Document:

Exhibit
10.1

 

SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This
Sixth Amendment (this “Amendment”) is made as of June 29, 2009 to that
certain Amended and Restated Credit Agreement dated September 29, 2006, as
previously amended by First Amendment to Amended and Restated Credit Agreement
dated as of September 30, 2007, Second Amendment to Amended and Restated
Credit Agreement dated as of December 30, 2007, Third Amendment to Amended
and Restated Credit Agreement dated as of February 7, 2008, Fourth
Amendment to Amended and Restated Credit Agreement dated as of March 31,
2008, and Fifth Amendment to Amended and Restated Credit Agreement dated as of March 31,
2009 (the “Credit Agreement”) between RBS CITIZENS, National Association,
successor by merger to Citizens Bank of Massachusetts (“Lender”) and VIRTUSA
CORPORATION, a Delaware corporation with an address of 2000 West Park Drive,
Westborough, Massachusetts 01581 (“Borrower”). Capitalized terms used and not
defined in this Amendment shall have the meanings ascribed to them in the
Credit Agreement.

 

RECITALS

 

Borrower
has requested that Lender agree to extend the Revolving Credit Maturity Date
through August 13, 2009.

 

Lender
is amenable to so extending the Revolving Credit Maturity Date, but only on the
terms and conditions set forth in the Credit Agreement as amended hereby.

 

AGREEMENT

 

In
consideration of the foregoing, of the undertakings of Borrower and Lender herein
and for other good and valuable consideration, receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                                       Effective June 29,
2009, the definitions of the terms “FX Reserves”, “Obligations”
and “Revolving Credit Maturity Date” contained in Section 1.1 of
the Credit Agreement are deleted and replaced with the following definitions:

 

“‘FX Reserves. At any time of determination of the Borrowing
Base, an amount equal to 20.0% of
the face amount (in United States Dollars) of all foreign exchange contracts
entered into by Borrower and its subsidiaries with Lender and its affiliates in
connection with FX Transactions.

 

“Obligations.  The
aggregate outstanding principal balance of and interest (and premium. if any)
on the Loans (including, without limitation, interest accruing at the then
applicable rate provided herein after the maturity of the Loans and interest
accruing at the then applicable rate provided herein after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, relating to the Borrower, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) and all
other obligations of

 

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the Borrower and its Subsidiaries to the Lender of every kind and
description pursuant to or in connection with the Loan Documents and FX
Transactions, deposit accounts, cash management accounts and services, hedging
transactions, interest rate caps, collars and similar interest rate protection
products, and all other banking products and services, direct or indirect,
absolute or contingent, primary or secondary, due or to become due, now
existing or hereafter arising, regardless of how they arise or by what
agreement or instrument, if any, in each case whether on account of principal
interest, premium, reimbursement obligations, fees, indemnities, coats,
expenses or otherwise (including, without limitation, all fees and
disbursements of counsel that are required to be paid by the Borrower pursuant
to any of the Loan Documents), and including obligations to perform acts and
refrain from taking action as well as obligations to pay money.”

 

‘Revolving
Credit Maturity Date.’  August 13,
2009.”

 

2.                                       Effective June 29,
2009, Section 2.A.1 (b) of the Credit Agreement is hereby deleted in
its entirety and replaced with the following text:

 

“(b) The Borrower has executed and delivered to the Lender a
letter of credit pledge agreement, dated June 8, 2004 (the “Letter of
Credit Pledge Agreement”), in connection with a letter of credit issued in
connection with the Lease (the “Lease Letter of Credit”).  The Lease Letter of Credit shall be deemed to
be issued under the Revolving Credit Commitment and Letter of Credit
Sublimit.  At least three (3) Business
Days prior to the proposed issuance date of any other Letter of Credit, the
Borrower shall deliver to the Lender (i) a Letter of Credit Application
setting forth the Maximum Drawing Amount of all Letters of Credit (including
the Lease Letter of Credit), the requested language of the requested Letter of
Credit (which shall be reasonably acceptable to Lender) and such other
information as the Lender shall require, and (ii) if the Letter of Credit
is to be secured by cash collateral, a designation of cash collateral under the
Letter of Credit Pledge Agreement equal to 100.0% of the Maximum Drawing Amount
of the requested Letter of Credit. Each request for the issuance of a Letter of
Credit hereunder shall constitute a representation and warranty by the Borrower
that the conditions set forth in Sections 3.1 and 3.2 have been satisfied as of
the date of such request.”

 

3.                                         Borrower,
Lender and J. P. Morgan Chase Bank, N.A. (“JPM”) shall enter into an
Intercreditor Agreement of even date herewith in the form of the Intercreditor
Agreement annexed as Exhibit A hereto, pursuant to which Lender and
JPM have agreed to share their respective security interests in Borrower’s
personal property on a pari passu basis as provided therein.  The execution and delivery of such
Intercreditor agreement is a condition precedent to Lender’s willingness to
enter into this Amendment.

 

4.                                       Except as set
forth on the disclosure schedule attached hereto as Exhibit B, Borrower
represents and warrants that all of the representations and warranties made by
Borrower in the Credit Agreement and other Loan Documents are and continue to
be true and correct on the date hereof, except to the extent that any of such
representations and warranties relate by their terms solely to a date prior to
date of this Amendment.  Except as set
forth on the disclosure schedule attached hereto as Exhibit B, Borrower
hereby ratifies and confirms all of its covenants and 

 

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agreements
contained in the Credit Agreement and represents that it is not aware of any
default of any of the terms and provisions of the Credit Agreement.

 

5.                                       Borrower
further represents and warrants that this Amendment is its valid and binding
obligation, enforceable against it in accordance with its terms, except as may
be affected by bankruptcy and other similar laws of general application
affecting the rights and remedies of creditors.

 

6.                                       Borrower shall
promptly execute and deliver such further documents, instruments and agreements
and take such further action as Lender may reasonably request, in its sole
discretion, to effect the purposes of this Amendment and the Credit Agreement
and other Loan Documents, including, but not limited to the execution and
delivery of all documents necessary or reasonably required by Lender to ensure
that Lender has perfected liens on all assets of Borrower to the extent
originally provided under the Credit Agreement and the other Loan Documents.
Borrower hereby appoints any officer or agent of Lender as Borrower’s true and
lawful attorney in fact, with power of substitution to endorse the name of
Borrower or any of their officers or agents in such regard, exercisable by Lender
during the continuance of an Event of Default.

