Document:

GENERAL CONTINUING GUARANTY

 Exhibit 10.50 
 EXECUTION COPY 
 GENERAL CONTINUING GUARANTY 
 This GENERAL CONTINUING GUARANTY (this “Guaranty”), dated as of November 5, 2004, is executed and delivered by the Persons
listed on the signature page(s) hereof under the caption “Guarantor” and any additional entities acceding hereto (collectively, jointly and severally, the “Guarantors” and each a “Guarantor”), in favor of
WELLS FARGO FOOTHILL, INC., a California corporation, as arranger and administrative agent for the below defined Lenders (in such capacity, together with its successors and assigns, if any, “Agent”), in light of the
following: 
 WHEREAS, pursuant to that certain Credit Agreement of even date herewith (as amended, restated, supplemented or
otherwise modified from time to time, including all schedules thereto, the “Credit Agreement”) among Monotype Imaging Holdings Corp., a Delaware corporation (“Parent”), Imaging Acquisition Corporation, a Delaware
corporation (“Newco”), Agfa Monotype Corporation, a Delaware corporation (“Monotype”), International Typeface Corporation, a New York corporation (“Typeface” and, together with Newco and Monotype,
the “Borrowers”), the lenders party thereto as “Lenders”, and Agent, the Lender Group is willing to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions
thereof;  
 WHEREAS, Guarantors are Affiliates of Borrowers and, as such, will benefit by virtue of the financial
accommodations extended to Borrowers by the Lender Group; and 
 WHEREAS, in order to induce the Lender Group to enter into the Credit
Agreement and the other Loan Documents and to extend the financial accommodations to Borrowers pursuant to the Credit Agreement, and in consideration thereof, and in consideration of any loans or other financial accommodations heretofore or
hereafter extended by the Lender Group to Borrowers, whether pursuant to the Credit Agreement or the other Loan Documents, Guarantors have agreed to jointly and severally guaranty the Guarantied Obligations. 
 NOW, THEREFORE, in consideration of the foregoing, each of the Guarantors hereby agrees with Agent as follows: 
 1. Definitions and Construction. 
 (a) Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. The following terms, as used in this Guaranty, shall have the following meanings:

 “Agent” has the meaning set forth in the preamble hereto. 
 “Borrowers” has the meaning set forth in the recitals hereto. 
 “Credit Agreement” has the meaning set forth in the recitals hereto. 
 “Guarantied Obligations” means (a) the due and punctual payment of the principal of, and interest (including any interest that, but
for the commencement of an Insolvency Proceeding, would have accrued) on, any and all premium on, and any Lender Group Expenses incurred in connection with, the Obligations owed by Borrowers to any member of the Lender Group or any Bank Product
Provider pursuant to the terms of the Credit Agreement or any other Loan Document and (b) the due and punctual payment of all 

  

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other present or future Obligations owing by Borrowers to any member of the Lender Group or any Bank Product Provider. 
 “Guarantor” and “Guarantors” has the meaning set forth in the preamble hereto. 
 “Guaranty” has the meaning set forth in the preamble hereto. 
 “Monotype” has the meaning set forth in the recitals hereto. 
 “Newco” has the meaning set forth in the recitals hereto. 
 “Parent” has the meaning set forth in the recitals hereto. 
 “Typeface”
has the meaning set forth in the recitals hereto. 
 “Voidable Transfer” has the meaning set forth in Section 9
of this Guaranty. 
 (b) Construction. Unless the context of this Guaranty clearly requires otherwise, references to the plural
include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by
the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Guaranty refer to this Guaranty as a whole and not to any particular provision of this Guaranty.
Section, subsection, clause, schedule, and exhibit references herein are to this Guaranty unless otherwise specified. Any reference in this Guaranty to any agreement, instrument, or document shall include all alterations, amendments, changes,
extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth herein). Neither this Guaranty nor any uncertainty or ambiguity herein shall be construed against the Lender Group, any Bank Product Provider, any Guarantor or any Borrower, whether under any rule
of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all
parties hereto. Any reference herein to the satisfaction or payment in full of the Guarantied Obligations shall mean the payment in full in cash (or cash collateralization in accordance with the terms of the Credit Agreement) of all Guarantied
Obligations other than contingent indemnification Guarantied Obligations and other than any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding and are not required to be repaid or
cash collateralized pursuant to the provisions of the Credit Agreement. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein shall be satisfied by
the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein. 
 2. Guarantied Obligations. Each Guarantor hereby irrevocably and unconditionally, jointly and severally, guaranties to Agent, for the
benefit of the Lender Group and the Bank Product Providers, as and for its own debt, until final payment in full thereof has been made, (a) the prompt payment of the Guarantied Obligations, when and as the same shall become due and payable,
whether at maturity, pursuant to a mandatory prepayment requirement, by acceleration, or otherwise; it being the intent of each Guarantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of collection; and
(b) the punctual and faithful performance, keeping, observance, and fulfillment by Borrowers of all of the agreements, conditions, covenants, and obligations of Borrowers contained in the Credit Agreement and under each of the other Loan
Documents. 
 3. Continuing Guaranty. This Guaranty includes Guarantied Obligations arising under successive transactions
continuing, compromising, extending, increasing, modifying, releasing, or renewing 

  

