Document:

AGREEMENT

 EXHIBIT 10.51 
  
 AGREEMENT 
  
 AGREEMENT made as of the 24th day of July, 2003, among BENTHOS, INC., a Massachusetts corporation with a usual place of business situated at 49 Edgerton Drive,
North Falmouth, Massachusetts 02556 (the “Company”), NIXIE RAYMOND, Trustee of the SAMUEL O. RAYMOND 1996 IRREVOCABLE INSURANCE TRUST, established by a Declaration of Trust, dated December 13, 1996 (the “Trust”), 12 Eastbourne
Street, Roslindale, MA 02131 and SAMUEL O. RAYMOND, of One Point De Chene Avenue, Rockport, Massachusetts 01966 (“SOR”). The Company, the Trust and SOR are sometimes hereinafter collectively referred to as the “Parties”, or
individually as a “Party” 
  
 WITNESSETH: 
  
 WHEREAS, the Trust is the owner of a certain Security of Denver Life Insurance Company
(“Security Life”) Life Insurance Policy, Policy Number 1548772, the insured of which is SOR and the owner of which is the Trust (the “Policy”); 
  
 WHEREAS, the Company and the Trust are parties to a certain Collateral Assignment Split-Dollar Life Insurance Agreement, dated
December 13, 1996, (the “Collateral Assignment”); and 
  
 WHEREAS,
it has been determined that as a result of the enactment of The Sarbanes-Oxley Act of 2002 on July 30, 2002 (“SOX”), the payment by the Company of insurance premiums on behalf of SOR pursuant to the Collateral Assignment are probably not
permissible; and 
  
 WHEREAS, since the enactment of SOX the Company has
made no premium payments pursuant to the Collateral Assignment; and 
  
 WHEREAS, the Parties have concluded that is in the best interests of the Parties to terminate the Collateral Assignment; and 
  
 WHEREAS, the Parties want to reduce their agreement with respect to termination of the Collateral Assignment to writing. 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties intending to be legally bound, hereby mutually agree as follows: 
  
 1. Termination of Collateral Assignment. Subject to the terms and conditions hereof, the Collateral Assignment is terminated as of the date hereof.

  
 2. Surrender of Policy. The Trust has elected to effectuate the
surrender of the Policy by effectuation a so-called “life settlement” of the Policy. On or about the date hereof, 

 the Trust will sell the Policy to Legacy Benefits Corporation, Empire State Building, 350 Fifth Avenue, Suite 4320, New York, New
York 10118 (“LBC”) for a cash purchase price of $563,000 (the “Policy Proceeds”). In order to consummate the life settlement of the Policy it is necessary for LBC to deposit the Policy Proceeds with an escrow agent pursuant to an
escrow agreement. LBC has elected to utilize U.S. Bank National Association, 180 East Fifth Street, Suite 200, St. Paul, Minnesota 55101, as the escrow agent pursuant to the Trust’s life settlement arrangement with LBC (the “Escrow
Agent”). The Escrow Agent will retain the Policy Proceeds until Security Life has effectuated the transfer of the ownership of the Policy from the Trust to LBC. 
  
 3. Distribution of Policy Proceeds. The Policy Proceeds will be divided between the Trust and the Company as follows: the
Company will be paid the sum of $457,562.32 from the Policy Proceeds (the “Company Amount”) and the Trust will be paid $105,437.68 from the Policy Proceeds (the “Trust Amount”). The Trust on the date hereof will deliver to LBC
and the Escrow Agent the escrow instructions in the form attached hereto at Exhibit A (the “Escrow Instructions”). Pursuant to the Escrow Instructions, the Escrow Agent is being instructed to distribute the Company Amount directly
to the Company and the Trust Amount directly to the Trust. The Escrow Instructions shall not be modified or amended in any manner whatsoever without the prior written consent of the Company. 
  
 4. Release. The Company will execute and deliver to Security Life, the issuer of
the Policy, the release attached hereto as Exhibit B in order that the ownership of the Policy can be changed from the Trust to LBC (the “Release”). The Release shall not be modified or amended in any manner whatsoever without the
prior written consent of the Trust and SOR. 
  