 

7.                                       Except as
otherwise expressly provided in this Amendment, nothing in this Amendment shall
extend to or affect in any way any of the Obligations or any of the rights and
remedies of Lender arising under the Credit Agreement and other Loan Documents,
and Lender shall not be deemed to have waived any or all of such rights and remedies
with respect to any Event of Default or event or condition which, with notice
or the lapse of time, would become an Event of a Default and which, upon
Borrower’s execution and delivery of this Amendment, might otherwise exist or
which might hereafter occur.

 

8.                                       By execution of
this Amendment, Borrower acknowledges and confirms that it does not, as of the
date of this Amendment, have any offsets, defenses or claims against Lender or
any of its officers, agents, directors or employees whether asserted or
unasserted to the Obligations.

 

9.                                       To the extent
possible and except for the specific changes to the Credit Agreement effected
hereby, this Amendment shall be construed to be consistent with the provisions
of the Credit Agreement.  In the event of
any inconsistency between the provisions of this Amendment and any other
document (including, without limitation, any Loan Document), instrument, or
agreement entered into by and between Lender and Borrower, the provisions of
this Amendment shall govern and control. This Amendment shall be binding upon Lender
and Borrower, and their representatives, successors, and assigns, and shall
inure to the benefit of Lender and Borrower and their respective successors and
assigns. This Amendment and all documents, instruments, and agreements executed
in connection herewith incorporate all of the discussions and negotiations
between Borrower and Bank, either expressed or implied, concerning the matters
included herein and in such other documents, instruments and agreements, any
statute, custom, or usage to the contrary notwithstanding. No such discussions
or negotiations shall limit, modify, or otherwise affect the provisions hereof.
No modification, amendment, or waiver of any provision of this Amendment, or
any provision of any other document, instrument, or agreement between 

 

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any
Borrower and Lender shall be effective unless executed in writing by the party
to be charged with such modification, amendment, or waiver.

 

10.                                 Borrower
acknowledges and agrees that it shall promptly pay to Lender the full amount of
all reasonable out-of-pocket costs and expenses of Lender incurred by Lender in
preparation and documentation of this Amendment and all documents ancillary
hereto or incurred by Lender after the date of this Amendment in connection
with administration of the Obligations or enforcement of any rights of Lender under
the Credit Agreement and other Loan Documents or otherwise in respect of any of
the Obligations.

 

11.                                 If any clause
or provision of this Amendment is determined to be illegal, invalid or
unenforceable under any present or future law by the final judgment of a court
of competent jurisdiction, the remainder of this Amendment will not be affected
thereby.  It is the intention of the
parties that if any such provision is held to be invalid, illegal or
unenforceable, there will be added in lieu thereof an enforceable provision as
similar in terms to such provision as is possible, and that such added
provision will be legal, valid and enforceable.

 

12.                                 This Amendment
is delivered to Lender in The Commonwealth of Massachusetts and it is the
desire and intention of the parties that this Amendment and the Loan Documents
be in all respects interpreted according to the laws of The Commonwealth of
Massachusetts. Borrower specifically and irrevocably consents to the personal
and subject matter, jurisdiction and venue of any court of The Commonwealth of
Massachusetts sitting in the counties of Suffolk or Middlesex or in the District
Court of the United States for the District of Massachusetts with respect to
all matters concerning this Amendment or the Loan Documents or the enforcement
of any of the foregoing.

 

13.                                 This Amendment
may be executed in one or more counterparts, each of which will be deemed an
original document, but all of which will constitute a single document.  This Amendment will not be binding on or
constitute evidence of a contract between the parties until such time as a
counterpart of this document has been executed by each of the parties and
delivered to Bank.

 

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WITNESS our hands and seals effective as of June 29, 2009.

 

 

	
  WITNESS
  (to all)

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
  VIRTUSA
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/Kristyn
  Sugrue      6/29/09

  	
   

  	
  By:
  

  	
  /s/Chip
  Speicher      6/29/09

  
	
   

  	
   

  	
  duly
  authorized

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Legal:
  

  	
  /s/PDT
  6/29/2009

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK:

  
	
   

  	
   

  	
  RBS
  CITIZENS, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Illegible

  	
   

  	
  By:
  

  	
  /s/Victoria
  Lazzell

  
	
   

  	
   

  	
  Victoria
  Lazzell, Senior Vice President

  
						

 

5

 

EXHIBIT B

 

Disclosure Schedule to Sixth Amendment to Amended and Restated Credit
Agreement

 

6Exhibit
10.2

 

SECURITY
AGREEMENT

 

SECURITY
AGREEMENT, dated as of June 29, 2009, made by VIRTUSA
CORPORATION, a Delaware corporation with its chief executive office
at 2000 West Park Drive, Westborough, MA 
01581 at (“Debtor”), in favor of JPMORGAN
CHASE BANK, N.A., a national banking association having an office at
Two Corporate Drive, Shelton, CT  06484
(the “Secured Party”).

 

PREAMBLE

 

WHEREAS, Debtor is party to that certain ISDA Master Agreement by and
between Debtor and Secured Party dated as of January 28, 2008, pursuant to
which Debtor has certain direct obligations to Secured Party with respect to
foreign exchange transactions between Debtor and Secured Party (the “ISDA
Agreement”), and further Debtor is party to that certain Guaranty dated as
of June 29, 2009, in favor of Secured Party (as may be amended and/or
restated, the “Guaranty”), pursuant to the terms of which Debtor has
unconditionally guaranteed all of the obligations and liabilities of any nature
whatsoever of Virtusa UK Limited (“Virtusa UK”) arising with respect to
foreign exchange transactions between Virtusa UK and Secured Party, including
without limitation those transactions as evidenced by that certain Foreign
Exchange Master Agreement, dated as of June 29, 2009 by and between Secured
Party and Virtusa UK and documents executed and delivered in connection
therewith (as may be amended and/or restated, the “Master Agreement”);
and

 

WHEREAS,
as an inducement to Secured Party to extend foreign exchange transactions and
other financial accommodations to Debtor and Virtusa UK, Debtor has agreed to
grant to Secured Party as security for the Obligations (as defined below), a
security interest in the Collateral (as defined below).