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the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied
Obligations after prior Guarantied Obligations have been satisfied in whole or in part. To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations. If such a revocation
is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been received by Agent, (b) no such revocation shall apply to any
Guarantied Obligations in existence on such date (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to
any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of Agent in existence on the date of such revocation, (d) no payment by any Guarantor, any Borrower, or from any
other source, prior to the date of such revocation shall reduce the maximum obligation of such Guarantor hereunder, and (e) any payment by Borrowers or from any source other than the Guarantors subsequent to the date of such revocation shall
first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of the Guarantors
hereunder. 
 4. Performance Under this Guaranty. In the event that Borrowers fail to make any payment of any Guarantied
Obligations, on or prior to the due date thereof, or if any Borrower shall fail to perform, keep, observe, or fulfill any other obligation referred to in clause (b) of Section 2 of this Guaranty in the manner provided in the
Credit Agreement or any other Loan Document, each of the Guarantors immediately shall cause, as applicable, such payment to be made or such obligation to be performed, kept, observed, or fulfilled. 
 5. Primary Obligations. This Guaranty is a primary and original obligation of each Guarantor, is not merely the creation of a surety
relationship, and is an absolute, unconditional, and continuing guaranty of payment and performance which shall remain in full force and effect without respect to future changes in conditions. Each Guarantor hereby agrees that it is directly,
jointly and severally with each other Guarantor, and any other guarantor of the Guarantied Obligations, liable to Agent, for the benefit of the Lender Group and the Bank Product Providers, that the obligations of each Guarantor hereunder are
independent of the obligations of any Borrower, each other Guarantor, or any other guarantor, and that a separate action may be brought against each Guarantor, whether such action is brought against any Borrower, any other Guarantor, or any other
guarantor or whether any Borrower, any other Guarantor, or any other guarantor is joined in such action. Each Guarantor hereby agrees that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by any
member of the Lender Group or any Bank Product Provider of whatever remedies they may have against any Borrower, any other Guarantor, or any other guarantor, or the enforcement of any lien or realization upon any security by any member of the Lender
Group or any Bank Product Provider. Each Guarantor consents and agrees that no member of the Lender Group nor any Bank Product Provider shall be under any obligation to marshal any property or assets of any Borrower, any other Guarantor, or any
other guarantor in favor of such Guarantor, or against or in payment of any or all of the Guarantied Obligations. 
 6.
Waivers. 
 (a) To the fullest extent permitted by applicable law, each Guarantor hereby waives: (i) notice of acceptance
hereof; (ii) notice of any loans or other financial accommodations made or extended under the Credit Agreement, or the creation or existence of any Guarantied Obligations; (iii) notice of the amount of the Guarantied Obligations, subject,
however, to such Guarantors’ rights to make inquiry of Agent to ascertain the amount of the Guarantied Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of any Borrower or of any other fact
that might increase such Guarantors’ risk hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any instrument among the Loan Documents; (vi) notice of any Default or Event of Default under the
Credit Agreement; and (vii) all other notices (except if such notice is specifically required to be given to any Guarantor under this 

  

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Guaranty or any other Loan Documents to which any Guarantor is a party) and demands to which any Guarantor might otherwise be entitled. 
 (b) To the fullest extent permitted by applicable law, each Guarantor hereby waives the right by statute or otherwise to require any member of the Lender
Group or any Bank Product Provider, to institute suit against Borrowers or to exhaust any rights and remedies which any member of the Lender Group or any Bank Product Provider, has or may have against Borrowers. In this regard, each Guarantor agrees
that it is bound to the payment of each and all Guarantied Obligations, whether now existing or hereafter arising, as fully as if the Guarantied Obligations were directly owing to Agent, the Lender Group, or the Bank Product Providers, as
applicable, by each Guarantor. Each Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guarantied Obligations shall have been performed and paid in the manner provided for by
the applicable Loan Documents, to the extent of any such payment) of any Borrower or by reason of the cessation from any cause whatsoever of the liability of such Borrower in respect thereof. 
 (c) To the fullest extent permitted by applicable law, each Guarantor hereby waives: (i) any right to assert against any member of the Lender Group
or any Bank Product Provider, any defense (legal or equitable), set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against any Borrower or any other party liable to any member of the Lender Group or any Bank
Product Provider; (ii) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or
any security therefor; (iii) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider; (iv) the benefit of any statute of limitations
affecting such Guarantors’ liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall similarly operate to defer or delay the
operation of such statute of limitations applicable to any Guarantor’s liability hereunder. 
 (d) Until such time as all of the
Guarantied Obligations have been finally paid in full: (i) each Guarantor hereby waives and postpones any right of subrogation such Guarantor has or may have as against any Borrower with respect to the Guarantied Obligations; (ii) each
Guarantor hereby waives and postpones any right to proceed against such Borrower or any other Person, now or hereafter, for contribution, indemnity, reimbursement, or any other suretyship rights and claims (irrespective of whether direct or
indirect, liquidated or contingent), with respect to the Guarantied Obligations; and (iii) each Guarantor also hereby waives and postpones any right to proceed or to seek recourse against or with respect to any property or asset of such
Borrower. 
 (e) If any of the Guarantied Obligations or the obligations of any Guarantor under this Guaranty at any time are secured by a
mortgage or deed of trust upon real property, any member of the Lender Group or any Bank Product Provider may elect, in its sole discretion, upon a default with respect to the Guarantied Obligations or the obligations of the Guarantors under this
Guaranty, to foreclose such mortgage or deed of trust judicially or nonjudicially in any manner permitted by law, before or after enforcing this Guaranty, without diminishing or affecting the liability of such Guarantor hereunder. Each Guarantor
understands that (a) by virtue of the operation of antideficiency law applicable to nonjudicial foreclosures, an election by any member of the Lender Group or any Bank Product Provider to nonjudicially foreclose on such a mortgage or deed of
trust probably would have the effect of impairing or destroying rights of subrogation, reimbursement, contribution, or indemnity of the Guarantors against Borrowers or other guarantors or sureties, and (b) absent the waiver given by such
Guarantor herein, such an election would estop the Lender Group and the Bank Product Providers from enforcing this Guaranty against such Guarantor. Understanding the foregoing, and understanding that each Guarantor hereby is relinquishing a defense
to the enforceability of this Guaranty, each Guarantor hereby waives any right to assert against any member of the Lender Group or any Bank Product Provider any defense to the enforcement of this Guaranty, whether denominated “estoppel” or
otherwise, based on or arising from an election by any member of the Lender Group or any Bank Product 

  

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Provider to nonjudicially foreclose on any such mortgage or deed of trust. Each Guarantor understands that the effect of the foregoing waiver may be that
such Guarantor may have liability hereunder for amounts with respect to which such Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against Borrowers, the other Guarantors, or other guarantors or
sureties. 
 (f) Without limiting the generality of any other waiver or other provision set forth in this Guaranty, each Guarantor waives all
rights and defenses that such Guarantor may have if all or part of the Guarantied Obligations are secured by real property. This means, among other things: 
 (i) Any member of the Lender Group or any Bank Product Provider may collect from such Guarantor without first foreclosing on any real or personal property collateral that may be pledged by such Guarantor, Borrowers,
the other Guarantors, or any other guarantor. 
 (ii) If any member of the Lender Group or any Bank Product Provider forecloses on any real
property collateral that may be pledged by such Guarantor, Borrowers, the other Guarantors, or any other guarantor: 
  

	 	(A)	The amount of the Guarantied Obligations or any obligations of such Guarantor in respect thereof may be reduced only by the price for which that collateral is sold at the
foreclosure sale, even if the collateral is worth more than the sale price. 

  

	 	(B)	Agent may collect from such Guarantor even if any member of the Lender Group or any Bank Product Provider, by foreclosing on the real property collateral, has destroyed any right
such Guarantor may have to collect from Borrowers, the other Guarantors, or any other guarantor. 

