement
      may be limited by applicable bankruptcy, insolvency, reorganization or other
      similar laws relating to or limiting creditors’ rights generally or by general
      principles of equity.

     

    SECTION
      7.6  Financial Information.  The
      financial statements of Micro and its Consolidated Subsidiaries for the Fiscal
      Year ended December 31, 2006 and those financial statements filed for Fiscal
      Quarters ending March 31, 2007 and June 30, 2007 have been prepared in
      accordance with GAAP and present fairly (subject, in the case of such financial
      statements for Fiscal Quarters ending March 31, 2007 and June 30, 2007 (which
      financial statements, in accordance with Section 1.4(a), are not required to
      contain certain footnote disclosures required by GAAP), to ordinary year end
      adjustments) the consolidated financial condition of the Persons covered thereby
      as at the dates thereof and the results of their operations for the periods
      then
      ended.  All the financial statements delivered pursuant to clauses
      (a) and (b) of Section 8.1.1 have been and will be
      prepared in accordance with GAAP consistently applied, and do or will present
      fairly (subject, in the case of such financial statements delivered pursuant
      to
clause (b) thereof (which financial statements, in accordance with
Section 1.4(a), are not required to contain certain footnote
      disclosures required by GAAP), to ordinary year-end adjustments) the
      consolidated financial condition of the Persons covered thereby as of the dates
      thereof and the results of their operations for the periods then
      ended.

     

    SECTION
      7.7  No Material Adverse
      Effect.  Since December 30, 2006, there has been no event or
      events which, singly or in the aggregate, has or have resulted, or is or are
      reasonably likely to result, in a Material Adverse Effect.

     

    SECTION
      7.8  Litigation, Labor Controversies,
      etc.  Except as disclosed in Item 7.8
      (Litigation) of the Disclosure Schedule, there is no pending or, to the
      knowledge of any Obligor, threatened litigation, action, proceeding or labor
      controversy affecting any Obligor, or any of their respective Subsidiaries,
      or
      any of their respective properties, businesses, assets or revenues, in respect
      of which there exists a reasonable possibility of an outcome that would result
      in a Material Adverse Effect or that would affect the legality, validity or
      enforceability of this Agreement or any other Loan Document.

     

    

    
      
        
          
          

        

        
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    SECTION
      7.9  Subsidiaries.  As of the date
      hereof, Micro has no Subsidiaries, except those Subsidiaries which are
      identified in Item 7.9 (Existing Subsidiaries) of the Disclosure
      Schedule and certain other Subsidiaries that are shell corporations that do
      not conduct any business and do not in the aggregate have a net worth exceeding
      $1,000,000.  As of the date hereof, Treasury is not a Material
      Subsidiary.

     

    SECTION
      7.10  Ownership of
      Properties.  Each Obligor and each of their respective
      Subsidiaries owns good and marketable title (or their respective equivalents
      in
      any applicable jurisdiction) to all of its properties and assets, real and
      personal, tangible and intangible, of any nature whatsoever, free and clear
      of
      all Liens, charges or claims except as permitted pursuant to
Section 8.2.2, except where such failure or failures to own, singly
      or in the aggregate, has not resulted in, or would not reasonably be expected
      to
      result in, a Material Adverse Effect.

     

    SECTION
      7.11  Taxes.  Each Obligor and
      each of their respective Subsidiaries has filed all material tax returns and
      reports it reasonably believes are required by law to have been filed by it
      and
      has paid all taxes and governmental charges thereby shown to be owing, except
      as
      disclosed in Item 7.11 (Taxes) of the Disclosure Schedule and
      except for any such taxes or charges which are being diligently contested in
      good faith by appropriate proceedings and for which adequate reserves in
      accordance with GAAP shall have been set aside on its books; provided
      that, with respect to any Subsidiary that is not a Material Subsidiary, this
      representation and warranty shall be satisfied if the tax returns or reports
      not
      so filed or the taxes or governmental charges owing by each such Subsidiary
      are
      not with respect to any income, sales or use tax and the amount so owing (or
      which would be so owing if such tax returns or reports were duly filed) with
      respect to all such Subsidiaries, does not exceed in the aggregate $1,000,000
      at
      any time and with respect to which no Material Subsidiary may be liable for
      payment of such amount.

     

    SECTION
      7.12  Pension and Welfare
      Plans.  Except to the extent that any such termination,
      liability, penalty or fine would not (either individually or in the aggregate)
      reasonably be expected to have a Material Adverse Effect (a) during the
      twelve-consecutive-month period prior to the date hereof and prior to the date
      of any Credit Extension hereunder, except as disclosed in Item 7.12
      (Employee Benefit Plans) of the Disclosure Schedule, no steps have been taken
      to
      terminate any Pension Plan, and no contribution failure has occurred with
      respect to any Pension Plan sufficient to give rise to a Lien under
      Section 302(f) of ERISA, (b) no condition exists or event or transaction
      has occurred with respect to any Pension Plan which might result in the
      incurrence by any Obligor or any member of the related Controlled Group of
      any
      material liability with respect to any contribution thereto, fine or penalty,
      and (c) except as disclosed in Item 7.12 (Employee Benefit Plans) of
      the Disclosure Schedule, neither any Obligor nor any member of the related
      Controlled Group has any material contingent liability with respect to any
      post-retirement benefit under a Welfare Plan, other than liability for
      continuation coverage described in Part 6 of Title I of ERISA.

     

    SECTION
      7.13  Environmental Warranties.

     

    (a)           Each
      Obligor and each of their respective Subsidiaries has obtained all
      environmental, health and safety permits, licenses and other authorizations
      required under all Environmental Laws to carry on its business as now being
      or
      as proposed to be

     

    

    
      
        
          
          

        

        
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    conducted,
      except to the extent failure to have any such permit, license or authorization
      would not (either individually or in the aggregate) reasonably be expected
      to
      have a Material Adverse Effect.  Each of such permits, licenses and
      authorizations is in full force and effect and each Obligor and each of their
      respective Subsidiaries is in compliance with the terms and conditions thereof,
      and is also in compliance with all other limitations, restrictions, conditions,
      standards, prohibitions, requirements, obligations, schedules and timetables
      contained in any applicable Environmental Law or in any plan, judgment,
      injunction, notice or demand letter issued, entered or approved thereunder,
      except to the extent failure to comply therewith would not (either individually
      or in the aggregate) reasonably be expected to have a Material Adverse
      Effect.

     

    (b)           No
      notice, notification, demand, request for information, citation, summons or
      order has been issued, no complaint has been filed, no penalty has been assessed
      and no investigation or review is pending or, to the knowledge of any Obligor,
      threatened by any governmental or other entity with respect to any alleged
      failure by any Obligor or any of their respective Subsidiaries to have any
      environmental, health or safety permit, license or other authorization required
      under any Environmental Law in connection with the conduct of the business
      of
      any Obligor or any of their respective Subsidiaries or with respect to any
      generation, treatment, storage, recycling, transportation, discharge or
      disposal, or any Release of any Hazardous Materials generated by any Obligor
      or
      any of their respective Subsidiaries, except to the extent failure to have
      any
      such permit, license or authorization would not (either individually or in
      the
      aggregate) reasonably be expected to have a Material Adverse
      Effect.

     

    SECTION
      7.14  Accuracy of Information.

     

    (a)           Except
      as provided in clause (b) below, all factual information furnished by or
      on behalf of any Obligor to any Lender Party for purposes of or in connection
      with this Agreement or any other Loan Document or any transaction contemplated
      hereby or thereby is, when taken as a whole, to the best of the knowledge of
      each Borrower, and all other factual information hereafter furnished by or
      on
      behalf of any Obligor to any Lender Party will be, when taken as a whole, to
      the
      best of the knowledge of each Borrower, true and accurate in all material
      respects on the date as of which such information is dated or certified and
      (in
      the case of any such information furnished prior to the date hereof) as of
      the
      date hereof (unless such information relates to an earlier date, in which case
      such information, when taken as a whole, shall be true and accurate in all
      material respects as of such earlier date), and is not, or shall not be, as
      the
      case may be, when taken as a whole, incomplete by omitting to state any material
      fact necessary to make such information not misleading.

     

    (b)           The
      information (i) in any financial projections furnished under this Agreement
      is
      and will be based upon assumptions and information believed by Micro to be
      reasonable and (ii) furnished with express written disclaimers with regard
      to
      the accuracy of that information, is and shall be subject to those
      disclaimers.

     

    SECTION
      7.15  Patents, Trademarks,
      etc.  Each Obligor and each of their respective Subsidiaries
      owns and possesses, or has a valid and existing license of, or other sufficient
      interest

     

    

    
      
        
          
          

        

        
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    in,
      all
      such patents, patent rights, trademarks, trademark rights, trade names, trade
      name rights, service marks, service mark rights and copyrights as is necessary
      for the conduct of the business of each such Obligor or its Subsidiaries as
      now
      conducted, without, to the best of the knowledge of each such Obligor, any
      infringement upon rights of other Persons, which infringement results in or
      would reasonably be expected to result in a Material Adverse Effect, and there
      is no license or other interest or right, the loss of which results in, or
      would
      reasonably be expected to result in, a Material Adverse Effect.

     

    SECTION
      7.16  Margin Stock.  No part of
      the proceeds of any Credit Extension shall be used at any time by any Obligor
      or
      any of their respective Subsidiaries for the purpose, whether immediate,
      incidental or ultimate, of buying or carrying Margin Stock (within the meaning
      of Regulation U (as amended, modified, supplemented or replaced and in effect
      from time to time, “Regulation U”) or Regulation X (as amended, modified,
      supplemented or replaced and in effect from time to time, “Regulation X”)
      promulgated by the F.R.S. Board of Governors of the Federal Reserve System
      (together with any successor thereto, the “F.R.S. Board”) or to extend
      credit to others for the purpose of purchasing or carrying any Margin Stock
      if
      any such use or extension of credit described in this Section 7.17
      would cause any of the Lender Parties to violate the provisions of Regulation
      U
      or Regulation X.  Neither any Obligor nor any of their respective
      Subsidiaries is engaged principally, or as one of its important activities,
      in
      the business of extending credit for the purposes of purchasing or carrying
      any
      such Margin Stock within the meaning of Regulation U or Regulation
      X.  Not more than 25% of the value of the assets of any Obligor or any
      Subsidiary of any Obligor is, as of the date hereof, represented by Margin
      Stock.  No part of the proceeds of any Credit Extension will be used
      by any Obligor or any of their respective Subsidiaries for any purpose which
      violates, or which is inconsistent with, any regulations promulgated by the
      F.R.S. Board, including Regulation U or Regulation X.

     

    ARTICLE
      VIII

     

    COVENANTS

     

    SECTION
      8.1  Affirmative Covenants.  Each
      Borrower agrees with the Agents and each Lender that, until all the Commitments
      have terminated and all Obligations have been paid and performed in full, each
      Borrower will perform its respective obligations set forth in this
Section 8.1.

     

    SECTION
      8.1.1  Financial Information, Reports, Notices,
      etc.  Micro will furnish, or will cause to be furnished, to
      each Lender Party (1) promptly after filing, copies of each Form 10-K, Form
      10-Q, and Form 8-K (or any respective successor forms) filed with the Securities
      and Exchange Commission (or any successor authority) or any national securities
      exchange (including, in each case, any exhibits thereto requested by any Lender
      Party), and (2) to the extent not disclosed in such Forms 10-K, Forms 10-Q,
      and
      Forms 8-K (or respective successor forms) for the applicable period, copies
      of
      the following financial statements, reports, notices and
      information:

     

    (a)           as
      soon as available and in any event within 90 days after the end of each Fiscal
      Year of Micro, a copy of the annual audit report for such Fiscal Year for Micro
      and its Consolidated Subsidiaries, including therein consolidated balance sheets
      of Micro and

     

    

    
      
        
          
          

        

        
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    its
      Consolidated Subsidiaries as of the end of such Fiscal Year and consolidated
      statements of income, stockholders’ equity and cash flow of Micro and its
      Consolidated Subsidiaries for such Fiscal Year, setting forth in each case,
      in
      comparative form, the figures for the preceding Fiscal Year, in each case
      certified (without any Impermissible Qualification, except that (i)
      qualifications relating to pre-acquisition balance sheet accounts of Person(s)
      acquired by Micro or any of its Subsidiaries and (ii) statements of reliance
      in
      the auditor’s opinion on another accounting firm shall not be deemed an
      Impermissible Qualification) in a manner satisfactory to the Securities and
      Exchange Commission (under applicable United States securities law) by
      PricewaterhouseCoopers, LLP or its successors or other independent public
      accountants of national reputation;

     

