Document:

exv10w1

Exhibit 10.1

Execution Version

SECOND AMENDMENT

TO

CREDIT AGREEMENT

          THIS SECOND AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) is being executed and
delivered as of April 11, 2011 by and among CBIZ, Inc., a Delaware corporation (the
“Company”), the “Guarantors” (as defined in the Credit Agreement referred to and defined
below) signatory hereto, the several financial institutions signatory hereto as “Lenders” (as
defined in the Credit Agreement) (collectively, the “Lenders”), and Bank of America, N.A.
(“Bank of America”), as administrative agent under the Credit Agreement (in such capacity,
the “Agent”). Undefined capitalized terms used herein shall have the meanings ascribed to
such terms in such Credit Agreement.

WITNESSETH:

          WHEREAS, the Company, the Lenders and the Agent are parties to that certain Credit Agreement
dated as of June 4, 2010 (as heretofore amended, restated, supplemented or otherwise modified, the
“Credit Agreement”), pursuant to which, among other things, the Lenders have agreed to
provide, subject to the terms and conditions contained therein, certain loans and other financial
accommodations to or for the benefit of the Company;

          WHEREAS, in connection with the Credit Agreement, the Guarantors have each executed and
delivered in favor of the Agent and the Lenders a certain Guaranty pursuant to which the Guarantors
have guaranteed the Company’s obligations under the Credit Agreement;

          WHEREAS, the Company desires to amend certain provisions of the Credit Agreement, and subject
to the terms and conditions set forth herein, the Lenders have agreed, to amend the Credit
Agreement in certain respects as hereinafter set forth.

          NOW, THEREFORE, in consideration of the foregoing premises, the terms and conditions stated
herein and other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Company, the Guarantors, the Lenders and the Agent, such parties hereby agree
as follows:

          1. Amendment. Subject to the satisfaction of the conditions set forth in
Paragraph 2 of this Amendment, the Credit Agreement is hereby amended as follows (unless
otherwise specified, section references used in this section shall refer to such sections of the
Credit Agreement):

          (a) The definition of the term “Adjusted Senior Leverage Threshold” appearing in
Section 1.01 is amended and restated in its entirety to read as follows:

     “Adjusted Senior Leverage Threshold” means, at any time, the following
applicable ratio:

 

 

	 	 	 	 	 
	Period of Determination	 	Ratio
	First Amendment Effective Date through
6/29/2012
	 	 	2.50:1.0	 
	6/30/2012 through 12/31/2012
	 	 	2.25:1.0	 
	1/1/2013 through 6/29/2013
	 	 	2.50:1.0	 
	Thereafter
	 	 	2.25:1.0.	 

          (b) The definition of the term “Adjusted Total Leverage Threshold” appearing in
Section 1.01 is amended and restated in its entirety to read as follows:

     “Adjusted Total Leverage Threshold” means, at any time, the following
applicable ratio:

	 	 	 	 	 
	Period of Determination	 	Ratio
	First Amendment Effective Date through
6/29/2012
	 	 	3.75:1.0	 
	6/30/2012 through 6/29/2013
	 	 	3.50:1.0	 
	Thereafter
	 	 	3.25:1.0.	 

          (c) The definition of the term “Applicable Margin” appearing in Section 1.01 is
amended and restated in its entirety to read as follows:

     “Applicable Margin” shall mean on any date the applicable percentage set forth
below based upon the Total Leverage Ratio shown in the Compliance Certificate then most
recently delivered to the Agent and the Lenders:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revolving Loans / Letters of Credit	 	 	Fees	 
	Total Leverage	 	Base	 	 	Eurodollar	 	 	Letter of Credit	 	 	 	 
	Ratio	 	Rate	 	 	Rate	 	 	Fees	 	 	Commitment Fee	 
	≥ 3.50:1.00
	 	 	1.500	%	 	 	2.500	%	 	 	2.500	%	 	 	0.450	%
	≥ 3.00:1.00, but
	 	 	1.250	%	 	 	2.250	%	 	 	2.250	%	 	 	0.400	%
	< 3.50:1.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	≥
 2.50:1.00, but
	 	 	1.000	%	 	 	2.000	%	 	 	2.000	%	 	 	0.350	%
	< 3.00:1.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	≥
 2.00:1.00, but
	 	 	0.750	%	 	 	1.750	%	 	 	1.750	%	 	 	0.300	%
	< 2.50:1.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	< 2.00:1.00
	 	 	0.500	%	 	 	1.500	%	 	 	1.500	%	 	 	0.250	%

; provided however that (i) for the period from April 11, 2011 to and
including the delivery of the Compliance Certificate for the period ending March 31, 2011,
the

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Applicable Margin shall be determined as if the Total Leverage Ratio for such period were
greater than or equal to 3:50:1.00, and (ii) if the Company shall have failed to deliver to
the Lenders by the date required hereunder any Compliance Certificate pursuant to Section
7.02(b), then from the date such Compliance Certificate was required to be delivered until
the date of such delivery the Applicable Margin shall be determined as if the Total Leverage
Ratio for such period was greater than or equal to 3.50:1.00. Each change in the Applicable
Margin (other than pursuant to clause (i) immediately above, which change shall take
effect as provided in such clause) shall take effect with respect to all outstanding Loans
on the third Business Day immediately succeeding the day on which such Compliance
Certificate is received by the Agent. Notwithstanding the foregoing, no reduction in the
Applicable Margin shall be effected if a Default or an Event of Default shall have occurred
and be continuing on the date when such change would otherwise occur, it being understood
that on the third Business Day immediately succeeding the day on which such Default or Event
of Default is either waived or cured (assuming no other Default or Event of Default shall be
then pending), the Applicable Margin shall be reduced (on a prospective basis) in accordance
with the then most recently delivered Compliance Certificate (or clause (i) above,
as applicable). Notwithstanding anything to the contrary contained in this definition, the
determination of the Applicable Margin for any period shall be subject to the provisions of
Section 2.11(c).

