Document:

Exhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among The Music Acquisition
Corporation, a Delaware corporation (the “Company”), Music Acquisition Sponsor, LLC, a Delaware limited liability
company (the “Sponsor”) and the undersigned parties listed on the signature page hereto under “Holders”
(each such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to
Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS, the
Company has 5,750,000 shares of Class B common stock, par value $0.0001 per share (the “Founder Shares”), issued
and outstanding, up to 750,000 of which will be forfeited to the Company for no consideration depending on the extent to which
the underwriters of the Company’s initial public offering exercise their over-allotment option;

 

WHEREAS, the
Founder Shares are convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), on the terms and conditions provided in the Company’s amended and restated certificate of incorporation;

 

WHEREAS, on
[●], 2021, the Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement (the “Private
Placement Warrants Purchase Agreement”), pursuant to which the Sponsor agreed to purchase 6,000,000 private placement
warrants (or up to 6,600,000 warrants to the extent that the over-allotment option in connection with the Company’s initial
public offering is exercised) (the “Private Placement Warrants”) in a private placement transaction occurring
simultaneously with the closing of the Company’s initial public offering;

 

WHEREAS, in
order to fund working capital deficiencies or finance the Company’s transaction costs in connection with its search for and
consummation of an initial Business Combination (as defined below), the Sponsor or an affiliate of the Sponsor or certain of the
Company’s officers and directors may loan to the Company funds as the Company may require, of which up to $1,500,000 of such
loans may be convertible into private placement-equivalent warrants (“Working Capital Warrants”) at a price
of $1.00 per warrant at the option of the lender; and

 

WHEREAS, the
Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

Article
I.

DEFINITIONS

 

1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set
forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief
Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required
to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein
(in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not
misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the
Company has a bona fide business purpose for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business
Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses, involving the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common Stock”
shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-1”
shall have the meaning given in subsection 2.1.1.

 

“Form S-3”
shall have the meaning given in subsection 2.3.

 

“Founder Shares”
shall have the meaning given in the Recitals hereto and shall be deemed to include the shares of Common Stock issuable upon conversion
thereof.

 

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“Founder Shares
Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) one year after
the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) if the last
reported sales price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock
exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right
to exchange their shares of Common Stock for cash, securities or other property.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Insider Letter”
shall mean that certain letter agreement, dated as of [●], 2021, by and among the Company, the Sponsor and each of the Company’s
officers, directors and director nominees.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of the Prospectus,
in the light of the circumstances under which they were made) not misleading.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such
Registrable Securities prior to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period or any other
lock-up period, as the case may be, under the Insider Letter, the Private Placement Warrants Purchase Agreement, this Agreement
and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback
Registration” shall have the meaning given in subsection 2.2.1.

 

“Private Placement
Lock-up Period” shall mean, with respect to Private Placement Warrants that are held by the initial purchasers of such
Private Placement Warrants or their Permitted Transferees, the Private Placement Warrants and shares of Common Stock issuable upon
the exercise or conversion of the Private Placement Warrants, and that are held by the initial purchasers of the Private Placement
Warrants or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business
Combination.

 

“Private Placement
Warrants” shall have the meaning given in the Recitals hereto.

 

“Private Placement
Warrants Purchase Agreement” shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

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“Registrable
Security” shall mean (a) the Founder Shares and the shares of Common Stock issued or issuable upon the conversion of
the Founder Shares, (b) the Private Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise
of the Private Placement Warrants), (c) any outstanding shares of Common Stock or any other equity security (including the shares
of Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date
of this Agreement or acquired by a Holder prior to the consummation of the Business Combination, (d) any equity securities (including
the shares of Common Stock issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion
of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder (including the Working Capital Warrants
and shares of Common Stock issued or issuable upon the exercise of the Working Capital Warrants) and (e) any other equity security
of the Company issued or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities
shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the
Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant
to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no
volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(a) all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any securities exchange on which the Common Stock is then listed;

 

(b) fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(c) printing,
messenger, telephone and delivery expenses;

 

(d) reasonable
fees and disbursements of counsel for the Company;

 

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(e) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and

 

(f) reasonable
fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration
to be registered for offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company
are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Working Capital
Warrants” shall have the meaning given in the Recitals hereto.

 

Article
II.

REGISTRATIONS

 

2.1 Demand Registration.

 

2.1.1 Request
for Registration. Subject to the provisions of subsection 2.1.4 and Section
2.4 hereof, at any time and from time to time on or after the date the Company consummates the Business Combination, the Holders
of at least fifteen percent (15%) of the then-outstanding number of Registrable Securities (the “Demanding Holders”)
may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe
the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such
written demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt
of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of
Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities
in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days
after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from
a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included
in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more
than forty five (45) days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable
Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances
shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under
this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that a Registration
shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available
at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting
Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with
Section 3.1 of this Agreement.

 

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2.1.2 Effective
Registration. Notwithstanding the provisions of subsection 2.1.1 above or any
other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until
(i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has
been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with
respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering
of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order
or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement with respect
to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction
is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders initiating such Demand
Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing,
but in no event later than five (5) days, of such election; and provided, further, that the Company shall not be
obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with
respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

2.1.3 Underwritten
Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4
hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the
offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering,
then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration
shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s
Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their
Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement
in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding
Holders initiating the Demand Registration.

 

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2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten
Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders
(if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders
(if any) desire to sell, taken together with all other Common Stock or other equity securities that the Company desires to sell
and the Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back
registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of
equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such
securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten
Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro
rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested
be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and
Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata, based
on the respective number of Registrable Securities that each Holder has so requested) exercising their rights to register their
Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number of Securities; and (iii)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the
Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number
of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i), (ii) and (iii), the Common Stock or other equity securities of other persons or entities that the Company is obligated to
register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Securities.

 

2.1.5 Demand
Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a
Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection
2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such
Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration
of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement,
the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand
Registration prior to its withdrawal under this subsection 2.1.5.

 

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2.2 Piggyback Registration.

 

2.2.1 Piggyback
Rights. If, at any time on or after the date the Company consummates an initial Business
Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its
own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including,
without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any
employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s
existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities
as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which
notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders
of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request
in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use
its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the
same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders
proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
Company.

 

2.2.2 Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten
Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities
participating in the Piggyback Registration in writing that the dollar amount or number of the shares of Common Stock that the
Company desires to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities
hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and
(iii) the shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

(a) If
the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the
Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number
of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection
2.2.1 hereof (pro rata based on the respective number of Registrable Securities that each Holder has requested be included
in such Registration), which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock, if any, as to
which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the
Company, which can be sold without exceeding the Maximum Number of Securities;

 

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(b) If
the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
shall include in any such Registration (A) first, the Common Stock or other equity securities, if any, of such requesting persons
or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro
rata based on the respective number of Registrable Securities that each Holder has requested be included in such Registration and
the aggregate number of Registrable Securities that the Holders have requested to be included in such Registration, which can be
sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the Company desires to sell,
which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the
account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements
with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

2.2.3 Piggyback
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to
withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter
or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness
of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its
own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual
obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any
time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the
Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its
withdrawal under this subsection 2.2.3.

 

2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant
to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section
2.1 hereof.

 

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2.3 Registrations
on Form S-3. The Holders of Registrable Securities may at any time, and from time to
time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter
by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration
statement that may be available at such time (“Form S-3”); provided, however, that the Company
shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company’s receipt
of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly
give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of
Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such
Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the
notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial
receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such Holder’s
Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of
any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders;
provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section
2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with
the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable
Securities and such other equity securities (if any) at any aggregate price to the public of less than $10,000,000.

 

2.4 Restrictions on
Registration Rights. If (A) during the period starting with the date sixty (60) days
prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120)
days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice
to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ,
in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have
requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to
firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental
to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at
such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating
that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement
to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such
event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided,
however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

 

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Article
III.

COMPANY PROCEDURES

 

3.1 General Procedures.
If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the
Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale
of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company
shall, as expeditiously as possible:

 

3.1.1 prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;

 

3.1.2 prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the
rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus;

 

3.1.3 prior
to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
(including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities
included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the
Registrable Securities owned by such Holders;

 

3.1.4 prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

 

    11

     

    

 

3.1.5 cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

3.1.6 provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7 advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued;

 

3.1.8 at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation,
providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

 

3.1.9 notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10 permit
a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own
expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration;
provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and
substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; and provided further,
the Company may not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any
Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that
is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment letter, without
the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time
to review and comment on such applicable document, which comments the Company shall include unless contrary to applicable law;

 

    12

     

    

 

3.1.11 obtain
a customary comfort letter from the Company’s independent registered public accountants in the event of an Underwritten Registration
which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest
of the participating Holders;

 

3.1.12 on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of
counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales
agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such
opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating
Holders;

 

3.1.13 in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.14 make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor
rule promulgated thereafter by the Commission);

 

3.1.15 if
the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its
reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16 otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

3.2 Registration Expenses.
The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

    13

     

    

 

3.3 Requirements for
Participation in Underwritten Offerings. No person may participate in any Underwritten
Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person
(i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company
and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting
agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

 

3.4 Suspension of
Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration
Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities
until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood
that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such
notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing,
initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the
Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that
are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for
the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary
for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately
upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with
any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period
during which it exercised its rights under this Section 3.4.

 

3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d)
of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further
covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to
time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver
to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

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Article
IV.

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including reasonable documented attorneys’ fees) caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by
such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person
who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with
respect to the indemnification of the Holder.

