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                                                                   EXHIBIT 10.24

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                         ORIGINATION SERVICES AGREEMENT

                                 by and between

                            V-TEK SYSTEMS CORPORATION

                                       and

                        THE FIRST MARBLEHEAD CORPORATION

     This Origination Services Agreement ("Agreement") is entered into this 1st
day of July, 2003 (the "Effective Date"), by and between V-Tek Systems
Corporation, a California corporation with its principal place of business
located at 1315 Valley Vista Drive, Diamond Bar, California 91765 ("V-Tek") and
The First Marblehead Corporation, a Delaware corporation with its principal
place of business located at 30 Little Harbor, Marblehead, Massachusetts 09145
("FMC").

     WHEREAS, V-Tek has substantial experience and expertise as a systems and
service provider in the student loan origination industry;

     WHEREAS, FMC is engaged in structuring and assisting lenders in
implementing alternative student loan programs;

     WHEREAS, V-Tek currently serves as a data translation and data exchange
service bureau for FMC in connection with the GATE Student loan program;

     WHEREAS, FMC desires to retain V-Tek to perform certain services on its
behalf with respect to a new GATE Universal student loan program, and V-Tek
desires to perform such services;

     NOW, THEREFORE, the parties hereby agree as follows:

SECTION 1:    DEFINITIONS

     "AES" shall mean American Education Services, a division of the
Pennsylvania Higher Education Assistance Agency.

     "Authorized Users" shall mean employees of FMC, Lender, Servicer and the
Schools who are authorized to access and use the GATE Systems. Authorized Users
also includes Borrowers.

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     "Borrower" means an applicant (and any co-applicant or co-signor) for a
loan under one of the GATE student loan programs.

     "Error" means a programming defect, or, with respect to equipment in
V-Tek's possession or under its control, equipment malfunction or other
deficiency or problem which results in failure of the GATE Systems to perform in
conformance with the Specifications.

     "GATE Student Services" means the existing services being performed by
V-Tek as set forth in Exhibit B attached hereto, as same may be amended from
time to time by mutual agreement of the parties in writing.

     "GATE Student System" means the web claiming and enrollment software
systems (including computer databases) supporting delivery of the GATE Student
Services.

     "GATE Systems" means the GATE Student System and the GATE Universal System.

     "GATE Universal Services" means the new services to be performed by V-Tek
under this Agreement as set forth in Exhibit A attached hereto, as same may be
amended from time to time by mutual agreement of the parties in writing.

     "GATE Universal System" means the student loan origination software system
(including computer databases) supporting delivery of the GATE Universal
Services, which is more fully described in the Specifications attached hereto as
Exhibit E.

     "Lender" shall mean Bank of America, N. A., a national banking association
organized under the laws of the United States and having a place of business
located 600 Wilshire Blvd., 4th Floor, Los Angeles, CA 90017.

     "Lender Origination Services Agreement" means the Origination Services
Agreement entered into by and between Lender and FMC, effective July 1, 2003.

     "Performance Standards" means the time response standards set forth in
Section 3 ("Support Services") for correction of errors in the GATE Systems and
the minimum service level requirements set forth in Exhibit D, as same may be
amended from time to time by mutual agreement of the parties in writing.

     "PHEAA" shall mean the Pennsylvania Higher Education Assistance Agency, a
public corporation and government instrumentality organized under the laws of
the Commonwealth of Pennsylvania, and having an address at 1200 North Seventh
Street, Harrisburg, PA 17102.

     "School" means a post secondary school participating in one of the GATE
student loan programs.

     "Servicer" shall mean and refer to PHEAA and AES or such other servicer as
may be approved by FMC and Lender.

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     "Services" means the services to be performed by V-Tek as set forth in this
Agreement, including the hosting, operating and maintaining of the GATE Systems,
the GATE Universal Services, GATE Student Services, and such other services as
may be mutually agreed upon by the parties in writing.

     "Specifications" means the functionality and performance requirements for
the GATE Universal System set forth in Exhibit E and the description of GATE
Student Services set forth in Exhibit B, as each may be amended from time to
time by mutual agreement of the parties in writing.

SECTION 2:    SERVICES

     a.   V-Tek will be solely responsible for performing the Services, subject
to the terms and conditions of this Agreement. V-Tek will operate the GATE
Systems in conformity with the Specifications.

     b.   V-Tek will designate one of its employees to serve as project manager
for this engagement. Said project manager shall have familiarity with the GATE
Systems and shall have authority to make decisions on behalf of V-Tek. V-Tek
will replace said project manager upon the reasonable request of FMC, and
reassignment of the project manager shall be subject to FMC's approval, which
shall not be unreasonably withheld. V-Tek shall provide sufficient qualified
personnel as reasonably necessary to provide the Services in a timely manner.

     c.   V-Tek will provide Authorized Users with access to an on-line, secure
(as specified in Section 11 hereunder) hosting environment ("Hosting
Environment") through which they will be able to access the GATE Systems. V-Tek,
at its sole expense, (i) will provide such server hardware, operating systems,
software, telecommunications and other network communications equipment linking
the Hosting Environment to the World Wide Web and Internet to provide Authorized
Users with access to the GATE Systems; and (ii) will be responsible for
providing such third party software and hardware, including but not limited to,
operating systems and database software, necessary to host, operate and maintain
the GATE Systems in accordance with the Specifications. FMC will pay for
additional costs incurred by V-Tek due to changes in the scope of services
hereunder (including changes to the functionality of the GATE Systems) made or
approved by FMC after the Effective Date, provided that V-Tek notifies FMC in
writing of any such additional costs prior to implementation of such changes.

SECTION 3:    SUPPORT SERVICES

     a.   V-Tek shall be solely responsible for supporting and maintaining the
GATE Systems. Said support shall include providing (i) telephone support and
correcting Errors and making repairs and bug fixes in accordance with the terms
set forth in this Section 3 to ensure that the GATE Systems continue to operate
in conformity with the Specifications; and (ii) updates to source code of the
GATE Systems as a result of correcting Errors and making such repairs or bug
fixes. Further, V-Tek will monitor the Hosting Environment and the GATE Systems
in order to note any on-line system outages or failures.

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     b.   V-Tek shall provide to FMC, and keep current on a monthly basis, a
list of persons and telephone and pager numbers ("Calling List") for FMC to
contact, 24 hours per day, 7 days per week, to whom to ask questions concerning
FMC's and its Authorized Users' use of the Services or from whom to request
assistance in solving problems encountered in FMC's and its Authorized Users'
use of the Services. Such Calling List shall include: (1) the first person to
contact in the event of such question or problem, and (2) the persons in
successively more responsible or qualified positions to respond to the question
or request for assistance.

     c.   If FMC desires assistance or detects any Error in the Services, FMC
shall contact V-Tek's designated telephone number. V-Tek shall make reasonable
efforts to respond to FMC's initial telephone call within 1 hour of FMC's first
call for answers or assistance. If V-Tek fails to respond within 1 hour after
contact by FMC at the designated telephone number or if the designated person is
not available when FMC makes contact with V-Tek, then FMC shall attempt to
contact the next more responsible or qualified person on the Calling List until
contact is made and a designated person responds to the call.

     d.   After FMC notifies V-Tek of a suspected Error, FMC shall consult with
V-Tek to determine the severity of the Error, and V-Tek shall make all
reasonable attempts to provide an immediate workaround, and a correction of the
Error at the earliest reasonable time. FMC shall submit to V-Tek any and all
data and/or output that V-Tek may reasonably request in order to reproduce
operating conditions similar to those present when FMC detected the Error. FMC
shall also notify V-Tek in writing or via e-mail whether the Error is, in FMC's
reasonable determination, a Class 1, Class 2 or Class 3 Error.

     e.   CLASS 1 ERRORS. Class 1 Errors are defined as any system failure,
other than failures due to force majeure events or failures due to unauthorized
acts or omissions of FMC or its employees or agents or any third party beyond
V-Tek's reasonable control, that prevents loan applications and/or data from
reaching their processing destination or that causes incorrect or inaccurate
processing of loan applications and/or data. For Class 1 Errors, if a correction
has not been implemented within twenty-four (24) hours after initial
notification, V-Tek shall take all reasonable steps, without regard to cost, to
implement a correction. These steps shall include, but are not limited to,
assigning fully qualified technicians to work without interruption (i.e.,
twenty- four (24) hours per day), at no additional cost to FMC, until V-Tek
implements a correction.

     f.   CLASS 2 ERRORS. Class 2 Errors are defined as any system failure,
other than failures due to force majeure events or failures due to unauthorized
acts or omissions of FMC or its employees or agents or any third party beyond
V-Tek's reasonable control, that causes disruption to one or more of the
material functions of the GATE Systems or significant degradation to the
Services, including without limitation, the speed within which data is processed
or transmitted. For Class 2 Errors, if a workaround satisfactory in FMC's
reasonable judgment is not available within twenty-four (24) hours, or if a
correction has not been implemented within two (2) business days after initial
notification, V-Tek shall take all reasonable steps without regard to cost, to
provide a workaround satisfactory in FMC's reasonable judgment, or to implement
a correction. These steps shall include assigning fully qualified technicians to
work without interruption (i.e., twenty- four (24) hours per day), at no
additional cost to FMC, until V-Tek implements a correction.

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     g.   CLASS 3 ERRORS. Class 3 Errors are defined as all remaining system
failures, other than failures due to force majeure events or failures due to
unauthorized acts or omissions of FMC or its employees or agents or any third
party beyond V-Tek's reasonable control, not categorized as a Class 1 or 2
Error. For Class 3 Errors, excluding documentation errors, if a workaround
satisfactory in FMC's reasonable judgment is not available within two (2)
business days, or if a correction has not been implemented within two (2)
business days after initial notification, V-Tek shall take all reasonable steps
identified by FMC to provide a workaround or to implement a correction. These
steps shall include assigning fully qualified technicians to work, at no
additional cost to FMC, until V-Tek implements a correction. For documentation
Errors, V-Tek shall provide fully corrected and updated documentation at the
time of V-Tek's next scheduled release of such documentation.

     h.   V-Tek shall notify FMC of any on-line system outage, on-line
limitation, on-line failure or on-line discrepancy within fifteen (15) minutes
of the time that V-Tek has knowledge of the occurrence thereof, which
notification shall include a prognosis for restoration of the affected Services
that complies with the requirements of the preceding subsection.

     i.   V-Tek shall provide FMC prior written notice of any scheduled
maintenance that is likely to affect V-Tek's provision of any of the Services on
the date on which V-Tek determines when such maintenance shall be performed, but
in no case later than fourteen (14) days prior to the date on which such
maintenance shall occur, and shall schedule such maintenance so as to minimize
the impact of any related outage on the Services.

SECTION 4:    PERFORMANCE STANDARDS; ACCESS TO RECORDS

     a.   V-Tek shall perform the Services in conformance with the terms of this
Agreement, including without limitation, the Performance Standards. In the event
that V-Tek fails to do so, and if V-Tek fails to correct such non performance in
accordance with the cure period procedure set forth in subsection (c) herein
after written notice explaining with reasonable detail such non performance, FMC
shall be entitled to terminate for breach consistent with Section 18.

     b.   V-Tek will permit the Lender and FMC, or each of them individually,
and any duly designated representative of the Lender and FMC, or each of them
individually, or any regulatory body having jurisdiction over Lender (subject to
written notice being provided to V-Tek by the Lender, identifying the requesting
party and date of the review), to examine and audit V-Tek's books and records,
systems, telephone logs, databases, controls, processes and procedures related
to its performance of Services, at any time during V-Tek's regular business
hours upon reasonable advance notice. Regulatory agencies can have access to
V-Tek's books and records, systems, telephone logs, databases, controls,
processes and procedures related to its performance of Services when they deem
necessary without prior notice but only to the extent authorized by law or
published regulations. Further, V-Tek will provide the Lender and FMC with a
summary report of its financial condition within thirty (30) days of the end of
its fiscal year.

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     c.   Lender and FMC, or each of them individually, and any duly designated
representative of the Lender and FMC, or each of them individually, will notify
V-Tek of any deficiencies found during such examination and audit, and V-Tek
shall have the opportunity to cure such deficiencies in accordance with the
procedure in this subsection. A "deficiency" or "deficiencies" shall mean
failure of V-Tek to perform in conformance with the terms of this Agreement,
including, without limitation, the Performance Standards, or failure of the GATE
Systems to operate (other than due to an unauthorized act or omission of FMC or
a third party) in conformance with the Specifications. In the event V-Tek
receives notice of a deficiency, it shall (i) cure such deficiency immediately,
but in no event later than such seven (7) days after receipt of written notice
explaining in reasonable detail the deficiency, or such longer period as is
reasonably necessary to correct such deficiency provided V-Tek commences and
diligently pursues such cure within such seven (7) day period and completes said
cure within thirty (30) days of such notice, unless an extension of the cure
period beyond such seven (7) days is approved in writing by the Lender and FMC;
and (ii) suspend services hereunder immediately, if requested to do so by the
Lender and FMC, until the deficiency has been cured. Nothing herein shall
affect, alter or relieve V-Tek of its obligations to correct Errors in the GATE
Systems in accordance with the time response standards set forth in Section 3
hereunder. In all cases, V-Tek shall (i) cooperate with Lender and FMC in
implementing a cure for any deficiencies; and (ii) take all reasonable steps,
including allocating additional resources if necessary, to cure a deficiency as
promptly as practicable. Upon failure of V-Tek to cure a deficiency within the
cure period set forth herein or such longer cure period as otherwise approved by
the Lender and FMC, Lender and/or FMC shall be entitled to terminate this
Agreement in accordance with the provisions of Section 18.

     d.   During the term of this Agreement, V-Tek agrees to adhere to its
information security program as described in Section 11 hereunder.
Notwithstanding any other provision of this Agreement, V-Tek shall permit the
Lender and FMC, or each of them individually, and any duly designated
representative of the Lender and FMC, or each of them individually, to audit its
operations relating to the Services for compliance with such information
security program, upon reasonable notice from the Lender and/or FMC.

     e.   During the term of this Agreement, FMC shall, on a daily basis during
the initial 30 days of the Term and thereafter on a regular basis, review the
accuracy of the content of the reports and all other output generated by the
Gate Universal System and immediately notify V-Tek if there are any inaccuracies
in such output and reports and an explanation as to why the output or report is
inaccurate.