 This is an unconditional
and irrevocable waiver of any rights and defenses each Guarantor may have if all or part of the Guarantied Obligations are secured by real property. 
 (G) WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, EACH GUARANTOR WAIVES ALL RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY ANY MEMBER OF THE LENDER
GROUP OR ANY BANK PRODUCT PROVIDER, EVEN THOUGH SUCH ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR THE GUARANTIED OBLIGATIONS, HAS DESTROYED SUCH GUARANTOR’S RIGHTS OF SUBROGATION AND REIMBURSEMENT AGAINST
BORROWERS BY THE OPERATION OF APPLICABLE LAW. 
 (h) Without limiting the generality of any other waiver or other provision set forth in this
Guaranty, each Guarantor hereby agrees as follows: 
 (i) Agent’s right to enforce this Guaranty is absolute and is not contingent upon
the genuineness, validity or enforceability of any of the Loan Documents. Each Guarantor agrees that Agent’s rights under this Guaranty shall be enforceable even if Borrowers had no liability at the time of execution of the Loan Documents or
later ceases to be liable. 
 (ii) Each Guarantor agrees that Agent’s rights under the Loan Documents will remain enforceable even if
the amount secured by the Loan Documents is larger in amount and more burdensome than that for which Borrowers are responsible. The enforceability of this Guaranty against each Guarantor shall continue until all sums due under the Loan Documents
have been paid in full and shall not be limited or affected in any way by any impairment or any diminution or loss of value of any security or collateral for Borrowers’ obligations under the Loan Documents, from whatever cause, the failure of
any security interest in any such security or 

  

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collateral or any disability or other defense of any Borrower, any other Guarantor, or any other guarantor of Borrowers’ obligations under any other
Loan Document, any pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Loan Documents. 
 (iii) Each Guarantor waives the right to require Agent to (A) proceed against Borrowers, any other Guarantor, or any other guarantor of Borrowers’ obligations under any Loan Document, any other pledgor of collateral for any
person’s obligations to Agent or any other person in connection with the Guarantied Obligations, (B) proceed against or exhaust any other security or collateral Agent may hold, or (C) pursue any other right or remedy for such
Guarantor’s benefit, and agrees that Agent may exercise its right under this Guaranty without taking any action against Borrowers, any other Guarantor, or any other guarantor of Borrowers’ obligations under the Loan Documents, any pledgor
of collateral for any person’s obligations to Agent or any other person in connection with the Guarantied Obligations, and without proceeding against or exhausting any security or collateral Agent holds. 
 7. Releases. Each Guarantor consents and agrees that, without notice to or by any Guarantor and without affecting or impairing the
obligations of any Guarantor hereunder, any member of the Lender Group or any Bank Product Provider may, by action or inaction, compromise or settle, extend the period of duration or the time for the payment, or discharge the performance of, or may
refuse to, or otherwise not enforce, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of the Credit Agreement or any other Loan Document or may grant other indulgences to Borrowers
in respect thereof, or may amend or modify in any manner and at any time (or from time to time) any one or more of the Credit Agreement or any other Loan Document, or may, by action or inaction, release or substitute any Guarantor or any other
guarantor, if any, of the Guarantied Obligations, or may enforce, exchange, release, or waive, by action or inaction, any security for the Guarantied Obligations or any other guaranty of the Guarantied Obligations, or any portion thereof.

 8. No Election. The Lender Group and the Bank Product Providers shall have the right to seek recourse against each Guarantor
to the fullest extent provided for herein and no election by any member of the Lender Group or any Bank Product Provider to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of the
Lender Group’s or any Bank Product Provider’s right to proceed in any other form of action or proceeding or against other parties unless Agent, on behalf of the Lender Group or the Bank Product Providers, has expressly waived such right in
writing. Specifically, but without limiting the generality of the foregoing, no action or proceeding by the Lender Group or the Bank Product Providers under any document or instrument evidencing the Guarantied Obligations shall serve to diminish the
liability of any Guarantor under this Guaranty except to the extent that the Lender Group and the Bank Product Providers finally and unconditionally shall have realized payment in full of the Guarantied Obligations by such action or proceeding.

 9. Revival and Reinstatement. If the incurrence or payment of the Guarantied Obligations or the obligations of any Guarantor
under this Guaranty by such Guarantor or the transfer by such Guarantor to Agent of any property of such Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’
rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (collectively, a “Voidable Transfer”), and if the
Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is
required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability of each Guarantor automatically shall be revived, reinstated, and restored and shall exist as
though such Voidable Transfer had never been made. 
 10. Financial Condition of Borrowers. Each Guarantor represents and
warrants to the Lender Group and the Bank Product Providers that it is currently informed of the financial condition of Borrowers and 

  

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of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guarantied Obligations. Each Guarantor
further represents and warrants to the Lender Group and the Bank Product Providers that it has read and understands the terms and conditions of the Credit Agreement and each other Loan Document. Each Guarantor hereby covenants that it will continue
to keep itself informed of Borrowers’ financial condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guarantied Obligations. 

11. Payments; Application. All payments to be made hereunder by any Guarantor shall be made in Dollars, in immediately available funds,
and without deduction (whether for taxes or otherwise) or offset and shall be applied to the Guarantied Obligations in accordance with the terms of the Credit Agreement. 
 12. Attorneys Fees and Costs. Each Guarantor jointly and severally agrees to pay, on demand, all reasonable attorneys fees and all other costs and expenses constituting Lender Group Expenses which may be
incurred by Agent or the Lender Group in connection with, arising out of, or consequential to, the protection, assertion, or enforcement of this Guaranty or the Guarantied Obligations (or any security therefor), irrespective of whether suit is
brought. 
 13. Notices. All notices and other communications hereunder to Agent shall be in writing and shall be mailed, sent,
or delivered in accordance Section 11 of the Credit Agreement. All notices and other communications hereunder to the Guarantors shall be in writing and shall be mailed, sent, or delivered in care of Administrative Borrower in accordance
with Section 11 of the Credit Agreement. 
 14. Cumulative Remedies. No remedy under this Guaranty, under the
Credit Agreement, or any other Loan Document is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given under this Guaranty, under the Credit Agreement, or any
other Loan Document, and those provided by law. No failure on the part of the Lender Group or Agent on behalf thereof to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver thereof; nor shall any single or
partial exercise of any right under this Guaranty preclude any other or further exercise thereof or the exercise of any other right. 
 15.
Severability of Provisions. If any provision of this Guaranty is held to be illegal, invalid or unenforceable under present or future laws, the legality, validity and enforceability of the remaining provisions of this Guaranty shall
not be affected thereby. 
 16. Entire Agreement; Amendments. This Guaranty constitutes the entire agreement among the
Guarantors and the Lender Group pertaining to the subject matter contained herein. This Guaranty may not be altered, amended, or modified, nor may any provision hereof be waived or noncompliance therewith consented to, except by means of a writing
executed by each Guarantor and Agent, on behalf of the Lender Group. Any such alteration, amendment, modification, waiver, or consent shall be effective only to the extent specified therein and for the specific purpose for which given. No course of
dealing and no delay or waiver of any right or default under this Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or default or otherwise prejudice the rights and remedies hereunder. 
 17. Successors and Assigns. This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the
benefit of the successors and assigns of the Lender Group and the Bank Product Providers; provided, however, no Guarantor may assign this Guaranty or delegate any of its duties hereunder without Agent’s prior written consent and
any unconsented to assignment shall be absolutely void. In the event of any assignment or other transfer of rights by the Lender Group or the Bank Product Providers, the rights and benefits herein conferred upon the Lender Group and the Bank Product
Providers shall automatically extend to and be vested in such permitted assignee or other permitted transferee. 
  