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Debtor and Secured Party (and
each of their respective successors and assigns), intending to be bound
legally, hereby agree as follows:

 

1.                                      Definitions; Rules of Interpretation.  All capitalized terms used
herein without definitions (whether in the plural or singular form) shall have
the respective meanings provided therefor in the ISDA Agreement and the
Guaranty.  The term “Obligations” shall
refer collectively to the term “Obligations” as defined in both the ISDA
Agreement and the Guaranty and all obligations and liabilities of Debtor
arising pursuant to such agreements. The term “Event of Default” shall have the
meaning provided therefor in the Master Agreement and the ISDA Agreement.  The term “State”, as used herein, means the
State of New York. All terms defined in the Uniform Commercial Code of the State and used
herein shall have the same definitions herein as specified therein.  However, if a term is defined in Article 9
of the Uniform Commercial Code of the State differently than in another Article of
the Uniform Commercial Code of the State, the term has the meaning specified in
Article 9. No reference to “proceeds” in this Agreement authorizes
any sale, transfer, or other disposition of Collateral by Debtor.

 

2.                                      Grant
of Security Interest.

 

Debtor
hereby grants to Secured Party, its successors and assigns, to secure the
payment and performance in full of any and all of the Obligations, a security
interest in, and so pledges and assigns to Secured Party, its successors and
assigns, the following properties, assets and rights of Debtor, wherever
located, whether now owned or hereafter acquired or arising, and all proceeds
and products thereof (all of the same being hereinafter called the “Collateral”): all personal and
fixture property of every kind and nature including, without limitation, all
goods (including inventory, equipment and any accessions thereto), instruments
(including promissory notes), documents, accounts, chattel paper (whether
tangible 

 

 

or
electronic), deposit accounts, letter-of-credit rights (whether or not the
letter of credit is evidenced by a writing), commercial tort claims, securities
and all other investment property, supporting obligations, any other contract
rights or rights to the payment of money, insurance claims and proceeds, and
all general intangibles (including all payment intangibles). Secured Party
acknowledges that the attachment of its security interest in any commercial
tort claim as original collateral is subject to the Debtor’s compliance with
§4.7.

 

3.                                      Authorization
to File Financing Statements. 
Debtor hereby irrevocably authorizes Secured Party at any time and from
time to time to file in any filing office in any Uniform Commercial Code
jurisdiction any initial financing statements and amendments thereto that (a) indicate
the Collateral (i) as all assets of Debtor or words of similar effect,
regardless of whether any particular asset comprised in the Collateral falls
within the scope of Article 9 of the Uniform Commercial Code of the State
or such jurisdiction, or (ii) as being of an equal or lesser scope or with
greater detail, and (b) provide any other information required by part 5
of Article 9 of the Uniform Commercial Code of the State, or such other
jurisdiction, for the sufficiency or filing office acceptance of any financing
statement or amendment, including (i) whether Debtor is an organization,
the type of organization and any organizational identification number issued to
Debtor, and (ii) in the case of a financing statement filed as a fixture
filing or indicating Collateral as as-extracted collateral or timber to be cut,
a sufficient description of real property to which the Collateral relates.
Debtor agrees to furnish any such information to Secured Party promptly upon
Secured Party’s request. Debtor also ratifies its authorization for Secured
Party to have filed in any Uniform Commercial Code jurisdiction any like initial
financing statements or amendments thereto if filed prior to the date hereof.

 

4.                                      Other
Actions.  To further
the attachment, perfection and first priority of, and the ability of Secured
Party to enforce, Secured Party’s security interest in the Collateral, and
without limitation on Debtor’s other obligations in this Agreement, Debtor
agrees, in each case at Debtor’s expense, to take the following actions with
respect to the following Collateral:

 

4.1                                Promissory
Notes and Tangible Chattel Paper.  If Debtor shall at any time hold or acquire
any promissory notes or tangible chattel paper, Debtor shall forthwith endorse,
assign and deliver the same to Secured Party, accompanied by such instruments
of transfer or assignment duly executed in blank as Secured Party may from time
to time specify.

 

4.2                                Deposit
Accounts.  For each deposit account
that Debtor at any time opens or maintains, Debtor shall, at Secured Party’s
request and option, pursuant to an agreement in form and substance reasonably
satisfactory to Secured Party, either (a) cause the depositary bank to
comply at any time with instructions from Secured Party to such depositary bank
directing the disposition of funds from time to time credited to such deposit
account, without further consent of Debtor, or (b) arrange for Secured
Party to become the customer of the depositary bank with respect to the deposit
account, with Debtor being permitted, only with the consent of Secured Party,
to exercise rights to withdraw funds from such deposit account. Secured Party agrees with Debtor that Secured Party shall
not give any such instructions or withhold any withdrawal rights from Debtor,
unless an Event of Default has occurred and is continuing, or would occur if
effect were given to any withdrawal not otherwise permitted by the Transaction
Documents. The provisions of this paragraph shall not apply to (i) any
deposit account for which Debtor, the depositary bank and Secured Party have
entered into a cash collateral agreement specially negotiated among Debtor, the
depositary bank and Secured Party for the specific purpose set forth therein, (ii) a
deposit account for which Secured Party is the depositary bank and is in
automatic control, and (iii) deposit accounts specially and exclusively
used for payroll, payroll taxes and other employee wage and benefit payments to
or for the benefit of Debtor’s salaried employees.

 

2

 

 

4.3                                Investment
Property.   If Debtor shall at any time hold or acquire
any certificated securities, Debtor shall forthwith endorse, assign and deliver
the same to Secured Party, accompanied by such instruments of transfer or
assignment duly executed in blank as Secured Party may from time to time
specify.  If any securities now or
hereafter acquired by Debtor are uncertificated and are issued to Debtor or its
nominee directly by the issuer thereof, Debtor shall immediately notify Secured
Party thereof and, at Secured Party’s request and option, pursuant to an
agreement in form and substance satisfactory to Secured Party, either (a) cause
the issuer to agree to comply with instructions from Secured Party as to such
securities, without further consent of Debtor or such nominee, or (b) arrange
for Secured Party to become the registered owner of the securities.  If any securities, whether certificated or
uncertificated, or other investment property now or hereafter acquired by
Debtor are held by Debtor or its nominee through a securities intermediary or
commodity intermediary, Debtor shall immediately notify Secured Party thereof
and, at Secured Party’s request and option, pursuant to an agreement in form
and substance satisfactory to Secured Party, either (i) cause such
securities intermediary or (as the case may be) commodity intermediary to agree
to comply with entitlement orders or other instructions from Secured Party to
such securities intermediary as to such securities or other investment
property, or (as the case may be) to apply any value distributed on account of
any commodity contract as directed by Secured Party to such commodity
intermediary, in each case without further consent of Debtor or such nominee,
or (ii) in the case of financial assets or other investment property held
through a securities intermediary, arrange for Secured Party to become the
entitlement holder with respect to such investment property, with Debtor being
permitted, only with the consent of Secured Party, to exercise rights to
withdraw or otherwise deal with such investment property.  Secured Party agrees with Debtor that Secured Party shall not give any such
entitlement orders or instructions or directions to any such issuer, securities
intermediary or commodity intermediary, and shall not withhold its consent to
the exercise of any withdrawal or dealing rights by Debtor, unless an Event of
Default has occurred and is continuing, or, after giving effect to any such
investment and withdrawal rights not otherwise permitted by the Transaction
Documents, would occur. The provisions of this paragraph shall not apply
to any financial assets credited to a securities account for which Secured
Party is the securities intermediary.