SECTION 5:    FEES; NOTICES

     a.   In consideration of the Services rendered by V-Tek under this
Agreement, FMC will pay V-Tek the fees set forth in Exhibit C. All billed fees
will be paid within thirty (30) days of the FMC's receipt of V-Tek's invoice,
except the portion of fees subject to good faith dispute. Any nondisputed
amounts unpaid after thirty (30) days will be subject to a late fee of 1.5% per
month until paid in full.

     b.   All notices given by any party to the others under this Agreement
shall be in writing delivered: (a) personally, (b) by facsimile transmission,
(c) by overnight courier, prepaid,

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or (d) by depositing the same in the United States mail, certified, return
receipt requested, with postage prepaid, addressed to the party at the address
set forth below. Any party may change the address to which notices are to be
sent by notice of such change to each other party given as provided herein. Such
notices shall be effective on the date received.

          The First Marblehead Corporation
          31 St. James Avenue
          Boston, Massachusetts 02166
          Attention: Ralph James

     and

          V-Tek Systems Corporation
          1315 Valley Vista Drive
          Diamond Bar, California 91765
          Attention: Bernard Abrams

     and

          Bank of America, N.A.
          600 Wilshire Blvd., 4th Floor
          Los Angeles, CA 90017
          Attention: Kathleen L. Cannon

     d.   V-Tek may raise its fee, including without limitation, any and all
maintenance fees as described in Exhibit B, upon six months' notice to FMC,
effective at any time or times after the initial two-year period of this
Agreement but not more often than once in any twelve-month period; provided,
however, any such fee increase shall be limited to the average increase in the
Consumer Price Index measured over the six-month period immediately preceding
the effective date of such increase or 5%, whichever is greater. If the new fee
structure is unacceptable, FMC may cancel this Agreement, effective as of the
effective date of the fee increase, by written notice to V-Tek within sixty (60)
days of receipt of the new fee schedule.

     e.   Notice for the above or any other purpose of this Agreement may be
given by any means requiring receipt signature or by facsimile transmission
confirmed by first class mail to the addresses listed in subsections b. and c.
above.

SECTION 6:    INSURANCE

     V-Tek shall maintain insurance coverage of the types and in the amounts as
set forth in Exhibit F.

SECTION 7:    REPORTS

     a.   V-Tek will prepare and forward to FMC on a regular basis the reports
set forth in Exhibit G.

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     b.   Other than those reports reflected in Exhibit G, all of which V-Tek
will routinely provide without imposition of an additional or special fee, V-Tek
will cooperate as reasonably practicable to provide, for a reasonable fee, such
additional reports as requested by the Lender and FMC, with the fee and delivery
schedule to be agreed upon at the time of the request.

SECTION 8:    WARRANTIES AND REPRESENTATIONS

     a.   V-Tek and the FMC each represents and warrants to the other that:

          (i)   It is duly organized and existing in good standing under the
                laws of its state of incorporation and has, in all material
                respects, full power and authority to own its properties and
                conduct its business as presently owned or conducted, and to
                execute, deliver and perform its obligations in connection with
                this Agreement.

          (ii)  It is duly qualified to do business and is in good standing (or
                is exempt from any requirements to so qualify) and has obtained
                all necessary licenses and approvals from any government
                authority within any jurisdiction that requires such
                qualification, license or approval, except where the failure to
                qualify or obtain licenses or approvals would not have a
                material adverse effect on its ability to perform its
                obligations under this Agreement.

          (iii) The execution, delivery and performance of this Agreement and
                the consummation of the transactions provided for in this
                Agreement have been duly approved and authorized by all
                necessary organizational action. Each party acknowledges that
                this Agreement constitutes a legal, valid and binding
                obligation, that is enforceable in accordance with its terms,
                except that enforcement thereof may be limited by receivership,
                conservatorship, bankruptcy, insolvency, reorganization,
                moratorium or similar laws of general applicability relating to
                or affecting creditors' rights or general equity principles
                (regardless of whether such matters are considered a proceeding
                in equity or at law) and the availability of equitable remedies.

          (iv)  The execution and delivery of this Agreement, the performance of
                the transactions contemplated by this Agreement, and the
                fulfillment of the terms of this Agreement will not conflict
                with, violate or result in any breach of any of the terms and
                provisions of, or constitute (with or without notice or lapse of
                time or both) a default under, any indenture, contract,
                agreement, mortgage, deed of trust, or other instrument to which
                it is a party or by which it or any other properties are bound
                which would have a material adverse effect on it's ability to
                exercise its rights or performance obligations hereunder.

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          (v)   As of the date hereof, there are no proceedings or
                investigations pending, or to the best of the knowledge of the
                party, threatened against it before any governmental authority:
                (A) asserting the invalidity of this Agreement; (B) seeking to
                prevent the consummation of any of the transactions contemplated
                by this Agreement; (C) seeking any determination or ruling that,
                in reasonable judgment, would both materially and adversely
                affect the exercise by the party of its rights or performance of
                its obligations under this Agreement; or (D) seeking any
                determination or ruling that would materially and adversely
                affect the validity or enforceability of this Agreement.

          (vi)  It will at all times comply with all applicable federal and
                state laws and regulations relating to the privacy and
                protection of consumer data, the reporting of breach of computer
                security by employees or third parties and the handling of
                consumer data. The foregoing notwithstanding, V-Tek will have no
                obligation to comply with the laws of any state other than
                California and those states whose laws and regulations duplicate
                federal laws and regulations, provided that if V-Tek is asked by
                FMC and/or the Lender to adopt any particular form, method or
                procedure provided to V-Tek by FMC and/or the Lender for
                carrying out its duties hereunder, in order to comply with the
                laws of any other jurisdiction, and V-Tek agrees, at FMC's
                costs, to adopt such form, method or procedure, V-Tek will be
                obligated hereunder for failure to comply with such laws insofar
                as such failure arises from V-Tek's failure to implement, in the
                particular case, such form, method or procedure.

     b.   V-Tek represents and warrants that, except for flawed data input into
the GATE Systems by FMC or its employees or agents or any third party, the GATE
Systems will (a) operate continuously without errors relating to date
information; (b) continue to function and will not generate invalid or incorrect
results as a result of date information, including any date information
representing dates from different centuries or more than one century; and (c)
has been designed to be and in fact is, Year 2000 compatible such that (i) all
data created or stored by the software will be correct, regardless of the date
information contained therein or the date the data is created or stored; (ii)
all calculations performed will be correct regardless of the date information
used or the date the calculations are performed; (iii) all date-related user
interface functions and data fields include a century indication; and (iv) all
reports generated will include a century indication.

     c.   V-Tek further warrants and represents that (i) neither the Services
nor any elements thereof infringe any patent, copyright or other intellectual
property right of any third party, and (ii) V-Tek possesses all rights, title
and interests in and to the Services necessary to enter into this Agreement and
to grant the rights granted to FMC hereunder free and clear of all liens,
encumbrances, claims or restrictions. The warranty and representation of the
preceding sentence shall not apply, however, with respect to any infringement
claims that would not have arisen but for (or to the extent of) materials,
requirements, concepts, and all other items provided

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by FMC or Lender or a third party with respect to Third Party Materials to the
extent same cause or contribute to such infringement or are incorporated in the
Services or any elements thereof.

SECTION 9:    PROPRIETARY RIGHTS

     a.   V-Tek acknowledges and agrees that the GATE Systems, and all
documentation and other materials provided to V-Tek under this Agreement by FMC,
are and shall remain the sole and exclusive property of FMC, subject to the
terms of that certain Assignment Agreement of even date entered into by and
between V-Tek and FMC, and subject to the terms of that certain Software
Development Agreement of even date entered into by and between V-Tek and FMC,
both of which agreements are hereby incorporated herein by reference and made a
part hereof. The GATE Systems and all such documentation and materials shall be
returned to FMC within ten (10) days of termination of this Agreement, except as
otherwise expressly provided in this Agreement.

     b.   V-Tek acknowledges and agrees that, as between V-Tek and FMC, all data
disclosed or furnished by FMC or its Authorized Users to V-Tek pursuant to this
Agreement, all data processed through V-Tek or the GATE Systems, all data
maintained in a database for use by FMC, and any results of processing such data
or derived in any way from such data are and shall at all times remain the sole
and exclusive property of FMC, either individually or in its capacity as agent
for Lender. At FMC's cost (based on V-Tek's then current time and materials
rates) to the extent such requests are in excess of two times per calendar year,
upon FMC's request, V-Tek shall provide to FMC and/or Lender a magnetic tape
copy of all such data then stored or held by V-Tek, along with a data dictionary
and file definitions for all information provided to FMC and/or Lender.

     c.   Any work, deliverables, materials, software (object and source code),
improvements, flow charts, specifications, designs, processes, programs, and the
tangible embodiments of same, made or conceived by V-Tek during the term of this
Agreement in connection with providing Services and related to the GATE Systems,
other than Developer's Tools, (collectively, the "Work Product"), shall be and
remain the sole and exclusive property of FMC.

     d.   To the extent any such Work Product is protectable under U.S.
copyright laws, such Work Product shall be considered as a "work made for hire"
as that phrase is defined by such laws and shall be owned solely and exclusively
by and for the express benefit of FMC. In the event such Work Product does not
constitute a "work made for hire", V-Tek hereby irrevocably and exclusively
sells, assigns and transfers to FMC its entire right, title and interest in and
to such Work Product (other than "Developer's Tools" defined below), including,
without limitation, all Intellectual Property Rights therein or relating
thereto. V-Tek agrees to waive all of its moral rights, if any, relating to the
Work Product, including any rights of identification of authorship and any and
all rights of approval, restriction or limitation on use thereof or subsequent
modifications thereto.

     e.   Both during the term of this Agreement and thereafter, V-Tek shall, at
no cost to V-Tek, (i) reasonably cooperate with FMC in the protection and
enforcement of any Intellectual

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Property Rights that derive from the Work Product; and (ii) provide all
reasonable assistance and execute, acknowledge and deliver all documents
reasonably requested by FMC in the establishment, publication, preservation,
protection and enforcement of its rights in said Work Product.

     f.   Subject to any third party license rights under Third Party Materials,
V-Tek agrees and acknowledges that FMC shall have the right in its sole
discretion and without further consideration to V-Tek to make any use of the
Work Product as it may desire, including without limitation, creating and
implementing software or other derivative works based thereon, and/or using,
selling, licensing or otherwise exploiting the Work Product or software or other
derivative works based thereon, either itself of through third parties;
provided, however, that nothing herein shall obligate FMC to further develop,
use or exploit the Work Product.

     g.   "Developer's Tools" shall mean V-Tek's pre-existing, proprietary
reusable software code (including derivatives thereof) that is installed or
incorporated in or as part of the Work Product. "Developer's Tools" also include
the enhanced general knowledge, skills and experience developed by V-Tek as a
result of V-Tek's performance of services under this Agreement. V-Tek hereby
grants to FMC and its Affiliate a non-exclusive, fully paid-up, perpetual right
and license to use, copy, modify, display, and make derivative works from the
Developer's Tools for the purposes of using, operating, supporting and/or
maintaining the Work Product. Nothing herein, however, shall be deemed a
transfer of ownership of the Developer's Tools to FMC.

     h.   "Intellectual Property Rights" shall mean all patents and patent
applications, trade marks (whether registered or unregistered and including any
goodwill acquired in such trade marks), service marks, trade names, business
names, internet domain names, e-mail address names, copyrights (including rights
in computer software), computer source code, computer object code, moral rights,
database rights, design rights, rights in know-how, rights in confidential
information, rights in inventions (whether patentable or not), trade secrets and
all other proprietary rights therein or relating thereto (whether registered or
unregistered and including any form of application for any of the foregoing, and
including all extensions and renewals thereof, together with all copyright
registrations obtained therefor, and any renewals or extensions of such
copyright registrations, and together with all rights to sue and recover for any
past infringements of any of the copyrights), and all other equivalent or
similar rights which may subsist anywhere in the world.

     i.   If V-Tek intends to include within the Work Product any software or
other intellectual property of a third party ("Third Party Materials"), or if in
order to use the Work Product FMC will be required to use any Third Party
Materials, V-Tek will so notify FMC and arrange for FMC to obtain, at FMC's sole
cost but subject to FMC's approval, such approval not to be unreasonably
withheld or delayed, a perpetual, royalty-free, non-exclusive right and license
to use the Third Party Materials in connection with FMC's or an Affiliates' use
of the Work Product.

     j.   Nothing in this Agreement shall preclude or limit either party from
independently acquiring or developing competitive products or services for
itself or its customers, or from

                                       11
<Page>

providing competitive products or services to its customers, so long as such
party does not breach the obligations it has assumed under this Agreement or
otherwise violate the rights of the other party. Further, nothing in this
Agreement will be construed to restrict either party from using intangible
residual know-how or general knowledge or concepts retained in the mind of such
party's employees and consultants in developing products or performing services
provided that such party or its employees and consultants do not reference,
incorporate or use any Confidential Information or otherwise infringe on the
Intellectual Property Rights of the other party. Further, each party
acknowledges that the other may currently or in the future be developing
information internally, or receiving information from other parties, that is
similar to the GATE Systems. Accordingly, nothing in this Agreement will be
construed as a representation or agreement that V-Tek will not develop or have
developed for it products, concepts, systems or techniques that are similar to
or compete with the products, concepts, systems or techniques contemplated by or
embodied in the GATE Systems, provided that V-Tek does not violate any of its
obligations under this Agreement or otherwise infringe the Intellectual Property
Rights of FMC. Notwithstanding any term in this Agreement to the contrary, and
for purposes of clarification, the parties agree that (1) FMC makes no claim to
exclusive ownership of the concepts and processes incorporated in the GATE
Universal System which are generally known in the industry; and (2) except for
the tier pricing and specific content (namely, the data, criteria, variables,
formulas and relationships between each of the data points) embodied in the GATE
Universal System, V-Tek may use such concepts and processes incorporated in the
GATE Systems in developing similar loan origination systems for itself or
others, so long as V-Tek does not breach its confidentiality obligations under
this Agreement or violate the copyrights or trade secret rights of FMC.