 5. Contingent Policy
Surrender. Attached hereto as Exhibit C is a Security Life client service application (the “Contingent Surrender Form”). The Contingent Surrender Form will be executed and delivered by the Trust to the Company on the date hereof
and will be held by the Company. At any time after (i) LBC elects not to consummate the transfer of the ownership of the Policy, or (ii) in the event the Company has not received payment of the amounts due hereunder by August 21, 2003, the Company
may elect to deliver the contingent Surrender Form to Security Life. 
  
 6.
Policy Proceeds in the Event of the Death of SOR. If the Trust at anytime hereafter is paid proceeds from the Policy because of the death of SOR, then in the event that the Company Amount has not been paid prior to the death of SOR, the
Company shall be paid either the (i) Company Amount, or (ii) the Net Investment Element amount, as such term is defined in the Collateral Assignment, whichever is greater (the “Company Post Death Payment”). In all events the Trust shall
not be entitled to any proceeds from the Policy, whether by death benefit, loan, sale, surrender or otherwise unless the Company Amount has been paid in the event that SOR is then living or the Company has been paid the Company Post Death Payment in
the event that SOR is not then living. 
  

 -2- 

 7. Covenants of Trust and SOR. The Trust and SOR will: 
  
 (i) Execute and deliver any other documents, agreements, or instruments reasonably
requested by the Company to effectuate and carry out the transactions contemplated hereby; 
  
 (ii) Not amend or modify any agreements with Security Life, LBC or the Escrow Agent without the prior written consent of the Company; 
  
 (iii) Provide the Company immediately upon receipt thereof, with copies of any communications, and immediately report to the Company any verbal communications with
Security Life, LBC or the Escrow Agent; 
  
 (iv) Undertake no action that
would attempt to defeat the rights of the Company hereunder; 
  
 (v) Not
enter into any loan transaction with respect to the Policy without the prior written consent of the Company; and 
  
 (vi) Not grant any rights in the Policy or the proceeds of the Policy, other than the rights being granted as contemplated by this Agreement, to any person without
the prior written consent of the Company. 
  
 8. Covenants of the
Company. The Company will: 
  
 (i) Execute and delver any other
documents, agreements, or instruments reasonably requested by the Trust or SOR to effectuate and carry out the transactions contemplated hereby; 
  
 (ii) Provide the Trust and SOR immediately upon receipt thereof, with copies of any communications, and immediately report to the Trust and SOR any verbal
communications with Security Life, LBC or the Escrow Agent; and 
  
 (iii)
Undertake no action that would attempt to defeat the rights of the Trust and SOR hereunder. 
  
 9. Employment Agreement. In connection with the termination of the Collateral Assignment, the Company and SOR are terminating a certain employment contract effective as of September 24, 1990, as amended and are entering
into a consulting agreement. The terms and conditions of that transaction will be set forth in a separate agreement. 
  
 10. Press Releases and Public Announcements. The Trust and SOR shall not issue any press release or make any public announcement relating to the subject
matter of this Agreement without the prior written approval of the Company. The Company in its sole discretion will make any public announcements with respect to the subject matter of this Agreement. 
  
 11. Successors and Assigns. This Agreement shall be binding upon, and inure to
the benefit of, each of the Parties hereto and their respective legal representatives, successors and assigns, but no rights of a Party hereunder may be assigned, and no obligations of a Party may be delegated without the other Party’s written
consent, which shall not be unreasonably withheld, delayed or conditioned. 
  

 -3- 

 12. Entire Agreement; Effect on Prior Documents. This Agreement and the other documents referred to herein
or delivered pursuant hereto contain the entire agreement among the Parties with respect to the transactions contemplated hereby and supersede all prior negotiations, commitments, agreements and understandings among them with respect thereto.