    (b)           as
      soon as available and in any event within 60 days after the end of each of
      the
      first three Fiscal Periods occurring during any Fiscal Year of Micro, a copy
      of
      the unaudited consolidated financial statements of Micro and its Consolidated
      Subsidiaries, consisting of (i) a balance sheet as of the close of such Fiscal
      Period and (ii) related statements of income and cash flows for such Fiscal
      Period and from the beginning of such Fiscal Year to the end of such Fiscal
      Period, in each case certified by an officer who is an Authorized Person of
      Micro as to (A) being a complete and correct copy of such financial statements
      which have been prepared in accordance with GAAP consistently applied as
      provided in Section 1.4, and (B) presenting fairly the financial
      position of Micro and its Consolidated Subsidiaries;

     

    (c)           at
      the time of delivery of each financial statement required by
clause (a) or (b) above (or Form 10-Q or 10-K in lieu
      thereof), a certificate signed by an Authorized Person of Micro stating that
      no
      Default has occurred and is continuing (or if a Default has occurred and is
      continuing, and without prejudice to any rights or remedies of any Lender Party
      hereunder in connection therewith, a statement of the nature thereof and the
      action which Micro has taken or proposes to take with respect
      thereto);

     

    (d)           at
      the time of delivery of each financial statement required by
clause (a) or (b) above (or Form 10-Q or 10-K in lieu
      thereof), a Compliance Certificate showing compliance with the financial
      covenants set forth in Section 8.2.3;

     

    (e)           notice
      of, as soon as possible after (i) the occurrence of any material adverse
      development with respect to any litigation, action, proceeding, or labor
      controversy disclosed in Item 7.8 (Litigation) of the Disclosure
      Schedule, or (ii) the commencement of any labor controversy, litigation, action,
      or proceeding of the type described in Section 7.8;

     

    (f)           promptly
      after the filing thereof, copies of any registration statements (other than
      the
      exhibits thereto and excluding any registration statement on Form S-8 and any
      other registration statement relating exclusively to stock, bonus, option,
      401(k) and other similar plans for officers, directors, and employees of Micro
      or any of its Subsidiaries);

     

    (g)           immediately
      upon becoming aware of the institution of any steps by any Obligor or any other
      Person to terminate any Pension Plan other than pursuant to

     

    

    
      
        
          
          

        

        
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    Section 4041(b)
      of ERISA, or the failure to make a required contribution to any Pension Plan
      if
      such failure is sufficient to give rise to a Lien under Section 302(t) of
      ERISA, or the taking of any action with respect to a Pension Plan which could
      result in the requirement that any Obligor furnish a bond or other security
      to
      the PBGC or such Pension Plan, or the occurrence of any other event with respect
      to any Pension Plan which, in any such case, results in, or would reasonably
      be
      expected to result in, a Material Adverse Effect, notice thereof and copies
      of
      all documentation relating thereto;

     

    (h)           as
      soon as possible, and in any event within three Business Days after becoming
      aware of the occurrence of a Default or any inaccuracy in the financial
      statements delivered pursuant to clause (a) or (b) above if
      the result thereof is not to present fairly the consolidated financial condition
      of the Persons covered thereby as of the dates thereof and the results of their
      operations for the periods then ended, a statement of an Authorized Person
      of
      Micro setting forth the details of such Default or inaccuracy and the action
      which Micro has taken or proposes to take with respect thereto;

     

    (i)           in
      the case of each Borrower, promptly following the consummation of any
      transaction described in Section 8.2.5, a description in reasonable
      detail regarding the same; and

     

    (j)           such
      other information respecting the condition or operations, financial or
      otherwise, of each Borrower, or any of their respective Subsidiaries as any
      Lender through the Administrative Agent may from time to time reasonably
      request.

     

    SECTION
      8.1.2  Compliance with Laws, etc.  Each
      Borrower will (and each Borrower will cause each of its Subsidiaries to) comply
      in all respects with all applicable laws, rules, regulations and orders the
      noncompliance with which results in, or would reasonably be expected to result
      in, a Material Adverse Effect, such compliance to include (without
      limitation):

     

    (a)           except
      as may be otherwise permitted pursuant to Section 8.2.5, the
      maintenance and preservation of its corporate existence (and in the case of
      Coordination Center, its status as a coordination center (unless Coordination
      Center is required to change its status due to a change in law or regulation)
      in
      accordance with the laws of the jurisdiction of its incorporation and
      qualification as a foreign corporation (subject to the materiality standard
      referred to above); and

     

    (b)           the
      payment, before the same become delinquent, of all taxes, assessments and
      governmental charges imposed upon it or upon its property except to the extent
      being diligently contested in good faith by appropriate proceedings and for
      which adequate reserves in accordance with GAAP shall have been set aside on
      its
      books; provided that with respect to any Subsidiary that is not a
      Material Subsidiary this covenant shall be satisfied if the taxes, assessments
      or other governmental charges owing by each such Subsidiary (i) is not with
      respect to any income, sales or use tax and (ii) the amount so owing with
      respect to all such Subsidiaries does not exceed in the aggregate $1,000,000
      at
      any time.

     

    

    
      
        
          
          

        

        
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    SECTION
      8.1.3  Maintenance of Properties.  Each
      Borrower will (and each Borrower will cause each of its Subsidiaries to)
      maintain, preserve, protect and keep its material properties in good repair,
      working order and condition, and make necessary and proper repairs, renewals
      and
      replacements so that its business carried on in connection therewith may be
      properly conducted at all times, unless such Borrower or such Subsidiary
      determines in good faith that the continued maintenance of any of its properties
      is no longer economically desirable.

     

    SECTION
      8.1.4  Insurance.  Each Borrower will (and
      each Borrower will cause each of its Subsidiaries to) maintain, or cause to
      be
      maintained with responsible insurance companies or through such Borrower’s own
      program of self-insurance, insurance with respect to its properties and business
      against such casualties and contingencies and of such types and in such amounts
      as is customary in the case of similar businesses and will, upon request of
      the
      Administrative Agent, furnish to each Lender at reasonable intervals a
      certificate of an Authorized Person of such Borrower setting forth the nature
      and extent of all insurance maintained by such Borrower and each of its
      Subsidiaries in accordance with this Section 8.1.4.

     

    SECTION
      8.1.5  Books and Records.  Each Borrower
      will (and each Borrower will cause each of its Subsidiaries to) keep books
      and
      records which accurately reflect all of its business affairs and transactions
      and permit the Administrative Agent and each Lender, or any of their respective
      representatives, at reasonable times and intervals and upon reasonable advance
      notice, to visit all of its offices, to discuss its financial matters with
      its
      officers and independent public accountants (and each Borrower hereby authorizes
      such independent public accountants to discuss the financial matters of such
      Borrower and its Subsidiaries with the Administrative Agent and each Lender
      or
      its representatives whether or not any representative of such Borrower is
      present; provided that an officer of such Borrower is afforded a
      reasonable opportunity to be present at any such discussion) and to examine
      any
      of its relevant books or other corporate records.  Micro will pay all
      expenses associated with the exercise of any Lender Party’s rights pursuant to
      this Section 8.1.5 at any time during the occurrence and continuance
      of any Event of Default.

     

    SECTION
      8.1.6  Environmental Covenant.  Each
      Borrower will (and each Borrower will cause each of its Subsidiaries
      to):

     

    (a)           use
      and operate all of its facilities and properties in compliance with all
      Environmental Laws which, by their terms, apply to such use and operation,
      keep
      all necessary permits, approvals, certificates, licenses and other
      authorizations relating to environmental matters in effect and remain in
      compliance therewith, and handle all Hazardous Materials in compliance with
      all
      Environmental Laws which, by their terms, apply to such Hazardous Materials,
      in
      each case so that the non-compliance with any of the foregoing does not result
      in, or would not reasonably be expected to result in, either singly or in the
      aggregate, a Material Adverse Effect;

     

    (b)           immediately
      notify the Administrative Agent and provide copies upon receipt of all written
      claims, complaints, notices or inquiries relating to the condition of its
      facilities and properties or compliance with Environmental Laws which, singly
      or
      in the aggregate, result in, or would reasonably be expected to result in,
      a
      Material Adverse Effect, and shall promptly cure and have dismissed with
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    proceedings
      relating to compliance with Environmental Laws where the failure to so cure
      or
      have dismissed, singularly or in the aggregate, results in, or would reasonably
      be expected to result in, a Material Adverse Effect (it being understood that
      this clause (b) shall not be construed to restrict any Borrower or
      any of its Subsidiaries from challenging or defending any such action or
      proceeding which it, in its sole discretion, deems advisable or necessary);
      and

     

    (c)           provide
      such information and certifications which the Administrative Agent may
      reasonably request from time to time to evidence compliance with this
Section 8.1.6.

     

    SECTION
      8.1.7  [Intentionally Deleted].

     

    SECTION
      8.1.8  Pari Passu.  Each Borrower shall
      ensure that such Borrower’s Obligations rank at least pari passu with all other
      senior unsecured Indebtedness of such Borrower.

     

    SECTION
      8.1.9  Additional Guaranty.

     

    (a)           Micro
      may cause any of its Subsidiaries to execute and deliver from time to time
      in
      favor of the Lender Parties an Additional Guaranty for the repayment of the
      Obligations.

     

    (b)           Concurrently
      when or promptly after any of its Subsidiaries (other than any Foreign
      Subsidiary if and to the extent Micro, in consultation with the Administrative
      Agent, reasonably determines that adverse tax consequences would result
      therefrom) either guarantees any Indebtedness of Micro or any other Obligor
      or
      satisfies (at any time) the requirements hereunder which describe a Material
      Subsidiary, Micro shall cause that Subsidiary (other than Coordination Center
      or
      Treasury) to (i) execute and deliver in favor of the Lender Parties an
      Additional Guaranty for the repayment of the Obligations which Additional
      Guaranty (including, without limitation, any Additional Guaranty executed and
      delivered by an Acceding Borrower pursuant to Section 6.3.3) shall be in
      substantially the form of Exhibit I attached hereto, shall be governed by
      the laws of the State of New York, and shall contain such other terms and
      provisions as the Administrative Agent determines to be necessary or appropriate
      (after consulting with legal counsel) in order that such Additional Guaranty
      complies with local laws, rules, and regulations and is fully enforceable (at
      least to the extent of the form of Additional Guaranty attached as Exhibit
      I) against such Additional Guarantor.

     

    SECTION
      8.1.10  Intra-Group Agreement, etc.  In the
      event any Subsidiary of Micro enters into an Additional Guaranty pursuant to
      Section 6.3.3 or 8.1.9, an Authorized Person of such Subsidiary
      shall (a) in the event such Subsidiary is the first Subsidiary of Micro to
      enter
      into an Additional Guaranty, together with an Authorized Person of Micro,
      execute and deliver to the Administrative Agent (with counterparts for each
      Lender) the Intra-Group Agreement or (b) in the event the Intra-Group Agreement
      has previously been so executed and delivered and is then in effect, execute
      and
      deliver to the Administrative Agent (with counterparts for each Lender) such
      instruments and documents evidencing accession of such Subsidiary under the
      

     

    

    
      
        
          
          

        

        
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    Intra-Group
      Agreement then in effect as the Administrative Agent may reasonably
      request.  Except to add additional Subsidiaries of Micro as parties
      thereto, the terms of the Intra-Group Agreement shall not be amended or
      otherwise modified without the prior consent of the Administrative Agent on
      behalf of and as directed by the Required Lenders, such consent not to be
      unreasonably withheld.  In addition, no Person a party to the
      Intra-Group Agreement shall assign any of its rights or obligations thereunder
      without the prior consent of the Administrative Agent, such consent not to
      be
      unreasonably withheld.

     

    SECTION
      8.1.11  Ownership of Borrowers.  Micro
      shall at all times, directly or indirectly, hold 100% of the equity (or similar)
      interests of each Borrower (other than itself).

     

    SECTION
      8.2  Negative Covenants.  Each
      Borrower agrees with the Agents and each Lender that, until all the Commitments
      have terminated and all Obligations have been paid and performed in full, each
      Borrower will perform its respective obligations set forth in this
Section 8.2.

     

    SECTION
      8.2.1  Restriction on Incurrence of
      Indebtedness.

     

    (a)           No
      Borrower will (and no Borrower will permit any of its Subsidiaries to) create,
      incur, assume or suffer to exist or otherwise become or be liable in respect
      of
      any Indebtedness, other than the following:

     

    (i)           Any
      Indebtedness arising in respect of the Credit Extensions;

     

    (ii)          Indebtedness
      existing as of March 31, 2007, or incurred pursuant to commitments or lines
      of
      credit in effect as of March 31, 2007, (or any renewal or replacement thereof,
      so long as such renewals or replacements do not increase the amount of such
      Indebtedness or such commitments or lines of credit), in any case identified
      in
Item 8.2.1(a)(ii) (Ongoing Indebtedness) of the Disclosure Schedule;
      and

     

    (iii)         additional
      Indebtedness if after giving effect to the incurrence thereof the Borrowers
      are
      in compliance with Section 8.2.3, calculated as of the date of the
      incurrence of such additional Indebtedness, on a pro forma basis;

     

    provided
      that, notwithstanding the foregoing, Coordination Center shall not, at any
      time,
      create, incur, assume or suffer to exist or otherwise become liable in respect
      of any Indebtedness that is senior in right of payment to its Obligations
      hereunder.