SECTION 10:   CONFIDENTIALITY

     a.   The term "Confidential Information" shall mean this Agreement and all
proprietary information, data, trade secrets, business information and other
information of any kind whatsoever which (a) a Party ("Discloser") discloses, in
writing, orally, visually, or in any other medium to the other Party
("Recipient") or to which Recipient obtains access in connection with the
negotiation and performance of this Agreement, and which (b) relates to (i) the
Discloser, (ii) in the case of V-Tek, Lender and FMC and their customers, or
(iii) third-party suppliers or licensors who have made confidential or
proprietary information available to Lender and/or FMC. Confidential Information
shall include (1) the tier pricing and specific content (namely, the data,
criteria, variables, formulas and relationships between each of the data points)
embodied in the GATE Universal System; and (2) Customer Information, as
described below.

     b.   V-Tek acknowledges that Lender and FMC have a responsibility to their
customers to keep information about their customers and their accounts
("Customer Information") strictly confidential. In addition to the other
requirements set forth in this Section regarding Confidential Information,
Customer Information shall also be subject to the additional restrictions set
forth in this Subsection. V-Tek shall not disclose or use Customer Information
other than to carry out the purposes for which Lender (or one of its affiliates)
and FMC disclosed such Customer Information to V-Tek. V-Tek shall not disclose
any Customer Information other than on a "need to know" basis or as required by
law, and then only to: (a) affiliates of Lender and/or FMC; (b) V-Tek's
employees or officers; (c) affiliates of V-Tek provided that such

                                       12
<Page>

affiliates shall be restricted in use and redisclosure of the Customer
Information to the same extent as V-Tek; (d) to carefully selected
subcontractors provided that such subcontractors shall have entered into a
confidentiality agreement no less restrictive than the terms hereof; (e) to
independent contractors, agents, and consultants designate by Lender and/or FMC;
or (f) pursuant to the exceptions set forth in 15 USC 6802(e) and accompanying
regulations which disclosures are made in the ordinary course of business. The
restrictions set forth herein shall apply during the term and after the
termination of this Agreement.

     c.   Each of the Parties, as Recipient, hereby agrees on behalf of itself
and its employees, officers, affiliates and subcontractors that Confidential
Information will not be disclosed or made available to any person for any reason
whatsoever, other than other than on a "need to know basis" and then only to:
(a) its employees and officers; (b) subcontractors and other third-parties
specifically permitted under this Agreement, provided that all such persons are
subject to a confidentiality agreement which shall be no less restrictive than
the provisions of this Section; (c) independent contractors, agents, and
consultants designated by Lender and/or FMC; and (d) as required by law or as
otherwise permitted by this Agreement, either during the term of this Agreement
or after the termination of this Agreement. Prior to any disclosure of
Confidential Information as required by law, the Recipient shall (i) notify the
Discloser of any, actual or known threatened legal compulsion of disclosure, and
any actual legal obligation of disclosure immediately upon becoming so
obligated, and (ii) cooperate, at Discloser's expense including reasonable legal
fees incurred by Recipient, with the Discloser's reasonable, lawful efforts to
resist, limit or delay disclosure. Nothing in this Section 10 shall require any
notice or other action by Lender and/or FMC in connection with request or
demands for Confidential Information with request by bank examiners or other
regulators to the extent permitted by law.

     d.   If any Services furnished by V-Tek (or plan, design or specification
for producing the same) have been specifically designed, developed or modified
by V-Tek for Lender and/or FMC at its request and expense, then no such
Services, plan, design or specification shall be duplicated or furnished to
others by V-Tek without Lender and/or FMC's prior written consent. V-Tek shall
return all copies of existing documentation for such Services, including
original (or plan, design or specification for producing the same) upon Lender
and/or FMC's request or upon termination or expiration of this Agreement.

     e.   Upon the termination or expiration of this Agreement, or at any time
upon the request of Lender and/or FMC, V-Tek shall return all Confidential
Information, including Customer Information, in the possession of V-Tek or in
the possession of any third party over which V-Tek has or may exercise control.

     f.   The obligations of confidentiality in this Section shall not apply to
any information which a Party rightfully has in its possession when disclosed to
it by the other Party, information which a Party independently develops,
information which is or becomes known to the public other than by breach of this
Section or information rightfully received by a Party from a third party without
the obligation of confidentiality.

     g.   All media releases, public announcements and public disclosures by
either Party, or their representatives, employees or agents, relating to this
Agreement or the name or logo of

                                       13
<Page>

Lender and/or FMC, any Lender and/or FMC affiliate or V-Tek, including, without
limitation, promotional or marketing material, but not including any disclosure
required by legal, accounting or regulatory requirements beyond the reasonable
control of the releasing Party, shall be coordinated with and approved by the
other Party in writing prior to the release thereof.

SECTION 11:   INFORMATION SECURITY PROGRAM

     a.   V-Tek acknowledges that Lender is required to comply with the
information security standards required by the Gramm-Leach-Bliley Act (15 U.S.C.
6801, 6805(b)(1)) and the regulations issued thereunder (12 C.F.R. Part 40) and
with other statutory and regulatory requirements as well as Lender's internal
information security program for information protection. At FMC's expense, V-Tek
shall make reasonable efforts to assist Lender to comply with such statutory and
regulatory requirements. At V-Tek's expense, V-Tek shall make reasonable efforts
to conform with V-Tek's own policies for information protection.

     b.   Within 30 days after the date first written above, V-Tek shall deliver
to FMC and to Lender's information protection department a copy of its written
information security program. The program shall be designed to make reasonable
efforts to achieve the following objectives:

          (i)   Ensure the security, integrity and confidentiality of
          Confidential Information;
          (ii)  Protect against any anticipated threats or hazards to the
          security or integrity of such information; and
          (iii) Protect against unauthorized access to or use of such
          information that could result in substantial harm or inconvenience to
          the person that is the subject of such information.

     c.   Reporting and Audits.

          (i)   V-Tek regularly and on special request (after reasonable advance
          written notice in the case of a special request) will provide to
          Lender and FMC (A) reasonable reports on implementation of its
          information security program and its information security plan for
          Lender and FMC; (B) copies of its internal audits and test results
          related to its security program; and (C) to the extent available, any
          external audit reports or test results related to V-Tek's security
          program, including but not limited to Reports on the Processing of
          Transactions by Service Organizations prepared in accordance with the
          American Institute of Certified Public Accounts Statements of Auditing
          Standards No. 70.
          (ii)  V-Tek acknowledges and agrees that federal banking regulatory
          agencies may audit V-Tek's performance at any time during normal
          business hours. The audit may include both methods and results under
          this Agreement.

     d.   V-Tek shall cause all independent contractors and other persons and
entities whose services are part of the Services V-Tek delivers to FMC hereunder
or who hold Confidential Information and Customer Information to implement an
information security

                                       14
<Page>

program and plan substantially equivalent to V-Tek's. V-Tek shall include or
cause its agents and contractors to include in a written agreement with such
persons substantially the provisions of this Section and shall cause its agents
and contractors to permit FMC and/or Lender to review the information security
program of such persons.

SECTION 12:   INDEMNIFICATION

     a.   FMC will indemnify and hold harmless V-Tek from and against any loss,
cost, damage or expense which V-Tek may incur, including reasonable attorneys
fees and costs, as a result of any breach of FMC's obligations, representations
and warranties under this Agreement.

     b.   V-Tek will indemnify and hold harmless FMC from and against any loss,
cost, damage or expense which FMC may incur, including reasonable attorneys fees
and costs, as a result of any breach of V-Tek's obligations, representations and
warranties under this Agreement.

SECTION 13.   LIMITATION OF LIABILITY

     a.   EXCEPT FOR (1) CLAIMS ARISING UNDER SECTION 10 (CONFIDENTIALITY) AND
SECTION 8.c. (NON-INFRINGEMENT) AND (2) COSTS OF REMEDIES REQUIRED BY ANY STATE
OR FEDERAL REGULATOR HAVING JURISDICTION OVER LENDER THAT ARE IMPOSED ON ACCOUNT
OF V-TEK'S DEFAULT HEREUNDER, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
(OR TO ANY PERSON OR ENTITY CLAIMING THROUGH THE OTHER PARTY) FOR LOST PROFITS
OR FOR SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR EXEMPLARY DAMAGES ARISING
OUT OF OR IN ANY MANNER CONNECTED WITH THIS AGREEMENT OR THE SUBJECT MATTER
HEREOF, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT SUCH PARTY HAS BEEN
INFORMED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED, THE POSSIBILITY OF SUCH
DAMAGES.

     b.   Except for claims arising under Section 10 (Confidentiality) and
Section 8.c (Non-Infringement), notwithstanding any term in this Agreement to
the contrary, V-Tek's aggregate liability under this Agreement shall not exceed
the greater of: (a) the total cumulative amount of fees paid to V-Tek hereunder,
or (b) if insurance coverage is available and in force for such claims, the
total amount of actual insurance coverage.

     c.   EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, THERE ARE NO
REPRESENTATIONS OR WARRANTIES RESPECTING THE CUSTOMIZATIONS OR SERVICES PROVIDED
HEREUNDER, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY
OF DESIGN, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, EVEN IF V-TEK
HAS BEEN INFORMED OF SUCH PURPOSE. NO AGENT OF V-TEK IS AUTHORIZED TO ALTER OR
EXCEED THE WARRANTY OBLIGTATIONS OF V-TEK AS SET FORTH HEREIN.

                                       15
<Page>

SECTION 14:   DATA STORAGE

     a.   V-Tek will take reasonable precautions to prevent the loss,
destruction or alteration of FMC's and/or Lender's files, data, programs and
other information received and held by V-Tek. V-Tek shall maintain back-up files
(including off-site back-up copies) of those files, data, programs and other
information and resultant output to facilitate their reconstruction in the case
of such loss, destruction or alteration, in order to minimize interruption of
Services. V-Tek will take reasonable steps and actions to protect the GATE
Systems from viruses.

     b.   V-Tek shall retain all data, data records and files relating to its
performance hereunder for a period of five (5) years after termination of this
Agreement, or longer if required by applicable law or regulation.

     c.   Upon the expiration or termination of this Agreement, FMC shall notify
V-Tek in writing of FMC's instructions for the disposition of all data and
materials provided to V-Tek by FMC or prepared by V-Tek at FMC's request. At
FMC's expense, V-Tek shall comply with such instructions or, in the absence of
such notification, shall return all such data and materials to FMC within thirty
(30) days of termination.

SECTION 15:   PROGRAMMING SERVICES

     FMC may request that V-Tek make certain enhancements or customizations to
the GATE Systems ("Customizations") that are not included as part of support and
maintenance services under Section 3. V-Tek shall provide to FMC programming
resources that are qualified and experienced in the programming of the GATE
Systems for these purposes; provided however, FMC shall pay for the use of the
such programming resources for Customizations at V-Tek's then current hourly
rates plus actual out of pocket costs for materials incurred by V-Tek as well as
reimbursement of travel expenses incurred. V-Tek shall make such Customizations
and perform such additional services as reasonably requested by FMC subject to
the terms and conditions of this Agreement, unless otherwise mutually agreed
upon by the parties in writing. Such Customizations and additional services
provided by V-Tek hereunder shall be set forth in separate statements of work or
specifications in accordance with the terms herein and such other terms as
agreed to by V-Tek and FMC, which statements of work or specifications shall
become part of and incorporated in this Agreement by reference.

SECTION 16:   INDEPENDENT CONTRACTOR STATUS

     FMC is contracting with V-Tek for the specific services described herein.
Nothing in this Agreement shall be construed to create a relationship between
the parties other than that of an independent contractor. Nothing in this
Agreement is intended to, or shall be deemed to, constitute a partnership or
joint venture between the parties. Neither party has the authority to bind the
other to any third person or otherwise to act in any way as the representative
of the other, unless otherwise expressly agreed to in writing signed by both
parties. V-Tek agrees to be responsible for all taxes and insurance applicable
under existing laws, other than any income tax or other taxes or fees that are
owed by FMC in conjunction with the loans, and will make all necessary payments
when due and will indemnify FMC against any claims or liabilities resulting

                                       16
<Page>

from a breach of this Section.

SECTION 17:   DISASTER RECOVERY PLAN/FORCE MAJEURE

     a.   V-Tek will timely implement and maintain a reasonable disaster
recovery plan (the "Plan"), which Plan shall include provision for transfer of
operations to a "hot site" in the event of a disaster. Throughout the term of
this Agreement, V-Tek shall maintain a Plan and the capacity to execute such
Plan, which Plan, at a minimum, shall provide protection to FMC that is equal to
or better than that provided by the Plan currently in place. A copy of the
executive summary of V-Tek's Plan will be provided to FMC upon execution of this
Agreement. V-Tek will conduct a test of its Plan at least once every year. On an
annual basis and upon request by FMC, V-Tek shall provide FMC with an executive
summary of V-Tek's most current Plan and a detailed description of the Plan's
test results. Upon the occurrence of any disaster requiring use of V-Tek's Plan,
V-Tek shall promptly notify FMC of same, and V-Tek shall provide to FMC equal
access, to the extent reasonably practicable, as V-Tek's other customers in the
provision of the services contemplated by this Agreement. If FMC reasonably
determines that V-Tek has not or cannot put its Plan into effect quickly enough
to meet FMC's needs and the time frames set forth in the Plan or is otherwise
unable to provide equal access to such services, V-Tek shall promptly assist and
support FMC, at FMC's sole expense, in seeking such services from an alternative
source.

     b.   Subject to the foregoing, no party hereto shall be responsible for, or
in breach of this Agreement if it is unable to perform as a result of delays or
failures due to any cause beyond its control, howsoever arising.