  
 13. Notices. All notices to a Party shall be addressed to such
Party at the address set forth below or to such other place as may be designated by written notice to the other Party. Notice shall be sufficient when delivered by hand; when sent by fax/telecopy with the original thereof posted first-class mail,
postage prepaid, within two (2) business days thereafter; when posted by Federal Express, Express Mail, or any similar regular, receipted overnight delivery service, postage prepaid; when posted by certified mail, return receipt requested and
postage prepaid; or when delivered by a private courier, requesting evidence of receipt as part of its service. Any such notice shall be addressed to the Party at the Party’s home address or the Party’s address described below, and shall
be effective when first received. Unless otherwise notified in writing, each Party shall direct all sums payable to the other Party at the Party’s address for notice purposes. For purposes hereof, the addresses of the Parties shall be:

  
 if to the Trust or SOR: 
  
 Nixie Raymond, Trustee 
 Samuel O. Raymond 1996 Irrevocable Life Insurance Trust 
 12 East
Bourne Street 
 Roslindale, MA 02131 
  
 Samuel O. Raymond 
 One Point De Chene Avenue 
 Rockport, MA 01966 
 Telephone No. (978) 546-8017 
 Fax No. (978) 546-6655 
 with a copy to: 
  
 Gregory J. Englund, Esq. 
 101 Federal St., 3rd Floor 
 Boston, MA 02110 
 Telephone No. (617) 439-6779 
 Fax No. (617) 439-6920 
  

 -4- 

 if to the Company: 
  
 Ronald L. Marsiglio 
 Chief Executive Officer and President

 Benthos, Inc. 
 49 Edgerton Drive 
 N. Falmouth, MA 02556 
 Telephone No. (508) 563-1000 

Fax No. (508) 563-6444 
  
 with a copy to: 
  
 John T. Lynch, Esq. 
 Davis, Malm & D’Agostine, P.C.

 One Boston Place 
 Boston, MA 02108 
 Telephone No. (617) 589-3820 
 Fax No. (617) 305-3120 

 
 14. Amendments; Waivers. Except as otherwise provided herein, this Agreement
may be amended, and compliance with any provision of this Agreement may be omitted or waived, only by written agreement duly signed by the Parties hereto. 
  
 15. No Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the Parties and their respective
successors and permitted assigns. 
  
 16. Counterparts. This
Agreement may be executed in any number of counterparts, each such counterpart shall be deemed to be an original instrument, and all such counterparts together shall constitute but one agreement. 
  
 17. Headings. The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 
  
 18. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the Commonwealth of
Massachusetts without regard to principles of conflicts of laws that would require the application of the laws of another jurisdiction. 
  
 19. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
  

 -5- 

 IN WITNESS WHEREOF, the Parties have executed this Agreement under seal as of the day and year first above written.

  

	 Company:
	 	 	 	 BENTHOS, INC.

				
	 	 	 	 	 By:
	 	 \s\ Ronald L. Marsiglio

	 	 	 	 	 	 	 Ronald L. Marsiglio, Chief Executive
 Officer and President

			
	 Trust:
	 	 	 	 \s\ Nixie Raymond

	 	 	 	 	 Nixie Raymond, Trustee of the
 Samuel O. Raymond 1996 Irrevocable
 Life Insurance Trust

			
	 SOR:
	 	 	 	 \s\ Samuel O. Raymond

	 	 	 	 	 Samuel O. Raymond

  

 -6-Indenture

 Exhibit 10.5 
  
 IOS CAPITAL, LLC 
  
 TO 
  
 JPMORGAN CHASE BANK, 
  
 Trustee 
  

  
 FOURTH SUPPLEMENTAL INDENTURE 
  

Dated as of June 16, 2003 
  
 to the 
  
 INDENTURE 
  
 Dated as of June 30, 1995 
  

 FOURTH SUPPLEMENTAL INDENTURE, dated as of June 16, 2003, between IOS Capital, LLC (formerly known as
“IOS Capital, Inc.”, “IKON Capital, Inc.” and “Alco Capital Resource, Inc.”), a limited liability company duly organized and existing under the laws of the State of Delaware (the “Company”), having its
principal office at 1738 Bass Road, Macon, Georgia, and JPMorgan Chase Bank (formerly known as “The Chase Manhattan Bank” and “Chemical Bank”), a banking corporation duly organized and existing under the laws of the State of New
York, as Trustee (the “Trustee”). 
  