          (d) The definition of the term “Arranger” appearing in Section 1.01 is amended and
restated in its entirety to read as follows:

     “Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its
capacity as sole lead arranger and book manager.

          (e) The definition of the term “Fixed Charges” appearing in Section 1.01 is amended
and restated in its entirety to read as follows:

     “Fixed Charges” means, with respect to the Company and its Subsidiaries (other
than Excluded Subsidiaries) on a consolidated basis for any fiscal period of determination,
(a) Consolidated Interest Expense paid in cash during such fiscal period, plus (b)
scheduled payments of principal with respect to Indebtedness for such fiscal period (other
than, for purposes of this definition, any payments scheduled on any put/call dates in
respect of the Convertible Debt and any payments constituting contingent, deferred purchase
price consideration obligations with respect to any Acquisition, including, without
limitation, any “earn-out” obligations), plus (c) Rental Expense paid for such
fiscal period.

          (f) The definition of the term “Revolving Termination Date” appearing in Section 1.01
is amended and restated in its entirety to read as follows:

          “Revolving Termination Date” means the earlier to occur of:

          (a) June 4, 2015; and

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     (b) the date on which the Revolving Loan Commitments terminate in accordance with the
provisions of this Agreement.

          (g) The definition of the term “Senior Leverage Threshold” appearing in Section 1.01
is amended and restated in its entirety to read as follows:

          “Senior Leverage Threshold” means, at any time, the following applicable ratio:

	 	 	 	 	 
	Period of Determination	 	Ratio
	First Amendment Effective Date through
6/29/2012
	 	 	2.75:1.0	 
	6/30/2012 through 12/31/2012
	 	 	2.50:1.0	 
	1/1/2013 through 6/29/2013
	 	 	2.75:1.0	 
	Thereafter
	 	 	2.50:1.0.	 

          (h) The definition of the term “Swing Line Termination Date” appearing in Section 1.01
is amended and restated in its entirety to read as follows:

          “Swing Line Termination Date” means the earlier to occur of:

          (a) June 4, 2015; and

          (b) the Revolving Termination Date.

          (i) The definition of the term “Total Leverage Threshold” appearing in Section 1.01 is
amended and restated in its entirety to read as follows:

          “Total Leverage Threshold” means, at any time, the following applicable ratio:

	 	 	 	 	 
	Period of Determination	 	Ratio
	First Amendment Effective Date through 6/29/2012
	 	 	4.00:1.0	 
	6/30/2012 through 6/29/2013
	 	 	3.75:1.0	 
	Thereafter
	 	 	3.50:1.0.	 

          2. Effectiveness of Amendment; Conditions Precedent. The provisions of Paragraph
1 of this Amendment shall be expressly conditioned upon satisfaction of the conditions set
forth below:

          (i) the receipt by the Agent of (x) an executed counterpart of this Amendment executed and
delivered by duly authorized officers of the Company, the Guarantors and the

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Lenders and (y) each of the items listed on Schedule I hereto, in form and substance
satisfactory to the Agent; and

          (ii) payment in full, in immediately available funds, to the Agent of (x) an amendment fee for
the account of each Lender that executed and delivers a counterpart hereof on or prior to April 11,
2011, in the amount of 0.125% of such Lender’s Revolving Loan Commitment and (y) an arrangement fee
for the sole account of the Arranger as described in that certain letter agreement dated as of
April 11, 2011 among Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated (as
successor to Banc of America Securities LLC), as Arranger, and the Company (all of which fees the
Company hereby agrees to pay concurrently with its execution and delivery of this Amendment and
agrees and acknowledges that such fees are fully-earned and non-refundable).

          3. Representations and Warranties.

     (a) The Company hereby represents and warrants that this Amendment and the Credit
Agreement as amended by this Amendment constitute the legal, valid and binding obligations
of the Company enforceable against the Company in accordance with their terms.

     (b) The Company hereby represents and warrants that its execution, delivery and
performance of this Amendment and the Credit Agreement as amended by this Amendment have
been duly authorized by all proper corporate action, do not violate any provision of its
certificate of incorporation or bylaws, will not violate any law, regulation, court order or
writ applicable to it, and will not require the approval or consent of any Governmental
Authority, or of any other third party under the terms of any contract or agreement to which
the Company or any of the Company’s Subsidiaries is bound.

     (c) The Company hereby represents and warrants that (i) no Default or Event of Default
has occurred and is continuing or will have occurred and be continuing and (ii) all of the
representations and warranties of the Company contained in the Credit Agreement and in each
other Loan Document (other than representations and warranties which, in accordance with
their express terms, are made only as of an earlier specified date) are, and will be, true
and correct as of the date of the Company’s execution and delivery of this Amendment in all
material respects as though made on and as of such date.

     (d) The Company hereby represents and warrants that there are no actions, suits,
investigations, proceedings, claims or disputes pending, or to the best knowledge of the
Company, threatened or contemplated, at law, in equity, in arbitration or before any
Governmental Authority, against the Company, its Subsidiaries or any of their respective
properties which purport to affect or pertain to this Amendment, the Credit Agreement or any
other Loan Document or any of the transactions contemplated hereby or thereby, or which
could reasonably be expected to have a Material Adverse Effect

          4. Reaffirmation, Ratification and Acknowledgment; Reservation. The Company and each
Guarantor hereby (a) ratifies and reaffirms all of its payment and

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performance obligations, contingent or otherwise, under each Loan Document to which they are a
party, (b) agrees and acknowledges that such ratification and reaffirmation are not a condition to
the continued effectiveness of such Loan Documents, and (c) agrees that neither such ratification
and reaffirmation, nor the Agent’s or any Lender’s solicitation of such ratification and
reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring
a similar or any other ratification or reaffirmation from the Company or such Guarantor with
respect to any subsequent modifications to the Credit Agreement or the other Loan Documents. The
Credit Agreement as amended hereby and each of the other Loan Documents shall remain in full force
and effect and is hereby ratified and confirmed. Neither the execution, delivery nor effectiveness
of this Amendment shall operate as a waiver of any right, power or remedy of the Agent or the
Lenders, or of any Default or Event of Default (whether or not known to the Agent or the Lenders),
under any of the Loan Documents, all of which rights, powers and remedies, with respect to any such
Default or Event of Default or otherwise, are hereby expressly reserved by the Agent and the
Lenders. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement.