SECTION 18:   TERM AND TERMINATION

     a.   The initial term of this Agreement shall commence on July 1, 2003 and
shall continue until May 31, 2005, unless earlier terminated in accordance with
the provisions of this Section 18. Following the initial term, this Agreement
shall automatically renew for successive one-year terms unless either party
provides written notice of non-renewal and termination not less than ninety (90)
days prior to the end of the then-current term.

     b.   FMC may terminate this Agreement upon thirty (30) days written notice
if the Lender Origination Services Agreement terminates for any reason.

     c.   If either party is in breach hereof, the other may terminate this
Agreement upon written notice, unless the breach is cured within thirty days
after receipt of written notice specifying the breach in reasonable detail.
Notwithstanding the foregoing, FMC shall have the right to terminate this
Agreement immediately in the event V-Tek fails to cure a deficiency identified
as a result of an audit within the time frame set forth in Section 4 c. If the
breach or failure to perform is governed by Section 17 above ("Disaster Recovery
Plan/Force Majeure"), the thirty (30) day cure period will be extended
day-for-day by the number of days, not to exceed sixty (60), that the party is
prevented from performing by circumstances beyond its reasonable control,
provided that no such extension will apply to a breach of V-Tek's obligations
under the last sentence of Section 17(a).

                                       17
<Page>

     d.   Subject to applicable bankruptcy and similar laws, if either party
enters into bankruptcy, receivership, assignment for the benefit of its
creditors or other similar proceedings affecting the rights of its creditors
generally, this Agreement will be deemed automatically terminated without the
need of any notice from the other party, unless the other party is given
assurances it considers both acceptable and satisfactory that the orderly
operation of this Agreement and payment of the fees required hereunder will not
be adversely affected.

     e.   Upon termination of this Agreement, all copies of the GATE Systems and
related user documentation, books and records in V-Tek's possession relating to
the Services performed under this Agreement will promptly be turned over to FMC,
provided that V-Tek may keep copies as it deems advisable for archival purpose
or as required by applicable law.

     f.   If either party terminates this Agreement for cause, V-Tek shall
support FMC in making an orderly transition to a successor service provider for
all or any part of the Services. In the event FMC terminates for cause, FMC
shall compensate V-Tek for such support according to V-Tek's  actual
out-of-pocket cost of personnel and material for such services. In the event
V-Tek terminates for cause, FMC shall pay V-Tek for use of V-Tek personnel for
such transition services at V-Tek's then current hourly rates that it charges
for its programmers plus actual out of pocket costs for materials and
reimbursable travel expenses incurred by V-Tek for such transition services. If,
at the expiration of the Initial Term of this Agreement or at the end of the
then current term of the Agreement, either party decides not to renew this
Agreement or enter into a new agreement, V-Tek shall support FMC in making an
orderly transition to a successor service provider for the Services and FMC
shall compensate V- Tek for such support according to V-Tek's then current
hourly rates for its personnel plus actual out of pocket costs including
materials for such services. From the date on which this Agreement expires or is
terminated until the date on which all accounts of FMC for which V-Tek has
provided the Services have been converted to another service provider, V-Tek
shall provide the Services according to the terms and conditions set forth in
this Agreement; provided, however, FMC shall continue to pay V-Tek all of the
fees provided for in this Agreement while V-Tek continues to provide Services to
FMC, and in addition, FMC agrees to pay V-Tek for transition services as
provided for in this Agreement. All payments to V-Tek for transition services
and costs under this Section shall be paid by FMC on a monthly basis and within
30 days of submission of invoices.

     g.   The provisions of Sections 4 b. ("Access to Records"), 8 ("Warranties
and Representations"), 9 ("Proprietary Rights"), 10 ("Confidentiality"), 12
("Indemnification"), 13 ("Limitation of Liability"), 14 ("Data Storage"), and 19
("Miscellaneous") will survive any termination of this Agreement.

SECTION 19:   MISCELLANEOUS

     a.   This Agreement contains the entire understanding of the parties
relating to this subject matter. It will be binding on and inure to the benefit
of the parties' respective successors and assigns, provided that it may not be
assigned by V-Tek without FMC's prior written consent, which consent shall not
be unreasonably withheld.

                                       18
<Page>

     b.   Each party's respective rights, remedies, powers, privileges, and
discretions ("Rights and Remedies") will be cumulative and not exclusive. No
delay or omission by either party in exercising or enforcing any of its Rights
and Remedies will operate as or constitute a waiver of them. No waiver by a
party of any default under this Agreement will operate as a waiver of any
subsequent or other default under this Agreement. No single or partial exercise
by a party of any of its Rights and Remedies will preclude the other of further
exercise of such Rights and Remedies. No waiver or modification by a party of
the Rights and Remedies on any one occasion will be deemed a continuing waiver.
A party may exercise its various Rights and Remedies at such time or times and
in such order of preference as it in its sole discretion may determine.

     c.   This Agreement will be governed by California law, without regard to
the conflict of laws provisions thereof.

     d.   This Agreement may be modified only by written agreement of the
parties hereto, except as may otherwise be set forth herein.

     e.   Any determination that any provision of this Agreement is invalid,
illegal, or unenforceable in any respect shall not affect the validity,
legality, or enforceability of such provision in any other instance and shall
not affect the validity, legality, or enforceability of any other provision of
this Agreement.

     f.   The parties acknowledge that Lender is a third party beneficiary of
all Sections herein to which it is referenced, with the right to enforce such
provisions against the applicable party. Reference to "third party" in this
Agreement includes, without limitation, the Lender and its employees and agents.

     g.   V-Tek shall not use any trade name, trademark, service mark, or any
other information which identifies FMC in V-Tek's sales, marketing, publicity
activities, including but not limited to, interview with representatives of any
written publication, television station or network, or radio station or network,
without the prior written consent of FMC.

     i.   This Agreement may be executed in counterparts, all of which taken
together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties under seal hereunto affix their signatures
by their duly authorized officers as of the day and year indicated above.

V-TEK SYSTEMS CORPORATION                   THE FIRST MARBLEHEAD CORPORATION

By: /s/ Bernard D. Abrams                   By: /s/ Ralph James
   -----------------------------               -----------------------------

Title: President/CEO                        Title: President and COO
      --------------------------                  ----------------------------

                                       19
<Page>

                                TABLE OF EXHIBITS

EXHIBIT A:              GATE UNIVERSAL

EXHIBIT B               GATE STUDENT

EXHIBIT C               FEE SCHEDULE

EXHIBIT D:              PERFORMANCE STANDARDS

EXHIBIT E:              GATE UNIVERSAL SYSTEM SPECIFICATIONS

EXHIBIT F:              INSURANCE COVERAGE

EXHIBIT G:              REPORTS

                                       20
<Page>

                                    EXHIBIT A

                             GATE UNIVERSAL SERVICES

There are two types of School participation in the GATE Universal loan program;
Web School or Data File School.

GATE UNIVERSAL WEB SCHOOL:

A School that participates in the Gate Universal System as a Web School will not
provide application data electronically. Applications will be initiated by the
Borrower through the Gate Universal System. The System will send all completed
applications to Bank of America for credit score, accept back credit results,
assign the correct Tier based on the approved Tier range, create an Application
Send File and send to AES for origination processing. The School will complete
the certification request online via AES One Link Certification System.

Implementation of a Web School will include the following:

-    [**]

-    [**]

-    [**]

Service for a Web School will include the following:

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

                                       21

<Page>

GATE UNIVERSAL DATA FILE SCHOOL:

A School that participate in Gate universal System as a Data File School will
provide their applications electronically within a data file. The data file can
be a proprietary or Common Line format (excluding CommonLine version 5).

Implementation of a Data File School will include the following:

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

Service for Data File School will include the following:

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

                                       22

<Page>

                                    EXHIBIT B

                              GATE STUDENT SERVICES

There are two types of School participation in the GATE Student loan program:
Web School or Data File School.

GATE STUDENT WEB SCHOOL :

A School that participates in the Gate Student loan program as a Web School will
not provide application data electronically. Applications will be initiated by
the Borrower through FMC's existing GATE Student System. Then, a paper
certification request will be emailed to the School. The School will complete
the certification request and forward to AES for AES system entry.

Implementation of a Web School will include the following:

-    [**]

-    [**]

-    [**]

Service for a Web School will include the following

-    [**]

-    [**]

GATE STUDENT DATA FILE SCHOOL:

A School that participates in GATE Student loan program as a Data File School
will provide their applications electronically within a data file. The data file
can be a proprietary or CommonLine format (excluding CommonLine version 5).

Implementation of a Data File School will include the following:

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

                                       23

<Page>

Service for a Data File School will include the following:

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

-    [**]

                                       24
<Page>

                                    EXHIBIT C

                                  FEE SCHEDULE

A.   Fees for GATE Universal Services

The pricing for the GATE Universal Services is based on the School tier
structure and type of participation in the Gate Universal System.

                                              (Per School; One time charge only)
School Implementation Fees                                   $[**].
         Web Enrollment School                               $[**].
         Data File School *                                  $[**].
         Conerter Services/Web Claiming                      $[**].
         Data File School **                                 $[**].
There will be additional development hours required to create school specific
information web page. These hours will be charged separately at an hourly rate
of $[**].

* If a school requires any data file mapping, the additional development hours
will be charged separately at an hourly rate of $[**].

** These schools have already been implemented in the Converter Services program
or Web Claiming system and will not require any data file mapping or testing of
inbound and outbound files.

Monthly Service/Support Fee

<Table>
<S>                 <C>                      <C>
Web Tier 1          $[**].                   [**] Loan Records

Web Tier 2          $[**].                   [**] Loan Records

Web Tier 3          $[**].                   [**] Loan Records

Data File Tier 1    $[**].                   [**] Loan Records

Data File Tier 2    $[**].                   [**] Loan Records

Data File Tier 3    $[**].                   [**] Loan Records

</Table>

The annual fee for support and maintenance of the GATE Universal System is
[**]% of the total aggregate fees paid to V-Tek for development and
Customizations related to the GATE Universal System. Such fee is adjusted
monthly based on all customizations work completed to date, and is payable in
monthly installments.

DELIVERY

FMC will notify V-Tek of School implementation with all necessary information in
writing. V-Tek will require a minimum of 3 weeks to implement a School. If a
School requires data mapping, the implementation schedule and time period will
be determined at the time of the request.

                                       25
<Page>

TERMS

Implementation fee is paid on completing of the implementation tasks. Monthly
fees will start when School begins to use the GATE Universal System
(production date).

B.   FEES FOR GATE STUDENT SERVICES

The pricing for the GATE Student Services is based on the type of
participation in the GATE Student System.
School Implementation Fees                 (Per school; One time charge only)

         Web Enrollment School                                          $[**].

         Data File School *                                             $[**].

         Conerter Services/Web Claiming                                 $[**].

         Data File School **                                            $[**].

There will be additional development hours required to create school specific
information web page. These hours will be charged separately at an hourly rate
of $[**].

* If a school requires any data file mapping, the additional development hours
will be charged separately at an hourly rate of $[**].

** These schools have already been implemented in the Converter Services program
or Web Claiming system and will not require any data file mapping or testing of
inbound and outbound files.

Monthly Service/Support Fee

Web Enrollment School                                           $[**].

Data File School * ([**])                                       $[**].

Data File School ([**])                                         $[**].

Conerter Services/Web Claiming                                  $[**].
DATA FILE SCHOOL

* The first [**] schools are billed at $ [**] per school per month. School
number [**] on will be billed at [**] per month.

The annual fee for support and maintenance of the GATE Universal System is
[**]% of the total aggregate fees paid to V-Tek for development and
Customizations related to the GATE Student System. Such fee is adjusted
monthly based on all customizations work completed to date and is payable in
monthly installments.

DELIVERY

FMC will notify V-Tek of School implementation with all necessary information in
writing. V-Tek will require a minimum of 3 weeks to implement a School. If a
School requires data mapping, the implementation schedule and time period will
be determined at the time of the request.

TERMS

                                       26
<Page>

                                    EXHIBIT D

                              PERFORMANCE STANDARDS

1.   SERVICE LEVEL REQUIREMENTS

FMC requires that all components of the GATE Systems are available [**] at a
service level of [**]%, excluding scheduled maintenance and excluding periods
during which V-Tek's Internet Service Provider is unable to provide normal
service. All network/application configurations should be designed to have
full redundancy.