     

    (b)           Micro
      will not at the end of any Fiscal Period permit (i) Total Indebtedness of
      Subsidiaries (other than Indebtedness of any Guarantor under any Loan Document
      and Indebtedness constituting Acquired Existing Debt and Liens) to exceed 10%
      of
      Consolidated Tangible Assets, or (ii) Section 8.2.2(m) to be
      violated.

     

    SECTION
      8.2.2  Restriction on Incurrence of
      Liens.  No Borrower will (and no Borrower will permit any of
      its Subsidiaries to) create, incur, assume or suffer to exist any Lien upon
      any
      of its property, revenues or assets, whether now owned or hereafter acquired,
      except:

     

    

    
      
        
          
          

        

        
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    (a)           Liens
      existing as of March 31, 2007, and identified in Item 8.2.2(a)
      (Existing Liens) of the Disclosure Schedule and Liens resulting from the
      extension, renewal or replacement of any such Liens in respect of the same
      property theretofore subject to such Lien; provided that (i) no property
      shall become subject to such extended, renewed or replacement Lien that was
      not
      subject to the Lien extended, renewed or replaced, (ii) the aggregate principal
      amount of Indebtedness secured by any such extended, renewed or replacement
      Lien
      shall not be increased by such extension, renewal or replacement, (iii) the
      Indebtedness secured by such Lien shall be incurred in compliance with the
      applicable terms hereof, including Section 8.2.3, and (iv) both
      immediately before and after giving effect thereto, no Default shall
      exist;

     

    (b)           Liens
      for taxes, assessments or other governmental charges or levies not at the time
      delinquent or thereafter payable without penalty or being diligently contested
      in good faith by appropriate proceedings and for which adequate reserves in
      accordance with GAAP shall have been set aside on its books;

     

    (c)           Liens
      of carriers, warehousemen, mechanics, materialmen and landlords incurred in
      the
      ordinary course of business for sums not overdue or being diligently contested
      in good faith by appropriate proceedings and for which adequate reserves in
      accordance with GAAP shall have been set aside on its books;

     

    (d)           Liens
      incurred in the ordinary course of business in connection with workers’
compensation, unemployment insurance or other forms of governmental insurance
      or
      benefits, or to secure performance of statutory obligations, leases and
      contracts (other than for borrowed money) entered into in the ordinary course
      of
      business or to secure obligations on surety or appeal bonds;

     

    (e)           Judgment
      Liens of an amount not exceeding at any time either 7.25% of Consolidated
      Tangible Net Worth at the end of the most recently ended Fiscal Period or
      $100,000,000, whichever is less, in the aggregate, or with respect to which
      execution has been stayed or the payment of which is covered in full (subject
      to
      a customary deductible) by insurance maintained with responsible insurance
      companies and for which, within 30 days of such judgment, the insurance carrier
      has acknowledged coverage in writing;

     

    (f)           Liens
      on property purchased or constructed after the date hereof securing Indebtedness
      used to purchase or construct such property; provided that (i) no such
      Lien shall be created in or attach to any other asset at the time owned by
      Micro
      or any of its Subsidiaries if the aggregate principal amount of the Indebtedness
      secured by such property would exceed the fair market value of such property
      and
      assets, taken as a whole, (ii) the aggregate outstanding principal amount of
      Indebtedness secured by all such Liens shall not at any time exceed 100% of
      the
      fair market value of such property at the time of the purchase or construction
      thereof, and (iii) each such Lien shall have been incurred within 270 days
      of
      the purchase or completion of construction of such property;

     

    (g)           Liens
      resulting from utility easements, building restrictions and such other
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    respect
      to
      properties of a similar character and which do not in any material may affect
      the marketability of the same or interfere with the use thereof in the business
      of any Borrower or any of its Subsidiaries;

     

    (h)          Liens
      incurred in the normal course of business in connection with bankers’ acceptance
      financing or used in the ordinary course of trade practices, statutory lessor
      and vendor privilege liens and liens in connection with ad valorem taxes not
      yet
      due, good faith bids, tenders and deposits;

     

    (i)           Liens
      in favor of any bank on property or assets held in the ordinary course of
      business in accounts maintained with such bank in connection with treasury,
      depositary and cash management services or automated clearing house transfers
      of
      funds;

     

    (j)           Liens
      on all goods held for sale on consignment;

     

    (k)          Liens
      granted by any Subsidiary of Micro in favor of Micro or in favor of another
      Subsidiary of Micro that is the parent of such Subsidiary granting the Lien,
      other than Liens granted by a Guarantor to a Subsidiary of Micro that is not
      a
      Guarantor; provided that no Person that is not a Subsidiary of Micro
      shall be secured by or benefit from any such Lien;

     

    (l)           Liens
      of the nature referred to in clause (b) of the definition of the term
“Lien” and granted to a purchaser or any assignee of such purchaser which
      has
      financed the relevant purchase of Trade Accounts Receivable of any Borrower
      or
      any of their respective Subsidiaries and Liens on any related property that
      would ordinarily be subject to a Lien in connection therewith such as proceeds
      and records;

     

    (m)         Liens
      on Trade Accounts Receivable or interests therein of Micro or any of its
      Subsidiaries with respect to any accounts receivable securitization program
      (including any accounts receivable securitization program structured as such
      that remains on the consolidated balance sheet of Micro and its Consolidated
      Subsidiaries) and on any related property that would ordinarily be subject
      to a
      Lien in connection therewith such as proceeds and records; and

     

    (n)           Additional
      Permitted Liens.

     

    SECTION
      8.2.3  Financial Condition.  Micro will not
      permit any of the following:

     

    (a)           the
      ratio of (i) Consolidated EBITDA for any period of four consecutive Fiscal
      Periods to (ii) Consolidated Interest Charges for such period to be less than
      2.75 to 1.0;

     

    (b)           the
      Leverage Ratio to exceed 4.00 to 1.0;

     

    provided
      that, for purposes of calculating the preceding ratios the contribution of
      any
      Subsidiary of Micro acquired (to the extent the acquisition is treated for
      accounting purposes as a purchase) during those four Fiscal Periods to
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    be
      calculated on a pro forma basis as if it had been a Subsidiary of Micro during
      all of those four Fiscal Periods.

     

    SECTION
      8.2.4  Dividends.

     

    (a)           Except
      as permitted by Section 8.2.4(b), Micro will not declare or pay any
      dividends (in cash, property, or obligations) or any other payments or
      distributions on account of, or set apart money for a sinking or analogous
      fund
      for, or purchase, redeem, retire or otherwise acquire for value, any shares
      of
      its capital stock now or hereafter outstanding or any warrants, options or
      other
      rights to acquire the same; return any capital to its stockholders as such;
      or
      make any distribution of assets to its stockholders as such (each a
“Restricted Payment”).

     

    (b)           Micro
      shall be permitted to (i) redeem, purchase or acquire any of its
      Indebtedness that is convertible into its capital stock and (ii) make other
      Restricted Payments; provided that (x) no Restricted Payment shall
      be permitted to be made under this Section 8.2.4 if any Default shall
      have occurred and be continuing or would occur after giving effect thereto
      on
      the date such Restricted Payment is made and (y) solely in the case of any
      Restricted Payments pursuant to clause (ii) above, if the Leverage Ratio for
      either of the two Fiscal Periods immediately last ended before the date that
      such Restricted Payment is made equals or exceeds 3.00 to 1.00 (the first such
      Fiscal Period in which the Leverage Ratio equaled or exceeded 3.00 to 1.00
      being
      the “Non-Compliance Period”), no Restricted Payment may be made in any
      period of four consecutive Fiscal Periods commencing on or following the
      Non-Compliance Period if, together with all other Restricted Payments made
      or
      declared during such period of four consecutive Fiscal Periods, such Restricted
      Payment would exceed $200,000,000 until the Leverage Ratio has been less than
      3.00 to 1.00 for two consecutive Fiscal Periods and
providedfurther that in the case of any Restricted Payment
      constituting a dividend, the applicable date of determination under clauses
      (x)
      and (y) above shall be the date such dividend is declared rather than the date
      it is paid, it being understood that any dividend declared in compliance with
      this Section 8.2.4(b) may be paid without contravention of this
Section 8.2.4 even if, as of the date of its payment, it would not be
      permitted under clause (x) or (y) above (and, for purposes of calculations
      pursuant to clause (y), such dividend shall be included solely in the Fiscal
      Period in which it was declared).

     

    SECTION
      8.2.5  Mergers, Consolidations, Substantial Asset Sales, and
      Dissolutions.  No Borrower may merge or consolidate with
      another Person, or sell, lease, transfer, or otherwise dispose of assets
      constituting all or substantially all of the assets of Micro and its
      Consolidated Subsidiaries (taken as a whole) to another Person, or liquidate
      or
      dissolve, except for the following so long as, in each case, no Event of Default
      exists or would exist after giving effect to the following:

     

    (a)           An
      Acceding Borrower may liquidate or dissolve, or merge or consolidate with
      another Person, or sell, lease, transfer, or otherwise dispose of all or
      substantially all of its assets to another Obligor, so long as, in each case
      (i)
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    such
      assets, and (ii) Micro is the surviving entity if involved in such a merger
      or
      consolidation.

     

    (b)           Coordination
      Center may merge or consolidate with another Person if either (i) Coordination
      Center is the surviving entity or (ii) the surviving Person (A) is organized
      and
      in good standing under the laws of The Kingdom of Belgium and (B) expressly
      assumes Coordination Center’s Obligations in a written agreement satisfactory in
      form and substance to the Required Lenders.

     

    (c)           Micro
      may merge or consolidate with another Person if:

     

    (i)           either
      Micro is the surviving entity or the surviving Person (A) is organized and
      in
      good standing under the laws of a State of the United States and (B) expressly
      assumes Micro’s Obligations in a written agreement satisfactory in form and
      substance to the Required Lenders; and

     

    (ii)           unless
      Micro is the surviving entity in a merger or consolidation that does not
      constitute a Material Asset Acquisition, Micro delivers to the Administrative
      Agent, before the merger or consolidation becomes effective, a certificate
      of
      Micro’s chief executive officer, chief financial officer, or Treasurer stating
      and demonstrating in reasonable detail that (assuming such proposed transaction
      had been consummated on the first day of the most recently ended period of
      four
      Fiscal Periods for which financial statements have been or are required to
      have
      been delivered pursuant to Section 8.1.1) Micro (or the other
      surviving Person) would have been, on a pro forma basis, in compliance with
      each
      of the covenants set forth in Section 8.2.3 as of the last day of
      such period.

     

    SECTION
      8.2.6  Transactions with Affiliates.
 Except in the ordinary course of business, no Borrower
      will (and
      no Borrower will permit any of its Subsidiaries to), directly or indirectly,
      pay
      any funds to or for the account of, make any investment (whether by acquisition
      of stock or Indebtedness, by loan, advance, transfer of property, guarantee
      or
      other agreement to pay, purchase or service, directly or indirectly, any
      Indebtedness, or otherwise) in, lease, sell, transfer, or otherwise dispose
      of
      any assets, tangible or intangible, to, or participate in, or effect, any
      transaction with, any Affiliate (any such payment, investment, lease, sale,
      transfer, other disposition or transaction, an “Affiliate Transaction”)
      except on an arms-length basis on terms at least as favorable to such Borrower
      (or such Subsidiary) as terms that could have been obtained from a third party
      who was not an Affiliate; provided that:

     

    (a)           the
      foregoing provisions of this Section 8.2.6 do not prohibit (i)
      agreements with or for the benefit of employees of such Borrower or any
      Subsidiaries regarding bridge home loans and other loans necessitated by the
      relocation of such Borrower’s or such Subsidiary’s business or employees, or
      regarding short-term hardship advances, (ii) loans to officers or employees
      of
      such Borrower or any of its Subsidiaries in connection with the exercise of
      rights under such Borrower’s stock option or stock purchase plan, (iii) any such
      Person from declaring or paying any lawful dividend or other payment ratably
      in
      respect of all of its capital stock of the relevant class so long as, in the
      case of Micro, after giving effect thereto, no Default shall have occurred
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    continuing,
      (iv) any Affiliate Transaction between Micro and any of its Subsidiaries or
      between any Subsidiaries of Micro, or (v) any Affiliate Transaction (other
      than
      any Affiliate Transaction described in clauses (i) through (iv)
      above) in which the amount involved does not exceed $50,000; and

     

    (b)           the
      Borrowers shall not, nor shall they permit any of their respective Subsidiaries
      to, participate in effect any Affiliate Transactions otherwise permitted
      pursuant to this Section 8.2.6 which either individually or in the
      aggregate may involve obligations that are reasonably likely to have a Material
      Adverse Effect.  The approval by the independent directors of the
      Board of Directors of the relevant Borrower (or the relevant Subsidiary thereof)
      of any Affiliate Transaction to which such Borrower (or the relevant Subsidiary
      thereof) is a party shall create a rebuttable presumption that such Affiliate
      Transaction is on an arms-length basis on terms at least as favorable to such
      Borrower (or the relevant Subsidiary thereof) as terms that could have been
      obtained from a third party who was not an Affiliate.