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 18. No Third Party Beneficiary. This Guaranty is solely for the benefit of each member of
the Lender Group, each Bank Product Provider, and each of their successors and assigns and may not be relied on by any other Person. 
 19.
CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 
 THE VALIDITY OF THIS GUARANTY, THE CONSTRUCTION, INTERPRETATION, AND
ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS GUARANTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE
COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GUARANTOR AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY
HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THE PROVISIONS THIS SECTION 19. 
 EACH GUARANTOR AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH GUARANTOR AND EACH MEMBER OF THE LENDER GROUP REPRESENT
THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT. 
 20. Counterparts; Telefacsimile Execution. This Guaranty may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Guaranty. Delivery of an executed counterpart of
this Guaranty by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Guaranty. Any party delivering an executed counterpart of this Guaranty by telefacsimile also shall deliver an original executed
counterpart of this Guaranty but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Guaranty. 
 21. Agreement to be Bound. Each Guarantor hereby agrees to be bound by each and all of the terms and provisions of the Credit Agreement.
Without limiting the generality of the foregoing, by its execution and delivery of this Guaranty, each Guarantor hereby: (a) makes to the Lender Group each of the representations and warranties set forth in the Credit Agreement applicable to
such Guarantor fully as though such Guarantor were a party thereto, and such representations and warranties are incorporated herein by this reference, mutatis mutandis; and (b) agrees and covenants (i) to do each of the things set
forth in the Credit Agreement that Parent and Borrowers agree and covenant to cause their respective Subsidiaries to do, and (ii) to not do each of the things set forth in the Credit Agreement that Parent and Borrowers agree and covenant to
cause their respective Subsidiaries not to do, in each case, fully as though such Guarantor was a party thereto, and such agreements and covenants are incorporated herein by this reference, mutatis mutandis. 
 [Signature page to follow] 
  

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 IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the date first
written above. 
  

									
	GUARANTOR:	 		 	 MONOTYPE IMAGING HOLDINGS CORP.,
 a
Delaware corporation

					
		 		 		 	By:	 	/s/ A. BRUCE JOHNSTON
		 		 		 	 Name:
 Title:
	 	 A. Bruce Johnston
 Vice President

 [SIGNATURE PAGE TO GUARANTY]

  

 S-1 

 ACCEPTED THIS          DAY OF NOVEMBER, 2004 
  

									
	 WELLS FARGO FOOTHILL, INC.,
 a
California corporation, as Agent
	 		 	
					
	By:	 	/s/    GARRICK TAN	 		 		 	
	 Name:
 Title:
	 	 Garrick Tan
 Vice President
	 		 		 	

 [SIGNATURE PAGE TO GUARANTY]

  

 S-1INTERCOMPANY SUBORDINATION AGREEMENT

 Exhibit 10.54 
 EXECUTION COPY 
 INTERCOMPANY SUBORDINATION AGREEMENT 

THIS INTERCOMPANY SUBORDINATION AGREEMENT, made and entered into as of November 5, 2004 (this “Subordination Agreement”), by and
among, Imaging Acquisition Corporation, a Delaware corporation (“Newco”), Agfa Monotype Corporation, a Delaware corporation (“Monotype”), International Typeface Corporation, a New York corporation
(“Typeface”, and together with Newco and Monotype, the “Borrowers”), Monotype Imaging Holdings Corp., a Delaware corporation (“Parent”, and together with the Borrowers, each a “Subordinating
Creditor,” and collectively, the “Subordinating Creditors”), and Wells Fargo Foothill, Inc., a California corporation, as the arranger and administrative agent (together with any successor(s) thereto in such capacity, the
“Agent”) under the Credit Agreement referenced below. Unless otherwise defined herein, all capitalized terms used herein shall have the respective meanings assigned to such terms in the Credit Agreement, dated as of November 5,
2004 (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”), by and among Borrowers, Parent, the lenders signatory thereto (the “Lenders”) and Agent. 
 W I T N E S S E T H: 
 WHEREAS, Borrowers or
Guarantors or any of their respective Subsidiaries may have borrowed, or may desire to borrow, certain sums from a Subordinating Creditor as permitted by the Credit Agreement; 
 WHEREAS, Borrowers desire to borrow certain sums from the Secured Parties (as defined herein) pursuant to the Credit Agreement; and 
 WHEREAS, as a condition to entering into the Credit Agreement, each of the Subordinating Creditors agrees that any loan extended to Borrowers,
Guarantors, or any of their respective Subsidiaries (each, an “Applicable Debtor” and, collectively, the “Applicable Debtors”) will be subordinated to the Senior Debt (as defined herein), as more fully provided in
this Subordination Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of the Subordinating Creditors hereby agrees with the Secured Parties as follows: 
 1. Subordination. Subject to the terms hereof, each of the Subordinating Creditors hereby subordinates and defers, to the extent and in the manner set forth herein, the payment (including, without limitation, in any Insolvency
Proceeding (as defined herein)) of any and all Indebtedness which may be now or hereafter owing by any Applicable Debtor to any such Subordinating Creditor (whether by reason of subrogation rights of such Subordinating Creditor or otherwise) as may
be evidenced by any promissory notes and/or any other documents, instruments or agreements now or hereafter executed and delivered by any Applicable Debtor to any Subordinating Creditor (all such amounts, notes, documents, instruments, and
agreements being hereinafter referred to as the “Subordinated Debt”) to the prior Discharge of Senior Debt (as defined below). 
  