2.   PROACTIVE NOTIFICATION; RESPONSE ESCALATION HIERARCHY

-  V-Tek will notify FMC of any unscheduled outages within [**] minutes of
   detection.
-  Notifications shall include customer impact; estimated customer base
   affected, and expected duration.
-  V-Tek will also provide notification at the end of any unscheduled outages.
-  V-Tek Outage Escalation Hierarchy (in order of contact)

<Table>
<Caption>
  V-Tek Name              Phone                        Email and/or Pager
---------------------------------------------------------------------------
  <S>                     <C>                          <C>
  Primary On-call         Tech Support on-call         909-445-2007
  contact                 pager

  Secondary/
  Backup                  Ben Harvey                   bharvey@v-tek.com
</Table>

If these fail to yield results as quickly as required, work down this list:

<Table>
<Caption>
  FMC Name                Phone                        Email and/or Pager
----------------------------------------------------------------------------------
  <S>                     <C>                          <C>
  Primary On-call         Rick Cimino                  Rcimino@gateloan.com
  contact

  Secondary/
  Backup                  Liz Olmos                    Eolmos@firstmarblehead.com
</Table>

3.   KEY PERFORMANCE INDICATORS:

[**]

[**]

                                       27
<Page>

                                    EXHIBIT E

                      GATE UNIVERSAL SYSTEM SPECIFICATIONS

See attached Business/Functional Requirement Documents for the following Tasks
and Processes:

Task #1233 - AES School Inquiry
Task #1150 - Outbound File Process
Task #1151 - Email Generation
Task #1153 - Credit Results
Task #1154 - Credit Analysis
Task #1155 - Reporting Process
Task #1156 - Borrower Application Enrollment (Web)
Task #1157 - Borrower Web Claiming
Task #1158 - Cosigner Information Entry (Web)
Task #1160 - Borrower Acceptance Entry (Web)
Task #1161 - Borrower Requests New Cosigner Entry (Web)
Task #1180 - File Reconciliation and Mapping
Task #1231 - AES Login and Function Menu
Task #1232 - AES Cosigner Inquiry
Task #1149 - Validation and Inbound File Process
Task #1234   AES Password Inquiry

                                       28
<Page>

                                    EXHIBIT F

                               INSURANCE COVERAGE

During the term of the Agreement V-Tek will provide, pay for and maintain in
full force and effect the insurance outlined herein for coverages at not less
than the prescribed minimum limits of liability, covering V-Tek activities,
those of any and all subcontractors, or anyone directly or indirectly employed
by any of them, or anyone for whose acts any of them may be liable.

     1.   Commercial General Liability Insurance (Primary and Umbrella/Excess)
          with limits of not less than Two Million Dollars ($2,000,000) per
          occurrence and in the aggregate for bodily injury, personal injury and
          property damage. Coverages must include the following: Blanket
          Contractual liability, products and completed operations, independent
          contractors, and severability of interest and waiver of subrogation
          against all parties described as additional insureds. FMC and its
          affiliates are to be named as Additional Insureds.

     2.   Workers' Compensation Insurance in compliance with statutory limits
          and Employer's Liability Insurance with limits of not less than One
          Million Dollars ($1,000,000).

     3.   Fidelity Bond or Crime Insurance covering any loss caused by the
          dishonesty of V-Tek's or its subcontractor's employees in limits of
          not less than One Million Dollars ($1,000,000), said insurance to name
          FMC, its parent and affiliates as Loss Payees on any Proof of Loss
          claim filed in connection with services provided under this Agreement.
          This insurance shall be maintained during the term of this Agreement
          and for at least two years thereafter.

     5.   Errors and Omissions coverage in limits of not less than One Million
          Dollars ($1,000,000) per occurrence.

All insurance shall be written through companies having an A.M. Best's rating of
at least A VII or with such other companies as may reasonably be approved by
FMC. All such liability insurance maintained by V-Tek or any subcontractor shall
include the condition that it is primary and that any such insurance maintained
by FMC or any other additional insured is excess and non-contributory.

Certificates of Insurance evidencing such coverages shall be furnished FMC prior
to commencement of this Agreement and at each subsequent policy renewal date.
The Certificates shall provide for not less than thirty (30) days written notice
to FMC prior to policy cancellation, non-renewal or material change.

The required coverages referred to and set forth in this Section shall in no way
affect, nor are they intended as a limitation of, V-Tek's liability with respect
to the performance of its obligations under this Agreement. To the extent
permitted by the applicable insurance company, V-Tek further releases, assigns
and waives any and all rights of recovery against FMC and its affiliates,
employees, successors and permitted assigns which V-Tek may otherwise have or
acquire in or from, or which are in any way connected with any loss covered by,
policies of insurance maintained or required to be maintained by V-Tek pursuant
to this Agreement.

                                       29
<Page>

                                    EXHIBIT G

                                     REPORTS

Statistical report of system uptime and availability on a weekly basis

In addition, the Gate Universal system will generate the following plain text
reports:

1. BofA / FMC Credit Pending Report (Daily AM). - This report contains all loans
that are pending a credit decision from BofA.

2. School Weekly Status Report (Weekly Monday AM) - This report contains all
loans that have yet to be extracted to PHEAA for processing.

3. BofA 3rd party denial report - This report contains all loans that received
credit approval but did not meet the school minimum tier setup.

4. BofA Credit Request report - This report contains all loans that need a
credit decision from BofA.

                                       30<Page>

                                                                  EXHIBIT 10(cc)

                                 FIRST AMENDMENT

                                       TO

                                CREDIT AGREEMENT

          THIS FIRST AMENDMENT, dated as of August 1, 2003 (this "FIRST
AMENDMENT"), is by and among CANTEL MEDICAL CORP., a Delaware corporation (the
"BORROWER"), the Lenders and Fleet National Bank ("FLEET"), as the Initial
Issuing Bank, the Swing Line Bank and the Administrative Agent for itself and
the Lenders (in such capacity, together with its successors in such capacity,
the "ADMINISTRATIVE AGENT").

                             PRELIMINARY STATEMENTS

          (A)  The Borrower, the Lenders and Fleet National Bank, as the Initial
Issuing Bank, the Swing Line Bank, the Administrative Agent and PNC Bank,
National Association, as Documentation Agent, are parties to the Credit
Agreement, dated as of September 7, 2001 (as amended to the date hereof, the
"CREDIT AGREEMENT").

          (B)  The Borrower has requested that the Lenders consent to (i) the
acquisition (the "MAR COR ACQUISITION") of Mar Cor Services, Inc. d/b/a Mar Cor
Medical Services Inc., a Pennsylvania corporation ("MAR COR") by the Borrower,
the acquisition of Biolab Equipment Atlantic, Ltd., a Pennsylvania corporation
("BEAL") by Borrower (the "BEAL ACQUISITION") and the acquisition of Biolab
Equipment Ltd., a Canadian corporation, Biolab Equipment Canada Ltd., a Canadian
corporation and Biolab Equipment Quebec Ltd., a Canadian corporation ("BEQL") by
Carsen Group Inc. (the "BIOLAB GROUP ACQUISITION" and collectively, with the Mar
Cor Acquisition and the BEAL Acquisition, the "ACQUISITIONS"); (ii) the increase
of the amount outstanding under the Term A Loan from $21,000,000 to $25,000,000
and (iii) the increase of Debt permitted pursuant to the Canadian Credit
Agreement from $5,000,000 to $7,000,000.

          (C)  The Borrower has requested that the Lenders amend the Credit
Agreement as more fully set forth below.

          (D)  The Administrative Agent and the Lenders are willing to consent
to the Acquisitions, the increase of the amount outstanding under the Term A
Loan, the increase of Debt permitted pursuant to the Canadian Credit Agreement
and to amend the Credit Agreement on the terms and conditions set forth herein.

          (E)  The terms defined in the Credit Agreement and not otherwise
defined herein shall have the meanings ascribed to them in the Credit Agreement.

          NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto hereby agree as
follows:

<Page>

ARTICLE 1. Consents to Acquisitions, Term A Borrowing Increase and Term A
Advance.

     SECTION 1.1.  Notwithstanding the provisions of Section 6.4 of the Credit
Agreement, the Administrative Agent and the Lenders hereby consent to the
Acquisitions.

     SECTION 1.2.  The consent set forth in Section 1.1 of this First Amendment
is subject to the satisfaction of each of the conditions precedent set forth in
Section 5 of this First Amendment and shall be limited precisely as written and
shall not be deemed to (a) be a waiver, amendment or modification of any term or
condition of the Credit Agreement or any other Loan Document, except as set
forth in this Article 1 (subject to the terms and conditions set forth herein),
or (b) prejudice any right, power or remedy which the Administrative Agent or
any Lender Party now has or may have in the future under or in connection with
the Credit Agreement or any other Loan Document.

     SECTION 1.3.  TERM A ADVANCE. Each Term A Lender severally agrees on the
terms and conditions set forth herein to make a single advance to the Borrower
on the First Amendment Closing Date in an amount equal to the difference between
such Lender's Term A Commitment and the principal amount of the Term A Loan
outstanding on the date hereof.

ARTICLE 2. Amendments to Credit Agreement.

          This First Amendment shall be deemed to be an amendment to the Credit
Agreement, and shall not be construed in any way as a replacement therefor. All
of the terms and provisions of this First Amendment, including, without
limitation, the representations and warranties set forth herein, are hereby
incorporated by reference into the Credit Agreement as if such terms and
provisions were set forth in full therein. Capitalized terms used herein and not
otherwise defined shall have the meaning ascribed to them in the Credit
Agreement. The Credit Agreement is hereby amended in the following respects:

     SECTION 2.1.  Schedule I, COMMITMENTS AND APPLICABLE LENDING OFFICES, of
the Credit Agreement is hereby amended so that such Schedule shall be as set
forth in EXHIBIT A to this First Amendment;

     SECTION 2.2.  Schedule II of Annex A to Exhibit B, FORM OF BORROWING BASE
CERTIFICATE, of the Credit Agreement is hereby amended so that such Schedule
shall be as set forth in EXHIBIT B to this First Amendment.

     SECTION 2.3.  Section 1.1, CERTAIN DEFINED TERMS, of the Credit Agreement
is amended as follows:

          (a)  Each of the following definitions is amended and restated to read
     in its entirety as follows:

          "INTERNAL REVENUE CODE" means the Internal Revenue Code of 1986, as
amended from time to time.

                                       -2-
<Page>

          "REVOLVING CREDIT TERMINATION DATE" means the earlier of (a) five
years from the First Amendment Closing Date and (b) the Termination Date.

          (b)  The existing definition of "ELIGIBLE INVENTORY" is hereby amended
     by the following:

               (i)    inserting the following parenthetical after the words
          "means Inventory":

          "(including, without limitation, Inventory that constitutes raw
          materials or work in process)"

               (ii)   deleting the "," after the conclusion of the parenthetical
          in clause (c)(iii)(C) and inserting the word "or" in lieu thereof;

               (iii)  deleting in its entirety clause "(c)(iii)(D)" thereof; and

               (iv)   changing the clause designation "(c)(iii)(E)" contained
          therein to "(c)(iii)(D)".

          (c)  The existing definition of "INTEREST PERIOD" is amended by
     deleting the word "or" after the word "three" and replacing it with a ","
     in the second sentence of the initial paragraph and inserting after the
     word "six", the words "or twelve".

          (d)  The following definitions are inserted in proper alphabetical
     order:

     "COMPLIANCE CERTIFICATE" with respect to the Borrower and its Subsidiaries,
a certificate to the effect that: (a) as of the effective date of the
certificate, no Default or Event of Default under this Agreement exists or would
exist after giving effect to the action intended to be taken by any Loan Party,
as described in such certificate, including, without limitation, that the
covenants set forth in ARTICLE 8 hereof would not be breached after giving
effect to such action, together with a calculation in reasonable detail, and in
form reasonably satisfactory to the Administrative Agent, of such compliance,
and (b) the representations and warranties contained in ARTICLE 4 hereof are
true and with the same effect as though such representations and warranties were
made on the date of such certificate, unless stated to relate to a specific
earlier date in which case such specified representations and warranties shall
be true and correct as of such earlier date, and, except for changes in the
ordinary course of business not prohibited by this Agreement, none of which,
either singly or in the aggregate, have had a Material Adverse Change on the
Borrower and its Subsidiaries taken as a whole, which certificate shall be
executed and delivered by the chief financial officer of the Borrower.

     "FIRST AMENDMENT" means the First Amendment dated as of August 1, 2003 by
and among Borrower, the Lenders and Fleet.

     "FIRST AMENDMENT CLOSING DATE" shall mean the date on which all of the
conditions in Article 5 of the First Amendment have been meet.

                                       -3-
<Page>

     "IRS" means the Internal Revenue Service, and any governmental authority
succeeding to any of its principal functions under the Internal Revenue Code.

     "NON-U.S. LENDER" has the meaning specified in Section 2.12(e).

     "PERMITTED ACQUISITIONS" means any acquisition by the Borrower or any of
the Borrower's Subsidiaries of all or substantially all of the assets or the
capital stock of any Person (or segment of such Person's business) which either
(a) has been consented to in writing by the Administrative Agent and the
Required Lenders, or (b) complies with each of the following: (i) such Person
(or segment of such Person's business) is engaged in substantially the same or
similar line of business as the Borrower or any of its Subsidiaries, (ii) the
aggregate cash consideration payable and Debt assumed in respect of all such
Permitted Acquisitions shall not exceed $5,000,000, during the term of the
Credit Agreement, (iii) such Person (or segment of such Person's business) on a
consolidated basis with its Subsidiaries being acquired in the proposed
acquisition had positive EBITDA for the twelve (12) month period ending on the
last day of the calendar month immediately preceding the closing of such
proposed acquisition, (iv) the Borrower and its Subsidiaries would have been in
compliance on a pro forma consolidated basis after giving effect to such
Permitted Acquisition, with the financial covenants contained herein, recomputed
for the 12 month period ending on the most recent April 30, July 31, October 31
or January 31, as the case may be, as if such Permitted Acquisition had occurred
on the first day of such 12 month period, (v) after giving effect to the
proposed acquisition, the Revolving Credit Commitments of all Lenders MINUS the
sum of (a) Revolving Advances; (b) Letter of Credit Advances; (c) Swing Line
Advances; PLUS (d) the aggregate Available Amount of all Letters of Credit at
such time shall equal at least $5,000,000, (vi) the Borrower shall give the
Administrative Agent and the Lenders not less than ten (10) Business Days prior
written notice of its intention to make a Permitted Acquisition, such notice to
include the proposed amounts, date and form of the proposed transaction, a
reasonable description of the stock or assets to be acquired and the location of
all assets, a description and calculation in reasonable detail of the pro forma
adjustments to EBITDA of the target of such acquisition, and a calculation in
reasonable detail of the pro forma effect of such acquisition on matters covered
by the financial covenants contained herein, (vii) concurrently with the making
of a Permitted Acquisition, the Borrower shall, as additional collateral
security for the Obligations, grant or cause to be granted to the Administrative
Agent for the ratable benefit of the Lenders, prior liens on and security
interests (subject to Permitted Liens existing with respect to such assets at
the time of the Permitted Acquisition) in any of the acquired assets by the
execution and delivery to the Administrative Agent of such agreements,
instruments and documents as shall be reasonably satisfactory in form and
substance to the Administrative Agent, and (viii) the Borrower shall not permit
to be made any acquisition at any time during which a Default or an Event of
Default shall exist and be continuing or would exist after giving effect to such
acquisition and the Borrower shall have delivered to the Administrative Agent a
Compliance Certificate effective as of the date of consummation of such
acquisition.