          5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF ILLINOIS; PROVIDED THAT THE PARTIES SHALL RETAIN ALL RIGHTS ARISING
UNDER FEDERAL LAW.

          6. Agent’s Expenses. The Company hereby agrees to promptly reimburse the Agent for
all of the reasonable out-of-pocket expenses, including, without limitation, attorneys’ and
paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection with the
preparation, negotiation and execution of this Amendment.

          7. Counterparts. This Amendment may be executed in counterparts and all of which
together shall constitute one and the same agreement among the parties.

* * * *

6

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	CBIZ, INC.

 	 
	 	By  	/s/  Jerome P. Grisko, Jr.
 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	President & Chief Operating Officer 	 
	 
	 	BANK OF AMERICA, N.A., as Agent

 	 
	 	By  	/s/  Denise Jones
 	 
	 	 	Name:  	Denise Jones 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as a Lender, as the 

Issuing Bank and as Swing Line Bank

 	 
	 	By  	/s/  Jonathan M. Phillips
 	 
	 	 	Name:  	Jonathan M. Phillips 	 
	 	 	Title:  	Senior Vice President 	 

CH1 5773554v.5Signature Page to

Amendment No. 2 to Credit Agreement

Page 7 of 9CH1 5773554v.5

 

 

	 	 	 	 	 
	 	HUNTINGTON NATIONAL BANK, as a Lender 

 	 
	 	By  	/s/  Brian H. Gallagher
 	 
	 	 	Name:  	Brian H. Gallagher 	 
	 	 	Title:  	Senior Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as a Lender 

 	 
	 	By  	/s/  Phillip R. Duryea
 	 
	 	 	Name:  	Phillip R. Duryea 	 
	 	 	Title:  	Senior Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as a Lender 

 	 
	 	By  	/s/  Jeff Kalinowski
 	 
	 	 	Name:  	Jeff Kalinowski 	 
	 	 	Title:  	Senior Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender 

 	 
	 	By  	/s/  Patrick McGraw
 	 
	 	 	Name:  	Patrick McGraw 	 
	 	 	Title:  	Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender 

 	 
	 	By  	/s/  Martin H. McGinty
 	 
	 	 	Name:  	Martin H. McGinty 	 
	 	 	Title:  	Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender 

 	 
	 	By  	/s/  Joseph G. Moran
 	 
	 	 	Name:  	Joseph G. Moran 	 
	 	 	Title:  	Senior Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	GUARANTORS:

CBIZ ACCOUNTING, TAX & ADVISORY OF ATLANTA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF MARYLAND, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF CHICAGO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF COLORADO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF FLORIDA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF KANSAS CITY, INC.

CBIZ ACCOUNTING, TAX & ADVISORY OF MINNESOTA, LLC (FORMERLY

CBIZ SK&B, LLC AND CBIZ BVKT, LLC)

CBIZ ACCOUNTING, TAX & ADVISORY OF NEW ENGLAND, LLC (FORMERLY

CBIZ ACQUISITION A, LLC)

CBIZ ACCOUNTING, TAX & ADVISORY OF NEW YORK, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF OHIO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF NORTHERN CALIFORNIA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF ORANGE COUNTY, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF PHOENIX, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF SAN DIEGO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF ST. LOUIS, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF TOPEKA, LLC

 	 
	 	By:  	/s/ Jerome P. Grisko, Jr.
 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	Executive Vice President  	 

Signature Page to
Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	GUARANTORS (continued):

CBIZ ACCOUNTING, TAX & ADVISORY OF UTAH, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF WICHITA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY, LLC

CBIZ BEATTY SATCHELL, LLC

CBIZ BENEFITS & INSURANCE SERVICES, INC.

CBIZ FAMILY OFFICE SERVICES, LLC (FORMERLY MAHONEY COHEN

FAMILY OFFICE SERVICES, LLC)

CBIZ GIBRALTAR REAL ESTATE SERVICES, LLC

CBIZ RISK & ADVISORY SERVICES LLC

CBIZ INSURANCE SERVICES, INC.

CBIZ KA CONSULTING SERVICES, LLC

CBIZ M & S CONSULTING SERVICES, LLC

CBIZ M.T. DONAHOE & ASSOCIATES, LLC

CBIZ MEDICAL MANAGEMENT, INC.

CBIZ MEDICAL MANAGEMENT NORTHEAST, INC.

CBIZ MEDICAL MANAGEMENT PROFESSIONALS, INC.

CBIZ MMP OF TEXAS, LLC

CBIZ NETWORK SOLUTIONS, LLC

CBIZ NATIONAL TAX OFFICE, LLC (FORMERLY CBIZ UNCLAIMED
PROPERTY SERVICES, LLC)

CBIZ RETIREMENT CONSULTING, INC.

CBIZ SOUTHERN CALIFORNIA, LLC

CBIZ SPECIAL RISK INSURANCE SERVICES, INC.

CBIZ TECHNOLOGIES, LLC

CBIZ VALUATION GROUP, LLC

EFL ASSOCIATES OF COLORADO, INC.

EFL ASSOCIATES, INC.

EFL HOLDINGS, INC.

MHM RETIREMENT PLAN SOLUTIONS, LLC

MEDICAL MANAGEMENT SYSTEMS, INC.