 1 

 “Bankruptcy Code” means the United States Bankruptcy Code, as in effect from time to
time. 
 “Discharge of Senior Debt” means payment and satisfaction in full in cash of any and all Senior Debt (as defined
below) which may be now or hereafter owing to any Secured Party (as defined below) by any Applicable Debtor, in each case, after or concurrently with the termination of the Credit Agreement and the termination of all obligations and commitments to
make loans, advances or otherwise extend credit thereunder. 
 “Insolvency Proceeding” means any proceeding commenced by or
against any Applicable Debtor under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally
with creditors, or proceedings seeking reorganization, arrangement, or other similar relief and including the appointment of a trustee, receiver, administrative receiver, administrator or similar officer. 
 “Secured Party” means Agent, any member of the Lender Group or any Bank Product Provider. 
 “Senior Debt”, as used herein, shall mean any and all Obligations, including, without limitation, any and all now existing and future
indebtedness, obligations or liabilities of the Applicable Debtors under the Credit Agreement to the Secured Parties, whether direct or indirect, absolute or contingent, secured or unsecured, arising under, or in connection with, the Credit
Agreement or any other Loan Documents (including, without limitation, any guaranty executed in connection therewith) in favor of the Secured Parties, as each of the foregoing may be from time to time amended, modified, waived, supplemented,
extended, renewed, deferred, refinanced, replaced, refunded or restated, in whole or in part, in accordance with the terms and conditions thereof, by operation of law or otherwise, including any and all expenses (including, without limitation,
reasonable attorneys’ fees and disbursements), premiums, fees and charges incurred in connection therewith and any interest thereon, including, without limitation, any post-petition interest accruing on such Senior Debt after any Applicable
Debtor becomes subject to an Insolvency Proceeding (whether or not such interest is allowable or enforceable against such Applicable Debtor or recoverable against such Applicable Debtor or its bankruptcy estate), whether by means of an adequate
protection payment or otherwise. For all purposes hereunder, Senior Debt shall also include all indebtedness, obligations and liabilities of the Applicable Debtors to repay any amounts previously paid by the Applicable Debtors pursuant to the Credit
Agreement, which amounts have been returned to the Applicable Debtors or to a trustee by any Secured Party pursuant to Sections 547 or 548 of the Bankruptcy Code or otherwise under other applicable legislation. 
 2. Covenants. Without limiting any other provision of this Subordination Agreement, each of the Subordinating Creditors hereby covenants and
agrees that, until such time as this Subordination Agreement is terminated as provided herein, such Subordinating Creditor will not, except to the extent expressly permitted by Sections 8, 9, and 10 hereof, assert any right
which it may have to setoff against the Subordinated Debt any amounts which are or may be owing by such Subordinating Creditor to any Applicable Debtor, and that until such time as this Subordination Agreement is terminated as provided herein, and
except to the extent 

  

 2 

 
expressly permitted by Sections 8, 9, and 10 hereof, such Subordinating Creditor will not directly or indirectly: (a) demand or
receive payment of; exchange, forgive, or modify; request or obtain collateral or security or guarantees for; or Commence Legal Action (as defined in Section 11 hereof) in respect of the Subordinated Debt, or (b) sell, assign,
transfer, endorse, pledge, encumber or otherwise dispose of (whether by means of participation or otherwise) any portion of the Subordinated Debt or any interest therein to any Person without the prior written consent of the Agent, it being
understood that each such assignee and transferee shall be bound in all respects by the terms and conditions of this Subordination Agreement. 
 3. Inducement. This Subordination Agreement is executed as an inducement to the Secured Parties to make loans or advances to Borrowers or otherwise to extend credit or financing accommodations to Borrowers, and to enter into the Loan
Documents and to continue a financing arrangement with Borrowers and is executed in consideration of the Agent and Lenders entering into the Loan Documents and continuing such financing arrangement. 
 4. Continuing Agreement. This Subordination Agreement (a) may be terminated only upon the occurrence of the Discharge of Senior Debt,
(b) is a continuing agreement of subordination, (c) shall be binding upon the Subordinating Creditors, the Applicable Debtors and their respective successors, transferees and assigns, and (d) shall inure to the benefit of the Secured
Parties and be enforceable by the Agent, for the benefit of the Secured Parties, and each their respective successors, transferees and assigns. Without limiting the generality of the foregoing, the Secured Parties may assign or otherwise transfer
the Senior Debt to any other Person, and such other Person shall thereupon become vested with all the rights and benefits in respect thereof granted to the Secured Parties herein or otherwise, subject to Section 13.1 of the Credit
Agreement. This Subordination Agreement shall continue to be effective (or, if previously terminated, reinstated), if at any time any payment of any of the Senior Debt is rescinded or must otherwise be returned by any Secured Party in connection
with any Insolvency Proceeding or otherwise, all as though such payment had not been made. 
 5. Rights in Insolvency Proceedings.
Each of the Subordinating Creditors hereby authorizes and empowers the Agent, for the benefit of the Lenders, in any Insolvency Proceeding to file a proof of claim on behalf of such Subordinating Creditor with respect to the Subordinated Debt
(a) if such Subordinating Creditor fails to file such proof of claim prior to thirty (30) days before the expiration of the time period during which such claims must be submitted, or (b) if the Agent, in its Permitted Discretion,
believes that any statements or assertions in a proof of claim filed by such Subordinating Creditor are not consistent with the terms and conditions hereof; provided, however, that any failure of the Agent to file such proof of claim
shall not be deemed to be a waiver by the Agent or any Secured Party of any of the rights and benefits granted herein by such Subordinating Creditor. Each Subordinating Creditor shall provide the Agent with a copy of any proof of claim filed by such
Subordinating Creditor in any Insolvency Proceeding. Each Subordinating Creditor hereby irrevocably grants the Agent the sole and exclusive authority and power in any Insolvency Proceeding, unless and until this Subordination Agreement is terminated
in accordance with its terms: (a) to accept and receive any payment or distribution which may be payable or deliverable at any time upon or in respect of the Subordinated Debt; and (b) to take such other action as may be necessary or
advisable to effectuate the foregoing. Each Subordinating Creditor shall provide to the Agent all information and documents necessary to present claims or seek enforcement as described in the immediately 

  