 Recitals of
the Company 
  
 WHEREAS the Company and the Trustee have
heretofore executed and delivered an Indenture dated as of June 30, 1995, as supplemented by the First Supplemental Indenture dated as of June 4, 1997, the Second Supplemental Indenture dated as of June 12, 2001 (the “Second Supplemental
Indenture”) and the Third Supplemental Indenture dated as of March 15, 2002 (the “Third Supplemental Indenture” and collectively, the “Indenture”), providing for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series. All capitalized terms used in this Fourth Supplemental Indenture and not defined herein shall have the meanings assigned to them in the Indenture;

  
 WHEREAS the Company intends to issue $350,000,000 aggregate
principal amount of its 7.25% Notes due 2008 (the “7.25%Notes”) under the Indenture. The Holders of the 7.25% Notes will be entitled to the benefit of the additional Events of Default described herein, solely for their
benefit and not for the benefit of any other Holders of Securities; 
  
 WHEREAS Section 901(3) of the Indenture provides that, without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more supplemental
indentures, in form satisfactory to the Trustee, to add any additional Events of Default solely for the benefit of the Holders of the 7.25% Notes; 
  
 WHEREAS the Company desires to add provisions to the Indenture applicable to the 7.25% Notes as set forth below; and 
  
 WHEREAS all things necessary to make this Fourth Supplemental Indenture a
valid agreement of the Company, and a valid supplement to the Indenture, have been done. 
  
 NOW, THEREFORE, this Fourth Supplemental Indenture Witnesseth: 
  
 For and in consideration of the premises, it is mutually agreed, solely for the benefit of the Holders of the 7.25% Notes, as follows: 
  
 Section 1. Additional Definitions. The following Section 101A is hereby added to the Indenture: 
  
 “Section 101A. Definitions for Section 501B and the 7.25% Notes.

  

 1 

 For purposes of Section 501B the terms defined in this Section 101A have the meanings assigned to them in
this Section 101A and include the plural as well as the singular: 
  
 “7.25% Notes” means the Company’s 7.25% Notes due 2008 originally issued in an aggregate principal amount of $ 350,000,000. 
  
 “9.75% Notes” means the Company’s 9.75% Notes due 2004 originally issued in an aggregate principal amount of $250,000,000.

  
 “Consolidated Net Worth” shall be determined
in accordance with GAAP and shall mean the sum (as reflected in the consolidated balance sheet of IKON and its Consolidated Subsidiaries) of (i) the stated dollar amount of outstanding capital stock, plus (ii) the stated dollar amount of additional
paid in capital, if any, plus (iii) the amount of surplus and retained earnings, minus (iv) the cost of treasury shares and the excess of redemption value over the stated value of preferred stock of IKON and its Consolidated Subsidiaries.

  
 “Consolidated Subsidiary” means any
corporation, limited liability company or other business entity of which IKON directly or indirectly owns or controls at least a majority of the outstanding stock or other equivalent interests having general voting power, including without
limitation the right, under ordinary circumstances, to vote for the election of a majority of the Board of Directors or similar governing body of such business entity. 
  
 “Credit Agreement” means the Credit Agreement among IKON Office Solutions, Inc., IOS Capital, LLC, IKON
Capital, PLC, and IKON Capital, Inc., as Borrowers and the Lenders party thereto, J.P. Morgan Bank Canada, as Canadian Administrative Agent, and JPMorgan Chase Bank, as Administrative Agent, dated as of May 24, 2002, as amended from time to time.

  
 “Credit Facility” means any debt of IKON or
any Consolidated Subsidiary under the facility established by the Credit Agreement and any other facility or facilities (or successive facilities) refinancing or replacing such facility or any other facility constituting the Credit Facility, in each
case as amended from time to time; provided that the aggregate principal amount of the Credit Facility shall not exceed $600.0 million. 
  
 “Finance Leasing Subsidiary” means the Company, IKON Capital Inc., a Canadian corporation, IKON Capital, PLC, a British company, IKON
Office Solutions Dublin Limited, an Irish company, IKON Leasing GmbH, a German company, any successors to such corporations, and such additional subsidiaries 
  

 2 

 whose primary business is the leasing of products distributed by IKON and its subsidiaries. 
  
 “Fixed Charges Coverage Ratio” means the ratio of (x)
consolidated operating income, excluding non-recurring charges, plus one-third of rental expenses relating to operating leases to (y) fixed charges. Fixed charges include (i) interest costs, both expensed and capitalized, excluding interest costs of
Finance Leasing Subsidiaries, (ii) amortization of debt expense and discount or premium relating to any indebtedness, whether expensed or capitalized, plus (iii) one-third of rental expense relating to operating leases. 
  