 

4.1.2 In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers
and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of
material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not
joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities
shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant
to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the
foregoing with respect to indemnification of the Company.

 

4.1.3 Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

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4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make
such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

4.1.5 If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall
be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount
paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges
or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that
it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection
4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent
misrepresentation.

 

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Article
V.

MISCELLANEOUS

 

5.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery
in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile.
Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is
mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as
it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused
by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to:
3 Minetta Street, New York, NY 10012, and, if to any Holder, at such Holder’s address or contact information as set forth
in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written
notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such
notice as provided in this Section 5.1.

 

5.2 Assignment; No
Third Party Beneficiaries.

 

5.2.1 This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

 

5.2.2 Prior
to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may
assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection
with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees
to become bound by the transfer restrictions set forth in this Agreement.

 

5.2.3 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 5.2 hereof.

 

5.2.5 No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall
be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

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5.4 Governing Law;
Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES
HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF
NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK AND (II)
THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE
OF NEW YORK.

 

5.5 Amendments and
Modifications. Upon the written consent of the Company and the Holders of at least a
majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and
conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified;
provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects
one Holder, solely in his, her or its capacity as a holder of the shares of capital stock of the Company, in a manner that is
materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course
of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the
Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder
or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver
or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.6 Other Registration
Rights. The Company represents and warrants that no person, other than a Holder of Registrable
Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities
of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any
other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement
or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this
Agreement, the terms of this Agreement shall prevail.

 

5.7 Term.
This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the
date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior
to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated
thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities
without registration pursuant to Rule 144 (or any similar provision) under the Securities Act with no volume or other restrictions
or limitations. The provisions of Section 3.5 and Article IV shall survive any termination.

 

[Signature Page Follows]

 

    18

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	THE MUSIC ACQUISITION CORPORATION,

 a Delaware corporation
	 	 
	 	By: 		 
	 	 	Name:	Neil Jacobson
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	HOLDERS:
	 	 
	 	Music Acquisition Sponsor, LLC,

 a Delaware limited liability company
	 	 
	 	By: 		 
	 	 	Name: 	Neil Jacobson
	 	 	Title:	Managing Member
	 	 	 	 
	 	By: 		 
	 	 	Name:	Michael Levitt
	 	 	 	 
	 	By: 		 
	 	 	Name:	Ben Silverman
	 	 	 	 
	 	By: 		 
	 	 	Name:	Tunde Balogun

 

[Signature Page to Registration Rights
Agreement]

 

19Document

Exhibit 10.1

EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT
THIS EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT (this "Amendment") dated as of January 15, 2021, is made by and among the BORROWERS party hereto (the "Borrowers"), the GUARANTORS party hereto (the "Guarantors"), the financial institutions party hereto as LENDERS (collectively, "Lenders" and each individually a "Lender") and PNC BANK, NATIONAL ASSOCIATION ("PNC"), as agent for the Lenders (PNC, in such capacity, "Agent"), and J.P. MORGAN EUROPE LIMITED ("JPM Europe"), as European agent for the Lenders (JPM Europe, in such capacity, the "European Agent"). 
WITNESSETH:
WHEREAS, the Borrowers, the Guarantors, the Lenders, the Agent and the European Agent are parties to that certain Amended and Restated Revolving Credit and Security Agreement, dated as of September 30, 2015, as amended by (i) First Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of February 16, 2016, (ii) Waiver and Second Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of May 3, 2016, (iii) Release and Third Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of September 30, 2016, (iv) Fourth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of November 30, 2016, (v) Waiver and Fifth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of June 7, 2017, (vi) Sixth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of November 13, 2019, and (vii) Seventh Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of May 29, 2020 (as so amended or otherwise modified, the "Credit Agreement"); and
WHEREAS, the Borrowers and the Guarantors have requested the Lenders to make certain amendments and other accommodations to the Credit Agreement as more fully set forth herein.  The Lenders have agreed to such amendments and accommodations, subject to the terms and conditions set forth in this Amendment.
NOW THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows:
1.Recitals.  The foregoing recitals are incorporated herein by reference.
2.Defined Terms.  Capitalized terms not otherwise defined in this Amendment have the meanings given to them in the Credit Agreement.

3.Amendments of Section 1.2 – Amendment and Restatement of Defined Terms.  The following defined terms in Section 1.2 of the Credit Agreement are hereby amended and restated as follows:
Adjusted LIBO Rate means with respect to any Eurocurrency borrowing for any applicable Interest Period, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person that takes over the administration of such rate) for British Pounds Sterling, Euro or Dollars (as applicable) and for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen or, in the event such rate does not appear on a Thomson Reuters page or screen, on any successor or substitute page or screen that displays such rate in place of Thomson Reuters, or if such successor or substitute page or screen ceases to be available, on the appropriate page of such other information service that publishes such rate applicable to the relevant currency as shall be reasonably selected by the European Agent from time to time in its reasonable discretion (the "LIBO Screen Rate") at approximately 11:00 a.m., London time, two (2) business days prior (or the same business day for British Pounds Sterling) to the commencement of such Interest Period; provided that, (x) if the LIBO Screen Rate shall be less than 0.25%, such rate shall be deemed to be 0.25% for purposes of this Agreement and (y) if the LIBO Screen Rate shall not be available at such time for a period equal in length to such Interest Period (an "LIBO Impacted Interest Period"), then the LIBO Rate shall be the LIBO Interpolated Rate at such time, unless the European Agent shall conclude that it shall not be possible to determine such LIBO Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided, further that, if any LIBO Interpolated Rate shall be less than 0.25%, such rate shall be deemed to be 0.25% for purposes of this Agreement.
Alternate Base Rate shall mean, for any day, a rate per annum equal to the highest of (a) the Base Rate in effect on such day, (b) the sum of the Overnight Bank Funding Rate in effect on such day plus one half of one percent (0.5%), and (c) the sum of the Daily Euro-Rate in effect on such day plus one percent (1.0%), so long as a Daily Euro-Rate is offered, ascertainable and not unlawful.
Alternate Source shall have the meaning set forth in the definition of Overnight Bank Funding Rate.
Business Day shall mean any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to be closed for business in East Brunswick, New Jersey, and (i) if the applicable Business Day relates to any Euro-Rate Loan or LIBOR Rate Loan, such day must also be a day on which dealings are carried on in (in relation to any Euro-Rate Loan or LIBOR Rate Loan denominated in Dollars or British Pounds Sterling) the London interbank market or (in relation to any LIBOR Rate Loan denominated in 
2

Euros) the European interbank market, (ii) if the applicable Business Day relates to a European Borrower or a European Guarantor, it shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in Paris, France or Amsterdam, the Netherlands or any day (other than a Saturday or Sunday) on which banks are open for general business in London, England, and (iii) with respect to advances denominated in Euros or payments of Advances in Euros or any other matters relating to Advances denominated in Euros, such day also shall be a TARGET Day.
Capital Expenditures shall mean expenditures made or liabilities incurred for the acquisition of any fixed assets or improvements (or of any replacements or substitutions thereof or additions thereto) which have a useful life of more than one year and which, in accordance with GAAP, would be classified as capital expenditures.  
Collateral shall mean, collectively, the US-Canada Collateral, the English Collateral, the French Collateral and the Dutch Collateral.
Daily Euro-Rate shall mean, for any day, the rate per annum determined by Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the Reserve Percentage.  Notwithstanding the foregoing, if the Daily Euro-Rate as determined above would be less than 0.25%, such rate shall be 0.25% for all purposes of this Agreement.
Eligible Receivables shall mean and include, each Receivable of a US-Canada Loan Party, European Borrower or Dutch Guarantor arising in the Ordinary Course of Business and which Applicable Agent, in its Permitted Discretion, shall deem to be an Eligible Receivable, based on such considerations as Applicable Agent may from time to time deem appropriate. A Receivable shall not be deemed eligible unless such Receivable is subject to Applicable Agent's first priority perfected security interest (which, in the case of Receivables of the English Borrowers, shall mean a first priority assignment by way of security or a first priority fixed charge (and shall not mean a first priority floating charge)) and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Applicable Agent. In addition, no Receivable shall be an Eligible Receivable if:
(a)    it arises out of a sale made by any Loan Party to an Affiliate of any Loan Party or to a Person controlled by an Affiliate of any Loan Party;
(b)    (A) with respect to Receivables of the US-Canada Loan Parties: (i) it is due or unpaid more than 60 days after the original due date or, for terms ranging from net 0 to 60 days, more than 120 days after the original invoice date or, for terms ranging from net 61 to 120 days, more than 150 days after the original invoice date; (ii) to the extent that, for terms ranging from net 61 to 90 
3