     

    SECTION
      8.2.7  Limitations on Acquisitions.

     

    (a)           No
      Borrower may make any Material Asset Acquisition unless no Event of Default
      exists or would exist after giving effect to the proposed Material Asset
      Acquisition.

     

    (b)           Without
      first providing the notice to the Administrative Agent and the Lenders required
      by this Section 8.2.7(b), the Borrowers shall not (and shall not
      permit their respective Subsidiaries to) acquire any outstanding stock of any
      U.S. or non-U.S. corporation, limited company or similar entity of which the
      shares constitute Margin Stock if after giving effect to such acquisition,
      Micro
      and its Affiliates shall hold, in the aggregate, more than 5% of the total
      outstanding stock of the issuer of such Margin Stock, which notice shall include
      the name and jurisdiction of organization of such relevant issuer, the market
      on
      which such stock is traded, the total percentage of such relevant issuer’s stock
      currently held, and the purpose for which the acquisition is being
      made.

     

    (c)           Notwithstanding
      any contrary provision in this Section 8.2.7, the Borrowers shall
      not (and shall not permit their respective Subsidiaries to) (i) directly or
      indirectly use the proceeds of any Credit Extension to make any Acquisition
      unless, if the board of directors of the Person to be acquired has notified
      Micro or any of its Subsidiaries that it opposes the offer by the proposed
      purchaser to acquire that Person, then that opposition has been withdrawn,
      or
      (ii) make any Acquisition unless, if the proposed Acquisition is structured
      as a
      merger or consolidation, it will be consummated in compliance with
Section 8.2.5.

     

    (d)           Execution
      and delivery of each Continuation Notice shall constitute the relevant
      Borrower’s representation and warranty that the Borrowers are not then in
      violation of Section 8.2.7(c)(i).

     

    SECTION
      8.2.8  [Intentionally Deleted].

     

    

    
      
        
          
          

        

        
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    SECTION
      8.2.9  Limitation on Businesses.  Micro and
      its Subsidiaries, considered as a whole, will not engage principally in
      businesses other than those conducted by Micro and its Subsidiaries on the
      date
      hereof, as described in the preamble of this Agreement.

     

    ARTICLE
      IX

     

    EVENTS
      OF DEFAULT

     

    SECTION
      9.1  Listing of Events of
      Default.  Any of the following events or occurrences
      described in this Section 9.1 shall constitute an “Event of
      Default”.

     

    SECTION
      9.1.1  Non-Payment of Obligations.  A
      default shall occur in the payment or prepayment when due (a) by any Borrower
      of
      any principal of any Loan, (b) by any Borrower of any interest on any Loan,
      (c)
      by any Borrower of any Reimbursement Obligation or any deposit of cash for
      collateral purposes pursuant to Section 3.2.2 or 3.2.4 or (d)
      by any Guarantor of any Guaranteed Obligation (as defined in such Guarantor’s
      Guaranty), and, in the case of clauses (b) or (d), such
      default shall continue unremedied for a period of five Business
      Days.

     

    SECTION
      9.1.2  Breach of Warranty.  Any
      representation or warranty of any Obligor made or deemed to be made hereunder
      or
      in any other Loan Document executed by it or in any other writing or certificate
      furnished by or on behalf of any Obligor to the Administrative Agent or any
      Lender for the purposes of or in connection with this Agreement or any such
      other Loan Document (including any certificates delivered pursuant to Article
      VI) is or shall be incorrect when made in any material respect.

     

    SECTION
      9.1.3  Non-Performance of Certain Covenants and
      Obligations.  Any Obligor shall default in the due
      performance and observation of any of its obligations under
Section 8.2.2 (excluding the involuntary incurrence of Liens
      involving individually or collectively amounts in controversy or encumbered
      assets or both having a value of less than $100,000,000 at any time, which
      involuntary incurrences are subject to Section 9.1.4),
Section 8.2.3, Section 8.2.4, or
Section 8.2.5 .

     

    SECTION
      9.1.4  Non-Performance of Other Covenants and
      Obligations.  Any Obligor shall default in the payment when
      due of any fee or any other Obligation not subject to Section 9.1.1,
      or the due performance and observance of any other covenant, agreement or
      obligation contained herein or in any other Loan Document, and such default
      shall continue unremedied for a period of 30 days after Micro obtains actual
      knowledge thereof or notice thereof shall have been given to Micro by the
      Administrative Agent or any Lender.

     

    SECTION
      9.1.5  Default on Indebtedness.  A default
      shall occur in the payment when due (subject to any applicable grace period),
      whether by acceleration or otherwise, of any Indebtedness of any Obligor or
      any
      of its Subsidiaries (other than Indebtedness described in
Section 9.1.1 or Indebtedness which is non-recourse to any Obligor,
      or any Subsidiary of any Obligor) having an outstanding aggregate principal
      amount, for Micro and its Subsidiaries as a group, in excess of the lesser
      of
      (a) (i) 5% of Consolidated Tangible Net Worth for the then most recently
      ended Fiscal Period, individually, or (ii) 10% of Consolidated Tangible Net
      Worth for the then most recently ended Fiscal Period, when taken together with
      (A) all other Indebtedness

     

    

    
      
        
          
          

        

        
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    under
      which a default (payment or otherwise) has occurred and is then continuing
      and
      (B) the Securitization Financing Amount of all Securitization Defaults described
      in Section 9.1.10 that have occurred and are then continuing and (b) $100,000,000 (or
      the equivalent thereof in any other
      currency), or a default shall occur in the performance or observance of any
      obligation or condition with respect to such Indebtedness if the effect of
      such
      default is to cause, or (without the giving of further notice or lapse of
      additional time) to permit the holder or holders of such Indebtedness, or any
      trustee or agent for such holders to cause, the maturity of any such
      Indebtedness to be accelerated or such Indebtedness to be prepaid, redeemed,
      purchased, defeased or otherwise to become due and payable prior to its
      expressed maturity.

     

    SECTION
      9.1.6  Judgments.  Any judgment or order
      for the payment of money in excess of (individually or in the aggregate), for
      Micro and its Subsidiaries as a group, an amount equal at any time to either
      7.25% of Consolidated Tangible Net Worth at the end of the most recently ended
      Fiscal Period or $100,000,000, whichever is less (or, in either case, the
      equivalent thereof in any other currency), shall be rendered against any Obligor
      or any of their respective Subsidiaries and either:

     

    (a)           enforcement
      proceedings shall have been commenced and be continuing by any creditor upon
      such judgment or order for any period of 30 consecutive days; or

     

    (b)           there
      shall be any period during which a stay of enforcement of such judgment or
      order, by reason of a pending appeal or otherwise, shall not be in
      effect.

     

    SECTION
      9.1.7  Pension Plans.  Any of the following
      events shall occur with respect to any Pension Plan:

     

    (a)           the
      institution of any steps by any Obligor, any member of its Controlled Group or
      any other Person to terminate a Pension Plan if, as a result of such
      termination, any such Obligor or any such member could be required to make
      a
      contribution in excess of $100,000,000 (or the equivalent thereof in any other
      currency), to such Pension Plan, or could reasonably expect to incur a liability
      or obligation in excess of $100,000,000 (or the equivalent thereof in any other
      currency), to such Pension Plan; or

     

    (b)           a
      contribution failure occurs with respect to any Pension Plan sufficient to
      give
      rise to a Lien under Section 302(f) of ERISA.

     

    SECTION
      9.1.8  Bankruptcy, Insolvency, etc.  Any
      Obligor or any Material Subsidiary shall:

     

    (a)           become
      insolvent or generally fail to pay, or admit in writing its inability to pay,
      debts as they become due;

     

    (b)           apply
      for, consent to, or acquiesce in, the appointment of a trustee, receiver,
      administrative receiver, sequestrator, liquidator or other custodian for it,
      its
      property, or make a general assignment for the benefit of
      creditors;

     

    (c)           in
      the absence of such application, consent or acquiescence, permit or suffer
      to
      exist the appointment of a trustee, administrative receiver, receiver,
      sequestrator,

     

    

    
      
        
          
          

        

        
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    liquidator
      or other custodian for it or for a substantial part of its property, and such
      trustee, receiver, sequestrator, liquidator or other custodian shall not be
      discharged within 60 days; provided that each Obligor and each Material
      Subsidiary hereby expressly authorizes each Lender Party to appear in any court
      conducting any relevant proceedings during such 60-day period to preserve,
      protect and defend its rights under this Agreement and the other Loan
      Documents;

     

    (d)           permit
      or suffer to exist the commencement of any bankruptcy, reorganization, debt
      arrangement or other case or proceeding under any bankruptcy or insolvency
      law,
      or any dissolution, winding up or liquidation proceeding, in respect of any
      Obligor or any Material Subsidiary thereof, as the case may be, and, if any
      such
      case or proceeding is not commenced by such Person, such case or proceeding
      shall be consented to or acquiesced in by such Obligor or Material Subsidiary,
      as the case may be, or shall result in the entry of an order for relief or
      shall
      remain for 60 days unstayed or undismissed; provided that each Obligor
      and each Material Subsidiary hereby expressly authorizes each Lender Party
      to
      appear in any court conducting any such case or proceeding during such 60-day
      period to preserve, protect and defend its rights under this Agreement and
      the
      other Loan Documents; or

     

    (e)           take
      any action authorizing, or in furtherance of, any of the foregoing.

     

    SECTION
      9.1.9  Guaranties.  Any of the Guaranties
      or any provisions thereof shall be found or held invalid or unenforceable by
      a
      court of competent jurisdiction or shall have ceased to be effective because
      of
      the merger, dissolution or liquidation of a Guarantor (other than as may result
      from a transaction permitted pursuant to Section 8.2.5 or by reason
      of a merger of Guarantor under one Guaranty into the Guarantor under another
      Guaranty) or any Guarantor shall have repudiated its obligations under a
      Guaranty.

     

    SECTION
      9.1.10  Default Under Securitization
      Programs.  Any early liquidation, termination or similar
      event shall have occurred and be continuing under any outstanding Trade Accounts
      Receivable securitization program of Micro or any of its Consolidated
      Subsidiaries on account of the failure by Micro or any of its Subsidiaries
      to
      comply with any applicable provision in the agreements governing said program
      or
      to satisfy any condition required to be met by it thereunder (each a
“Securitization Default”), the Securitization Financing Amount of which
      is in excess of the lesser of (a) (i) 5% of Consolidated Tangible Net Worth
      for the then most recently ended Fiscal Period, individually, or (ii) 10% of
      Consolidated Tangible Net Worth for the then most recently ended Fiscal Period,
      when taken together with (A) the Securitization Financing Amount of all other
      Securitization Defaults that have occurred and are then continuing and (B)
      all
      Indebtedness under which a default described in Section 9.1.5 has
      occurred and is then continuing and (b) $100,000,000 (or the equivalent thereof in any
      other currency).

     

    SECTION
      9.2  Action if Bankruptcy.  If any
      Event of Default described in Section 9.1.8 shall occur, the
      Commitments (if not theretofore terminated) shall automatically terminate and
      the outstanding principal amount of all outstanding Loans and all other
      Obligations shall automatically be and become immediately due and payable,
      without notice or demand.

     

    

    
      
        
          
          

        

        
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    SECTION
      9.3  Action if Other Event of
      Default.  If any Event of Default (other than any Event of
      Default described in Section 9.1.8) shall occur for any reason,
      whether voluntary or involuntary, and be continuing, the Administrative Agent,
      upon the direction of the Required Lenders, shall by notice to Micro declare
      all
      or any portion of the outstanding principal amount of the Loans and all other
      Obligations to be due and payable and/or the Commitments to be terminated,
      whereupon the full unpaid amount of the Loans and all other Obligations which
      shall be so declared due and payable shall be and become immediately due and
      payable, without further notice, demand or presentment, and/or, as the case
      may
      be, the Commitments shall terminate.  Notwithstanding anything to the
      contrary contained herein or in any other Loan Document, the authority to
      enforce rights and remedies hereunder and under the other Loan Documents shall
      be vested exclusively in, and all actions and proceedings at law in connection
      with such enforcement shall be instituted and maintained exclusively by, the
      Administrative Agent in accordance with this Section and at the instruction
      of
      the Required Lenders for the benefit of all the Lenders and the Issuer;
provided, however, that the foregoing shall not prohibit
      (i) the Issuer or the Swing Line Lender from exercising the rights and
      remedies that inure to its benefit (solely in its capacity as Issuer or Swing
      Line Lender, as the case may be) hereunder and under the other Loan Documents,
      or (ii) any Lender from exercising setoff rights in accordance with the
      terms of this Agreement.