 3 

 
preceding sentence. Each of the Subordinating Creditors hereby agrees that, while it shall retain the right to vote its claims and, except as otherwise
provided in this Subordination Agreement, otherwise act in any Insolvency Proceeding relative to the related Applicable Debtor (including, without limitation, the right to vote to accept or reject any plan of partial or complete liquidation,
reorganization, arrangement, composition, or extension), such Subordinating Creditor shall not: (i) take any action or vote in any way so as to directly or indirectly challenge or contest (A) the validity or the enforceability of the
Credit Agreement, the other Loan Documents, or the liens and security interests granted to the Secured Parties with respect to the Senior Debt, (B) the rights and duties of the Secured Parties established in the Credit Agreement or any other
Loan Documents, or (C) the validity or enforceability of this Subordination Agreement; (ii) seek, or acquiesce in any request, to dismiss any Insolvency Proceeding or to convert an Insolvency Proceeding under chapter 11 of the Bankruptcy
Code to a case under chapter 7 of the Bankruptcy Code; (iii) seek, or acquiesce in any request for, the appointment of a trustee or examiner with expanded powers for the related Applicable Debtor; (iv) propose, vote in favor of or
otherwise approve a plan of reorganization, arrangement or liquidation, or file any motion or pleading in support of any plan of reorganization, arrangement or liquidation, unless it provides for the Discharge of Senior Debt or unless the Secured
Parties have approved of the treatment of their claims with respect to the Senior Debt under such plan; (v) object to the treatment under a plan of reorganization or arrangement of the Secured Parties’ claims with respect to the Senior
Debt; (vi) seek relief from the automatic stay of Section 362 of the Bankruptcy Code or any other stay in any Insolvency Proceeding in respect of any portion of the Collateral; or (vii) directly or indirectly oppose any relief
requested or supported by the Secured Parties, including any sale or other disposition of property free and clear of the liens and security interests of the Subordinating Creditors under Section 363(f) of Title 11 of the United States Code or
any other similar provision of applicable law. 
 6. No Liability. None of the Secured Parties shall in any event be liable for:
(a) any failure to prove the Subordinated Debt; (b) any failure to exercise any rights with respect thereto; (c) any failure to collect any sums payable thereon; or (d) any impairment or nonpayment of the Subordinated Debt that
results, directly or indirectly, from the exercise by the Secured Parties of any of their rights or remedies under this Subordination Agreement, the Credit Agreement, the other Loan Documents or under applicable law. 
 7. Subordination Rights Not Impaired by Acts or Omissions of the Applicable Debtors or Secured Parties. No right of the Secured Parties to enforce
subordination as provided in this Subordination Agreement will at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Applicable Debtor or by any act or failure to act by any Secured Party, or by any
noncompliance by the Subordinating Creditors or any agent thereof with the terms of this Subordination Agreement, regardless of any knowledge thereof with which any such Person may have or otherwise be charged. The Secured Parties may extend, renew,
modify or amend any terms of the Senior Debt or any security therefor or guaranty thereof and grant any waiver, release or consent in respect of, or release, sell or exchange such security and otherwise deal freely with the Applicable Debtors and
their respective Affiliates, all without notice to or consent from the Subordinating Creditors and without in any way impairing or affecting this Subordination Agreement. 
  

 4 

 8. Payments to the Subordinating Creditors. Subject to Sections 9 and 10 of this
Subordination Agreement, the Applicable Debtors may make payment on, on account of or in respect of the Subordinated Debt. 
 9. No
Payment to Subordinating Creditors When Senior Debt in Default. 
 (a) No Applicable Debtor may pay the principal of, premium, if any, or
interest on, or make any other payment in respect of, the Subordinated Debt (collectively, “Intercompany Payments”) if a Default or Event of Default on the Senior Debt shall have occurred and be continuing unless and until such
Default or Event of Default shall have been cured or waived or shall have ceased to exist or a Discharge of Senior Debt shall have occurred; provided, however, that a Borrower may continue to make Intercompany Payments to another
Borrower in the ordinary course of business consistent with past practices unless and until Agent shall have delivered notice to the Administrative Borrower that a Default or Event of Default shall have occurred and be continuing, at which time such
Intercompany Payments shall not be permitted unless and until such Default or Event of Default shall have been cured or waived or shall have ceased to exist or a Discharge of Senior Debt shall have occurred. 
 (b) If any payment or distribution of assets of any Applicable Debtor of any kind or character, whether in cash, property or securities (including,
without limitation, any issuance of securities by such Applicable Debtor), is received by any Subordinating Creditor as a payment in respect of the Subordinated Debt at a time when such payment or distribution should not have been made in accordance
with subsection (a) of this Section 9, such payment or distribution shall be received and held in trust for and shall be paid over immediately to the Agent or its representative (for the benefit of the Secured Parties) for
application to the payment of the Senior Debt until the Discharge of Senior Debt shall have occurred. 
 (c) The provisions of this
Section 9 shall not apply to any payments with respect to which Section 10 would be applicable. 
 10. Subordinated Debt
Subordinated to Prior Payment of All Senior Debt in Insolvency Proceeding. Upon any payment or distribution of assets of any Applicable Debtor of any kind, whether in cash, property or securities (including, without limitation, any issuance of
securities by an Applicable Debtor), in connection with any Insolvency Proceeding: 
 (a) the Secured Parties shall first be entitled to
receive payment in full in cash of all Senior Debt before the Subordinating Creditors shall be entitled to receive any payment or other distribution of assets in respect of the Subordinated Debt; 
 (b) any payment or distribution of assets of any Applicable Debtor of any kind or character, whether in cash, property or securities (including, without
limitation, any issuance of securities by such Applicable Debtor) to which the Subordinating Creditors would be entitled except for the provisions of this Subordination Agreement will be paid by such Applicable Debtor, the liquidating trustee or
agent or such other Person making such a payment or distribution directly to the Agent (for the benefit of the Secured Parties) to the extent necessary to effect the Discharge of Senior Debt; and 
  