     "TREASURY REGULATIONS" means the regulations from time to time promulgated
under the Internal Revenue Code.

                                       -4-
<Page>

     SECTION 2.4.  Section 2.4, REPAYMENT OF ADVANCES, of the Credit Agreement
is amended by deleting the aggregate outstanding principal amounts of the Term A
Advance for the periods ending on September 30, 2003 and all periods thereafter
and replacing them with the following:

<Table>
<Caption>
                    Date                                Amount
                    ----                                ------
                    <S>                          <C>
                    September 30, 2003              $   750,000.00
                     December 31, 2003              $   750,000.00
                        March 31, 2004              $   750,000.00

                         June 30, 2004              $   750,000.00
                    September 30, 2004              $   750,000.00
                     December 31, 2004              $   750,000.00
                        March 31, 2005              $   750,000.00

                         June 30, 2005              $   750,000.00
                    September 30, 2005              $ 1,250,000.00
                     December 31, 2005              $ 1,250,000.00
                        March 31, 2006              $ 1,250,000.00

                         June 30, 2006              $ 1,250,000.00
                    September 30, 2006              $ 1,500,000.00
                     December 31, 2006              $ 1,500,000.00
                        March 31, 2007              $ 1,500,000.00

                         June 30, 2007              $ 1,500,000.00
                    September 30, 2007              $ 2,000,000.00
                     December 31, 2007              $ 2,000,000.00
                        March 31, 2008              $ 2,000,000.00
                         June 30, 2008           All remaining outstanding
                                                 principal
</Table>

     SECTION 2.5.  Section 2.5, TERMINATION OR REDUCTION OF THE COMMITMENTS,
subsection (b) clause (i) of the Credit Agreement is amended by deleting the
proviso "PROVIDED, HOWEVER, that the Term A Commitments shall terminate, and all
Advances made thereunder shall be repaid in full, no later than the fifth
anniversary of the Closing Date." and replacing it with the proviso "PROVIDED,
HOWEVER, that the Term A Commitments shall terminate, and all Advances made
thereunder shall be repaid in full, no later than June 30, 2008."

     SECTION 2.6.  Section 2.12, TAXES, of the Credit Agreement is amended as
follows:

                                       -5-
<Page>

          (i)      Subsection 2.12 "(a)" is amended by inserting the following
after the word "Notes" in the last parenthetical of the first sentence of such
subsection (a):

                   ", together with any interest, additions, or similar amounts
     with respect thereto and any interest in respect of such additions or
     penalties,".

          (ii)     Subsection 2.12 "(e)" is amended and restated in its entirety
as follows:

                   "(e) Each Lender Party organized under the laws of a
     jurisdiction outside the United States (a "Non-U.S. Lender") shall, on or
     prior to the date of its execution and delivery of this Agreement in the
     case of each Initial Lender or Initial Issuing Bank, as the case may be,
     and on the date of the Assignment and Acceptance pursuant to which it
     became a Lender Party in the case of each other Lender Party, and from time
     to time thereafter as requested in writing by the Borrower or the
     Administrative Agent (but only so long thereafter as such Lender Party
     remains lawfully able to do so), provide each of the Administrative Agent
     and the Borrower with two (2) original Internal Revenue Service forms
     W-8BEN, W-8ECI or W-8IMY, as appropriate, or any successor or other form
     prescribed by the Internal Revenue Service, certifying that such Lender is
     exempt from or entitled to a reduced rate of United States withholding tax
     on payments pursuant to this Agreement or the Notes. A Form W-8BEN
     completed and delivered by (i) certain foreign trusts, or (ii) persons
     claiming an exemption or reduced rate of withholding at source under an
     income tax treaty will not be considered duly completed unless the Form
     W-8BEN contains such Person's U.S. taxpayer identification number. A
     Non-U.S. Lender claiming exemption from U.S. federal withholding tax under
     Section 871(h) or 881(c) of the Code with respect to payments of "portfolio
     interest" shall deliver a statement substantially in the form of EXHIBIT C
     to the First Amendment (a "Certificate of Exemption") and a Form W-8BEN
     (certifying as to beneficial ownership) or successor form thereto or any
     subsequent versions thereof properly completed and duly executed by such
     Non-U.S. Lender claiming complete exemption from U.S. federal withholding
     tax on all payments by the Borrower under this Agreement and the other Loan
     Documents. Thereafter and from time to time, each such Non-U.S. Lender
     shall (A) promptly submit to the Administrative Agent such additional duly
     completed and signed copies of one of such forms (or such successor forms
     as shall be adopted from time to time by the relevant United States taxing
     authorities) as may then be available under then current United States laws
     and regulations to avoid, or such evidence as is satisfactory to the
     Borrower and the Administrative Agent of any available exemption from, or
     reduction of, United States withholding taxes in respect of all payments to
     be made to such Non-U.S. Lender by the applicable Loan Party pursuant to
     this Agreement and (B) promptly notify the Administrative Agent of any
     change in circumstances which would modify or render invalid any claimed
     exemption or reduction. If such Non-U.S. Lender fails to deliver the above
     forms or other documentation, then the Administrative Agent may withhold
     from any interest payment to such Non-U.S. Lender an amount equivalent to
     the applicable withholding tax imposed by Sections 1441 and 1442 of the
     Code, without reduction, provided that the applicable Loan Party shall not
     be required to increase any such amounts payable to any Non-U.S. Lender
     pursuant to SECTION 2.12, unless, as a result of any change in an
     applicable law,

                                       -6-
<Page>

     treaty or governmental rule, regulation or order, or any change in the
     interpretation, administration or application thereof, such Non-U.S. Lender
     is no longer properly entitled to deliver forms, certificates or other
     evidence as to such Non-U.S. Lender's entitlement to exemption from, or
     reduction of, U.S. withholding tax.".

          (iii)    Subsection 2.12 "(f)" is deleted in its entirety and replaced
with subsection 2.12 "(g)", which subsection 2.12(g) is hereby amended by
changing the subsection designation "(g)" contained therein to "(f)".

          (iv)     Subsection 2.12 is further amended by inserting new
subsections "(g)", "(h)" and "(i)" after subsection "(f)", which
subsections (g), (h) and (i) shall read as follows:

                   "(g)   If any Non-U.S. Lender claims exemption from, or
     reduction of, withholding tax under a United States tax treaty by providing
     IRS Form W-8BEN or W-8IMY (or any successor form) or claims an exemption
     from withholding tax by providing an IRS Form W-8ECI (or any successor
     form) and such Non-U.S. Lender sells, assigns or (other than pursuant to
     CLAUSE (h) below) otherwise transfers all or part of the Obligations of a
     Lender Party to a transferee Lender, such Non-U.S. Lender agrees to notify
     the Administrative Agent of the percentage amount in which it is no longer
     the beneficial owner of such Obligations of a Lender Party. To the extent
     of such percentage amount, the Administrative Agent will treat such
     Non-U.S. Lender's IRS Form W-8BEN, W-8IMY or W-8ECI (or any successor form)
     as no longer valid.

                   (h)    If any Non-U.S. Lender claims an exemption from,
     or reduction of, withholding tax under a United States tax treaty by
     providing IRS Form W-8BEN or W-8IMY (or any successor form) or claims an
     exemption from withholding tax by providing Form W-8ECI (or any successor
     form) and such Non-U.S. Lender grants a participation in the Obligations of
     a Lender Party to a transferee Lender, such Non-U.S. Lender agrees to
     notify the Administrative Agent of the percentage amount in which it is no
     longer the beneficial owner of such Obligations of a Lender Party, and such
     Non-U.S. Lender agrees to undertake responsibility to provide to the
     Administrative Agent such forms and documentation (including IRS Form
     W-8IMY and forms and documentation provided by each participant to the
     extent required by the IRS) to enable each Lender Party to comply with the
     withholding tax requirements imposed by Sections 1441 and 1442 of the Code.

                   (i)    If the IRS or any other governmental authority of
     the United States or other jurisdiction asserts a claim that the
     Administrative Agent did not properly withhold tax or any other amount from
     amounts paid to or for the account of any Non-U.S. Lender (because the
     appropriate form was not delivered or was not properly executed, or because
     such Non-U.S. Lender failed to notify the Administrative Agent of a change
     in circumstances which rendered the exemption from, or reduction of,
     withholding tax ineffective, or for any other reason) such Non-U.S. Lender
     shall indemnify the Administrative Agent fully for all amounts paid,
     directly or indirectly, by the Administrative Agent as tax or otherwise,
     including any interest, additions, penalties or similar amounts, and
     including any taxes imposed by any jurisdiction on the amounts payable to
     the Administrative Agent under this SECTION 2.12, together with all costs
     and

                                       -7-
<Page>

     expenses (including attorney fees and expenses). The obligation of the
     Lenders under this CLAUSE (i) shall survive the payment of all Obligations
     and the resignation or replacement of the Administrative Agent.".

     SECTION 2.7.  Section 2.14, USE OF PROCEEDS, of the Credit Agreement is
amended to rename existing clauses (c) as (d), and to insert a new clause (c)
which shall read as follows:

          "(c) to finance, in part, each of the Mar Cor Acquisition and the BEAL
Acquisition, to pay fees and expenses incurred in connection with each of the
Mar Cor Acquisition and the BEAL Acquisition,"

     SECTION 2.8.  Section 4.16, TAXES, of the Credit Agreement, is amended by
inserting new subsection (f), which subsection (f) shall read as follows:

                   "(f)  TAX SHELTER REGISTRATION. The Borrower and its
     Subsidiaries do not intend to treat any of the transactions contemplated by
     any Loan Document as being a "reportable transaction" within the meaning of
     Treasury Regulation section 1.6011-4.".

     SECTION 2.9.  Section 5.7, VISITATION RIGHTS, is amended by inserting new
subsection (c), which subsection (c) shall read as follows:

                   "(c) Permit the Administrative Agent and the Lender Parties
     to conduct a Collateral audit within forty-five (45) days after the First
     Amendment Closing Date, at the sole cost and expense of the Borrower."

     SECTION 2.10. A new Section 5.17, TAX SHELTER REGISTRATION, is added at the
conclusion of Article V to read in its entirety as follows:

          "Section 5.17 TAX SHELTER REGISTRATION.

               Borrower shall promptly notify the Administrative Agent of any
     action (or the intention to take an action) inconsistent with the
     representation in Section 4.16 (f) and shall within 10 days of such notice
     provide a duly completed IRS Form 8886 or successor form. The Borrower
     acknowledges and agrees that the Lenders and the Administrative Agent may
     treat the transactions contemplated hereby (or any single transaction
     contemplated hereby) as part of a transaction that is subject to Treasury
     Regulation Section 1.6011-4 or Treasury Regulation Section 301.6112-1, and
     such Lender or Administrative Agent, as applicable, file such returns or
     may maintain the lists and other records required by such Treasury
     Regulations. To the extent a Lender or Administrative Agent determines to
     maintain such list, the Borrower and its Subsidiaries shall cooperate with
     the Lender and Administrative Agent in obtaining any information required
     under such Treasury Regulation.".

     SECTION 2.11. Section 6.2, DEBT, of the Credit Agreement (i) subsection (d)
is hereby amended by deleting the number "$5,000,000.00" and replacing it with
the number "$7,000,000.00".

                                       -8-
<Page>

          (ii) a new subsection (e) is added to read as follows:

          "(e) Debt assumed in connection with a Permitted Acquisition".

     SECTION 2.12. Section 6.4, FUNDAMENTAL CHANGES, of the Credit Agreement is
amended and restated in its entirety to read as follows:

     "Section 6.4 FUNDAMENTAL CHANGES.

          (a)      Merge into or consolidate with any Person or permit any
Person to merge into it, or permit any of its Subsidiaries to do so, except that
so long as no Default or Event of Default shall have occurred and be continuing
and so long as no Default or Event of Default would result therefrom, (A) the
Borrower or any Wholly-Owned Subsidiaries of the Borrower may make Permitted
Acquisitions; (B) any Subsidiary of the Borrower may consolidate with or merge
into the Borrower or any Wholly-Owned Subsidiary of the Borrower if the Borrower
or such Wholly-Owned Subsidiary will be the surviving corporation; and (C) any
Subsidiary may sell, lease, transfer, contribute or otherwise dispose of its
assets, in whole or in part, to Borrower or any other Wholly-Owned Subsidiary of
the Borrower, and may, following any such disposition in whole, liquidate and
dissolve and the Borrower may transfer, contribute or otherwise dispose of its
assets in whole or in part to any Wholly-Owned Subsidiary of the Borrower,
PROVIDED that the Borrower shall have given the Administrative Agent not less
than ten (10) Business Days prior written notice and prior to effecting such
merger, Borrower shall take all actions, if any, reasonably required by the
Administrative Agent to preserve the Administrative Agent's security interest in
the Collateral and all other rights and remedies of the Lenders and the
Administrative Agent under the Loan Documents or otherwise then existing by law;

          (b)      Except as otherwise expressly permitted herein, liquidate,
wind-up or dissolve itself (or suffer any liquidation or dissolution), convey,
sell, assign, lease, transfer or otherwise dispose of (or agree to do any of the
foregoing at any future time) all or substantially all of its property, business
or assets, or permit any of its Subsidiaries to do any of the foregoing; or

          (c)      Except for Permitted Acquisitions as expressly permitted
herein, acquire or permit any Subsidiary to acquire all or substantially all of
the assets of any other Person (including capital stock).