days aged 60 days or less past due, not to exceed 150 days from original invoice date, such Eligible Receivables included in the US-Canada Formula Amount exceed $30,000,000 in the aggregate at any time; and (iii) to the extent that, for terms ranging from net 91 days to 120 days aged 30 days or less past due, not to exceed 150 days from original invoice date, such Eligible Receivables included in the US-Canada Formula Amount exceed $20,000,000 in the aggregate at any time or (B) with respect to Receivables of the European Borrowers or the Dutch Guarantor it is due or unpaid more than 90 days after the original invoice date;
(c)    fifty percent (50%) or more of the Receivables from such Customer are not deemed Eligible Receivables hereunder (as Agent, in its Permitted Discretion, may decrease such percentage from time to time);
(d)    any covenant, representation or warranty contained in this Agreement with respect to such Receivable has been breached;
(e)    an Insolvency Event shall have occurred with respect to such Customer;
(f)    with respect to Receivables of US-Canada Loan Parties, the sale is to a Customer outside the United States of America or a province of Canada that has not adopted the PPSA, unless the sale is on letter of credit, guaranty or acceptance terms, in each case acceptable to Agent in its Permitted Discretion;
(g)    the sale to the Customer is on a bill-and-hold, guaranteed sale, sale-and- return, sale on approval, consignment or any other repurchase or return basis or is evidenced by chattel paper;
(h)    Applicable Agent believes, in its Permitted Discretion, that collection of such Receivable is insecure or that such Receivable may not be paid by reason of the Customer's financial inability to pay;
(i)    with respect to Receivables of US-Canada Loan Parties, the Customer is the United States of America, any state or any department, agency or instrumentality of any of them, unless the applicable Loan Party assigns its right to payment of such Receivable to Applicable Agent pursuant to the Assignment of Claims Act of 1940, as amended (31 U.S.C. Sub-Section 3727 et seq. and 41 U.S.C. Sub-Section 15 et seq.) or has otherwise complied with other applicable statutes or ordinances, or if the Customer is any province in or the federal government of (or any department, agency or instrumentality thereof) Canada, unless the applicable Loan Party assigns its rights to payment of such Receivable to Applicable Agent pursuant to the Financial Administration Act, the general laws of Canada and of the applicable province, and such assignment has been acknowledged by such Governmental Body and is enforceable against it;
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(j)    the goods giving rise to such Receivable have not been delivered to and accepted by the Customer or the services giving rise to such Receivable have not been performed by the applicable Loan Party and accepted by the Customer or the Receivable otherwise does not represent a final sale;
(k)    the Receivables of the Customer exceed a credit limit determined by Applicable Agent, in its Permitted Discretion, to the extent such Receivable exceeds such limit;
(l)    the Receivable is subject to any offset, deduction, defense, dispute, credits or counterclaim (but such Receivable shall only be ineligible to the extent of such offset, deduction, defense or counterclaim), the Receivable includes any finance charge (but such Receivable shall only be ineligible to the extent of such finance charge), the Customer is also a creditor or supplier of a Loan Party or the Receivable is contingent in any respect or for any reason;
(m)    the applicable Loan Party has made any agreement with any Customer for any deduction therefrom, except for discounts or allowances made in the Ordinary Course of Business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value of each respective invoice related thereto;
(n)    any return, rejection or repossession of the merchandise has occurred or the rendition of services has been disputed;
(o)    such Receivable is not payable to a Loan Party or Subsidiary of a Loan Party;
(p)    such Receivable is not otherwise satisfactory to Applicable Agent in its Permitted Discretion;
(q)    in respect of any Receivables due to any European Borrower or Dutch Guarantor, it is subject to any limitation on assignment or other restriction (whether arising by operation of law, by agreement or otherwise) which would under the local governing law of the contract have the effect of restricting the assignment for or by way of security or the creation of security, in each case unless the European Agent has determined that such limitation is not enforceable;
(r)    in respect of any Receivables due to any European Borrower or Dutch Guarantor, the contract or agreement underlying such Receivable is governed by (or, if no governing law is expressed therein, is deemed to be governed by) the laws of any jurisdiction other than any Eligible European Jurisdiction;
(s)    in respect of any Receivables due to any European Borrower or Dutch Guarantor, the relevant Customer is not incorporated in an Eligible 
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European Jurisdiction, unless, in any such case, such receivable is backed by a letter of Credit acceptable to the European Agent, which is in the possession of, has been assigned to and is directly drawable by the European Agent;
(t)    with respect to any Receivable governed by French law, the Customer is a Consumer (consommateur) within the meaning of the French Consumer Code;
(u)    during a European Dominion Period such Receivable (governed by French law) is evidenced by a promissory note, bill of exchange or other instrument (such as a billet à ordre or lettre de change) (other than any such instrument which is only recorded electronically and which was never originated in paper format) and the European Agent does not have a first priority security over such instrument and/or such instrument has not been endorsed in favour of the European Agent;
(v)    with respect to any Receivable governed by French law, the Receivable is not a professional receivable (créance professionnelle) within the meaning of article L. 313-23 of the French Monetary and Financial Code;
(w)    with respect to any Receivables due to the English Borrower, if the English Distributor Agreement is terminated or repudiated, unless the European Agent (in its absolute discretion) notifies the Borrowing Agent otherwise; 
(x)    with respect to any Receivables due to the French Borrower, if the French Commissionaire Agreement is terminated or repudiated, unless the European Agent (in its absolute discretion) notifies the Borrowing Agent otherwise; 
(y)    with respect to any Receivables due to the Dutch Guarantor, if the Dutch Commissionaire Agreement is terminated or repudiated, unless the European Agent (in its absolute discretion) notifies the Borrowing Agent otherwise;
(z)    with respect to any Receivable governed by Dutch law, the Customer is a consumer (consument); or
(aa)    with respect to any Receivable governed by Dutch law, is evidenced by an invoice which complies with all VAT regulations and which shows the amount and the percentage of VAT applied, if any.
English Formula Amount shall mean an amount equal to the Dollar Equivalent amount of the sum of:
(A)    up to eighty-five percent (85%) (the "European Receivables Advance Rate") of Eligible Receivables of the English Borrowers and the Dutch 
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Guarantors; provided, however that that portion of the English Formula Amount based upon Eligible Receivables of the Dutch Guarantors shall at no time exceed $5,000,000, minus
(B)    the aggregate amount of any outstanding English Swing Loans, minus
(C)    the aggregate Maximum Undrawn Amount of all outstanding English Letters of Credit, minus
(D)    50% of the European Availability Reserve, minus
(E)    such reserves as European Agent may reasonably deem proper and necessary from time to time (including any European Reserves, without double counting with respect to any European Reserves already applied, relating to the English Loan Parties and the Dutch Guarantors and/or their assets).
English Law Guaranty shall means the guarantee and indemnity governed by English law dated September 30, 2015, made between the European Guarantors (at such time) and the European Agent in its capacity as European Agent and security trustee, and the guaranty and indemnity governed by English law dated on or about the Eighth Amendment Effective Date, made between the European Guarantors (at such time), the Agent and the European Agent in its capacity as European Agent and security trustee.
European Borrowing Base Certificate shall mean a certificate in substantially the form of Exhibit 1.2(d) hereto duly executed by the President, Chief Financial Officer, Assistant Treasurer, European Finance Director or Controller of the European Borrowing Agent and delivered to the European Agent, appropriately completed, by which such officer shall certify to European Agent the English Formula Amount and the French Formula Amount and calculation thereof as of the date of such certificate, with separate sections showing the calculations for each English Borrower, for each French Borrower and for each Dutch Guarantor.
European Collateral Documents shall mean the English Collateral Documents, the French Collateral Documents and the Dutch Collateral Documents.
European Distribution Agreements means the English Distributor Agreement, the French Commissionaire Agreement and the Dutch Commissionaire Agreement.
European Guarantors means, collectively, the English Guarantors, the French Guarantors and the Dutch Guarantors.
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Euro-Rate shall mean the following:
(a)    with respect to any Advance to which the Euro-Rate applies for any Interest Period, the interest rate per annum determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1%) (i) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which U.S. Dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by Agent as an authorized information vendor for the purpose of displaying rates at which U.S. Dollar deposits are offered by leading banks in the London interbank deposit market (a "Euro-Rate Alternate Source"), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for U.S. Dollars for an amount comparable to such Advance and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Euro-Rate Alternate Source, a comparable replacement rate determined by Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the Reserve Percentage; provided, however, that if the Euro-Rate determined as provided above would be less than 0.25%, such rate shall be deemed to be 0.25% for purposes of this Agreement.
(b)    The Euro-Rate shall be adjusted with respect to any Euro-Rate Loan that is outstanding on the effective date of any change in the Reserve Percentage as of such effective date.  Agent shall give reasonably prompt notice to the Borrowing Agent of the Euro-Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.
European Undrawn Availability Required Amount shall mean (a) 12.5% of the Maximum European Revolving Advance Amount for five (5) consecutive Business Days, or (b) 11.25% of the Maximum European Revolving Advance Amount on any given Business Day.  The absolute dollar amount in the preceding clause (b) shall be deemed proportionately increased at the time of any increase in the Maximum European Revolving Advance Amount.
Fixed Asset Cap shall mean, as of the Eighth Amendment Effective Date, $1,900,000, which amount shall be reduced in equal quarterly increments of $95,000 on the first day of each January, April, July, and October commencing on January 1, 2021 and continuing for a total of twenty (20) quarterly payments.
Foreign Excluded Subsidiaries shall mean all Subsidiaries organized under the laws of a jurisdiction outside the United States of America, any State thereof, the District of Columbia, Canada (or any province thereof), England, France or the Netherlands.
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US-Canada Undrawn Availability Required Amount shall mean (a) 12.5% of the Maximum US-Canada Revolving Advance Amount for five (5) consecutive Business Days, or (b) 11.25% of the Maximum US-Canada Revolving Advance Amount on any given Business Day.  The absolute dollar amount in the preceding clause (b) shall be deemed proportionately increased at the time of any increase in the Maximum US-Canada Revolving Advance Amount.
Vendor Financing Program shall mean the sale of customer accounts receivables in the Ordinary Course of Business by (i) the Company or any of its Subsidiaries to De Lage Landen Financial Services Inc. under the program in existence at the Eighth Amendment Effective Date and (ii) any Foreign Excluded Subsidiary to De Lage Landen Financial Services Inc. or any other Person that is not an Affiliate of the Company or any of its subsidiaries.
4.Amendments of Section 1.2—Amendment and Restatement of Clause of Defined Term.  The definition of “Indebtedness” in Section 1.2 of the Credit Agreement is hereby amended to add the following additional language at the end thereof:
“For avoidance of doubt, obligations under operating leases are not considered Indebtedness.”
5.Amendments of Section 1.2 – Amendment and Restatement of Clause of Defined Term.  Clause (a) of the defined term "Insolvency Event" in Section 1.2 of the Credit Agreement is hereby amended and restated as follows:
(a) becomes the subject of a bankruptcy or insolvency proceeding (including any proceeding under Title 11 of the United States Code, the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act, the Winding Up Act, any bankruptcy or insolvency proceeding set out in articles L.610-1 and following of the French Commercial Code, the Insolvency Act 1986 (United Kingdom), the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (European Union), the Companies Act 2006 (United Kingdom), the Dutch Bankruptcy Act (Faillissementswet) or any applicable corporate statute providing for such arrangements or similar proceedings, in each case as amended from time to time),
6.Amendments of Section 1.2—Amendment and Restatement of Clause of Defined Term.  Clause (E) of the defined term “Permitted Dispositions” in Section 1.2 of the Credit Agreement is hereby amended and restated as follows:
(E)    dispositions of customer accounts receivable in connection with Vendor Financing Program;