 5 

 (c) if, notwithstanding the foregoing, any payment or distribution of assets of any Applicable Debtor of
any kind or character, whether in cash, property or securities (including, without limitation, any issuance of securities by such Applicable Debtor), is received by a Subordinating Creditor as payment in respect of the Subordinated Debt before the
occurrence of the Discharge of Senior Debt, such payment or distribution shall be received and held in trust for and shall be paid over immediately to the Agent or its representative (for the benefit of the Secured Parties) for application to the
payment of the Senior Debt until the Discharge of Senior Debt has occurred. 
 For the purposes of this Section 10, the words
“cash, property or securities” shall not be deemed to include shares of stock of Borrowers or Guarantors as reorganized or readjusted or securities of any other corporation paid or distributed to a Subordinating Creditor by a plan of
reorganization, arrangement or readjustment; provided that pursuant to such plan of reorganization, arrangement or readjustment the legal, equitable and contractual rights of the Secured Parties under the Loan Documents are not, without the
consent of the Secured Parties, altered by any such plan of reorganization, arrangement or readjustment (including, without limitation, such legal, equitable and contractual rights being impaired within the meaning of Section 1124 of the
Bankruptcy Code or under other applicable legislation, or any impairment of the right to receive interest accruing during the pendency of an Insolvency Proceeding). 
 Each of the Applicable Debtors and Subordinating Creditors will give prompt written notice to the Agent of any Insolvency Proceeding. 
 11. No Enforcement or Commencement of Any Proceedings. Each of the Subordinating Creditors hereby agrees that, so long as any Senior Debt shall remain unpaid, or the Credit Agreement shall be in effect, such
Subordinating Creditor will not (a) except to the extent expressly permitted by Sections 8, 9 and 10 of this Subordination Agreement, take, demand, receive or accept any payment of the Subordinated Debt, and the Applicable
Debtors shall not give, make or permit any such payment, or (b) commence, prosecute, assert, participate in or bring, or join with any other creditor of the Applicable Debtors (other than the Agent) in commencing, prosecuting, asserting,
participating in or bringing, any sort of action, suit or proceeding (including, without limitation, any Insolvency Proceeding) either at law or in equity for the enforcement, collection or realization on the whole, or any part of the Subordinated
Debt or any collateral, security or guarantees (if any) which is security for the Subordinated Debt, or accelerate, demand or otherwise make due and payable prior to the original due date thereof any payment of the Subordinated Debt (except pursuant
to a modification or amendment of the terms of such Subordinated Debt that is permitted under the Credit Agreement), (c) possess any assets of any Applicable Debtor pursuant to a legal action or other legal proceeding, or (d) send any
notice to or otherwise seek to obtain payment directly from any account debtor of any Applicable Debtor (clauses (a) through (d) inclusive, collectively, “Commence Legal Action”). 
 12. Action Against. If the Subordinating Creditors, in violation of this Subordination Agreement, shall Commence Legal Action against an
Applicable Debtor, such Applicable Debtor may interpose as a defense or dilatory plea the making of this Subordination Agreement, and the Secured Parties are hereby irrevocably authorized to intervene and to interpose such defense or plea in their
names or in the name of the related Applicable Debtor. If the Subordinating Creditors shall attempt to enforce, collect or realize upon any Subordinated 

  

 6 

 
Debt or any collateral, security or guarantees (if any) securing the Subordinated Debt in violation of this Subordination Agreement, the Applicable Debtors
may, by virtue of this Subordination Agreement, restrain any such enforcement, collection or realization, or upon failure to do so, the Secured Parties may restrain such enforcement, collection or realization, either in their own names or in the
name of the Applicable Debtors. 
 13. Lien Subordination. Each Subordinating Creditor hereby confirms that, regardless of
(a) the relative date, time, method, manner or order of grant, attachment or the perfection of any security interest or lien granted to any Secured Party or any Subordinating Creditor in respect of all or any portion of any collateral,
(b) the order of filing or recordation of financing statements, mortgages or other security documents, (c) any provision of the Uniform Commercial Code, any other applicable law or anything in the Subordinated Loan Documents (as
hereinafter defined) to the contrary, (d) whether the liens securing the Senior Debt are valid, enforceable, void, avoidable, subordinated, disputed, or allowed, or (e) any other circumstance whatsoever, the security interests and liens
upon the Collateral granted or to be granted from time to time pursuant to the Credit Agreement and the other Loan Documents or any other agreements or instruments covering Senior Debt shall in all respects be first priority and senior security
interests and liens and any security interests and liens upon the Collateral granted or to be granted from time to time pursuant to the Subordinated Loan Documents or any other agreements or instruments covering the Subordinated Debt shall in all
respects be junior and subordinate to such security interests and liens upon the Collateral granted pursuant to the terms of the Credit Agreement and the other Loan Documents. 
 14. Release of Liens. In the event of any private or public sale or other disposition of all or any portion of the Collateral by or with the
consent of the Agent, on behalf of the Secured Parties, or as otherwise permitted by the Credit Agreement, at any time prior to the date upon which the Discharge of Senior Debt shall have occurred, each Subordinating Creditor agrees that such sale
or disposition will be free and clear of the liens and security interests securing the Subordinated Debt (if any) of such Subordinating Creditor and, if the sale or other disposition includes Equity Interests (as defined below) in any Applicable
Debtor, such Subordinating Creditor agrees to release the entities whose Equity Interests are sold from all Subordinated Debt so long as the Agent also releases the entities whose Equity Interests are sold or disposed of from all Senior Debt. In
furtherance thereof, each Subordinating Creditor agrees that (a) the Agent is authorized to file any and all Uniform Commercial Code lien releases and/or terminations of the liens and security interests in respect of property of the Applicable
Debtor held by such Subordinating Creditor in connection with such a sale or other disposition, and (b) it will execute any and all lien and security interest releases or other documents necessary to release liens on property of the Applicable
Debtor reasonably requested by the Agent in connection therewith. For purposes hereof, “Equity Interests” means Capital Stock (as defined below) and all warrants, options, or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock), and “Capital Stock” means (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and
(iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, the issuing Person. 
  

 7 

 15. Endorsement of Note; Other Documents. Each of the Subordinating Creditors agrees to mark all
agreements, bonds, debentures, notes or other similar instruments relating to the Subordinated Debt (the “Subordinated Loan Documents”) and all other evidences of, or instruments relating to, Subordinated Debt with a notation in
substantially the following form: 
 “This Note is subject to the terms and provisions of the 
 Subordination Agreement executed by the Payee and the other 
 parties thereto in favor of Wells Fargo Foothill, Inc. dated as of 
 November 5, 2004,”