TRIMED INDIANA, LLC

 	 
	 	By:  	/s/ Jerome P. Grisko, Jr.
 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	Executive Vice President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	GUARANTORS (continued):

CBIZ MHM, LLC

CBIZ NETWORK SOLUTIONS CANADA, INC.

CBIZ OPERATIONS, INC.

CBIZ WEST, INC.

CBIZ TAX AND ADVISORY OF NEBRASKA INC.

CBIZ ACCOUNTING, TAX & ADVISORY OF MEMPHIS, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF SOUTHWEST FLORIDA, LLC

ONECBIZ, INC.

 	 
	 	By:  	/s/ Jerome P. Grisko, Jr.
 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	President 	 

Signature Page to

Second Amendment to

Credit Agreement

 

 

Exhibit 10.1

SCHEDULE I

Closing Deliveries

	A.	 	Corporate Deliveries
	 
	1.	 	Certificate executed by the Secretary of the Company certifying (i) the resolutions adopted
by the Board of Directors of the Company authorizing or ratifying the execution, delivery and
performance of the Amendment and performance of the Credit Agreement as amended thereby, (ii)
the names, signatures and incumbency of the officers of the Company authorized to execute the
Amendment on behalf of the Company, (iii) the Certificate of Incorporation of the Company
certified as of a recent date by the Secretary of State of the State of Delaware and (iv)
By-laws of the Company as in effect on the date of such certification.
	 
	2.	 	Articles or Certificate of Incorporation or Certificate of Formation, as applicable, of each
Guarantor certified as of a recent date by the Secretary of State (or similar applicable
Governmental Authority) of such Person’s jurisdiction of organization.
	 
	3.	 	Copies of the current By-laws or Operating Agreement, as applicable, of each Guarantor.
	 
	4.	 	Good Standing Certificates for the Company and each Guarantor from the Secretary of State (or
similar applicable Governmental Authority) of its jurisdiction of organization as of a recent
date.
	 
	B.	 	Legal Opinions
	 
	5.	 	Opinion of the Company’s counsel, Akin Gump Strauss Hauer & Feld, LLP.
	 
	6.	 	Opinion of Company’s general counsel, Michael W. Gleespen.exv10w1

Exhibit 10.1

AMENDMENT NO. 5 TO CREDIT AGREEMENT

     AMENDMENT NO. 5 TO CREDIT AGREEMENT, dated as of April 7, 2011 (the “Amendment”) to the CREDIT
AGREEMENT dated as of March 11, 2009, by and between GLOBECOMM SYSTEMS INC., a Delaware corporation
(the “Company”) and CITIBANK N.A., a national banking association (the “Bank”) (as same has been
and may be further amended, restated, supplemented or otherwise modified, from time to time, the
“Credit Agreement”).

RECITALS

     The Company has requested, and the Bank has agreed, to amend certain provisions of the Credit
Agreement as herein set forth and to fund a portion of the merger consideration pursuant to the
ComSource Merger Agreement (as hereinafter defined) with the proceeds of a Term Loan, subject to
the terms and conditions of this Amendment.

     Accordingly, in consideration of the premises and of the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

     1. Amendments

          (a) The following definitions are hereby added to Section 1.01 of the Credit Agreement in
their appropriate alphabetical order:

“ComSource” shall mean ComSource, Inc., a Maryland corporation.

“ComSource Merger Agreement” shall mean the Agreement and Plan of Merger, to
be consummated on or after April 7, 2011, among ComSource, the Company and
CMS, pursuant to which the ComSource Merger shall be effectuated.

“ComSource Merger” shall mean the merger of CMS with and into ComSource as
contemplated by the ComSource Merger Agreement.

“CMS” shall mean ComSource Merger Sub, Inc., a Maryland corporation.

          (b) The definition of the term “Interest Period” in Section 1.01 of the Credit Agreement is
hereby amended as follows:

               (i) paragraph (a) thereof is amended and restated its entirety to provide as follows:

“initially, the period commencing on the date such Libor Rate Loan is made
and ending one, two or three months (or such shorter period that the Bank
may agree to provide in its sole and absolute discretion) thereafter, as
selected by the Company in its notice of borrowing as provided in Section
2.01(b), or in its notice of conversion as provided in Section 3.01(f)”

               (ii) paragraph (b)(ii) thereof is amended and restated its entirety to provide as follows:

“if the Company shall fail to give notice as provided in clause (b) above,
and so long as no Default or Event of Default shall have occurred and is
then continuing, the Company shall be deemed to have requested a
continuation of the affected Libor Rate Loan as a Libor Rate Loan with a one (1) month Interest

1

 

Period Loan on the last day of the then current Interest Period with respect
thereto, provided that if an Default or Event of Default shall have occurred
and is then continuing, the Company shall be deemed to have requested
conversion of the affected Libor Rate Loan to an Alternate Base Rate Loan on
the last day of the then current Interest Period with respect thereto;

               (iii) the following text is added at the end thereof:

“Notwithstanding anything to the contrary herein, the Company may only
select one (1) month Interest Periods for any Term Loan that is a Libor Rate
Loan, provided that if any Term Loan that is in existence as of April 7,
2011 shall have an Interest Period in excess of one (1) month such Interest
Period shall continue until its stated expiration, provided further that in
the event that the Company shall decide to continue such Term Loan as Libor
Rate Loan, the Interest Period applicable to such Term Loan shall be for one
(1) month.”

          (c) Section 7.02 of the Credit Agreement is hereby amended by deleting the period at the end
of subsection “(f)” thereof and replacing it with the text “; and” and by adding a new subsection
“(g)” immediately following subsection “(f)” as follows:

“(g) Indebtedness in connection with the Earn Out Cash Amount (as defined in
the ComSource Merger Agreement), provided that such Indebtedness shall be
unsecured and shall not exceed $15,750,000, in the aggregate, provided that
no such payment shall be made at any time that an Event of Default shall
have occurred and is then continuing.”