7.Amendments of Section 1.2 – Amendment of Defined Term.  "Permitted Indebtedness" in Section 1.2 of the Credit Agreement is hereby amended so that clauses (K) and 
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(L) are amended and restated as following and a new clause (M) is added immediately following clause (L) as follows:
(K)    Other Indebtedness of Loan Parties, US Excluded Subsidiaries and Foreign Excluded Subsidiaries in an aggregate amount at any time outstanding not to exceed $30,000,000;
(L)    Indebtedness of Foreign Excluded Subsidiaries and the European Loan Parties consisting of ordinary course international pooling, cash management and overdraft facilities in an aggregate amount at any time outstanding not to exceed $10,000,000; and
(M)    Indebtedness owed to third party financing companies in the form of factoring of public and government receivables by Foreign Excluded Subsidiaries incorporated in Denmark, Sweden and/or Norway in the Ordinary Course of Business; provided that such Indebtedness shall not exceed at any time outstanding $9,000,000.
8.Amendment of Section 1.2 – Amended and Restatement of Clause of Defined Term.  Clause (J) of the defined term "Permitted Encumbrances" in Section 1.2 of the Credit Agreement is hereby amended and restated as follows:
Liens on (i) assets of Foreign Excluded Subsidiaries; (ii) to the extent consented to by the Applicable Required Lenders, Equity Interests owned by Loan Parties in first tier Foreign-Excluded Subsidiaries, in either case securing Indebtedness of Foreign Excluded Subsidiaries permitted under clauses L and M of the definition of Permitted Indebtedness and (iii) bank accounts arising under clause 24 or clause 25 of the General Banking Conditions of the Dutch Bankers' Association (Nederlandse Vereniging van Banken); and (iv) bank accounts arising under any general term or condition of any bank or financial institution in the Netherlands equivalent to those referred to in paragraph (iii) above; and

9.Amendments of Section 1.2 – Amendment and Restatement of Clause of Defined Term.  Clause (C) of the defined term "US-Canada Formula Amount" in Section 1.2 of the Credit Agreement is hereby amended and restated as follows:
(C)    the lesser of (i) 80% of the appraised orderly liquidation value of domestic Eligible Fixed Assets (as evidenced by a Fixed Asset appraisal satisfactory to Agent in its Permitted Discretion, which was completed on or about the Eighth Amendment Effective Date) and (ii) the Fixed Asset Cap amount, plus
10.Amendment of Section 1.2 – Addition of Defined Terms.  The following new defined terms shall be added to Section 1.2 of the Credit Agreement in the correct alphabetical order as follows:
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Beneficial Owner shall mean, for each Borrower (other than the Company), each of the following: (a) each individual, if any, who, directly or indirectly, owns 25% or more of such Borrower's Equity Interests; and (b) a single individual with significant responsibility to control, manage, or direct such Borrower.  
Certificate of Beneficial Ownership shall mean, for each Borrower (other than the Company), a certificate in form and substance acceptable to Agent (as amended or modified by Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner of such Borrower. 
Corresponding Obligations means all Obligations as they may exist from time to time, other than the Parallel Debt.
Dutch Guarantors shall mean the Persons from time to time listed on Annex I hereto. 
Dutch Collateral shall mean the assets subject to Liens in any Dutch Collateral Document.
Dutch Collateral Documents means the Dutch Security Agreement and any other Dutch law security agreements delivered pursuant to this Agreement and granted by any Loan Party and all confirmations and acknowledgements thereof, in each case relating to the grant to an Agent of a security interest by such Loan Party.
Dutch Commissionaire Agreement means the commissionaire agreement dated December 1, 2004 between Invacare International S.à r.l. and Invacare B.V. (as amended).
Dutch Security Agreement means the Dutch security agreement dated on or about the Eighth Amendment Effective Date entered into between each Dutch Guarantor and the European Agent in relation to the European Blocked Accounts and the Receivables of the Dutch Guarantor.
Eighth Amendment shall mean that certain Eighth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of the Eighth Amendment Effective Date, by and among the Loan Parties, the Lenders party thereto, and the Agents.
Eighth Amendment Effective Date shall mean January 15, 2021.
Overnight Bank Funding Rate shall mean, for any, day the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be 
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determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time,  and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Agent for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further,  that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error).  If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero.  The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower. 
Parallel Debt shall have the meaning set forth in Section 14.17 hereof.
11.Addition of Dutch Terms.
In this Credit Agreement, where it relates to a Dutch Guarantor, a reference to:
(i)an "administrator" includes a bewindvoerder;
(ii)an "attachment" includes a beslag; 
(iii)to "co-operate (with)" includes medewerking verlenen bij;
(iv)a "counterparty" includes a wederpartij;
(v)the "Dutch Civil Code" means Burgerlijk Wetboek; 
(vi)the "General Banking Conditions of the Dutch Bankers' Association" means the Algemene bankvoorwaarden van de Nederlandse Vereniging voor Banken;
(vii)"insolvency" includes a bankruptcy and moratorium;
(viii)a "moratorium" includes a surseance van betaling;
(ix)"negligence" includes schuld and "gross negligence" includes grove schuld; 
(x)a "security interest" includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht) created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(xi)a "Subsidiary" includes a dochtermaatschappij as defined in section 2:24a of the Dutch Civil Code;
(xii)a "trustee" includes a curator; 
(xiii)"willful misconduct" includes opzet; and
(xiv)a "winding up" includes a Dutch Guarantor being declared bankrupt (failliet verklaard) or dissolved (ontbonden).

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12.Amendment of Section 1.2 – Deletion of Defined Term.  The following defined term contained in Section 1.2 of the Credit Agreement shall be deleted in its entirety:
Customer Lease
Federal Funds Open Rate 
13.Amendment of Section 2.3 – Swing Loans.  Section 2.3(f) of the Credit Agreement is hereby amended and restated as follows:
    (f)    Participation by European Lenders in European Swing Loans. Upon the making of an English Swing Loan or a French Swing Loan (whether before or after the occurrence of a Default or Event of Default and regardless of whether a Settlement has been requested with respect to such European Swing Loan), each European Lender holding a European Revolving Commitment in the relevant Facility shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from European Swing Loan Lender, without recourse or warranty, an undivided interest and participation in such English Swing Loan or French Swing Loan in proportion to its English Revolving Commitment Percentage or French Revolving Commitment Percentage (as applicable). European Swing Loan Lender or European Agent may, at any time, require European Lenders holding European Revolving Commitments in the relevant Facility to fund such participations by means of a Settlement as provided for in Section 2.5(d) below. From and after the date, if any, on which any European Lender holding a European Revolving Commitment in the relevant Facility is required to fund, and funds, its participation in any European Swing Loans purchased hereunder, European Agent shall promptly distribute to such European Lender its English Revolving Commitment Percentage or French Revolving Commitment Percentage (as applicable) of all payments of principal and interest and all proceeds of English Collateral, French Collateral or Dutch Collateral (as applicable) received by European Agent in respect of such European Swing Loan; provided that no Lender holding an English Revolving Commitment or French Revolving Commitment shall be obligated in any event to make (where applicable) (i) English Revolving Advances in an amount in excess of its English Revolving Commitment Amount minus its English Participation Commitment (taking into account any reallocations under Section 2.21) of the Maximum Undrawn Amount of all outstanding English Letters of Credit or (ii) French Revolving Advances in an amount in excess of its French Revolving Commitment Amount minus its French Participation Commitment (taking into account any reallocations under Section 2.21) of the Maximum Undrawn Amount of all outstanding French Letters of Credit.
14.Amendment of Section 3.8 – Basis For Determining Interest Rate Inadequate or Unfair.  Section 3.8 of the Credit Agreement is hereby amended and restated as follows:
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3.8 Alternate Rate of Interest. 
3.8.1 Basis For Determining Interest Rate Inadequate or Unfair.  In the event that any Agent or any Lender shall have determined that:
(a)    reasonable means do not exist for ascertaining the Adjusted LIBO Rate, Overnight LIBO Rate or Euro-Rate for any Interest Period; or
(b)    deposits in the relevant amount, the applicable currency and for the relevant maturity are not available in the relevant interbank LIBOR market, with respect to an outstanding Euro-Rate Loan, Overnight Rate Loan or LIBOR Rate Loan, a proposed Euro-Rate Loan, Overnight Rate Loan or LIBOR Rate Loan, or a proposed conversion of a Domestic Rate Loan into a Euro-Rate Loan; or