     

    SECTION
      9.4  Cash Collateral.  If any
      Event of Default shall occur for any reason, whether voluntary or involuntary,
      and shall not have been cured or waived and shall be continuing and the
      Obligations are or have been declared due and payable under
Section 9.2 or 9.3, the Administrative Agent may apply any
      cash collateral held by the Administrative Agent pursuant of
Section 3.2.4 to the payment of the Obligations in any order in
      which the Required Lenders may elect.

     

    ARTICLE
      X

     

    AGENTS

     

    SECTION
      10.1  Authorization and
      Actions.  Each Lender hereby appoints Scotia Capital as the
      Administrative Agent and BOA as the Syndication Agent under, and for the
      purposes set forth in, this Agreement and each other Loan
      Document.  Each Lender authorizes each Agent to act on behalf of such
      Lender under this Agreement and each other Loan Document and in the absence
      of
      other written instructions from the Required Lenders received from time to
      time
      by the Agents (with respect to which each Agent agrees that it will comply,
      except as otherwise provided in this Section 10.1 or as otherwise
      advised by counsel), to exercise such powers hereunder and thereunder as are
      specifically delegated to or required of the Agents by the terms hereof and
      thereof, together with such powers as may be reasonably incidental
      thereto.  Each Lender hereby indemnifies (which indemnity shall
      survive any termination of this Agreement) each Agent pro rata according to
      such
      Lender’s Percentage, from and against any and all liabilities, obligations,
      losses, damages, claims, costs or expenses of any kind or nature whatsoever
      which at any time may be imposed on, incurred by, or asserted against, each
      Agent in any way relating to or arising out of this Agreement or any other
      Loan
      Document, including reasonable attorneys’ fees, and as to which either Agent is
      not reimbursed by Micro or the other Obligors; provided that no Lender
      shall be liable for the payment of any portion of such liabilities, obligations,
      losses, damages, claims, costs or expenses which are determined by
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    court
      of
      competent jurisdiction in a final proceeding to have resulted solely from such
      Agent’s gross negligence or willful misconduct.  No Agent shall be
      required to take any action hereunder or under any other Loan Document, or
      to
      prosecute or defend any suit in respect of this Agreement or any other Loan
      Document, unless it is indemnified hereunder to its satisfaction.  If
      any indemnity in favor of either Agent shall be or become, in such Agent’s
      determination, inadequate, the Administrative Agent may call additional
      indemnification from the Lenders and cease to do the acts indemnified against
      hereunder until such additional indemnity is given.

     

    SECTION
      10.2  Funding Reliance,
      etc.  Unless the Administrative Agent shall have been
      notified by telephone, confirmed in writing, by any Lender by 5:00 p.m.,
      Applicable Time, on the Business Day prior to the making of a Loan that such
      Lender will not make available an amount which would constitute its Percentage
      of such requested Loan on the date specified therefor, the Administrative Agent
      may assume that such Lender has made such amount available to the Administrative
      Agent and, in reliance upon such assumption, make available to the relevant
      Borrower a corresponding amount.  If and to the extent that such
      Lender shall not have made such amount available to the Administrative Agent,
      such Lender and the relevant Borrower severally agree, to pay the Administrative
      Agent forthwith on demand such corresponding amount together with interest
      thereon, for each day from the date the Administrative Agent made such amount
      available to the relevant Borrower to the date such amount is repaid to the
      Administrative Agent at an annual interest rate equal to the Administrative
      Agent’s Cost of Funds for the first day that the Administrative Agent made such
      amounts available and thereafter at a rate of interest equal to the interest
      rate applicable at the time to the requested Loan.

     

    SECTION
      10.3  Exculpation.  Neither Agent
      nor any of their respective directors, officers, employees or agents shall
      be
      liable to any Lender for any action taken or omitted to be taken by it under
      this Agreement or any other Loan Document, or in connection herewith or
      therewith, except for its own willful misconduct or gross negligence, nor be
      responsible for any recitals or warranties herein or therein, nor for the
      effectiveness, enforceability, validity or due execution of this Agreement
      or
      any other Loan Document, nor to make any inquiry respecting the performance
      by
      any Obligor of its obligations hereunder or under any other Loan
      Document.  Any such inquiry which may be made by either Agent shall
      not obligate it to make any further inquiry to take any action.  Each
      Agent shall be entitled to rely upon advice of counsel concerning legal matters
      and upon any notice, consent, certificate, statement or writing which each
      such
      Agent believes to be genuine and to have been presented by a proper
      Person.

     

    SECTION
      10.4  Successor.  Either Agent may
      resign as such at any time upon at least 30 days’ prior notice to Micro and all
      the Lenders.  If either Agent shall at any time resign, the Required
      Lenders, after consultations with Micro, may appoint another Lender as a
      successor Administrative Agent or Syndication Agent, as the case may be,
      whereupon such Lender shall become the Administrative Agent or the Syndication
      Agent hereunder, as the case may be.  If no successor Administrative
      Agent or Syndication Agent shall have been so appointed by the Required Lenders,
      and shall have accepted such appointment, within 30 days after the retiring
      Administrative Agent’s or Syndication Agent’s giving notice of resignation, then
      the retiring Administrative Agent or Syndication Agent may, on behalf of the
      Lenders, after consultations with Micro, appoint a successor Administrative
      Agent or Syndication Agent, as the case may be, which shall be one of the
      Lenders or a commercial banking institution that is organized under
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     laws
      of the United States or any State thereof (or a branch or agency of either)
      and
      that has a combined capital and surplus of at least
      $500,000,000.  Upon acceptance of any appointment as Administrative
      Agent or Syndication Agent hereunder, as the case may be, by a successor
      Administrative Agent or Syndication Agent, as the case may be, such successor
      Administrative Agent or Syndication Agent shall be entitled to receive from
      the
      retiring Administrative Agent or Syndication Agent such documents of transfer
      and assignment as such successor Administrative Agent or Syndication Agent,
      as
      the case may be, may reasonably request, and shall thereupon succeed to and
      become vested with all rights, powers, privileges and duties of the retiring
      Administrative Agent or Syndication Agent, as the case may be, and the retiring
      Administrative Agent or Syndication Agent shall be discharged from its duties
      and obligations under this Agreement.  After any retiring
      Administrative Agent’s or Syndication Agent’s resignation hereunder as the
      Administrative Agent or Syndication Agent, as the case may be, the provisions
      of:

     

    (a)           this
      Article X shall inure to its benefit as to any actions taken or omitted
      to be taken by it while it was the Administrative Agent or Syndication Agent
      under this Agreement; and

     

    (b)           Sections 11.3
      and 11.4 shall continue to inure to its benefit.

     

    SECTION
      10.5  Credit Extensions by an
      Agent.  Each Agent shall have the same rights and powers with
      respect to the Credit Extensions made by it or any of its Affiliates in its
      capacity as a Lender and may exercise the same as if it were not an Agent
      hereunder.  Each Agent and its respective Affiliates may accept
      deposits from, lend money to, and generally engage in any kind of business
      with
      any Obligor or Subsidiary of any thereof as if it were not an Agent
      hereunder.

     

    SECTION
      10.6  Credit Decisions.  Each
      Lender acknowledges that it has, independently of the Agents and each other
      Lender, and based on such Lender’s review of the financial information of each
      Obligor, this Agreement, the other Loan Documents (the terms and provisions
      which being satisfactory to such Lender) and such other documents, information
      and investigations as such Lender has deemed appropriate, made its own credit
      decision to make available its Commitment.  Each Lender also
      acknowledges that it will, independently of the Agents and each other Lender,
      and based on such other documents, information and investigations as it shall
      deem appropriate at any time, continue to make its own credit decisions as
      to
      exercising or not exercising from time to time any rights and privileges
      available to it under this Agreement or any other Loan Document.

     

    SECTION
      10.7  Copies, etc.  The
      Administrative Agent shall give prompt notice to each Lender of each notice
      or
      request required or permitted to be given to the Administrative Agent by any
      Obligor pursuant to the terms of this Agreement or any other Loan Document
      (unless concurrently delivered to the Lenders by such Obligor).  The
      Administrative Agent will distribute to each Lender each document or instrument
      received for its account, and copies of all other communications received by
      the
      Administrative Agent from any Obligor, for distribution to the Lenders by the
      Administrative Agent in accordance with the terms of this Agreement or any
      other
      Loan Document.

     

    

    
      
        
          
          

        

        
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    SECTION
      10.8  Joint Lead Arrangers and other
      Agents.  Anything herein to the contrary notwithstanding, the
      Joint Lead Arrangers and Joint Book Runners, the Syndication Agent and the
      Co-Documentation Agents listed on the cover page hereof shall not have any
      duties or responsibilities under this Agreement, except in their capacity,
      if
      any, as Administrative Agent or Lender.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      11.1  Waivers, Amendments,
      etc.  The provisions of this Agreement and of each other Loan
      Document may from time to time be amended, modified or waived, if such
      amendment, modification or waiver is in writing and consented to by each
      Borrower and the Required Lenders; provided that no such amendment,
      modification or waiver which would:

     

    (a)           modify
      any requirement hereunder that any particular action be taken by all the Lenders
      or by the Required Lenders shall be effective unless consented to by each
      Lender;

     

    (b)           modify
      this Section 11.1, change the definitions of “Percentage,” or
“Required Lenders,” increase the Total Commitment Amount or the Credit
      Commitment Amount or Percentage of any Lender, extend the Commitment Termination
      Date, or, subject to Section 8.2.5, release any Guarantor from any
      of its payment obligations under the Guaranty entered into by it, shall be
      made
      without the consent of each Lender;

     

    (c)           extend
      the due date for, or reduce the amount of, any scheduled repayment or prepayment
      of principal of or interest on any Credit Extension or the amount of any fee
      payable under Section 4.3 shall be made without the consent of each
      Lender; or

     

    (d)           affect
      adversely the interests, rights or obligations of the Administrative Agent,
      the
      Swing Line Lender or the Issuer shall be made without the consent of the
      Administrative Agent, the Swing Line Lender or the Issuer, as the case may
      be.

     

    No
      failure
      or delay on the part of any Lender Party in exercising any power or right under
      this Agreement or any other Loan Document shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any such power or right preclude any
      other or further exercise thereof or the exercise of any other power or
      right.  No notice to or demand on any Obligor in any case shall
      entitle it to any notice or demand in similar or other
      circumstances.  No waiver or approval by any Lender Party under this
      Agreement or any other Loan Document shall, except as may be otherwise stated
      in
      such waiver or approval, be applicable to subsequent transactions.  No
      waiver approval hereunder shall require any similar or dissimilar waiver or
      approval thereafter to be granted hereunder.

     

    SECTION
      11.2  Notices.  Unless otherwise
      specified to the contrary, all notices and other communications provided to
      any
      party hereto under this Agreement or any other Loan Document shall be in writing
      or by facsimile and addressed, delivered or transmitted to such party at its
      address or facsimile number set forth below its signature hereto or at such
      other address or facsimile number as may be designated by such party in a notice
      to the other parties.

     

    

    
      
        
          
          

        

        
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    All
      notices, if mailed and properly addressed with postage prepaid or if properly
      addressed and sent by paid courier service, shall be deemed given when received;
      all notices if transmitted by facsimile shall be deemed given when transmitted
      and the appropriate receipt for transmission received by the sender
      thereof.

     

    SECTION
      11.3  Payment of Costs and
      Expenses.  The Borrowers, jointly and severally, agree to pay
      on demand all reasonable expenses (inclusive of value added tax or any other
      similar tax imposed thereon) of the Agents (including the reasonable fees and
      out-of-pocket expenses of the single counsel to the Agents and of local counsel,
      if any, who may be retained by such counsel to the Agents) in connection with
      the negotiation, preparation, execution, and delivery of this Agreement and
      of
      each other Loan Document (including schedules, exhibits, and forms of any
      document or instrument relevant to this Agreement or any other Loan Document),
      and any amendments, waivers, consents, supplements, or other modifications
      to
      this Agreement or any other Loan Document as from time to time may hereafter
      be
      required, whether or not the transactions contemplated hereby are
      consummated.

     

    The
      Borrowers, jointly and severally, further agree to pay, and to save the Lender
      Parties harmless from all liability for, stamp or other taxes (including,
      without limitation, any registration duty imposed by Belgian law) which may
      be
      payable in connection with the execution, delivery or enforcement of this
      Agreement or any other Loan Document, and in connection with the making of
      any
      Credit Extensions and the issuing of any Letters of Credit
      hereunder.  The Borrowers, jointly and severally, also agree to
      reimburse each Lender Party upon demand for all out-of-pocket expenses
      (inclusive of value added tax or other similar tax imposed thereon and including
      attorneys’ fees and legal expenses (including actual cost to such Lender Party
      of its in-house counsel) on a full indemnity basis) incurred by each such Lender
      Party in connection with (x) the negotiation of any restructuring or “work-out,”
whether or not consummated, of any Obligations and (y) the enforcement of any
      obligations, provided that the Borrowers, jointly and severally, shall
      reimburse each Lender Party for the fees and legal expenses of only one counsel
      for such Lender Party.