          (d) Section 7.13(d) of the Credit Agreement is hereby amended and restated in its entirety to
provide as follows:

(d) Maximum Consolidated Leverage Ratio: Permit the Consolidated
Leverage Ratio to be more than (a) 1.00:1.00, at any time prior to the
consummation of the ComSource Merger or (b) 1.25:1.00, at any time following
the consummation of the ComSource Merger.

     2. Conditions of Effectiveness. This Amendment shall become effective as of the date
hereof, upon receipt by the Bank of:

	 	(a)	 	this Amendment, duly executed by the Company and the
Guarantors,
	 
	 	(b)	 	a Term Loan Note, duly executed by the Company, substantially
in the form attached hereto as Exhibit 1;
	 
	 	(c)	 	a Joinder Agreement, substantially in the form attached hereto
as Exhibit 2, duly executed by CMS, the Company and the Guarantors,
including an updated schedule to Security Agreement,
	 
	 	(c)	 	an opinion of counsel with respect to CMS, substantially in the
form of Exhibit F attached to the Credit Agreement,
	 
	 	(d)	 	a certificate of insurance from an independent insurance broker
confirming the insurance required to be maintained pursuant to Section 6.01 of
the Credit Agreement, with respect to ComSource,

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	 	(e)	 	a Secretary’s Certificate of the Company confirming that there
have been no changes to the Company’s Certificate of Incorporation or By-laws
and attached certified resolutions thereto;
	 
	 	(f)	 	a Secretary’s Certificate from CMS, in form and substance
reasonably satisfactory to the Bank, along with (i) a certified copy of the
Certificate of Incorporation and By-laws of CMS, (ii) resolutions authorizing
CMS to guaranty the Obligations of the Company and enter into the transactions
proposed herein and (iii) a Good Standing Certificate;
	 
	 	(g)	 	UCC searches with respect to CMS and evidence that the assets
of CMS are free and clear of all Liens (except Permitted Liens); and
	 
	 	(h)	 	the fee letter between the Bank and the Company and the payment
of the fees specified therein.

     3. Term Loan Advance. The proceeds of the Term Loan to be evidenced by the Term Loan
Note attached hereto shall be disbursed to the Company only upon receipt of the following:

	 	(a)	 	a copy of the duly executed ComSource Merger Agreement
(including all schedules and exhibits thereto), the indemnification agreement,
the voting agreement, and employment agreements, all in connection with the
ComSource Merger;
	 
	 	(b)	 	UCC, tax lien and judgment searches with respect to ComSource
and evidence that the assets of ComSource are free and clear of all Liens
(except Permitted Liens);
	 
	 	(c)	 	copies of the executed officer’s certificates of ComSource and
the Company described in Section 9.02(g)(i) and 9.03(c)(i) of the ComSource
Merger Agreement;
	 
	 	(d)	 	evidence that the ComSource Merger has been approved by the
board of directors and stockholders of both ComSource and CMS;
	 
	 	(e)	 	an Officer’s Certificate, substantially in the form attached as
Exhibit 3, duly executed by an Executive Officer;
	 
	 	(f)	 	a copy of the Certificate of Merger and/or Articles of Merger
to be filed in connection with the ComSource Merger; and
	 
	 	(g)	 	such other documents, instruments and agreements that the Bank
shall reasonably require.

     4. Post-Merger Covenants. Promptly following the consummation of the ComSource
Merger, the Company shall deliver to the Bank (a) a filed copy of the Certificate of Merger and/or
Articles of Merger evidencing the completion of the ComSource Merger, (b) the Assumption and
Acknowledgment, substantially in the form attached as Exhibit 4, duly executed by an
Executive Officer of ComSource, (c) a Secretary’s Certificate from ComSource, in form and substance reasonably
satisfactory to the Bank, along with (i) a certified copy of the Certificate of Incorporation and
By-laws of ComSource, (ii) resolutions authorizing ComSource to guaranty the Obligations of the
Company and enter into the transactions proposed herein and (iii) a Good Standing Certificate, and
(d) such other documents, instruments and agreements that the Bank shall reasonably require.

3

 

     5. Representations and Warranties; Effect on Credit Agreement.

          (a) The Company hereby represents and warrants as follows:

     (i) This Amendment and the Credit Agreement, as amended hereby, constitute
legal, valid and binding obligations of the Company and are enforceable against the
Company in accordance with their respective terms.

     (ii) Upon the effectiveness of this Amendment, the Company hereby reaffirms all
covenants, representations and warranties made in the Credit Agreement and the
Company agrees that all such covenants, representations and warranties shall be
deemed to have been remade as of the date hereof.

     (iii) No Default or Event of Default has occurred and is continuing or would
exist after giving effect to this Amendment.

     (iv) The Company has no defense, counterclaim or offset with respect to the
Credit Agreement and the Obligations.

     (v) The certificate of incorporation and bylaws of the Company, each previously
delivered to the Bank on the Closing Date, have not been amended, modified, revoked
or rescinded as of the date hereof.

     (vi) The Company is duly formed, validly existing and in good standing in the
jurisdiction of its formation and has filed all statements and/or documents required
by any governmental authority, except where the failure to be in compliance could
not reasonably be expected to have a Material Adverse Effect.

     (vii) The execution, delivery and performance by the Company and the Guarantors
of this Amendment and each of the other agreements, instruments, and documents to be
executed by it in connection with this Amendment, including, with respect to the
Company, the Term Note, have been duly authorized by all requisite corporate and
limited liability company action, as applicable.

          (b) Effect on Credit Agreement and Loan Documents.

     (i) Upon the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import shall mean and be a reference to the Credit Agreement as amended hereby.

     (ii) Except as specifically amended herein, the Credit Agreement, and all other
documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect, and are hereby ratified and
confirmed.