(c)    the making, maintenance or funding of any Euro-Rate Loan, Overnight Rate Loan or LIBOR Rate Loan has been made impracticable or unlawful by compliance by such Agent or such Lender in good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or with any request or directive of any such Governmental Body (whether or not having the force of law), or

(d)    the Euro-Rate, Overnight LIBO Rate or Adjusted LIBO Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any such Euro-Rate Loan, Overnight Rate Loan or LIBOR Rate Loan,
then Applicable Agent shall give Applicable Borrowing Agent prompt written or telephonic notice of such determination.  If Section 3.8.2 does not apply, (i) any such requested Euro-Rate Loan on behalf of the US Borrowers shall be made as a Domestic Rate Loan, and any such requested LIBOR Rate Loan or Overnight Rate Loan on behalf of the European Borrowers shall be made as a European Revolving Advance at a rate determined by the European Agent which expresses a percentage rate per annum equal to the European Lenders or applicable European Lender (as applicable) cost of funding its or their participation in such European Revolving Advance, unless Applicable Borrowing Agent shall notify Applicable Agent no later than 1:00 p.m. Local Time, two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an unaffected type of Euro-Rate Loan, Overnight Rate Loan or LIBOR Rate Loan, as applicable, (ii) any Domestic Rate Loan or Euro-Rate Loan which was to have been converted to an affected type of Euro-Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Applicable Borrowing Agent shall notify Applicable Agent, no later than 1:00 p.m. Local Time, two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected type of Euro-Rate Loan, and (iii) any outstanding affected Euro-Rate Loans under the US-Canada Facility shall be converted into a Domestic Rate Loan, and any outstanding affected LIBOR 
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Rate Loans or Overnight Rate Loans under the English Facility and the French Facility shall be converted to a European Revolving Advance at a rate determined by the European Agent which expresses a percentage rate per annum equal to the European Lenders or applicable European Lender (as applicable) cost of funding its or their participation in such European Revolving Advance, or, if Applicable Borrowing Agent shall notify Applicable Agent, no later than 1:00 p.m. Local Time, two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected LIBOR Rate Loan, Overnight Rate Loan or Euro-Rate Loan, shall be converted into an unaffected type of LIBOR Rate Loan, Overnight Rate Loan or Euro-Rate Loan, as applicable, on the last Business Day of the then current Interest Period for such affected LIBOR Rate Loans, Overnight Rate Loans or Euro-Rate Loans (or sooner, if any Lender cannot continue to lawfully maintain such affected LIBOR Rate Loans, Overnight Rate Loans or Euro-Rate Loan).  Until such notice has been withdrawn, Lenders shall have no obligation to make an affected type of LIBOR Rate Loan, Overnight Rate Loan or Euro-Rate Loan or maintain outstanding affected LIBOR Rate Loans, Overnight Rate Loans or Euro-Rate Loans and no Borrower shall have the right to convert a Domestic Rate Loan or an unaffected type of LIBOR Rate Loan, Overnight Rate Loan or Euro-Rate Loan into an affected type of LIBOR Rate Loan, Overnight Rate Loan or Euro-Rate Loan.
3.8.2.    Successor Adjusted LIBO Rate, Overnight LIBO Rate, or Euro-Rate Index.
(a)    Benchmark Replacement.  Notwithstanding anything to the contrary herein or in the Other Documents, if the Applicable Agent determines that a Benchmark Transition Event or an Early Opt-in Event has occurred, the Applicable Agent may amend this Agreement to replace the Adjusted LIBO Rate, Overnight LIBO Rate and/or the Euro-Rate with a Benchmark Replacement in accordance with this Section 3.8.2; and any such amendment shall be in writing, shall specify the date that the Benchmark Replacement is effective and will not require any further action or consent of any other party to this Agreement, including the Borrowers.  Until the Benchmark Replacement is effective, each advance, conversion and renewal of a LIBOR Rate Loan, Overnight Rate Loan or a Euro-Rate Loan will continue to bear interest with reference to the Adjusted LIBO Rate, Overnight LIBO Rate or Euro-Rate, respectively; provided, however, during a Benchmark Unavailability Period (i) any pending selection of, conversion to or renewal of a (A) Euro-Rate Loan that has not yet gone into effect shall be deemed to be a selection of, conversion to or renewal of a Domestic Rate Loan or (B) LIBOR Rate Loan or Overnight Rate Loan that has not yet gone into effect shall be converted to a Loan in Dollars in the Dollar Equivalent amount of such Loan and be deemed to be a selection of, conversion to or renewal of a Domestic Rate Loan, (ii) all outstanding LIBOR Rate Loans, Overnight Rate Loans or Euro-Rate Loans shall automatically be (A) if in Dollars, converted to Domestic Rate Loans at the expiration of the existing Interest Period (or sooner, if 
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Applicable Agent cannot continue to lawfully maintain such affected Euro-Rate Loan) or (B) if in an Optional Currency, converted to a Loan in Dollars as Domestic Rate Loan in the Dollar Equivalent amount of such Loan at the expiration of the existing Interest Period (or sooner, if the Applicable Agent cannot continue to lawfully maintain such affected LIBOR Rate Loan or Overnight Rate Loan in such Optional Currency) and (iii) the component of the Alternate Base Rate based upon the Euro-Rate will not be used in any determination of the Alternate Base Rate. 

(b)    Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, the Applicable Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in the Other Documents, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.  

(c)    Notices; Standards for Decisions and Determinations.  The Applicable Agent will promptly notify the Borrowers of (i) the effectiveness of any Benchmark Replacement Conforming Changes and (ii) the commencement of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Applicable Agent pursuant to this Section 3.8.2 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.8.2. 

(d)    Certain Defined Terms.  As used in this Section 3.8.2:

"Benchmark Replacement" means the sum of: (a) the alternate benchmark rate that has been selected by the Applicable Agent giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate for (A) with respect to Dollar Loans under the Euro-Rate, U.S. dollar-denominated credit facilities or (B) with respect to Optional Currency Loans, U.S. credit facilities providing for loans in such Optional Currency and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.25%, the Benchmark Replacement will be deemed to be 0.25% for the purposes of this Agreement.  

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"Benchmark Replacement Adjustment" means, with respect to any replacement of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate with an alternate benchmark rate for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Applicable Agent (a) giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate with the applicable Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for such replacement of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate for (A) with respect to Dollar Loans under the Euro-Rate, U.S. dollar denominated credit facilities at such time or (B) with respect to Optional Currency Loans, U.S. credit facilities providing for loans in such Optional Currency and (b) which may also reflect adjustments to account for (i) the effects of the transition from the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate to the Benchmark Replacement and (ii) yield- or risk-based differences between the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate and the Benchmark Replacement. 

"Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest and other administrative matters) that the Applicable Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Applicable Agent in a manner substantially consistent with market practice (or, if the Applicable Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Applicable Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Applicable Agent decides is reasonably necessary in connection with the administration of this Agreement). 

"Benchmark Replacement Date" means the earlier to occur of the following events with respect to the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate:

(1)     in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate permanently or 
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indefinitely ceases to provide the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate; or 

(2)     in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.  

"Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate: 

(1)    a public statement or publication of information by or on behalf of the administrator of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate announcing that such administrator has ceased or will cease to provide the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate; 

(2)    a public statement or publication of information by a Governmental Body having jurisdiction over the Applicable Agent, the regulatory supervisor for the administrator of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate, a resolution authority with jurisdiction over the administrator for the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate, which states that the administrator of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate has ceased or will cease to provide the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate; or

(3)    a public statement or publication of information by the regulatory supervisor for the administrator of the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate or a Governmental Body having jurisdiction over the Applicable Agent announcing that the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate is no longer representative. 

"Benchmark Unavailability Period" means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate and solely to the extent that the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate has 
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not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate for all purposes hereunder in accordance with Section 3.8.2 and (y) ending at the time that a Benchmark Replacement has replaced the Adjusted LIBO Rate, Overnight LIBO Rate or the Euro-Rate for all purposes hereunder pursuant to Section 3.8.2. 

"Early Opt-in Event" means a determination by the Applicable Agent that (a) with respect to Dollar Loans under the Euro-Rate, U.S. dollar denominated credit facilities being executed at such time, or that include language similar to that contained in this Section 3.8.2, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Euro-Rate for loans in Dollars or (b) with respect to Optional Currency Loans, U.S. credit facilities providing for loans in such Optional Currency being executed at such time, or that include language similar to that contained in Section 3.8.2, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Adjusted LIBO Rate or Overnight LIBO Rate for loans in such Optional Currency.  