 “Fourth Supplemental Indenture” means the Fourth
Supplemental Indenture, dated as of June 16, 2003, between the Company and the Trustee. 
  
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 
  
 “IKON” means IKON Office Solutions, Inc., an Ohio corporation, the successor corporation to Alco Standard
Corporation, and its successors. 
  
 “Securitization” means with respect to IKON and its Consolidated Subsidiaries the transfer or pledge of assets or interests in assets to a trust, partnership, corporation or other entity, which transfer or pledge is funded
by such entity in whole or in part by the issuance of instruments or securities that are paid principally from the cash flow derived from such assets or interests in assets. 
  
 “SFAS 133” means the Statement on Financial Accounting Standards No. 133 issued by the American Institute
of Certified Public Accountants.” 
  
 Section 2.
Additional Defaults for 7.25% Notes. The following Section 501B is hereby added to the Indenture: 
  
 “Section 501B. Additional Events of Default Solely for the Benefit of the Holders of the 7.25% Notes due 2008. 
  
 “Event of Default,” wherever used herein with respect to the 7.25%
Notes means, in addition to the Events of Default listed in Section 501, any one of the following events occurs and is continuing for a period of 60 days after written notice thereof is given to the Company by the Trustee under the Indenture or to
the Company and the Trustee by the holders of an aggregate of at least 10% in principal amount of the Notes (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (1) IKON or any Consolidated Subsidiary shall create or assume any debt (other than the (i) Credit Facility and (ii) any other debt of IKON or any

  

 3 

 Consolidated Subsidiary existing as of the date of the Third Supplemental Indenture that is required by its terms as in
effect as of the date of the Third Supplemental Indenture to be secured equally and ratably with the Credit Facility or the net proceeds of which will be used to retire or refinance the 9.75% Notes or to defease the 9.75% Notes pursuant to Section
1302 or 1303, provided that IKON shall have made effective provision to secure the 7.25% Notes then outstanding equally and ratably with, or prior to, the Credit Facility and any and all such other debt so secured for as long as the Credit
Facility or such other debt shall be so secured) secured by any mortgage, pledge, security interest, encumbrance or other lien upon any property, now owned or acquired after the date of the Second Supplemental Indenture, of IKON or any Consolidated
Subsidiary (the sale with recourse of receivables or any sale and lease-back of any fixed assets being deemed to be the giving of a lien thereon for money borrowed), other than debt secured by: 
  
 (A) liens existing on the date of the Second Supplemental
Indenture on any property, provided that the amount secured by any such lien is not greater than the amount secured thereby on such date; 
  
 (B) liens on any property (including but not limited to margin stock (within the meaning of Regulations T, U and X of the Board of
Governors of the Federal Reserve System)) acquired after the date of the Second Supplemental Indenture existing at the time of such acquisition or created within a period of 120 days following any such acquisition to secure or provide for the
payment of any part of the purchase price thereof or liens to secure debt incurred to fund or refund any liens within the scope of this subsection (B), provided that the amount secured by any such lien is not greater than the amount secured
thereby on the date of such acquisition or within the 120 day period, as the case may be; 
  
 (C) liens securing debt of a Consolidated Subsidiary outstanding on the date that IKON acquires such Consolidated Subsidiary; 

 
 (D) liens for taxes, assessments or governmental charges
or levies not yet due and payable or being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted, provided that a reserve or other appropriate provision, if any, as shall be required by GAAP shall
have been made therefor and no foreclosure, distraint, sale, or other similar proceedings shall have been commenced; 
  
 (E) statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of
business for sums not yet due or being contested in good faith by appropriate proceedings promptly initiated and diligently conducted, provided that a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made
therefor; 
  

 4 

 (F) liens incurred or deposits made in the ordinary course of business in connection with
workmen’s compensation, unemployment insurance and other types of social security or to secure the performance of tenders, statutory obligations, surety and appeal bonds, performance and return-of-money bonds and other similar obligations
(exclusive of obligations for the payment of borrowed money); 
  
 (G) liens created after the date of the Second Supplemental Indenture in connection with borrowing or pledges of receivables, which liens when added to all sales and discounting transactions contemplated by Section
501B(2) do not in the aggregate exceed 10% of Consolidated Net Worth; 
  
 (H) liens, security interests and any other encumbrances on any of IKON’s treasury shares; 
  
 (I) liens arising in connection with a Securitization permitted by Section 501B(2) hereof, limited in each case to the accounts therein or
in any trust or similar entity utilized to effect such Securitizations and to any equipment giving rise to such accounts; and 
  
 (J) any lien deemed to exist in connection with the escrow arrangement, as described in the definition of “IOSC Notes Escrow
Account” in the Credit Agreement, securing the 9.75% Notes if IKON relies upon the escrow arrangement to establish May 24, 2005 as the “Maturity Date” in the Credit Agreement. 
  