 

4.4                                Collateral
in the Possession of a Bailee.  If any Collateral is at any
time in the possession of a bailee, the applicable Debtor shall promptly notify
Secured Party thereof and, at Secured Party’s request and option, shall
promptly obtain an acknowledgement from the bailee, in form and substance
satisfactory to Secured Party, that the bailee holds such Collateral for the
benefit of Secured Party, and that such bailee agrees to comply, without
further consent of Debtor, with instructions from Secured Party as to such
Collateral. Secured Party agrees with
Debtor that Secured Party shall not give any such instructions unless an Event
of Default has occurred and is continuing or would occur after taking into
account any action by Debtor with respect to the bailee.

 

4.5                                Electronic
Chattel Paper and Transferable Records.  If Debtor at any time holds or acquires an
interest in any electronic chattel paper or any “transferable record,” as that
term is defined in Section 201 of the federal Electronic Signatures in
Global and National Commerce Act, or in §16 of the Uniform Electronic
Transactions Act as in effect in any relevant jurisdiction, Debtor shall
promptly notify Secured Party thereof and, at the request and option of Secured
Party, shall take such action as Secured Party may reasonably request to vest
in Secured Party control, under §9-105 of the Uniform Commercial Code, of such
electronic chattel paper or control under Section 201 of the federal
Electronic Signatures in Global and National Commerce Act or, as the case may
be, §16 of the Uniform Electronic Transactions Act, as so in effect in such
jurisdiction, of such transferable record. Secured Party agrees with Debtor that Secured Party will 

 

3

 

arrange, pursuant to procedures reasonably
satisfactory to Secured Party and so long as such procedures will not result in
Secured Party’s loss of control, for Debtor to make alterations to the
electronic chattel paper or transferable record permitted under UCC §9-105 or,
as the case may be, Section 201 of the federal Electronic Signatures in
Global and National Commerce Act or §16 of the Uniform Electronic Transactions
Act for a party in control to make without loss of control, unless an Event of
Default has occurred and is continuing or would occur after taking into account
any action by Debtor with respect to such electronic chattel paper or
transferable record.

 

4.6                                Letter-of-Credit
Rights.  If Debtor is at any time a
beneficiary under a letter of credit, Debtor shall promptly notify Secured
Party thereof and, at the request and option of Secured Party, Debtor shall,
pursuant to an agreement in form and substance satisfactory to Secured Party,
either (i) arrange for the issuer and any confirmer or other nominated
person of such letter of credit to consent to an assignment to Secured Party of
the proceeds of the letter of credit or (ii) arrange for Secured Party to
become the transferee beneficiary of the letter of credit, with Secured Party
agreeing, in each case, that so long as an Event of Default has occurred and is
continuing (i) the proceeds of the letter of credit may be held by Secured Party as cash
collateral for the Obligations or (ii) Secured Party may, at its sole option, disburse from time
to time all or any part of such proceeds so held as cash collateral, upon such
terms and conditions as Secured Party may reasonably prescribe, directly to the
applicable Debtor, or Secured Party may apply all or any part of such proceeds
to the Obligations in such order or preference as Secured Party may determine,
in its sole discretion.

 

4.7                                Commercial
Tort Claims.  If Debtor shall
at any time hold or acquire a commercial tort claim, Debtor shall immediately
notify Secured Party in a writing signed by Debtor of the particulars thereof
and grant to Secured Party in such writing a security interest therein and in
the proceeds thereof, all upon the terms of this Agreement, with such writing
to be in form and substance satisfactory to Secured Party.

 

4.8                                Other
Actions as to any and all Collateral.  Debtor further agrees, at the request and
option of Secured Party, to take any and all other actions Secured Party may
reasonably determine to be necessary or useful for the attachment, perfection
and first priority of, and the ability of Secured Party to enforce, Secured
Party’s security interest in any and all of the Collateral, including, without
limitation, (a) executing, delivering and, where appropriate, filing
financing statements and amendments relating thereto under the Uniform
Commercial Code, to the extent, if any, that Debtor’s signature thereon is
required therefor, (b) causing Secured Party’s name to be noted as secured
party on any certificate of title for a titled good if such notation is a
condition to attachment, perfection or priority of, or ability of Secured Party
to enforce, Secured Party’s security interest in such Collateral, (c) complying
with any provision of any statute, regulation or treaty of the United States as
to any Collateral if compliance with such provision is a condition to
attachment, perfection or priority of, or ability of Secured Party to enforce,
Secured Party’s security interest in such Collateral, (d) obtaining
governmental and other third party waivers, consents and approvals in form and
substance reasonably satisfactory to Secured Party, including, without
limitation, any consent of any licensor, lessor or other person obligated on
Collateral, (e) obtaining waivers from mortgagees and landlords in form
and substance reasonably satisfactory to Secured Party and (f) taking all
actions under any earlier versions of the Uniform Commercial Code or under any
other law, as reasonably determined by Secured Party to be applicable in any
relevant Uniform Commercial Code or other jurisdiction, including any foreign
jurisdiction.

 

5.                                      Relation
to Other Security Documents.  The provisions of this Agreement supplement
the provisions of any real estate mortgage or deed of trust granted by Debtor
to Secured Party which 

 

4

 

secures
the payment or performance of any of the Obligations.  Nothing contained in any such real estate
mortgage or deed of trust shall derogate from any of the rights or remedies of
Secured Party hereunder.