     (iii) The amendments herein contained are limited specifically to the matters
set forth above and do not constitute directly or by implication a waiver or an
amendment of any other provision of the Credit Agreement or any Default or Event of
Default which may occur or may have occurred.

     (iv) The other Loan Documents and all agreements, instruments and documents
executed and delivered in connection with the Credit Agreement and any

4

 

other Loan
Documents shall each be deemed to be amended and supplemented hereby to the extent
necessary, if any, to give effect to the provisions of this Amendment.

     6. Miscellaneous.

          (a) This Amendment shall be governed by and construed in accordance with the laws of the State
of New York.

          (b) All terms used herein shall have the same meaning as in the Credit Agreement, as amended
hereby, unless specifically defined herein.

          (c) Section headings in this Amendment are included herein for convenience of reference only
and shall not constitute a part of this Amendment for any other purpose.

          (d) This Amendment may be executed in one or more counterparts, each of which shall constitute
an original, and all of which, taken together, shall be deemed to constitute one and the same
agreement.

          (e) This Amendment shall be deemed a Loan Document

     7. Reaffirmation.

          The Company hereby: (a) acknowledges and confirms that, notwithstanding the consummation of
the transactions contemplated by this Amendment, (i) all terms and provisions contained in the
Security Documents are, and shall remain, in full force and effect in accordance with their
respective terms and (ii) the liens heretofore granted, pledged and/or assigned to the Bank as
security for the Company’s Obligations shall not be impaired, limited or affected in any manner
whatsoever by reason of this Amendment; (b) reaffirms and ratifies all the representations and
covenants contained in each Security Document; and (c) represents, warrants and confirms the
non-existence of any offsets, defenses, or counterclaims to its obligations under any Security
Document.

[next page is signature page]

5

 

     IN WITNESS WHEREOF, the Company and the Bank have caused this Amendment to be duly executed by
their duly authorized officers, all as of the day and year first above written.

	 	 	 	 	 
	 	GLOBECOMM SYSTEMS INC.

 	 
	 	By:  	/s/ David E. Hershberg
 	 
	 	 	Name:  	David E. Hershberg 	 
	 	 	Title:  	Chairman 	 
	 
	 	CITIBANK, N.A.

 	 
	 	By:  	/s/  Stuart N. Berman
 	 
	 	 	Name:  	Stuart N. Berman 	 
	 	 	Title:  	Vice President 	 
	 

Each of the undersigned, not as a party to the Credit Agreement but as a Guarantor under the
Guaranty of All Liability and as a Debtor under the Amended and Restated General Security
Agreement, each dated the Closing Date and as amended or joined as of the date hereof, hereby (a)
accepts and agrees to the terms of the foregoing, (b) acknowledges and confirms that all terms and
provisions contained in the Loan Documents to which it is a party are, and shall remain, in full
force and effect in accordance with their respective terms, (c) confirms and agrees that the liens,
if any, heretofore granted, pledged and/or assigned to the Bank as security for the Obligations (as
defined in the Security Agreement) shall not be impaired, limited or affected in any manner
whatsoever by reason of this Amendment, (d) reaffirms and ratifies all the representations and
covenants contained in each Loan Document to which it is a party; and (e) represents, warrants and
confirms the non-existence of any offsets, defenses, or counterclaims to its obligations under any
of the Loan Documents to which it is a party. [Please confirm no new guarantors].

	 	 	 	 	 
	 	GLOBECOMM NETWORK SERVICES CORPORATION

GSI PROPERTIES CORP.

 	 
	 	By:  	/s/ David E. Hershberg
 	 
	 	 	David E. Hershberg, the Chairman of 	 
	 	 	each Corporation 	 
	 
	 	GLOBECOMM SERVICES MARYLAND LLC

TURBO LOGIC ASSOCIATES, LLC

CACHENDO, LLC

TELAURUS COMMUNICATIONS LLC

GLOBECOMM INTERNATIONAL LLC

 	 
	 	By:  	Globecomm Systems Inc., the sole member of each limited liability company
 	 
	 
	 	 	 
	 	By:  	                                      /s/ David E. Hershberg
 	 
	 	 	David E. Hershberg, Chairman 	 
	 	 	 	 
	 
	 	MELAT NETWORKS INC.

 	 
	 	By:  	/s/ Keith Hall
 	 
	 	 	Keith Hall, CEO 	 
	 	 	 	 

6

 

	 	 	 	 	 

EXHIBIT 1

TERM LOAN NOTE

	 	 	 

	$18,000,000

	 	Suffolk County, New York
	 

	 	April 7, 2011

     FOR VALUE RECEIVED, GLOBECOMM SYSTEMS INC., a Delaware corporation (the “Company”) promises to
pay to the order of CITIBANK, N.A. (the “Bank”), on or before the April 1, 2016 (the “Term Loan
Maturity Date”), the principal amount of EIGHTEEN MILLION ($18,000,000) DOLLARS, in sixty (60)
consecutive monthly installments of $300,000 each, to be paid on the 1st day of each
month, commencing May 1, 2011, provided the final installment on the Term Loan Maturity Date shall
be in an amount equal to the remaining principal amount outstanding on the Term Loan Maturity Date.
The Company also promises to pay interest on the unpaid principal amount hereof from the date
hereof until paid in full at the rates and at the times which shall be determined in accordance
with the provisions of the Credit Agreement referred to below.

     This Note is one of the “Term Loan Notes” issued pursuant to and entitled to the benefits of
the Credit Agreement dated as of March 11, 2009 by and between the Company and the Bank (as the
same may be amended, modified or supplemented from time to time, the “Credit Agreement”), to which
reference is hereby made for a more complete statement of the terms and conditions under which the
Term Loan evidenced hereby was made and is to be repaid. Capitalized terms used herein without
definition shall have the meanings set forth in the Credit Agreement.