"Relevant Governmental Body" means (a) the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto and (b) with respect to Optional Currency Loans, in addition to the Persons named in clause (a) of this definition, the comparable Governmental Body or other applicable Person for loans in such Optional Currency as determined by the Applicable Agent in its sole discretion.
15.Amendment of Section 5.25 – Federal Securities Laws.  Section 5.25 of the Credit Agreement is hereby amended and restated as follows:
5.25    Federal Securities Laws.  None of Loan Parties or any of their Subsidiaries (other than the Company with respect to clauses (i) and (ii)), (i) is required to file periodic reports under the Exchange Act or securities legislation of Canada, France, England or the Netherlands, (ii) has any securities registered under the Exchange Act or securities legislation of Canada, France, England or the Netherlands or (iii) has filed a registration statement that has not yet become effective under the Securities Act or securities legislation of Canada, France, England or the Netherlands.
16.Amendment of Section 5.34 – European Distribution Agreements.  Section 5.34 of the Credit Agreement is hereby amended and restated as follows:
5.34    European Distribution Agreements.  Each European Distribution Agreement is in full force and effect and, under Swiss law, each European 
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Distribution Agreement provides that any right, title or interest in any Receivables arising from the sale of any Inventory referred to therein shall vest in the European Loan Party party to such European Distribution Agreement.
17.Addition of Section 5.36 – Certificate of Beneficial Ownership.  A new Section 5.36 is hereby added to the Credit Agreement immediately following Section 5.35 as follows:
5.36    Certificate of Beneficial Ownership.  The Certificate of Beneficial Ownership executed and delivered to Agent and Lenders for each Borrower (other than the Company) on or prior to the date of this Agreement, as updated from time to time in accordance with this Agreement, is accurate, complete and correct as of the date hereof and as of the date any such update is delivered.  The Borrowers acknowledge and agree that the Certificate of Beneficial Ownership is one of the Other Documents.
18.Amendment of Section 6.2 – Conduct of Business and Maintenance of Existence and Assets.  Section 6.2 of the Credit Agreement is hereby amended and restated as follows:
6.2    Conduct of Business and Maintenance of Existence and Assets.  (a) Conduct continuously and operate actively its business according to good business practices and maintain all of its properties useful or necessary in its business in good working order and condition (reasonable wear and tear and casualty excepted and except as may be disposed of in accordance with the terms of this Agreement), including all material Intellectual Property and take all actions necessary to enforce and protect the validity of any material intellectual property right or other right included in the Collateral; (b) keep in full force and effect its existence and comply with all laws and regulations governing the conduct of its business where the failure to do so would reasonably be expected to have a Material Adverse Effect; and (c) make all such reports and pay all such franchise and other taxes and license fees and do all such other acts and things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of the United States, Canada, France, England or the Netherlands or any political subdivision thereof where the failure to do so would reasonably be expected to have a Material Adverse Effect.
19.Amendment of Section 6.6 – Financial Covenant; Minimum Undrawn Availability.  Section 6.6 of the Credit Agreement is hereby amended and restated as follows:
6.6    Financial Covenant; Minimum Undrawn Availability.
(a)     Cause to be maintained the US-Canada Undrawn Availability Required Amount at all times.
(b)    Cause to be maintained the European Undrawn Availability Required Amount at all times.
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20.Amendment of Section 6.11 – Federal Securities Laws.  Section 6.11 of the Credit Agreement is hereby amended and restated as follows:
6.11    Federal Securities Laws.  Promptly notify Agent in writing if any Loan Party (other than, with respect to clause (i) or (ii), the Company) or any of their Subsidiaries (i) is required to file periodic reports under the Exchange Act or securities legislation of Canada, France, England or the Netherlands, (ii) registers any securities under the Exchange Act or securities legislation of Canada, France, England or the Netherlands or (iii) files a registration statement under the Securities Act or securities legislation of Canada, France, England or the Netherlands.
21.Amendment of Section 6.19 – Transfer of Accounts of European Borrower, Notification of Account Debtors.  Section 6.19 of the Credit Agreement is hereby amended and restated as follows:
6.19    Transfer of Accounts of European Borrowers and Dutch Guarantor, Notification of Account Debtors.
(a)     At any time following a European Dominion Triggering Event, the European Borrowers and the Dutch Guarantor shall (i) at the request of the European Agent, use reasonable endeavors to cause their European Blocked Accounts (each an "Existing Blocked Account") to be transferred to the name of the European Agent and (ii) with respect to any Existing Blocked Accounts held with an account bank in a jurisdiction other than England and Wales, promptly open new European Blocked Accounts with (and, at the discretion of the European Agent, in the name of) the European Agent in London (or an Affiliate of the European Agent in London), such new bank accounts being European Blocked Accounts under and for the purposes of this Agreement.
If new European Blocked Accounts have been established pursuant to this Section (each a "New Blocked Account"), the European Borrowers and the Dutch Guarantor shall ensure that the proceeds of all Receivables owing to them will immediately be re-directed to the New Blocked Accounts.  Until all proceeds of Receivables have been redirected to the New Blocked Accounts, each European Borrower and the Dutch Guarantor shall cause all amounts on deposit in any Existing Blocked Account to be transferred to a New Blocked Account at the end of each Business Day, provided that if any such European Borrower or the Dutch Guarantor does not instruct such re-direction or transfer, each of them hereby authorizes the European Agent to give such instructions on their behalf to the applicable Customers and/or the account bank holding such Existing Blocked Account (as applicable).
(b)    At any time during a European Dominion Period, each European Borrower and the Dutch Guarantor agrees that if any of its Customers have not previously received notice of the security interest of the European Agent over its 
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Receivables, it shall, at the request of the European Agent, promptly give notice to such Customers and if any European Borrower and/or the Dutch Guarantor does not serve such notice, each of them hereby authorizes the European Agent to serve notice on their behalf.

22.Amendment of Section 6.20 – European Cash Management Provisions.  Section 6.20(a) and Section 6.20(c) of the Credit Agreement are hereby amended and restated as follows:
(a)    All proceeds of the English Collateral, the French Collateral and the Dutch Collateral shall be deposited by the European Borrowers and the Dutch Guarantors into a blocked account ("European Blocked Accounts") established at the European Agent (or an Affiliate of the European Agent) for the deposit of such proceeds. Each applicable European Borrower, Dutch Guarantor, the European Agent and the European Agent in its capacity as account bank with respect to the European Blocked Accounts (or Affiliate of the European Agent in such role, as applicable) shall enter into a deposit account control agreement or equivalent arrangement, in each case in form and substance satisfactory to the European Agent that is sufficient to give the European Agent "control" at all times over such account. All funds deposited in such European Blocked Accounts shall immediately become subject to the security interest of the European Agent for its own benefit and the ratable benefit of the Secured Parties. During a European Dominion Period, the European Agent may apply (or cause to be applied) all funds received by it from the European Blocked Accounts to the satisfaction of the Obligations of the European Borrowers (including the cash collateralization of the Letters of Credit in accordance with the terms of this Agreement) in such order as is required hereunder.  If the funds standing to the credit of any European Blocked Account are not in the same currency in which the European Swing Loans and/or European Revolving Advances were made (the "Advance Currency"), the European Agent may, in its sole discretion, during a European Cash Dominion Period or following an Event of Default convert such funds to the currency in which the relevant European Swing Loans and/or European Revolving Advances were made at its spot rate of exchange for the purposes of applying the funds to the satisfaction of the European Obligations and European Borrowers and Dutch Guarantors agree to hold the European Agents and each European Lender harmless from and against any costs of exchange, the cost of covering the currency in which such European Swing Loan and/or European Revolving Advance was originally made, and from any change in the value of the Advance Currency, or such other currency, in relation to the currency that was due and owing.  In the event that all outstanding Obligations of the European Borrowers have been satisfied in full, any remaining funds received by the European Agent from the European Blocked Accounts shall be transferred to the Agent for application against the then-outstanding Obligations of the US-Canadian Borrowers in accordance with Section 4.8(h).
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(c)    All deposit accounts (including all European Blocked Accounts, securities accounts and investment accounts of each European Loan Party as of the Closing Date are set forth on Schedule 6.20(c). No European Borrower or Dutch Guarantor shall open any new deposit account, securities account or investment account or designate such account as an account into which proceeds of Receivables are to be paid for the purposes of inclusion in the European Formula Amount unless the European Borrowing Agent shall have given at least thirty (30) days prior written notice to the European Agent and:
(i)    a security interest (which, in relation to accounts located in England and Wales shall be a fixed charge, rather than a floating charge), governed by the laws of the jurisdiction in which such account is located, in form and substance satisfactory to the European Agent has been entered into between the relevant European Borrower and the European Agent;
(ii)    in the event that the security interest is governed by the laws of a jurisdiction other than England and Wales, a side letter or other agreement satisfactory to the European Agent, setting out any required additions or amendments to this Agreement to enable the European Agent to effectively hold and maintain such security interest for the benefit of the Security Parties under the laws of the applicable jurisdiction has been entered into; and
(iii)    an account control agreement in form and substance satisfactory to the European Agent sufficient to give the European Agent "control" over such account has been entered into between the relevant bank or financial institution, the European Agent and the relevant European Borrower.

23.Addition of Section 6.24 – Certificate of Beneficial Ownership and Other Additional Information.  A new Section 6.24 is hereby added to the Credit Agreement immediately following Section 6.23 as follows:
6.24    Certificate of Beneficial Ownership and Other Additional Information.  Provide to Agent and the Lenders: (i) confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership provided to the Agent and Lenders; (ii) a new Certificate of Beneficial Ownership, in form and substance acceptable to Agent and each Lender, when the individual(s) to be identified as a Beneficial Owner have changed; and (iii) such other information and documentation as may reasonably be requested by Agent or any Lender from time to time for purposes of compliance by Agent or such Lender with applicable laws (including without limitation the USA Patriot Act and other "know your customer" and anti-money laundering rules and regulations), and any policy or procedure implemented by Agent or such Lender to comply therewith.
24.Amendment of Section 9.6 – Government Receivables.  Section 9.6 of the Credit Agreement is hereby amended and restated as follows:
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9.6    Government Receivables.  Notify Applicable Agent promptly if any of its Receivables having a value, individually or in the aggregate, in excess of $1,000,000 arise out of contracts between any Borrower and the United States, Canada, France, England, the Netherlands, any state, province or any department, agency or instrumentality of any of them.