 

6.                                      Representations
and Warranties Concerning Debtor’s Legal Status.  Debtor
represents and warrants to Secured Party as follows: (a) Debtor’s exact
legal name is that indicated on the signature page hereof, (b) Debtor
is a corporation organized in the State of Delaware, (c) Debtor’s
principal place of business and chief executive office is located at  2000 West Park Drive, Westborough, MA  01581, and (d) Debtor’s organizational
identification number issued by the state of its organization is
                    .

 

7.                                      Covenants
Concerning Debtor’s Legal Status. Debtor covenants with
Secured Party as follows: (a) without providing at least 30 days prior
written notice to Secured Party, Debtor will not change its name, its place of
business or, if more than one, chief executive office, or its mailing address
or organizational identification number if it has one, (b) if Debtor does
not have an organizational identification number and later obtains one, Debtor
shall forthwith notify Secured Party of such organizational identification
number, and (c) Debtor will not change its type of organization,
jurisdiction of organization or other legal structure.

 

8.                                      Representations
and Warranties Concerning Collateral, Etc. Debtor further represents
and warrants to Secured Party as follows: (a) Debtor is the owner of the
Collateral, free from any right or claim any person or any adverse lien,
security interest or other encumbrance, except for the security interest
created by this Agreement and a
security interest granted in favor of RBS Citizens, National Association (“Citizens”),
(b) none of the Collateral constitutes, or is the proceeds of, “farm
products” as defined in §9-102(a)(34) of the Uniform Commercial Code of the
State, (c) except as set forth on Schedule 8 hereto, none of the account
debtors or other persons obligated on any of the Collateral is a governmental
authority covered by the Federal Assignment of Claims Act or like federal,
state or local statute or rule in respect of such Collateral, (d) Debtor
holds no commercial tort claim as of the date hereof, and (e) Debtor has
at all times operated its business in material compliance with all applicable
provisions of the federal Fair Labor Standards Act, as amended, and with all
applicable provisions of federal, state and local statutes and ordinances
dealing with the control, shipment, storage or disposal of hazardous materials
or substances.

 

9.                                      Covenants
Concerning Collateral, Etc. Debtor further covenants
with Secured Party as follows: (a) the Collateral, to the extent not
delivered to Secured Party pursuant to §4, will be kept at Debtor’s principal
place of business and Debtor will not remove the Collateral from such
locations, except in the ordinary course of business, without providing at
least 30 days prior written notice to Secured Party, (b) except for the
security interest herein granted and
granted to Citizens, Debtor shall be the owner of the Collateral free
from any right or claim of any other person, lien, security interest or other
encumbrance, and Debtor shall defend the same against all claims and demands of
all persons at any time claiming the same or any interests therein adverse to
Secured Party or any, (c) Debtor shall not pledge, mortgage or create, or
suffer to exist any right of any person in or claim by any person to the
Collateral, or any security interest, lien or encumbrance in the Collateral in
favor of any person, other than Secured Party,  except for the liens or encumbrances granted
to Citizens, (d) Debtor will keep the Collateral in good order and
repair and will not use the same in violation of law or any policy of insurance
thereon, (e) Debtor will permit Secured Party, or its designee, to inspect
the Collateral at any reasonable time during normal business hours, wherever
located, (f) Debtor will pay promptly when due all taxes, assessments,
governmental charges and levies upon the Collateral or incurred in connection
with the use or operation of such Collateral or incurred in connection with
this Agreement, (g) Debtor will continue to operate its business in
material compliance with all applicable provisions of the federal Fair Labor
Standards Act, as amended, and with all applicable provisions of federal, state
and local statutes and ordinances dealing with the control, shipment, storage
or disposal of hazardous materials or substances, and (h) Debtor will

 

5

 

not
sell or otherwise dispose, or offer to sell or otherwise dispose, of the
Collateral or any interest therein except for (i) sales of inventory in the ordinary course of business..

 

10.                               Insurance.

 

10.1                          Maintenance
of Insurance.  Debtor will maintain with financially sound
and reputable insurers insurance with respect to its properties and business
against such casualties and contingencies as shall be in accordance with
general practices of businesses engaged in similar activities in similar
geographic areas.  Such insurance shall
be in such minimum amounts that Debtor will not be deemed a co-insurer under
applicable insurance laws, regulations and policies and otherwise shall be in
such amounts, contain such terms, be in such forms and be for such periods as
may be reasonably satisfactory to Secured Party.  In addition, all such insurance shall be
payable to Secured Party, its successors and assigns, as loss payee under a loss payee clause which is
in form and content satisfactory to Secured Party. Without limiting the
foregoing, Debtor will (i) keep all of its physical property insured with
casualty or physical hazard insurance on an “all risks” basis, with broad form
flood and earthquake coverages and electronic data processing coverage, with a
full replacement cost endorsement and an “agreed amount” clause in an amount
equal to 100% of the full replacement cost of such property, (ii) maintain
all such workers’ compensation or similar insurance as may be required by law
and (iii) maintain, in amounts and
with deductibles equal to those generally maintained by businesses engaged in
similar activities in similar geographic areas, general public liability
insurance against claims of bodily injury, death or property damage occurring,
on, in or about the properties of Debtor; business interruption insurance; and
product liability insurance. Such insurance maintained by Debtor shall include, without limitation,
insurance coverage on Collateral in the possession of Secured Party or any
Lender or their respective agents or contractors. Debtor, and any other obligor
by becoming bound by this Agreement, hereby indemnifies Secured Party against
any loss or damage to Collateral not insured by Debtor and for any deficiency
in any effective insurance coverage required to be maintained by Debtor
pursuant to this §10.1, which indemnification obligation shall constitute part
of the Obligations.

 

10.2                          Insurance
Proceeds.  The proceeds of any casualty insurance in
respect of any casualty loss of any of the Collateral shall, subject to the
rights, if any, of other parties with an interest having priority in the
property covered thereby, (i) so long as no Default or Event of Default
has occurred and is continuing, be disbursed to the applicable Debtor for
direct application by Debtor solely to the repair or replacement of Debtor’s
property so damaged or destroyed and (ii) in all other circumstances, be
held by Secured Party as cash collateral for the Obligations.  Secured Party may, at its sole option,
disburse from time to time all or any part of such proceeds so held as cash
collateral, upon such terms and conditions as Secured Party may reasonably
prescribe, for direct application by the applicable Debtor solely to the repair
or replacement of Debtor’s property so damaged or destroyed, or Secured Party
may apply all or any part of such proceeds to the Obligations in such order or preference as Secured Party
may determine, in its sole discretion.