     Each of the Bank and any subsequent holder shall record the date, Type and amount of each Term
Loan and the date and amount of each payment or prepayment of principal of each Term Loan on the
grid schedule annexed to this Note; provided, however, that the failure of the Bank
or any holder to set forth such Term Loan, payments and other information on the attached grid
schedule shall not in any manner affect the obligation of the Company to repay the Term Loan made
by the Bank in accordance with the terms of this Note or credit the Company for payments made.

     This Note is subject to optional and mandatory prepayment pursuant to Section 3.03 of the
Credit Agreement.

     Upon the occurrence and during the continuance of an Event of Default, the unpaid balance of
the principal amount of this Note, together with all accrued but unpaid interest thereon, may
become, or may be declared to be, due and payable in the manner, upon the conditions and with the
effect provided in the Credit Agreement.

     All payments of principal and interest in respect of this Note shall be made in lawful money
of the United States of America in immediately available funds at the office of the Bank, located
at 730 Veterans Memorial Highway, Hauppauge, New York 11788 or at such other place as shall be
designated in writing for such purpose in accordance with the terms of the Credit Agreement.

     No reference herein to the Credit Agreement and no provision of this Note or the Credit
Agreement shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the place, at the respective times, according
to the terms described herein and in the Credit Agreement, and in the currency herein prescribed.

     The Company waives presentment, protest, demand, and notice of any kind in connection with
this Note.

     THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND

7

 

ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW.

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

	 	 	 	 	 
	 	GLOBECOMM SYSTEMS INC.

 	 
	 	By  	 	 
	 	 	Name:  	David E. Hershberg 	 
	 	 	Title:  	Chairman 	 

8

 

	 	 	 	 	 

SCHEDULE

	 	 	 	 	 	 	 	 	 
	Date	 	Principal	 	 	 	Amount of	 	Notation
	of	 	Amount of	 	Interest	 	Principal	 	Made
	Loan	 	Loan	 	Rate	 	Paid	 	By
	

	 		 	 	 	 	 	 

9

 

EXHIBIT 2

JOINDER AGREEMENT

     Reference is made to that certain (a) Credit Agreement, dated as of March 11, 2009 between
GLOBECOMM SYSTEMS INC., a Delaware corporation (the “Company”) and CITIBANK, N.A., (the “Bank”) (as
same may be amended, restated, supplemented or otherwise modified, from time to time, the “Credit
Agreement”), (b) the Guaranty of All Liability, dated as of March 11, 2009, by those entities
listed on the signature page hereto as “Guarantors” (herein, the “Existing Guarantors”), in favor
of the Bank guarantying the obligations of the Company to the Bank under the Credit Agreement (as
amended, restated, supplemented or modified, from time to time, the “Guaranty”), and (c) the
General Security Agreement, dated as of March 11, 2009 by and among the Bank, as Secured Party, and
the Company and the Existing Guarantors, as Debtors (as defined therein) (as amended, restated,
supplemented or modified, from time to time, the “Security Agreement”).

     COMSOURCE MERGER SUB, INC., a Maryland corporation (the “New Guarantor”) hereby acknowledges
and agrees that from and after the date hereof, (a) the New Guarantor shall be and become (i) a
Guarantor under, and in accordance with and subject to, the Guaranty and (ii) a Debtor under, and
in accordance with and subject to, the Security Agreement; (b) the New Guarantor shall be bound by
the terms of the Guaranty and the Security Agreement; (c) the New Guarantor shall perform in
accordance with the terms of the Guaranty, the Security Agreement and any other Loan Documents to
which it is a party; (d) the New Guarantor shall be jointly and severally liable with the Existing
Guarantors for all of the Guaranty Obligations (as defined in the Guaranty) including, without
limitation, those incurred prior to the date hereof, and (e) the New Guarantor hereby makes each of
the representations, warranties, covenants and agreements set forth in the Guaranty and the
Security Agreement, as of the date hereof, as if it were originally named a Guarantor or Debtor, as
the case may be, therein.

     The New Guarantor agrees to execute and deliver such documents and instruments as the Bank may
reasonably request from time to time to further evidence the agreements of the New Guarantor
herein.

     The New Guarantor hereby represents and warrants to the Bank as follows:

     1. The New Guarantor is duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, has the corporate power to own its assets and to transact the
business in which it is presently engaged.

     2. The New Guarantor has the corporate power, authority and legal right to make, deliver, and
perform this Joinder Agreement, has taken all necessary corporate action to authorize the
execution, delivery, and performance of this Joinder Agreement. No consent of any other person, no
consent, license, permit, approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is required in connection with
the execution, delivery, performance and validity or enforceability of this Joinder Agreement.

     3. There is no litigation, investigation or other proceeding of or before any arbitrator or
governmental authority pending or threatened against the New Guarantor or any of its assets, which,
if adversely determined, would have a Material Adverse Effect (as defined in the Credit Agreement)
on the New Guarantor.

     4. This Joinder Agreement has been duly executed and delivered on behalf of the New Guarantor
and constitutes the legal, valid and binding obligation of the New Guarantor enforceable

10

 

against the New Guarantor in accordance with its terms except as enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the
enforcement of creditors’ rights generally.

     5. The New Guarantor has reviewed the Guaranty, the Security Agreement and the other Loan
Documents to which it is a party and agrees to be bound by the terms and conditions thereof.

     6. The New Guarantor will hereinafter merge with and into ComSource, Inc., a Maryland
corporation (“ComSource”) and ComSource will assume all of the debt and obligations of the New
Guarantor, including the obligations under the Security Agreement and the Guaranty.

     This Joinder Agreement may be executed in one or more counterparts, each of which shall
constitute an original, and all of which, taken together, shall be deemed to constitute one and the
same agreement.

     Schedule I to the Security Agreement is hereby amended to include the information set forth on
Schedule I hereto, with respect to the New Guarantor.