 (2) IKON or any Consolidated Subsidiary, with the exception of the Finance
Leasing Subsidiaries, enters into any securitizations or sells or discounts receivables with recourse or sells and leases back fixed assets the aggregate amount of which when added to all liens permitted by Section 501B(1)(G) exceeds 10% of
Consolidated Net Worth. 
  
 (3) The total debt of IKON and its
Consolidated Subsidiaries is equal to or greater than 60% of the sum of (i) the total debt of IKON and its Consolidated Subsidiaries, plus (ii) the consolidated minority interest obligations shown on the consolidated balance sheet of IKON and its
Consolidated Subsidiaries, plus (iii) the Consolidated Net Worth of IKON and its Consolidated Subsidiaries. For purposes of calculating such ratio (x) Finance Leasing Subsidiaries shall be excluded from the definition of “Consolidated
Subsidiaries,” (y) any adjustments resulting from the application of SFAS 133 shall be excluded from shareholder’s equity, and (z) in calculating the Consolidated Net Worth of IKON and its Consolidated Subsidiaries, non-recurring charges
subsequent to June 30, 2001, shall be added back. 
  

 5 

 (4) For any period of four consecutive fiscal quarters ending during the period set forth below, the
Fixed Charges Coverage Ratio of IKON is less than the ratio set forth below opposite such period: 
  

	 Period

	  	Ratio

	 June 30, 2002 to June 29, 2003
	  	1.75 to 1.00 
	 June 30, 2003 and thereafter
	  	2.00 to 1.00.

  
 (5) Any Consolidated
Subsidiary directly or indirectly creates, assumes, guarantees or otherwise becomes liable with respect to any debt (other than Excluded Debt, as defined below) in an aggregate amount outstanding (as to all Consolidated Subsidiaries) at any time in
excess of 12.5% of Consolidated Net Worth plus the amount of debt outstanding on the date of the Second Supplemental Indenture (other than Excluded Debt outstanding on such date). 
  
 For the purpose of this Section 501B(5), “Excluded Debt” shall mean: (i) debt owing exclusively to IKON or
a Consolidated Subsidiary, (ii) debt of a Consolidated Subsidiary outstanding on the date that IKON acquires such Consolidated Subsidiary, (iii) debt with respect to property to be used by IKON or a Consolidated Subsidiary, the interest on which
debt is exempt from Federal income tax pursuant to Section 103 of the Internal Revenue Code of 1986, as amended, (iv) debt of any foreign subsidiary that is not guaranteed by IKON or any other Consolidated Subsidiary, (v) debt of Finance Leasing
Subsidiaries owing to IKON or any Consolidated Subsidiary, (vi) debt of Finance Leasing Subsidiaries to a Person or Persons other than IKON or a Consolidated Subsidiary provided that such debt is not guaranteed by IKON or a Consolidated Subsidiary,
or (vii) the notes or debt existing or incurred under a facility existing as of the date of the Second Supplemental Indenture or any facility or facilities replacing such existing facility, including without limitation, the Credit Facility, provided
that the aggregate principal amount of the Credit Facility shall not exceed $600.0 million. 
  
 (6) IKON or a Consolidated Subsidiary sells, leases or transfers all or substantially all of its assets unless (i) immediately after giving effect thereto the Company is in compliance with the covenants and provisions
of the Indenture (including this Section 501B) and is not in default thereunder and (ii) such sale, lease or transfer shall not have any materially adverse effect upon the financial condition of IKON and its Consolidated Subsidiaries taken as a
whole (such determination to the contrary in (ii) to be evidenced by a letter from a major investment banking firm of national reputation and by a direction to the Trustee from the holders of a majority in principal amount of the outstanding 7.25%
Notes). Notwithstanding this provision, any Consolidated Subsidiary may sell, lease or transfer all or substantially all its assets to IKON or any other Consolidated Subsidiary. 
  