     SECTION 2.13. Section 6.6, INVESTMENT IN OTHER PERSONS, of the Credit
Agreement is amended as follows:

                   (i)   adding a new subsection "(j)" to read as follows:

                         "(j) Permitted Acquisitions."

                                       -9-
<Page>

                   (ii)  deleting the word "and" at the end of "(h)"; and

                   (iii) deleting the "." at the end of "(i)"; and replacing it
     with "; and".

     SECTION 2.14. Section 6.17, CAPITAL EXPENDITURES, of the Credit Agreement
is amended as follows:

                   (i)   deleting the number "$4,000,000.00" and replacing it
               with the words "the aggregate amount".

                  (ii)   deleting the "." and adding the words "as set forth
               below:" and inserting the following chart:

<Table>
     <S>                                                      <C>
     August 1, 2002 through July 31, 2003                     $ 5,000,000
     August 1, 2003 through July 31, 2004                     $ 5,500,000
     August 1, 2004 through July 31, 2005                     $ 6,000,000
     August 1, 2005 through July 31, 2006                     $ 6,500,000
     August 1, 2006 through July 31, 2007                     $ 7,000,000
</Table>

     SECTION 2.15. Section 8.1 of the Credit Agreement is amended by deleting
the minimum EBITDA covenant levels for the period ending on July 31, 2003 and
all periods thereafter and replacing them with the following:

<Table>
<Caption>
     Four Fiscal Quarters ending on:           Minimum EBITDA
     -------------------------------           --------------
     <S>                                        <C>
     July 31, 2003                              $ 16,500,000
     October 31, 2003                           $ 16,500,000

     January 31, 2004                           $ 18,000,000
     April 30, 2004                             $ 18,000,000
     July 31, 2004                              $ 18,000,000
     October 31, 2004                           $ 19,000,000

     January 31, 2005                           $ 19,000,000
     April 30, 2005                             $ 19,000,000
     July 31, 2005                              $ 19,000,000
     October 31, 2005                           $ 22,000,000

     January 31, 2006                           $ 22,000,000
     April 30, 2006                             $ 22,000,000
     July 31, 2006                              $ 22,000,000
     October 31, 2006                           $ 23,500,000

     January 31, 2007                           $ 23,500,000
</Table>

                                      -10-
<Page>

<Table>
     <S>                                        <C>
     April 30, 2007                             $ 23,500,000
     July 31, 2007                              $ 23,500,000
     and each fiscal quarter thereafter
</Table>

     SECTION 2.16. Section 8.2 of the Credit Agreement is amended by deleting
the maximum Ratio of Consolidated Debt to EBITDA covenant levels for the periods
ending on July 31, 2003 and all periods thereafter and replacing them with the
following:

<Table>
<Caption>
     Four Fiscal Quarters ending on:                                  Ratio
     -------------------------------                                  -----
     <S>                                                              <C>
     July 31, 2003                                                    2.00
     October 31, 2003                                                 1.75

     January 31, 2004                                                 1.75
     April 30, 2004                                                   1.75
     July 31, 2004                                                    1.75
     October 31, 2004                                                 1.50

     January 1, 2005                                                  1.50
     April 30, 2005                                                   1.50
     July 31, 2005                                                    1.50

     July 31, 2005 and each fiscal quarter thereafter                 1.50
</Table>

     Section 8.3 of the Credit Agreement is amended by deleting the Fixed Charge
Interest Coverage Ratio covenant levels for the periods ending on April 30, 2003
and all periods thereafter and replacing them with the following:

<Table>
<Caption>
     Four Fiscal Quarters ending on:                          Ratio
     -------------------------------                          -----
     <S>                                                      <C>
     July 31, 2003                                            1.50
     October 31, 2003                                         1.50
     January 31, 2004                                         1.50
     April 30, 2004                                           1.50
     July 31, 2004                                            1.50
     October 31, 2004                                         1.50
     January 31, 2005                                         1.50
     April 30, 2005                                           1.50
     July 31, 2005 and each Fiscal Quarter thereafter         1.50
</Table>

     SECTION 2.17. Section 8.4 of the Credit Agreement is amended and restated
in its entirety to read as follows:

     "Section 8.4  MINIMUM AVAILABLE ADJUSTED U.S. CASHFLOW COVERAGE RATIO. At
all times, Borrower must maintain as of the end of each fiscal quarter a ratio
of (i) U.S. EBITDA for the most recently completed four fiscal quarters of the
Borrower, PLUS dividends received from

                                      -11-
<Page>

Foreign Subsidiaries (net of applicable withholding taxes), to (ii) the sum of
the Borrower and its Subsidiaries U.S. Fixed Charges during such period, of not
less than the ratio as provided below:

<Table>
<Caption>
     Four Fiscal Quarters ending on:                          Ratio
     -------------------------------                          -----
     <S>                                                      <C>
     July 31, 2003                                            1.25
     October 31, 2003                                         1.10
     January 31, 2004                                         1.10
     April 30, 2004                                           1.10
     July 31, 2004                                            1.10
     October 31, 2004                                         1.25
     January 31, 2005                                         1.25
     April 30, 2005                                           1.25
     July 31, 2005 and each Fiscal Quarter thereafter         1.25
</Table>

     SECTION 2.18. Section 11.7, ASSIGNMENTS AND PARTICIPATIONS, of the Credit
Agreement is amended by:

          (i)      inserting the following new paragraph after the existing
     paragraph of subsection (d):

                   "Notwithstanding anything to the contrary contained in the
          previous paragraph of this SECTION 11.7(d), the Commitments and
          Advances of any Lender Party (including the Notes evidencing the
          Commitments of and the Advances owing to any such Lender Party) are
          registered obligations and the right, title and interest of the
          Lenders and their assignees in and to such Commitments and Advances
          shall be transferable only upon recordation of such transfer and of
          the transferee and its interest in and to the Commitments and the
          Advances in the Register. No transfer by a Lender or an assignee of
          any interest in any of the Commitments and the Advances shall be
          permitted or effective unless and until the transfer and the
          transferee's interest in the Commitments and the Advances are recorded
          in the Register. All recordations of transfer and of the transferee's
          interest shall be conclusive, absent manifest error, as to beneficial
          ownership of interests in the Commitments and the Advances. A Note
          shall only evidence the Lender's or an assignee's right, title and
          interest in and to the related Commitment and the Advance, and in no
          event is any such Note to be considered a bearer instrument or
          obligation. This SECTION 11.7(d) shall be construed so that the
          Commitments and the Advances are at all times maintained in
          "registered form" within the meaning of Sections 163(f), 871(h)(2) and
          881(c)(2) of the Code and any related Treasury Regulations (or any
          successor provisions of the Code or such Regulations). Solely for
          purposes of this SECTION _11.7(d), and for U.S. federal income tax
          purposes only, the Administrative Agent shall act as the Lender
          Parties' agent for purposes of maintaining such notations of transfer
          and recordation of the beneficial ownership of the transferee in the
          Register. The entries in the Register shall be conclusive and binding
          for all purposes, absent manifest error, and the Lender Parties and
          each of their respective Subsidiaries, the Administrative Agent and
          the Lenders may treat each Person whose name is

                                      -12-
<Page>

          recorded in the Register (other than a participant) as a Lender
          hereunder for all purposes hereof.".

     SECTION 2.19. Section 11.10, CONFIDENTIALITY, of the Credit Agreement is
amended by adding the following new paragraph:

                   "Notwithstanding anything in this Agreement to the contrary,
          the Administrative Agent, the Lenders, the Borrowers and all other
          parties to the transactions contemplated hereunder hereby agree that
          all parties (and each employee, representative, or other agent of such
          parties) may disclose to any and all persons, without limitation of
          any kind, the U.S. "tax treatment" or "tax structure" (in each case,
          within the meaning of Treasury Regulation section 1.6011-4) of the
          transactions contemplated hereunder and all materials of any kind
          (including opinions or other tax analyses) that are provided to such
          parties relating to such U.S. "tax treatment" and "tax structure" (in
          each case, within the meaning of Treasury Regulation section
          1.6011-4); PROVIDED, that to the extent any document contains
          information that relates to the "tax treatment" or "tax structure" and
          contains other information, this paragraph shall only apply to the
          information relating to the "tax treatment" or "tax structure." The
          intent of this provision is that the transactions contemplated by this
          Agreement are not treated as having been offered under conditions of
          confidentiality for purposes of Treasury Regulation section
          1.6011-4(b)(3) and shall be construed in a manner consistent with such
          purpose.".

ARTICLE 3. Confirmations and References.

     SECTION 3.1.  CONTINUING EFFECT. The Credit Agreement and the other Loan
Documents delivered in connection therewith are, and shall continue to be, in
full force and effect, and are hereby ratified and confirmed in all respects,
except that, on and after the date hereof, (a) all references in the Loan
Documents (i) to the "Credit Agreement," "thereto," "thereof," "thereunder" or
words of like import referring to the Credit Agreement shall mean the Credit
Agreement as amended hereby and (ii) to the "Loan Documents" shall be deemed to
include this First Amendment; and (b) all references in the Credit Agreement to
"this Agreement," "hereto," "hereof," "hereunder" or words of like import
referring to the Credit Agreement shall mean the Credit Agreement as amended
hereby.

     SECTION 3.2.  INTERCREDITOR AGREEMENT. The Intercreditor Agreement shall
remain in full force and effect, and is hereby ratified and confirmed in all
respects.

     SECTION 3.3.  CONFIRMATION OF LIENS. The Liens granted pursuant to the
Collateral Documents secure, without limitation, the Obligations of the Borrower
and its Subsidiaries to the Lenders and the Administrative Agent under the
Credit Agreement as amended by this First Amendment. The term "Obligations" as
used in the Collateral Documents (or any other term used therein to refer to the
liabilities and obligations of the Borrower and its Subsidiaries to the Lenders
and the Administrative Agent), include, without limitation, Obligations to the
Lenders and the Administrative Agent under the Credit Agreement as amended by
this First Amendment.

                                      -13-
<Page>

ARTICLE 4. REPRESENTATIONS AND WARRANTIES.

     Each of the Borrower and each other Loan Party hereby represents and
warrants to the Lenders and the Administrative Agent that:

     SECTION 4.1.  EXISTING REPRESENTATIONS. As of the date hereof and after
giving effect to this First Amendment, each and every one of the representations
and warranties set forth in the Loan Documents shall, after giving effect to
each of the Mar Cor Acquisition and the BEAL Acquisition, be true, accurate and
complete in all respects and with the same effect as though made on the date
hereof, and each shall hereby be incorporated herein in full by reference as if
restated herein in its entirety, except for any representation or warranty
limited by its terms to a specific date and except for changes contemplated by
this First Amendment or in the ordinary course of business which are not
prohibited by the Credit Agreement (as amended hereby) and which shall not,
either singly or in the aggregate, result in a Material Adverse Change.

     SECTION 4.2.  NO DEFAULT. As of the date hereof, there exists no Default or
Event of Default under the Credit Agreement, as amended hereby, and no event
which, with the giving of notice or lapse of time, or both, would constitute a
Default or Event of Default.

     SECTION 4.3.  POWER, AUTHORITY, CONSENTS. The Borrower and each of its
Subsidiaries has the power to execute, deliver and perform the Credit Agreement,
as amended by this First Amendment and to consummate each of the transactions
consented to in Section 1 hereof. The Borrower and each of its Subsidiaries has
taken all necessary action to authorize the execution, delivery and performance
of this First Amendment and the consummation of each of the transactions
consented to in Section 1 hereof. No consent or approval of any Person other
than those that have been obtained is required in connection with the execution,
delivery or performance by the Borrower or any of its Subsidiaries of this First
Amendment or the consummation of any of the transactions consented to in
Section 1 hereof.

     SECTION 4.4.  NO VIOLATION OF LAW OR AGREEMENTS. The execution, delivery
and performance by the Borrower and each of its Subsidiaries of this First
Amendment and the consummation of each of the transactions consented to in
Section 1 hereof, will not violate any provision of law presently in effect and
will not conflict with or result in a breach of any order, writ, injunction,
ordinance, resolution, decree, or other similar document or instrument presently
in effect of any court or governmental authority, bureau or agency, domestic or
foreign, or the certificate of incorporation or by-laws of the Borrower or such
Subsidiary, or create (with or without the giving of notice or lapse of time, or
both) a default under or breach of any agreement, bond, note or indenture
presently in effect to which the Borrower or any Subsidiary is a party, or by
which any of them is bound or any of their properties or assets is affected, or
result in the imposition of any Lien of any nature whatsoever upon any of the
properties or assets owned by or used in connection with the business of the
Borrower or any of its Subsidiaries, except for the Liens created and granted
pursuant to the Collateral Documents as acknowledged and confirmed herein.

     SECTION 4.5.  BINDING EFFECT. This First Amendment has been duly executed
and delivered by each of the Borrower, Mar Cor and BEAL and constitutes the
valid and legally

                                      -14-
<Page>

binding obligation of each of the Borrower, Mar Cor and BEAL, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws, now or hereafter in effect,
relating to or affecting the enforcement of creditors' rights generally, and
except that the remedy of specific performance and other equitable remedies are
subject to judicial discretion.

ARTICLE 5. CONDITIONS TO AMENDMENT.

     The effectiveness of the amendments contained in Article 1 shall be subject
to the fulfillment of the following conditions precedent:

     SECTION 5.1.  AMENDMENT. Each of the Borrower, Mar Cor and BEAL and each of
the Lenders shall have executed and delivered to the Administrative Agent this
First Amendment.