     

    SECTION
      11.4  Indemnification.  In
      consideration of the execution and delivery of this Agreement and each other
      Loan Document by each Lender Party and the extension of the Commitments, the
      Obligors hereby jointly and severally indemnify, exonerate and hold each Lender
      Party and each of their respective officers, directors, employees and agents
      (collectively, the “Indemnified Parties”) free and harmless from and
      against any and all actions, claims, causes of action, suits, losses, costs,
      liabilities and damages, and expenses incurred in connection therewith
      (irrespective of whether any such Indemnified Party is a party to the action
      for
      which indemnification hereunder is sought), including reasonable attorneys’ fees
      and disbursements, which shall include the actual cost to such Indemnified
      Party
      of its in-house counsel but shall not include the fees and expenses of more
      than
      one counsel to such Indemnified Party (collectively, the “Indemnified
      Liabilities”), incurred by Indemnified Parties or any of them as a result
      of, or arising out of, or relating to:

     

    (a)           any
      transaction financed or to be financed in whole or in part, directly or
      indirectly, with the proceeds of any Credit Extension;

     

    

    
      
        
          
          

        

        
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    (b)           the
      entering into and performance of this Agreement and any other Loan Document
      by
      any of the Indemnified Parties (excluding, however, any action successfully
      brought by or on behalf of Micro or any other Borrower with respect to any
      determination by any Lender not to fund any Credit Extension or not to comply
      with Section 11.15 or any action by the Required Lenders to
      terminate or reduce the Commitments or accelerate the Loans in violation of
      the
      terms of this Agreement);

     

    (c)           any
      investigation, litigation or proceeding related to any acquisition or proposed
      acquisition by any Obligor, or any of their respective Subsidiaries of all
      or
      any portion of the stock or assets of any Person, whether or not any Indemnified
      Party is party thereto;

     

    (d)           any
      investigation, litigation, or proceeding related to any environmental cleanup,
      audit, compliance, or other matter relating to the protection of the environment
      or the Release by any Obligor (or any of their respective Subsidiaries) of
      any
      Hazardous Material; or

     

    (e)           the
      presence on or under, or the escape, seepage, leakage, spillage, discharge,
      emission, discharging, or releases from, any real property owned or operated
      by
      any Obligor (or any of their respective Subsidiaries) of any Hazardous Material
      (including any losses, liabilities, damages, injuries, costs, expenses, or
      claims asserted or arising under any Environmental Law), regardless of whether
      caused by, or within the control of, such Person;

     

    except
      for
      any such Indemnified Liabilities arising for the account of a particular
      Indemnified Party by reason of the relevant Indemnified Party’s gross negligence
      or willful misconduct as finally determined by a court of competent
      jurisdiction.  If and to the extent that the foregoing undertaking may
      be unenforceable for any reason, the Obligors hereby jointly and severally
      agree
      to make the maximum contribution to the payment and satisfaction of each of
      the
      Indemnified Liabilities which is permissible under applicable law.

     

    SECTION
      11.5  Survival.  The obligations
      of Micro and each other Obligor under Sections 5.3, 5.4,
5.5, 5.7, 11.3, and 11.4, and the obligations of the
      Lenders under Sections 10.1 and 11.15, shall in each case
      survive any termination of this Agreement, the payment in full of Obligations,
      and the termination of the Commitments.  The representations and
      warranties made by Micro and each other Obligor in this Agreement and in each
      other Loan Document shall survive the execution and delivery of this Agreement
      and each such other Loan Document.

     

    SECTION
      11.6  Severability.  Any provision
      of this Agreement or any other Loan Document which is prohibited or
      unenforceable in any jurisdiction shall, as to such provision and such
      Jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions of this Agreement
      or such Loan Document or affecting the validity or enforceability of such
      provision in any other jurisdictions.

     

    SECTION
      11.7  Headings.  The various
      headings of this Agreement and of each other Loan Document are inserted for
      convenience only and shall not affect the meaning or

     

    

    
      
        
          
          

        

        
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    interpretation
      of this Agreement or such other Loan Document or any provisions hereof or
      thereof.

     

    SECTION
      11.8  Execution in Counterparts, Effectiveness;
      Entire Agreement.  This Agreement may be executed by the
      parties hereto in several counterparts, each of which shall be deemed to be
      an
      original and all of which shall constitute together but one and the same
      Agreement.  This Agreement shall become effective on the date when the
      Administrative Agent has (a) received (i) counterparts hereof executed on
      behalf of each Initial Borrower, the Agents, and each Lender or (ii) facsimile,
      telegraphic, or other written confirmation (in form and substance satisfactory
      to the Administrative Agent, who may rely upon the advice of its special counsel
      in making that determination) of such execution and (b) so notified the
      Borrowers and the Lenders; provided that no Lender shall have any
      obligation to make the initial Credit Extension until the date (the
“Effective Date”) that the applicable conditions set forth in
Sections 6.1 and 6.2 have been satisfied as provided
      herein.  The Effective Date must occur on or before 5:00 p.m., New
      York City time, on August 31, 2007.  This Agreement and the other
      Loan Documents constitute the entire understanding among the parties hereto
      with
      respect to the subject matter hereof and supersede any prior agreements, written
      or oral, with respect thereto.  Each Lender that is a party to the
      Predecessor Credit Agreement, by its execution hereof, waives any requirement
      of
      prior notice of termination of the “Commitments” (as defined in the Predecessor
      Credit Agreement) pursuant to Section 2.2 thereof and of prepayment of Loans
      thereunder to the extent necessary to give effect to Section
      6.1.8.

     

    SECTION
      11.9  Jurisdiction.

     

    SECTION
      11.9.1  Submission; Service of Process; Immunity;
      etc.  TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ANY
      LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
      AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF
      DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER AGENT, THE
      LENDERS, THE ISSUER OR ANY BORROWER MAY BE BROUGHT AND MAINTAINED IN THE COURTS
      OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE
      SOUTHERN DISTRICT OF NEW YORK.  EACH BORROWER HEREBY EXPRESSLY AND
      IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF
      NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND
      IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
      WITH SUCH LITIGATION.  EACH FOREIGN BORROWER HEREBY IRREVOCABLY
      APPOINTS MICRO (IN SUCH CAPACITY, THE “PROCESS
      AGENT”), WITH AN OFFICE ON THE DATE HEREOF AT 1600 E. ST.
      ANDREW PLACE, SANTA ANA, CA 92705 UNITED STATES, AS ITS AGENT TO RECEIVE, ON
      SUCH FOREIGN BORROWER’S BEHALF AND ON BEHALF OF SUCH FOREIGN BORROWER’S
      PROPERTY, SERVICE OF COPIES OF THE SUMMONS AND COMPLAINT AND ANY OTHER PROCESS
      WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING.  SUCH SERVICE
      MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO SUCH FOREIGN
      BORROWER IN CARE OF THE PROCESS AGENT AT THE PROCESS AGENT’S ABOVE ADDRESS, AND
      SUCH

     

    

    
      
        
          
          

        

        
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    FOREIGN
      BORROWER IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT SUCH
      SERVICE ON ITS BEHALF.  AS AN ALTERNATIVE METHOD OF SERVICE, EACH
      BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED
      MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF
      NEW YORK.  EACH BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,
      TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR
      HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN
      ANY
      SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN
      BROUGHT IN AN INCONVENIENT FORUM.  TO THE EXTENT THAT ANY BORROWER HAS
      OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OF FROM
      ANY
      LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
      ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
      PROPERTY, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH SUCH
      BORROWER HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS
      UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

     

    SECTION
      11.9.2  Non-exclusivity.  Nothing in this
Section 11.9 limits the right of a Lender Party to bring proceedings
      against an Obligor in connection with any Loan Document in any other court
      of
      competent jurisdiction, or concurrently in more than one
      jurisdiction.

     

    SECTION
      11.9.3  Governing Law.  EACH LOAN DOCUMENT (OTHER
      THAN THE LETTERS OF CREDIT, TO THE EXTENT SPECIFIED BELOW AND EXCEPT AS
      OTHERWISE EXPRESSLY SET FORTH IN A LOAN DOCUMENT) WILL EACH BE DEEMED TO BE
      A
      CONTRACT MADE UNDER AND GOVERNED BY AND ITS PROVISIONS CONSTRUED UNDER THE
      INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS
      5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
      YORK).  EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT, OR
      IF NO
      LAWS OR RULES ARE DESIGNATED, THE INTERNATIONAL STANDBY PRACTICES
      (ISP98--INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 590 (THE
“ISP RULES”)) AND, AS TO MATTERS NOT
      GOVERNED BY THE ISP RULES, THE INTERNAL LAWS OF THE STATE OF NEW
      YORK.

     

    SECTION
      11.10  Successors and
      Assigns.  This Agreement and each other Loan Document shall
      be binding upon and shall inure to the benefit of the parties hereto and thereto
      and their respective successors and assigns; provided that:

     

    (a)           no
      Obligor may assign or transfer its rights or obligations hereunder or under
      any
      other Loan Document without the prior written consent of all the Lender
      Parties;

     

    

    
      
        
          
          

        

        
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    (b)           the
      rights of sale, assignment and transfer of the Lenders are subject to
Section 11.11; and

     

    (c)           the
      rights of the Administrative Agent with respect to resignation or removal are
      subject to Section 10.4.

     

    SECTION
      11.11  Assignments and Transfers of
      Interests.  No Lender may assign or sell participation
      interests in its Commitment or any of its Credit Extensions or any portion
      thereof to any Persons except in accordance with this
Section 11.11.

     

    SECTION
      11.11.1  Assignments.  Any attempted
      assignment or transfer by a Lender of its Credit Extensions and Commitment
      not
      made in accordance with this Section 11.11.1 shall be null and
      void.

     

    (a)           Any
      Lender may at any time assign or transfer to (i) one or more Eligible Assignees,
      to any of its Affiliates or to any other Lender, in each case (so long as no
      Event of Default exists at the time) with the consent of the Administrative
      Agent and Micro (such consent not to be unreasonably withheld or delayed;
provided that, it shall not be unreasonable for Micro to withhold consent
      if such assignment will result in any Borrower becoming liable to make greater
      or additional payments (whether under Section 5.7 or otherwise);
provided that, such consent by Micro need not be attained to effect
      an
      assignment to (A) from any Lender to its own affiliate, or (B) if any Event
      of
      Default has occurred and is continuing, to any bank or financial institution
      or
      trust, fund or other entity which is regularly engaged in or established for
      the
      purpose of making, purchasing or investing in loans, securities or other
      financial assets, or (ii) any Federal Reserve Bank (each Person described in
      any
      of the foregoing clauses as being the Person to whom such assignment or transfer
      is available to be made, being hereinafter referred to as a “Transferee
      Lender”) all or any part of such Lender’s total Credit Extensions and
      Commitment (which assignment or transfer shall be of a constant, and not a
      varying, percentage of all the assigning Lender’s Credit Extensions and
      Commitment) in a minimum aggregate amount equal to the lesser of (i) the entire
      amount of such Lender’s total Credit Extensions and Commitment or (ii)
      $5,000,000.

     

    (b)           Notwithstanding
      clause (a) above, each Obligor and Agent shall be entitled to continue to
      deal solely directly with such Lender in connection with the interests so
      assigned or transferred to a Transferee Lender unless and until (i) notice
      of
      such assignment or transfer, together with payment instructions, addresses,
      and
      related information with respect to such Transferee Lender, shall have been
      given to Micro and each Agent by such Lender and such Transferee Lender, (ii)
      such Transferee Lender shall have executed and delivered to Micro and each
      Agent, a Lender Assignment Agreement, and (iii) the Lender or the Transferee
      Lender shall have paid a $3,500 processing fee to the Administrative
      Agent.

     

    (c)           From
      and after the effective date of such Lender Assignment Agreement (i) the
      Transferee Lender thereunder shall be deemed automatically to have become a
      party to this Agreement and (to the extent rights and obligations under this
      Agreement have been assigned and transferred to such Transferee Lender in
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    Lender
      Assignment Agreement) shall have the rights and obligations of a Lender under
      this Agreement and the other Loan Documents, and (ii) the assignor Lender (to
      the extent that rights and obligations under this Agreement have been assigned
      and transferred by it in connection with such Lender Assignment Agreement)
      shall
      be released from its obligations under this Agreement and the other Loan
      Documents.

     

    (d)           Accrued
      interest and accrued fees shall be paid in respect of assigned and retained
      Credit Extensions and Commitments at the same time or times provided in this
      Agreement, notwithstanding any such assignments or transfers.