 

10.3                           Continuation
of Insurance.  All policies of insurance shall provide
for at least 30 days prior written cancellation notice to Secured Party. In the
event of failure by Debtor to provide and maintain insurance as herein
provided, Secured Party may, at its option, provide such insurance and charge
the amount thereof to the applicable Debtor. 
Debtor shall furnish Secured Party with certificates of insurance and
policies evidencing compliance with the foregoing insurance provision.

 

6

 

11.                               Collateral
Protection Expenses; Preservation of Collateral.

 

11.1                         Expenses
Incurred by Secured Party.  In Secured Party’s
discretion, if Debtor fails to do so, Secured Party may discharge taxes and
other encumbrances, other than Permitted Liens, at any time levied or placed on
any of the Collateral, maintain any of the collateral, make repairs thereto and
pay any necessary filing fees or insurance premiums.  Debtor agrees to reimburse Secured Party on
demand for all expenditures so made. 
Secured Party shall have no obligation to Debtor to make any such
expenditures, nor shall the making thereof be construed as the waiver or cure
of any Default or Event of Default.

 

11.2                         Secured
Party’s Obligations and Duties.  Anything herein to
the contrary notwithstanding, Debtor shall remain obligated and liable under
each contract or agreement comprising the Collateral to be observed or
performed by Debtor thereunder. Secured Party shall not have any obligation or
liability under any such contract or agreement by reason of or arising out of
this Agreement or the receipt by Secured Party of any payment relating to any
of the Collateral, nor shall Secured Party be obligated in any manner to
perform any of the obligations of Debtor under or pursuant to any such contract
or agreement, to make inquiry as to the nature or sufficiency of any payment
received by Secured Party in respect of the Collateral or as to the sufficiency
of any performance by any party under any such contract or agreement, to
present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to Secured
Party or to which Secured Party may be entitled at any time or times.  Secured Party’s sole duty with respect to the
custody, safe keeping and physical preservation of the Collateral in its
possession, under §9-207 of the Uniform Commercial Code of the State or
otherwise, shall be to deal with such Collateral in the same manner as Secured
Party deals with similar property for its own account.

 

12.                               Securities
and Deposits.  Secured Party may at any time following and during the continuance of a
Default and Event of Default, at its option, transfer to itself or any
nominee any securities constituting Collateral, receive any income thereon and
hold such income as additional Collateral or apply it to the Obligations.
Whether or not any Obligations are due, Secured Party may following and during the continuance of a
Default and Event of Default demand, sue for, collect, or make any
settlement or compromise which it deems desirable with respect to the
Collateral.  Regardless of the adequacy
of Collateral or any other security for the Obligations, any deposits or other
sums at any time credited by or due from Secured Party or any Lender to Debtor
may at any time be applied to or set off against any of the Obligations.

 

13.                               Notification
to Account Debtor and Other Persons Obligated on Collateral.  If a Default or an Event of Default shall
have occurred and be continuing, Debtor shall, at the request and option
of Secured Party, notify account debtors and other persons obligated on any of
the Collateral of the security interest of Secured Party in any account,
chattel paper, general intangible, instrument or other Collateral and that
payment thereof is to be made directly to Secured Party or to any financial
institution designated by Secured Party as Secured Party’s agent therefor, and
Secured Party may itself, if an Event of Default shall have occurred and be
continuing, without notice to or demand upon Debtor, so notify account debtors
and other persons obligated on Collateral. 
After the making of such a request or the giving of any such
notification, Debtor shall hold any proceeds of collection of accounts, chattel
paper, general intangibles, instruments and other Collateral received by Debtor
as trustee for Secured Party without commingling the same with other funds of
Debtor and shall turn the same over to Secured Party in the identical form
received, together with any necessary endorsements or assignments.  Secured Party shall apply the proceeds of
collection of accounts, chattel paper, general intangibles, instruments and
other Collateral received by Secured Party to the Obligations, such proceeds to
be immediately credited after final payment in cash or other immediately
available funds of the items giving rise to them.

 

7

 

14.                               Power of Attorney.

 

14.1                         Appointment
and Powers of Secured Party.  Debtor hereby
irrevocably constitutes and appoints Secured Party and any officer or agent
thereof, with full power of substitution, as its true and lawful
attorneys-in-fact with full irrevocable power and authority in the place and
stead of each Debtor or in Secured Party’s own name, for the purpose of
carrying out the terms of this Agreement, to take any and all appropriate
action and to execute any and all documents and instruments that may be
necessary or useful to accomplish the purposes of this Agreement and, without
limiting the generality of the foregoing, hereby gives said attorneys the power
and right, on behalf of each Debtor, without notice to or assent by Debtor, to
do the following:

 

(a)                                 upon the
occurrence and during the continuance of a
Default or an Event of Default, generally to sell, transfer, pledge,
make any agreement with respect to or otherwise dispose of or deal with any of
the Collateral in such manner as is consistent with the Uniform Commercial Code
of the State and as fully and completely as though Secured Party were the
absolute owner thereof for all purposes, and to do, at Debtor’s expense, at any
time, or from time to time, all acts and things which Secured Party deems
necessary or useful to protect, preserve or realize upon the Collateral and
Secured Party’s security interest therein, in order to effect the intent of
this Agreement, all at least as fully and effectively as Debtor might do,
including, without limitation, (i) upon written notice to the applicable
Debtor, the exercise of voting rights with respect to voting securities, which
rights may be exercised, if Secured Party so elects, with a view to causing the
liquidation of assets of the issuer of any such securities, and (ii) the
execution, delivery and recording, in connection with any sale or other
disposition of any Collateral, of the endorsements, assignments or other
instruments of conveyance or transfer with respect to such Collateral; and

 

(b)                                to the extent
that Debtor’s authorization given in §3 is not sufficient, to file such
financing statements with respect hereto, with or without Debtor’s signature,
or a photocopy of this Agreement in substitution for a financing statement, as
Secured Party may deem appropriate and to execute in Debtor’s name such
financing statements and amendments thereto and continuation statements which
may require Debtor’s signature.

 

14.2                         Ratification
by Debtor.  To the extent permitted by law, Debtor
hereby ratifies all that said attorneys shall lawfully do or cause to be done
by virtue hereof.  This power of attorney
is a power coupled with an interest and is irrevocable.