25.Amendment of Section 14.4 – Resignation of any Agent; Successor Agents.  Section 14.4 of the Credit Agreement is hereby amended and restated as follows:
14.4    Resignation of any Agent; Successor Agents.  Any Agent may resign on sixty (60) days written notice to each Lender and Borrowing Agent and upon such resignation, Applicable Required Lenders will promptly designate a successor Agent reasonably satisfactory to Borrowers (provided that no such approval by Borrowers shall be required (i) in any case where the successor Agent is one of Lenders or (ii) after the occurrence and during the continuance of any Event of Default). Any such successor Agent shall succeed to the rights, powers and duties of Applicable Agent, and shall in particular, if applicable, succeed to all of such Agent's right, title and interest in and to all of the Liens in the Collateral securing the Obligations created hereunder or any Other Document (including the Pledge Agreement and all account control agreements), and the term "Agent" or "European Agent", as applicable, shall mean such successor agent effective upon its appointment, and the applicable former Agent's rights, powers and duties as such Agent shall be terminated, without any other or further act or deed on the part of such former Agent. However, notwithstanding the foregoing, if at the time of the effectiveness of the new Agent's appointment, any further actions need to be taken in order to provide for the legally binding and valid transfer of any Liens in the Collateral from former Agent to new Agent and/or for the perfection of any Liens in the Collateral as held by new Agent or it is otherwise not then possible for new Agent to become the holder of a fully valid, enforceable and perfected Lien as to any of the Collateral, former Agent shall continue to hold such Liens solely as agent for perfection of such Liens on behalf of new Agent until such time as new Agent can obtain a fully valid, enforceable and perfected Lien on all Collateral, provided that the applicable Agent shall not be required to or have any liability or responsibility to take any further actions after such date as such agent for perfection to continue the perfection of any such Liens (other than to forego from taking any affirmative action to release any such Liens).  For the purposes of any Dutch Collateral Document, any resignation by the European Agent is not effective with respect to its rights under the Parallel Debt until all rights and obligations under the Parallel Debt have been assigned and assumed to the successor agent.  After any Agent's resignation as an Agent, the provisions of this Article 14, and any indemnification rights under this Agreement, including without limitation, rights arising under Section 16.5 hereof, shall inure to its benefit as to any actions taken or omitted to be taken by it while it was such Agent under this Agreement (and in the event such resigning Agent continues to hold any Liens pursuant to the provisions of the immediately 
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preceding sentence, the provisions of this Article 14 and any indemnification rights under this Agreement, including without limitation, rights arising under Section 16.5 hereof, shall inure to its benefit as to any actions taken or omitted to be taken by it in connection with such Liens).
26.Addition of Section 14.17 – Parallel Debt.  A new Section 14.17 is hereby added to the Credit Agreement immediately following Section 14.16 as follows:
14.17    Parallel Debt
(a)Each Loan Party hereby irrevocably and unconditionally undertakes to pay (each such payment undertaking, a "Parallel Debt") to the European Agent amounts equal to the amounts due by that Loan Party in respect of its Corresponding Obligations as they may exist from time to time. 
(b)The Parallel Debt of each Loan Party will be payable in the currency or currencies of the Corresponding Obligations and will become due and payable as and when and to the extent the relevant Corresponding Obligations become due and payable.  An Event of Default in respect of the Corresponding Obligations shall constitute a default (verzuim) within the meaning of section 3:248 of the Dutch Civil Code with respect to the Parallel Debt without any notice being required.
(c)Each of the parties to this Agreement hereby acknowledges that:
(i)     each Parallel Debt constitutes an undertaking, obligation and liability to the European Agent which is separate and independent from, and without prejudice to, the Corresponding Obligations of the relevant Loan Party; and
(ii) each Parallel Debt represents the European Agent's own separate and independent claim to receive payment of the Parallel Debt from the relevant Loan Party, it being understood, in each case, that pursuant to this paragraph (c), the amount which may become payable by each Loan Party by way of Parallel Debt shall not exceed at any time the total of the amounts which are payable under or in connection with the Corresponding Obligations of that Loan Party at such time.
(d)An amount paid by a Loan Party to the European Agent in respect of the Parallel Debt will discharge the liability of the Loan Parties under the Corresponding Obligations in an equal amount.
(e)For the purpose of this Section 14.17, the European Agent acts in its own name and for itself and not as agent, trustee or representative of any other Secured Party.
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27.Addition of 16.20(e).  A new Section 16.20(e) is hereby added to the Credit Agreement immediately following Section 16.20(d) as follows:
    (e)    Representation of Dutch Loan Party.  If any Loan Party incorporated under the laws of the Netherlands, is represented by an attorney in connection with the signing and/or execution of this Agreement or any other agreement, deed or document referred to in or made pursuant to this Agreement, it is hereby expressly acknowledged and accepted by the other parties to this Agreement that the existence and extent of the attorney's authority and the effects of the attorney's exercise or purported exercise of his or her authority shall be governed by the laws of the Netherlands.
28.Addition of Annex I – Dutch Guarantors.  A new Annex I is hereby added to the Credit Agreement as set forth in the attached Annex I hereto.
29.Amendment of Exhibit 1.2(d) – European Borrowing Base Certificate.  Exhibit 1.2(d) of the Credit Agreement is hereby amended and restated as set forth in the attached Exhibit 1.2(d) hereto.
30.Conditions Precedent.  The effectiveness of this Amendment is subject to the receipt by the Agent of the following items, each in form and content satisfactory to the Agent:  
(a)     the Agent shall have received this Amendment, duly executed by a duly authorized officer of each of the Loan Parties, each of the Applicable Required Lenders, the Agent and the European Agent;
(b)     the Agent shall have received the English Law Guaranty, duly executed by a duly authorized officer of each of the European Guarantors, the European Agent and the Agent;

(c)    the Agent shall have received the Dutch Security Agreement, duly executed by a duly authorized officer of the Dutch Guarantor and the European Agent;

(d)    the Agent shall have received the amended Dutch Commissionaire Agreement (in form and substance satisfactory to the Agents), together with an opinion in relation to the same from Swiss counsel to the Borrowers;

(e)     the Dutch Guarantor shall have opened the European Blocked Accounts with the European Agent (or an Affiliate of the European Agent, or any other financial institution acceptable to the European Agent) and the European Agent shall have received duly executed agreements establishing the European Blocked Accounts with financial institutions acceptable to the European Agent for the collection or servicing of the Receivables and proceeds of the Collateral and the European Agent shall have entered into control agreements with the applicable financial institutions in form and substance satisfactory to the European Agent with respect to such European Blocked Accounts;

(f)    In addition to the legal opinion addressed in clause (d) above, Agents shall have received the executed legal opinion of U.S. and French counsel to Borrowers and Guarantors 
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(but not Quebec counsel) and English and Dutch counsel to the European Agent, each in form and substance satisfactory to Agents which shall cover such matters incident to the transactions contemplated by this Amendment, the Other Documents, and related agreements as Agents may reasonably require and each Loan Party hereby authorizes and directs such counsel to deliver such opinions to Agents and Lenders;

(g)    the Agent shall have received copies, certified by a duly authorized officer of each Loan Party to be true and complete on and as of the date hereof, of records of all action taken by each of the Loan Parties (other than the Dutch Guarantor) to authorize (i) the execution and delivery of this Amendment, and all other certificates, documents and instruments executed in connection therewith, and (ii) its performance of all of its obligations under each of such documents;

(h)    the Agent shall have received a secretary's certificate of each Loan Party (other than the Dutch Guarantor)  certifying as to (i) no change in such Loan Party's articles or certificate of incorporation/organization or bylaws, code of regulations or limited liability company/operating agreement, or in the event that any such documents have changed, true and correct copies of the same certified by the secretary of such Loan Party or the Secretary of State, as the case may be, and (ii) the incumbency of the officers of such Loan Party that execute and deliver this Amendment and the related certificates, documents and instruments;

(i)    the Agent shall have received a formalities certificate of an authorized signatory of the Dutch Guarantor, which shall certify (i) copies of resolutions in form and substance reasonably satisfactory to Agent, of the board of directors and, if applicable, the shareholders of the Dutch Guarantor authorizing (x) the execution, delivery and performance of this Amendment and each Other Document to which the Dutch Guarantor is a party, and (y) the granting by the Dutch Guarantor of the security interests in and liens upon the Collateral to secure all of the joint and several Obligations of Loan Parties (and such certificate shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such certificate), (ii) the specimen signatures of the officers of the Dutch Guarantor authorized to execute this Amendment and the Other Documents, (iii) copies of the Organizational Documents of the Dutch Guarantor as in effect on such date, complete with all amendments thereto and (iv) that attached is an extract of the Dutch Chamber of Commerce of the date of this Amendment;

(j)    no Default or Event of Default shall have occurred; 

(k)    the Agent shall have received a Fixed Asset appraisal with respect to Eligible Fixed Assets satisfactory to the Agent in its Permitted Discretion; and

(l)    the Borrowers shall have paid (i) to Agent and European Agent, all of Applicable Agent's costs and expenses (including Applicable Agent's attorneys' fees) incurred in connection with the preparation of this Amendment and (ii) to Agent for the ratable benefit of the consenting Lenders (based upon the respective Revolving Commitment Amount of each Lender) an amendment fee in an amount equal to $90,000.
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31.Representations and Warranties.  Each Borrower and each Guarantor covenants and agrees with and represents and warrants to the Agent, the European Agent and the Lenders as follows:
(a)    each Borrower's and each Guarantor's obligations under the Credit Agreement, as modified hereby, are and shall remain secured by the Collateral pursuant to the terms of the Credit Agreement and the Other Documents;
(b)    each Borrower and each Guarantor possesses all of the powers requisite for it to enter into and carry out the transactions referred to herein and to execute, enter into and perform the terms and conditions of this Amendment, the Credit Agreement and the Other Documents and any other documents contemplated herein that are to be performed by such Borrower or such Guarantor; and that any and all actions required or necessary pursuant to such Borrower's or such Guarantor's organizational documents or otherwise have been taken to authorize the due execution, delivery and performance by such Borrower and such Guarantor of the terms and conditions of this Amendment, the Credit Agreement and the Other Documents, and that such execution, delivery and performance will not conflict with, constitute a default under or result in a breach of any applicable law or any agreement, instrument, order, writ, judgment, injunction or decree to which such Borrower or such Guarantor is a party or by which such Borrower or such Guarantor or any of its properties are bound, and that all consents, authorizations and/or approvals required or necessary from any third parties in connection with the entry into, delivery and performance by such Borrower and/or such Guarantor of the terms and conditions of this Amendment, the Credit Agreement, the Other Documents and the transactions contemplated hereby and thereby have been obtained by such Borrower and such Guarantor and are in force and effect;