     

    SECTION
      11.11.2  Participations.  Any Lender may at
      any time sell to one or more commercial banks or other Persons (each of such
      commercial banks and other Persons being herein called a “Participant”)
      participating interests in any of its Credit Extensions and Commitments
      hereunder; provided that:

     

    (a)           no
      participation contemplated in this Section 11.11.2 shall relieve
      such Lender from its Commitments or its other obligations hereunder or under
      any
      other Loan Document;

     

    (b)           such
      Lender shall remain solely responsible for the performance of its Commitments
      and such other obligations;

     

    (c)           each
      Borrower and each other Obligor and the Agents shall continue to deal solely
      and
      directly with such Lender in connection with such Lender’s rights and
      obligations under this Agreement and each other Loan Document;

     

    (d)           no
      Participant, unless such Participant is an Affiliate of such Lender or is itself
      a Lender, shall be entitled to require such Lender to take or refrain from
      taking any action hereunder or under any other Loan Document, except that such
      Lender may agree with any Participant that such Lender will not, without such
      Participant’s consent, take any actions of the type described in
clause (a), (b) or clause (c) of
Section 11.1; and

     

    (e)           no
      Borrower shall be required to pay any amount under this Agreement that is
      greater than the amount which it would have been required to pay had no
      participating interest been sold.

     

    The
      Borrower acknowledges and agrees that each Participant, for purposes of
Sections 5.3, 5.4, 5.5, 5.7, 5.9,
5.10, 11.3, and 11.4, shall be
      considered a
      Lender.

     

    SECTION
      11.12  Other
      Transactions.  Nothing contained herein shall preclude any
      Lender Party from engaging in any transaction, in addition to those contemplated
      by this Agreement or any other Loan Document, with any Obligor or any of its
      Affiliates in which such Obligor or such Affiliate is not restricted hereby
      from
      engaging with any other Person.

     

    SECTION
      11.13  Further Assurances.  Each
      Obligor agrees to do such further acts and things and to execute and deliver
      to
      each Lender Party such additional assignments, agreements, powers, and
      instruments, as such Lender Party may reasonably require or deem advisable
      to

     

    

    
      
        
          
          

        

        
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    carry
      into
      effect the purposes of this Agreement or any other Loan Document or to better
      assure and confirm unto such Lender Party its rights, powers and remedies
      hereunder and thereunder.

     

    SECTION
      11.14  Waiver of Jury Trial.  THE
      AGENTS, THE LENDERS, MICRO, AND EACH OTHER OBLIGOR HEREBY KNOWINGLY, VOLUNTARILY
      AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY
      MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
      ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN
      DOCUMENT, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL
      OR
      WRITTEN) OR ACTIONS OF THE LENDER PARTIES, THE AGENTS OR MICRO OR ANY OTHER
      OBLIGOR.  MICRO AND EACH OTHER OBLIGOR AGREES THAT IT HAS RECEIVED
      FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION
      OF THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND
      THAT
      THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER PARTIES ENTERING INTO
      THIS AGREEMENT AND EACH SUCH OTHER LOAN DOCUMENT TO WHICH IS A
      PARTY.

     

    SECTION
      11.15  Confidentiality.  Each of
      the Lender Parties hereby severally agrees with each Borrower that it will
      keep
      confidential all information delivered to such Lender Party or on behalf of
      each
      Borrower or any of their respective Subsidiaries which information is known
      by
      such Lender Party to be proprietary in nature, concerns the terms and conditions
      of this Agreement or any other Loan Document, or is clearly marked or labeled
      or
      otherwise adequately identified when received by such Lender Party as being
      confidential information (all such information, collectively for purposes of
      this section, “confidential information”); provided that each
      Lender Party shall be permitted to deliver or disclose “confidential
      information”: (a) to directors, officers, employees and affiliates; (b) to
      authorized agents, attorneys, auditors and other professional advisors retained
      by such Lender Party that have been apprised of such Lender Party’s obligation
      under this Section 11.15 and have agreed to hold confidential the
      foregoing information substantially in accordance with the terms of this
Section 11.15; (c) subject to such Person's written confidentiality
      agreement in favor of the Borrowers with provisions substantially the same
      as in
      this Section 11.15, to (i) any Transferee Lender or Participant or prospective Transferee
      Lender or
      Participant with respect to such Lender Party's rights or obligations under
      this
      Agreement or (ii) any actual or prospective counterparty (or its advisors)
      to
      any swap, derivative or securitization transaction relating to the Borrowers
      and
      their obligations under this Agreement; (d) to any federal or state
      regulatory authority having jurisdiction over such Lender Party; or (e) to
      any
      other Person to which such delivery or disclosure may be necessary or
      appropriate (i) to effect compliance with any law, rule, regulation or order
      applicable to such Lender Party, (ii) in response to any subpoena or other
      legal
      process (provided that the relevant Borrower shall be given notice of any
      such subpoena or other legal process as soon as possible in any event prior
      to
      production (unless provision of any such notice would result in a violation
      of
      any such subpoena or other legal process), and the Lender Party receiving such
      subpoena or other legal process shall cooperate with such Borrower, at such
      Borrower’s expense, seeking a protective order to prevent or limit such
      disclosure), or (iii) in connection with any litigation to which such Lender
      Party is a party.

     

    

    
      
        
          
          

        

        
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    For
      purposes hereof, the term “confidential information” does not include any
      information that: (A) was publicly known or otherwise known by any Lender Party
      on a non-confidential basis from a source other than the relevant Borrower
      prior
      to the time such information is delivered or disclosed to such Lender Party
      by
      the relevant Borrower; (B) subsequently becomes publicly known through no act
      or
      omission by any Lender Party or any Person acting on behalf of any Lender Party;
      (C) otherwise becomes known to a Lender Party other than through disclosure
      by
      the relevant Borrower (or any Subsidiary thereof) or through someone subject,
      to
      such Lender Party’s knowledge, to a duty of confidentiality to the relevant
      Borrower; or (D) constitutes financial statements that are otherwise publicly
      available.

     

    SECTION
      11.16  Release of Subsidiary Guarantors and Acceding
      Borrowers.

     

    (a)           If (i)
      the Agents receive a certificate from the chief executive officer, the chief
      financial officer, or Treasurer of Micro certifying as of the date of that
      certificate that, after the consummation of the transaction or series of
      transactions described in such certificate (which certification shall also
      state
      that such transactions, individually and in the aggregate, will be in compliance
      with the terms and conditions of this Agreement, including, to the extent
      applicable, the covenants contained in Sections 8.2.5 and
8.2.6, and that no Default existed, exists, or will exist, as the
      case
      may be, immediately before, as a result of, or after giving effect to such
      transaction or transactions and the release or termination, as the case may
      be,
      described below), the Guarantor or Acceding Borrower, as the case may be,
      identified in such certificate will no longer be a Subsidiary of Micro, and
      (ii)
      in the case of a Acceding Borrower, the appropriate Lender Parties have received
      payment in full of all principal of, interest on, reimbursement obligation
      in
      respect of, and fees related to any Outstanding Credit Extensions made by any
      of
      them in favor of such Acceding Borrower, then such Guarantor’s Guaranty shall
      automatically terminate or such Acceding Borrower shall automatically cease
      to
      be a party to this Agreement and the other Loan Documents.

     

    (b)           No
      such termination or cessation shall release, reduce, or otherwise adversely
      affect the obligations of any other Obligor under this Agreement, any other
      Guaranty, or any other Loan Document, all of which obligations continue to
      remain in full force and effect.

     

    (c)           Each
      Lender Party shall, at Micro’s expense, execute such documents as Micro may
      reasonably request to evidence such termination or cessation, as the case may
      be.

     

    SECTION
      11.17  Collateral.  Each of the
      Lenders represents to the Administrative Agent and each of the other Lenders
      that it in good faith is not relying upon any Margin Stock as collateral in
      the
      extension or maintenance of the credit provided for in this
      Agreement.

     

    SECTION
      11.18  USA PATRIOT Act
      Notice.  Each Lender and the Administrative Agent (for itself
      and not on behalf of any Lender) hereby notifies the Borrowers that pursuant
      to
      the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
      into law October 26, 2001)) (the “Act”), it is required to obtain, verify
      and record information that identifies the Borrowers, which information includes
      the name and address of the Borrowers and other

     

    

    
      
        
          
          

        

        
          88

          
            

          

        

        
          
          

        

      

    

    

     information
      that will allow such Lender or the Administrative Agent, as applicable, to
      identify the Borrowers in accordance with the Act.

     

    REMAINDER
      OF PAGE INTENTIONALLY BLANK.  THIS PAGE IS

    FOLLOWED
      BY SIGNATURE PAGES FOR THE BORROWERS AS OF THE

    DATE
      OF
      THIS AGREEMENT, FOLLOWED BY SEPARATE SIGNATURE

    PAGES
      FOR
      THE AGENTS AND THE LENDERS.

     

    

     

    

    

    
      
        
          
          

        

        
          89

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

     

    
      	
              INGRAM
                MICRO INC., as an Initial

              Borrower
                and a Guarantor

            	 	
              INGRAM
                MICRO COORDINATION

              CENTER
                B.V.B.A., as an Initial Borrower

            
	 	 	 
	 	 	 
	
              By

            	/s/
              James F. Ricketts	 	
              By

            	/s/
              Hans Koppen
	 	
              Name:
                James F. Ricketts

              Title:
                Corporate Vice President and Treasurer

            	 	 	
              Name:
                Hans Koppen

              Title:
                Manager

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 

    

    

    
      	
              Address:

            	1600
              E. St. Andrew Place 
              Santa
                Ana, CA 92705

            	
              Address:

            	Luchthavenlaan
              25A 
              Vilvoorde,
                Belgium 1800

            
	 	 	 	 
	
              Facsimile
                No.:

            	
              [Omitted]

            	
              Facsimile
                No.:

            	
              [Omitted]

            
	 	 	 	 
	
              Attention:

            	James
              F. Ricketts	
              Attention:

            	Karel
              Everaet
	 	 	 	 

    

    

    
      	
              INGRAM
                MICRO EUROPE

              TREASURY
                LLC, as an Initial Borrower

            	 
	
              By:
                [Insert Name of Managing Member]

            	 
	 	 
	
              By

            	/s/
              James F. Ricketts	 	 
	 	
              Name:
                James F. Ricketts

              Title:
                Manager and Treasurer

            	 	 
	 	 

    

    
      

      
        	
                Address:

              	1600
                E. St. Andrew Place 
                Santa
                  Ana, CA 92705

              	 	
              
	 	 	 	 
	
                Facsimile
                  No.:

              	
                [Omitted]

              	 	
              
	 	 	 	 
	
                Attention:

              	James
                F. Ricketts	 	
              
	 	 	 	 

      

      

    

     

    

    

    One
      of Several Signature Pages to 

    Credit
      Agreement

    

    
      
        
          
          

        

        
          90

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
      
        	 	 	 
	 	
                THE
                  BANK OF NOVA SCOTIA, as the 

                Administrative
                  Agent

              
	 	 	 
	 	 	 
	 	
                By

              	/s/
                Chris Osborn
	 	 	
                Name:
                  Chris Osborn

              
	 	 	
                Title:
                  Managing Director

              
	 	 	 
	 	
                Address
                  for Notices and Payment of Fees:

                WBO
                  Loan Operations

                720
                  King Street West, 2nd
                  FL

                Toronto,
                  Ontario

                M5V
                  2T3

              
	 	 	 
	 	
                Facsimile
                  No.:  [Omitted]

              
	 	 	 
	 	
                Attention:  John
                  Hall

              

      

      
 

    

    

    

    
      One
        of Several Signature Pages to 

      Credit
        Agreement

    

    
      
        
          
          

        

        
          91

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
      
        
          	 	 	 
	 	
                  
                    BANK
                      OF AMERICA, N.A., as the Syndication Agent

                  

                
	 	 	 
	 	 	 
	 	
                  By

                	/s/
                  Fred L. Thorne
	 	 	
                  Name:
                    Fred L. Thorne

                
	 	 	
                  Title:
                    Managing Director

                
	 	 	 

        

        
 

      

    

    
      	 	
              By

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

     

     

    
      One
        of Several Signature Pages to 

      Credit
        Agreement

    

    

    
      
        
          
          

        

        
          92

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

     

    
      
        	 	
                Percentage

              	
                Initial

                Commitment

                Amount

              	 	 
	 	 	 	 	 
	 	
                15.45%

              	
                $42,500,000.00

              	
                BANK
                  OF NOVA SCOTIA, as a Lender 

              
	 	 	 	 
	 	 	 	 
	 	
                 

              	
                 

              	
                By

              	/s/
                Chris Osborn 
	 	 	
                Name:
                  Chris Osborn

              
	 	 	
                Title:
                  Managing Director

              

      

       

    

     

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Payment of Fees and Notices:

            
	
              Scotia
                House

            	
              WBO
                Loan Operations

            
	