 

14.3                         No
Duty on Secured Party.  The powers conferred on Secured
Party hereunder are solely to protect its interests in the Collateral and shall
not impose any duty upon it to exercise any such powers. Secured Party shall be
accountable only for the amounts that it actually receives as a result of the
exercise of such powers, and neither it nor any of its officers, directors,
employees or agents shall be responsible to Debtor for any act or failure to
act, except for Secured Party’s own gross negligence or willful misconduct.

 

15.                               Rights
and Remedies.  If an Event of Default shall have occurred
and be continuing, Secured Party, without any other notice to or demand upon
Debtor, shall have in any jurisdiction in which enforcement hereof is sought,
in addition to all other rights and remedies, the rights and remedies of a
secured party under the Uniform Commercial Code of the State and any additional
rights and remedies which may be provided to a secured party in any
jurisdiction in which Collateral is located, including, without limitation, the
right to (a) take possession of the Collateral, and for that purpose
Secured Party 

 

8

 

may,
so far as Debtor can give authority therefor, enter upon any premises on which
the Collateral may be situated and remove the same therefrom, and (b) locate, disable or to
take possession of the Collateral by electronic, digital, magnetic or wireless
optical electromagnetic or similar means after giving any notices required
under applicable law.  Secured Party may in its discretion require
Debtor to assemble all or any part of the Collateral at such location or
locations within the jurisdiction(s) of Debtor’s principal office(s) or
at such other locations as Secured Party may reasonably designate.  Unless the Collateral is perishable or
threatens to decline speedily in value or is of a type customarily sold on a
recognized market, Secured Party shall give to Debtor at least ten Business
Days prior written notice of the time and place of any public sale of
Collateral or of the time after which any private sale or any other intended
disposition is to be made.  Debtor hereby
acknowledges that ten Business Days prior written notice of such sale or sales
shall be reasonable notice.  In addition,
Debtor waives any and all rights that it may have to a judicial hearing in
advance of the enforcement of any of Secured Party’s rights and remedies
hereunder, including, without limitation, its right following an Event of
Default to take immediate possession of the Collateral and to exercise its
rights and remedies with respect thereto.

 

16.                               Standards
for Exercising Rights and Remedies.  To the extent that
applicable law imposes duties on Secured Party to exercise remedies in a
commercially reasonable manner, Debtor acknowledges and agrees that it is not
commercially unreasonable for Secured Party (a) to fail to incur expenses
reasonably deemed significant by Secured Party to prepare Collateral for
disposition or otherwise to fail to complete raw material or work in process
into finished goods or other finished products for disposition, (b) to
fail to obtain third party consents for access to Collateral to be disposed of,
or to obtain or, if not required by other law, to fail to obtain governmental
or third party consents for the collection or disposition of Collateral to be
collected or disposed of, (c) to fail to exercise collection remedies
against account debtors or other persons obligated on Collateral or to fail to
remove liens or encumbrances on or any adverse claims against Collateral, (d) to
exercise collection remedies against account debtors and other persons
obligated on Collateral directly or through the use of collection agencies and
other collection specialists, (e) to advertise dispositions of Collateral
through publications or media of general circulation, whether or not the
Collateral is of a specialized nature, (f) to contact other persons,
whether or not in the same business as Debtor, for expressions of interest in
acquiring all or any portion of the Collateral, (g) to hire one or more
professional auctioneers to assist in the disposition of Collateral, whether or
not the collateral is of a specialized nature, (h) to dispose of
Collateral by utilizing Internet sites that provide for the auction of assets
of the types included in the Collateral or that have the reasonable capability of
doing so, or that match buyers and sellers of assets, (i) to dispose of
assets in wholesale rather than retail markets, (j) to disclaim
disposition warranties, (k) to purchase insurance or credit enhancements
to insure Secured Party against risks of loss, collection or disposition of
Collateral or to provide to Secured Party a guaranteed return from the
collection or disposition of Collateral, or (l) to the extent deemed
appropriate by Secured Party, to obtain the services of other brokers,
investment bankers, consultants and other professionals to assist Secured Party
in the collection or disposition of any of the Collateral. Debtor acknowledges
that the purpose of this §16 is to provide non-exhaustive indications of what
actions or omissions by Secured Party would fulfill Secured Party’s duties
under the Uniform Commercial Code or other law of the State or any other
relevant jurisdiction in Secured Party’s exercise of remedies against the
Collateral and that other actions or omissions by Secured Party shall not be
deemed to fail to fulfill such duties solely on account of not being indicated
in this §16.  Without limitation upon the
foregoing, nothing contained in this §16 shall be construed to grant any rights
to Debtor or to impose any duties on Secured Party that would not have been
granted or imposed by this Agreement or by applicable law in the absence of
this §16.

 

17.                               No
Waiver by Secured Party, etc.  Secured Party shall
not be deemed to have waived any of its rights or remedies in respect of the Obligations
or the Collateral unless such waiver shall be in writing and signed by Secured
Party.  No delay or omission on the part
of Secured Party in exercising any right or remedy shall operate as a waiver of
such right or remedy or any other right or remedy.  A waiver 

 

9

 

on
any one occasion shall not be construed as a bar to or waiver of any right or
remedy on any future occasion.  All
rights and remedies of Secured Party with respect to the Obligations or the
Collateral, whether evidenced hereby or by any other instrument or papers,
shall be cumulative and may be exercised singularly, alternatively,
successively or concurrently at such time or at such times as Secured Party
deems expedient.

 

18.                               Suretyship
Waivers by Debtor.  Debtor waives demand, protest, notice
of acceptance of this Agreement, notice of loans made, credit extended,
Collateral received or delivered or other action taken in reliance hereon and
all other notices of any description. 
With respect to both the Obligations and the Collateral, Debtor assents
to any extension or postponement of the time of payment or any other
indulgence, to any substitution, exchange or release of or failure to perfect
any security interest in any Collateral, to the addition or release of any
party or person primarily or secondarily liable, to the acceptance of partial
payment thereon and the settlement, compromising or adjusting of any thereof,
all in such manner and at such time or times as Secured Party may deem
advisable.  Secured Party shall have no
duty as to the collection or protection of the Collateral or any income
therefrom, the preservation of rights against prior parties, or the
preservation of any rights pertaining thereto beyond the safe custody thereof
as set forth in §11.2.  Debtor further
waives any and all other suretyship defenses.