 6 

 (7) IKON: 
  
 (i) declares or pays any dividends (other than dividends payable solely in common stock); 
  
 (ii) makes other distributions on any class of capital
stock; or 
  
 (iii) acquires or permits any
Consolidated Subsidiary to acquire shares of capital stock of IKON 
  
 if, after
giving effect thereto, the sum of all payments would exceed: (a) 75% of consolidated net income (or 100% of consolidated net loss) of IKON and its Consolidated Subsidiaries since March 31, 2001, plus (b) net cash proceeds derived from issues of
stock since March 31, 2001, plus (c) the aggregate principal amount of debt subsequently converted into stock since March 31, 2001, plus (d) $50 million. 
  
 Notwithstanding the foregoing IKON may: 
  
 (x) pay dividends or make mandatory sinking funds payments on any preferred stock; and 
  
 (y) pay any dividend on common stock within 90 days after
declaration if such payment would have been permitted at the date of declaration. 
  
 (8) IKON or any Consolidated Subsidiary enters into directly or indirectly any transaction (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service)
with any Affiliate (other than IKON or a Consolidated Subsidiary), except in the ordinary course and pursuant to the reasonable requirements of IKON’s or such Consolidated Subsidiary’s business and upon fair and reasonable terms no less
favorable to IKON or such Consolidated Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.” 
  

Section 3. Negative Pledge Exception for 9.75% Notes. Section 1005 of the Indenture shall not limit entering into or complying with escrow
arrangements, as described in the definition of “IOSC Notes Escrow Account” in the Credit Agreement, securing the 9.75% Notes if IKON relies upon the escrow arrangement to establish May 24, 2005 as the “Maturity Date in the Credit
Agreement. 
  
 Section 4. Interpretation; Severability;
Headings. Upon the execution and delivery of this Fourth Supplemental Indenture, the Indenture shall be modified and amended in accordance with this Fourth Supplemental Indenture, and all the terms and conditions of both shall be read together
as though they constitute one instrument, except that, in case of conflict, the provisions of this 
  

 7 

 Fourth Supplemental Indenture will control. The Indenture, as modified and amended by this Fourth Supplemental Indenture,
is hereby ratified and confirmed in all respects and shall bind every Holder of 7.25% Notes. In case of conflict between the terms and conditions contained in the 7.25% Notes and those contained in the Indenture, as modified and amended by this
Fourth Supplemental Indenture, the provisions of the Indenture, as modified and amended by this Fourth Supplemental Indenture, shall control. In case any provision in this Fourth Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 5. Conflict with Trust Indenture Act. If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with any
provision of the Trust Indenture Act that is required under the Trust Indenture Act to be part of and govern any provision of this Fourth Supplemental Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Fourth
Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to the Indenture as so modified or to be excluded by this
Fourth Supplemental Indenture, as the case may be. 
  
 Section 6.
Successors; Benefits of Fourth Supplemental Indenture, etc. All agreements of the Company in this Fourth Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Fourth Supplemental Indenture shall bind is
successors. Nothing in this Fourth Supplemental Indenture or the 7.25% Notes, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder and the Holders of the 7.25% Notes,
any benefit of any legal or equitable right, remedy or claim under the Indenture, this Fourth Supplemental Indenture or the 7.25% Notes. 
  
 Section 7. Certain Duties and Responsibilities of the Trustee; Trustee Not Responsible for Recitals. In entering into this Fourth Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. 

 
 Section 8. Governing Law. This Fourth Supplemental Indenture shall
be construed in accordance with the laws of the State of New York without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
  
 Section 9. Counterpart Signatures. All parties may sign any number of
copies or counterparts of this Fourth Supplemental Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement. 
  

 8 

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 In Witness Whereof, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the day and year first above written.

  

	 IOS Capital, LLC

		
	 By:
	 	 
	 	

	 	 	Name:
	 	 	 Title:

	
	 JPMorgan Chase Bank, as Trustee

		
	 By:
	 	 
	 	

	 	 	Name:
	 	 	 Title:

	 	 	 
	 	 	 

  
  

 9

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