              33
                Finsbury Square

            	
              720
                King Street West, 2nd
                FL

            
	
              London
                EC2A1BB England

            	
              Toronto,
                Ontario

              M5V
                2T3

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	 	 
	
              Attention:
                Loan Agency Services, Savi Rampat

            	
              Attention:  John
                Hall

            
	 	 
	 	 
	
              Lending
                Office for Loans to Micro:

            	 
	
              580
                California Street

            	 
	
              San
                Francisco, California 94104

            	 
	
              Facsimile
                No.:  [Omitted]

            	 
	 	 
	
              Attention:  Diane
                Emanuel

            	 
	 	 

    

    
       

       

      One
        of Several Signature Pages to 

      Credit
        Agreement

    

    
      
        
          
          

        

        
          93

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
       

      
        
          	 	
                  Percentage

                	
                  Initial

                  Commitment

                  Amount

                	 	 
	 	 	 	 	 
	 	
                  15.45%

                	
                  $42,500,000.00

                	
                  BANK
                    OF AMERICA, N.A., as a Lender 

                
	 	 	 	 
	 	 	 	 
	 	
                   

                	
                   

                	
                  By

                	/s/
                  Fred L. Thorne 
	 	 	
                  Name:
                    Fred L. Thorne

                
	 	 	
                  Title:
                    Managing Director

                

        

         

      

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices:

            
	
              100
                Federal Street

            	
              100
                Federal Street

            
	
              Boston,
                MA 02110

            	
              Boston,
                MA 02110

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Nancy
                Wu

            	
              Attention:  Nancy
                Wu

            
	
              Email:
                nancy.d.wu@BankofAmerica.com

            	
              Email:
                nancy.d.wu@BankofAmerica.com

            
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              100
                Federal Street

            	
              100
                Federal Street

            
	
              Boston,
                MA 02110

            	
              Boston,
                MA 02110

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Nancy
                Wu

            	
              Attention:  Nancy
                Wu

            
	
              Email:
                nancy.d.wu@BankofAmerica.com

            	
              Email:
                nancy.d.wu@BankofAmerica.com

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
      
         

        
          
            	 	
                    Percentage

                  	
                    Initial

                    Commitment

                    Amount

                  	 	 
	 	 	 	 	 
	 	
                    12.73%

                  	
                    $35,000,000

                  	
                    UNION
                      BANK OF CALIFORNIA, N.A., as a Lender 

                  
	 	 	 	 
	 	 	 	 
	 	
                     

                  	
                     

                  	
                    By

                  	/s/
                    James Helm 
	 	 	
                    Name:
                      James Helm

                  
	 	 	
                    Title:
                      Vice President

                  

          

           

        

      

    

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices:

            
	
              Commercial
                Loan Operations

              1980
                Saturn Street

            	
              18300
                Von Karman Ave

            
	
              Monterey
                Park, CA 91754

            	
              Irvine,
                California 92612

            
	
              Facsimile
                No.:  [Omitted]

            	
              Facsimile
                No.:  [Omitted]

            
	
              Telephone
                No.:  [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Ruby
                Gonzales

            	
              Attention:  James
                Heim

            
	 	 
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              Commercial
                Loan Operations

              1980
                Saturn Street

            	
              Commercial
                Loan Operations

              1980
                Saturn Street

            
	
              Monterey
                Park, CA 91754

            	
              Monterey
                Park, CA 91754

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.:  [Omitted]

            
	
              Attention:  Ruby
                Gonzales

            	
              Attention:  Ruby
                Gonzales

            
	 	 

    

    

    

    

     

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     EXECUTED
      as of the date first stated in this Credit Agreement.

    
      
         

        
          
            	 	
                    Percentage

                  	
                    Initial

                    Commitment

                    Amount

                  	 	 
	 	 	 	 	 
	 	
                    12.73%

                  	
                    $35,000,000

                  	
                    KEYBANK
                      NATIONAL ASSOCIATION, as a Lender 

                  
	 	 	 	 
	 	 	 	 
	 	
                     

                  	
                     

                  	
                    By

                  	/s/
                    David A. Wild 
	 	 	
                    Name:
                      David A. Wild

                  
	 	 	
                    Title:
                      Vice President

                  

          

           

        

      

    

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices for Dollar-denominated Revolving
                Loans:

            
	
              601
                108th
                Ave.
                NE, 5th
                Floor

            	
              KeyBank
                National Association

              OH-01-27-0417

            
	
              Bellevue,
                WA 98004

            	
              127
                Public Square

            
	 	
              Cleveland,
                Ohio 44114

            
	
              Facsimile
                No.:  [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Eric
                Schumacher

            	
              Attention:  Lisa
                Wright

            
	
              Email:  Eric_Schumacher@keybank.com

            	
              Email:  Lisa_M_Wright@keybank.com

            
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              601
                108th
                Ave.
                NE, 5th
                Floor

            	
              KeyBank
                National Association

              OH-01-27-0417

            
	
              Bellevue,
                WA 98004

            	
              127
                Public Square

            
	
              Facsimile
                No.:  [Omitted]

            	
              Cleveland,
                Ohio 44114

            
	
              Telephone
                No.: [Omitted]

            	
              Facsimile
                No.:  [Omitted]

            
	
              Attention:  Eric
                Schumacher

            	
              Telephone
                No.: [Omitted]

            
	
              Email:  Eric_Schumacher@keybank.com

            	
              Attention:  Lisa
                Wright

            
	 	
              Email:  Lisa_M_Wright@keybank.com

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
      
         

        
          
            	 	
                    Percentage

                  	
                    Initial

                    Commitment

                    Amount

                  	 	 
	 	 	 	 	 
	 	
                    12.73%

                  	
                    $35,000,000

                  	
                    MIZUHO
                      CORPORATE BANK, LTD.

                  
	 	 	 	 
	 	 	 	 
	 	
                     

                  	
                     

                  	
                    By

                  	/s/
                    Makota Murata
	 	 	
                    Name:
                      Makota Murata

                  
	 	 	
                    Title:
                      Deputy General Manager

                  

          

           

        

      

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices:

            
	
              1800
                Plaza Ten

              Harborside
                Financial Center

            	
              1800
                Plaza Ten

              Harborside
                Financial Center

            
	
              Jersey
                City, N.J. 07311

            	
              Jersey
                City, N.J. 07311

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.:  [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Margaret
                Schwed

            	
              Attention:  Margaret
                Schwed

            
	
              Email:  Margaret.schwed@mizuhocbus.com

            	
              Email:  Margaret.schwed@mizuhocbus.com

            
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              1800
                Plaza Ten

              Harborside
                Financial Center

            	
              1800
                Plaza Ten

              Harborside
                Financial Center

            
	
              Jersey
                City, N.J. 07311

            	
              Jersey
                City, N.J. 07311

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.:  [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Margaret
                Schwed

            	
              Attention:  Margaret
                Schwed

            
	
              Email:  Margaret.schwed@mizuhocbus.com

            	
              Email:  Margaret.schwed@mizuhocbus.com

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

     

    
      
         

        
          
            	 	
                    Percentage

                  	
                    Initial

                    Commitment

                    Amount

                  	 	 
	 	 	 	 	 
	 	
                    12.73%

                  	
                    $35,000,000

                  	
                    BNP
                      PARIBAS, as a Lender

                  
	 	 	 	 
	 	 	 	 
	 	
                     

                  	
                     

                  	
                    By

                  	/s/
                    William Davidson 
	 	 	
                    Name:
                      William Davidson

                  
	 	 	
                    Title:
                      Director

                  

          

          
            
               

              
                
                  	 	 	 	 	 
	 	
                           

                        	
                           

                        	
                          By

                        	/s/
                          Matthew Harvey
	 	 	
                          Name:
                            Matthew Harvey

                        
	 	 	
                          Title:
                            Managing Director

                        

                

                 

              

            

          

        

      

    

     

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices:

            
	
              919
                3rd
                Avenue

              New
                York, NY 10022

            	
              919
                3rd
                Avenue

              New
                York, NY 10022

            
	 	 
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Stephanie
                Vaillancourt

            	
              Attention:  Stephanie
                Vaillancourt

            
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              919
                3rd
                Avenue

              New
                York, NY 10022

            	
              919
                3rd
                Avenue

              New
                York, NY 10022

            
	 	 
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Stephanie
                Vaillancourt

            	
              Attention:  Stephanie
                Vaillancourt

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
       

      
        
          
            
              	 	
                      Percentage

                    	
                      Initial

                      Commitment

                      Amount

                    	 	 
	 	 	 	 	 
	 	
                      
                        9.1%

                      

                    	
                      
                        $25,000,000.00

                      

                    	
                      MORGAN
                        STANLEY BANK, as a Lender

                    
	 	 	 	 
	 	 	 	 
	 	
                       

                    	
                       

                    	
                      By

                    	/s/
                      Daniel Twenge 
	 	 	
                      Name:
                        Daniel Twenge

                    
	 	 	
                      Title:
                        Authorized Signatory

                    

            

            
              
                 

              

            

          

        

      

    

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices:

            
	
              2500
                Lake Park Blvd

              Suite
                300 C

            	
              One
                Pierrepont Plaza, 7th
                FL

              300
                Cadman Plaza West

            
	
              West
                Valley City, Utah 84120

            	
              Brooklyn,
                NY 11201

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.: [Omitted]

            
	
              Attention:  Megan
                Franchetti

            	
              Attention:  Gabriela
                Nevergold

            
	
              Email:

              Megan.Franchetti@morganstanley.com

            	
              Email:
                Gabriela.Nevergold@morganstanley.com

            
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              2500
                Lake Park Blvd

              Suite
                300 C

            	
              One
                Pierrepont Plaza, 7th
                FL

              300
                Cadman Plaza West

            
	
              West
                Valley City, Utah 84120

            	
              Brooklyn,
                NY 11201

            
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.:  [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.:  [Omitted]

            
	
              Attention:  Megan
                Franchetti

            	
              Attention:  Gabriela
                Nevergold

            
	
              Email:

              Megan.Franchetti@morganstanley.com

            	
              Email:
                Gabriela.Nevergold@morganstanley.com

            

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      as of the date first stated in this Credit Agreement.

    
      
         

        
          
            
              
                	 	
                        Percentage

                      	
                        Initial

                        Commitment

                        Amount

                      	 	 
	 	 	 	 	 
	 	
                        
                          9.1%

                        

                      	
                        
                          $25,000,000.00

                        

                      	
                        ABN
                          AMRO BANK N.V., as a Lender

                      
	 	 	 	 
	 	 	 	 
	 	
                         

                      	
                         

                      	
                        By

                      	/s/
                        David Carrington 
	 	 	
                        Name:
                          David Carrington

                      
	 	 	
                        Title:
                          Director

                      

              

              
                
                  
                    
                       

                      
                        
                          
                            
                              	 	 	 	 
	 	
                                       

                                    	
                                       

                                    	
                                      By

                                    	/s/
                                      Marc Brondyke 
	 	 	
                                      Name:
                                        Marc Brondyke

                                    
	 	 	
                                      Title:
                                        Associate

                                    

                            

                            
                              
                                
 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              Lending
                Office for Other Loans:

            	
              Address
                for Notices:

            
	
              ABN
                AMRO Bank
                N.V.

              540
                West Madison St. Suite
                2100

              Chicago,
                IL
                60661

            	
              ABN
                AMRO Bank
                N.V.

              540
                West Madison St. Suite
                2100

              Chicago,
                IL
                60661

            
	 	 
	
              Facsimile
                No.: [Omitted]

            	
              Facsimile
                No.: [Omitted]

            
	
              Telephone
                No.: [Omitted]

            	
              Telephone
                No.:  [Omitted]

            
	
              Attention:
                Wilfred
                Manuel

            	
              Attention:
                Wilfred
                Manuel

            
	 	 
	 	
              with
                a copy to:

            
	 	
              ABN
                AMRO Bank, N.V.

            
	 	
              101
                California Street, Suite 4300

            
	 	
              San
                Francisco, CA 94111

            
	 	 
	 	
              Facsimile
                No.: [Omitted]

            
	 	
              Telephone
                No.: [Omitted]

            
	 	
              Attention:  Kathryn
                Schutz

            
	 	 
	
              Lending
                Office for Loans to Micro:

            	
              Address
                for Payment of Fees:

            
	
              ABN
                AMRO Bank
                N.V.

              540
                West Madison St. Suite
                2100

              Chicago,
                IL
                60661

            	
              ABN
                AMRO Bank
                N.V.

              540
                West Madison St. Suite
                2100

              Chicago,
                IL
                60661

            
	 	 
	
              Facsimile
                No.:  [Omitted]

            	
              Facsimile
                No.:  [Omitted]

            
	
              Telephone
                No.:  [Omitted]

            	
              Telephone
                No.:  [Omitted]

            
	
              Attention:
                Wilfred
                Manuel

            	
              Attention:
                Wilfred
                Manuel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]