(c)    this Amendment, the Credit Agreement, and the Other Documents constitute the valid and legally binding obligations of each Borrower and each Guarantor, enforceable against such Borrower and such Guarantor in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws and by general equitable principles, whether enforcement is sought by proceedings at law or in equity;

(d)    all representations and warranties made by each Borrower and each Guarantor in the Credit Agreement and the Other Documents are true and correct in all material respects as of the date hereof, with the same force and effect as if all such representations and warranties were fully set forth herein and made as of the date hereof and each Borrower and each Guarantor has complied with all covenants and undertakings in the Credit Agreement and the Other Documents;

(e)    this Amendment is not a substitution, novation, discharge or release of any Borrower's or any Guarantor's obligations under the Credit Agreement or any of the Other Documents, all of which shall and are intended to remain in full force and effect;

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(f)    no Event of Default or Potential Default has occurred and is continuing under the Credit Agreement or the Other Documents; there exist no defenses, offsets, counterclaims or other claims with respect to any Borrower's or any Guarantor's obligations and liabilities under the Credit Agreement or any of the Other Documents;

(g)    each Borrower and each Guarantor hereby ratifies and confirms in full its duties and obligations under the Credit Agreement, the Guaranty Agreement, and the Other Documents applicable to it, each as modified hereby; and

(h)    each Borrower and each Guarantor hereby agrees, as an independent obligation to the European Agent (to the extent such Guarantor or Borrower is party to the English Law Guaranty), to be bound by the terms of the English Law Guaranty as if it had been set out in full again here with such changes as are appropriate to fit this context, for the avoidance of doubt with references to the Credit Agreement and Other Documents each as modified hereby.

32.Guarantee and Security Confirmations.  Each of the European Loan Parties (i) consents to the amendment of the Credit Agreement effected by this Amendment, (ii) confirms that its obligations as a Guarantor under the English Law Guaranty (the "Guaranteed Obligations") and its obligations under, any Liens created pursuant to the European Collateral Documents to which it is a party (the "Secured Obligations") shall, in each case not be discharged or otherwise affected by those amendments and shall accordingly remain and continue in full force and effect, (iii) the Guaranteed Obligations shall, after the date of this Amendment, extend to the obligations of each European Loan Party under the Credit Agreement, as so amended and (iv) the Secured Obligations, including for the purposes of the European Collateral Documents, shall, after the date of this Amendment, extend to the obligations of each European Loan Party under the Credit Agreement, as so amended.
33.Reimbursement of Expenses.  The Borrowers, jointly and severally, shall pay or cause to be paid to the Agent and the European Agent all costs and expenses accrued through the date hereof and the costs and expenses of the Agent and the European Agent including, without limitation, fees of the Agent's and/or European Agent's counsel in connection with this Amendment.
34.Document References.  As used in the Credit Agreement and each of the Other Documents, the terms "this Credit Agreement", "herein", "hereinafter", "hereto", "hereof", and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement as amended and modified by this Amendment.  The term "Other Documents" as defined in the Credit Agreement shall include this Amendment.
35.Integration.  This Amendment, together with the Credit Agreement and the Other Documents, constitutes the entire agreement and understanding among the parties relating to the subject matter hereof, and supersedes all prior proposals, negotiations, agreements and understandings relating to such subject matter.  In entering into this Amendment, each Borrower and each Guarantor acknowledges that it is relying on no statement, representation, warranty, covenant or agreement of any kind made by Agent or any Lender or any employee or agent of 
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Agent or any Lender, except for the agreements of Agent and the Lenders set forth herein.  This Amendment shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Amendment or any part hereof to be drafted.
36.Successors and Assigns.  This Amendment shall apply to and be binding upon the Borrowers and the Guarantors in all respects and shall inure to the benefit of each of the other parties hereto and their respective successors and assigns, provided that none of the Borrowers nor the Guarantors may assign, transfer or delegate its duties and obligations hereunder.  Nothing expressed or referred to in this Amendment is intended or shall be construed to give any person or entity other than the parties hereto a legal or equitable right, remedy or claim under or with respect to this Amendment, the Credit Agreement or any Other Documents, it being the intention of the parties hereto that this Amendment and all of its provisions and conditions are for the sole and exclusive benefit of the parties hereto.
37.Severability.  If any one or more of the provisions contained in this Amendment, the Credit Agreement, or the Other Documents shall be held invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained in this Amendment, the Credit Agreement or the Other Documents shall not in any way be affected or impaired thereby, and this Amendment, the Credit Agreement and the Other Documents shall otherwise remain in full force and effect.
38.Further Assurances.  Each Borrower and each Guarantor agrees to execute such other and further documents and instruments as Agent may request to implement the provisions of this Amendment.
39.Governing Law.  This Amendment will be governed by the internal laws of the State of New York without reference to its conflicts of law principles.
40.Waiver and Release.  Each Borrower and each Guarantor, by signing below, hereby waives and releases Agent, the European Agent, Issuer and each of the Lenders and their respective directors, officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims of which any Borrower or any Guarantor is aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.
41.Counterparts; Electronically Delivered Signatures.  This Amendment may be executed in any number of counterparts each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.  Delivery of executed signature pages hereof by facsimile or other means of electronic transmission from one party to another shall constitute effective and binding execution and delivery thereof by such party.  Any party that delivers its original counterpart signature to this amendment by facsimile transmission hereby covenants to deliver its original counterpart signature promptly thereafter to the Agent.

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42.WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
[SIGNATURE PAGES FOLLOW]

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[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]
Each of the parties has signed this Eighth Amendment to Amended and Restated Revolving Credit and Security Agreement as of the day and year first above written.

US BORROWERS

Invacare Corporation, an Ohio corporation

By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Senior Vice President and Chief Financial Officer

Freedom Designs, Inc., a California corporation
Alber USA, LLC, an Ohio limited liability company
Medbloc, Inc., a Delaware corporation
By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer 

Invacare Continuing Care, Inc., a Missouri corporation

By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and General Manager

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

US GUARANTORS: 

Adaptive Switch Laboratories, Inc., a Texas corporation
Invacare Credit Corporation, an Ohio corporation
Invacare Holdings, LLC, an Ohio limited liability company
Invamex Holdings LLC, a Delaware limited liability company 

By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

CANADIAN BORROWERS: 

Invacare Canada L.P., an Ontario limited partnership, by its general partner, Invacare Canada General Partner Inc.
Motion Concepts L.P., an Ontario limited partnership, by its general partner, Carroll Healthcare Inc.
Perpetual Motion Enterprises Limited, an Ontario corporation
By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer

CANADIAN GUARANTORS:

Carroll Healthcare General Partner, Inc., an Ontario corporation
Carroll Healthcare Inc., an Ontario corporation
Invacare Canada General Partner Inc., a Canada corporation

By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

ENGLISH BORROWERS:

Invacare Limited, a company incorporated in England and Wales under company number 05178693

By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    Director
						
		

ENGLISH GUARANTORS:

Invacare Limited, a company incorporated in England and Wales under company number 05178693

By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    Director

Invacare UK Operations Limited, a company incorporated in England and Wales with company number 03281202

By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    Director

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

FRENCH BORROWERS:

Invacare Poirer SAS

By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    President Duly Authorized

FRENCH GUARANTORS:

Invacare Poirer SAS

By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    President Duly Authorized

Invacare France Operations S.A.S.

By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    President Duly Authorized

 [SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

						
		

DUTCH GUARANTORS:
Invacare B.V

By:  /s/ Désirée de la Fuente – van Baal    
Name:    Désirée de la Fuente – van Baal
Title:    Statutory Director

By:  /s/ Marco Koole    
Name:    Marco Koole
Title:    Statutory Director

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

PNC BANK, NATIONAL ASSOCIATION, as Lender and as Agent
By:  /s/ Todd Milenius    
Name:    Todd Milenius
Title:    Senior Vice President

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

KEYBANK NATIONAL ASSOCIATION, as Lender
By:  /s/ Jonathan Roe    
Name:    Jonathan Roe
Title:    Vice President

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

JPMORGAN CHASE BANK, N.A., as Lender
By:  /s/ Kevin Podwika    
Name:    Kevin Podwika
Title:    Authorized Officer

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

J.P. MORGAN EUROPE LIMITED, as European Agent
By:  /s/ Matthew Sparkes    
Name:    Matthew Sparkes
Title:    Authorised Officer
J.P. MORGAN AG, as Lender
By:  /s/ Matthew Sparkes    
Name:    Matthew Sparkes
Title:    Authorised Officer

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

CITIZENS BUSINESS CAPITAL, A DIVISION OF CITIZENS ASSET FINANCE, INC., as Lender
By:  /s/ David Slattery    
Name:    David Slattery
Title:    Vice President

EXHIBIT 1.2(d)

EUROPEAN BORROWING BASE CERTIFICATE

ANNEX I
Dutch Guarantors
Invacare B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law and registered with the Dutch trade register under number 18041272

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