 and to deliver proof of such notation to the Agent. If, upon the occurrence and during the continuation of an Event of Default, the Agent requires the
possession of any of the Subordinated Loan Documents in order to present claims or seek enforcement against the Applicable Debtors for payment under the Subordinated Loan Documents in accordance with the provisions of this Subordination Agreement,
the Subordinating Creditors agree, subject to the terms hereof, to endorse and deliver such Subordinated Loan Documents to the Agent. The Subordinating Creditors and the Applicable Debtors will at their expense and at any time and from time to time
promptly execute and deliver all further instruments and documents and take all further action that may be reasonably necessary to protect any right or interest of the Secured Parties granted hereunder or to enable the Secured Parties to exercise
and enforce their rights and remedies hereunder. 
 16. Modifications to the Subordinated Loan Documents. Except as otherwise
expressly permitted under the Credit Agreement or any other applicable Loan Document, none of the Subordinated Loan Documents shall be amended or otherwise modified without obtaining the prior written consent of the Agent, or as otherwise permitted
under the Credit Agreement, so as to provide for (a) any increase in the rate of interest charged thereunder as in effect on the date hereof, (b) any increase in the principal amount or any installment due thereunder, (c) any
reduction of the maturity date of any payment of principal or interest, (d) the granting or obtaining of any collateral security or obtaining any lien on any collateral or (e) any other amendment or modification which would have a material
adverse effect on the operations of the Applicable Debtors, the Agent’s security interests in the Collateral or the claims of the Secured Parties. 
 17. No Impairment of Applicable Debtors’ Obligations. Subject to all of the Secured Parties’ rights as provided in this Subordination Agreement, nothing contained in this Subordination Agreement shall
impair, as between the Applicable Debtors, on the one hand, and the Subordinating Creditors, on the other hand, the obligation of the Applicable Debtors, which is unconditional and absolute, to pay the Subordinated Debt to the Subordinating
Creditors as and when all or any portion thereof shall become due and payable in accordance with its terms or prevent the Subordinating Creditors, upon any default under the Subordinated Debt, from exercising all rights, powers and remedies
otherwise provided therein or by applicable law. 
 18. Subrogation. Until the Discharge of Senior Debt shall have occurred and this
Subordination Agreement is terminated as provided herein, the Subordinating Creditors shall not assert or be entitled to any subrogation rights. Subject to the immediately preceding 

  

 8 

 
sentence, if any payment or distribution to which any of the Subordinating Creditors would otherwise have been entitled (but for the provisions of this
Subordination Agreement) shall have been turned over to the Agent or otherwise applied to the payment of the Senior Debt pursuant to the provisions of this Subordination Agreement, then such Subordinating Creditor shall be entitled to receive from
the Agent any payments or distributions received by the Secured Parties in excess of the amount sufficient to effect the Discharge of Senior Debt, and upon such Discharge of Senior Debt shall be subrogated (without any representation by, or any
recourse whatsoever to, the Secured Parties) to all rights of the Secured Parties to receive all further payments or distributions applicable to the Senior Debt or the Subordinated Debt until the Subordinated Debt shall have been paid in full. For
purposes of the Subordinating Creditors’ subrogation rights hereunder, payments to the Secured Parties with respect to the Senior Debt which the Subordinating Creditors would have been entitled to receive with respect to the Subordinated Debt
but for the provisions of this Subordination Agreement shall not, as between the Applicable Debtors, their respective creditors (other than the Secured Parties) and the Subordinating Creditors, be deemed payments with respect to the Senior Debt.

 19. Entire Agreement, etc. This Subordination Agreement embodies the whole agreement of the parties with respect to the subject
matter hereof and may not be modified except in writing executed and delivered by the parties hereto. The failure of the Secured Parties, or any one of them, to exercise any right hereunder shall not be construed as a waiver of the right to exercise
the same or any other rights at any other time and from time to time thereafter, and such rights shall be considered as cumulative rather than alternative. No knowledge of any breach or other non-observance by the Subordinating Creditors of the
terms and provisions of this Subordination Agreement shall constitute a waiver, nor a waiver of any obligations to be performed by the Subordinating Creditors hereunder. 
 20. Notices. All notices and other communications hereunder shall be sent in accordance with the provisions of, and to the addresses set forth in, Section 11 of the Credit Agreement, and if to any
Subordinating Creditor that is not a party to the Credit Agreement, to the address set forth for the Administrative Borrower in the Credit Agreement. 
 21. Construction. Except as otherwise expressly provided herein, the rules of interpretation set forth in Section 1.4 of the Credit Agreement shall apply mutatis mutandis to this
Subordination Agreement. 
 22. CHOICE OF LAW; JURISDICTION; JURY TRIAL WAIVER; ETC. THIS SUBORDINATION AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AGREES THAT ANY FEDERAL DISTRICT COURT IN THE STATE OF NEW YORK AND COUNTY OF NEW YORK OR ANY STATE COURT LOCATED IN NEW YORK COUNTY, NEW YORK SHALL HAVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE PARTIES HERETO PERTAINING DIRECTLY OR INDIRECTLY TO THIS SUBORDINATION AGREEMENT OR TO ANY MATTER ARISING HEREFROM. EACH OF THE PARTIES HERETO EXPRESSLY SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURT. EACH OF THE PARTIES HERETO WAIVES ANY OBJECTION THAT IT MAY NOW OR 

  

 9 

 
HEREAFTER HAVE TO THE VENUE OF ANY PROCEEDING IN ANY SUCH COURT OR THAT SUCH PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR
CLAIM THE SAME. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO A JURY TRIAL AS TO ANY DISPUTE UNDER THIS SUBORDINATION AGREEMENT. 
 23.
Counterparts; Effectiveness. This Subordination Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts (and by facsimile or other electronic transmission) and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 
 24. Severability. Any provision of this Subordination Agreement which 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. 
 25. Section Headings. The section headings used in this Subordination Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 [Signature Pages to follow] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Subordination Agreement effective
as of the date first above written. 
  

			
	 MONOTYPE IMAGING HOLDINGS CORP.,
 a
Delaware corporation, as a Subordinating Creditor

		
	By:	 	/S/ A. BRUCE JOHNSTON
	 Name:
 Title:
	 	 A. Bruce Johnston
 Vice President

	
	 IMAGING ACQUISITION CORPORATION,
 a
Delaware corporation, as a Subordinating Creditor

		
	By:	 	/S/ A. BRUCE JOHNSTON
	 Name:
 Title:
	 	 A. Bruce Johnston
 Vice President

	
	 AGFA MONOTYPE CORPORATION,
 a Delaware
corporation, as a Subordinating Creditor

		
	By:	 	/S/ A. BRUCE JOHNSTON
	 Name:
 Title:
	 	 A. Bruce Johnston
 Vice President

	
	INTERNATIONAL TYPEFACE CORPORATION, a New York corporation, as a Subordinating Creditor
		
	By:	 	/S/ A. BRUCE JOHNSTON
	 Name:
 Title:
	 	 A. Bruce Johnston
 Vice President

  
  
  
  
 [ SIGNATURE
PAGE TO INTERCOMPANY SUBORDINATION AGREEMENT] 

			
	 ACCEPTED AND AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:
  
  
 WELLS FARGO FOOTHILL,
INC.,
 a California corporation, as Agent

		
	By:	 	/S/ GARRICK TAN
	 Name:
 Title:
	 	 Garrick Tan
 Vice President

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