     All capitalized terms used in this Joinder Agreement and not otherwise defined herein shall
have the meaning set forth thereof included in the Guaranty and the Security Agreement.

     THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW.

     IN WITNESS WHEREOF, the undersigned have executed this Joinder Agreement as of the
7th day of April, 2011.

	 	 	 	 	 
	 	COMSOURCE MERGER SUB, INC.

 	 
	 	By:  	 	 
	 	 	David E. Hershberg, Chairman 	 
	 	 	 	 
	 

					
	 	

ACKNOWLEDGED AND AGREED:

Company:

GLOBECOMM SYSTEMS INC.

 	 
	 	By:  	 	 
	 	 	David E. Hershberg, Chairman 	 
	 	 	 	 

11

 

	 	 	 	 	 

					
	 	

Guarantors:

GLOBECOMM NETWORK SERVICES CORPORATION

GSI PROPERTIES CORP.

 	 
	 	By:  	 	 
	 	 	David E. Hershberg, the 	 
	 	 	Chairman of each Corporation 	 
	 
	 	GLOBECOMM SERVICES MARYLAND LLC

TURBO LOGIC ASSOCIATES, LLC

CACHENDO, LLC

TELAURUS COMMUNICATIONS LLC

GLOBECOMM INTERNATIONAL LLC

 	 
	 	By:  	Globecomm Systems Inc., the sole member of each limited liability company
 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	David E. Hershberg, Chairman 	 
	 	 	 	 
	 
	 	MELAT NETWORKS INC.

 	 
	 	By:  	 	 
	 	 	Keith Hall, CEO 	 
	 	 	 	 
	 
	 	CITIBANK, N.A.

 	 
	 	By:  	 	 
	 	 	Stuart N. Berman, Vice President 	 
	 	 	 	 

12

 

	 	 	 	 	 

SCHEDULE I

TO

GENERAL SECURITY AGREEMENT

Re: COMSOURCE MERGER SUB, INC.

Offices Where Records Are Kept:

45 Oser Avenue

Hauppauge, NY 11788

Other Locations Where Collateral

Is Stored, Used or Located:

9898 Brewers Centre,

Laurel, Maryland 20723-1906

Debtor’s Legal Name:

ComSource Merger Sub, Inc.

Debtor’s Trade Names:

N/A

Debtor’s State of Incorporation

or Organization:

Maryland

13

 

EXHIBIT 3

GLOBECOMM SYSTEMS INC.

COMSOURCE MERGER SUB, INC.

OFFICER’S CERTIFICATE

     I, __________________, the _______________ of each of Globecomm Systems Inc., a Delaware
corporation (“Company”), and ComSource Merger Sub, Inc., a Maryland corporation (“CMS”), do hereby
certify to Citibank, N.A. (the “Bank”), that:

	 	(i)	 	the ComSource Merger has been consummated (other than the
payment of the merger consideration) in accordance with the terms of the
ComSource Merger Agreement and in compliance with all laws, except where the
failure to be in compliance could not reasonably be expected to have a Material
Adverse Effect,
	 
	 	(ii)	 	that all conditions precedent with respect to the consummation
of the ComSource Merger have been satisfied, including the delivery of any
required consents or registrations (other than the filing of the Articles of
Merger which shall occur immediately following the payment of the merger
consideration),
	 
	 	(iii)	 	no party to the ComSource Merger has waived the fulfillment of
any material condition precedent set forth therein to the consummation of the
ComSource Merger,
	 
	 	(iv)	 	no party has failed to perform any of its obligations
thereunder; and
	 
	 	(v)	 	nothing has come to the attention of either the Company or CMS
which would cause it to believe that any of the representations or warranties
of ComSource, Inc. contained in the ComSource Merger Agreement were false or
misleading when made or when reaffirmed on the date hereof.

     Capitalized terms not defined herein shall have the meanings given them in the Credit
Agreement dated as of March 11, 2009 between the Company and the Bank, as amended, including
pursuant to Amendment No. 5 to Credit Agreement, dated April 7, 2011 (the “Fifth
Amendment”).

     IN WITNESS WHEREOF, I have signed this certificate this ___ day of April, 2011.

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	[name, title] 	 
	 	 	 	 

14

 

	 	 	 	 	 

EXHIBIT 4

ASSUMPTION AND ACKNOWLEDGMENT

     Reference is made to the Joinder Agreement, dated as of April 7, 2011, by ComSource Merger
Sub, Inc., a Maryland corporation (“CMS”) in favor of Citibank, N.A. (the “Bank”),
pursuant to which CMS became a Guarantor under the Guaranty and a Debtor under the Security
Agreement (the “Joinder Agreement”). Capitalized terms not otherwise defined herein shall
have the meanings ascribed to them in the Joinder Agreement.

     On April __, 2011 (the “Merger Date”), CMS merged with and into ComSource, Inc., a
Maryland corporation pursuant to [Articles of Merger] filed in accordance with the Maryland
Corporate Code (the “Merger”).

     In connection with such Merger, ComSource hereby (i) assumes in full, the payment, discharge,
satisfaction and performance of all obligations of CMS under the Guaranty, the Security Agreement
and all other Loan Documents, (ii) adopts all of the provision, terms and conditions in the
Guaranty, the Security Agreement and the other Loan Documents as if such agreements had been
entered into by ComSource and (iii) acknowledges that all references to CMS in the Credit Agreement
and the other Loan Documents shall hereafter be deemed references to ComSource, as a Guarantor and
Debtor, as the case may be, thereunder.

     IN WITNESS WHEREOF, ComSource has caused this Assumption and Acknowledgment to be duly
executed by its duly authorized officer as of the Merger Date referenced above.

	 	 	 	 	 
	 	COMSOURCE, INC. (as successor-by-merger 

to ComSource Merger Sub, Inc.)

 	 
	 	By:  	 	 
	 	 	Name:  	Keith Hall 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

15

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