     SECTION 5.2.  NO DEFAULT. There shall exist no Event of Default or Default
under the Credit Agreement.

     SECTION 5.3.  REPRESENTATIONS AND WARRANTIES. The representations and
warranties contained in Article 4 hereof shall be true and correct in all
material respects on the date hereof as if made on the date hereof.

     SECTION 5.4.  REPLACEMENT TERM A PROMISSORY NOTES. The Borrower shall have
delivered Replacement Term A Promissory Notes to the Administrative Agent for
the account of each of the Lenders, in the respective face principal amounts as
set forth on Exhibit A hereto.

     SECTION 5.5.  RESOLUTIONS. Each of the Borrower, Mar Cor and BEAL shall
have delivered certified copies of resolutions of its respective Board of
Directors approving the Acquisition, this Agreement, the Notes, and each other
Loan Document and any document relating to the Acquisition to which it is or is
to be a party, and of all documents evidencing other necessary corporate action
and governmental and other third party approvals and consents, if any, with
respect to the Acquisition, this Agreement, the Notes, and each other Loan
Document and document relating to the Acquisition.

     SECTION 5.6.  CHARTER DOCUMENTS. Each of the Borrower, Mar Cor and BEAL
shall have delivered a copy of a certificate of the Secretary of State of the
jurisdiction of its respective incorporation, dated within twenty (20) Business
Days prior to the date hereof, listing the charter of the Borrower and each
amendment thereto on file in its office and certifying that (1) such amendments
are the only amendments to the Borrower's, Mar Cor's and BEAL's charter, as the
case may be, on file in its office, (2) each of the Borrower, Mar Cor and BEAL
has paid all franchise taxes to the date of such certificate and (3) each of the
Borrower, Mar Cor and BEAL is duly incorporated and in good standing under the
laws of the State of the jurisdiction of its incorporation.

     SECTION 5.7.  GOOD STANDING CERTIFICATES. Each of the Borrower, Mar Cor and
BEAL shall have delivered a copy of a certificate of the Secretary of State of
each State, dated reasonably near the date hereof, stating that each of the
Borrower, Mar Cor and BEAL, as the

                                      -15-
<Page>

case may be, is duly qualified and in good standing as foreign corporations in
such State and has filed all annual reports required to be filed to the date of
such certificate.

     SECTION 5.8.  CERTIFICATES. Each of the Borrower, Mar Cor and BEAL shall
have delivered a certificate signed on behalf of the Borrower, Mar Cor or BEAL,
as the case may be, by a Responsible Officer and the Secretary or an Assistant
Secretary of the Borrower, Mar Cor or BEAL, as the case may be, dated the date
hereof (the statements made in such certificate shall be true on and as of the
date hereof), certifying as to (1) the absence of any amendments to the charter
of the Borrower, Mar Cor or BEAL, as the case may be, since the date of the
Secretary of State's certificate referred to above, (2) the absence of any
amendments to the bylaws of each of the Borrower, Mar Cor and BEAL since the
last date of delivery thereof to the Administrative Agent, (3) the due
incorporation and good standing of each of the Borrower, Mar Cor and BEAL, as
the case may be, as a corporation organized under the laws of the jurisdiction
of its incorporation, and the absence of any proceeding for the dissolution or
liquidation of the each of the Borrower, Mar Cor and BEAL, as the case may be
(4) the truth of the representations and warranties contained in the Loan
Documents as though made on and as of the date hereof, except for any
representation or warranty limited by its terms to a specific date and except
for changes in the ordinary course of business that are not prohibited by the
Credit Agreement and (5) the absence of any event occurring and continuing, or
resulting from the transactions contemplated by this First Amendment, that
constitutes a Default or an Event of Default.

     SECTION 5.9.  INCUMBANCY CERTIFICATES. Each of the Borrower, Mar Cor and
BEAL shall have delivered a certificate of the Secretary or an Assistant
Secretary of each of the Borrower, Mar Cor and BEAL, as the case may be,
certifying the names and true signatures of the officers of the Borrower, Mar
Cor and BEAL authorized to sign this First Amendment, the Replacement Term A
Promissory Notes and each other Loan Document to which they are or are to be
parties and the other documents to be delivered hereunder and thereunder.

     SECTION 5.10. SOLVENCY Certificate. The Borrower shall have delivered a
certificate, in form and substance reasonably satisfactory to the Administrative
Agent, attesting to the Solvency of the Borrower immediately before and
immediately after giving effect to the transactions contemplated by the
Acquisitions and the First Amendment, from its President or a Vice President.
With respect to the Solvency of the Borrower, the Administrative Agent shall
have received such appraisals or other analyses from independent experts of the
Borrower as it may request, and such appraisals and analyses shall be in form
and substance satisfactory to the Administrative Agent.

     SECTION 5.11. NOTE ASSIGNMENT AGREEMENT SUPPLEMENTS AND INTERCOMPANY NOTES.
The Administrative Agent shall have received a duly executed Note Assignment
Agreement Supplement for each of Mar Cor and BEAL covering (and together with)
an Intercompany Note made by each of Mar Cor and BEAL payable to the Borrower
and duly endorsed to the Administrative Agent.

     SECTION 5.12. LIEN SEARCHES. (a) The Administrative Agent shall be in
receipt of Uniform Commercial Code, tax and judgment lien searches, or the
equivalent, for Mar Cor and each of its Subsidiaries in each jurisdiction in
which Mar Cor or any such subsidiary is

                                      -16-
<Page>

incorporated or qualified to do business in order to confirm the first priority
of the security interests in the Collateral of Mar Cor.

          (b)  The Administrative Agent shall be in receipt of Uniform
Commercial Code, tax and judgment lien searches, or the equivalent, for BEAL and
each of its Subsidiaries in each jurisdiction in which BEAL or any such
subsidiary is incorporated or qualified to do business in order to confirm the
first priority of the security interests in the Collateral of BEAL.

     SECTION 5.13. RELEASE OF LIENS. The Administrative Agent shall have
received Documents evidencing the satisfaction, termination and release of any
liens or charges over the assets of Mar Cor as set forth in Schedule 5.13
attached hereto; and evidence that all other action that the Administrative
Agent may deem necessary or desirable in order to perfect and protect the first
and only priority liens and security interests created under the Security
Agreement has been taken.

     SECTION 5.14. LANDLORD WAIVER. The Administrative Agent shall have received
a duly executed and delivered counterpart of landlord waiver from Lucon Business
Park, LLC.

     SECTION 5.15. LEGAL OPINION. The Borrower shall have delivered a
satisfactory opinion of Dornbush Mensch Mandelstam & Schaeffer, LLP, counsel to
the Borrower, to the extent requested by the Administrative Agent, as to the
transactions contemplated hereby.

     SECTION 5.16. AMENDMENT FEES. The Borrower shall have paid an amendment fee
to the Administrative Agent, for the account of each Lender which has approved
this First Amendment, as evidenced by such Lender's timely execution and
delivery of a counterpart signature page to this First Amendment, in an amount
equal to 0.15% (I.E. 15 basis points) of the aggregate of such approving
Lenders' Commitments immediately after the effectiveness of this First
Amendment.

     SECTION 5.17. FEES AND EXPENSES. The Borrower shall have paid all fees
referred to in the Fee Letter, dated as of the date hereof, from Fleet to
Borrower, at such times and in such manner as set forth therein and all accrued
fees and expenses of the Administrative Agent and the Lenders (including
reasonable fees and expenses of counsel for the Administrative Agent).

     SECTION 5.18. ACQUISITION CONDITIONS AND DELIVERIES.

          (a)  The Acquisitions shall have been consummated pursuant to the
     terms and conditions of (i) the Stock Purchase Agreement, by and among the
     Borrower, Mar Cor, Robert Blum and The Robert Blum Charitable Trust, in the
     case of the Mar Cor Acquisition; (ii) the Stock Purchase Agreement, by and
     between the Borrower and BEQL, in the case of the BEAL Acquisition; and
     (iii) the Stock Purchase Agreement, by and among Carsen Group Inc., Charles
     Woolacott, David Weatherill and Ben Roczniak, in the case of the Biolab
     Group Acquisition, and in accordance with applicable law and the
     documentation for the financing of the Acquisitions and related
     transactions, and otherwise on terms satisfactory to the Administrative
     Agent. The conditions of the Acquisitions shall have been satisfied without
     giving effect to waivers, amendments, modifications or supplements except
     as approved in advance in writing by the

                                      -17-
<Page>

     Administrative Agent and without amendments, modifications or supplements
     to any related disclosure letter or schedule not approved in writing in
     advance by the Administrative Agent. The documents and materials filed
     publicly by the Borrower and Carsen Group Inc., as the case may be, in
     connection with the Acquisitions shall have been furnished to the
     Administrative Agent in form and substance reasonably satisfactory to the
     Administrative Agent. All required stockholder approvals to effect the
     Acquisitions shall have been obtained.

          (b)  Mar Cor and BEAL shall have executed and delivered to the
     Administrative Agent a Subsidiary Guaranty Supplement, a Security Agreement
     Supplement, an Intellectual Property Security Agreement Supplement, and
     such other Collateral Documents (including an assignment of any rights to
     indemnity under the Stock Purchase Agreement pursuant to which the Mar Cor
     Acquisition is being consummated), as the Administrative Agent shall
     request in order to grant to the Administrative Agent, for its benefit and
     the ratable benefit of the Secured Parties, a perfected first priority
     security interest in all personal property of each such company (including,
     without limitation, all stock or other equity interests of each Subsidiary
     of each such company), all such documents to be in form and substance
     satisfactory to the Administrative Agent.

          (c)  The Borrower shall have delivered to the Administrative Agent
     stock certificates representing all of the issued and outstanding shares of
     each of BEAL and Mar Cor, along with an undated stock power duly executed
     in blank for each such stock certificate.

          (d)  Each of Mar Cor and BEAL shall have delivered to the
     Administrative Agent evidence of the insurance required by the terms of the
     Security Agreement.

          (e)  The Borrower shall have delivered to the Administrative Agent a
     reliance letter with respect to the legal opinion delivered to the Borrower
     by Miller Thompson, LLP, counsel to BEAL in connection with the BEAL
     Acquisition, in form and substance satisfactory to the Administrative
     Agent.

          (f)  The Borrower shall have delivered to the Administrative Agent
     copies of agreements and instruments, with all exhibits and disclosure
     schedules thereto, and all amendments thereto, evidencing the Mar Cor
     Acquisition and the BEAL Acquisition, all of which shall be in form and
     substance satisfactory to the Administrative Agent.

ARTICLE 6. MISCELLANEOUS.

     SECTION 6.1.  CONTINUED EFFECTIVENESS. Except as specifically amended
herein, the Credit Agreement and each of the other Loan Documents shall remain
in full force and effect in accordance with their respective terms.

                                      -18-
<Page>

     SECTION 6.2.  GOVERNING LAW. This First Amendment shall be governed and
construed in accordance with the laws of the State of New York, without regard
to its rules pertaining to conflicts of laws other than General Obligations Law
Section 5.1401.

     SECTION 6.3.  SEVERABILITY. The provisions of this First Amendment are
severable, and if any clause or provision shall be held invalid or unenforceable
in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof, in
such jurisdiction and shall not in any manner affect such clause or provision in
any other jurisdiction, or any other clause or provision in this First Amendment
in any jurisdiction.

     SECTION 6.4.  COUNTERPARTS. This First Amendment may be signed in any
number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument. Delivery of an executed counterpart of
this First Amendment by facsimile shall be as effective as delivery of an
originally executed counterpart.

     SECTION 6.5.  BINDING EFFECT; ASSIGNMENT. This First Amendment shall be
binding upon and inure to the benefit of the Borrower and its respective
successors and to the benefit of the Administrative Agent and the Lenders and
their respective successors and assigns. The rights and obligations of the
Borrower under this First Amendment shall not be assigned or delegated without
the prior written consent of the Lenders, and any purported assignment or
delegation without such consent shall be void.

     SECTION 6.6.  EXPENSES. The Borrower shall pay the Administrative Agent
upon demand for all reasonable expenses, including reasonable fees of counsel
for the Administrative Agent, incurred by the Administrative Agent in connection
with the preparation, negotiation and execution of this First Amendment and any
documents required to be furnished herewith.

                            [Signature Pages Follow]

                                      -19-
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                         CANTEL MEDICAL CORP.,
                           as Borrower

                         By /s/ James P. Reilly
                           --------------------

                         Name: James P. Reilly
                         Title: President & Chief Executive Officer

<Page>

                         FLEET NATIONAL BANK,
                          AS ADMINISTRATIVE AGENT,
                          AS INITIAL ISSUING BANK,
                          AS SWING LINE BANK AND AS A LENDER

                         By: /s/ Stephen Kowalski
                            -----------------------------

                         Title:  Senior Vice President
                               --------------------------

                                       21
<Page>

                         PNC BANK, NATIONAL ASSOCIATION,
                          AS DOCUMENTATION AGENT AND AS A LENDER

                         By:  /s/ Jeffrey A. Blakemore
                            ---------------------------------

                         Title: Senior Vice President
                               ------------------------------

                                       22
<Page>

                         WELLS FARGO BANK, NATIONAL ASSOCIATION,
                          AS A LENDER

                         By: /s/ Kenneth E. Lachance
                            ------------------------------------

                         Title:  Vice President
                               ---------------------------------

                                       23
<Page>

                         BIOLAB EQUIPMENT ATLANTIC, LTD.,

                         By:  /s/ James P. Reilly
                            ---------------------------

                         Name: James P. Reilly
                         Title: President & Chief Executive Officer

                                       24
<Page>

                         MAR COR SERVICES, INC.

                         By:  /s/ Craig A. Sheldon
                             -------------------------

                         Name: Craig A. Sheldon
                         Title: Secretary

                                       25

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