 

19.                               Marshalling.  Secured
Party shall not be required to marshal any present or future collateral
security (including but not limited to the Collateral) for, or other assurances
of payment of, the Obligations or any of them or to resort to such collateral
security or other assurances of payment in any particular order, and all of its
rights and remedies hereunder and in respect of such collateral security and
other assurances of payment shall be cumulative and in addition to all other
rights and remedies, however existing or arising.  To the extent that it lawfully may, Debtor
hereby agrees that it will not invoke any law relating to the marshalling of
collateral which might cause delay in or impede the enforcement of Secured
Party’s rights and remedies under this Agreement, the Guaranty or under any
other instrument creating or evidencing any of the Obligations or under which
any of the Obligations is outstanding or by which any of the Obligations is
secured or payment thereof is otherwise assured, and, to the extent that it
lawfully may, Debtor hereby irrevocably waives the benefits of all such laws.

 

20.                               Proceeds
of Dispositions; Expenses. Debtor shall pay to
Secured Party on demand any and all expenses, including reasonable attorneys’
fees and disbursements, reasonably incurred or paid by Secured Party in
protecting, preserving or enforcing Secured Party’s rights and remedies under
or in respect of any of the Obligations or any of the Collateral.  After deducting all of said expenses, the
residue of any proceeds of collection or sale or other disposition of the
Collateral shall, to the extent actually received in cash, be applied to the
payment of the Obligations in such order or preference as Secured Party may
determine, in its sole discretion, proper allowance and provision being made
for any Obligations not then due.  Upon
the final payment and satisfaction in full of all of the Obligations and after
making any payments required by Sections 9-608(a)(1)(C) or 9-615(a)(3) of
the Uniform Commercial Code of the State, any excess shall be returned to the
Debtor.  In the absence of final payment
and satisfaction in full of all of the Obligations, Debtor shall remain liable
for any deficiency.

 

21.                               [Intentionally
Deleted.]

 

22.                               Termination.  This Agreement and the
security interest granted hereby shall terminate upon the final and
indefeasible payment in full of all of the Obligations and the termination of
the Commitments.

 

23.                               Notices.  All
notices, demands, requests, and other communications given under this Agreement
shall only be effective if they are (a) in writing, (b) sent by hand
delivery, by facsimile transmission, by reputable express delivery service, or
by certified or registered mail, postage prepaid, 

 

10

 

and (c) actually received by the addressee (if
delivered by hand or express delivery service, or sent by facsimile
transmission), or on the date five (5) Business Days after dispatch (if
mailed by certified or registered mail), addressed to the intended recipient at
the address set forth in the preamble to this Agreement, or to such
other address (and/or facsimile transmission number) as Debtor or Secured
Party, as the case may be, shall have specified in the latest unrevoked notice
sent to the other in accordance with this §23.

 

24.                               Governing
Law; Consent to Jurisdiction.  THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED
INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK (EXCLUDING THE LAWS
APPLICABLE TO CONFLICTS OR CHOICE OF LAW).  Debtor agrees that any
action or claim arising out of, or any dispute in connection with, this
Agreement, any rights, remedies, obligations, or duties hereunder, or the
performance or enforcement hereof or thereof, may be brought in the courts of
the State or any federal court sitting therein and consents to the
non-exclusive jurisdiction of such court and to service of process in any such
suit being made upon Debtor by mail at the address specified in §23
hereof.  Debtor hereby waives any
objection that it may now or hereafter have to the venue of any such suit or
any such court or that such suit is brought in an inconvenient forum.

 

23.                               Additional
Waivers.  TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH DEBTOR HEREBY WAIVES
DEMAND, PRESENTMENT FOR PAYMENT, PROTEST, NOTICE OF PROTEST, NOTICE OF
DISHONOR, DILIGENCE IN COLLECTION, NOTICE OF NONPAYMENT OF THIS AGREEMENT AND
THE NOTES AND ANY AND ALL NOTICES OF A LIKE NATURE.  FURTHER, TO THE EXTENT NOT OTHERWISE
EXPRESSLY PROVIDED HEREIN, EACH DEBTOR EXPRESSLY WAIVES ALL DEFENSES BASED UPON
SURETYSHIP OR IMPAIRMENT OF COLLATERAL. DEBTOR ACKNOWLEDGES AND STIPULATES THAT
THE WAIVERS GRANTED ABOVE ARE MADE KNOWINGLY AND FREELY AND AFTER FULL
CONSULTATION WITH COUNSEL.

 

26.                               Entire
Agreement; Severability.

 

23.1                         Entire Agreement. This Agreement is intended
by the parties as the final, complete and exclusive statement of the transactions
evidenced by this Agreement. All prior or contemporaneous promises, agreements
and understandings, whether oral or written, are deemed to be superseded by
this Agreement, and no party is relying on any promise, agreement or
understanding not set forth in this Agreement. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto and thereto, any rights, remedies, obligations or liabilities under or
by reason of this Agreement.

 

23.2                         Severability. If any one or more terms or provisions
contained in this Agreement or the application thereof to any circumstance
shall, in any jurisdiction and to any extent, be held invalid, illegal or
unenforceable, such terms or provisions shall be ineffective as to such
jurisdiction only to the extent of such invalidity, illegality or
unenforceability without invalidating or rendering unenforceable the remaining
terms and provisions hereof or thereof or the application of such term or
provision to circumstances other than those as to which it is held invalid,
illegal or unenforceable.  The parties
shall endeavor in good faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

 

11

 

24.                               Miscellaneous.  The
headings of each section of this Agreement are for convenience only and shall
not define or limit the provisions thereof. 
This Agreement and all rights and obligations hereunder shall be binding
upon Debtor and its respective successors and assigns, and shall inure to the
benefit of Secured Party and its successors and assigns.  Debtor acknowledges receipt of a copy of this
Agreement.

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

THE NEXT PAGE IS THE SIGNATURE PAGE

 

12

 

IN
WITNESS WHEREOF, intending to be legally bound, Debtor has caused this Security
Agreement to be duly executed as of the date first above written.

 

 

	
   

  	
  VIRTUSA CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By
  

  	
  /s/Paul
  D. Tutun

  
	
   

  	
   

  	
   Name: Paul D. Tutun

  
	
   

  	
   

  	
   Title: Vice President and General Counsel

  
	
   

  	
   

  
	
  Accepted:

  	
   

  
	
   

  	
   

  
	
  JPMORGAN
  CHASE BANK, N.A.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ James P. Murphy

  	
   

  	
   

  
	
   

  	
   Name: James P. Murphy

  	
   

  
	
   

  	
   Title: Vice President

  	
   

  
					

 

Signature Page to
Security Agreement - Borrower

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